NextCure Reports $10.976 Million Net Loss in Q1 2025, Focuses on LNCB74 Development

NextCure, Inc. reported its financial results for the first quarter of 2025, revealing a net loss of $10.976 million, a significant decrease from the $17.107 million loss recorded in the same period of 2024. The company's operating expenses totaled $11.622 million, down from $18.304 million year-over-year, primarily due to reduced research and development costs, which fell from $11.398 million to $7.896 million. General and administrative expenses also decreased from $4.364 million to $3.726 million. The reduction in losses reflects the company's ongoing restructuring efforts and a strategic focus on its most promising product candidates.

As of March 31, 2025, NextCure's total assets amounted to $67.137 million, a decline from $80.860 million at the end of 2024. The decrease in assets was driven by a reduction in cash and cash equivalents, which fell from $27.727 million to $21.827 million, and a decrease in marketable securities from $40.894 million to $34.033 million. The company's accumulated deficit increased to $391.112 million, up from $380.136 million at the end of the previous fiscal year, reflecting its continued investment in research and development without generating revenue from product sales.

In terms of operational developments, NextCure has been advancing its lead product candidate, LNCB74, a B7-H4 targeted antibody-drug conjugate (ADC) designed to treat various cancers. The company is currently in the dose escalation phase of a Phase 1 clinical trial for LNCB74, having dosed its first patient in January 2025. The company also entered into a collaboration agreement with LigaChem Biosciences, which commenced cost-sharing for the co-development of LNCB74 in April 2023. This partnership is expected to enhance the development of the product while sharing the financial burden.

NextCure's workforce was reduced by approximately 37% as part of a restructuring plan approved in March 2024, aimed at prioritizing its clinical portfolio. The company reported that it expects its existing cash, cash equivalents, and marketable securities, totaling $55.9 million, to fund operations into the second half of 2026. However, the company acknowledges the need for additional capital to support ongoing development and operational activities, which may include public and private equity offerings, debt financing, and strategic partnerships.

Looking ahead, NextCure remains focused on advancing LNCB74 through clinical trials and is exploring partnerships for its other clinical programs. The company anticipates incurring substantial expenses as it progresses through the regulatory approval process and prepares for potential commercialization. Despite the challenges, NextCure's management is optimistic about the future, emphasizing the importance of its ongoing research and development efforts in the competitive biopharmaceutical landscape.