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NextCure (NXTC) investor relations material

NextCure Q3 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q3 2025 earnings summary5 Nov, 2025

Executive summary

  • Advanced clinical-stage oncology programs, SIM0505 (CDH6 ADC) and LNCB74 (B7-H4 ADC), both in Phase 1 trials with proof-of-concept data expected in 1H 2026.

  • U.S. enrollment began for SIM0505 and FDA cleared LNCB74 protocol amendment for higher dose escalation.

  • Operations restructured in March 2024, pausing internal manufacturing and reducing workforce by 37% to prioritize key programs.

  • Entered a license agreement with Zaiming for SIM0505, incurring $17M in upfront and near-term payments, expensed as R&D.

  • No product revenue to date; operations funded by equity offerings and prior collaboration payments.

Financial highlights

  • Net loss for Q3 2025 was $8.6M, down from $11.5M in Q3 2024; nine-month net loss was $46.4M, up from $44.1M year-over-year due to license agreement costs.

  • Research and development expenses for the nine months ended September 30, 2025 increased by $5.5M year-over-year, primarily due to the $17M Zaiming license.

  • General and administrative expenses decreased by $2.4M for the nine months ended September 30, 2025, mainly from lower personnel and insurance costs.

  • Cash, cash equivalents, and marketable securities totaled $29.1M as of September 30, 2025, down from $68.6M at December 31, 2024.

  • Net cash used in operating activities was $42.0M for the nine months ended September 30, 2025.

Outlook and guidance

  • Current cash resources are not sufficient to fund operations for one year beyond the financial statement issuance date, raising substantial doubt about going concern status.

  • Additional capital will be required in the immediate term to continue operations and advance clinical programs.

  • If sufficient funds are not raised, further cost-cutting, program delays, or workforce reductions may be necessary.

  • Proof of concept data for SIM0505 and LNCB74 anticipated in the first half of 2026.

  • Current financial resources are expected to fund operations and capital expenditures into mid-2026.

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Frequently asked questions

NextCure Inc. is a clinical-stage biopharmaceutical company focused on the discovery and development of novel immunomedicines to address cancer and other immune-related diseases by restoring normal immune function. The company's pipeline includes NC410, designed to block immune suppression mediated by LAIR-1; NC762, a monoclonal antibody targeting B7-H4, a protein found on various tumor types; and NC525, which targets LAIR-1 to eliminate AML blast cells and leukemic stem cells while sparing normal blood cells. NextCure's research also extends to preclinical evaluations of additional immunomodulatory molecules. NextCure is headquartered in Beltsville, Maryland, and its shares are listed on the Nasdaq.

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