$NRIX
Nurix Therapeutics, Inc.

2021 Q3 Form 10-Q Financial Statement

#000156459021050851 Filed on October 14, 2021

View on sec.gov

Income Statement

Concept 2021 Q3 2020 Q3 2020 Q2
Revenue $10.25M $4.085M $4.182M
YoY Change 150.97% -61.39% -55.69%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $8.343M $4.340M $3.270M
YoY Change 92.24% 99.08% 74.87%
% of Gross Profit
Research & Development $30.91M $18.94M $14.14M
YoY Change 63.19% 72.05% 31.43%
% of Gross Profit
Depreciation & Amortization $745.0K $550.0K $500.0K
YoY Change 35.45% -1.79% -16.67%
% of Gross Profit
Operating Expenses $39.25M $23.28M $17.41M
YoY Change 68.62% 111.46% 37.86%
Operating Profit -$29.00M -$13.23M
YoY Change
Interest Expense $39.00K $680.0K $220.0K
YoY Change -94.26% 240.0% 69.23%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$28.96M -$18.52M -$13.01M
YoY Change 56.39% 666.12% 325.16%
Income Tax -$100.0K $0.00 -$20.59M
% Of Pretax Income
Net Earnings -$28.84M -$18.52M $7.580M
YoY Change 55.72% 662.96% -347.07%
Net Earnings / Revenue -281.26% -453.29% 181.25%
Basic Earnings Per Share -$0.65 -$1.09 $0.00
Diluted Earnings Per Share -$649.8K -$1.09 $0.00
COMMON SHARES
Basic Shares Outstanding 44.37M 16.94M 3.732M
Diluted Shares Outstanding 44.37M 16.94M 4.910M

Balance Sheet

Concept 2021 Q3 2020 Q3 2020 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $343.9M $354.1M $173.3M
YoY Change -2.88%
Cash & Equivalents $147.4M $265.5M $159.3M
Short-Term Investments $196.5M $88.70M $14.20M
Other Short-Term Assets $9.343M $6.200M $3.900M
YoY Change 50.69%
Inventory
Prepaid Expenses
Receivables $5.000M
Other Receivables $204.0K
Total Short-Term Assets $358.4M $364.1M $196.8M
YoY Change -1.55%
LONG-TERM ASSETS
Property, Plant & Equipment $9.569M $6.532M $5.800M
YoY Change 46.49%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $121.5M $40.90M $9.100M
YoY Change 197.02%
Other Assets $3.580M $185.0K $1.600M
YoY Change 1835.14%
Total Long-Term Assets $134.6M $47.79M $16.50M
YoY Change 181.74%
TOTAL ASSETS
Total Short-Term Assets $358.4M $364.1M $196.8M
Total Long-Term Assets $134.6M $47.79M $16.50M
Total Assets $493.1M $411.9M $213.3M
YoY Change 19.71%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.861M $3.611M $4.900M
YoY Change 6.92%
Accrued Expenses $11.57M $7.100M $4.200M
YoY Change 62.94%
Deferred Revenue $30.30M
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $50.68M $41.01M $34.40M
YoY Change 23.57%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $67.18M $868.0K $72.30M
YoY Change 7639.29%
Total Long-Term Liabilities $67.18M $868.0K $72.30M
YoY Change 7639.29%
TOTAL LIABILITIES
Total Short-Term Liabilities $50.68M $41.01M $34.40M
Total Long-Term Liabilities $67.18M $868.0K $72.30M
Total Liabilities $117.9M $104.3M $106.7M
YoY Change 13.05%
SHAREHOLDERS EQUITY
Retained Earnings -$183.2M -$83.78M
YoY Change 118.66%
Common Stock $391.3M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $375.2M $307.6M -$61.53M
YoY Change
Total Liabilities & Shareholders Equity $493.1M $411.9M $213.3M
YoY Change 19.71%

Cashflow Statement

Concept 2021 Q3 2020 Q3 2020 Q2
OPERATING ACTIVITIES
Net Income -$28.84M -$18.52M $7.580M
YoY Change 55.72% 662.96% -347.07%
Depreciation, Depletion And Amortization $745.0K $550.0K $500.0K
YoY Change 35.45% -1.79% -16.67%
Cash From Operating Activities -$29.97M -$6.140M -$14.43M
YoY Change 388.14% -116.88% 8.17%
INVESTING ACTIVITIES
Capital Expenditures -$1.865M -$1.670M -$1.620M
YoY Change 11.68% 240.82% 3140.0%
Acquisitions
YoY Change
Other Investing Activities -$10.37M -$106.4M -$720.0K
YoY Change -90.26% -2760.25% -107.2%
Cash From Investing Activities -$12.23M -$108.1M -$2.340M
YoY Change -88.68% -3188.0% -123.49%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 1.552M 220.4M 119.7M
YoY Change -99.3% 299100.0%
NET CHANGE
Cash From Operating Activities -29.97M -6.140M -14.43M
Cash From Investing Activities -12.23M -108.1M -2.340M
Cash From Financing Activities 1.552M 220.4M 119.7M
Net Change In Cash -40.65M 106.2M 102.9M
YoY Change -138.28% 166.37% -3181.14%
FREE CASH FLOW
Cash From Operating Activities -$29.97M -$6.140M -$14.43M
Capital Expenditures -$1.865M -$1.670M -$1.620M
Free Cash Flow -$28.11M -$4.470M -$12.81M
YoY Change 528.79% -112.13% -3.61%

Facts In Submission

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<p style="margin-bottom:0pt;margin-top:6pt;text-indent:0%;font-weight:bold;font-style:italic;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;">Use of Estimates </p> <p style="margin-bottom:0pt;margin-top:6pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">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 differ materially from those estimates. </p>
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AccruedAndOtherLiabilitiesCurrent
11569000
CY2020Q4 nrix Accrued And Other Liabilities Current
AccruedAndOtherLiabilitiesCurrent
8328000
CY2021Q3 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position12 Months Or Longer Number Of Positions
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPosition12MonthsOrLongerNumberOfPositions
0
CY2020Q4 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position12 Months Or Longer Number Of Positions
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPosition12MonthsOrLongerNumberOfPositions
0
CY2021Q3 us-gaap Other Than Temporary Impairment Loss Debt Securities Available For Sale Recognized In Earnings
OtherThanTemporaryImpairmentLossDebtSecuritiesAvailableForSaleRecognizedInEarnings
0
us-gaap Other Than Temporary Impairment Loss Debt Securities Available For Sale Recognized In Earnings
OtherThanTemporaryImpairmentLossDebtSecuritiesAvailableForSaleRecognizedInEarnings
0
us-gaap Other Than Temporary Impairment Loss Debt Securities Available For Sale Recognized In Earnings
OtherThanTemporaryImpairmentLossDebtSecuritiesAvailableForSaleRecognizedInEarnings
0
CY2020Q3 us-gaap Other Than Temporary Impairment Loss Debt Securities Available For Sale Recognized In Earnings
OtherThanTemporaryImpairmentLossDebtSecuritiesAvailableForSaleRecognizedInEarnings
0
us-gaap Litigation Settlement Expense
LitigationSettlementExpense
0
CY2015Q2 us-gaap Lessee Operating Lease Term Of Contract
LesseeOperatingLeaseTermOfContract
P60M
us-gaap Lessee Operating Lease Description
LesseeOperatingLeaseDescription
In November 2017, the Company entered into a second amendment to its original lease agreement that combined the Company’s two leases into a single lease agreement and extended the term of the lease agreement through April 30, 2025.
CY2021Q3 us-gaap Operating Leases Future Minimum Payments Remainder Of Fiscal Year
OperatingLeasesFutureMinimumPaymentsRemainderOfFiscalYear
796000
CY2021Q3 us-gaap Operating Leases Future Minimum Payments Due In Two Years
OperatingLeasesFutureMinimumPaymentsDueInTwoYears
5337000
CY2021Q3 us-gaap Operating Leases Future Minimum Payments Due In Three Years
OperatingLeasesFutureMinimumPaymentsDueInThreeYears
5469000
CY2021Q3 us-gaap Operating Leases Future Minimum Payments Due In Four Years
OperatingLeasesFutureMinimumPaymentsDueInFourYears
4996000
CY2021Q3 us-gaap Operating Leases Future Minimum Payments Due In Five Years
OperatingLeasesFutureMinimumPaymentsDueInFiveYears
1732000
CY2021Q3 us-gaap Operating Leases Future Minimum Payments Due
OperatingLeasesFutureMinimumPaymentsDue
18330000
CY2021Q3 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
500000000
CY2021Q3 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.001
us-gaap Common Stock Voting Rights
CommonStockVotingRights
one
CY2021Q3 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
9564073
CY2020Q4 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
8153546
CY2021Q3 nrix Share Based Compensation Arrangement By Share Based Payment Award Options Shares Subject To Repurchase
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsSharesSubjectToRepurchase
76175
CY2021Q3 nrix Share Based Compensation Arrangements By Share Based Payment Award Options Exercise Value Of Shares Subject To Repurchase
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExerciseValueOfSharesSubjectToRepurchase
400000
CY2021Q3 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.65
CY2021Q3 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Stock Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions
54900000
us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P3Y2M12D
CY2021Q3 us-gaap Defined Contribution Plan Employer Discretionary Contribution Amount
DefinedContributionPlanEmployerDiscretionaryContributionAmount
100000
CY2020Q3 us-gaap Defined Contribution Plan Employer Discretionary Contribution Amount
DefinedContributionPlanEmployerDiscretionaryContributionAmount
100000
us-gaap Defined Contribution Plan Employer Discretionary Contribution Amount
DefinedContributionPlanEmployerDiscretionaryContributionAmount
500000
us-gaap Defined Contribution Plan Employer Discretionary Contribution Amount
DefinedContributionPlanEmployerDiscretionaryContributionAmount
300000
CY2021Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-100000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
100000
CY2020Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-20600000
CY2020 nrix Net Operating Loss Carryback Refund Claim Cares Act
NetOperatingLossCarrybackRefundClaimCARESAct
19600000
CY2021Q3 nrix Income Tax Examination Estimated Additional Income Tax Expense And Interest For Cash Liability
IncomeTaxExaminationEstimatedAdditionalIncomeTaxExpenseAndInterestForCashLiability
600000
CY2021Q3 us-gaap Net Income Loss
NetIncomeLoss
-28835000
CY2020Q3 us-gaap Net Income Loss
NetIncomeLoss
-18517000
us-gaap Net Income Loss
NetIncomeLoss
-79492000
us-gaap Net Income Loss
NetIncomeLoss
-23328000
CY2021Q3 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
44374389
CY2020Q3 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
16937934
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
42344420
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
8052905
CY2020Q3 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-1.09
us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-1.88
us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-2.90
CY2020Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
16937934
CY2020Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
16937934
CY2020Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-1.09
CY2020Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-1.09
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
8052905
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
8052905
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-2.90
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-2.90
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
5732861
CY2021Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
5732861
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
3687673
CY2020Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
3687673

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