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NXTC

NextCure, Inc.

NXTC

NextCure, Inc. • NASDAQ
$14.09 ▲ 3.37% (+0.46)
Market Cap $37.76 M
52w High $15.74
52w Low $2.69
Dividend Yield 0%
P/E -0.59
Volume 22.07K
Outstanding Shares 2.68M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $0 $8.945M ▼ $-8.624M ▲ 0% $-3.22 ▲ $-8.091M ▲
Q2-2025 $0 $27.292M ▲ $-26.808M ▼ 0% $-11.29 ▼ $-26.659M ▼
Q1-2025 $0 $11.622M ▼ $-10.976M ▲ 0% $-4.703 ▲ $-10.968M ▲
Q4-2024 $0 $12.455M ▼ $-11.603M ▼ 0% $-4.971 ▼ $-11.781M ▲
Q3-2024 $0 $12.495M $-11.54M 0% $-4.95 $-11.795M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $29.11M ▼ $39.613M ▼ $15.967M ▼ $23.646M ▼
Q2-2025 $35.308M ▼ $47.689M ▼ $16.043M ▲ $31.646M ▼
Q1-2025 $55.86M ▼ $67.137M ▼ $11.282M ▼ $55.855M ▼
Q4-2024 $68.621M ▼ $80.86M ▼ $15.388M ▲ $65.472M ▼
Q3-2024 $75.308M $90.345M $14.753M $75.592M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-8.624M ▲ $-6.268M ▲ $8.7M ▲ $0 ▼ $2.432M ▲ $-6.268M ▲
Q2-2025 $-26.808M ▼ $-22.713M ▼ $3.759M ▼ $2.019M ▲ $-16.935M ▼ $-22.713M ▼
Q1-2025 $-10.976M ▲ $-12.994M ▼ $7.094M ▲ $0 ▼ $-5.9M ▼ $-12.994M ▼
Q4-2024 $-11.603M ▼ $-6.969M ▲ $6.958M ▼ $36K ▲ $25K ▼ $-6.935M ▲
Q3-2024 $-11.54M $-11.454M $18.307M $1K $6.854M $-11.624M

Five-Year Company Overview

Income Statement

Income Statement NextCure is a classic early‑stage biotech story: it has essentially no recurring product revenue yet and has been running steady operating losses for years. The spending level looks fairly consistent over time, suggesting a disciplined but ongoing investment in research and clinical work rather than uncontrolled cost growth. Losses did widen earlier and then improved slightly more recently, but the company remains firmly in the “pre‑commercial” phase. The very large loss per share figures are heavily influenced by a very small share count and the planned reverse split, so they overstate the economic change year‑to‑year in simple visual terms. Overall, the income statement reflects a company still in build‑out and testing mode, not yet in a position where sales offset research and overhead.

Balance Sheet

Balance Sheet The balance sheet shows a shrinking resource base over the past several years: total assets and shareholder equity have stepped down as cash has been used to fund operations. Cash remains the key asset but is modest relative to prior years, highlighting that financial flexibility is more limited than in the past. Debt is present but small, so the capital structure is still largely equity‑funded with low financial leverage. The company still has positive equity, which is a plus, but the trend is clearly one of gradual erosion of its cushion as long as there is no revenue. This pattern is typical for a development‑stage biotech but underscores dependence on future funding or partnership inflows to keep the balance sheet healthy.

Cash Flow

Cash Flow Cash flow is consistently negative from operations, reflecting ongoing research, clinical development, and corporate costs without offsetting income. Free cash flow is also negative and has hovered in a relatively narrow band, which suggests spending is being managed but not yet scaled down to a “minimal burn” profile. Capital spending is very light, so most cash use is tied to people, trials, and platform development rather than heavy equipment. The overall picture is one of steady cash burn that must be replenished periodically through financing or collaboration payments; there is no internal cash engine yet.

Competitive Edge

Competitive Edge NextCure operates in a very crowded and fast‑moving part of biotech—immuno‑oncology and antibody‑drug conjugates—but it does have some differentiators. Its FIND‑IO discovery platform is designed to uncover new immune targets that others may miss, which can translate into first‑in‑class drug opportunities. The company’s focus on less crowded targets like B7‑H4 and CDH6 via ADCs, plus collagen‑modulating and LAIR‑1–targeting drugs, gives it a distinct scientific angle. A growing patent estate and the involvement of respected scientists strengthen its position. On the other hand, it is a small player competing against much larger firms with deeper pockets, and success will depend heavily on turning these scientific advantages into clear clinical benefits and securing strong partners before competitors dominate the same target areas.

Innovation and R&D

Innovation and R&D Innovation is clearly the core of NextCure’s identity. The FIND‑IO platform uses functional screening to identify immune regulators that genuinely change cell behavior, not just markers that sit on the cell surface, which may improve the odds of finding impactful drug targets. The current pipeline shows this output: two priority ADCs co‑developed with specialized partners, plus several novel immunotherapies and non‑oncology candidates for bone disease and Alzheimer’s. The company appears willing to pivot—shifting emphasis toward ADCs and seeking partners for other programs—suggesting a pragmatic approach to capital allocation. The key risk is execution: translating promising early science into successful late‑stage trials is difficult and costly, and the breadth of the pipeline may strain resources unless partnership support materializes.

Summary

NextCure is an early‑stage, high‑innovation biotech with no recurring revenue yet, steady operating losses, and a balance sheet that has been gradually drawn down to fund R&D. Its cash use is controlled but persistent, making outside funding and partnerships critical to its future. On the strategic side, the company’s FIND‑IO platform, focus on novel immune targets, and pivot toward ADCs give it a differentiated scientific story and multiple shots on goal across oncology and select non‑oncology indications. At the same time, it faces the usual development‑stage biotech challenges: clinical risk, heavy competition from larger players, and the need for timely deals or capital raises to sustain its programs. The next few years will likely be defined by early data from its lead ADCs, success (or not) in securing partners for other assets, and how effectively it manages its limited financial resources while pushing the most promising candidates forward.

NEWS

November 20, 2025 · 8:00 AM UTC

NextCure to Present at the Piper Sandler 37th Annual Healthcare Conference

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November 17, 2025 · 8:00 AM UTC

NextCure Announces Closing of $21.5 Million PIPE Financing in Advance of First Half 2026 Phase 1 POC Data Readouts

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November 12, 2025 · 8:00 AM UTC

NextCure Announces $21.5 Million Private Placement of Common Stock Priced at the Market Under Nasdaq Rules

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November 5, 2025 · 4:05 PM UTC

NextCure Provides Business Update and Reports Third Quarter 2025 Financial Results

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October 16, 2025 · 8:05 AM UTC

NextCure and Simcere Zaiming Announce Expansion of Ongoing Phase 1 Trial of SIM0505 (CDH6 ADC) into the United States

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