Earnings

Nurix's 10-Q Books $653.2 Million Of Roche's $700 Million Upfront As License Revenue, Flipping A Nine-Month Loss To Profit

The swing to $373.1 million in nine-month net income is mostly one license booking, and the filing adds a California tax charge and cost-sharing duties.

Nurix Therapeutics' 10-Q shows $653.2 million of Roche's $700.0 million upfront payment recognized as license revenue in a single quarter, with the other $46.8 million allocated to development services. That one booking turned a nine-month net loss of $186.2 million a year earlier into net income of $373.1 million, which the company attributes primarily to the Roche license revenue.

The finding: a one-time booking drives the profit

The quarter's total revenue was $673.1 million, against $7.9 million a year earlier, according to the earnings release. Net income for the three months was $549.8 million, or $4.73 per diluted share, versus a loss of $86.4 million.

Because Roche is a customer for the license, Nurix recognized the revenue all at once, when the agreement took effect. The 10-Q says that happened in July 2026 on Hart-Scott-Rodino antitrust clearance.

Cash, cash equivalents and marketable securities reached $1.1 billion at August 31, 2026. The prior 10-Q put the figure at $443.5 million and said the company expected the $700.0 million payment; its accumulated deficit fell to $630.1 million from $1.2 billion.

The catch: a California tax bill and shared costs

The provision for income taxes was $13.6 million for the quarter, mostly California tax on the $700.0 million payment.

Accrued taxes stood at $13,945 thousand at August 31, 2026, up from $1,059 thousand at November 30, 2025.

Roche's share of costs is booked as an offset to research spending: $3.3 million this quarter. Nurix bears 40% of global development costs, with exceptions. General and administrative expenses rose to $34.4 million from $13.2 million, which the company attributes to one-time Roche deal costs.

Who it touches

The prior filing carried a risk factor warning the deal might not close. The current 10-Q drops it and replaces it with new language on dependence on Roche.

Nurix can only pursue bexobrutideg through the Roche collaboration, so what the drug is worth to the company hinges on how that deal performs and what it pays. The filing says the parties must still negotiate a separate co-promotion agreement, and Nurix will need to build commercial staff and systems. It also warns that the costs and U.S. losses it bears may exceed the payments and profits it receives.

The filing says it expects cash to fund operations for at least the next 12 months, while noting it will need substantial additional funding over the long term.

The next quarterly filing will show whether Roche's cost-sharing offsets grow and whether the co-promotion agreement the 10-Q says is still required has been negotiated.