Full Press Release Details
NextCure Provides Business Update and Reports
First Quarter 2022 Financial Results
BELTSVILLE, Md. - May 5, 2022
-- 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 first quarter
2022 financial results and provided a business update.
"In the first quarter, we continued to advance
our pipeline of four product candidates towards key clinical milestones," said Michael Richman, NextCure's President and Chief
Executive Officer. "In the second half of 2022, we anticipate clinical trial updates for NC318, NC410, and NC762, as well as an
IND filing for NC525. We also expect our quarter-end cash position of $201.3 million will fund our operations into the first quarter of
We believe we are on track to meet the following
milestones during the second half of 2022:
Based on its current research and development
plans, NextCure expects its existing cash, cash equivalents and marketable securities will enable it to fund operating expenses
and capital expenditures into the first quarter of 2024.
Financial Results for First Quarter March 31, 2022
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
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," "anticipates," "intends,"
"hope," "towards," "forward," "later" and similar expressions. Examples of
forward-looking statements in this press release include, among others, statements about the development plans for our
immunomedicines, 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, expectations regarding
the investigator initiated trial conducted by Yale, the expected timing of results of NextCure's ongoing clinical trial of
NC410, the development plans for NC762, the plans for the Investigative New Drug (IND) Application filing for NC525,
NextCure's financial guidance, expected upcoming milestones, 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 in Item 1A of NextCure's most recent Form 10-K and
elsewhere in the Company's filings with the SEC. 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, except as required by law, even if expectations change.
Timothy Mayer, Ph.D.
Chief Operating Officer
| Selected Financial Information | ||||||||
| Selected Statement of Operations Items: | Three Months Ended | |||||||
| March 31, | ||||||||
| (in thousands, except share and per share amounts) | 2022 | 2021 | ||||||
| Operating expenses: | ||||||||
| Research and development | $ | 15,024 | $ | 12,386 | ||||
| General and administrative | 5,747 | 4,848 | ||||||
| Loss from operations | (20,771 | ) | (17,234 | ) | ||||
| Other income, net | 169 | 701 | ||||||
| Net loss | $ | (20,602 | ) | $ | (16,533 | ) | ||
| Net loss per common share - basic and diluted | $ | (0.74 | ) | $ | (0.60 | ) | ||
| Weighted-average shares outstanding - basic and diluted | 27,708,768 | 27,597,426 |
| Selected Balance Sheet Items: | ||||||||
| March 31, | December 31, | |||||||
| (in thousands) | 2022 | 2021 | ||||||
| Cash, cash equivalents, and marketable securities | $ | 201,324 | $ | 219,591 | ||||
| Total assets | 222,746 | 242,386 | ||||||
| Accounts payable and accrued expenses | 6,212 | 6,391 | ||||||
| Total stockholders' equity | 213,936 | 233,386 |