Financial Results for Quarter Ended March 31, 2024
| ● | Cash, cash equivalents, and marketable securities as of March 31, 2024, were $96.0 million as compared to $108.3 million as of December 31, 2023. The decrease of $12.3 million was primarily due to cash used to fund operations. NextCure expects financial resources to fund operating expenses and capital expenditures into the second half of 2026. |
| ● | Research and development expenses were $11.4 million for the three months ended March 31, 2024, as compared to $11.6 million for the three months ended March 31, 2023. Higher costs associated with increased patient enrollment in our phase 1b combination trial of NC410 were offset by reimbursements under our cost-sharing agreement with LigaChem and lower personnel-related costs. |
| ● | General and administrative expenses were $4.4 million for the three months ended March 31, 2024, as compared to $5.4 million for the three months ended March 31, 2023. The decrease of $1.0 million was primarily related to lower personnel-related costs and lower insurance costs. |
| ● | Restructuring and asset impairment costs associated with our reduction in workforce and the manufacturing pause announced in March 2024 totaled $2.5 million. |
| ● | Net loss was $17.1 million for the three months ended March 31, 2024, as compared with a net loss of $16.1 million for the three months ended March 31, 2023. Lower general and administrative expenses and higher other income were offset by restructuring and impairment costs. |
About NextCure, Inc.
NextCure is a clinical-stage biopharmaceutical company that is focused on advancing innovative medicines that treat cancer patients that do not respond, to or have disease progression on, current therapies, through the use of differentiated mechanisms of actions including antibody-drug conjugates, antibodies and proteins. We focus on advancing therapies that leverage our core strengths in understanding biological pathways and biomarkers, the interactions of cells, including in the tumor microenvironment, and the role each interaction plays in a biologic response. www.nextcure.com
Forward-Looking Statements
Some of the statements contained in this press release are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including with respect to funding for our operations, objectives and expectations for our business, operations and financial performance and condition, including the progress and results of clinical trials, development plans and upcoming milestones regarding our therapies. Any statements contained herein that are not statements of historical fact may be deemed to be forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as “aim,” “anticipate,” “assume,” “believe,” “continue,” “could,” “should,” “due,” “estimate,” “expect,” “intend,” “hope,” “may,” “objective,” “plan,” “predict,” “potential,” “positioned,” “seek,” “target,” “towards,” “forward,” “later,” “will,” “would” and other similar expressions that are predictions of or indicate future events and future trends, or the negative of these terms or similar language.
