Nurix Therapeutics (NRIX) is in focus after reporting full year 2025 earnings that paired revenue of US$83.98 million with a wider net loss of US$264.46 million, alongside a new US$98.8 million shelf registration.

The latest earnings release and shelf registration have arrived after a volatile stretch, with a 31.03% 90 day share price return contrasting with a 12.69% 30 day decline and a 6.44% 1 year total shareholder return fall. This suggests that momentum has cooled recently after a stronger medium term rebound.

If this earnings update has you thinking about where the next opportunity might come from, it could be a good moment to scan 26 healthcare AI stocks as a starting list of potential ideas.

With Nurix growing revenue to US$83.98 million while posting a wider US$264.46 million loss and lining up a US$98.8 million shelf, is the current share price a buying opportunity or does it already reflect future growth expectations?

Preferred Multiple of 20.6x P/S: Is it justified?

Nurex Therapeutics trades on a P/S ratio of 20.6x, and compared with both peers and the broader US biotech industry, that looks expensive at the current $16.85 share price.

The P/S multiple compares the company’s market value to its revenue, which can be useful for loss making biopharma names where earnings are still negative. For a business like Nurix, with clinical stage programs and no profitability, investors are effectively using revenue as a simple yardstick for how the market is valuing its platform and pipeline.

Here, the market is assigning a much richer tag to each dollar of Nurix’s revenue versus typical biotech names. The current 20.6x P/S is well above the US Biotechs industry average of 11.2x and also above the peer group average of 10.8x. Compared with an estimated fair P/S ratio of 0.2x, the current level is many multiples higher. This signals a valuation that would need very strong execution to be supported if prices fluctuate toward that fair ratio over time.

Result: Price-to-Sales of 20.6x (OVERVALUED)

However, the wider US$264.46 million loss and heavy reliance on progressing multiple early stage trials could quickly challenge today’s rich 20.6x P/S narrative.

Build Your Own Nurix Therapeutics Narrative

If you see the numbers differently or prefer to weigh the data yourself, you can shape a full view in just a few minutes. Do it your way.

A great starting point for your Nurix Therapeutics research is our analysis highlighting 1 key reward and 2 important warning signs that could impact your investment decision.

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.