NextCure, Inc.

Listed Company

NXTCCIK 0001661059NasdaqNon-AcceleratedSmaller ReportingPharmaceutical PreparationsDelawareFY ends Dec 31

Period

FY 2025

Revenue

—

Net Income

$-55.84M

Total Assets

$50.18M

Equity

$34.94M

Shares Out

3.56M

Op. Cash Flow

$-49.61M

Business

NextCure, Inc. is a clinical-stage biopharmaceutical company focused on developing innovative medicines for cancer patients who do not respond to current therapies, including antibody-drug conjugates (ADCs). Its main products and candidates include the B7-H4 targeted ADC LNCB74, clinical oncology programs NC410 and NC525, and preclinical non-oncology programs NC181 (ApoE4 for Alzheimer’s) and NC605 (Siglec-15 for bone diseases). Key business activities include clinical development, co-development collaborations (notably with LigaChem), proprietary manufacturing capabilities and intellectual property licensing. The company advances candidates through clinical trials, collaborations, partnerships and potential licensing across domestic and international markets.

Summary from filing dated 2025-03-06

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Research and development	45	41	48	54	50
General and administrative	13	16	20	22	21
Restructuring and asset impairment charges	—	3	—	—	—
Total operating expenses	58	60	68	76	71
Loss from operations	−58	−60	−68	−76	−71
Other income, net	2	4	5	1	1
Net loss	−56	−56	−63	−75	−69
Basic (in dollars per share)	−19.65	−23.88	−2.25	−2.69	−2.51
Diluted (in dollars per share)	−19.65	−23.88	−2.25	−2.69	−2.51
Basic (in shares)	3	2	28	28	28
Diluted (in shares)	3	2	28	28	28
Unrealized gain on marketable securities	17,000	226,000	1	−831,000	−1
Total comprehensive loss	−56	−55	−61	−76	−71

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	26	28	13	27	12
Marketable securities	16	41	95	133	207
Prepaid expenses and other current assets	2	3	4	4	8
Total current assets	44	72	113	164	228
Property and equipment, net	3	5	9	12	14
Right of use assets	3	3	4	5	—
Other assets	546,000	332,000	2	3	577,000
Total assets	50	81	128	184	242
Accounts payable	2	5	2	4	2
Accrued liabilities and other liabilities	9	4	5	5	5
Total current liabilities	11	10	7	9	7
Lease liabilities, long term	4	5	6	7	—
Other long-term liabilities	526,000	661,000	785,000	899,000	2
Total liabilities	15	15	14	17	9
Preferred stock, par value of $0.001 per share; 10,000,000 shares authorized at December 31, 2025 and December 31, 2024; No shares issued and outstanding at December 31, 2025 and December 31, 2024	—	—	—	—	—
Common stock, par value of $0.001 per share; 100,000,000 shares authorized at December 31, 2025 and December 31, 2024; 3,505,621 and 2,333,896 shares issued and outstanding at December 31, 2025 and December 31, 2024, respectively	4,000	2,000	28,000	28,000	28,000
Additional paid-in capital	471	446	439	431	421
Accumulated other comprehensive income	21,000	4,000	−222,000	−1	−663,000
Accumulated deficit	−436	−380	−324	−262	−187
Total stockholders' equity	35	65	114	168	233
Total liabilities and stockholders' equity	50	81	128	184	242

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Net loss	−56	−56	−63	−75	−69
Depreciation and amortization	2	3	4	4	4
Amortization of premiums and discounts on marketable securities	−481,000	−1	−756,000	3	3
Stock-based compensation	3	6	8	10	10
Asset impairment	—	2	—	—	—
Noncash operating lease expense	587,000	561,000	573,000	356,000	—
Prepaid expenses and other assets	1	3	1	2	−5
Accounts payable	−3	3	−2	2	−2
Accrued liabilities and other liabilities	4	−332,000	−304,000	−641,000	−178,000
Lease liabilities	−1	−796,000	−656,000	—	—
Other long-term liabilities	−135,000	−124,000	−114,000	—	2
Net cash used in operating activities	−50	−41	−53	−54	−57
Sales and maturities of marketable securities	52	104	114	105	195
Purchases of marketable securities	−27	−48	−74	−35	−156
Purchases of property and equipment	—	−474,000	−820,000	−2	−2
Net cash provided by investing activities	26	55	39	68	37
Proceeds from exercise of stock options	—	23,000	5,000	66,000	208,000
Proceeds from shares issued under ESPP	36,000	82,000	149,000	134,000	—
Net cash provided by financing activities	22	144,000	154,000	200,000	−3
Net increase (decrease) in cash and cash equivalents	−2	15	−14	14	−24
Cash paid for interest	62,000	72,000	81,000	90,000	162,000

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