NextCure(NXTC) - 2025 Q1 - Quarterly Results

NextCure First Quarter 2025 Business Update and Financial Results Business Highlights and Near-Term Milestones The company is advancing its LNCB74 program and has cash reserves of $55.9 million to fund operations into H2 2026 - Cash, cash equivalents, and marketable securities of approximately $55.9 million are expected to fund operations into the second half of 2026[5][9] LNCB74 (B7-H4 ADC) Program Update The LNCB74 Phase 1 trial is progressing with key data readouts and cohort initiations planned for 2025 and 2026 - The Phase 1 trial is currently dosing cohort 3, having cleared cohort 2 in April 2025[3][6] - The company has expanded its clinical footprint to 10 active trial sites, with an additional 3 projected to be onboard in May 2025[3][6] - The company plans to initiate backfill cohorts in the second half of 2025[5][6] - A proof of concept data readout is planned for the first half of 2026[3][5][6] Preclinical Non-Oncology Programs Seeking Partnering The company seeks partners for two preclinical non-oncology programs, NC181 and NC605, which could be IND-ready in 12-18 months - The company is seeking partners or third-party financial support for two preclinical programs: NC181 for Alzheimer's disease and NC605 for Osteogenesis Imperfecta (OI)[7][9] - Preclinical data for NC181 (ApoE4) demonstrated amyloid clearance, prevention of amyloid deposition, and reduced neuroinflammation[9] - Preclinical data for NC605 (Siglec-15) showed reduced bone loss and enhanced bone quality in mice with OI[9] - With financial support, both programs could lead to Investigational New Drug (IND) filings within 12 to 18 months[9] Financial Results for Quarter Ended March 31, 2025 The company reported a reduced net loss of $11.0 million for Q1 2025, driven by lower operating expenses post-restructuring Selected Statement of Operations (Q1 2025 vs Q1 2024) | (in thousands, except per share data) | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | | :--- | :--- | :--- | | Research and development | $7,896 | $11,398 | | General and administrative | $3,726 | $4,364 | | Restructuring and asset impairment | $0 | $2,542 | | Loss from operations | $(11,622) | $(18,304) | | Net loss | $(10,976) | $(17,107) | | Net loss per common share | $(0.39) | $(0.61) | Selected Balance Sheet Items | (in thousands) | March 31, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Cash, cash equivalents, and marketable securities | $55,860 | $68,621 | | Total assets | $67,137 | $80,860 | | Total stockholders' equity | $55,855 | $65,472 | - Cash, cash equivalents, and marketable securities were $55.9 million as of March 31, 2025, a decrease of $12.8 million from December 31, 2024, primarily due to cash used to fund operations[9] - The year-over-year decrease in R&D and G&A expenses was primarily due to lower costs related to programs other than LNCB74, reduced preclinical development costs, and lower personnel-related costs following a restructuring in Q1 2024[9]