NextCure, Inc., a clinical-stage biopharmaceutical company focused on developing innovative cancer treatments, reported significant financial developments in its 10-Q filing for the quarter ending September 30, 2024. The company recorded cash and cash equivalents of $27.7 million, a notable increase from $13.1 million at the end of 2023. However, total current assets decreased to $78.7 million from $112.7 million, and total assets fell to $90.3 million from $128.0 million during the same period. Total current liabilities rose to $8.7 million from $6.9 million, while total stockholders’ equity decreased to $75.6 million from $114.4 million.
For the three months ended September 30, 2024, NextCure reported total operating expenses of $12.5 million, down from $15.6 million in the same period of 2023. The net loss for the quarter improved to $11.5 million from $14.3 million year-over-year. For the nine months ended September 30, 2024, the net loss was $44.1 million, compared to $48.3 million for the same period in 2023. The company’s comprehensive loss also showed improvement, with a total comprehensive loss of $11.4 million for Q3 2024, down from $14.0 million in Q3 2023.
NextCure's restructuring plan, approved in March 2024, aimed to focus on high-value opportunities, including the development of product candidates NC410 and LNCB74. This plan involved pausing internal manufacturing operations and reducing the workforce by approximately 37%. The company recognized $0.8 million in severance payments and $1.8 million in impairment charges related to asset depreciation during the first quarter of 2024.
Research and development expenses decreased by $2.2 million for Q3 2024 compared to the same period in 2023, while general and administrative expenses also saw a reduction of $0.9 million. The company has not generated any revenue from product sales since its inception in 2015 and does not expect to do so in the foreseeable future. As of September 30, 2024, NextCure had approximately $75.3 million in cash, cash equivalents, and marketable securities, which is expected to fund operations into the second half of 2026.
NextCure continues to advance its product candidates, including LNCB74, which is in early development stages, and plans to file an IND application by year-end 2024. The company anticipates needing additional capital for product development and operations, with future financing potentially sourced through public or private equity offerings and collaborations.
About NextCure, Inc.
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