NextCure Provides Update and Reports Third Quarter 2022 Financial Results
- Discontinuing development of our NC318 program
- Advancing clinical pipeline: NC410 combination, NC525, and NC762
- Extending runway into mid-2025 (an additional 15 months)
“Based on current efficacy data, we have decided to discontinue our clinical development of NC318. We will continue to support
NC318 (S15 mAb)
- Based on the totality of the NC318 monotherapy data, including no responses in the amended Phase 2 portion of the trial, we have decided to discontinue development of our NC318 program.
- We will support Yale University’s ongoing NC318 investigator initiated combination trial.
NC410 (LAIR-2 fusion)
- Completed the Phase 1a dose escalation portion of the monotherapy trial and demonstrated that NC410 was safe and well tolerated.
- Initiated a Phase 1b/2 trial to evaluate NC410 in combination with pembrolizumab in patients with immune checkpoint refractory or naïve solid tumors.
NC525 (LAIR-1 mAb)
- Filed an Investigational New Drug (IND) application with the
US Food and Drug Administration(FDA) and have received clearance to proceed with a Phase 1 trial.
- Plan to initiate a Phase 1 trial in the first quarter of 2023.
NC762 (B7-H4 mAb)
- Completed the Phase 1a dose escalation portion of the trial and demonstrated that NC762 was safe and well tolerated.
- Initiated the Phase 1b expansion trial.
- The decisions related to discontinuing NC318 and prioritizing NC410 in combination therapy are expected to add an additional 15 months to our cash runway.
- NextCure now expects its existing cash, cash equivalents and marketable securities will enable it to fund operating expenses and capital expenditures into mid-2025.
Financial Results for Quarter Ended
- Cash, cash equivalents, and marketable securities, excluding restricted cash as of
September 30, 2022, were $169.2 millionas compared to $219.6 millionas of December 31, 2021. The decrease of $50.4 millionprimarily related to cash used to fund operations, cash used to purchase fixed assets, and changes in the fair value of our marketable securities.
- Research and development expenses were
$13.5 millionfor the quarter ended September 30, 2022, as compared to $13.6 millionfor the quarter ended September 30, 2021.
- General and administrative expenses were
$5.7 millionfor the quarter ended September 30, 2022, as compared to $4.9 millionfor the quarter ended September 30, 2021. The increase of $0.8 millionprimarily related to higher personnel-related costs.
- Net loss was
$18.9 millionfor the quarter ended September 30, 2022, as compared with a net loss of $17.9 millionfor the quarter ended September 30, 2021. The change in net loss from the previous year’s quarter was primarily due to higher general and administrative expenses and lower interest income.
Some of the statements contained in this press release are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including with respect to our plans, objectives and expectations for our business, operations and financial performance and condition, including the progress and results of clinical trials, development plans regarding our immunomedicines and upcoming milestones. Any statements contained herein that are not statements of historical fact may be deemed to be forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as “aim,” “anticipate,” “assume,” “believe,” “continue,” “could,” “should,” “due,” “estimate,” “expect,” “intend,” “hope,” “may,” “objective,” “plan,” “predict,” “potential,” “positioned,” “seek,” “target,” “towards,” “forward,” “later,” “will,” “would” and other similar expressions that are predictions of or indicate future events and future trends, or the negative of these terms or similar language.
Forward-looking statements involve substantial risks and uncertainties that could cause actual results to differ materially from those projected in any forward-looking statement. Such risks and uncertainties include, among others: the impacts of the COVID-19 pandemic (including the emergence of variant strains) on NextCure’s business, including NextCure’s clinical trials, third parties on which
|Selected Financial Information|
|Selected Statement of Operations Items:||Three Months Ended||Nine Months Ended|
|(in thousands, except share and per share amounts)||2022||2021||2022||2021|
|Research and development||$||13,528||$||13,597||$||41,377||$||37,928|
|General and administrative||5,711||4,911||16,761||15,766|
|Loss from operations||(19,239||)||(18,508||)||(58,138||)||(53,694||)|
|Other income, net||328||578||705||1,244|
|Net loss per common share - basic and diluted||$||(0.68||)||$||(0.65||)||$||(2.07||)||$||(1.90||)|
|Weighted-average shares outstanding - basic and diluted||27,748,844||27,615,038||27,734,271||27,607,685|
|Selected Balance Sheet Items:|
|Cash, cash equivalents, and marketable securities||$||169,214||$||219,591|
|Accounts payable and accrued expenses||$||5,789||$||6,391|
|Total stockholders' equity||$||181,541||$||233,386|
Chief Operating Officer