Nurix Therapeutics, Inc. 10-Q

Item 3. Quantitative and Qualitative Disclosures About Market Risk. We are exposed to market risks in the ordinary course of our business. These risks primarily include interest rate sensitivities. The primary objective of our investment activities is to preserve our capital to fund our operations. We also seek to maximize income from our investments without assuming significant risk. To achieve our objectives, we maintain a portfolio of cash equivalents and investments in a variety of investments of high credit quality. As of August 31, 2020 and November 30, 2019, we had cash and cash equivalents of $265.5 million and $34.8 million, respectively, and investments of $129.6 million and $3.4 million, respectively, which consisted of money market funds, U.S. treasury securities, U.S. government agency securities, corporate debt securities and municipal securities. Such interest earning instruments carry a degree of interest rate risk; however, historical fluctuations in interest income have not been significant. We have estimated that a hypothetical 100 basis point increase in interest rates would have resulted in a decrease in the fair market value of our investment portfolio of $0.9 million as of August 31, 2020, and an insignificant decrease in the fair market value of our investment portfolio as of August 31, 2020. We have not been exposed nor do we anticipate being exposed to material risks due to changes in interest rates. 34