Full Press Release Details
NextCure Reports Third Quarter 2021 Financial Results and Provides
Md. - November 4, 2021 - 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 third quarter 2021 financial results and provided a business
"We are pleased to present clinical and biomarker data for our
NC318 and NC410 programs at the upcoming SITC annual meeting," said Michael Richman, NextCure's president and chief executive
officer. "In addition, we will host a virtual research and development update event following the conference on November 15th.
The event will also feature Dr. Roy Herbst who will highlight the significant remaining unmet need in the treatment of lung cancer.
Dr Herbst is currently a collaborator in the Phase 2 investigator-initiated clinical trial of NC318 in combination with pembrolizumab
in patients with advanced non-small cell lung cancer."
Business Highlights and Upcoming Milestones
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 expenditure requirements
into the second half of 2023.
Financial Results for Quarter Ended September 30, 2021
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
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 NC410 and expected upcoming milestones, the potential
benefits of NC410, 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, even if expectations change.
CONDENSED STATEMENTS OF OPERATIONS AND COMPREHENSIVE
(unaudited, in thousands, except share and per
| Three Months Ended | Nine Months Ended | |||||||||||||||
| September 30, | September 30, | |||||||||||||||
| 2021 | 2020 | 2021 | 2020 | |||||||||||||
| Revenue: | ||||||||||||||||
| Revenue from former research and development arrangement | $ | - | $ | - | $ | - | $ | 22,378 | ||||||||
| Operating expenses: | ||||||||||||||||
| Research and development | 13,597 | 12,740 | 37,928 | 34,448 | ||||||||||||
| General and administrative | 4,911 | 4,659 | 15,766 | 12,918 | ||||||||||||
| Total operating expenses | 18,508 | 17,399 | 53,694 | 47,366 | ||||||||||||
| Loss from operations | (18,508 | ) | (17,399 | ) | (53,694 | ) | (24,988 | ) | ||||||||
| Other income, net | 578 | 1,032 | 1,244 | 3,846 | ||||||||||||
| Net loss | $ | (17,930 | ) | $ | (16,367 | ) | $ | (52,450 | ) | $ | (21,142 | ) | ||||
| Loss per share - basic and diluted | $ | (0.65 | ) | $ | (0.59 | ) | $ | (1.90 | ) | $ | (0.77 | ) | ||||
| Weighted-average shares outstanding - basic and diluted | 27,615,038 | 27,547,737 | 27,607,685 | 27,524,350 | ||||||||||||
| Comprehensive loss: | ||||||||||||||||
| Net loss | $ | (17,930 | ) | $ | (16,367 | ) | $ | (52,450 | ) | $ | (21,142 | ) | ||||
| Unrealized gain (loss) on marketable securities | 66 | (637 | ) | (908 | ) | 1,298 | ||||||||||
| Total comprehensive loss | $ | (17,864 | ) | $ | (17,004 | ) | $ | (53,358 | ) | $ | (19,844 | ) |
CONDENSED BALANCE SHEETS
(unaudited, in thousands, except share and per
| September 30, | December 31, | |||||||
| 2021 | 2020 | |||||||
| Assets | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 36,664 | $ | 32,772 | ||||
| Marketable securities | 198,672 | 250,676 | ||||||
| Restricted cash | 39 | 1,706 | ||||||
| Prepaid expenses and other current assets | 7,661 | 2,824 | ||||||
| Total current assets | 243,036 | 287,978 | ||||||
| Property and equipment, net | 14,208 | 15,809 | ||||||
| Other assets | 581 | 2,857 | ||||||
| Total assets | $ | 257,825 | $ | 306,644 | ||||
| Liabilities and Stockholders' Equity | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ | 2,946 | $ | 3,901 | ||||
| Accrued liabilities | 4,232 | 4,627 | ||||||
| Deferred rent, current portion | 198 | 130 | ||||||
| Term loan, current portion | - | 1,667 | ||||||
| Total current liabilities | 7,376 | 10,325 | ||||||
| Deferred rent, net of current portion | 2,223 | 792 | ||||||
| Term loan, net of current portion | - | 1,806 | ||||||
| Total liabilities | 9,599 | 12,923 | ||||||
| Stockholders' equity: | ||||||||
| Preferred stock, par value of $0.001 per share; 10,000,000 shares authorized at September 30, 2021 and December 31, 2020; no shares issued and outstanding at September 30, 2021 and December 31, 2020 | - | - | ||||||
| Common stock, par value of $0.001 per share; 100,000,000 shares authorized at September 30, 2021 and December 31, 2020; 27,619,763 and 27,568,802 shares issued and outstanding at September 30, 2021 and December 31, 2020, respectively | 28 | 28 | ||||||
| Additional paid-in capital | 418,414 | 410,551 | ||||||
| Accumulated other comprehensive (loss) income | (129 | ) | 779 | |||||
| Accumulated deficit | (170,087 | ) | (117,637 | ) | ||||
| Total stockholders' equity | 248,226 | 293,721 | ||||||
| Total liabilities and stockholders' equity | $ | 257,825 | $ | 306,644 |
Timothy Mayer, Ph.D.
Chief Operating Officer