Nurix Therapeutics, Inc. (NRIX) Cash Flow Statement
Where NRIX’s cash came from and went, FY2025
November 30, 2025 · U.S. dollars- Cash from operations
- −$249.5M
- Capital expenditures
- $14.0M 16.7% of revenue
- Free cash flow
- −$263.5M −313.7% margin
- Returned to shareholders
- —
- Change in cash
- $137.0M cash at year-end $247.9M
Drawn to scale: where the cash came from and how it was used. Hover for values.
NRIX operating cash flow, capex and free cash flow
NRIX cash flow trends, FY2018–FY2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | −$31.7MFY2018 | −$249.5MFY2025 | — | |
| Capital expenditures | $1.6MFY2018 | $14.0MFY2025 | +36.4%/yr | |
| Free cash flow | −$33.3MFY2018 | −$263.5MFY2025 | — | |
| Free cash flow margin | −88.8%FY2018 | −313.7%FY2025 | −224.9 pts | |
| Stock-based compensation | $431,000FY2018 | $38.0MFY2025 | +89.6%/yr | |
| Share buybacks (net) | $2,000FY2018 | $0FY2022 | −100.0% | |
| Capex / revenue | 4.3%FY2018 | 16.7%FY2025 | +12.4 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
NRIX cash flow by activity
NRIX net income vs operating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
NRIX cash flow statement
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||
| Net income | −$264.5M | −$193.6M | −$143.9M | −$180.4M | −$117.2M | −$43.2M | −$21.7M | −$9.4M |
| Depreciation & amortization | $18.9M | $16.4M | $13.7M | $10.8M | $6.1M | $2.2M | $2.4M | $3.0M |
| Stock-based compensation | $38.0M | $33.9M | $33.7M | $28.1M | $15.8M | $4.3M | $510,000 | $431,000 |
| Change in working capital | −$31.6M | −$18.4M | $20.1M | −$19.0M | $9.1M | $36.4M | $19.5M | −$25.3M |
| Other non-cash items | −$10.2M | −$11.0M | −$4.9M | $636,000 | $1.8M | $273,000 | −$109,000 | −$360,000 |
| Cash from operating activities | −$249.5M | −$172.6M | −$81.4M | −$159.8M | −$84.4M | −$80,000 | $601,000 | −$31.7M |
| Investing activities | ||||||||
| Capital expenditures | −$14.0M | −$9.3M | −$8.4M | −$12.2M | −$5.7M | −$4.6M | −$1.7M | −$1.6M |
| Investments (net) | $161.9M | −$257.7M | $68.3M | $39.4M | −$102.6M | −$254.4M | $8.5M | $40.0M |
| Acquisitions & other investing | $0 | $9.3M | $8.4M | $0 | $0 | $4.6M | $1.7M | $1.6M |
| Cash from investing activities | $147.9M | −$257.7M | $68.3M | $27.2M | −$108.3M | −$254.4M | $8.5M | $40.0M |
| Financing activities | ||||||||
| Share repurchases & issuance (net) | — | — | — | $117.2M | −$1,000 | −$7,000 | −$16,000 | −$2,000 |
| Shares issued | $234.8M | $478.5M | $0 | $19.4M | $150.2M | $338.1M | $0 | $0 |
| Other financing | $3.9M | $7.2M | $3.2M | −$19.4M | $3.7M | $970,000 | $142,000 | $531,000 |
| Cash from financing activities | $238.6M | $485.7M | $3.2M | $117.2M | $153.9M | $339.0M | $126,000 | $529,000 |
| Summary | ||||||||
| Net change in cash | $137.0M | $55.4M | −$9.8M | −$15.4M | −$38.7M | $84.5M | $9.2M | $8.8M |
| Cash at end of period | $247.9M | $110.9M | $55.5M | $65.4M | $80.8M | $119.5M | $35.0M | $25.8M |
| Free cash flow | −$263.5M | −$181.9M | −$89.8M | −$172.1M | −$90.0M | −$4.6M | −$1.1M | −$33.3M |
| Free cash flow margin | −313.7% | −333.4% | −116.6% | −445.4% | −302.6% | −26.0% | −3.4% | −88.8% |
| Capex / revenue | 16.7% | 17.0% | 10.9% | 31.7% | 19.0% | 25.5% | 5.3% | 4.3% |
| Aug '26 | May '26 | Feb '26 | Nov '25 | Aug '25 | May '25 | Feb '25 | Nov '24 | Aug '24 | May '24 | Feb '24 | Nov '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | $549.8M | −$89.5M | −$87.2M | −$78.2M | −$86.4M | −$43.5M | −$56.4M | −$58.5M | −$49.0M | −$44.5M | −$41.5M | −$42.0M |
| Depreciation & amortization | $3.6M | $3.9M | $3.8M | $4.6M | $5.0M | $5.1M | $4.1M | $4.3M | $4.1M | $4.1M | $3.9M | $3.8M |
| Stock-based compensation | $10.8M | $11.4M | $9.4M | $9.1M | $9.8M | $10.4M | $8.7M | $8.5M | $8.8M | $8.8M | $7.8M | $8.0M |
| Change in working capital | $52.4M | −$3.9M | $3.9M | −$1.6M | $16.5M | −$32.5M | −$14.0M | $449,000 | −$2.7M | −$5.9M | −$10.2M | $53.9M |
| Other non-cash items | −$940,000 | −$18.4M | −$1.8M | −$1.8M | −$2.2M | −$2.7M | −$3.6M | −$3.5M | −$3.4M | −$2.2M | −$1.9M | $3.0M |
| Cash from operating activities | $615.6M | −$96.6M | −$71.9M | −$67.8M | −$57.4M | −$63.2M | −$61.1M | −$48.8M | −$42.2M | −$39.7M | −$42.0M | $26.7M |
| Investing activities | ||||||||||||
| Capital expenditures | −$1.4M | −$1.9M | −$1.0M | −$5.1M | −$2.7M | −$2.7M | −$3.5M | −$2.1M | −$2.3M | −$1.9M | −$2.9M | −$2.6M |
| Investments (net) | — | $94.9M | −$122.8M | $5.5M | $50.5M | $71.5M | $25.5M | −$140.8M | −$21.3M | −$131.1M | $35.5M | −$14.4M |
| Acquisitions & other investing | $33.0M | $0 | $0 | $0 | $2.7M | $2.7M | $3.5M | $2.1M | $2.3M | $1.9M | $2.9M | $2.6M |
| Cash from investing activities | $31.6M | $93.0M | −$123.8M | $346,000 | $50.5M | $71.5M | $25.5M | −$140.8M | −$21.3M | −$131.1M | $35.5M | −$14.4M |
| Financing activities | ||||||||||||
| Share repurchases & issuance (net) | — | — | $1.6M | — | $2.2M | $1.3M | — | — | $15,000 | −$15,000 | — | — |
| Shares issued | $0 | $0 | $18.0M | $234.8M | $0 | $0 | $0 | $199.1M | $41.9M | $0 | $0 | $0 |
| Other financing | $5.2M | $66,000 | $375,000 | $1.2M | −$1.1M | −$1.2M | $1.5M | $1.4M | $3.9M | $237.8M | $1.6M | $7,000 |
| Cash from financing activities | $5.2M | $66,000 | $20.0M | $236.0M | $1.2M | $6,000 | $1.5M | $200.5M | $45.8M | $237.8M | $1.6M | $7,000 |
| Summary | ||||||||||||
| Net change in cash | $652.4M | −$3.5M | −$175.8M | $168.5M | −$5.8M | $8.3M | −$34.1M | $11.0M | −$17.7M | $67.0M | −$4.8M | $12.3M |
| Cash at end of period | $721.0M | $68.7M | $72.2M | $247.0M | $79.4M | $85.2M | $76.8M | $110.9M | $99.9M | $116.8M | $49.8M | $54.6M |
| Free cash flow | $614.2M | −$98.5M | −$73.0M | −$73.0M | −$60.1M | −$65.8M | −$64.6M | −$50.9M | −$44.5M | −$41.6M | −$44.8M | $24.1M |
| Free cash flow margin | 91.3% | −1,089.3% | −1,167.0% | −537.4% | −761.3% | −149.4% | −349.9% | −382.8% | −353.7% | −344.4% | −270.3% | 159.0% |
| Capex / revenue | 0.2% | 21.4% | 16.7% | 37.8% | 34.3% | 6.1% | 18.9% | 15.8% | 18.6% | 16.0% | 17.4% | 17.1% |
| Operating cash flow / net income | 1.12 | — | — | — | — | — | — | — | — | — | — | — |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
NRIX cash generation
In fiscal 2025 (ended November 30, 2025), Nurix Therapeutics generated -$249.5 million of cash from operations and spent $14.0 million on capital expenditures, leaving free cash flow of -$263.5 million, −313.7% of revenue. Cash and equivalents rose by $137.0 million over the year.
Related: NRIX income statement, NRIX balance sheet. See the NRIX stock overview for the latest quote and news.
NRIX cash flow FAQ
What is Nurix Therapeutics's free cash flow?
Nurix Therapeutics's free cash flow was -$263.5 million in fiscal 2025: -$249.5 million of operating cash flow minus $14.0 million of capital expenditures It was -$181.9 million a year earlier..
How much cash does Nurix Therapeutics generate from operations?
Nurix Therapeutics generated -$249.5 million of cash from operating activities in fiscal 2025.
How much does Nurix Therapeutics spend on capital expenditures?
Nurix Therapeutics spent $14.0 million on capital expenditures in fiscal 2025, 16.7% of revenue, compared with $9.3 million the year before.