NextCure Provides Business Update and Reports First Quarter 2024 Financial Results

• Phase 1b data for NC410 combo with pembro to be presented at ASCO annual meeting on June 1
• Presented preclinical data from LNCB74 (B7-H4 ADC) at recent AACR annual meeting
• Cash of approximately $96.0 million expected to fund operations into second half of 2026
  

BELTSVILLE, Md., May 02, 2024 (GLOBE NEWSWIRE) -- NextCure, Inc. (Nasdaq: NXTC), a clinical-stage biopharmaceutical company committed to discovering and developing novel, first-in-class, and best-in-class therapies to treat cancer, today provided a business update and reported its first-quarter 2024 financial results.

“We look forward to providing an update on the NC410 combo trial at the ASCO Annual Meeting, which will include data from the additional colorectal patients enrolled earlier this year," said Michael Richman, NextCure’s president and chief executive officer. “LNCB74, our B7-H4 ADC program, is advancing to a planned IND submission by year-end. GLP toxicology studies have been initiated and clinical material is being produced.”

Business Highlights and Near-Term Milestones

NC410 (LAIR-2 fusion)

• Scheduled to present a poster at the American Society of Clinical Oncology (ASCO) Annual Meeting on June 1st, highlighting clinical data from the Phase 1b study of NC410 in combination with pembrolizumab (pembro) in colorectal cancer (CRC) and ovarian cancer patients.
• Included in the ASCO poster presentation will be the additional 20 CRC patients in the 100 mg cohort enrolled in January 2024.
• Commenced enrolling additional ovarian cancer patients in March 2024 and plan to present data in the second half of 2024.
  

LNCB74 (B7-H4 ADC)

• Presented a poster highlighting strong safety and pharmacokinetic profiles for LNCB74 at the 2024 American Association for Cancer Research (AACR) Annual Meeting.
• Manufactured the monoclonal antibody intermediate and commenced clinical material production with our collaborator, LigaChem Biosciences (LCB), formerly LegoChem Biosciences.
• Planned submission of an investigational new drug application by year-end.
  

Financial Results for Quarter Ended March 31, 2024

• Cash, cash equivalents, and marketable securities as of March 31, 2024, were $96.0 million as compared to $108.3 million as of December 31, 2023. The decrease of $12.3 million was primarily due to cash used to fund operations. NextCure expects financial resources to fund operating expenses and capital expenditures into the second half of 2026.
• Research and development expenses were $11.4 million for the three months ended March 31, 2024, as compared to $11.6 million for the three months ended March 31, 2023. Higher costs associated with increased patient enrollment in our phase 1b combination trial of NC410 were offset by reimbursements under our cost-sharing agreement with LigaChem and lower personnel-related costs.
• General and administrative expenses were $4.4 million for the three months ended March 31, 2024, as compared to $5.4 million for the three months ended March 31, 2023. The decrease of $1.0 million was primarily related to lower personnel-related costs and lower insurance costs.
• Restructuring and asset impairment costs associated with our reduction in workforce and the manufacturing pause announced in March 2024 totaled $2.5 million.
• Net loss was $17.1 million for the three months ended March 31, 2024, as compared with a net loss of $16.1 million for the three months ended March 31, 2023. Lower general and administrative expenses and higher other income were offset by restructuring and impairment costs.