NextCure, Inc. NXTC
We are a clinical-stage biopharmaceutical company that is focused on advancing innovative medicines that treat cancer patients that do not respond to, or that have disease progression on, current therapies, through the use of targeted therapies, including antibody-drug conjugates ("ADCs"). An ADC consists of a monoclonal antibody conjugated to a cytotoxic drug via a chemical linker. We focus on advancing therapies that leverage our core strengths in understanding biological pathways and biomarkers, the interactions of cells, including in the tumor microenvironment, and the role each interaction plays in a biologic response.
Our product candidate SIM0505 is a novel ADC candidate developed by Simcere Zaiming Pharmaceutical Co., Ltd. (formerly known as Hainan Simcere Zaiming Pharmaceutical, Ltd. or hereinafter "Zaiming"). We obtained (1) an exclusive, worldwide (excluding the Zaiming Territory, as identified below) license to develop, manufacture, and commercialize Zaiming's clinical-stage ADC candidate, SIM0505, and related compounds (the "Zaiming Products"), and (2) a non-exclusive, worldwide (excluding the Zaiming Territory) license to use Zaiming's ADC platform technology to develop ADCs based on the Company's proprietary antibodies for an additional novel target (the "NextCure Products") ("the License agreement"). Zaiming retained exclusive rights to develop and commercialize the Zaiming Products and any NextCure Products in China, Hong Kong, Macau, and Taiwan (the "Zaiming Territory").
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | — | — | — | — | — | $22.4M | $6.3M | — | — |
| R&D | $44.9M | $41.5M | $47.9M | $54.2M | $50.2M | $46.6M | $34.2M | $19.8M | — |
| SG&A | $12.7M | $15.7M | $19.7M | $21.7M | $20.6M | $17.0M | $9.6M | $3.4M | — |
| Total operating expenses | $57.6M | $59.7M | $67.6M | $75.9M | $70.8M | $63.6M | $43.8M | $23.2M | — |
| Operating income | -$57.6M | -$59.7M | -$67.6M | -$75.9M | -$70.8M | -$41.2M | -$37.5M | -$23.2M | — |
| Interest expense | — | — | — | — | — | $183.0K | $209.0K | $25.0K | — |
| Pre-tax income | -$55.8M | — | — | — | — | — | — | — | — |
| Income tax | $0 | — | — | — | — | — | — | — | — |
| Net income | -$55.8M | -$55.7M | -$62.7M | -$74.7M | -$69.4M | -$36.6M | -$33.7M | -$22.8M | — |
| EPS, basic | -19.65 | -23.88 | -2.25 | -2.69 | -2.51 | -1.33 | — | — | — |
| EPS, diluted | -19.65 | -23.88 | -2.25 | -2.69 | -2.51 | -1.33 | -2.15 | -16.64 | — |
| Shares, diluted (wtd. avg.) | $2.8M | $2.3M | $27.8M | $27.7M | $27.6M | $27.5M | — | — | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 |
|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $26.0M | $27.7M | $13.1M | $26.6M | $12.3M | $36.3M | $39.1M | $135.6M | $9.3M |
| Short-term investments | — | — | — | — | — | $250.7M | $300.5M | — | — |
| Total current assets | $43.7M | $71.8M | $112.7M | $164.0M | $227.8M | $288.0M | $340.0M | $135.8M | — |
| Property, plant and equipment | $3.3M | $5.5M | $9.0M | $11.9M | $14.0M | $15.8M | $12.1M | $11.4M | — |
| Total assets | $50.2M | $80.9M | $128.0M | $184.2M | $242.4M | $306.6M | $356.2M | $147.6M | — |
| Accounts payable | $2.0M | $5.4M | $2.3M | $4.3M | $1.9M | $3.9M | $1.9M | $2.5M | — |
| Short-term debt | — | — | — | — | — | $1.7M | $1.7M | $387.0K | — |
| Total current liabilities | $10.6M | $9.6M | $6.9M | $9.1M | $6.6M | $10.3M | $15.0M | $10.3M | — |
| Long-term debt | — | — | — | $0 | $0 | $1.8M | $3.3M | $73.0K | — |
| Total liabilities | $15.2M | $15.4M | $13.6M | $16.6M | $9.0M | $12.9M | $34.7M | $32.3M | — |
| Retained earnings | -$436.0M | -$380.1M | -$324.5M | -$261.8M | -$187.0M | -$117.6M | -$81.0M | -$47.3M | — |
| Total equity | $34.9M | $65.5M | $114.4M | $167.5M | $233.4M | $293.7M | $321.5M | -$46.9M | -$24.4M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 |
|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$49.6M | -$40.8M | -$53.0M | -$53.9M | -$57.3M | -$45.0M | -$35.6M | $8.0M | — |
| Depreciation and amortisation | $2.2M | $2.9M | $3.7M | $4.1M | $4.3M | $3.4M | $2.7M | $1.7M | — |
| Stock-based compensation | $3.0M | $6.3M | $8.2M | $9.5M | $10.3M | $7.9M | $1.9M | $263.0K | — |
| Capital expenditure | — | $474.0K | $820.0K | $2.1M | $2.4M | $7.1M | $3.4M | $3.1M | — |
| Investing cash flow | $25.6M | $55.3M | $39.3M | $68.0M | $36.6M | $43.5M | -$303.9M | -$3.1M | — |
| Financing cash flow | $22.3M | $144.0K | $154.0K | $200.0K | -$3.3M | -$1.4M | $243.0M | $121.4M | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001104659-26-098412.
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