2Q26 EPS: NRIX Bexo Stronger Set-up with Roche with STAT6 Providing Optionality

研报英文原文证据摘录

2Q26 EPS: NRIX Bexo Stronger Set-up with Roche with STAT6 Providing Optionality

al in heavily pretreated CLL), while DAYBreak CLL-306 (confirmatory Ph3 vs pirtobrutinib)

remains targeted to begin in mid '26.

The I&I opportunity may still be significantly underappreciated. Co's strategy is centered

around a new tablet formulation designed to maintain complete BTK degradation while improving

bioavailability and supporting chronic use. CSU was identified as the lead indication w/ development

activities progressing toward an IND in '26. MS remains an attractive follow-on opportunity

particularly given bexo's brain-penetrant properties.

Investors should increasingly appreciate the value embedded within the STAT6 program. The

recent Sanofi opt-in provides external validation of NX-3911 which is emerging as one of the

leading STAT6 degrader programs. Clinical initiation is expected in 2H26, w/ initial data potentially

emerging in '27. Importantly, Co retains an opt-in structure allowing a potential 50/50 US profit-

sharing following PoC.

Broader pipelines NX-1607 (oral CBL-B inhibitor) has completed enrollment of current Ph1a dose Roger Song, MD, CFA * | Equity Analyst

escalation cohorts across multiple solid tumor indications. Zelebrudomide (orally degrader of BTK +1 (617) 342-7955 | rsong@jefferies.com

and IKZF1 / IKZF3) has completed enrollment in the current dose escalation cohorts of the Ph1. Liang Cheng, Ph.D. * | Equity Associate

Preclinical Presented new data of pan-mutant BRAF degrader NRX-0305, CBL-B program NX-1607 +1 (617) 342-7896 | lcheng1@jefferies.com

and AURKA degrader NRX-4972 at AACR26. Nabeel Nissar * | Equity Associate

+1 (617) 345-8677 | nnissar@jefferies.com

Financials Expenses were $87.7M in R&D and $15.6M in G&A. Revenue was $9M. Cash was