Key Highlights

  • Sanofi will discontinue the Phase 1 trial of the oral STAT6 degrader SAR448272, according to a company release on November 3, 2026.
  • The company no longer expects milestones or royalties on that program.
  • Cash, equivalents and marketable securities were USD 1.1 billion as of August 31, 2026, with runway guided into the second half of 2029.
  • Fiscal third quarter Revenue was USD 673.1 million, including USD 653.2 million of Roche license revenue.
  • Fiscal third quarter Net Income was USD 549.8 million, against a net loss of USD 86.4 million a year earlier.

What Moved Nurix Shares Before the Open (down USD 7.27, 28.16%)

Nurix Therapeutics (NASDAQ:NRIX) was down 28.16% to USD 18.55 in pre-market trading on November 4, 2026, a decline of USD 7.27 from the Tuesday, November 3, 2026 close, which implies a prior close of about USD 25.82 (calculated).

The trigger appears to be a company press release issued at 4:01 p.m. ET on November 3, 2026, after the regular session ended. In it, the company said Sanofi (NASDAQ:SNY) had notified it that the Phase 1 first-in-human trial of SAR448272, an oral STAT6 degrader, will be stopped and the program terminated.

What the Sanofi Announcement Means

The release gave no reason for the decision. The company said it does not expect any future development, regulatory or commercial milestone payments or royalties for SAR448272, though it remains eligible for milestones and royalties on other licensed programs under the collaboration. It also said the news does not change its recently issued cash runway guidance.

The collaboration began in 2019, and in 2025 Sanofi exercised an option to extend the license for two transcription Factor programs for autoimmune and inflammatory disease, one of them against STAT6.

The chief executive called the news disappointing but pointed to the cash runway and three clinical stage programs.

Business Background and Recent Results

Nurix develops targeted protein degradation medicines, drugs that direct the cell to remove disease-causing proteins. Its lead asset is bexobrutideg, a BTK degrader partnered with Roche and is in a Phase 3 trial in chronic lymphocytic leukemia.

In a release dated October 12, 2026, the company reported fiscal third quarter revenue of USD 673.1 million against USD 7.9 million a year earlier, driven by Roche license revenue and a USD 10.0 million Sanofi milestone. Net income was USD 549.8 million, or USD 4.73 per diluted share, versus a loss of USD 1.03 per share. Research and Development expense was USD 79.3 million, down from USD 86.1 million, while general and administrative expense rose to USD 34.4 million from USD 13.2 million on one-time deal costs.

Roche paid a USD 700 million upfront payment. Development costs are split 40% for the company and 60% for Roche.

Pipeline Data, Balance Sheet and Risks

Phase 1a data presented in 2026 showed a median progression free survival of 22.1 months and an overall response rate of 83.0% for bexobrutideg. The company reported no dose limiting toxicities across 142 patients.

Cash and securities of USD 1.1 billion compare with USD 592.9 million at the end of November 2025.

The main risks are clinical and partner dependence. A single partner program ending shows how milestone revenue can disappear, and the company remains reliant on Roche for bexobrutideg.

What to Watch Next

Investors will watch whether Sanofi or the company discloses a reason for the termination and how Sanofi handles the other licensed programs.

Other markers include enrollment updates for the Phase 3 and pivotal Phase 2 CLL studies and the next quarterly report. Pre-market Volume is thin, so the move may change after the open.