Nurix Therapeutics, Inc. Common stock H.C. Wainwright 28th Annual Global Investment Conference

Well, thanks for having us. Very happy to be here.

Yeah. We're focused on targeted protein degradation, which is a new small molecule approach to actually removing protein targets, disease targets from the cell, via the ubiquitin proteasome system. So removal, targeted removal of the protein, which gets a more thorough hit on the target compared to inhibition. Our lead program is BTK, a BTK degrader called bexobrutideg. Recently just signed that great deal with Roche, which I'm sure we'll talk about, for CLL, chronic lymphocytic leukemia, and non-Hodgkin's lymphomas, where again, we're removing the BTK protein and we get a more thorough, a deeper efficacy response, can address resistance mutations to inhibitors. The inhibitor class was a $10 billion a year class, but a lot of resistance mutations coming up, so degradation removes that with Bex, as we call it for short.

Then we have a whole inflammation program, partially with bexobrutideg, again with Roche, but also our STAT6 program with Sanofi, which is in phase I, and our IRAK4 degradation program with Gilead, which is completing phase I. Then we have a host of other undisclosed targeted protein degrader projects. So we're about 12 years old. We're based in the San Francisco Bay Area, and had a very successful entry into the clinic with bexobrutideg, and now starting phase III.

Sure. Well, so Roche was the right strategic choice to fully develop this drug across multiple indications in oncology, but also in autoimmune disease, where we've specified CSU, or chronic spontaneous urticaria, and MS with Roche. Again, global experts. So they're the right strategic partner, and I might add, it was a competitive process to get this deal, because Bex really has such a best-in-class potential for any BTK drug, I'd say, inhibitors or degraders. But of course, the degrader aspect brings the superiority of efficacy, because we remove not only the kinase function, but also what's called the scaffolding function of the protein, which is another signaling function. At any rate, so Roche, they've been great to work with from the beginning, and they've followed this program for actually several years.

Yeah. We signed this deal in June.

It was a landmark deal, as you point out. We're talking about $700 million upfront, and then another up to $2.3 billion in milestones, development milestones and sales milestones. That's significant if you look at the economics of that. Then of course, probably even more significant is that it's 50/50 in the U.S.

Yeah. So we retain product rights in the U.S.

We get milestones and royalties ex-U.S., which are substantial. And of course, they've got the whole ex-U.S. infrastructure, which we don't have, so we get the strategic expansion.

just from an operational standpoint. And then they have the best portfolio of B-cell malignancy drugs.

Yeah. CLL and NHL, they have the best antibody portfolio, the best combination portfolio for our drug to go with.

So when you add it all up, I mean, it's really And then scientifically, we're so aligned, and it was an intense deal process, but it really worked well.