NRIX: Roche Deal for Bexdeg Is a Positive, but Resets Pipeline to Early-Stage; Downgrading to Equal Weight, PT to $25 from $28

研报英文原文证据摘录

NRIX: Roche Deal for Bexdeg Is a Positive, but Resets Pipeline to Early-Stage; Downgrading to Equal Weight, PT to $25 from $28

pivotal Ph2 study in R/R CLL/SLL with Prior NC 14.5 E 14.5 E 14.5 E 50.0 E

the first pt having been dosed in Oct 2025. A confirmatory Ph3 CLL-306 is planned to 2027E 15.0 E 15.0 E 15.0 E 15.0 E 58.0 E

start in mid-2026. For near-term updates, mgmt will share results from bexdeg's ongoing Prior 14.5 E 14.5 E 14.5 E 14.5 E NC

Ph1b at EHA (June 11-14) which could further de-risk bexdeg in earlier line CLL pts (see Source: Company Data, Wells Fargo Securities estimates, and Factset.

here). NRIX also plans to initiate bexdeg Ph3s in MCL and WM. Lastly, a Ph1 SAD/MAD NA = Not Available, NC = No Change, NE = No Estimate

study evaluating bexdeg's new tablet formulation is enrolling.

Derek Archila

Equity Analyst | Wells Fargo Securities, LLC

Post Roche collaboration, NRIX's balance sheet is on solid footing with ~$1.2B in pro Derek.Archila@wellsfargo.com | 617-603-4353

forma cash. Given bexdeg was the biggest R&D cost item (we estimate 50-70% of R&D Jacob Goell, PhD

spend), the 40/60 development split meaningfully reduces current spend and extends Associate Equity Analyst | Wells Fargo Securities, LLC

NRIX's runway—mgmt will provide more detailed spend guidance at a later date. This Jacob.Goell@wellsfargo.com | 650-245-0208

should give NRIX meaningful resources to advance in its wholly-owned pipeline. Reflecting Simone Nasroodin, PharmD

the deal terms in our model, our price target moves to $25 from $28. Associate Equity Analyst | Wells Fargo Securities, LLC

Simone.Nasroodin@wellsfargo.com | 212-214-6412

Thoughts on the stock. Shares are trading up +18% vs. XBI's +1%, as there is no doubt Hao Shen, PhD

the bexdeg deal is a positive.