On March 10, 2023, Silicon Valley Bank (“SVB”) was closed by the California Department of Financial Protection and Innovation and the Federal Deposit Insurance Corporation (“FDIC”) was appointed as receiver. On March 12, 2023, the U.S. Department of the Treasury, Federal Reserve Board, and FDIC released a joint statement announcing that the FDIC will complete its resolution of SVB in a manner that fully protects all depositors at SVB and that depositors will have access to all of their money starting March 13, 2023.
Nurix Therapeutics, Inc. (the “Company”) maintains an operating account at SVB with a cash balance of less than 1% of the Company’s total cash, cash equivalents and marketable securities. The remainder of the Company’s cash, cash equivalents, and marketable securities is held at other large, global financial institutions.
In light of the foregoing, the Company believes that its funds currently held at SVB will be fully available if and when needed and that, given its otherwise limited direct exposure to SVB, its exposure to loss as a result of SVB’s receivership is immaterial.
Forward Looking Statements
This Current Report on Form 8-K contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Any statements in this Current Report on Form 8-K that do not describe historical facts constitute forward-looking statements, including, without limitation, statements regarding the Company’s future financial condition and its exposure to liquidity concerns at SVB. Forward-looking statements reflect the Company’s current beliefs, expectations, and assumptions regarding factors the Company believes are appropriate under the circumstances; however, the Company can give no assurance that they will prove to be correct. Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those discussed in such forward-looking statements. Such risks and uncertainties include, without limitation, risks and uncertainties inherent in the Company’s business, risks related to general economic conditions globally or regionally, risks related to the operation of the U.S. banking system, and risks and uncertainties identified in the Company’s Annual Report on Form 10-K for the fiscal year ended November 30, 2022, and subsequent filings with the SEC. Any forward-looking statements contained herein speak only as of the date of this Current Report on Form 8-K. Accordingly, readers are cautioned not to place undue reliance on these forward-looking statements. The Company undertakes no obligation to publicly update any forward-looking statements to reflect new information, events or circumstances after the date of this Current Report on Form 8-K except as required by law.
