Nurix Therapeutics, Inc. Common stock Wells Fargo 21st Annual Healthcare Conference

Good to see you, Derek. Thank you so much for having us.

Sure. Terrific. For those who don't know Nurix well, we are a multi-product, multi-therapeutic area, biopharma focused on targeted protein degradation. Our lead asset is a degrader of BTK, which is a central node in B-cell signaling as well as other immune cells. It's in pivotal studies for CLL and is moving into phase II for chronic spontaneous urticaria, CSU, and also multiple sclerosis, MS. We've got partnerships with Roche, as you mentioned, for bexobrutideg, but also discovery partnerships with Gilead, Sanofi, and Pfizer. We've got our lead programs in those collaborations, include a STAT6 degrader with Sanofi and an IRAK4 degrader with Gilead, and I'm very happy to be here. Thank you very much. Yeah.

Yeah. It's a great question. What I'll say is last year, as we were thinking about our strategy around this product, one of the things that was really clear was in order to achieve the right kind of value inflection for the program, we wanted to, one, establish the efficacy, two, establish long-term durability. On the efficacy side, we had 83% response rate in heavily refractory patients. We had 22.1 month median PFS. We wanted to be able to have an established dose to take into pivotal, and we did a randomized study for Project Optimus.

Having the data package in place, and being on the cusp of phase III, doing the deal at this point is ideal for us because not only does it de-risk us financially in terms of our ability to execute, but it expands the indication space we can go into, which increases the total addressable market. That includes not only the malignant heme, but also I&I and neuro, and Roche is the ideal partner for us in this respect.

Yeah. A fantastic question. The BTK inhibitor space obviously started with ibrutinib and then acalabrutinib, zanubrutinib, and then the non-covalents like pirtobrutinib. With each of those, it has been the goal of getting better selectivity, better safety, and then ultimately to increase the therapeutic footprint into I&I. Degraders bring an entirely new modality to a target that is proven. In CLL, the BTK space right now is $13 billion annually. It is growing at close to 15%, and the indication space keeps growing. The BTK degraders are really the first to try to cross both oncology and I&I. The inhibitors have tended to do one or the other. But the BTK degraders, such as bexobrutideg, have the advantage of removing the protein, doing it catalytically, and being able to address mutations as well as wild type.

The data has been, I think, remarkable, and we are full steam ahead on all of that. In terms of differentiation versus our closest competitor, BGB-16673, it is hard to say right now. They are both showing fantastic efficacy in the 80s percent range, which is remarkable. I think ultimately, probably where we will see the differentiation is on the safety side. We think we have a safer molecule. We think we have a more selective molecule, and we will just have to see that play out over time.

Yeah, sure. We announced the deal back in early June, so it was not long ago. It was the largest single degrader deal to date in terms of upfront. It was a $700 million upfront payment, $2.3 billion total milestone and upfront package. The cost sharing is 40/60 on the development costs, and it is a U.S. 50/50 profit share ex-U.S. royalty. People have asked, "Oh, is Roche taking over?" No, this is truly a collaboration. We have equal representation in all the joint governance, and we are working together on a very ambitious CDP. That CDP includes the randomized phase III study that we talked about, which is head to head versus pirtobrutinib, which is the standard of care in this second-line setting.

We are about to kick off a phase I-B/II study in combination with venetoclax in order to enable the potential for maybe fixed duration, shorter course therapies that could get to very deep and durable responses. You ask how we're thinking about covering the CLL landscape. Well, Roche is the perfect partner because they have all of the potential combination drugs, including venetoclax, CD20 antibodies, and the CD19 bispecifics. We're also looking to expand into Waldenstrom and mantle cell. That just covers the Heme space.