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NextCure(NXTC) - 2024 Q3 - Quarterly Report
NXTCNextCure(NXTC)2024-11-07 21:15

Financial Position - As of September 30, 2024, the company had cash, cash equivalents, and marketable securities of 75.3million,expectedtofundoperationsintothesecondhalfof2026[73].−TheaccumulateddeficitasofSeptember30,2024,was75.3 million, expected to fund operations into the second half of 2026[73]. - The accumulated deficit as of September 30, 2024, was 368.5 million, primarily due to research and development and general administrative expenses[75]. - Net cash used in operating activities was 33.8millionfortheninemonthsendedSeptember30,2024,comparedto33.8 million for the nine months ended September 30, 2024, compared to 42.3 million for the same period in 2023[103]. - Net cash provided by investing activities for the nine months ended September 30, 2024 was 48.3million,primarilyfromsalesandmaturitiesofmarketablesecurities[104].−Thecompanysold17,151sharesofcommonstockfornetproceedsofapproximately48.3 million, primarily from sales and maturities of marketable securities[104]. - The company sold 17,151 shares of common stock for net proceeds of approximately 39,000 during the nine months ended September 30, 2024[100]. Loss and Expenses - The net loss for the three months ended September 30, 2024, was 11.5million,comparedtoanetlossof11.5 million, compared to a net loss of 14.3 million for the same period in 2023, reflecting a decrease of 2.8million[75].−ThenetlossfortheninemonthsendedSeptember30,2024,was2.8 million[75]. - The net loss for the nine months ended September 30, 2024, was 44.1 million, compared to 48.3millionforthesameperiodin2023,adecreaseof48.3 million for the same period in 2023, a decrease of 4.2 million[88]. - Research and development expenses for the three months ended September 30, 2024, were 8.77million,downfrom8.77 million, down from 11.01 million in 2023, a reduction of 2.24million[88].−ResearchanddevelopmentexpensesforthethreemonthsendedSeptember30,2024decreasedby2.24 million[88]. - Research and development expenses for the three months ended September 30, 2024 decreased by 2.2 million to 8.77millioncomparedtothesameperiodin2023[91].−TotalexternalresearchanddevelopmentexpensesfortheninemonthsendedSeptember30,2024increasedby8.77 million compared to the same period in 2023[91]. - Total external research and development expenses for the nine months ended September 30, 2024 increased by 1.8 million to 20.01millioncomparedtothesameperiodin2023[92].−GeneralandadministrativeexpensesforthethreemonthsendedSeptember30,2024decreasedby20.01 million compared to the same period in 2023[92]. - General and administrative expenses for the three months ended September 30, 2024 decreased by 0.9 million to Xmillioncomparedtothesameperiodin2023[93].−RestructuringandassetimpairmentchargeswereX million compared to the same period in 2023[93]. - Restructuring and asset impairment charges were 2.5 million for the nine months ended September 30, 2024, including 0.7millioninseverancechargesand0.7 million in severance charges and 1.8 million in asset impairment[94]. - Other income, net for the three months ended September 30, 2024 decreased by 0.4millionduetolowerinterestincome[95].StrategicPlans−ThecompanyplanstofileanINDapplicationforLNCB74byyear−end2024andadvanceintoPhase1trials[70].−ThecompanyisseekingpartnershipsforclinicalprogramsNC525andNC318,aswellasforpreclinicalnon−oncologyprograms,withpotentialINDfilingswithin12to18monthsiffundingissecured[72].−Restructuringactionsincludedpausinginternalmanufacturingoperationsandreducingworkforce,aimedataligningwithafocusedpipeline[73].−ThecompanyexpectstoincursubstantialexpendituresintheforeseeablefutureasitadvancesLNCB74throughclinicaldevelopmentandregulatoryapproval[77].−Thecompanymayseektoraiseadditionalcapitalthroughequitysales,debtfinancings,andstrategicalliances[102].CapitalRaised−Thecompanyraisedapproximately0.4 million due to lower interest income[95]. Strategic Plans - The company plans to file an IND application for LNCB74 by year-end 2024 and advance into Phase 1 trials[70]. - The company is seeking partnerships for clinical programs NC525 and NC318, as well as for preclinical non-oncology programs, with potential IND filings within 12 to 18 months if funding is secured[72]. - Restructuring actions included pausing internal manufacturing operations and reducing workforce, aimed at aligning with a focused pipeline[73]. - The company expects to incur substantial expenditures in the foreseeable future as it advances LNCB74 through clinical development and regulatory approval[77]. - The company may seek to raise additional capital through equity sales, debt financings, and strategic alliances[102]. Capital Raised - The company raised approximately 423 million in gross proceeds from equity instruments since inception through September 30, 2024[75].