Full Press Release Details
NextCure Provides Business Update and Reports
Fourth Quarter and Full Year 2021 Financial Results
Md. - March 3, 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 fourth quarter and full year 2021 financial results and provided a business update.
"In 2021, NextCure set the stage for multiple
data readouts in 2022. This year, we intend to have important updates on NC318, NC410, and NC762," said Michael Richman, NextCure's
president and chief executive officer. "Additionally, we expect our year-end cash position of $219.6 million to fund us into the
first quarter of 2024."
Expected Upcoming Milestones
The widespread impact of the COVID-19 pandemic,
including the emergence of the Omicron variant, has impacted enrollment and operations at certain clinical trial sites involved in NextCure's
ongoing trials. As a result, some milestones have been delayed. NextCure has taken multiple steps intended to drive enrollment and will
continue to institute measures designed to mitigate the impact of the pandemic.
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 Fourth Quarter and Full Year Ended December 31,
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," "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, 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 Statement of Operations Items: | Year Ended | |||||||
| December 31, | ||||||||
| (in thousands, except share and per share amounts) | 2021 | 2020 | ||||||
| Revenue: | ||||||||
| Revenue from former research and development arrangement | $ | - | $ | 22,378 | ||||
| Operating expenses: | ||||||||
| Research and development | 50,192 | 46,554 | ||||||
| General and administrative | 20,573 | 17,049 | ||||||
| Loss from operations | (70,765 | ) | (41,225 | ) | ||||
| Other income, net | 1,376 | 4,622 | ||||||
| Net loss | $ | (69,389 | ) | $ | (36,603 | ) | ||
| Net loss per common share - basic and diluted | $ | (2.51 | ) | $ | (1.33 | ) | ||
| Weighted-average shares outstanding - basic and diluted | 27,615,977 | 27,532,177 |
| Selected Balance Sheet Items: | Year Ended | |||||||
| December 31, | ||||||||
| (in thousands) | 2021 | 2020 | ||||||
| Cash, cash equivalents, and marketable securities | $ | 219,591 | $ | 283,448 | ||||
| Total assets | 242,386 | 306,644 | ||||||
| Accounts payable and accrued expenses | 6,391 | 8,528 | ||||||
| Total stockholder's equity | 233,386 | 293,721 |