NextCure Reports First Quarter 2019 Financial Results
June 10 2019 - 4:05PM
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 first quarter 2019
financial results and provided a business update.
“Since NextCure’s founding three years ago, we have
quickly and efficiently created a clinical-stage biopharmaceutical
company and have been transforming innovative science into
potential lifesaving immunomedicines,” said Michael Richman,
president and chief executive officer. “In 2019 our team has
achieved important clinical and operational progress. The Phase 1
portion of our Phase 1/2 clinical study for our lead product
candidate – NC318 – remains on track for completion later this year
and we continue to advance additional programs toward the clinic.
The net proceeds from our recent IPO provides the funding for
continued development of our novel immunomedicines.”
Recent Business Highlights
- Continued enrolling a Phase 1/2 clinical trial to evaluate
NC318 as a monotherapy in patients with advanced or metastatic
solid tumors. The Phase 1 portion of the trial is designed to
assess the safety and tolerability of NC318 and remains on track
for completion in the fourth quarter of 2019.
- Published a Nature Medicine paper with Yale University
describing Siglec-15 (S15) as a new target for immunotherapy.
- Completed Initial Public Offering on May 9, 2019, which
generated over $86.0 million in gross proceeds.
- Initiated research activities under our collaboration with Eli
Lilly and Company.
Financial Results for Quarter Ended March
31, 2019
- Cash and cash equivalents as of March 31, 2019 were $125.5
million, compared to $135.2 million as of December 31, 2018. The
net change was primarily due to funding operations, deferred
financing costs, and the purchase of equipment.
- Revenue was $1.4 million in the first quarter of 2019, which
was derived from the agreement with Eli Lilly and Company.
- Research and development expenses were $6.5 million in the
first quarter of 2019, compared to $4.2 million in the first
quarter of 2018. The increase was driven primarily by
clinical expenses for NC318 along with our other research and
development programs.
- General and administrative expenses were $1.7 million in the
first quarter of 2019, compared to $0.8 million in the first
quarter of 2018. The increase was driven primarily by professional
services and personnel expenses.
- Net loss for the first quarter of 2019 was $6.2 million, or
$4.46 per share, compared to $5.0 million, or $3.65 per share in
the first quarter of 2018.
About NC318 NC318 is a
first-in-class immunomedicine against S15, a novel immunomodulatory
target found on highly immunosuppressive cells called M2
macrophages in the tumor microenvironment and on certain tumor
types including lung, ovarian and head and neck cancers. In
preclinical research, it was observed that S15 promoted the
survival and differentiation of suppressive myeloid cells and
negatively regulated T cell function, allowing cancer to avoid
immune destruction. In preclinical studies, NC318 blocked the
negative effects of S15. NextCure believes NC318 has the potential
to treat multiple cancer types.
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. 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 NextCure’s
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,” “on track” and similar
expressions. Examples of forward-looking statements in this press
release include, among others, statements about the sufficiency of
NextCure’s cash and cash equivalents, the use of proceeds from
NextCure’s recent initial public offering, the pace and expected
timing of NextCure’s ongoing clinical study of NC318 and its other
research and development programs, and NextCure’s 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: NextCure’s
limited operating history and no products approved for commercial
sale; NextCure’s history of significant losses; NextCure’s need to
obtain additional financing; risks related to clinical development,
marketing approval and commercialization; and the unproven approach
to the discovery and development of product candidates based on
NextCure’s FIND-IO platform. More detailed information on these and
additional factors that could affect NextCure’s actual results are
described in NextCure’s filings with the Securities and Exchange
Commission (the “SEC”), including NextCure’s Form 10-Q filed with
the SEC on June 10, 2019. 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 |
(in thousands, except share and per share
amounts) |
|
|
|
Three Months Ended |
|
|
March 31, |
|
|
2019 |
|
2018 |
|
|
(Unaudited) |
Revenue: |
|
|
|
|
|
|
Revenue from related party |
|
$ |
1,357 |
|
|
$ |
— |
|
|
|
|
|
|
|
|
Operating expenses: |
|
|
|
|
|
|
Research and development |
|
|
6,513 |
|
|
|
4,210 |
|
General and administrative |
|
|
1,659 |
|
|
|
799 |
|
Total operating expenses |
|
|
8,172 |
|
|
|
5,009 |
|
Loss from operations |
|
|
(6,815 |
) |
|
|
(5,009 |
) |
Other income, net |
|
|
660 |
|
|
|
13 |
|
Net loss |
|
|
(6,155 |
) |
|
|
(4,996 |
) |
Net loss per share attributable to common stockholders—basic and
diluted |
|
$ |
(4.46 |
) |
|
$ |
(3.65 |
) |
Weighted average common shares outstanding—basic and diluted |
|
|
1,379,444 |
|
|
|
1,369,212 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NEXTCURE, INC. |
CONDENSED BALANCE SHEETS |
(in thousands, except share and per share
amounts) |
|
|
|
March 31, |
|
December 31, |
|
|
2019 |
|
2018 |
|
|
(Unaudited) |
|
|
|
Assets |
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
125,549 |
|
|
$ |
135,173 |
|
Restricted cash |
|
|
5,039 |
|
|
|
460 |
|
Prepaid expenses and other current assets |
|
|
1,049 |
|
|
|
152 |
|
Total current assets |
|
|
131,637 |
|
|
|
135,785 |
|
Property and equipment, net |
|
|
11,779 |
|
|
|
11,407 |
|
Other assets |
|
|
2,010 |
|
|
|
436 |
|
Total assets |
|
$ |
145,426 |
|
|
$ |
147,628 |
|
Liabilities, Preferred Stock and Stockholders’
Deficit |
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
Accounts payable |
|
$ |
2,938 |
|
|
$ |
2,483 |
|
Accrued liabilities |
|
|
1,846 |
|
|
|
2,411 |
|
Deferred rent, current portion |
|
|
3 |
|
|
|
28 |
|
Term loan, current portion |
|
|
278 |
|
|
|
387 |
|
Deferred revenue from related party, current portion |
|
|
5,240 |
|
|
|
4,989 |
|
Total current liabilities |
|
|
10,305 |
|
|
|
10,298 |
|
Deferred rent, net of current portion |
|
|
260 |
|
|
|
242 |
|
Term loan, net of current portion |
|
|
4,722 |
|
|
|
73 |
|
Deferred revenue from related party, net of current portion |
|
|
20,628 |
|
|
|
21,736 |
|
Total liabilities |
|
|
35,915 |
|
|
|
32,349 |
|
Commitments and contingencies |
|
|
|
|
|
|
Preferred stock: |
|
|
|
|
|
|
Series A Preferred Stock, par value of $0.001 per share; 68,181,819
shares authorized at March 31, 2019 and
December 31, 2018, 68,181,819 shares issued and
outstanding at March 31, 2019 and
December 31, 2018 |
|
|
71,000 |
|
|
|
71,000 |
|
Series B Preferred Stock, par value $0.001 per share; 56,828,852
shares authorized at March 31, 2019 and
December 31, 2018, 56,828,851 shares issued and
outstanding at March 31, 2019 and
December 31, 2018 |
|
|
91,223 |
|
|
|
91,223 |
|
Total Preferred Stock |
|
|
162,223 |
|
|
|
162,223 |
|
Stockholders’ deficit: |
|
|
|
|
|
|
Common stock, par value of $0.001 per share; 158,745,671 shares
authorized at March 31, 2019 and
December 31, 2018, 1,379,509 and 1,374,812 shares issued
and outstanding at March 31, 2019 and
December 31, 2018, respectively |
|
|
11 |
|
|
|
11 |
|
Additional paid-in capital |
|
|
729 |
|
|
|
342 |
|
Accumulated deficit |
|
|
(53,452 |
) |
|
|
(47,297 |
) |
Total stockholders’ deficit |
|
|
(52,712 |
) |
|
|
(46,944 |
) |
Total liabilities, preferred stock and stockholders’ deficit |
|
$ |
145,426 |
|
|
$ |
147,628 |
|
|
|
|
|
|
|
|
|
|
Investor Inquiries
Timothy Mayer, Ph.D.
NextCure, Inc.
SVP, Corporate Development
(240) 762-6486
IR@nextcure.com
Media Inquiries
Shai Biran, Ph.D.
MacDougall
(781) 235-3060
NextCure@macbiocom.com
NextCure (NASDAQ:NXTC)
Historical Stock Chart
From Mar 2024 to Apr 2024
NextCure (NASDAQ:NXTC)
Historical Stock Chart
From Apr 2023 to Apr 2024