$NRIX
Nurix Therapeutics, Inc.

2023 Q2 Form 10-Q Financial Statement

#000154959523000040 Filed on July 13, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2022 Q2
Revenue $30.68M $11.43M
YoY Change 168.33% 61.22%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $11.68M $9.654M
YoY Change 20.97% 28.53%
% of Gross Profit
Research & Development $45.76M $47.49M
YoY Change -3.64% 82.71%
% of Gross Profit
Depreciation & Amortization $1.896M $1.282M
YoY Change 47.89% 97.84%
% of Gross Profit
Operating Expenses $57.44M $57.15M
YoY Change 0.51% 70.56%
Operating Profit -$26.77M -$45.72M
YoY Change -41.45% 73.07%
Interest Expense $2.488M $314.0K
YoY Change 692.36% 83.63%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$24.28M -$45.40M
YoY Change -46.53% 73.0%
Income Tax $0.00 $0.00
% Of Pretax Income
Net Earnings -$24.28M -$45.40M
YoY Change -46.53% 72.09%
Net Earnings / Revenue -79.14% -397.14%
Basic Earnings Per Share -$0.45 -$1.01
Diluted Earnings Per Share -$0.45 -$1.01
COMMON SHARES
Basic Shares Outstanding 54.26M shares 44.90M
Diluted Shares Outstanding 54.26M shares 44.90M

Balance Sheet

Concept 2023 Q2 2022 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $281.2M $296.4M
YoY Change -5.13% -23.22%
Cash & Equivalents $58.96M $41.53M
Short-Term Investments $222.2M $255.7M
Other Short-Term Assets $8.837M $10.41M
YoY Change -15.12% 127.26%
Inventory
Prepaid Expenses
Receivables $0.00
Other Receivables $0.00
Total Short-Term Assets $290.0M $306.8M
YoY Change -5.47% -22.58%
LONG-TERM ASSETS
Property, Plant & Equipment $28.44M $15.51M
YoY Change 83.38% 85.82%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $27.46M $51.54M
YoY Change -46.71% -53.33%
Other Assets $4.711M $5.058M
YoY Change -6.86% 73.52%
Total Long-Term Assets $60.61M $87.52M
YoY Change -30.75% -28.08%
TOTAL ASSETS
Total Short-Term Assets $290.0M $306.8M
Total Long-Term Assets $60.61M $87.52M
Total Assets $350.6M $394.3M
YoY Change -11.08% -23.88%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $4.525M $6.142M
YoY Change -26.33% 13.64%
Accrued Expenses $23.67M $25.20M
YoY Change -6.07% 228.26%
Deferred Revenue $44.06M
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $72.26M $72.67M
YoY Change -0.55% 55.12%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $18.44M $54.91M
YoY Change -66.41% -24.74%
Total Long-Term Liabilities $18.44M $54.91M
YoY Change -66.41% -24.74%
TOTAL LIABILITIES
Total Short-Term Liabilities $72.26M $72.67M
Total Long-Term Liabilities $18.44M $54.91M
Total Liabilities $90.70M $127.6M
YoY Change -28.9% 6.48%
SHAREHOLDERS EQUITY
Retained Earnings -$466.3M -$308.8M
YoY Change 51.0%
Common Stock $728.1M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $259.9M $266.7M
YoY Change
Total Liabilities & Shareholders Equity $350.6M $394.3M
YoY Change -11.08% -23.88%

Cashflow Statement

Concept 2023 Q2 2022 Q2
OPERATING ACTIVITIES
Net Income -$24.28M -$45.40M
YoY Change -46.53% 72.09%
Depreciation, Depletion And Amortization $1.896M $1.282M
YoY Change 47.89% 97.84%
Cash From Operating Activities -$18.47M -$32.91M
YoY Change -43.89% 4.38%
INVESTING ACTIVITIES
Capital Expenditures $1.080M -$2.789M
YoY Change -138.72% 33.19%
Acquisitions
YoY Change
Other Investing Activities $44.91M -$1.976M
YoY Change -2372.82% -96.41%
Cash From Investing Activities $43.83M -$4.765M
YoY Change -1019.85% -91.66%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $25.00K
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 25.00K 432.0K
YoY Change -94.21% -99.71%
NET CHANGE
Cash From Operating Activities -18.47M -32.91M
Cash From Investing Activities 43.83M -4.765M
Cash From Financing Activities 25.00K 432.0K
Net Change In Cash 25.39M -37.25M
YoY Change -168.16% -160.24%
FREE CASH FLOW
Cash From Operating Activities -$18.47M -$32.91M
Capital Expenditures $1.080M -$2.789M
Free Cash Flow -$19.55M -$30.12M
YoY Change -35.11% 2.33%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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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>
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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, and its ongoing cash management strategy is to maintain diversity in its deposit accounts across financial institutions; however, 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>
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0 usd
CY2023Q2 us-gaap Debt Securities Available For Sale Allowance For Credit Loss
DebtSecuritiesAvailableForSaleAllowanceForCreditLoss
0 usd
CY2022Q2 nrix Impairment Loss On Marketable Securities
ImpairmentLossOnMarketableSecurities
0 usd
nrix Impairment Loss On Marketable Securities
ImpairmentLossOnMarketableSecurities
0 usd
CY2023Q2 nrix Impairment Loss On Marketable Securities
ImpairmentLossOnMarketableSecurities
0 usd
nrix Impairment Loss On Marketable Securities
ImpairmentLossOnMarketableSecurities
0 usd
CY2023Q2 nrix Area Of Office Space Leased
AreaOfOfficeSpaceLeased
57902 sqft
CY2021Q3 nrix Area Of Office Space Leased
AreaOfOfficeSpaceLeased
19320 sqft
CY2022Q1 nrix Area Of Office Space Leased
AreaOfOfficeSpaceLeased
46434 sqft
nrix Lessee Operating Lease Number Of Renewal Options
LesseeOperatingLeaseNumberOfRenewalOptions
2 terms
CY2023Q2 us-gaap Lessee Operating Lease Renewal Term
LesseeOperatingLeaseRenewalTerm
P5Y
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
LesseeOperatingLeaseLiabilityToBePaidYearOnePerMonth
154000 usd
CY2023Q2 us-gaap Operating Lease Expense
OperatingLeaseExpense
1500000 usd
us-gaap Operating Lease Expense
OperatingLeaseExpense
3000000 usd
us-gaap Operating Lease Expense
OperatingLeaseExpense
2800000 usd
us-gaap Operating Lease Payments
OperatingLeasePayments
2778000 usd
us-gaap Operating Lease Payments
OperatingLeasePayments
3564000 usd
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
0 usd
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
4804000 usd
CY2023Q2 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
500000000 shares
CY2022Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
500000000 shares
CY2022Q4 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.001
CY2023Q2 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.001
us-gaap Common Stock Voting Rights
CommonStockVotingRights
one
us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0
CY2023Q2 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
19916219 shares
CY2022Q4 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
18016515 shares
CY2023Q2 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Stock Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions
70900000 usd
us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P2Y4M24D
CY2023Q2 us-gaap Defined Contribution Plan Employer Discretionary Contribution Amount
DefinedContributionPlanEmployerDiscretionaryContributionAmount
200000 usd
CY2022Q2 us-gaap Defined Contribution Plan Employer Discretionary Contribution Amount
DefinedContributionPlanEmployerDiscretionaryContributionAmount
200000 usd
us-gaap Defined Contribution Plan Employer Discretionary Contribution Amount
DefinedContributionPlanEmployerDiscretionaryContributionAmount
800000 usd
us-gaap Defined Contribution Plan Employer Discretionary Contribution Amount
DefinedContributionPlanEmployerDiscretionaryContributionAmount
700000 usd
CY2023Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0 usd
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0 usd
CY2022Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0 usd
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0 usd
CY2023Q2 us-gaap Net Income Loss
NetIncomeLoss
-24277000 usd
CY2022Q2 us-gaap Net Income Loss
NetIncomeLoss
-45401000 usd
us-gaap Net Income Loss
NetIncomeLoss
-65010000 usd
us-gaap Net Income Loss
NetIncomeLoss
-87934000 usd
CY2023Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
54259045 shares
CY2023Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
54259045 shares
CY2022Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
44898409 shares
CY2022Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
44898409 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
54144909 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
54144909 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
44797235 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
44797235 shares
CY2023Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.45
CY2023Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.45
CY2022Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-1.01
CY2022Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-1.01
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-1.20
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-1.20
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-1.96
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-1.96
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
10553778 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
7227702 shares

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