NXTC NextCure Inc.

10.75
+0.63  (+6%)
Previous Close 10.12
Open 10.28
52 Week Low 7.91
52 Week High 70.98
Market Cap $296,195,707
Shares 27,553,089
Float 25,799,924
Enterprise Value $-8,479,740
Volume 903,810
Av. Daily Volume 371,334
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NC318
Solid tumors
Phase 1/2
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NC410
Solid Tumors
Phase 1
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Latest News

  1. BELTSVILLE, Md., Nov. 23, 2020 (GLOBE NEWSWIRE) -- NextCure, Inc. (NASDAQ:NXTC), a clinical-stage biopharmaceutical company committed to discovering and developing novel, first-in-class immunomedicines to treat cancer and other immune-related diseases, today announced that it will participate in a fireside chat at the Piper Sandler Virtual 32nd Annual Healthcare Conference on December 1st.

    An audio webcast of the pre-recorded fireside chat will be available through the Investors section of the company's website at www.nextcure.com and archived on the website for 30 days.

    About NextCure, Inc.
    NextCure is a clinical-stage biopharmaceutical company committed to discovering and developing novel, first-in-class immunomedicines to treat cancer…

    BELTSVILLE, Md., Nov. 23, 2020 (GLOBE NEWSWIRE) -- NextCure, Inc. (NASDAQ:NXTC), a clinical-stage biopharmaceutical company committed to discovering and developing novel, first-in-class immunomedicines to treat cancer and other immune-related diseases, today announced that it will participate in a fireside chat at the Piper Sandler Virtual 32nd Annual Healthcare Conference on December 1st.

    An audio webcast of the pre-recorded fireside chat will be available through the Investors section of the company's website at www.nextcure.com and archived on the website for 30 days.

    About NextCure, Inc.

    NextCure is a clinical-stage biopharmaceutical company committed to discovering and developing novel, first-in-class immunomedicines to treat cancer and other immune-related diseases. Through our proprietary FIND-IO™ platform, we study various immune cells to discover and understand targets and structural components of immune cells and their functional impact in order to develop immunomedicines. Our initial focus is to bring hope and new treatments to patients who do not respond to current cancer therapies, patients whose cancer progresses despite treatment and patients with cancer types not adequately addressed by available therapies. http://www.nextcure.com

    Cautionary Statement Regarding Forward-Looking Statements

    Statements made in this press release that are not historical facts are forward-looking statements. Words such as "expects," "believes," "intends," "hope," "forward" and similar expressions are intended to identify forward-looking statements. Examples of forward-looking statements in this press release include, among others, statements about NextCure's plans, objectives and intentions with respect to the discovery of immunomedicine targets and the discovery and development of immunomedicines. Forward-looking statements involve substantial risks and uncertainties that could cause actual results to differ materially from those projected in any forward-looking statement. Such risks and uncertainties include, among others: our limited operating history and no products approved for commercial sale; our history of significant losses; our need to obtain additional financing; risks related to clinical development, marketing approval and commercialization; and the unproven approach to the discovery and development of product candidates based on our FIND-IO platform. More detailed information on these and additional factors that could affect NextCure's actual results are described in NextCure's filings with the Securities and Exchange Commission (the "SEC"), including NextCure's most recent Form 10-K and subsequent Form 10-Q. You should not place undue reliance on any forward-looking statements. NextCure assumes no obligation to update any forward-looking statements, even if expectations change.



    Investor Inquiries
    Timothy Mayer, Ph.D.
    NextCure, Inc.
    Chief Operating Officer
    (240) 762-6486
    

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  2. BELTSVILLE, Md., Nov. 05, 2020 (GLOBE NEWSWIRE) -- NextCure, Inc. (NASDAQ:NXTC), a clinical-stage biopharmaceutical company committed to discovering and developing novel, first-in-class immunomedicines to treat cancer and other immune-related diseases, today reported third quarter 2020 financial results and provided a business update.

    "We continue to enroll in our ongoing NC318 and NC410 clinical trials. In addition, we are making progress analyzing biomarker data, including Siglec-15 expression in biopsies from the NC318 Phase 2 trial," said Michael Richman, NextCure's president and chief executive officer. "We look forward to providing a clinical update and additional biomarker data on the NC318 monotherapy trial by the end of 2020 and…

    BELTSVILLE, Md., Nov. 05, 2020 (GLOBE NEWSWIRE) -- NextCure, Inc. (NASDAQ:NXTC), a clinical-stage biopharmaceutical company committed to discovering and developing novel, first-in-class immunomedicines to treat cancer and other immune-related diseases, today reported third quarter 2020 financial results and provided a business update.

    "We continue to enroll in our ongoing NC318 and NC410 clinical trials. In addition, we are making progress analyzing biomarker data, including Siglec-15 expression in biopsies from the NC318 Phase 2 trial," said Michael Richman, NextCure's president and chief executive officer. "We look forward to providing a clinical update and additional biomarker data on the NC318 monotherapy trial by the end of 2020 and remain committed to our goal of developing novel immunomedicines for patients who do not respond to standard treatments or existing immunotherapies."

    Business Highlights and upcoming milestones

    • Continue enrolling new patients in the head and neck squamous cell carcinoma and triple-negative breast cancer cohorts of the NC318 Phase 2 monotherapy trial.
    • Plan to report updated clinical and initial biomarker data from the Phase 1 and 2 portions of the NC318 Phase 1/2 monotherapy clinical trial by the end of 2020.
    • Continue enrolling patients in the Phase 1 portion of a Phase 1/2 clinical trial for NC410 and remain on track to report initial clinical data in the second half of 2021 as planned.
    • Two abstracts regarding pre-clinical research for the NC410 program accepted for poster presentation at the upcoming virtual 35th Annual Meeting of the Society for Immunotherapy of Cancer (SITC) in November.
    • Announced the appointment of John G. Houston, Ph.D., president and chief executive officer of clinical-stage biopharmaceutical company Arvinas, Inc., to NextCure's Board of Directors.

    Financial Results for Quarter Ended September 30, 2020

    • Cash, cash equivalents and marketable securities as of September 30, 2020 were $291.2 million, as compared to $334.6 million as of December 31, 2019. The decrease of $43.4 million as of September 30, 2020 as compared to as of December 31, 2019 primarily reflects cash used to fund operations of $38.6 million and cash used to purchase fixed assets of $6.2 million offset by a reduction in restricted cash of $1.1 million.
    • Research and development expenses were $12.7 million for the quarter ended September 30, 2020, as compared to $8.7 million for the quarter ended September 30, 2019. The increase was primarily related to an increase in headcount. Other significant components of the increase included clinical research costs related to advancing NC318 and NC410.
    • General and administrative expenses were $4.7 million for the quarter ended September 30, 2020, as compared to $2.6 million for the quarter ended September 30, 2019. The increase was primarily related to increases in personnel-related costs due to an increase in headcount, as well as increases in professional fees and insurance costs in connection with operating as a publicly traded company.
    • There was no revenue recognized in the quarter ended September 30, 2020, as compared to $1.6 million for the quarter ended September 30, 2019. Revenue generated in the prior year quarter was from our former research and development agreement with Eli Lilly.
    • Net loss was $16.4 million for the quarter ended September 30, 2020, as compared to $8.4 million for the quarter ended September 30, 2019. The increase in net loss for the quarter was primarily due to increased research and development expenses and increased general and administrative expenses from an increase in headcount.

    About NC318

    NC318 is a first-in-class immunomedicine against S15, a novel immunomodulatory target found on highly immunosuppressive cells called M2 macrophages in the tumor microenvironment and on certain tumor types including lung, ovarian and head and neck cancers. In preclinical research, it was observed that S15 promoted the survival and differentiation of suppressive myeloid cells and negatively regulated T cell function, allowing cancer to avoid immune destruction. In preclinical studies, NC318 blocked the negative effects of S15. NextCure believes NC318 has the potential to treat multiple cancer types.

    About NC410

    NC410 is a first-in-class immunomedicine designed to block immune suppression mediated by LAIR-1, an immunomodulatory receptor expressed on T cells and dendritic cells, a type of antigen presenting cell. In preclinical research, it was observed that LAIR-1 inhibited T cell function and dendritic cell activity allowing tumor cells to grow. In preclinical studies, NC410 blocked the negative effects of LAIR-1 and promoted T cell function and dendritic cell activity. NextCure believes NC410 has the potential to treat multiple cancer types.

    About NextCure, Inc.

    NextCure is a clinical-stage biopharmaceutical company committed to discovering and developing novel, first-in-class immunomedicines to treat cancer and other immune-related diseases. Through our proprietary FIND-IO™ platform, we study various immune cells to discover and understand targets and structural components of immune cells and their functional impact in order to develop immunomedicines. Our initial focus is to bring hope and new treatments to patients who do not respond to current cancer therapies, patients whose cancer progresses despite treatment and patients with cancer types not adequately addressed by available therapies. www.nextcure.com

    Forward-Looking Statements

    This press release contains forward-looking statements, including statements pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements are based on current expectations, forecasts, assumptions and other information available to NextCure as of the date hereof. Forward-looking statements include statements regarding NextCure's expectations, beliefs, intentions or strategies regarding the future and can be identified by forward-looking words such as "may," "will," "potential," "expects," "believes," "intends," "hope," "towards," "forward," "later" and similar expressions. Examples of forward-looking statements in this press release include, among others, statements about the progress and evaluation and expected timing of results of NextCure's ongoing clinical trial of NC318, expectations regarding the potential benefits, activity, effectiveness and safety of NC318, the evaluation of biomarkers, the expected timing of results of NextCure's ongoing clinical trial of NC410 and NextCure's plans, objectives and intentions with respect to the discovery and development of immunomedicines. Forward-looking statements involve substantial risks and uncertainties that could cause actual results to differ materially from those projected in any forward-looking statement. Such risks and uncertainties include, among others: the impacts of the COVID-19 pandemic on NextCure's business, including NextCure's clinical trials, third parties on which NextCure relies and NextCure's operations; positive results in preclinical studies may not be predictive of the results of clinical trials; NextCure's limited operating history and no products approved for commercial sale; NextCure's history of significant losses; NextCure's need to obtain additional financing; risks related to clinical development, marketing approval and commercialization; the unproven approach to the discovery and development of product candidates based on NextCure's FIND-IO platform; and dependence on key personnel. More detailed information on these and additional factors that could affect NextCure's actual results are described in NextCure's filings with the Securities and Exchange Commission (the "SEC"), including NextCure's most recent Form 10-K and subsequent Form 10-Q. You should not place undue reliance on any forward-looking statements. Forward-looking statements speak only as of the date of this press release, and NextCure assumes no obligation to update any forward-looking statements, even if expectations change.



    NEXTCURE, INC.

    CONDENSED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS

    (unaudited, in thousands, except share and per share amounts)

                  
      Three Months Ended  Nine Months Ended  
      September 30,   September 30, 

     
         2020    2019    2020    2019 
    Revenue:             
    Revenue from research and development arrangement $ —  $ 1,583  $ 22,378  $ 4,342  
                  
    Operating expenses:             
    Research and development   12,740    8,663    34,448    22,819  
    General and administrative   4,659    2,622    12,918    6,995  
    Total operating expenses   17,399    11,285    47,366    29,814  
    Loss from operations   (17,399)   (9,702)   (24,988)   (25,472) 
    Other income, net   1,032    1,268    3,846    2,662  
    Net loss $ (16,367) $ (8,434) $ (21,142) $ (22,810) 
    Loss per share:             
    Net loss per common share—basic and diluted $ (0.59) $ (0.37) $ (0.77) $ (1.81) 
    Weighted average number of common shares —basic and diluted   27,547,737    22,715,567    27,524,350    12,609,219  
    Comprehensive loss:             
    Net loss $ (16,367) $ (8,434) $ (21,142) $ (22,810) 
    Unrealized gain (loss) on marketable securities   (637)   (58)   1,298    (58) 
    Total comprehensive loss $ (17,004) $ (8,492) $ (19,844) $ (22,868) 



    NEXTCURE, INC.

    CONDENSED BALANCE SHEETS

    (unaudited, in thousands, except share and per share amounts)

           
      September 30,  December 31, 
         2020    2019
    Assets      
    Current assets:        
    Cash and cash equivalents $ 22,534  $ 34,091 
    Marketable securities   268,672    300,514 
    Restricted cash   1,706    1,706 
    Prepaid expenses and other current assets   4,069    3,684 
    Total current assets   296,981    339,995 
    Property and equipment, net   15,819    12,090 
    Other assets   3,278    4,083 
    Total assets $ 316,078  $ 356,168 
    Liabilities, Preferred Stock and Stockholders' Equity        
    Current liabilities:        
    Accounts payable $ 186  $ 1,861 
    Accrued liabilities   3,754    4,871 
    Deferred rent, current portion   134    215 
    Term loan, current portion   1,667    1,667 
    Deferred revenue, current portion   —    6,428 
    Total current liabilities   5,741    15,042 
    Deferred rent, net of current portion   776    359 
    Term loan, net of current portion   2,222    3,333 
    Deferred revenue, net of current portion   —    15,950 
    Total liabilities   8,739    34,684 
    Stockholders' equity:        
    Preferred stock, par value of $0.001 per share; 10,000,000 shares authorized at September 30, 2020 and December 31, 2019. No shares issued and outstanding at September 30, 2020 and December 31, 2019   —    — 
    Common stock, par value of $0.001 per share; 100,000,000 shares authorized at September 30, 2020 and December 31, 2019, 27,553,089 and 27,499,260 shares issued and outstanding at September 30, 2020 and December 31, 2019, respectively   28    27 
    Additional paid-in capital   408,189    402,529 
    Accumulated other comprehensive income (loss)   1,298    (38)
    Accumulated deficit   (102,176)   (81,034)
    Total stockholders' equity   307,339    321,484 
    Total liabilities, preferred stock and stockholders' equity $ 316,078  $ 356,168 



    Investor Inquiries
    Timothy Mayer, Ph.D.
    NextCure, Inc.
    Chief Operating Officer
    (240) 762-6486
    
    
    Media Inquiries
    Emily Wong
    MacDougall
    (781) 235-3060
    

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  3. BELTSVILLE, Md., Sept. 14, 2020 (GLOBE NEWSWIRE) -- NextCure, Inc. (NASDAQ:NXTC), a clinical-stage biopharmaceutical company committed to discovering and developing novel, first-in-class immunomedicines to treat cancer and other immune-related diseases, today announced the appointment of John G. Houston, Ph.D., to its board of directors as of September 10, 2020. Dr. Houston has more than 30 years of experience in the pharmaceutical and biotech industry and currently serves as president and chief executive officer of Arvinas, Inc. In addition, Judith Li has announced that she is stepping down from the company's board of directors.

    "John is an important addition to our Board of Directors. His deep expertise in discovery biology and product…

    BELTSVILLE, Md., Sept. 14, 2020 (GLOBE NEWSWIRE) -- NextCure, Inc. (NASDAQ:NXTC), a clinical-stage biopharmaceutical company committed to discovering and developing novel, first-in-class immunomedicines to treat cancer and other immune-related diseases, today announced the appointment of John G. Houston, Ph.D., to its board of directors as of September 10, 2020. Dr. Houston has more than 30 years of experience in the pharmaceutical and biotech industry and currently serves as president and chief executive officer of Arvinas, Inc. In addition, Judith Li has announced that she is stepping down from the company's board of directors.

    "John is an important addition to our Board of Directors. His deep expertise in discovery biology and product development will support NextCure as we work diligently to advance our ongoing NC318 and NC410 clinical trials, as well as our preclinical programs," said Michael Richman, NextCure's president and chief executive officer. "We are delighted to welcome him to NextCure and look forward to benefiting from his insights, which we believe will help us advance our goal of bringing novel immunomedicines to patients. We would like to thank Judith for her counsel and support since our inception," Mr. Richman added.

    In addition to his role as president and chief executive officer of Arvinas, Dr. Houston also currently serves on the boards of directors of Oerth Bio, Cybrexa Therapeutics and BioCT. Prior to Arvinas, he spent more than 18 years at Bristol Myers Squibb (BMS) in roles of increasing responsibility and had accountability for all Discovery Biology disease teams, as well as various Discovery technology departments. He was the senior vice president of Specialty Discovery and R&D Site Development at BMS and previously worked in various roles across BMS's Discovery Biology, Applied Biotechnology and Early Discovery Chemistry departments. Dr. Houston was a member of the BMS senior executive leadership team, which reviewed and approved over 200 pre-clinical candidates for progression into early development, several of which advanced into late stage clinical trials, and toward commercialization. He was also the principal architect and driver of the ‘Leveraging Technology' initiative at BMS, which led to an industry-leading integrated lead discovery and optimization process. Prior to joining BMS, he worked at Glaxo Welcome Research and Development in the UK, where he served as head of the Lead Discovery Unit.

    Dr. Houston obtained a B.Sc. in Medical Microbiology from Glasgow University and a Ph.D. in Microbial Biochemistry from Heriot-Watt University, Edinburgh.

    About NextCure, Inc.

    NextCure is a clinical-stage biopharmaceutical company committed to discovering and developing novel, first-in-class immunomedicines to treat cancer and other immune-related diseases. Through our proprietary FIND-IO™ platform, we study various immune cells to discover and understand targets and structural components of immune cells and their functional impact in order to develop immunomedicines. Our initial focus is to bring hope and new treatments to patients who do not respond to current cancer therapies, patients whose cancer progresses despite treatment and patients with cancer types not adequately addressed by available therapies. www.nextcure.com

    Forward-Looking Statements

    This press release contains forward-looking statements, including statements pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements are based on current expectations, forecasts, assumptions and other information available to NextCure as of the date hereof. Forward-looking statements include statements regarding NextCure's expectations, beliefs, intentions or strategies regarding the future and can be identified by forward-looking words such as "may," "will," "potential," "expects," "believes," "intends," "hope," "towards," "forward," "later" and similar expressions. Examples of forward-looking statements in this press release include, among others, statements about the benefits of Dr. Houston as a member of NextCure's board of directors, progress and NextCure's plans, objectives and intentions with respect to the discovery and development of immunomedicines. Forward-looking statements involve substantial risks and uncertainties that could cause actual results to differ materially from those projected in any forward-looking statement. Such risks and uncertainties include, among others: the impacts of the COVID-19 pandemic on NextCure's business, including NextCure's clinical trials, third parties on which NextCure relies and NextCure's operations; positive results in preclinical studies may not be predictive of the results of clinical trials; NextCure's limited operating history and no products approved for commercial sale; NextCure's history of significant losses; NextCure's need to obtain additional financing; risks related to clinical development, marketing approval and commercialization; the unproven approach to the discovery and development of product candidates based on NextCure's FIND-IO platform; and dependence on key personnel. More detailed information on these and additional factors that could affect NextCure's actual results are described in NextCure's filings with the Securities and Exchange Commission, including NextCure's most recent Form 10-K and subsequent Forms 10-Q. You should not place undue reliance on any forward-looking statements. Forward-looking statements speak only as of the date of this press release, and NextCure assumes no obligation to update any forward-looking statements, even if expectations change.

    Investor Inquiries
    Timothy Mayer, Ph.D.
    NextCure, Inc.
    Chief Operating Officer
    (240) 762-6486
    
    
    Media Inquiries
    Shai Biran, Ph.D.
    MacDougall
    (781) 591-3481
    

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  4. BELTSVILLE, Md., Sept. 08, 2020 (GLOBE NEWSWIRE) -- NextCure, Inc. (NASDAQ:NXTC), a clinical-stage biopharmaceutical company committed to discovering and developing novel, first-in-class immunomedicines to treat cancer and other immune-related diseases, today announced that it will present at the Morgan Stanley Virtual 18th Annual Global Healthcare Conference on September 15th at 4:15 pm Eastern time.

    A live audio webcast will be available through the Investors section of the company's website at www.nextcure.com. A replay of the webcast will be available approximately two hours after the event and archived on the website for 30 days.

    About NextCure, Inc.
    NextCure is a clinical-stage biopharmaceutical company committed to discovering and…

    BELTSVILLE, Md., Sept. 08, 2020 (GLOBE NEWSWIRE) -- NextCure, Inc. (NASDAQ:NXTC), a clinical-stage biopharmaceutical company committed to discovering and developing novel, first-in-class immunomedicines to treat cancer and other immune-related diseases, today announced that it will present at the Morgan Stanley Virtual 18th Annual Global Healthcare Conference on September 15th at 4:15 pm Eastern time.

    A live audio webcast will be available through the Investors section of the company's website at www.nextcure.com. A replay of the webcast will be available approximately two hours after the event and archived on the website for 30 days.

    About NextCure, Inc.

    NextCure is a clinical-stage biopharmaceutical company committed to discovering and developing novel, first-in-class immunomedicines to treat cancer and other immune-related diseases. Through our proprietary FIND-IO™ platform, we study various immune cells to discover and understand targets and structural components of immune cells and their functional impact in order to develop immunomedicines. Our initial focus is to bring hope and new treatments to patients who do not respond to current cancer therapies, patients whose cancer progresses despite treatment and patients with cancer types not adequately addressed by available therapies. http://www.nextcure.com

    Cautionary Statement Regarding Forward-Looking Statements

    Statements made in this press release that are not historical facts are forward-looking statements. Words such as "expects," "believes," "intends," "hope," "forward" and similar expressions are intended to identify forward-looking statements. Examples of forward-looking statements in this press release include, among others, statements about NextCure's plans, objectives and intentions with respect to the discovery of immunomedicine targets and the discovery and development of immunomedicines. Forward-looking statements involve substantial risks and uncertainties that could cause actual results to differ materially from those projected in any forward-looking statement. Such risks and uncertainties include, among others: our limited operating history and no products approved for commercial sale; our history of significant losses; our need to obtain additional financing; risks related to clinical development, marketing approval and commercialization; and the unproven approach to the discovery and development of product candidates based on our FIND-IO platform. More detailed information on these and additional factors that could affect NextCure's actual results are described in NextCure's filings with the Securities and Exchange Commission (the "SEC"), including NextCure's most recent Form 10-K and subsequent Form 10-Q. You should not place undue reliance on any forward-looking statements. NextCure assumes no obligation to update any forward-looking statements, even if expectations change.

    Investor Inquiries
    Timothy Mayer, Ph.D.
    NextCure, Inc.
    Chief Operating Officer
    (240) 762-6486
    

    Primary Logo

    View Full Article Hide Full Article
  5. BELTSVILLE, Md., Aug. 06, 2020 (GLOBE NEWSWIRE) -- NextCure, Inc. (NASDAQ:NXTC), a clinical-stage biopharmaceutical company committed to discovering and developing novel, first-in-class immunomedicines to treat cancer and other immune-related diseases, today reported second quarter 2020 financial results and provided a business update.

    "Despite our recent announcement that we did not see sufficient clinical activity required for advancement in our initial non-small cell lung cancer and ovarian cancer Phase 2 cohorts, we remain encouraged about the NC318 single agent activity we have seen in patients with both non-small cell lung and head and neck cancers. We are working diligently in hopes of better understanding Siglec-15 biology and evaluating…

    BELTSVILLE, Md., Aug. 06, 2020 (GLOBE NEWSWIRE) -- NextCure, Inc. (NASDAQ:NXTC), a clinical-stage biopharmaceutical company committed to discovering and developing novel, first-in-class immunomedicines to treat cancer and other immune-related diseases, today reported second quarter 2020 financial results and provided a business update.

    "Despite our recent announcement that we did not see sufficient clinical activity required for advancement in our initial non-small cell lung cancer and ovarian cancer Phase 2 cohorts, we remain encouraged about the NC318 single agent activity we have seen in patients with both non-small cell lung and head and neck cancers. We are working diligently in hopes of better understanding Siglec-15 biology and evaluating biomarkers that may provide a focused path forward. We anticipate having more information by the end of this year," said Michael Richman, NextCure's president and chief executive officer. "We recently initiated the Phase 1 portion of a Phase 1/2 clinical trial of NC410, our second product candidate, and expect to have initial clinical data for that trial in the second half of 2021. We remain highly committed to our goal of bringing novel immunomedicines to patients and remain focused on advancing our current clinical and preclinical programs."

    Business Highlights and upcoming milestones

    • Observed one confirmed partial response in head and neck squamous cell carcinoma (HNSCC), and advanced this indication to the stage 2 portion of the Simon 2-stage trial of NC318.
    • Continued enrolling new patients in the HNSCC and triple-negative breast cancer cohorts of the NC318 monotherapy trial.
    • Reported initial biomarker data from the Phase 1 portion of the NC318 Phase 1/2 monotherapy clinical trial at the virtual American Society of Clinical Oncology Annual Meeting.
    • Initiated the Phase 1 portion of a Phase 1/2 clinical trial for NC410.

    Financial Results for Quarter Ended June 30, 2020

    • Cash, cash equivalents and marketable securities as of June 30, 2020 were $309.3 million, compared to $334.6 million as of December 31, 2019. The decrease of $25.3 million primarily reflects cash used to fund operations of $23.0 million and cash used to purchase fixed assets of $4.3 million.
    • Research and development expenses were $11.1 million for the quarter ended June 30, 2020, as compared to $7.6 million for the quarter ended June 30, 2019. The increases primarily reflect an increase in headcount, clinical research costs for NC318 and NC410, and expenses for lab supplies and services for NC318, NC410, our other early stage programs and discovery activities.
    • General and administrative expenses were $4.7 million for the quarter ended June 30, 2020, as compared to $2.7 million for the quarter ended June 30, 2019. The increase was primarily related to increases in personnel-related costs due to an increase in headcount, as well as increases in professional fees and insurance costs in connection with becoming a publicly traded company.
    • There was no revenue recognized in the quarter ended June 30, 2020 as compared to $1.4 million in the quarter ended June 30, 2019. Revenue generated in the prior year quarter was from our former research and development agreement with Eli Lilly.
    • Net loss was $14.5 million for the quarter ended June 30, 2020, as compared to $8.2 million for the quarter ended June 30, 2019. The increase in net loss for the quarter was primarily due to increased research and development expenses and increased general and administrative expenses from an increase in headcount.

    About NC318

    NC318 is a first-in-class immunomedicine against S15, a novel immunomodulatory target found on highly immunosuppressive cells called M2 macrophages in the tumor microenvironment and on certain tumor types including lung, ovarian and head and neck cancers. In preclinical research, it was observed that S15 promoted the survival and differentiation of suppressive myeloid cells and negatively regulated T cell function, allowing cancer to avoid immune destruction. In preclinical studies, NC318 blocked the negative effects of S15. NextCure believes NC318 has the potential to treat multiple cancer types.

    About NC410

    NC410 is a first-in-class immunomedicine designed to block immune suppression mediated by LAIR-1, an immunomodulatory receptor expressed on T cells and dendritic cells, a type of antigen presenting cell. In preclinical research, it was observed that LAIR-1 inhibited T cell function and dendritic cell activity allowing tumor cells to grow. In preclinical studies, NC410 blocked the negative effects of LAIR-1 and promoted T cell function and dendritic cell activity. NextCure believes NC410 has the potential to treat multiple cancer types.

    About NextCure, Inc.

    NextCure is a clinical-stage biopharmaceutical company committed to discovering and developing novel, first-in-class immunomedicines to treat cancer and other immune-related diseases. Through our proprietary FIND-IO™ platform, we study various immune cells to discover and understand targets and structural components of immune cells and their functional impact in order to develop immunomedicines. Our initial focus is to bring hope and new treatments to patients who do not respond to current cancer therapies, patients whose cancer progresses despite treatment and patients with cancer types not adequately addressed by available therapies. www.nextcure.com

    Forward-Looking Statements

    This press release contains forward-looking statements, including statements pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements are based on current expectations, forecasts, assumptions and other information available to NextCure as of the date hereof. Forward-looking statements include statements regarding NextCure's expectations, beliefs, intentions or strategies regarding the future and can be identified by forward-looking words such as "may," "will," "potential," "expects," "believes," "intends," "hope," "towards," "forward," "later" and similar expressions. Examples of forward-looking statements in this press release include, among others, statements about the progress and evaluation and expected timing of results of NextCure's ongoing clinical trial of NC318, expectations regarding the potential benefits, activity, effectiveness and safety of NC318, the evaluation of biomarkers, the expected timing of results of NextCure's ongoing clinical trial of NC410 and NextCure's plans, objectives and intentions with respect to the discovery and development of immunomedicines. Forward-looking statements involve substantial risks and uncertainties that could cause actual results to differ materially from those projected in any forward-looking statement. Such risks and uncertainties include, among others: the impacts of the COVID-19 pandemic on NextCure's business, including NextCure's clinical trials, third parties on which NextCure relies and NextCure's operations; positive results in preclinical studies may not be predictive of the results of clinical trials; NextCure's limited operating history and no products approved for commercial sale; NextCure's history of significant losses; NextCure's need to obtain additional financing; risks related to clinical development, marketing approval and commercialization; the unproven approach to the discovery and development of product candidates based on NextCure's FIND-IO platform; and dependence on key personnel. More detailed information on these and additional factors that could affect NextCure's actual results are described in NextCure's filings with the Securities and Exchange Commission (the "SEC"), including NextCure's most recent Form 10-K and subsequent Form 10-Q. You should not place undue reliance on any forward-looking statements. Forward-looking statements speak only as of the date of this press release, and NextCure assumes no obligation to update any forward-looking statements, even if expectations change.



    NEXTCURE, INC.

    CONDENSED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS

    (unaudited, in thousands, except share and per share amounts)

     

      Three Months Ended  Six Months Ended
      June 30, June 30, 
      2020 2019 2020 2019
    Revenue:            
    Revenue from research and development arrangement $  $1,402  $22,378  $2,759 
                 
    Operating expenses:            
    Research and development  11,130   7,643   21,708   14,156 
    General and administrative  4,671   2,714   8,259   4,373 
    Total operating expenses  15,801   10,357   29,967   18,529 
    Loss from operations  (15,801)  (8,955)  (7,589)  (15,770)
    Other income, net  1,293   734   2,814   1,394 
    Net loss $(14,508) $(8,221) $(4,775) $(14,376)
    Loss per share:            
    Net loss per common share—basic and diluted $(0.53) $(0.61) $(0.17) $(1.92)
    Weighted average number of common shares—basic and diluted  27,518,129   13,498,393   27,512,528   7,472,298 
    Comprehensive Loss:            
    Net loss $(14,508) $(8,221) $(4,775) $(14,376)
    Unrealized gain on marketable securities  2,478      1,935    
    Total comprehensive loss $(12,030) $(8,221) $(2,840) $(14,376)

     

     



    NEXTCURE, INC.

    CONDENSED BALANCE SHEETS

    (unaudited, in thousands, except share and per share amounts)

     

      June 30,  December 31, 
      2020 2019
    Assets     
    Current assets:      
    Cash and cash equivalents $25,050  $34,091 
    Marketable securities  284,285   300,514 
    Restricted cash  1,706   1,706 
    Prepaid expenses and other current assets  4,029   3,684 
    Total current assets  315,070   339,995 
    Property and equipment, net  14,831   12,090 
    Other assets  3,588   4,083 
    Total assets $333,489  $356,168 
    Liabilities, Preferred Stock and Stockholders' Equity      
    Current liabilities:      
    Accounts payable $2,435  $1,861 
    Accrued liabilities  4,118   4,871 
    Deferred rent, current portion  142   215 
    Term loan, current portion  1,667   1,667 
    Deferred revenue, current portion     6,428 
    Total current liabilities  8,362   15,042 
    Deferred rent, net of current portion  571   359 
    Term loan, net of current portion  2,639   3,333 
    Deferred revenue, net of current portion     15,950 
    Total liabilities  11,572   34,684 
    Stockholders' equity:      
    Preferred stock, par value of $0.001 per share; 10,000,000 shares authorized at June 30, 2020 and December 31, 2019. No shares issued and outstanding at June 30, 2020 and December 31, 2019      
    Common stock, par value of $0.001 per share; 100,000,000 shares authorized at June 30, 2020 and December 31, 2019, 27,520,650 and 27,499,260 shares issued and outstanding at June 30, 2020 and December 31, 2019, respectively  28   27 
    Additional paid-in capital  405,763   402,529 
    Accumulated other comprehensive income (loss)  1,935   (38)
    Accumulated deficit  (85,809)  (81,034)
    Total stockholders' equity  321,917   321,484 
    Total liabilities, preferred stock and stockholders' equity $333,489  $356,168 
             
    Investor Inquiries
    Timothy Mayer, Ph.D.
    NextCure, Inc.
    Chief Operating Officer
    (240) 762-6486
    
    
    Media Inquiries
    Shai Biran, Ph.D.
    MacDougall
    (781) 235-3060
    

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