NextCure Provides Business Update and Reports Full Year 2025 Financial Results

Core Insights - NextCure, Inc. is positioned for a transformative year in 2026, with plans to present clinical dose escalation data for SIM0505, a novel therapy targeting multiple cancers [2] - The company has made significant progress in clinical and regulatory aspects since acquiring SIM0505 in June 2025, including plans to expand trial sites and initiate studies for platinum resistant ovarian cancer [2][3] Business Highlights and Near-Term Milestones - SIM0505 (CDH6 ADC): Phase 1 dose escalation data is expected in Q2 2026, targeting cadherin-6 overexpressed in several cancers, including ovarian cancer [3] - LNCB74 (B7-H4 ADC): Ongoing enrollment in Phase 1 dose escalation, focusing on B7-H4 overexpressed in various cancers [4] - The company anticipates doubling the number of trial sites for SIM0505 and expanding into additional countries in 2026 [2][6] Financial Results for the Full Year Ended December 31, 2025 - Cash, cash equivalents, and marketable securities decreased to $41.8 million from $68.6 million in 2024, primarily due to operational funding of $49.6 million [5] - Research and development expenses increased to $44.9 million from $41.5 million in 2024, driven by license fees and milestone payments for SIM0505 [13] - The net loss for 2025 was $55.8 million, slightly higher than the $55.7 million loss in 2024, attributed to increased R&D costs [13][16] Selected Financial Information - Operating expenses for research and development were $44.9 million, while general and administrative expenses were $12.7 million, down from $15.7 million in 2024 [16] - The company reported a net loss per common share of $19.65 for 2025, compared to $23.88 in 2024 [16] - Total assets decreased to $50.2 million from $80.9 million in 2024, with total stockholders' equity dropping to $34.9 million [17]