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NextCure, Inc. (NXTC)·Q3 2025 Earnings Summary

Executive Summary

  • Q3 2025 EPS of $(3.22) beat S&P Global consensus of $(3.98), with the narrower loss driven by reduced R&D and G&A expenses versus prior year; revenue was not reported and Street consensus was $0.00, consistent with pre‑revenue status . EPS consensus from S&P Global; Values retrieved from S&P Global.*
  • Pipeline execution advanced: first U.S. patient dosed in October for SIM0505 (CDH6 ADC) and FDA accepted a protocol amendment enabling higher dose escalation cohorts for LNCB74 (B7‑H4 ADC), with proof‑of‑concept readouts for both programs targeted for H1 2026 .
  • Liquidity: cash, cash equivalents and marketable securities were $29.1M at quarter‑end, down from $35.3M in Q2 and $68.6M at year‑end 2024; management reiterated runway into mid‑2026 and subsequently raised it to H1 2027 via a $21.5M private placement announced on November 12, 2025 .
  • Key near‑term catalysts: dose escalation progress (including higher cohorts for LNCB74), additional U.S. enrollment for SIM0505, and proof‑of‑concept readouts in H1 2026, which are likely to drive sentiment and estimate revisions .

What Went Well and What Went Wrong

What Went Well

  • EPS beat: Q3 2025 EPS of $(3.22) was better than S&P Global consensus $(3.98), reflecting lower operating expenses YoY; consensus revenue was $0.00, consistent with pre‑revenue status . EPS and revenue consensus from S&P Global; Values retrieved from S&P Global.*
  • SIM0505 U.S. start: “We recently began U.S. enrollment in the Phase 1 trial for SIM0505, our CDH6 ADC… We expect to advance into higher‑dose cohorts in the US shortly” — Michael Richman, CEO .
  • LNCB74 regulatory progress: FDA accepted a protocol amendment enabling higher dose escalation cohorts, supporting faster dose‑finding and potential efficacy readouts in H1 2026 .

What Went Wrong

  • Cash burn persisted: Cash declined to $29.1M at Q3‑end from $35.3M in Q2 and $68.6M at 2024 year‑end, primarily funding operations and the Simcere license fee; other income was lower YoY .
  • Continued operating losses: Net loss was $(8.6)M in Q3 versus $(11.5)M YoY, and $(26.8)M in Q2 due to a $17.0M upfront license fee; while normalizing in Q3, losses remain significant .
  • No revenue reported: The company remains pre‑revenue, limiting near‑term non‑dilutive funding and keeping the focus on clinical execution and partnering . Revenue consensus from S&P Global; Values retrieved from S&P Global.*

Financial Results

Income Statement Summary (USD Millions unless noted)

MetricQ3 2024Q1 2025Q2 2025Q3 2025
Revenue ($USD Millions)*N/A*N/A*N/A*N/A*
R&D Expense$8.77 $7.90 $24.09 $6.14
G&A Expense$3.73 $3.73 $3.20 $2.81
Other Income, net$0.96 $0.65 $0.48 $0.32
Net Loss$(11.54) $(10.98) $(26.81) $(8.62)
EPS ($)$(4.95) $(0.39) $(11.29) $(3.22)

*Values retrieved from S&P Global.

Cash & Liquidity

MetricQ3 2024Q1 2025Q2 2025Q3 2025
Cash, Cash Equivalents & Marketable Securities ($USD Millions)N/A$55.86 $35.31 $29.11
Total Assets ($USD Millions)N/A$67.14 $47.69 $39.61
Accounts Payable & Accrued Liabilities ($USD Millions)N/A$5.74 $10.78 $10.99
Total Stockholders’ Equity ($USD Millions)N/A$55.86 $29.65 $23.65

Results vs S&P Global Consensus

MetricQ3 2025 Consensus*Q3 2025 ActualBeat/Miss
EPS ($)$(3.98)*$(3.22) Beat by $0.76
Revenue ($USD Millions)$0.00*N/A*N/A

*Values retrieved from S&P Global.

Guidance Changes

MetricPeriodPrevious GuidanceCurrent GuidanceChange
Cash RunwayCorporate“Into the second half of 2026” (Q1 2025) “Into mid‑2026” (Q3 2025) Maintained
Cash Runway (post‑financing)Corporate“Into mid‑2026” (pre‑financing) “Into the first half of 2027” (Nov 12 private placement: $21.5M gross) Raised
SIM0505 (CDH6 ADC) — U.S. first patientProgram“Anticipated first U.S. patient dosed in Q3 2025” “First U.S. patient dosed in October 2025” Achieved milestone
LNCB74 (B7‑H4 ADC) — dose escalationProgram“Currently in cohort 4; plan backfill cohorts 2H25” “FDA accepted protocol amendment to add higher dose escalation cohorts” Expanded
Proof‑of‑Concept Readouts (SIM0505 & LNCB74)Programs“H1 2026” (Q1/Q2 2025) “H1 2026” (Q3 2025) Maintained

Earnings Call Themes & Trends

Note: An earnings call transcript was not available in our document catalog; themes reflect prepared remarks in press releases.

TopicPrevious Mentions (Q-2 and Q-1)Current Period (Q3 2025)Trend
ADC pipeline executionQ1: LNCB74 cohort 3 dosing; 10 active sites; backfill planned 2H25 . Q2: LNCB74 in cohort 4; SIM0505 rights acquired; U.S. dosing expected Q3 .SIM0505 first U.S. patient dosed; plan to advance to higher dose cohorts; LNCB74 protocol amendment accepted for higher dose escalation .Accelerating dose escalation
Partnerships & licensingQ2: Strategic partnership with Simcere Zaiming; $2.0M equity investment; global rights to SIM0505 ex‑Greater China .Continued collaboration; integrating Chinese Phase 1 data into POC readout plan .Consolidating rights and data access
Funding & runwayQ1: Runway into 2H26 . Q2: Runway into mid‑2026 .Runway reiterated into mid‑2026; extended to H1 2027 post private placement ($21.5M) .Runway extended post‑quarter
Regulatory milestonesQ1/Q2: IND transfer for SIM0505; advancing LNCB74 cohorts .FDA accepted protocol amendment for LNCB74 dose escalation .Positive regulatory progression
R&D spend normalizationQ2: $24.1M R&D due to $17.0M license fee .Q3: $6.1M R&D; lower vs $8.8M YoY .Normalized OpEx after licensing spike

Management Commentary

  • “We have made significant progress advancing our promising ADC programs… We believe the ability to dose at levels that match or exceed competitor CDH6‑targeting ADCs should demonstrate the promise of this program… We plan to provide proof of concept data readouts on SIM0505 and LNCB74 in the first half of 2026.” — Michael Richman, President & CEO .
  • “Our recent strategic acquisition of the global rights, excluding greater China, for SIM0505… We are on track to dose our first SIM0505 patient in the United States this quarter and plan to provide program updates… along with proof of concept data readouts in the first half of 2026.” — Michael Richman (Q2 release) .
  • “With our LNCB74 ADC program… We plan to provide a proof of concept data readout in the first half of 2026.” — Michael Richman (Q1 release) .

Q&A Highlights

  • No Q3 2025 earnings call transcript was available in our document catalog; Q&A highlights cannot be extracted. Strategic and operational themes are taken from the company’s press releases .

Estimates Context

  • Q3 2025 EPS of $(3.22) vs S&P Global consensus $(3.98): beat by $0.76 as lower R&D ($6.1M) and G&A ($2.8M) versus prior year reduced the quarterly loss . EPS consensus from S&P Global; Values retrieved from S&P Global.*
  • Revenue consensus was $0.00 and the company reported no revenue; estimate comparisons remain anchored on EPS while the business is pre‑revenue. Revenue consensus from S&P Global; Values retrieved from S&P Global.*
  • Outlook implications: With Q2’s one‑time license charge behind them and Q3 OpEx trending lower YoY, Street models may modestly narrow FY25 loss expectations; the Nov 12 financing reduces near‑term dilution risk by extending runway to H1 2027 .

Key Takeaways for Investors

  • Q3 EPS beat driven by normalized OpEx post‑licensing; watch for continued discipline in R&D and G&A to sustain narrower quarterly losses .
  • SIM0505 U.S. enrollment and LNCB74 higher dose cohorts are tangible execution milestones ahead of H1 2026 proof‑of‑concept readouts — key binary catalysts for the stock .
  • Liquidity improved post‑quarter via $21.5M private placement, extending runway to H1 2027 and reducing financing overhang into major readouts .
  • Expect estimates to adjust as Street absorbs lower Q3 OpEx and post‑financing runway; near‑term price action likely tied to clinical updates and dose‑escalation tolerability .
  • Pre‑revenue status keeps valuation sensitive to trial progress and partnering; any evidence of responses at competitive dose levels for SIM0505 would be a positive narrative catalyst .
  • Regulatory tailwind: FDA acceptance of protocol amendment for LNCB74 should accelerate dose finding and de‑risk timeline to POC .
  • Monitor additional enrollment pace in U.S. sites and any China trial updates integrated into 2026 POC disclosures to gauge probability of success and partnering leverage .