NextCure Reports First Quarter 2019 Financial Results
“Since NextCure’s founding three years ago, we have quickly and efficiently created a clinical-stage biopharmaceutical company and have been transforming innovative science into potential lifesaving immunomedicines,” said
Recent Business Highlights
- Continued enrolling a Phase 1/2 clinical trial to evaluate NC318 as a monotherapy in patients with advanced or metastatic solid tumors. The Phase 1 portion of the trial is designed to assess the safety and tolerability of NC318 and remains on track for completion in the fourth quarter of 2019.
- Published a Nature Medicine paper with
Yale University describing Siglec-15 (S15) as a new target for immunotherapy. - Completed Initial Public Offering on
May 9, 2019 , which generated over$86.0 million in gross proceeds. - Initiated research activities under our collaboration with
Eli Lilly and Company .
Financial Results for Quarter Ended
- Cash and cash equivalents as of
March 31, 2019 were$125.5 million , compared to$135.2 million as ofDecember 31, 2018 . The net change was primarily due to funding operations, deferred financing costs, and the purchase of equipment. - Revenue was
$1.4 million in the first quarter of 2019, which was derived from the agreement withEli Lilly and Company . - Research and development expenses were
$6.5 million in the first quarter of 2019, compared to$4.2 million in the first quarter of 2018. The increase was driven primarily by clinical expenses for NC318 along with our other research and development programs. - General and administrative expenses were
$1.7 million in the first quarter of 2019, compared to$0.8 million in the first quarter of 2018. The increase was driven primarily by professional services and personnel expenses. - Net loss for the first quarter of 2019 was
$6.2 million , or$4.46 per share, compared to$5.0 million , or$3.65 per share in the first quarter of 2018.
About NC318
NC318 is a first-in-class immunomedicine against S15, a novel immunomodulatory target found on highly immunosuppressive cells called M2 macrophages in the tumor microenvironment and on certain tumor types including lung, ovarian and head and neck cancers. In preclinical research, it was observed that S15 promoted the survival and differentiation of suppressive myeloid cells and negatively regulated T cell function, allowing cancer to avoid immune destruction. In preclinical studies, NC318 blocked the negative effects of S15.
About
Forward-Looking Statements
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, INC. | ||||||||
| CONDENSED STATEMENTS OF OPERATIONS | ||||||||
| (in thousands, except share and per share amounts) | ||||||||
| Three Months Ended | ||||||||
| March 31, | ||||||||
| 2019 |
2018 |
|||||||
| (Unaudited) | ||||||||
| Revenue: | ||||||||
| Revenue from related party | $ | 1,357 | $ | — | ||||
| Operating expenses: | ||||||||
| Research and development | 6,513 | 4,210 | ||||||
| General and administrative | 1,659 | 799 | ||||||
| Total operating expenses | 8,172 | 5,009 | ||||||
| Loss from operations | (6,815 | ) | (5,009 | ) | ||||
| Other income, net | 660 | 13 | ||||||
| Net loss | (6,155 | ) | (4,996 | ) | ||||
| Net loss per share attributable to common stockholders—basic and diluted | $ | (4.46 | ) | $ | (3.65 | ) | ||
| Weighted average common shares outstanding—basic and diluted | 1,379,444 | 1,369,212 | ||||||
| NEXTCURE, INC. | ||||||||
| CONDENSED BALANCE SHEETS | ||||||||
| (in thousands, except share and per share amounts) | ||||||||
| March 31, | December 31, | |||||||
| 2019 |
2018 |
|||||||
| (Unaudited) | ||||||||
| Assets | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 125,549 | $ | 135,173 | ||||
| Restricted cash | 5,039 | 460 | ||||||
| Prepaid expenses and other current assets | 1,049 | 152 | ||||||
| Total current assets | 131,637 | 135,785 | ||||||
| Property and equipment, net | 11,779 | 11,407 | ||||||
| Other assets | 2,010 | 436 | ||||||
| Total assets | $ | 145,426 | $ | 147,628 | ||||
| Liabilities, Preferred Stock and Stockholders’ Deficit | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ | 2,938 | $ | 2,483 | ||||
| Accrued liabilities | 1,846 | 2,411 | ||||||
| Deferred rent, current portion | 3 | 28 | ||||||
| Term loan, current portion | 278 | 387 | ||||||
| Deferred revenue from related party, current portion | 5,240 | 4,989 | ||||||
| Total current liabilities | 10,305 | 10,298 | ||||||
| Deferred rent, net of current portion | 260 | 242 | ||||||
| Term loan, net of current portion | 4,722 | 73 | ||||||
| Deferred revenue from related party, net of current portion | 20,628 | 21,736 | ||||||
| Total liabilities | 35,915 | 32,349 | ||||||
| Commitments and contingencies | ||||||||
| Preferred stock: | ||||||||
| Series A Preferred Stock, par value of $0.001 per share; 68,181,819 shares authorized at March 31, 2019 and December 31, 2018, 68,181,819 shares issued and outstanding at March 31, 2019 and December 31, 2018 |
71,000 | 71,000 | ||||||
| Series B Preferred Stock, par value $0.001 per share; 56,828,852 shares authorized at March 31, 2019 and December 31, 2018, 56,828,851 shares issued and outstanding at March 31, 2019 and December 31, 2018 |
91,223 | 91,223 | ||||||
| Total Preferred Stock | 162,223 | 162,223 | ||||||
| Stockholders’ deficit: | ||||||||
| Common stock, par value of $0.001 per share; 158,745,671 shares authorized at March 31, 2019 and December 31, 2018, 1,379,509 and 1,374,812 shares issued and outstanding at March 31, 2019 and December 31, 2018, respectively |
11 | 11 | ||||||
| Additional paid-in capital | 729 | 342 | ||||||
| Accumulated deficit | (53,452 | ) | (47,297 | ) | ||||
| Total stockholders’ deficit | (52,712 | ) | (46,944 | ) | ||||
| Total liabilities, preferred stock and stockholders’ deficit | $ | 145,426 | $ | 147,628 | ||||
Investor InquiriesTimothy Mayer , Ph.D.NextCure, Inc. SVP, Corporate Development (240) 762-6486 IR@nextcure.com Media InquiriesShai Biran , Ph.D. MacDougall (781) 235-3060 NextCure@macbiocom.com
Source: NextCure