Nurix Therapeutics Inc at Needham Healthcare Conference (Virtual) Transcript

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

Question: Gil Blum - Needham & Co. - Analyst : So maybe for our viewers that are not that familiar with this as a strategy, can you describe protein degradation as a therapeutic option? How it's differentiated from more well-known conventional interventions i.e., small molecule drugs or RNA, that sort of thing?

Question: Gil Blum - Needham & Co. - Analyst : Maybe it's worth adding as well that part of the uniqueness of a protein degradation platform is the rate-limiting step becomes re-synthesis of a protein, which makes it closer to an irreversible inhibitor in a sense and that's a very different timeframe from a biological point of view.

Question: Gil Blum - Needham & Co. - Analyst : So in addition to what you've already discussed in modulation of E3 ligases both up and down, can you discuss a few more of the differentiators of the DELigase technology? Things like the use of different kinds of E3 ligases in your platform or using DNA barcodes and how does that fit in with other companies who are pursuing technologies in this space?

Question: Gil Blum - Needham & Co. - Analyst : Yes. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. APRIL 11, 2022 / 6:15PM, NRIX.OQ - Nurix Therapeutics Inc at Needham Healthcare Conference (Virtual)

Question: Gil Blum - Needham & Co. - Analyst : Excellent. Maybe a bit of a question, most of the work we've seen today was with the E3 ligase (inaudible). Should we expect other E3 ligases being used as degraders, things to come from Nurix?

Question: Gil Blum - Needham & Co. - Analyst : That is an excellent segue because I did want to stop and spend some time on NX-1607 because that's our nearest data readout from a timeline perspective.

Question: Gil Blum - Needham & Co. - Analyst : New data readout. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. APRIL 11, 2022 / 6:15PM, NRIX.OQ - Nurix Therapeutics Inc at Needham Healthcare Conference (Virtual)

Question: Gil Blum - Needham & Co. - Analyst : I rearranged my presentation because I realize that we never talk about CBL-B so --.

Question: Gil Blum - Needham & Co. - Analyst : So can you talk at least a little about research supporting activity of CBL-B as an IO target? You mentioned it's a bit of a master regulator. Just curious how much activity are we seeing from our peers in and around CBL-B these days.

Question: Gil Blum - Needham & Co. - Analyst : So kind of using the animal data as a reference, what kind of toxicity could we expect here? Are we looking for your typical immune activation signal -- fever, enteritis, that sort of thing or might be something completely unexpected? You look at anything I'm assuming.

Question: Gil Blum - Needham & Co. - Analyst : As one of my thesis advisors who is an immunologist used to say that if your patients are not getting sicker they're not getting any better.

Question: Gil Blum - Needham & Co. - Analyst : Okay. So maybe continuing a bit a corollary to other immuno-oncology targets for CBL-B. Is there a potential for a biomarker profile that's an expression of IL-2 because I know that's been affected in preclinical models?

Question: Gil Blum - Needham & Co. - Analyst : Yes.

Question: Gil Blum - Needham & Co. - Analyst : So I think this might be a very good segue into your first foray in being a cellular therapeutics company. We just announced dosing your first patient with DeTIL-0255, which is a CBL-B inhibited TIL-based therapy. So just getting an IND approved for anything in this space is actually a pretty significant execution achievement. Could you provide some of the preclinical results which supported this IND or details out of it?

Question: Gil Blum - Needham & Co. - Analyst : Yes.

Question: Gil Blum - Needham & Co. - Analyst : Excellent. Truly an exciting program. But one thing that I find very interesting, the CBL-B inhibitor T cells appear to be quote unquote hardier. So if they are hardier, maybe we can get rid of the IL-2 support, which is an issue in using TIL therapy. And I mean at this point, you're looking at a more standard administration of TIL which is fun, it's a good starting point, but I'm just wondering in terms of looking into the future, is it something we may want to consider?

Question: Gil Blum - Needham & Co. - Analyst : Anything that aggregates the use of IL-2 in either form, either high or low, considering the second Tregs. So there is that component as well. And as you said, not all IL-2s are borne the same, right, so systemic IL-2 is definitely not locally expressed IL-2, which may have completely different function on Tregs. That's yet to be seen.

Question: Gil Blum - Needham & Co. - Analyst : Okay. All really interesting stuff and of course, I should never skip the most important clinical program that everyone always asks you about. So let's talk a little bit BTK in the time remaining. So two targeting agents, NX-2127 and 5948, both on clinical development. Maybe just remind us of the differences and the selectivity there between the two agents.

Question: Gil Blum - Needham & Co. - Analyst : Okay. So we saw some first clinical responses for NX-2127, pretty high level of target engagement (inaudible) to date. Is there any other interesting details that you can provide at this point on patients dosed? I know we're awaiting a larger dataset towards the end of the year.

Question: Gil Blum - Needham & Co. - Analyst : So maybe putting it more plainly, it's not just about active site activity for resistance, you still get high expression of some of the (inaudible) still form a functional complex.

Question: Gil Blum - Needham & Co. - Analyst : So again, very closely related question. Considering the mechanism of action, what would be the right positioning for a drug like this? I mean right now we're looking at the refractory setting, but maybe there is a potential here earlier on.

Question: Gil Blum - Needham & Co. - Analyst : Maybe it's worth kind of spending the last few minutes on future, not that Nurix doesn't have enough catalysts in the near term. But maybe a little bit of a broader picture future outward looking thoughts. So protein degradation offers basically a giant variety of optional targets. Is there any hint on the direction Nurix might be looking at? Because some of these targets have never been really well-targeted like P53, right? MDM2 is a good one, [CMEC], right, so all of these are famous oncogenic targets that have not been targeted well. And I'm just curious as to, like maybe this is a true question more broadly, not just Nurix?

Question: Gil Blum - Needham & Co. - Analyst : All right. I think we're now out of time. I would like to thank both Arthur and Robert for attending today. Thank you for your time and thank you for the great presentation of your current progress.