NextCure Reports Third Quarter 2021 Financial Results and Provides Business Update
“We are pleased to present clinical and biomarker data for our NC318 and NC410 programs at the upcoming SITC annual meeting,” said
Business Highlights and Upcoming Milestones
- Published preclinical data pertaining to the NC410 program in the open access journal, Frontiers in Immunology.
Ellen G. Feigal, M.D., a Partner and Head of the Biologics Practice at NDA Partners LLC, and Anne Borgman, M.D., former Vice President and Global Therapeutic Area Lead, Hematology-Oncology, at Jazz Pharmaceuticals, to the Board of Directors.
Elizabeth Jaffee, M.D., Ursula Matulonis, M.D., and Weiping Zou, M.D., Ph.D., to its Scientific Advisory Board.
- Clinical and biomarker data for NC318 and NC410 programs to be presented at the upcoming
Society for Immunotherapy of Cancer(SITC) annual meeting on November 10-14, 2021.
- Hosting a virtual research and development update event on
November 15, 2021, at 4:30 pm EST.
- Announced presentations by collaborators at the
American Society of HematologyAnnual Meeting (ASH) on December 11-14, 2021, two research studies evaluating the role of Siglec-15 as a therapeutic target in childhood leukemia and the impact of a LAIR-1 antibody that selectively targets AML stem cells.
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
- Cash, cash equivalents and marketable securities as of
September 30, 2021, were $235.3 million, as compared to $283.4 millionas of December 31, 2020. The decrease of $48.1 millionprimarily reflects cash used to fund operations, to purchase fixed assets, and to repay a term loan.
- Research and development expenses were
$13.6 millionfor the quarter ended September 30, 2021, as compared to $12.7 millionfor the quarter ended September 30, 2020. The increase was driven primarily by clinical-related costs, partially offset by timing of research and manufacturing supply costs.
- General and administrative expenses were
$4.9 millionfor the quarter ended September 30, 2020, as compared to $4.7 millionfor the quarter ended September 30, 2020. The increase was primarily related to personnel-related costs.
- Net loss was
$17.9 millionfor the quarter ended September 30, 2021, as compared to $16.4 millionfor the quarter ended September 30, 2020. The increase in net loss for the quarter was primarily due to increased research and development expenses and increased general and administrative expenses from an increase in headcount.
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 LOSS
(unaudited, in thousands, except share and per share amounts)
|Three Months Ended||Nine Months Ended|
|Revenue from former research and development arrangement||$||—||$||—||$||—||$||22,378|
|Research and development||13,597||12,740||37,928||34,448|
|General and administrative||4,911||4,659||15,766||12,918|
|Total operating expenses||18,508||17,399||53,694||47,366|
|Loss from operations||(18,508||)||(17,399||)||(53,694||)||(24,988||)|
|Other income, net||578||1,032||1,244||3,846|
|Loss per share - basic and diluted||$||(0.65||)||$||(0.59||)||$||(1.90||)||$||(0.77||)|
|Weighted-average shares outstanding - basic and diluted||27,615,038||27,547,737||27,607,685||27,524,350|
|Unrealized gain (loss) on marketable securities||66||(637||)||(908||)||1,298|
|Total comprehensive loss||$||(17,864||)||$||(17,004||)||$||(53,358||)||$||(19,844||)|
CONDENSED BALANCE SHEETS
(unaudited, in thousands, except share and per share amounts)
|Cash and cash equivalents||$||36,664||$||32,772|
|Prepaid expenses and other current assets||7,661||2,824|
|Total current assets||243,036||287,978|
|Property and equipment, net||14,208||15,809|
|Liabilities and Stockholders’ Equity|
|Deferred rent, current portion||198||130|
|Term loan, current portion||—||1,667|
|Total current liabilities||7,376||10,325|
|Deferred rent, net of current portion||2,223||792|
|Term loan, net of current portion||—||1,806|
|Preferred stock, par value of
|Common stock, par value of
|Additional paid-in capital||418,414||410,551|
|Accumulated other comprehensive (loss) income||(129||)||779|
|Total stockholders’ equity||248,226||293,721|
|Total liabilities and stockholders’ equity||$||257,825||$||306,644|
Chief Operating Officer