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NextCure, Inc. (NXTC)·Q1 2025 Earnings Summary

Executive Summary

  • Q1 2025 net loss narrowed to $11.0M and EPS improved to -$0.39, driven by reduced R&D and G&A following 2024 restructuring .
  • Cash, cash equivalents and marketable securities were $55.9M at March 31, 2025; management expects runway into 2H 2026 .
  • LNCB74 (B7-H4 ADC) advanced: cohort 2 cleared in April; cohort 3 dosing; backfill cohorts planned for 2H 2025; proof-of-concept readout targeted for 1H 2026—key development catalysts .
  • No revenue reported; S&P Global consensus for Q1 2025 Revenue was $0.0* and EPS was -4.8* (two estimates), which is not directly comparable to the company-reported EPS methodology [Values retrieved from S&P Global].

What Went Well and What Went Wrong

  • What Went Well

    • “With our LNCB74 antibody-drug conjugate program completing cohort 2 in April 2025… We plan to provide a proof of concept data readout in the first half of 2026,” said CEO Michael Richman .
    • Trial execution ramped: 10 active investigator sites, with 3 additional sites projected to onboard in May 2025 .
    • Operating discipline: R&D fell to $7.9M (from $11.4M YoY) and G&A to $3.7M (from $4.4M YoY), improving quarterly loss profile .

  • What Went Wrong

    • Continued absence of revenue; the business remains pre-commercial with loss from operations of $(11.6)M .
    • Cash decreased $12.8M in the quarter due to funding operations, highlighting ongoing burn while clinical programs mature .
    • Program concentration risk: portfolio refocus on LNCB74 increases dependency on successful execution and data outcomes; management continues to seek partners for NC181 (Alzheimer’s) and NC605 (OI) .

Financial Results

MetricQ1 2024Q1 2025
Net Loss ($USD Millions)$17.1 $11.0
EPS (Basic & Diluted, $)-$0.61 -$0.39
Research & Development ($USD Millions)$11.4 $7.9
General & Administrative ($USD Millions)$4.4 $3.7
MetricDec 31, 2024Mar 31, 2025
Cash, Cash Equivalents & Marketable Securities ($USD Millions)$68.6 $55.9
Total Assets ($USD Millions)$80.9 $67.1
Accounts Payable & Accrued Liabilities ($USD Millions)$9.6 $5.7
Total Stockholders’ Equity ($USD Millions)$65.5 $55.9
MetricQ3 2024Q1 2025
Net Loss ($USD Millions)$11.5 $11.0
EPS (Basic & Diluted, $)-$0.41 -$0.39
Cash, Cash Equivalents & Marketable Securities ($USD Millions)$75.3 $55.9

Estimates vs Actuals (S&P Global consensus; note methodology may differ from press-reported EPS)

MetricQ1 2025 ConsensusQ1 2025 Actual
EPS (Primary)-4.8*-$0.39
Revenue ($USD Millions)$0.0*Not reported

Values with asterisk (*) retrieved from S&P Global.

KPIs

KPIQ1 2025
Active LNCB74 Trial Sites (count)10
LNCB74 Cohorts Completed (count)2 (cohort 2 cleared in April)
LNCB74 Current Dosing CohortCohort 3
Cash RunwayInto 2H 2026

Guidance Changes

MetricPeriodPrevious GuidanceCurrent GuidanceChange
LNCB74 Backfill Cohorts Start2H 20252H 2025 (stated Mar 6, 2025) 2H 2025 Maintained
LNCB74 Proof-of-Concept Readout1H 20261H 2026 (implied development timeline) 1H 2026 Maintained
Cash RunwayThrough 2H 2026Into 2H 2026 Into 2H 2026 Maintained

Earnings Call Themes & Trends

No Q1 2025 earnings call transcript was found after searching company filings and investor site; Q&A is therefore unavailable .

TopicPrevious Mentions (Q3 2024)Previous Mentions (Q4/FY 2024)Current Period (Q1 2025)Trend
LNCB74 ADC progressIND planned by year-end; SITC data; prioritization IND accepted Dec 2024; first-patient dosed Jan 2025; dosing cohort 2 by Feb Cohort 2 cleared in April; dosing cohort 3; backfill in 2H 2025; POC 1H 2026 Advancing per plan
Trial footprintNot specifiedNot specified10 active sites; +3 onboarding in May Expanding
NC410 (LAIR-2 fusion)Concluding Phase 1b; seeking partner Not emphasizedNot emphasized; focus on ADC Deprioritized/seeking partner
Cost disciplineR&D and G&A down YoY Lower R&D/G&A in FY 2024 Further reductions YoY in Q1 2025 Improving
Cash runway~$75.3M cash; runway into 2H 2026 $68.6M cash; runway into 2H 2026 $55.9M cash; runway into 2H 2026 Stable runway; declining cash
Partnering (non-oncology)Seeking funding/partner for NC181, NC605 Same partnering posture Continues to seek partners Ongoing
External collaborationsLigaChemBio ADC linkage LigaChemBio collaboration continues Added Simcere Zaiming strategic ADC partnership (CDH6) in June (subsequent event) Expanding ADC ecosystem

Management Commentary

  • CEO Michael Richman: “We expect to be in a position to initiate backfill cohorts in the second half of the year… We plan to provide a proof of concept data readout in the first half of 2026.”
  • CMO Udayan Guha, M.D., Ph.D.: “B7-H4 represents an attractive target for ADC therapy… LNCB74 has demonstrated a superior safety profile in preclinical studies and potent anti-tumor activity…” .
  • On strategic partnering (Simcere Zaiming): “Partnering with Simcere Zaiming… provides us with an opportunity to advance a class-leading ADC directed to CDH6… We look forward to initiating clinical development of SIM0505 in the United States.” .

Q&A Highlights

  • No Q1 2025 earnings call transcript was available; we searched SEC filings and the company investor site without finding a transcript .

Estimates Context

  • S&P Global Q1 2025 consensus EPS: -4.8* (two estimates); consensus revenue: $0.0* (two estimates). Reported EPS was -$0.39; the consensus methodology is not directly comparable to company-reported EPS, and the company did not report revenue .
  • With operating expense reductions, the reported loss narrowed YoY; near-term estimate revisions may focus on Opex trajectory and cash runway sustainability as LNCB74 moves to backfill cohorts .
    Values with asterisk (*) retrieved from S&P Global.

Key Takeaways for Investors

  • LNCB74 execution remains on track: cohort 3 dosing and backfills slated for 2H 2025; POC readout targeted 1H 2026—these are the primary stock catalysts over the next 12 months .
  • Operating discipline is visible: R&D and G&A reductions led to improved EPS and net loss YoY; watch if this trend continues as trial activity scales .
  • Cash runway into 2H 2026 provides funding visibility through key clinical milestones; nonetheless, cash declined $12.8M QoQ, so burn dynamics warrant monitoring .
  • Business remains pre-revenue; estimate frameworks should center on spend, runway, and milestone timing rather than top-line projections .
  • Partnering optionality is increasing: beyond LigaChemBio, the Simcere Zaiming CDH6 ADC partnership expands ADC footprint and could catalyze future milestones; terms include up to $745M in potential milestones and tiered royalties ex-Greater China .
  • Risk factors persist: clinical uncertainty, financing needs over time, and program concentration in LNCB74; diversification via partnering (NC181/NC605) could mitigate but depends on deal execution .
  • Near-term events to track: ASCO 2025 poster (completed), additional site onboarding, initiation of backfills, and any updates on the SIM0505 U.S. Phase 1 start in Q3 2025 .