Nurix Therapeutics Inc at Morgan Stanley Global Healthcare Conference Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Terence Flynn - Morgan Stanley - Analyst : Yeah, great. Maybe just before we go to the pipeline, just the platform, I know there have been a number of different iterations of the degrader approach. So maybe you could just give us kind of what your view is on kind of the key features of your platform, maybe relative to some of the others out there and what's allowed you to develop in both oncology and also on the inflammation side because I think that is somewhat unique as well in terms of your approach. Whereas it feels like some companies are either oncology or inflammation, you guys are obviously able to do both approaches.

Question: Terence Flynn - Morgan Stanley - Analyst : Yes. On the Pfizer -- is there anything getting close to the clinic there that you can provide an update on or not yet?

Question: Terence Flynn - Morgan Stanley - Analyst : Okay. Great. One other focal area right now for the whole industry really is just some of the changes at the FDA. And so would just welcome your perspective. Obviously, you're getting ready, as you said, for your pivotal program here for BEXDEG as you interact with the agencies, is that business as usual? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. SEPTEMBER 10, 2025 / 11:00AM, NRIX.OQ - Nurix Therapeutics Inc at Morgan Stanley Global Healthcare Conference Are there any changes in terms of personnel, anything you'd flag? Or you feel pretty comfortable with your ability to kind of interact with the FDA and advance all the priorities of the company?

Question: Terence Flynn - Morgan Stanley - Analyst : Okay. Maybe before we talk about the Phase 3 design, you could just give us a highlight of kind of where you've come from the profile of BEXDEG you've developed here in through the Phase 1/II trials and really what stood out most there and gave you the confidence to advance into this Phase

Question: Terence Flynn - Morgan Stanley - Analyst : Yes. And maybe just on the safety profile, I know AFib has been a focal point at the differentiation among the different BTKs. Maybe just talk through the safety profile that you guys have seen thus far in the early studies?

Question: Terence Flynn - Morgan Stanley - Analyst : Okay. And then maybe just on the pivotal program that you're starting later this year, maybe just give us the latest in terms of that design and how you're approaching it? And then maybe any we can dig into some of the subsequent trials that you might be planning after that?

Question: Terence Flynn - Morgan Stanley - Analyst : Okay, great. Maybe just on the single arm study there. Is this -- I'm assuming it's a response rate endpoint and you need some durability of follow-up or what's the FDA agreed upon for what the -- what you need for approval for the accelerated basis here in this setting?

Question: Terence Flynn - Morgan Stanley - Analyst : Yes. What -- so what do patients right now in that third line setting receive? Is there a chemotherapy regimen? Is it palliative care? What's the typical therapy right now if we think about other -- trying to get some benchmark on duration PFS as we look historically. I know you say FDA has never going to sign off anything, but what are these patients getting now?

Question: Terence Flynn - Morgan Stanley - Analyst : Okay. And what's that patient population represent in terms of numbers right now in the US roughly, like if you look at framing out the market opportunity in the third line plus?

Question: Terence Flynn - Morgan Stanley - Analyst : And then maybe just pivoting over to the Phase 3 confirmatory trial that you mentioned. So this -- I'm assuming it's a 1:1 randomization. So about half and half, half on BEXDEG, half on physicians' choice?

Question: Terence Flynn - Morgan Stanley - Analyst : Okay. And then the superiority endpoint is PFS?

Question: Terence Flynn - Morgan Stanley - Analyst : Okay. And then -- so the -- can you give us any benchmark for the control arm? Like I know it's a lot of different therapies, but what's the -- where you expect that to shake out ultimately, given it's a mix of different regimens?

Question: Terence Flynn - Morgan Stanley - Analyst : Okay. And is it fair to think like 20% is usually -- I mean, that's usually the bar in oncology. Is that a good benchmark roughly that we should think about for --

Question: Terence Flynn - Morgan Stanley - Analyst : 20% improvement, sorry comparison study in oncology?

Question: Terence Flynn - Morgan Stanley - Analyst : Okay, okay. Fair enough. And then, again, I think this is a global study. So is there anything about geographic differences here versus maybe what was enrolled in your Phase 1/II trial that we need to consider just as we think about translating that Phase 1/II data to the randomized Phase 3. I know a line of therapy is obviously different, but is there anything about geography that would matter or not really?

Question: Terence Flynn - Morgan Stanley - Analyst : And then maybe as we look out further into the future, obviously, this is the later line setting. Do you guys have aspirations to move even earlier. I know Lilly, for example, just read out some data in the frontline setting for -- as you think about the forward, is that in the game plan? Or is that dependent on partnership? How do you think about like addressing that first-line opportunity? Because you mentioned you've got great selectivity, great potency, clean safety profile. So how do you think about potentially moving into the earlier even earlier lens?

Question: Terence Flynn - Morgan Stanley - Analyst : Okay. And what's the latest on going solo versus seeking a partner down the road? It feels like you guys can do that later line setting probably independently. But again, if you do want to move to combos? Is that something where you would seek a partner or you feel pretty good doing that alone as well?

Question: Terence Flynn - Morgan Stanley - Analyst : Okay. And any sense of -- have you given any time lines for when we could see initial data from these 2 pivotal studies roughly?

Question: Terence Flynn - Morgan Stanley - Analyst : Okay. Okay. Great. And I know you guys are planning to file an IND for autoimmune cytopenias for this asset as well later this year. So is that -- maybe just talk to us about the rationale there and how to think about that opportunity? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. SEPTEMBER 10, 2025 / 11:00AM, NRIX.OQ - Nurix Therapeutics Inc at Morgan Stanley Global Healthcare Conference

Question: Terence Flynn - Morgan Stanley - Analyst : Okay. Got it. You obviously have a couple of other assets. You mentioned 2127, 1607 here. Maybe just take those in order, kind of what should we expect here over the next 12 months for these assets as we look at important clinical catalysts.

Question: Terence Flynn - Morgan Stanley - Analyst : And that's all comers, I'll type to general --

Question: Terence Flynn - Morgan Stanley - Analyst : That's preclinical like structure paper or something like that.

Question: Terence Flynn - Morgan Stanley - Analyst : Yes. And then 2127, anything we should be focused on there even inside this year into next year? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. SEPTEMBER 10, 2025 / 11:00AM, NRIX.OQ - Nurix Therapeutics Inc at Morgan Stanley Global Healthcare Conference

Question: Terence Flynn - Morgan Stanley - Analyst : Okay. SP1 And maybe just sorting back on ESMO. 11 different tumor types that sounds like it's going to be a decent number of patients, we should have a pretty good handle on safety. Maybe just talk to us about what some of the preclinical data show here, like where were the strongest signals by tumor type? Or what do you think is a likely future next step here in terms of tumor type or pathway?

Question: Terence Flynn - Morgan Stanley - Analyst : And is there going to be any -- I think it was supposed to have taxol in combination? Is any of that data coming or that's a separate like --

Question: Terence Flynn - Morgan Stanley - Analyst : Yes. Okay. And then anything from the animal models on safety, tolerability that was a kind of signal or something that as we think about like the AE profile here from the clinic that we should keep our eyes out for?

Question: Terence Flynn - Morgan Stanley - Analyst : In preclinical setting? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. SEPTEMBER 10, 2025 / 11:00AM, NRIX.OQ - Nurix Therapeutics Inc at Morgan Stanley Global Healthcare Conference

Question: Terence Flynn - Morgan Stanley - Analyst : Yes. Well, yes, I know the checkpoint inhibitors, you see those with the chain inhibitors, right?

Question: Terence Flynn - Morgan Stanley - Analyst : Yes. Yes. Okay. All right. Great. And I'm guessing on the -- maybe we pivot over to immunology. You mentioned Gilead has a poster coming up here, IRAK4. So we'll stay tuned for that. on the STAT6 program with Sanofi, anything you can share there in terms of just high-level thoughts about why is there a lot of excitement about this target I've heard it compared to kind of like an oral Dupixent. So maybe just give us a little bit more flavor about the target itself. And then anything more you can share on that front? I'm guessing there's not a lot because Sanofi's program, but maybe just anything --

Question: Terence Flynn - Morgan Stanley - Analyst : Okay. And so going into IND now. And so again, maybe next year, there'd be some initial Phase 1 help go on to our data? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. SEPTEMBER 10, 2025 / 11:00AM, NRIX.OQ - Nurix Therapeutics Inc at Morgan Stanley Global Healthcare Conference

Question: Terence Flynn - Morgan Stanley - Analyst : Yes. And then STAT6, just remind me, can you measure that in healthy volunteers? Is there like a way to measure that directly so you can see that knockdown levels in healthy?

Question: Terence Flynn - Morgan Stanley - Analyst : And then those levels preclinically, like how does your data or Sanofi and your stack up relative to kind year on a preclinical basis? Is that something you can do cross-trainers on? Or is it difficult?

Question: Terence Flynn - Morgan Stanley - Analyst : Okay. And then last question is on the cash position. You referred to this earlier in some of the BEXDEG and ability to fund the current studies. But maybe just remind us what you said on cash runway?

Question: Terence Flynn - Morgan Stanley - Analyst : And that excludes any future milestones from either Gilead or Sanofi or Pfizer, the cash runway guidance? Or do you guys include --

Question: Terence Flynn - Morgan Stanley - Analyst : Okay? Yes. Well, thanks so much, Arthur. Really appreciate here today.