0001104659-26-024137
SEC filingNextCure, Inc. reported a net loss of $55.8 million for fiscal year 2025, consistent with a net loss of $55.7 million in 2024. The company generated no revenue and incurred total operating expenses of $57.6 million, primarily driven by research and development costs of $44.9 million, which increased due to $18.5 million in license fees and milestone payments for the SIM0505 program. General and administrative expenses decreased to $12.7 million. The company's cash position, including marketable securities, was $41.8 million as of December 31, 2025. Management states this liquidity is insufficient to fund operations for one year, raising substantial doubt about the company's ability to continue as a going concern. The strategic focus remains on advancing clinical-stage ADC candidates SIM0505 and LNCB74.
NextCure, Inc. is a clinical-stage biopharmaceutical company with no approved products or revenue. For the fiscal year ended December 31, 2025, the company reported a net loss of $55.8 million, essentially unchanged from a net loss of $55.7 million in the prior year. Total operating expenses were $57.6 million, resulting in a loss from operations of $57.6 million, partially offset by other income of $1.8 million. The net loss per common share was -$20 for both basic and diluted calculations. The company's accumulated deficit increased to $436.0 million. Key financial drivers include significant research and development investment, particularly for the newly licensed SIM0505 program, and ongoing clinical trial costs for LNCB74.
The company has never generated revenue from product sales and does not expect to do so for the foreseeable future. All financial activity is currently funded through equity offerings and collaboration agreements. The document does not disclose any segment or geographic revenue breakdown, as the company operates in a single reportable segment focused on life sciences and all operations are conducted in the United States.
With zero revenue, traditional margin calculations (gross margin, operating margin) are not applicable. The company's financial results are entirely defined by its operating expense structure. Research and development expenses of $44.9 million constituted the largest cost, increasing by $3.4 million year-over-year. This increase was primarily due to $20.4 million in costs for the SIM0505 program, including $18.5 million in license fees and milestone payments recognized as expense. These higher costs were partially offset by decreased spending on other deprioritized programs (NC410, NC525) and lower internal personnel costs. General and administrative expenses decreased by $3.0 million to $12.7 million, driven by lower personnel-related and insurance costs.
Net cash used in operating activities was $49.6 million for the year, primarily driven by the net loss. The company's cash, cash equivalents, and marketable securities totaled $41.8 million as of December 31, 2025, a decrease from $68.6 million at the end of 2024. Total assets were $50.2 million, including current assets of $43.7 million (cash: $26.0M, marketable securities: $15.8M). Total liabilities were $15.2 million, resulting in stockholders' equity of $34.9 million. Management has concluded there is substantial doubt about the company's ability to continue as a going concern, as existing capital is not sufficient to fund operations for one year. The company will need to raise additional capital to advance its clinical programs beyond the first half of 2027.
The company's strategy is focused on advancing its two lead ADC candidates: SIM0505 (targeting CDH6) and LNCB74 (targeting B7-H4). SIM0505 entered Phase 1 trials in the U.S. in October 2025, with data readout expected in Q2 2026. LNCB74 is in Phase 1 dose escalation, with a trial update planned for H2 2026. The company is seeking partners for its other clinical programs (NC410, NC525) and preclinical programs (NC605, NC181). Key risks disclosed include the need for substantial additional financing, the uncertainty of clinical development and regulatory approval, intense competition, and reliance on third-party manufacturers and collaborators. The company may be required to delay, limit, or terminate programs if adequate funding is not secured.