SCHEDULE: Commodore Capital Reduces Nurix Therapeutics Stake to 4.9%

Commodore Capital LP and Commodore Capital Master LP have amended their beneficial ownership in Nurix Therapeutics, Inc., reporting a 4.9% stake as of September 30, 2025.

Summary

• Commodore Capital LP and Commodore Capital Master LP (the "Filers") have filed an Amendment No. 1 to their Schedule 13G regarding Nurix Therapeutics, Inc. (the "Issuer").
• As of September 30, 2025, the Filers beneficially own an aggregate of 3,780,055 shares of Nurix Therapeutics, Inc. Common Stock.
• This ownership represents 4.9% of the Issuer's outstanding Common Stock.
• The ownership percentage is based on 76,883,436 Common Shares reported as issued and outstanding by Nurix Therapeutics, Inc. as of September 30, 2025.
• Commodore Capital LP acts as the investment manager to Commodore Capital Master LP, with Michael Kramarz and Robert Egen Atkinson exercising investment discretion.
• The securities were not acquired or held for the purpose of changing or influencing control of the Issuer.

Sentiment

Score: 4

Explanation: The sentiment is slightly negative due to the implied reduction of a significant institutional stake below the 5% reporting threshold, which can be interpreted as a decrease in investor conviction, despite the continued holding of a substantial number of shares.

Positives

• Commodore Capital, a significant institutional investor, continues to hold a substantial stake of 3,780,055 shares in Nurix Therapeutics, indicating ongoing interest in the company.

Negatives

• The reduction in beneficial ownership to 4.9% (implied by the 'Amendment No. 1' and falling below the 5% threshold for initial 13G filing) suggests a decrease in conviction or a strategic reallocation of capital by Commodore Capital.

Future Outlook

The filing does not contain any forward-looking statements or guidance from Nurix Therapeutics, Inc. or the reporting persons regarding the Issuer's future performance.

Industry Context

This filing reflects a change in a significant institutional investor's stake in a biotechnology company. Such adjustments in ownership by major funds are common and can be influenced by various factors including portfolio rebalancing, market conditions, or changes in the investor's outlook on the company or sector.

Stakeholder Impact

• Shareholders: The reduction in a significant institutional stake may lead to questions about the company's future prospects or the investor's confidence, potentially influencing market perception and share price.
• Management: Awareness of changes in major shareholder positions can influence management's investor relations strategy and communication.

Key Dates

Recommendation

The filing indicates a reduction in a significant institutional investor's stake to just below the 5% reporting threshold. While this suggests a decrease in conviction or portfolio rebalancing, the investor still holds a substantial number of shares. Without further context on the reasons for the reduction or other company-specific news, a 'hold' recommendation is prudent for existing investors, while potential new investors should exercise caution and conduct further due diligence.

Keywords

Nurix Therapeutics, Commodore Capital, Beneficial Ownership, Schedule 13G, Common Stock, Institutional Investor, Equity Stake