NextCure, Inc., a clinical-stage biopharmaceutical company focused on developing innovative cancer therapies, reported a net loss of $55.7 million for the year ended December 31, 2024, a decrease from a net loss of $62.7 million in 2023. The company's accumulated deficit now stands at $380.1 million. Total operating expenses for 2024 were $59.7 million, down from $67.6 million in the previous year, primarily due to reduced research and development costs. Research and development expenses decreased by 13% to $41.5 million, while general and administrative expenses also fell to $15.7 million from $19.7 million in 2023.
In a strategic shift, NextCure announced a restructuring plan in March 2024, which included pausing internal manufacturing operations and reducing its workforce by approximately 37%. This restructuring is aimed at focusing resources on the development of its lead product candidate, LNCB74, a B7-H4 targeted antibody-drug conjugate (ADC) currently in a Phase 1 clinical trial. The U.S. Food and Drug Administration (FDA) accepted the Investigational New Drug (IND) application for LNCB74 in December 2024, and the first patient was dosed in January 2025. The company plans to initiate backfill cohorts in the second half of 2025.
As of December 31, 2024, NextCure had cash, cash equivalents, and marketable securities totaling $68.6 million, which the company believes will fund operations into the second half of 2026. The company has raised approximately $423 million since its inception in 2015, primarily through public offerings of common stock. However, it anticipates needing additional capital to support ongoing development and commercialization efforts. The company is exploring various funding options, including public and private equity offerings, debt financing, and strategic collaborations.
NextCure's operational focus remains on advancing LNCB74 and seeking partnerships for its other clinical programs, NC410 and NC525, as well as preclinical programs NC605 and NC181. The company is also navigating the complexities of the biopharmaceutical landscape, including competition from larger firms and the challenges of obtaining regulatory approvals. The ongoing development of LNCB74 and other candidates will be critical for the company's future revenue generation and overall viability.
Looking ahead, NextCure faces significant challenges, including the need to successfully complete clinical trials, secure regulatory approvals, and establish effective marketing and sales capabilities. The company has not yet generated revenue from product sales and does not expect to do so in the near term. The success of its product candidates will depend on various factors, including market acceptance, pricing, and reimbursement from third-party payors.
About NextCure, Inc.
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