Welcome to the Nurix Therapeutics Unlocking the Full Potential of Bexdeg call. At this time, all participants are in listen-only mode. Later, we will conduct a question-and-answer session. I would now like to turn the conference over to our host, Arthur Sands, President and CEO. Arthur, you may begin. Thank you very much, good day, everyone. I'd like to welcome everyone to our call today for a discussion around a very important new collaboration between Nurix and Roche, centered on the development and commercialization of bexobrutideg, our potentially best-in-class BTK degrader for B-cell malignancies and autoimmune disease. We will be making certain forward-looking statements today, I refer you to our disclaimers and risk factors, which we have filed with the SEC. Today, I'm very delighted to be joined by our Chief Financial Officer, Hans van Houte, our Chief Business Officer, Jason Kantor, and our Chief Commercial Officer, John Northcott, on this call. We prepared a short presentation for you on the strategic underpinnings of this new collaboration, as well as some of the details regarding the structure of the partnership and the planned drug development initiatives, and most importantly, the potential value creation for patients as well as for all Nurix and Roche stakeholders. After this presentation, we will have time for a question-and-answer session. First off, I'd like to make a few general statements about the collaboration we're announcing today. It unites two companies on a common mission to unlock the full potential of a next-generation BTK-targeted therapy, bexobrutideg, or Bexdeg for short. Bexdeg is a potential best-in-class BTK-targeted therapy that specifically and potently removes the BTK protein through targeted protein degradation. Bexdeg has generated robust clinical data in a broad CLL patient population, that is chronic lymphocytic leukemia, as well as in selected NHL or non-Hodgkin's lymphoma indications, and has also generated compelling preclinical data in other therapeutic areas, including chronic spontaneous urticaria or CSU, and multiple sclerosis or MS. The collaboration combines Nurix's leading position in targeted protein degradation with Roche's established leadership position in oncology, immunology, and neurology, thereby unlocking opportunities across multiple therapeutic areas. Specifically, Roche's existing portfolio of B-cell targeted therapies creates the potential for synergy with Bexdeg's ultimate therapeutic targets in both CLL and NHL. Further, Roche's well-established product franchises of Xolair in allergy and immunology and Ocrevus in MS create even broader potential for exploration of Bexdeg's utility in additional major therapeutic areas. Lastly, Roche's global clinical, regulatory, and commercial infrastructure can help make a shared, ambitious vision for Bexdeg a reality, namely developing Bexdeg as a potential backbone therapy across BTK-mediated diseases to be available globally for patients in need. With that framing, I'd like to turn the call over now to Jason, our Chief Business Officer, who will walk you through the financial structure and strategic rationale of the partnership. Jason? Great. Thank you, Arthur. It's truly a pleasure to be able to announce this transformative partnership between Nurix and Roche. Today's announcement marks the culmination of a very comprehensive and competitive process, which we believe maximizes the clinical and commercial opportunities for Bexdeg across oncology, immunology, and neurology. Importantly, this global partnership provides Nurix with a clear path to achieving its corporate strategic goal to become a fully integrated biopharmaceutical company capable of bringing novel degrader-based medicines to patients in major medical markets. The deal terms also represent a milestone in the field, as it is one of the largest, if not the largest deal of its kind for a degrader drug, which we believe is emblematic of the tremendous potential that Bexdeg and targeted protein degradation in general hold for medicine. Following the close of this transaction, Nurix will receive $700 million in upfront cash, with total potential payments of up to $2.3 billion inclusive of the upfront. This includes clinical, regulatory, and commercial milestones, both aimed at rewarding success and also time to provide offsetting funding scaled with our robust clinical development plan and its associated costs. Importantly, additional significant value beyond the $2.3 billion comes from the future retained downstream economics captured in the 50/50 cost profit share in the U.S., as well as royalties on ex-U.S. sales, which make this deal potentially extremely value-enhancing for Nurix, both in the near term and over the long run. Nurix and Roche will co-develop Bexdeg globally across indications, leveraging the robust clinical plan already underway at Nurix and expanding our operational footprint with Roche's global development and regulatory capabilities. Development costs will be shared 40/60, with Nurix paying 40% and Roche paying 60% of global development costs. Beyond the dollars, the structure reflects a true partnership, a shared mission, and a vision to maximize the value of Bexdeg across multiple indications with shared U.S. commercialization and Roche taking on operations of ex-U.S. commercialization. Driving the significant financials and the chosen structure of the deal are the compelling attributes of Bexdeg, a potential best-in-class BTK-targeted agent. First, BTK has proven itself to be a foundational target and a central node in controlling B-cell and other immune cell activity, with proven therapeutic utility across a wide range of diseases, including in oncology, immunology, and neurology. The potential advantages of Bexdeg are numerous and derive from its unique mechanism of action. Unlike inhibitors, Bexdeg removes BTK from cells, eliminating both the enzymatic and scaffolding functions of BTK, a much more profound blockade of the BTK signaling potential. Bexdeg acts catalytically. A single Bexdeg molecule can remove approximately 10,000 BTK proteins per hour from the cell, increasing its potency and fundamentally changing the PK/PD relationship of a small molecule drug to its target. Bexdeg has also been engineered to be exquisitely selective, which we believe accounts for its highly favorable safety profile. In the oncology setting, Bexdeg also has the unique advantage of addressing the widest range of BTK mutations, overcoming treatment resistance, and driving deep and durable responses. Finally, Bexdeg has demonstrated clear ability to cross the blood-brain barrier, bringing demonstrated clinical benefit in CLL and lymphoma patients whose disease either originated in or spread to the brain. This demonstrated activity in the brain, we believe, also has the potential to translate into significant clinical benefit for patients with multiple sclerosis. The mechanistic advantages of Bexdeg have translated to clinical benefit for patients, which became apparent at the earliest stages of clinical development. In fact, we believe the results of our phase I-A trial are actually quite remarkable. For patients with chronic lymphocytic leukemia, or CLL, Bexdeg provided a robust 83% objective response rate in a patient population that has already received a median of four prior lines of therapy. This high level of clinical activity is observed across patients with high-risk features, such as BTK mutations associated with resistance to BTK inhibitors and other high-risk molecular features, as well as for patients with CNS involvement. These responses are quite durable. In our phase I-A dose escalation experience, the median PFS is 22.1 months, which appears to exceed existing therapies, especially considering the degree of prior treatment that these patients have received and the fact that they have been treated across a range of Bexdeg doses. For my last slide, I want to share with you my excitement for Roche as partner. I really can't think of a better partner to maximize the opportunity for Bexdeg to deliver benefit to a wide range of patients. On every axis, scientific, clinical, and commercial, Roche is the clear leader and the best partner for Nurix. Roche is an innovator in the area of B-cell biology, not only in oncology, but across indications including immunology and neurology. With blockbuster standards of care including Rituxan, Gazyva, Ocrevus, VENCLEXTA, Polivy, Xolair, and emerging new bispecifics, and of course, their BTK inhibitor, fenebrutinib. We are extremely excited by the shared vision and enthusiasm for bringing Bexdeg to patients across indications and to position Bexdeg as the best-in-category agent across disease settings. When we embarked on this partnering process, we wanted a partner who shared our scientific conviction, who had deep disease expertise across oncology, immunology, and neurology, and who had the infrastructure to take bexobrutideg global. Roche checks every one of those boxes. To tell you more about our development plan, I would like to turn it back to Arthur. Thanks, Jason. Before I dive into the development plan, I just do want to mention that as exciting as today's announcement is, this collaboration really is ultimately about something much bigger. That is our mission, and now our common mission with Roche, which is to establish degrader-based medicines at the forefront of patient care. What makes this collaboration so important is that it gives both Nurix and Roche an opportunity to fulfill that mission on a very large scale. Together, Nurix and Roche have aligned around a shared goal, advancing bexobrutideg into areas of significant unmet medical need, where we believe it has the potential to make a meaningful difference for patients. Let's turn to the joint development plan more specifically. Importantly, this is not a collaboration centered on a single indication. It is a comprehensive development strategy designed to explore the full potential of bexobrutideg across oncology, immunology, and neurology. The result is a broad clinical development plan that we believe can maximize the value of Bexdeg while creating multiple opportunities to improve patient outcomes. The breadth of what we are pursuing together across three distinct therapeutic areas reflects the potential of the Bexdeg mechanism of action to counter disease biology and the significant unmet medical need that persists in these major disease categories. In CLL, patients continue to develop resistance to current BTK inhibitors, as well as to other difficult-to-treat genetic driver. Did we lose you, Arthur? Arthur? Operator, did we lose Arthur? His line is connected. We're not hearing any sound. He may need to reconnect. Okay. Well, I'll just pick up where he left off and Is this here? Yep. Okay. In CLL, patients continue to develop resistance to current BTK inhibitors, as well as other difficult-to-treat genetic driver mutations, and once they do, options are limited. In immunology and in neurology, BTK-targeted therapy has initially been explored with BTK inhibitors, leaving the additional benefits of total protein removal untapped. These are key motivators that fuel the ambition that Nurix and Roche share for this molecule. Let me walk you through an initial outline of the collaboration plan. Our overarching strategy is to advance a comprehensive Bexdeg development program across multiple lines of therapy as both monotherapy and in combination settings in B-cell malignancies. The first three studies are as Nurix has previously outlined, and will continue as per their previously described designs and timelines. These include the DAYBreak CLL-201 study for potential accelerated approval, the phase III DAYBreak CLL-306 study, and the phase I-B/II basket combination study. The phase I-B/II basket combination program is designed to enable not only future planned first-line and/or second-line phase III studies in CLL, but also potential phase III combination studies in NHL, as indicated by the blue bars below. Specifically, in MCL, and WM. We are pursuing both monotherapy approaches for speed to market and combination strategies to enable potential fixed duration regimens with Roche's venetoclax, as well as exciting potential for multiple other combinations with Roche's other existing portfolio drugs. Overall, one can easily imagine how this powerful collaboration with Roche can establish bexobrutideg as a future backbone therapy across B-cell malignancies. I think, Arthur, are you back, Arthur? I am back. Can you hear me? Yes. Yes. Okay, great. All right, well, thanks. Sorry about that. Jason, thanks for picking up. Yeah, I'd love to speak to this next slide here about CSU and MS. Let me just dive into that. We see these as really representing very significant expansion opportunities. I would like to spend some time walking through some of the rationale, both scientific and clinical, for expanding Bexdeg clinical development into these areas. First, the totality of the BTK protein, not just the kinase function, plays a key role in autoimmune disease biology, particularly as a critical regulator of the Fc receptor activation in mast cells and basophils, and controls B-cell inflammatory pathways. Secondly, we have shown that Bexdeg more potently suppresses BTK signaling and activation in mast cells, basophils, and B-cells compared to multiple BTK inhibitors in vitro. Third, we've recently published our findings that Bexdeg achieves rapid, robust, and sustained degradation of BTK in both the skin and the blood of healthy volunteers. Therefore, we are actively planning with Roche the initiation of a phase II clinical trial in chronic spontaneous urticaria to determine the dose of Bexdeg required to deliver the full potential of BTK degradation to treat this disease and enable a phase III program as rapidly as possible. Turning to neurology and MS, we know from our current trials that Bexdeg crosses the blood-brain barrier and exhibits therapeutic activity in primary CNS lymphoma and CLL with CNS involvement without signs of liver toxicity in a safety data set of greater than 300 CLL and NHL patients to date. In addition, Bexdeg has demonstrated potent therapeutic activity in preclinical disease models of MS, and perhaps most excitingly, we have shown robust in vivo degradation of BTK in brain-resident microglia in animal models, eliminating both the kinase and scaffolding functions of BTK and thereby providing a mechanistic rationale for potentially enhanced biologic activity in the brain with direct implications for diseases such as MS. Based on the above rationale, we are also actively planning with Roche a phase II clinical trial in MS. We cannot think of a better partner to be joining forces with to explore the exciting potential of BTK degradation in neurologic disease. Overall, for Nurix, this is a defining moment. This collaboration enables and accelerates our evolution to become a fully integrated biopharmaceutical company, one that combines an industry-leading targeted protein degradation drug discovery engine with the ability to translate innovation into global clinical and commercial impact across multiple therapeutic areas. We have an innovative oncology pipeline spanning both hematologic and solid tumors, both wholly owned and partnered, with significant product sharing rights across multiple indications. In addition, we continue to push the forefront of targeted protein degradation technologies with our degrader antibody conjugate, or DAC program. It's a truly exciting area to be the subject of future disclosures. If we turn to our pipeline in immunology and inflammation, we can see that we now have quite a breadth of platform that beginning to translate across entirely new therapeutic areas, particularly in immunology and neurology. Nurix's opportunity for value creation is poised to continue to grow substantially as both our IRAK4 program with Gilead and our STAT6 program with Sanofi continue to advance in development. These also will be the subject of future important clinical and business updates. With that, I'd like to hand the call to John Northcott to discuss the commercial implications of today's announcement. John? Thank you, Arthur. Good morning, everyone. I'm John Northcott, Chief Commercial Officer of Nurix. I will open with saying how thrilled I am that we are announcing our partnership with Roche, the right partner to help us execute an expansive clinical development plan for Bexdeg across CLL, NHL, CSU, and multiple sclerosis. Our joint development plan targets these indications both as a monotherapy and in combination as appropriate, to unlock the power of protein degradation and advance the standard of care for patients across a range of therapeutic areas, all of which have very large addressable patient populations. Each of these therapeutic areas and markets have the potential to generate significant value and represent major blockbuster potential for Bexdeg, with a collective total initial addressable market opportunity of approximately $48 billion. We believe this partnership with Roche positions us exceptionally well, bringing proven commercial infrastructure, deep therapeutic area expertise, and established market access across every indication we will pursue together. This is a real competitive advantage, It means we are in the strongest position to deliver innovative therapies for patients across all of these areas, which is ultimately what drives us. Needless to say, these are all large competitive markets, The established global footprint of Roche will rapidly enhance our ability to deliver Bexdeg to every major market, first in terms of expanding our clinical development program into new countries with a greater number of investigative sites, Then towards achieving regulatory approvals and launches across the globe. Under the terms of this global agreement, we will build our side of the U.S. commercial capability to support a successful launch of Bexdeg in a stage-appropriate fashion, with the benefit of Roche's established infrastructure behind us from day one, giving Nurix a clear path to becoming a commercial stage, revenue-generating, and ultimately profitable company. Today marks a new chapter for Bexdeg and Nurix, and I'm confident that together we will achieve great things for patients and all the stakeholders we serve. For a brief look at the high-level financial implications of this strategic collaboration, I will hand the call to Nurix's Chief Financial Officer, Hans van Houte. Hans? Thank you, John. As most of you are aware, for more than a decade, we've built one of the industry's leading targeted protein degradation platforms, and we've also used that platform to establish partners with some of the world's leading pharmaceutical companies. These collaborations have generated over $1 billion of non-dilutive cash from Nurix while enabling us to retain meaningful co-development, co-commercialization participation in future success of our programs. This Roche collaboration represents the most significant example of that strategy to date. It brings a potential best-in-class BTK degrader together with a global leader in oncology, immunology, and neurology to expand the development and commercialization reach of bexobrutideg while preserving substantial long-term economics for Nurix through U.S. profit-sharing and ex-U.S. royalties. This transaction also significantly strengthens our balance sheet. Following receipt of the upfront payment, Nurix will have approximately $1.24 billion in pro forma cash, providing substantial resources to advance bexobrutideg in multiple indications, invest in our wholly owned pipeline, and continue to invest in our targeted protein degradation platform. This collaboration reinforces a model that has served us well, leveraging our drug discovery engine to create innovative medicines, partnering strategically where it accelerates development and maximizes patient impact, and retains meaningful participation in the value we create. Back to you, Arthur. Great. Thank you, Hans. Before opening the call to your questions, I'd like to briefly summarize some of the key points and implications of today's announcement. First of all, in collaboration with Roche, we are establishing a multi-indication, multi-therapeutic area clinical development program for bexobrutideg in malignant hematology, immunology, and neurology. Within malignant hematology, we are broadening and accelerating Bexdeg's clinical development program, not only as monotherapy, but with combination regimens enabled with Roche's significant portfolio of innovative therapies for B-cell malignancies. The initiatives within this collaboration position Bexdeg as a potential backbone therapy across BTK-driven diseases. Together, Nurix and Roche bring synergistic scientific, clinical, and commercial capabilities that are creating a shared economic opportunity across a projected $48 billion addressable market. Enabling all of this is bexobrutideg, a real stallion of a molecule that reflects years of scientific innovation and demonstrates the power of targeted protein degradation to fundamentally change how we intervene on disease biology. With Roche, we have the right partner, the right resources, and the right plan to bring bexobrutideg to patients globally across multiple diseases in multiple geographies. I hope today we have presented, and you can also sense from my overtly positive tone, a more expansive picture of what Nurix is and will be. A multi-asset, multi-indication company with the scientific foundation, financial resources, and strategic partnerships to compete and deliver at the highest level of drug development and commercialization. With that, we would like to open the call to questions. Operator, if you could do that, please. We will stand by. If you would like to ask a question, please press star one on your telephone keypad now. You will be placed in the queue in the order received. Please be prepared to ask your question when prompted. Once again, to ask a question, please press star one on your phone now. Our first question comes from Brian Abrahams from RBC Capital. Please state your question. Hey, guys. Good morning, and congratulations on the partnership. I was wondering if you could maybe elaborate a little bit more around the expected additional expansion of the Bexdeg development plans and as well as some of the specific combos that you may pursue. I guess, is there any rationale around potentially further expanding the ongoing and planned CLL studies, just given the bolstered resources that the deal brings? Thanks. Sure. Thanks. I will take that. Yes. We have plans to expand. Let me first address the combination portion of the question. We are initiating, as planned, our phase I-B/II study, which is a basket study starting with CLL, but also can incorporate NHL indications and anticipates multiple combination drug partners. One of the primary ones we are starting with there is, of course, venetoclax, which is key for Roche as well. That would be an all-oral combination. But we have also outlined cohorts that will allow for anti-CD20 antibodies to be incorporated into cohorts. This will start in second-line patients, but then also can then be upgraded after the initial combination results are obtained into first-line cohorts, which we will then choose combination agents at that time. In addition, as you can imagine with Roche's portfolio, this combination basket study could be expanded quite substantially. We've not yet outlined what those studies would be, but they are definitely on our radar. With regard to the monotherapy, we are wholly focused on initiating our phase III program in the head-to-head study against pirtobrutinib. That's DAYBreak CLL-306. That is a study anticipated to be at approximately 600 patients, as we previously outlined. Nurix alone, we of course outlined, I think, many countries involved, primarily Europe, U.K., and U.S. With Roche, we are now actively expanding that geography. We'll have to stay tuned for that, but that's going to be something that I think will definitely accelerate our program overall and establish a truly global footprint, making bexobrutideg, of course, even more of a competitive agent. I think with that, I believe I've answered the bulk of your question, so thank you. Thanks, Arthur. Really helpful. Congrats again. I'll hop back in the queue. Thanks. Our next question comes from Tessa Romero from J.P. Morgan. Please state your question. Hi, team. Thanks so much for taking our questions this morning. Thanks for all the detail you provided as well. What color can you give us on how this collaboration came to pass and the process that it seems that you ran? Second question from us, just double-clicking here from a housekeeping purposes, can you give us a picture of how the upfront cash and future milestones will be accounted for as we are thinking about our models? Thanks. Let's start out with the first part. Jason, would you please take that, and then we'll go to Hans when you're finished. Thanks, Tess. Yes, indeed, this was a competitive process. We had many players who had an opportunity to take a look at the asset, and in fact, many who have been tracking it for quite some time. The deal itself was driven largely by our ability to show very robust clinical data, not only in terms of ORR, but of course, in terms of PFS, our clearing of the 600 mg dose through Project Optimus, and the differentiation data that we were able to show last October, which I think positions bexobrutideg as a potential best-in-class BTK degrader. Hans, you want to talk about the accounting? Sure. Hi, Tess. We're currently evaluating the accounting treatment of the transaction. We'll provide additional detail in future SEC filings and earnings communications. Thank you. Thank you. Our next question comes from Greg Renza from Truist Securities. Please state your question. Greg, good morning, Arthur and team. Congratulations on the deal, thanks for taking my question. Arthur, you certainly talked about the maybe expectation of subjects of future disclosures when it comes to your pipeline. You mentioned DAC and certainly on the I&I. I'm just curious, from here, when it comes to Nurix's wholly-owned programs, which ones are you most excited about? Which ones perhaps provide the most opportunity for you and for investors? Then maybe just on one specifically, I'm just curious how you're thinking about the pan-BRAF degrader program from here. You certainly mentioned maybe this and others as future topics. Thanks so much. Sure. Well, thank you. I believe an investment in Nurix is really an investment in the totality of our pipeline. Not necessarily any one program, although I think many investors may have their favorites, and certainly, Bexdeg is our leading asset with one of the greatest potentials. I say looking at the totality of our pipeline, because we have not only our wholly-owned assets, but our partnered portfolio, which now includes partnerships with four major corporations. Of course, the one we're discussing today is the largest to date. Each of these partnerships allows for us to participate in cost profit share agreements with each of the partners. Obviously, Bexdeg we detailed. It's a 50/50 in the United States, which is quite a substantial product right opportunity. Across the three others, we have a total of six such option rights. Those are structured as options after human proof of concept for significant cost profit shares as well in a similar fashion. You're looking at a diversified portfolio and significant product rights owned by Nurix across multiple drugs, which I think helps de-risk the investment thesis as well. Now, in addition to that, we have additional currently wholly-owned projects. NX-1607, I personally think is extremely exciting as a new immuno-oncology agent. It's a CBL-B inhibitor, which has been developed through phase I-A, and we look forward to phase I-B as the next step for that agent. We have additional projects. You mentioned our pan-BRAF degrader, which is a new entrant into our pipeline. That it can address basically any of the BRAF resistant mutant clones. We have new agents within our I&I portfolio, which are undisclosed. Of course, our DAC portfolio. Again, I see it as a holistic investment, including not only our wholly-owned pipeline, but also these terrific co-development options across seven programs total now. Thank you for your question. Thank you. Our next question comes from Terence Flynn from Morgan Stanley. Please state your question. Great. Thanks so much for taking the questions. I guess I had two. The first is just, can you confirm if Roche is aligned with you on the accelerated approval path for Bexdeg and CLL? I assume so, given the prepared remarks, but just wanted to check that. On the immunology side, very interesting to see more on the phase II plans there. What do you think the earliest is we could see some initial proof of concept data from those two trials? Thank you. Sure. Thank you for your question. First, on the first point, yes, we are aligned with Roche on the accelerated approval pathway, that being the DAYBreak CLL-201 study, CLL 201, which is underway. That is in a fourth-line patient population post-pirtobrutinib patients. To your second point, in terms of when we would first see data from these. I think we need to go stepwise, which is first, we're committed to initiating the trials. We're committed to an IND focused on CSU in the second half of this year. We are actively, as I mentioned, actively working with Roche on the design of that trial and implementation, as well as for the MS trial. We've not specified a timeframe for initiating that. I would say that upon initiation and getting those trials underway, then we could make a better forecast with regard to data. I'd like to defer that part of the answer. Thank you very much. Our next question comes from Biren Amin from Piper Sandler. Please state your question. Hi, guys. Thanks for taking my questions, and congratulations on the partnership this morning. Can you maybe just talk about your read-through on Roche's ability to take the fenebrutinib development playbook in CSU and MS, and to kind of apply those learnings to the Bexdeg program? That's the first question. The second question, Roche clearly has a significant diagnostics franchise and has novel tests for MRD that suggest higher sensitivity for MRD. Could you maybe talk about how you're planning to pair those diagnostic tests for the CLL and NHL development for Bexdeg? Thanks. Thanks, Biren. Yeah, I think first off, on your first part of the question, there's no doubt that Roche's expertise in CSU with their extensive Xolair franchise as really the market leader, their understanding of the underlying disease biology, and their general experience overall in allergy and immunology is going to pay dividends for the setup of the Bexdeg phase II trial in CSU. Many of the learnings that they have, I'm sure, will be put into play here with this next step. We've really valued our initial meetings and planning sessions with them on that topic. With regard to fenebrutinib in MS, there's no doubt that Roche has the most relevant recent experience completely in MS. While inhibitors like fenebrutinib work by temporarily blocking the kinase activity of the BTK protein, I think the fact that bexobrutideg physically eliminates the BTK protein, removing both its kinase functions and scaffolding functions, these two distinct mechanisms of action against the same target has a potential to really maximize ability to address the complex neurologic indications like multiple sclerosis, and may ultimately provide more diverse and optimized treatment options for patients with MS. There again, I think, and of course, it's not just fenebrutinib, Ocrevus and their entire franchise is really so powerful here. We're going to be in a very strong position to optimize that phase II trial in MS, and we very much look forward to that. I gave a little bit of a long-winded answer there, the second part of your question again, could you remind me? Yeah. Second part of the question was around the diagnostic franchise that Roche has, and specifically, at ACR earlier this year, they unveiled a new novel MRD test that suggests higher sensitivity in testing. Ways of potentially deploying that into the Bexdeg CLL NHL development plan. Yes. We've had some initial discussions on these biomarker topics in general, and Roche's advanced technologies there and their experience base there. Not only in CLL, but also in MS. Yeah, we're very much going to be engaged with them on bringing the absolute latest technology diagnostic/experimental biomarker technologies into these trials. I think that's going to be a big advantage as well. Thank you for bringing that up, and thanks for your question. Our next question comes from Roger Song from Jefferies. Please state your question. Hey, team. Thanks for taking our questions. This is Nabeel on for Roger. Congratulations on all the updates on the partnership. I have two questions from us. One on the, just a little bit more, if you could speak on the differentiation of Bex in MS, where we have seen inhibitors have liver liabilities, and then just that CNS penetration, if you'd comment a little bit more on that. I had a follow-up. Sure. The advantages of Bexdeg in MS are based on some of our observations that we've already seen in the clinic, in CLL and primary CNS lymphoma. They're not just theoretical. They are, Number 1, clear access to the brain, with biologic activity that has translated to clinical responses for patients with really significant brain disease. That's, I think, quite important. There are the also observations of how important both elimination of the kinase function and the scaffolding function are in the CLL setting. We've demonstrated evidence that those same dual functions are important in autoimmune disease. We would expect would read through to a potential efficacy advantage in diseases like MS and other autoimmune diseases. We expect to translate those advantages of total removal of the protein into potential superior efficacy results in autoimmune disease. The other aspect of this, which I think you alluded to with regard to safety, is that on the liver enzyme front, we've seen no signs of liver toxicities in now over 300 patients with CLL or NHL, all of whom who have essentially received multiple therapies, including multiple chemotherapies, and various prior sources of potential liver insult. We see a very safe liver safety profile. We think that's extremely important, and part of that, we believe, may relate to the lower drug levels in the blood that a degrader can operate at. Far lower, hundreds to thousands of fold lower blood levels achieving complete removal of the BTK protein. The total drug burden in the system is lower, and that may attribute to a much lower reduction of general off-target effects, which some of the inhibitors may suffer from. Of course, bexobrutideg is exquisitely selective in and of its own right via proteomics and all the optimization we've had. I think we may have lost Arthur again. Can we go to the next question, please? Oh. Oh, you're back, Arthur. Am I back? Okay. Well, I was finished with my answer anyway. Next question. Great. Thank you. Jump in, Jason, if I go off again. Yep. Our next question comes from Derek Archila from Wells Fargo. Please state your question. Good morning. Thanks for taking the questions. Congrats on the deal. Maybe just one on kind of housekeeping for Hans on the R&D spend. You're running around like $80 million-$90 million a quarter. I presume the majority of that was Bexdeg related. Just any thoughts on go-forward spend now with this deal, and the offset, now that Roche will be taking on some of the development costs? Just turning back to some of the questions we already heard around the wholly owned pipeline. I guess, what do you think is the next key updates for the wholly owned pipeline and anything specific that you would point to over the next 12 to 18 months? Thank you. Great. Hey, Derek. Hans, do you want to go ahead on the? Yeah. Yeah. Yeah, I'll take the first half of that. Hey, Derek. I'm not providing any updated financial guidance today. We'll provide updated financial information and guidance in our regular SEC filings and quarterly earnings communications. Needless to say, this transaction significantly strengthens our financial position and provides substantial resources to advance our strategic priorities. Combined with the development cost sharing, we believe we're well positioned to execute on all of our planned clinical and research initiatives. Maybe turn that back to Arthur. Yeah. Yes, Derek, in terms of future updates, the future updates will continue to be centered on bexobrutideg. I think also there are updates to be expected on the STAT-6 program and IRAK4 program. These are all, of course, under partnerships. With regard to wholly owned pipeline, then we would expect, I'd say, next updates on NX-1607 and NX-2127, and our BRAF degrader, and then any new disclosures around so far undisclosed targets within our pipeline. I think some of those disclosures we've discussed potentially in the second half of this year, having those. If we're able to get scheduled a corporate update day, corporate research day, it would likely be in the fall and would cover a greater degree of information around the newer wholly owned programs. Thank you. Thank you. Our next question comes from Stephen Willey from Stifel. Please state your question. Good morning. Thanks for taking the questions, and congrats on the transaction. I guess maybe just two quick questions. Curious if this transaction and the 40% commitment on global development spend now changes at all the decision-making process around some of the other opt-in decisions that you're presumably going to need to make here on some of these other partnered assets. I guess that's kind of a bandwidth and resource question. Then just secondly, wondering if the agreement at all contemplates some freedom to operate around your ability to make future disclosures going forward. Or should we expect, I guess, the next 6-12 months of Bexdeg-related catalyst to now maybe look a little bit differently post this deal? Thanks. Thanks, Steve. I'll take the first part of the question and then hand the second to Jason. On the first part of your question with regard to our future options, which would encompass the IRAK4 program with Gilead Sciences and the STAT6 program with Sanofi S.A., I do think that our financial resources are expanded at this point under this new collaboration we're announcing today, and our financial commitments are bolstered then with our partner, Roche. That does create greater financial flexibility. I'll say this, we're going to have updates, as I mentioned, the second half, and we anticipate those around the STAT6 program first likely, and then the IRAK4 program. STAT6 is clearly, I think, in terms of future option potential, our top priority program. I think for many reasons, IRAK4 would then be our next priority. I think we'll just have to stay tuned and see how those evolve and what the exact timing of those options are likely to be. Again, I think I'd like to defer to the second half to give hopefully more clarity on updates on those programs. Then to the second part, Jason, could you address that? Sure. There were a couple parts to that question. First on the cadence of disclosures around Bexdeg, I don't think you should expect it to change. We're still on this sort of EHA, ASH, June and December disclosure timeline. In fact, as soon as we get off this call, many of us are getting on planes and going to Stockholm to present the latest Bexdeg data at EHA. That will include an update to both the phase I-A and phase I-B, including in patients with earlier lines of therapy with very robust ORR. That is a new disclosure, which will be happening on Sunday. In terms of our ability to provide future updates, the collaboration has a joint governance, which really has us in a very good position in terms of our ability to continue to advance the program and to be able to continue to provide updates as necessary to investors. I don't think you should expect any real change. In fact, you'll probably hear more about Bexdeg because now it will not just be us talking about it, but it will be Roche, and you saw this morning they put out their own press release. I assume that at future medical meetings, this will be a program that's highlighted in their investor decks. We think actually the cadence and the volume of disclosure is going to increase as a result of this deal. All right. Thanks for taking the questions. Thank you. Our next question comes from Sudan Loganathan from Stephens. Please state your question. Yes. Great. Congrats on the news here and great to see this collaboration come through. My first question is on the economics for the other indications outside of CLL. Do you anticipate them to be very similar with Roche, or will it be on a case-by-case basis there? Secondly, for John Northcott, just curious on what the commercial strategy is now for Bexdeg. If there's been any changes yet, or if there will be maybe as the conversations with Roche go on and the Bexdeg program advances. Thanks. Great. Jason, do you want to take the front part, then John? Yeah. This is a Bexdeg deal, we are partnered globally across indications, the economics are fixed regardless of the indication. We will be 50/50 cost profit sharing with Roche across indications as well as 40/60 development cost sharing across the indications. There is no difference. John? Great. Thank you, Jason. Yeah. Once the deal closes, we will be forming a joint commercialization committee with Roche, where we'll be forming our commercial strategy as well as our tactical and operating plans. This is going to be a wonderful opportunity. Roche will take the lead on the ex-U.S., and we'll be working collaboratively here in the U.S. to execute the Bexdeg commercial strategy for the benefit of patients. Thank you. I appreciate all the insights. Thanks for your question. Our next question comes from Jeet Mukherjee with BTIG. Please state your question. Great. Thanks for taking the question, and congrats on the partnership. Roche, in their press release, noted that they saw Bexdeg as a potential best-in-class BTK degrader. Was just curious if you had any perspective or insight from your discussions, what they saw about Bexdeg's profile that made it a best-in-class degrader in their view. As a separate question, with Bexdeg now partnered, does this change what you plan to do or what indications you may want to go forward with when it comes to zelebrudomide? Thanks. Thank you. For the first part, I might share the answer with Jason because Jason not only had orchestrated the deal process, but also the incredible diligence process associated with this deal. I'll answer at a high level, I believe that Roche, having done their incredibly thorough homework, have seen the efficacy profile and safety profile combined based on all of the clinical data we have to date to define it as this potential best-in-class agent. Efficacy and safety being, of course, the key parameters anyone would evaluate. Besides, that general statement, again, the level of diligence done, what they've seen, and they've seen just about everything anybody could see with regard to Bexdeg. Jason, do you want to elaborate any on this? Again, I think it's really just part of the shared vision that we have. We have been saying we believe we have best-in-class. We've brought some receipts as it relates to some of the preclinical data that supports that claim, not only differentiating us from the inhibitors, but also from other degraders. Like Arthur said, not only were they able to really do a deep dive and scrub our data internally, but we assume they've looked at others as well. Very excited that they are adopting that position, and we agree. In terms of zelebrudomide, this drug is not included in the deal. However, it would not be our intention to compete directly with bexobrutideg with that molecule. Any advancement of that would be in indications other than those where we are moving forward with bexobrutideg, which is our highest priority. Thank you. Thanks for your question. Our next question comes from Brian Skorney from Baird. Please state your question. Hey, good morning, everyone. Thanks for taking my question, and congrats, Jason Kantor. This is a really great deal. Couldn't imagine a better partner in the BTK landscape. You did spend a decent amount of time discussing the MS side of the story, Roche has some interesting dynamics here, obviously with the top MS selling drug right now, and now submitted BTK in fenebrutinib. I guess, just given the developments in the class and the liabilities among the covalent, non-covalent inhibitors targeting MS, do the companies believe this should be able to drive efficacy across the range of MS patients? I guess what I'm really getting at, it's kind of a weird question to have to answer, but what do the companies see as the advantage of bexo in MS over your partner's own BTK inhibitor, which, as I said, is under review? Then I don't specifically remember collaborations like this triggering a Hart-Scott-Rodino review, but are there any concerns about the overlap between bexo and fenebrutinib in MS on an antitrust basis? Is there any clearance needed from FTC or DOJ here? Thanks. I'll take the first part of that question with regard to fenebrutinib. I think Roche and Nurix, we both see advancing both of these compounds. Obviously, their fenebrutinib, a highly selective inhibitor, but advancing a highly selective inhibitor and a degrader really serves to broaden the Roche portfolio, I believe, from their perspective. These are two distinct mechanisms of action against the same validated target, which will potentially maximize the ability to address very complex neurologic indications like MS, which have multiple stages, as you intimated, and multiple manifestations in patients. Ultimately, I think they'll have the best MS portfolio across the board, incorporating Ocrevus and potentially fenebrutinib and our drug. I think it'll be a very powerful portfolio. The distinct advantages that degradation brings, I think I've already mentioned, i.e., removing the entire protein. I believe also the fundamentally different PK/PD, with low drug levels achieving such great potential efficacy. There are going to be some clear distinctions that bexobrutideg will have, but it'll likely be part of a larger MS armamentarium that is out there. From our perspective, Nurix, we think it definitely has the potential to be even a best-in-disease in MS drug. It's oral, certainly could offer efficacy across multiple stages of the MS disease. We have no reason to believe that it wouldn't. This will all have to play out in the clinical development plan. The Hart-Scott-Rodino question is not really in my league. Jason, any comments there? Well, we don't want to speak for regulators and this, as all deals, has to go through a Hart-Scott-Rodino review, our anticipation is that the deal will close in the third quarter. Okay, thanks, guys. Okay. Congrats again. Thanks again. Operator, I see we're at the top of the hour, which I think was one of our goals to be finished by then. If there are no further questions, operator? Yep. There are no further questions at this time. Okay, great. All right. Well, I'd like to thank everyone for their participation. It's a great day for both Roche and Nurix, and we look forward to giving you future updates. Thank you very much. Bye-bye. This concludes today's conference call. Thank you for attending.