$NRIX
Nurix Therapeutics, Inc.

2023 Q1 Form 10-Q Financial Statement

#000154959523000032 Filed on April 13, 2023

View on sec.gov

Income Statement

Concept 2023 Q1 2022 Q1
Revenue $12.69M $9.621M
YoY Change 31.85% 92.0%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $9.821M $9.228M
YoY Change 6.43% 41.32%
% of Gross Profit
Research & Development $45.82M $43.14M
YoY Change 6.21% 87.53%
% of Gross Profit
Depreciation & Amortization $1.752M $991.0K
YoY Change 76.79% 54.84%
% of Gross Profit
Operating Expenses $55.64M $52.37M
YoY Change 6.25% 77.31%
Operating Profit -$42.95M -$42.74M
YoY Change 0.49% 74.31%
Interest Expense $2.219M $211.0K
YoY Change 951.66% -34.06%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$40.73M -$42.53M
YoY Change -4.23% 75.73%
Income Tax $0.00 $0.00
% Of Pretax Income
Net Earnings -$40.73M -$42.53M
YoY Change -4.23% 75.21%
Net Earnings / Revenue -321.11% -442.09%
Basic Earnings Per Share -$0.75 -$0.95
Diluted Earnings Per Share -$0.75 -$951.7K
COMMON SHARES
Basic Shares Outstanding 47.27M shares 44.74M
Diluted Shares Outstanding 54.03M shares 44.69M shares

Balance Sheet

Concept 2023 Q1 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $276.2M $261.1M
YoY Change 5.81% -13.86%
Cash & Equivalents $33.57M $78.78M
Short-Term Investments $243.6M $183.2M
Other Short-Term Assets $12.08M $11.20M
YoY Change 7.86% 202.78%
Inventory
Prepaid Expenses
Receivables $8.000M
Other Receivables $204.0K
Total Short-Term Assets $288.3M $280.5M
YoY Change 2.8% -9.74%
LONG-TERM ASSETS
Property, Plant & Equipment $17.72M $13.52M
YoY Change 31.02% 94.28%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $48.45M $123.7M
YoY Change -60.83% 60.21%
Other Assets $3.841M $4.157M
YoY Change -7.6% 164.61%
Total Long-Term Assets $81.83M $157.2M
YoY Change -47.96% 83.06%
TOTAL ASSETS
Total Short-Term Assets $288.3M $280.5M
Total Long-Term Assets $81.83M $157.2M
Total Assets $370.2M $437.7M
YoY Change -15.44% 10.35%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $5.629M $6.014M
YoY Change -6.4% 37.06%
Accrued Expenses $20.94M $16.85M
YoY Change 24.3% 56.01%
Deferred Revenue $38.31M $43.19M
YoY Change -11.3% 31.86%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $64.88M $66.05M
YoY Change -1.77% 37.68%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $31.22M $65.75M
YoY Change -52.51% 7803.13%
Total Long-Term Liabilities $31.22M $65.75M
YoY Change -52.51% 7803.13%
TOTAL LIABILITIES
Total Short-Term Liabilities $64.88M $66.05M
Total Long-Term Liabilities $31.22M $65.75M
Total Liabilities $96.10M $131.8M
YoY Change -27.09% 4.17%
SHAREHOLDERS EQUITY
Retained Earnings -$442.0M -$263.4M
YoY Change 67.81% 105.82%
Common Stock $719.3M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $274.1M $305.9M
YoY Change
Total Liabilities & Shareholders Equity $370.2M $437.7M
YoY Change -15.44% 10.35%

Cashflow Statement

Concept 2023 Q1 2022 Q1
OPERATING ACTIVITIES
Net Income -$40.73M -$42.53M
YoY Change -4.23% 75.21%
Depreciation, Depletion And Amortization $1.752M $991.0K
YoY Change 76.79% 54.84%
Cash From Operating Activities -$48.45M -$42.60M
YoY Change 13.74% -629.0%
INVESTING ACTIVITIES
Capital Expenditures $2.277M $3.472M
YoY Change -34.42% 311.86%
Acquisitions
YoY Change
Other Investing Activities $18.35M $43.50M
YoY Change -57.83% -2924.87%
Cash From Investing Activities $16.07M $40.03M
YoY Change -59.86% -1777.04%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $1.481M 1.488M
YoY Change -0.47% 9.49%
NET CHANGE
Cash From Operating Activities -$48.45M -42.60M
Cash From Investing Activities $16.07M 40.03M
Cash From Financing Activities $1.481M 1.488M
Net Change In Cash -$30.90M -1.111M
YoY Change 2681.55% -115.81%
FREE CASH FLOW
Cash From Operating Activities -$48.45M -$42.60M
Capital Expenditures $2.277M $3.472M
Free Cash Flow -$50.73M -$46.07M
YoY Change 10.11% -739.0%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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CY2022Q1 us-gaap Operating Expenses
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CY2023Q1 us-gaap Interest And Other Income
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CY2022Q1 us-gaap Interest And Other Income
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CY2023Q1 us-gaap Earnings Per Share Diluted
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CY2023Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2022Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2022Q1 us-gaap Gain Loss On Disposition Of Assets
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CY2023Q1 us-gaap Payments To Acquire Marketable Securities
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CY2022Q1 us-gaap Payments To Acquire Marketable Securities
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CY2023Q1 us-gaap Payments To Acquire Property Plant And Equipment
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CY2022Q1 us-gaap Payments To Acquire Property Plant And Equipment
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CY2023Q1 us-gaap Net Cash Provided By Used In Investing Activities
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CY2022Q1 us-gaap Net Cash Provided By Used In Investing Activities
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CY2023Q1 us-gaap Proceeds From Stock Options Exercised
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CY2022Q1 us-gaap Proceeds From Stock Options Exercised
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CY2023Q1 us-gaap Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans
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CY2023Q1 us-gaap Capital Expenditures Incurred But Not Yet Paid
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CY2022Q1 us-gaap Capital Expenditures Incurred But Not Yet Paid
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CY2023Q1 us-gaap Cash Cash Equivalents And Short Term Investments
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CY2023Q1 us-gaap Retained Earnings Accumulated Deficit
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CY2023Q1 us-gaap Use Of Estimates
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<div style="margin-top:12pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Use of Estimates </span></div><div style="margin-top:6pt;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:115%">The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and reported amounts of revenues and expenses during the reporting period. On an ongoing basis, management evaluates its estimates, including those related to the useful lives of long-lived assets, the measurement of stock-based compensation, accruals for research and development activities, income taxes and revenue recognition. The Company bases its estimates on historical experience and on other relevant assumptions that are reasonable under the circumstances. Actual results could materially differ from those estimates. Refer to Note 3 for more information regarding the estimates related to revenue recognition.</span></div>
CY2023Q1 us-gaap Concentration Risk Credit Risk
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<div style="margin-top:12pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Concentration of Credit Risk </span></div><div style="margin-top:6pt;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:115%">Financial instruments that potentially subject the Company to concentration of credit risk consist of cash, cash equivalents and marketable securities. The Company invests its cash equivalents in highly rated money market funds. The Company’s marketable securities consist of debt securities issued by highly rated corporate entities, foreign governments, the U.S. federal government or state and local governments. The Company’s exposure to any individual corporate entity is limited by policy. Deposits may exceed federally insured limits, and the Company is exposed to credit risk on deposits in the event of default by the financial institutions to the extent account balances exceed the amount insured by the Federal Deposit Insurance Corporation (FDIC). The Company is closely monitoring ongoing events involving limited liquidity, defaults, non-performance or other adverse developments that affect financial institutions or other companies in the financial services industry or the financial services industry generally, including Silicon Valley Bank (SVB). On March 10, 2023, SVB, where the Company maintained an operating account with a cash balance of less than 1% of the Company's total cash, cash equivalents and marketable securities, was closed by the California Department of Financial Protection and Innovation and the FDIC was appointed as receiver. On March 12, 2023, the U.S. Department of the Treasury, Federal Reserve Board, and FDIC released a joint statement announcing that the FDIC would complete its resolution of SVB in a manner that fully protected all depositors at SVB and that depositors would have access to all of their money starting March 13, 2023. On March 26, 2023, it was announced that First-Citizens Bank &amp; Trust Company would assume all of SVB's deposits and loans as of March 27, 2023. In light of the foregoing, the Company does not believe that it has exposure to loss as a result of SVB’s receivership. During the periods presented, the Company has not experienced any losses on its deposits of cash, cash equivalents or marketable securities.</span></div>
CY2023Q1 us-gaap Property Plant And Equipment Gross
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CY2022Q4 us-gaap Property Plant And Equipment Gross
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CY2023Q1 us-gaap Property Plant And Equipment Net
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CY2022Q4 us-gaap Property Plant And Equipment Net
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CY2022Q1 nrix Transfers Of Financial Instruments Between Valuation Levels
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CY2023Q1 nrix Transfers Of Financial Instruments Between Valuation Levels
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CY2022Q4 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position12 Months Or Longer Number Of Positions
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CY2023Q1 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position12 Months Or Longer Number Of Positions
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CY2023Q1 us-gaap Debt Securities Available For Sale Allowance For Credit Loss
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CY2023Q1 nrix Impairment Loss On Marketable Securities
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CY2022Q1 nrix Impairment Loss On Marketable Securities
ImpairmentLossOnMarketableSecurities
0 usd
CY2022Q1 nrix Operating Lease Rent Payable Per Month
OperatingLeaseRentPayablePerMonth
205000 usd
CY2022Q1 nrix Percentage Of Increase Of Annual Rent
PercentageOfIncreaseOfAnnualRent
0.03
CY2022Q1 nrix Lessee Operating Lease Liability To Be Paid Year One Per Month
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CY2022Q1 us-gaap Operating Lease Expense
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CY2022Q1 us-gaap Operating Lease Payments
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CY2023Q1 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
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0 usd
CY2022Q1 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
3916000 usd
CY2022Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
500000000 shares
CY2023Q1 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
500000000 shares
CY2023Q1 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.001
CY2022Q4 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.001
CY2023Q1 us-gaap Common Stock Voting Rights
CommonStockVotingRights
one
CY2023Q1 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0
CY2023Q1 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
20102574 shares
CY2022Q4 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
18016515 shares
CY2023Q1 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Stock Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions
90200000 usd
CY2023Q1 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P2Y8M12D
CY2023Q1 us-gaap Defined Contribution Plan Employer Discretionary Contribution Amount
DefinedContributionPlanEmployerDiscretionaryContributionAmount
600000 usd
CY2022Q1 us-gaap Defined Contribution Plan Employer Discretionary Contribution Amount
DefinedContributionPlanEmployerDiscretionaryContributionAmount
500000 usd
CY2023Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0 usd
CY2022Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0 usd
CY2023Q1 us-gaap Net Income Loss
NetIncomeLoss
-40733000 usd
CY2022Q1 us-gaap Net Income Loss
NetIncomeLoss
-42533000 usd
CY2022Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
44693812 shares
CY2022Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
44693812 shares
CY2022Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.95
CY2022Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.95
CY2023Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
11250690 shares
CY2022Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
7288315 shares

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