NextCure Updates Business and Reports Q1 2024 Financials

NextCure, Inc., a clinical-stage biopharmaceutical company listed on Nasdaq as NXTC, recently disclosed its first-quarter financial results for 2024 and provided a business update. The company focuses on discovering and developing innovative therapies to treat cancer, particularly targeting patients who do not respond to existing treatments or experience disease progression.

During the recent quarterly update, NextCure highlighted significant progress in two key programs: NC410 and LNCB74. NC410, a LAIR-2 fusion protein, is currently in a Phase 1b clinical trial in combination with pembrolizumab (pembro) for colorectal cancer (CRC) and ovarian cancer patients. The company is set to present clinical data from this study at the upcoming American Society of Clinical Oncology (ASCO) Annual Meeting on June 1. This presentation will include data from an additional cohort of 20 CRC patients who were enrolled in early 2024. Additionally, the company began enrolling more ovarian cancer patients in March 2024 and plans to present these findings in the latter half of the year.

The second key program, LNCB74, involves a B7-H4 antibody-drug conjugate (ADC). At the recent American Association for Cancer Research (AACR) Annual Meeting, NextCure showcased preclinical data indicating strong safety and pharmacokinetic profiles for LNCB74. The company has initiated GLP toxicology studies and is producing clinical materials through a collaboration with LigaChem Biosciences. An investigational new drug (IND) application is planned for submission by the end of the year.

Financially, as of March 31, 2024, NextCure reported cash, cash equivalents, and marketable securities totaling $96.0 million, down from $108.3 million at the end of 2023. This decrease of $12.3 million is attributed primarily to operational expenses. The company anticipates that its financial resources will support its operations into the second half of 2026.

Research and development expenses for the first quarter were $11.4 million, a slight decrease from $11.6 million in the same period of 2023. This reduction was primarily due to reimbursements under a cost-sharing agreement with LigaChem and lower personnel-related expenses. General and administrative expenses also saw a reduction, totaling $4.4 million compared to $5.4 million in the first quarter of the previous year. This reduction was attributed to lower personnel and insurance costs. However, restructuring and asset impairment expenses amounted to $2.5 million due to organizational changes and a manufacturing pause announced in March 2024.

The net loss for the first quarter of 2024 was $17.1 million, a slight increase from the $16.1 million net loss reported for the same period in 2023. This increase is due to the combined effects of lower general and administrative expenses, higher other income, and the aforementioned restructuring and impairment costs.

Overall, NextCure continues to make strides in its mission to develop groundbreaking therapies for cancer patients. The upcoming presentations at major oncology conferences and the progress in their clinical trials and preclinical studies reflect the company's commitment to advancing their innovative pipeline. With sufficient cash reserves to fund operations for the foreseeable future, NextCure is well-positioned to achieve its near-term milestones and continue its research and development efforts.