Full Press Release Details
NextCure Provides Business Update and Reports
Md. - August 4, 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 second quarter 2022 financial results and provided a business update.
"We have set the stage for multiple clinical
data updates in the second half of this year for our NC318, NC410, and NC762 programs as well as an IND filing for NC525," said
Michael Richman, NextCure's president and chief executive officer. "We expect our strong cash position of $185.5 million as
of June 30, 2022 will fund our operations into the first quarter of 2024."
Expected Upcoming Milestones
The company remains on track for the following
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 Quarter Ended June 30, 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. www.nextcure.com
Forward-Looking Statements
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 our plans, objectives and expectations for our business, operations and financial performance
and condition, including the progress and results of clinical trials, development plans regarding our immunomedicines and upcoming milestones.
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.
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 (including the emergence
of variant strains) 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 under the heading
"Risk Factors" in NextCure's most recent Annual Report on Form 10-K and in the Company's other filings with
the Securities and Exchange Commission. 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.
CONDENSED STATEMENTS OF OPERATIONS AND COMPREHENSIVE
(unaudited, in thousands, except share and
Financial Information
| Selected Statement of Operations Items: | Three Months Ended | Six Months Ended | ||||||||||||||
| June 30, | June 30, | |||||||||||||||
| (in thousands, except share and per share amounts) | 2022 | 2021 | 2022 | 2021 | ||||||||||||
| Operating expenses: | ||||||||||||||||
| Research and development | $ | 12,825 | $ | 11,945 | $ | 27,849 | $ | 24,331 | ||||||||
| General and administrative | 5,303 | 6,007 | 11,050 | 10,855 | ||||||||||||
| Loss from operations | (18,128 | ) | (17,952 | ) | (38,899 | ) | (35,186 | ) | ||||||||
| Other income, net | 208 | (35 | ) | 377 | 666 | |||||||||||
| Net loss | $ | (17,920 | ) | $ | (17,987 | ) | $ | (38,522 | ) | $ | (34,520 | ) | ||||
| Net loss per common share - basic and diluted | $ | (0.65 | ) | $ | (0.65 | ) | $ | (1.39 | ) | $ | (1.25 | ) | ||||
| Weighted-average shares outstanding - basic and diluted | 27,744,762 | 27,610,398 | 27,726,864 | 27,603,948 |
Balance Sheet Items:
| June 30, | December 31, | |||||||
| (in thousands) | 2022 | 2021 | ||||||
| Cash, cash equivalents, and marketable securities | $ | 185,492 | $ | 219,591 | ||||
| Total assets | 206,370 | 242,386 | ||||||
| Accounts payable and accrued expenses | 5,597 | 6,391 | ||||||
| Total stockholders' equity | 198,196 | 233,386 |
Timothy Mayer, Ph.D.
Chief Operating Officer