Nurix Therapeutics, Inc.

NRIXdata completeness 88%7 fiscal years on file

Data notes: no data for concept 'totalDebt'; no data for concept 'interestExpense'

The thesis, from the filings

Nurix Therapeutics, Inc. earns about -56% on invested capital, but has diluted owners by 102% over 5 years — worth asking whether the growth reaches owners. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own

Figure	FY 2021	FY 2022	FY 2023	FY 2024	FY 2025
Revenue	$29.8M¹	$38.6M²	$77M³	$54.5M³	$84M³
Net income	−$117.2M⁴	−$180.4M⁵	−$143.9M⁶	−$193.6M⁶	−$264.5M⁶
Operating cash flow	−$84.4M⁷	−$159.8M⁸	−$81.4M⁹	−$172.6M⁹	−$249.5M⁹
Capital expenditure	$5.66M¹⁰	$12.2M¹¹	$8.4M¹²	$9.27M¹²	$14M¹²
Free cash flow (derived)	−$90M⁷	−$172.1M⁸	−$89.8M⁹	−$181.9M⁹	−$263.5M⁹
Total debt	—	—	—	—	—
Cash & equivalents	$80.5M¹³	$64.5M¹⁴	$54.6M¹⁵	$110M¹⁵	$247M¹⁵
Diluted shares	42.9M	48.6M	54.3M	67.1M	86.7M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal

If you owned

Net assets behind them

$62.16

your share of equity

Profit it earned you last year

−$30.51

Free cash flow it threw off

−$30.4

Debt you’d be carrying

—

10 shares is a claim on $62.16 of net worth that earned you −$30.51 and generated −$30.4 of cash last year.

iii. Is this a good business?

Moat signal · return on invested capital

-56% avg · 5y

FY21 -35%FY22 -60%FY23 -78%FY24 -37%FY25 -71%

It earned an average -56% on invested capital over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →

Management signal · capital allocation

+102% shares · 5y

Share count is up 102% over 5 years — owners have been diluted. Worth asking what they got for it.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0

DCF · Growth Exit 10Y

not applicable

3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)

DCF · Growth Exit 5Y

not applicable

3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)

Earnings Power Value

not applicable

normalized (5y-median) earnings non-positive — EPV undefined

Graham Number

not applicable

diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts

10-K · period ending 2021-11-30 · accession 0001549595-23-000021 (Revenues)
10-K · period ending 2022-11-30 · accession 0001549595-25-000016 (RevenueFromContractWithCustomerExcludingAssessedTax)
10-K · period ending 2023-11-30 · accession 0001549595-26-000016 (RevenueFromContractWithCustomerExcludingAssessedTax)
10-K · period ending 2021-11-30 · accession 0001549595-23-000021 (NetIncomeLoss)
10-K · period ending 2022-11-30 · accession 0001549595-25-000016 (NetIncomeLoss)
10-K · period ending 2023-11-30 · accession 0001549595-26-000016 (NetIncomeLoss)
10-K · period ending 2021-11-30 · accession 0001549595-23-000021 (NetCashProvidedByUsedInOperatingActivities)
10-K · period ending 2022-11-30 · accession 0001549595-25-000016 (NetCashProvidedByUsedInOperatingActivities)
10-K · period ending 2023-11-30 · accession 0001549595-26-000016 (NetCashProvidedByUsedInOperatingActivities)
10-K · period ending 2021-11-30 · accession 0001549595-23-000021 (PaymentsToAcquirePropertyPlantAndEquipment)
10-K · period ending 2022-11-30 · accession 0001549595-25-000016 (PaymentsToAcquirePropertyPlantAndEquipment)
10-K · period ending 2023-11-30 · accession 0001549595-26-000016 (PaymentsToAcquirePropertyPlantAndEquipment)
10-K · period ending 2021-11-30 · accession 0001549595-23-000021 (CashAndCashEquivalentsAtCarryingValue)
10-K · period ending 2022-11-30 · accession 0001549595-25-000016 (CashAndCashEquivalentsAtCarryingValue)
10-K · period ending 2023-11-30 · accession 0001549595-26-000016 (CashAndCashEquivalentsAtCarryingValue)