Shares jumped 7.1% to $16.39 as Nurix Therapeutics unveiled updated trial results for its lead cancer drug at the European Hematology Association Congress in Stockholm — the latest in a streak of catalysts that have turned this money-losing clinical-stage company into one of biotech's most closely watched bets.
A Drug That Works Impressively in Hard-to-Treat Patients
In heavily pretreated patients in the Phase 1a portion of the trial (48 patients), the drug achieved an 83% objective response rate — meaning tumors shrank meaningfully — with a median progression-free survival of 22.1 months.
New Phase 1b data in earlier-line settings were even stronger: a 92.9% response rate in patients who had failed a prior BTK-blocking drug but hadn't yet received a second-line therapy called a BCL2 inhibitor.
Among all 142 patients studied, the drug was well tolerated with no dose-limiting toxicities and no treatment-related deaths. For context, the current standard-of-care pill in this space — Eli Lilly's Jaypirca — won its approval based on response rates, not survival gains. Nurix's numbers appear competitive or superior.
Roche's $2.3 Billion Bet Changes the Math
Just days earlier, Nurix inked a global deal with Roche that included a $700 million upfront payment and up to $2.3 billion in milestone payments, with a 40/60 development cost split favoring Roche and equal profit sharing in the U.S.
A Phase 3 head-to-head trial against Jaypirca in relapsed CLL is expected to begin this summer — a direct showdown that will determine whether this drug class can displace existing treatments. The Roche cash infusion transforms Nurix's financial position: the company already held roughly $541 million in cash , and quarterly revenue sits at only about $6.25 million while research spending exceeds $84 million.
A Crowded Race With BeiGene Breathing Down Its Neck
BeiGene's competing BTK degrader is positioned in the same space, with both drugs showing similar early efficacy profiles.
BeiGene may hold a first-to-market advantage , making speed to pivotal data critical. The Roche partnership gives Nurix global infrastructure it couldn't build alone.
The Stock Is Still Far Below Its Peaks
At a $1.51 billion market capitalization , Nurix trades well below the total potential value of the Roche deal alone. The most recent analyst price target sits at $32 — roughly double today's price — but traders here are betting on future breakthroughs, not today's earnings. The Phase 3 readout will be the real verdict.