NextCure Announces Q3 2024 Financial Results and Business Update

NextCure, Inc., a clinical-stage biopharmaceutical firm dedicated to creating innovative cancer treatments, has provided a business update and shared its financial results for the third quarter of 2024. The company intends to prioritize and focus its resources on LNCB74 (B7-H4 ADC), with plans to submit an Investigational New Drug (IND) application by the end of the year. They expect to have approximately $75 million in cash to support operations into the second half of 2026.

Michael Richman, President and CEO of NextCure, highlighted the upcoming presentation at the Society of Immunotherapy of Cancer (SITC) annual meeting, which will showcase the preclinical data of LNCB74. This data is expected to distinguish their B7-H4 ADC from other similar drug conjugates. Following the IND submission, the company plans to advance LNCB74 into Phase 1 clinical trials once they receive an FDA safe-to-proceed letter.

In addition to their work on LNCB74, NextCure has been conducting a Phase 1b study of NC410 in combination with pembrolizumab, focusing on patients with ovarian cancer and colorectal cancer (CRC). Encouraging results have prompted the decision to conclude the current trial and seek partnerships or third-party financing to further advance the NC410 program. The study showed a 25% response rate in ovarian cancer patients who had not previously been treated with immune checkpoint inhibitors (ICIs) and varied results in CRC patients, with a notable disease control rate.

Beyond oncology, NextCure is also developing antibodies for other diseases. NC181 (ApoE4) is a humanized antibody aimed at treating Alzheimer’s disease, demonstrating promising results in preclinical models, including amyloid clearance and reduced neuroinflammation. Similarly, NC605 (Siglec-15) is being investigated for osteogenesis imperfecta (OI), with preclinical data showing reduced bone loss and improved bone quality in mice models. Both programs are poised for potential IND filings within 12 to 18 months, pending financial support.

Financially, as of September 30, 2024, NextCure reported $75.3 million in cash, cash equivalents, and marketable securities, down from $108.3 million at the end of 2023. This decrease was primarily due to cash used in operational activities. The company anticipates that its current financial resources will sustain operations into the latter half of 2026.

Research and development expenses for the third quarter of 2024 were $8.8 million, a decrease from $11.0 million in the same period in 2023. This reduction was due to lower costs in other programs and preclinical development, as well as reduced personnel-related expenses. General and administrative expenses also saw a decrease, from $4.6 million in the third quarter of 2023 to $3.7 million in the same period in 2024, attributed to lower payroll and stock compensation expenses. The net loss for the third quarter of 2024 was $11.5 million, compared to $14.3 million in the third quarter of 2023.

NextCure remains committed to advancing therapies that leverage their understanding of biological pathways, biomarkers, and cell interactions within the tumor microenvironment. Their focus on developing new treatments for cancer patients who do not respond to existing therapies showcases their dedication to innovative medical solutions.