Brisbane Biotech Showcases Degrader Pipeline Advantages at AACR
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Disclosures for H.C. Wainwright & Co., Nurix Therapeutics Inc., April 27, 2026

This material is confidential and intended for use by Institutional Accounts as defined in FINRA Rule 4512(c). It may also be privileged or otherwise protected by work product immunity or other legal rules. If you have received it by mistake, please let us know by e-mail reply to unsubscribe@hcwresearch.com and delete it from your system; you may not copy this message or disclose its contents to anyone. The integrity and security of this message cannot be guaranteed on the Internet. H.C. WAINWRIGHT & CO, LLC RATING SYSTEM: H.C. Wainwright employs a three tier rating system for evaluating both the potential return and risk associated with owning common equity shares of rated firms. The expected return of any given equity is measured on a RELATIVE basis of other companies in the same sector. The price objective is calculated to estimate the potential movements in price that a given equity could reach provided certain targets are met over a defined time horizon. Price objectives are subject to external factors including industry events and market volatility. RETURN ASSESSMENT Market Outperform (Buy): The common stock of the company is expected to outperform a passive index comprised of all the common stock of companies within the same sector. Market Perform (Neutral): The common stock of the company is expected to mimic the performance of a passive index comprised of all the common stock of companies within the same sector. Market Underperform (Sell): The common stock of the company is expected to underperform a passive index comprised of all the common stock of companies within the same sector. Rating and Price Target History for: Nurix Therapeutics, Inc. (NRIX-US) as of 04-24-2026 30 25 20 15 10 5 0 Q1 Q2 Q3 2024 Q1 Q2 Q3 2025 Q1 Q2 Q3 2026 Q1 Q2 BUY:$53.00 10/07/22 BUY:$33.00 07/24/23 BUY:$35.00 09/08/23 BUY:$19.00 02/20/24 BUY:$26.00 06/18/24 BUY:$30.00 10/21/24 BUY:$35.00 12/11/24 BUY:$36.00 01/29/25 BUY:$34.00 07/14/25 BUY:$33.00 10/14/25 BUY:$28.00 10/28/25 BUY:$31.00 12/10/25 BUY:$32.00 01/29/26 Investment Banking Services include, but are not limited to, acting as a manager/co-manager in the underwriting or placement of securities, acting as financial advisor, and/or providing corporate finance or capital markets-related services to a company or one of its affiliates or subsidiaries within the past 12 months. Distribution of Ratings Table as of April 24, 2026 IB Service/Past 12 Months Ratings Count Percent Count Percent Buy 558 83.66% 164 29.39% Neutral 62 9.30% 10 16.13% Sell 2 0.30% 0 0.00% Under Review 45 6.75% 15 33.33% H.C. Wainwright & Co, LLC (the “Firm”) is a member of FINRA and SIPC and a registered U.S. Broker-Dealer. I, Robert Burns and Raghuram Selvaraju, Ph.D. , certify that 1) all of the views expressed in this report accurately reflect my personal views about any and all subject securities or issuers discussed; and 2) no part of my compensation was, is, or will be directly or indirectly related to the specific recommendation or views expressed in this research report; and 3) neither myself nor any members of my household is an officer, director or advisory board member of these companies. None of the research analysts or the research analyst’s household has a financial interest in the securities of Nurix Therapeutics, Inc. (including, without limitation, any option, right, warrant, future, long or short position). As of March 31, 2026 neither the Firm nor its affiliates beneficially own 1% or more of any class of common equity securities of Nurix Therapeutics, Inc..

Neither the research analyst nor the Firm knows or has reason to know of any other material conflict of interest at the time of publication of this research report. The research analyst principally responsible for preparation of the report does not receive compensation that is based upon any specific investment banking services or transaction but is compensated based on factors including total revenue and profitability of the Firm, a substantial portion of which is derived from investment banking services. The firm or its affiliates received compensation from Nurix Therapeutics, Inc. for non-investment banking services in the previous 12 months. The Firm or its affiliates did not receive compensation from Nurix Therapeutics, Inc. for investment banking services within twelve months before, but will seek compensation from the companies mentioned in this report for investment banking services within three months following publication of the research report. The Firm does not make a market in Nurix Therapeutics, Inc. as of the date of this research report. The securities of the company discussed in this report may be unsuitable for investors depending on their specific investment objectives and financial position. Past performance is no guarantee of future results. This report is offered for informational purposes only, and does not constitute an offer or solicitation to buy or sell any securities discussed herein in any jurisdiction where such would be prohibited. This research report is not intended to provide tax advice or to be used to provide tax advice to any person. Electronic versions of H.C. Wainwright & Co., LLC research reports are made available to all clients simultaneously. No part of this report may be reproduced in any form without the expressed permission of H.C. Wainwright & Co., LLC. Additional information available upon request. H.C. Wainwright & Co., LLC does not provide individually tailored investment advice in research reports. This research report is not intended to provide personal investment advice and it does not take into account the specific investment objectives, financial situation and the particular needs of any specific person. Investors should seek financial advice regarding the appropriateness of investing in financial instruments and implementing investment strategies discussed or recommended in this research report. H.C. Wainwright & Co., LLC’s and its affiliates’ salespeople, traders, and other professionals may provide oral or written market commentary or trading strategies that reflect opinions that are contrary to the opinions expressed in this research report. H.C. Wainwright & Co., LLC and its affiliates, officers, directors, and employees, excluding its analysts, will from time to time have long or short positions in, act as principal in, and buy or sell, the securities or derivatives (including options and warrants) thereof of covered companies referred to in this research report. The information contained herein is based on sources which we believe to be reliable but is not guaranteed by us as being accurate and does not purport to be a complete statement or summary of the available data on the company, industry or security discussed in the report. All opinions and estimates included in this report constitute the analyst’s judgment as of the date of this report and are subject to change without notice. Securities and other financial instruments discussed in this research report: may lose value; are not insured by the Federal Deposit Insurance Corporation; and are subject to investment risks, including possible loss of the principal amount invested.

On April 27, 2026, H.C. Wainwright & Co. analysts Robert Burns and Raghuram Selvaraju, Ph.D., reiterated their Buy rating and unchanged US$32.00 price target on Nurix Therapeutics Inc. (NRIX:NASDAQ), implying approximately 92% upside from the April 24, 2026 closing price of US$16.68, following the company's presentations at the recent American Association for Cancer Research (AACR) conference where Nurix showcased the breadth of its pipeline and highlighted the mechanistic advantages of its protein degrader platform.

Degraders vs. Inhibitors: A Platform Advantage

At AACR, Nurix Chief Scientific Officer Gwenn Hansen, Ph.D., delivered an oral presentation outlining the core differentiation of protein degraders relative to conventional inhibitors. Key points included that inhibitors suppress enzymatic activity while leaving structural and scaffolding functions of a target protein intact, whereas degraders eliminate the entire protein — removing both enzymatic and non-enzymatic functions for a more complete pathway blockade.

Degraders also retain efficacy against resistance mutations that render inhibitors ineffective, including kinase-dead mutations. Additionally, once a degrader catalyzes the breakdown of an initial target protein, it can re-bind to other target proteins and induce further ubiquitination, gradually lowering overall target protein levels and allowing therapeutic effects to accumulate over time.

This mechanism supports the use of lower doses compared to inhibitors, with the potential for longer-lasting, more robust responses and improved safety. The analysts also noted that degraders do not require a well-defined binding pocket and can engage the protein-protein interface between a target and an E3 ligase — enabling recruitment of transcription factors, splicing factors, and scaffolding proteins that are otherwise inaccessible. This effectively expands the druggable universe, given that approximately 85% of the proteome is considered undruggable by conventional small-molecule drugs.

Preclinical Pipeline Highlights

Nurix presented multiple preclinical datasets at AACR across three key programs.

NX-1607 (CBL-B intramolecular glue inhibitor): An oral presentation covered the discovery and characterization of NX-1607, which demonstrated robust anti-tumor activity across multiple syngeneic tumor models and synergized with anti-PD-1 therapy. On the competitive front, Insilico Medicine (OTC: ISLMF; not rated) presented data for its CBL-B inhibitor ISM3830, which carries a higher in vitro IC50 than NX-1607 (30 nM vs. 2.7 nM), though it is slightly more selective for CBL-B versus CBL-C (4x vs. 3.2x). While ISM3830 at 30 mg/kg showed stronger single-agent anti-tumor activity than NX-1607 at the same dose in a MC38 syngeneic mouse model, the combination of each agent with anti-PD-1 appeared to produce comparable efficacy.

NRX-4972 (Aurora kinase A degrader): A poster presentation demonstrated that degradation of Aurora kinase A (AURKA) via NRX-4972 achieves superior anti-tumor efficacy in vivo relative to the AURKA inhibitors alisertib and LY3295668. NRX-4972 also showed broader and more potent synergy than an AURKA inhibitor in an in vitro combination screening.

NRX-0305 (CNS-penetrant pan-mutant BRAF degrader): Two posters highlighted NRX-0305's superior efficacy compared to BRAF inhibitors across multiple Class 1, 2, and 3 BRAF-positive CDX and PDX models. Combination studies with a MEK or EGFR inhibitor showed enhanced anti-tumor activity relative to either agent alone.

Financial Overview

Nurix reported Q1 2026 (fiscal year ending November 30) revenue of US$6.3 million, below the prior-year comparable of US$18.5 million, reflecting the variability inherent in collaboration and licensing revenue.

Full-year 2026 revenue is estimated at US$51.3 million, down from US$84.0 million in fiscal 2025, which had benefited from a significant US$44.1 million collaboration payment in Q2. The company carries no debt and holds US$540.7 million in cash as of the most recent report (US$5.23 per share), providing a substantial operational runway.Full−year2026 net loss per diluted share is estimated at US$5.23 per diluted share is estimated at US$5.23 per share, providing a substantial operational runway. 

$5.23pershare),providingasubstantialoperationalrunway.Full-year2026net\; lossperdilutedshareis\; estimatedatUS\$$3.08, compared to US$(3.05) in fiscal 2025. Research and development spending is projected to increase to US$352.0 million in 2026 from US$316.9 million in 2025, reflecting continued pipeline investment.

Valuation and Risks

The analysts' US$32.00 price target is derived from a discounted cash flow (DCF) model employing a 10% discount rate and 1.5% terminal growth rate, with a 60% probability of approval applied to NX-2127 and NX-5948, and 20% applied to NX-1607. These assumptions yield a total firm value of approximately US$3.55 billion.

Key risks include negative clinical proof-of-concept results for NX-2127, NX-5948, or NX-1607; delays in regulatory approval; weaker-than-expected commercial uptake; partnership risk if Nurix pursues a co-promotion or co-development arrangement; and medium- to long-term dilution risk.

Current price: US$16.68 (as of April 24, 2026) Price target: US$32.00 Implied upside: ~92% Rating: Buy