BELTSVILLE, Md., Nov. 04, 2021 (GLOBE NEWSWIRE) -- NextCure, Inc. (Nasdaq: NXTC), a clinical-stage biopharmaceutical company committed to discovering and developing novel, first-in-class immunomedicines to treat cancer and other immune-related diseases, today reported third quarter 2021 financial results and provided a business update.

We are pleased to present clinical and biomarker data for our NC318 and NC410 programs at the upcoming SITC annual meeting, said Michael Richman, NextCures president and chief executive officer. In addition, we will host a virtual research and development update event following the conference on November 15th. The event will also feature Dr. Roy Herbst who will highlight the significant remaining unmet need in the treatment of lung cancer. Dr Herbst is currently a collaborator in the Phase 2 investigator-initiated clinical trial of NC318 in combination with pembrolizumab in patients with advanced non-small cell lung cancer.

Business Highlights and Upcoming Milestones

Published preclinical data pertaining to the NC410 program in the open access journal, Frontiers in Immunology.

Appointed Ellen G. Feigal, M.D., a Partner and Head of the Biologics Practice at NDA Partners LLC, and Anne Borgman, M.D., former Vice President and Global Therapeutic Area Lead, Hematology-Oncology, at Jazz Pharmaceuticals, to the Board of Directors.

Appointed Elizabeth Jaffee, M.D., Ursula Matulonis, M.D., and Weiping Zou, M.D., Ph.D., to its Scientific Advisory Board.

Clinical and biomarker data for NC318 and NC410 programs to be presented at the upcoming Society for Immunotherapy of Cancer (SITC) annual meeting on November 10-14, 2021.

Hosting a virtual research and development update event on November 15, 2021, at 4:30 pm EST.

Announced presentations by collaborators at the American Society of Hematology Annual Meeting (ASH) on December 11-14, 2021, two research studies evaluating the role of Siglec-15 as a therapeutic target in childhood leukemia and the impact of a LAIR-1 antibody that selectively targets AML stem cells.

Financial Guidance Based on its current research and development plans, NextCure expects its existing cash, cash equivalents and marketable securities will enable it to fund operating expenses and capital expenditure requirements into the second half of 2023.

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Financial Results for Quarter Ended September 30, 2021

Cash, cash equivalents and marketable securities as of September 30, 2021, were $235.3 million, as compared to $283.4 million as of December 31, 2020. The decrease of $48.1 million primarily reflects cash used to fund operations, to purchase fixed assets, and to repay a term loan.

Research and development expenses were $13.6 million for the quarter ended September 30, 2021, as compared to $12.7 million for the quarter ended September 30, 2020. The increase was driven primarily by clinical-related costs, partially offset by timing of research and manufacturing supply costs.

General and administrative expenses were $4.9 million for the quarter ended September 30, 2020, as compared to $4.7 million for the quarter ended September 30, 2020. The increase was primarily related to personnel-related costs.

Net loss was $17.9 million for the quarter ended September 30, 2021, as compared to $16.4 million for the quarter ended September 30, 2020. The increase in net loss for the quarter was primarily due to increased research and development expenses and increased general and administrative expenses from an increase in headcount.

About NextCure, Inc. NextCure is a clinical-stage biopharmaceutical company committed to discovering and developing novel, first-in-class immunomedicines to treat cancer and other immune-related diseases. Through our proprietary FIND-IO platform, we study various immune cells to discover and understand targets and structural components of immune cells and their functional impact in order to develop immunomedicines. Our initial focus is to bring hope and new treatments to patients who do not respond to current cancer therapies, patients whose cancer progresses despite treatment and patients with cancer types not adequately addressed by available therapies. http://www.nextcure.com

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 as of the date hereof. Forward-looking statements include statements regarding NextCures expectations, beliefs, intentions or strategies regarding the future and can be identified by forward-looking words such as may, will, potential, expects, believes, intends, hope, towards, forward, later and similar expressions. Examples of forward-looking statements in this press release include, among others, statements about the development plans for NC410 and expected upcoming milestones, the potential benefits of NC410, and NextCures plans, objectives and intentions with respect to the discovery and development of immunomedicines. Forward-looking statements involve substantial risks and uncertainties that could cause actual results to differ materially from those projected in any forward-looking statement. Such risks and uncertainties include, among others: the impacts of the COVID-19 pandemic on NextCures business, including NextCures clinical trials, third parties on which NextCure relies and NextCures operations; positive results in preclinical studies may not be predictive of the results of clinical trials; NextCures limited operating history and no products approved for commercial sale; NextCures history of significant losses; NextCures need to obtain additional financing; risks related to clinical development, marketing approval and commercialization; the unproven approach to the discovery and development of product candidates based on NextCures FIND-IO platform; and dependence on key personnel. More detailed information on these and additional factors that could affect NextCures actual results are described in NextCures filings with the Securities and Exchange Commission (the SEC), including in Item 1A of NextCures most recent Form 10-K and elsewhere in the Companys filings with the SEC. You should not place undue reliance on any forward-looking statements. Forward-looking statements speak only as of the date of this press release, and NextCure assumes no obligation to update any forward-looking statements, even if expectations change.

NEXTCURE, INC. CONDENSED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (unaudited, in thousands, except share and per share amounts)

Three Months Ended

Nine Months Ended

September 30,

September 30,

2021

2020

2021

2020

Revenue:

Revenue from former research and development arrangement

$

$

$

$

22,378

Operating expenses:

Research and development

13,597

12,740

37,928

34,448

General and administrative

4,911

4,659

15,766

12,918

Total operating expenses

18,508

17,399

53,694

47,366

Loss from operations

(18,508

)

(17,399

)

(53,694

)

(24,988

)

Other income, net

578

1,032

1,244

3,846

Net loss

$

(17,930

)

$

(16,367

)

$

(52,450

)

$

(21,142

)

Loss per share - basic and diluted

$

(0.65

)

$

(0.59

)

$

(1.90

)

$

(0.77

)

Weighted-average shares outstanding - basic and diluted

27,615,038

27,547,737

27,607,685

27,524,350

Comprehensive loss:

Net loss

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NextCure Reports Third Quarter 2021 Financial Results and Provides Business Update - Yahoo Finance