[SCHEDULE 13G] TransAlta Corporation SEC Filing

Rhea-AI Filing Summary

Nurix Therapeutics, Inc. (Nasdaq: NRIX) – Fiscal Q2 2025 10-Q highlights

• Revenue inflection: Total Q2 revenue jumped to $44.1 million (up 264% YoY) driven by a $30 million license fee from Sanofi and higher collaboration revenue from existing partnerships with Sanofi, Gilead and Pfizer.
• Operating costs accelerate: R&D expense expanded 60% YoY to $78.1 million as the company advanced clinical programs (NX-5948, NX-2127, NX-1607) and DAC discovery work; G&A rose 22% to $14.3 million.
• Loss narrows modestly for the quarter: Net loss was $43.5 million (-$0.52 per share) versus $44.5 million (-$0.71) a year ago, helped by the one-time license payment and a larger share count. For the six-month period, however, the loss widened to $99.8 million.
• Cash runway: Cash, cash equivalents and marketable securities totaled $485.8 million at 31 May 2025, down from $609.6 million at FY-end. Operating cash burn reached $124.2 million in the first half. Management believes existing liquidity funds operations for at least 12 months.
• Collaboration momentum: • Gilead extended the research term by two years, triggering a $15 million payment.
  • Sanofi exercised two target license options, providing $30 million.
  • Pfizer collaboration produced $10 million in research milestones to date.
• Equity activity: 76.4 million shares outstanding after ATM issuances; stockholders’ equity fell to $447.6 million from $527.0 million on higher deficit.

Overall, Nurix continues to monetize its DEL-AI platform through partner payments while accelerating internal R&D, resulting in higher cash burn and sustained losses.

Positive

• $30 million license payment from Sanofi plus collaboration fees lifted quarterly revenue to $44.1 million.
• Research term extension by Gilead delivered $15 million and extends partnership visibility to 2026.
• Year-end liquidity remains strong at $485.8 million, providing at least 12 months operating runway.
• Partnership portfolio could yield up to $6.1 billion in future milestones and tiered royalties.

Negative

• Operating cash burn reached $124.2 million in six months, up 52% YoY.
• R&D expenses climbed 60% YoY, widening the six-month net loss to $99.8 million.
• Cash and marketable securities declined by $123.8 million since November 2024.
• Share count dilution from equity financings increased outstanding shares to 76.4 million.

Insights

Biotechnology Equity Analyst

TL;DR – License revenue boosts top line but cash burn still heavy; neutral net impact.

Nurix’s Q2 print showcases the value of its collaboration portfolio: a $30 million Sanofi license and $1.6 million from a Gilead extension delivered a 264% revenue surge. Yet R&D outlays jumped 60% as three proprietary clinical assets and multiple DAC projects advance. Cash reserves of $485.8 million equal roughly ~18-20 months of current burn; management projects ≥12 months runway, but additional financing is likely before commercial revenues. No new clinical efficacy data were disclosed in this filing, so fundamental valuation hinges on upcoming readouts. Overall, the one-off revenue is positive but not thesis-changing; the quarter is best viewed as operationally neutral.

Life-Sciences Portfolio Manager

TL;DR – Partnerships de-risk pipeline; dilution risk persists.

The Sanofi and Gilead transactions validate Nurix’s DEL-AI platform and add non-dilutive cash, but they do not offset the ~$200 million annualized cash burn. Share count rose ~18% YoY through the April 2024 public offering and ATM programs, and further equity raises remain probable. From a portfolio standpoint, the stock offers upside optionality on clinical success with manageable near-term liquidity risk, yet investors must tolerate ongoing dilution and binary trial outcomes. I classify the filing as neutral/steady: constructive on strategic progress, offset by financial strain.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

TransAlta Corporation

(Name of Issuer)

Common Shares, no par value

(Title of Class of Securities)

89346D107

(CUSIP Number)

06/30/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 89346D107

1

Names of Reporting Persons

Rubric Capital Management LP

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 15,948,151.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 15,948,151.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

15,948,151.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

5.38 %

12

Type of Reporting Person (See Instructions)

IA, PN

SCHEDULE 13G

CUSIP No. 89346D107

1

Names of Reporting Persons

David Rosen

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 15,948,151.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 15,948,151.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

15,948,151.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

5.38 %

12

Type of Reporting Person (See Instructions)

HC, IN

SCHEDULE 13G

Item 1.
(a)	Name of issuer: TransAlta Corporation
(b)	Address of issuer's principal executive offices: Suite 1400, 1100 - 1st Street S.E. Calgary, A0, T2G 1B1
Item 2.
(a)	Name of person filing: This statement is filed by: (i) Rubric Capital Management LP ("Rubric Capital"), the investment adviser to certain investment funds and/or accounts (collectively, the "Rubric Funds") that hold the shares of common stock, no par value (the "Common Shares") of TransAlta Corporation, a Canadian corporation reported herein; and (ii) David Rosen ("Mr. Rosen"), Managing Member of Rubric Capital Management GP LLC, the general partner of Rubric Capital The foregoing persons are hereinafter sometimes collectively referred to as the "Reporting Persons." The filing of this statement should not be construed as an admission that any of the forgoing persons or any Reporting Person is, for the purposes of Section 13 of the Act, the beneficial owner of the Shares reported herein.
(b)	Address or principal business office or, if none, residence: The address of the principal business office of each of the Reporting Persons is 155 East 44th St, Suite 1630, New York, NY 10017.
(c)	Citizenship: Rubric Capital is a Delaware limited partnership. Mr. Rosen is a citizen of the United States of America.
(d)	Title of class of securities: Common Shares, no par value
(e)	CUSIP No.: 89346D107
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: The information required by Item 4(a) is set forth in Row 9 of the cover page for each of the Reporting Persons and is incorporated herein by reference. The percentage set forth in Row (11) of the cover page for each of the Reporting Persons and in Item 4(b) is based on the 296,449,829 Common Shares outstanding as of May 20, 2025, as reported in Exhibit 99.1 attached to the Issuer's Report of Foreign Private Issuer on Form 6-K filed with the Securities and Exchange Commission on May 28, 2025.
(b)	Percent of class: 5.38 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: The information required by Item 4(c)(i) is set forth in Row 5 of the cover page for each of the Reporting Persons and is incorporated herein by reference.
	(ii) Shared power to vote or to direct the vote: The information required by Item 4(c)(ii) is set forth in Row 6 of the cover page for each of the Reporting Persons and is incorporated herein by reference.
	(iii) Sole power to dispose or to direct the disposition of: The information required by Item 4(c)(iii) is set forth in Row 7 of the cover page for each of the Reporting Persons and is incorporated herein by reference.
	(iv) Shared power to dispose or to direct the disposition of: The information required by Item 4(c)(iv) is set forth in Row 8 of the cover page for each of the Reporting Persons and is incorporated herein by reference.
Item 5.	Ownership of 5 Percent or Less of a Class.
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Rubric Capital Management LP

Signature:	/s/ Michael Nachmani
Name/Title:	Michael Nachmani / Chief Operating Officer
Date:	07/09/2025

David Rosen

Signature:	/s/ David Rosen
Name/Title:	DAVID ROSEN / Individually
Date:	07/09/2025

Exhibit Information

Exhibit 99.1: Joint Filing Agreement

FAQ

How much cash does Nurix Therapeutics (NRIX) have after Q2 2025?

Nurix reported $485.8 million in cash, cash equivalents and marketable securities as of 31 May 2025.

What drove the 264% revenue increase for NRIX in Q2 2025?

Revenue growth was primarily due to a $30 million license fee from Sanofi and higher ongoing collaboration revenue.

What is Nurix’s current cash burn rate?

Operating activities used $124.2 million in cash over six months, implying roughly $20 million per month.

Did Nurix post a profit in Q2 2025?

No. The company recorded a net loss of $43.5 million (-$0.52 per share) for the quarter.

How many shares of NRIX are outstanding?

As of 31 May 2025, Nurix had 76,449,355 common shares outstanding.

What milestones could NRIX receive from its partners?

Potential future milestone payments total up to ~$1.8 billion from Gilead, ~$949 million from Sanofi, and ~$3.4 billion from Pfizer, plus royalties.