NextCure(US:NXTC)2024-05-02 20:10Business Highlights and Near-Term Milestones NextCure updated on NC410 and LNCB74 clinical programs, with NC410 Phase 1b data at ASCO and LNCB74 IND submission planned by year-end, supported by $96.0 million cash into H2 2026 - The company's cash reserves of approximately $96.0 million are projected to fund operations into the second half of 20265 NC410 (LAIR-2 fusion) - Clinical data from the Phase 1b study of NC410 in combination with pembrolizumab for colorectal (CRC) and ovarian cancer will be presented at the ASCO Annual Meeting on June 1, 202456 - The ASCO presentation will include data from an additional 20 CRC patients enrolled in the 100 mg cohort in January 20246 - Enrollment of additional ovarian cancer patients began in March 2024, with data anticipated in the second half of 20246 LNCB74 (B7-H4 ADC) - An Investigational New Drug (IND) application for LNCB74 is planned for submission by the end of 202436 - Preclinical data presented at the 2024 AACR Annual Meeting highlighted strong safety and pharmacokinetic profiles for LNCB746 - GLP toxicology studies have been initiated, and production of clinical material has commenced with collaborator LigaChem Biosciences36 Financial Results for Quarter Ended March 31, 2024 NextCure reported a net loss of $17.1 million for Q1 2024, with cash at $96.0 million, stable R&D, reduced G&A, and $2.5 million in restructuring costs Financial Performance Summary Financial Performance Summary (in millions) | Financial Metric | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Cash, Cash Equivalents, and Marketable Securities | $96.0 | - | | Research and Development Expenses | $11.4 | $11.6 | | General and Administrative Expenses | $4.4 | $5.4 | | Restructuring and Asset Impairment Costs | $2.5 | $0 | | Net Loss | $17.1 | $16.1 | - The decrease in cash of $12.3 million from year-end 2023 was primarily due to cash used to fund operations10 - The decrease in G&A expenses was primarily related to lower personnel-related costs and lower insurance costs10 Selected Financial Information Selected Statement of Operations Items (in thousands) | Item | Three Months Ended March 31, 2024 | Three Months Ended March 31, 2023 | | :--- | :--- | :--- | | Research and development | $11,398 | $11,647 | | General and administrative | $4,364 | $5,424 | | Restructuring and asset impairment | $2,542 | - | | Loss from operations | ($18,304) | ($17,071) | | Other income, net | $1,197 | $975 | | Net loss | ($17,107) | ($16,096) | | Net loss per common share | ($0.61) | ($0.58) | Selected Balance Sheet Items (in thousands) | Item | March 31, 2024 | December 31, 2023 | | :--- | :--- | :--- | | Cash, cash equivalents, and marketable securities | $96,001 | $108,299 | | Total assets | $115,159 | $128,038 | | Total stockholders' equity | $99,048 | $114,421 | Corporate Information This section outlines NextCure's mission for cancer therapies and includes a safe harbor statement on forward-looking statements and risks About NextCure, Inc. - NextCure is a clinical-stage biopharmaceutical company focused on advancing innovative medicines for cancer patients who do not respond to, or have disease progression on, current therapies8 - The company utilizes differentiated mechanisms of action, including antibody-drug conjugates and antibodies, leveraging its expertise in biological pathways and the tumor microenvironment8 Forward-Looking Statements - The press release contains forward-looking statements concerning the company's financial runway, clinical trial progress, development plans, and upcoming milestones9 - Identified risks and uncertainties include the unpredictability of preclinical results in clinical trials, limited operating history, history of significant losses, and the need to obtain additional financing11