On August 3, 2023 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 reported a business update and provided second quarter 2023 financial results (Press release, NextCure, AUG 3, 2023, View Source [SID1234633761]).

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"As we enter the remainder of 2023, we continue generating important data and are nearing updates on our clinical programs expected in the fourth quarter of this year," said Michael Richman, NextCure’s president and chief executive officer. "We expect to continue to advance our programs while prudently managing our resources to support our financial runway into mid-2025."

Q2 2023 Business Highlights and Near-Term Milestones

NC410 (LAIR-2 fusion)

● Continued enrollment in the Phase 1b/2 clinical trial evaluating NC410 in combination with pembrolizumab in patients with immune checkpoint naive or checkpoint refractory solid tumors.
● Phase 1b data are expected in the fourth quarter of 2023.

NC762 (B7-H4 mAb)

● Continued enrollment in the Phase 1b dose expansion study in patients with solid tumors and high expression of B7-H4.
● Phase 1b update is expected in the fourth quarter of 2023.

NC525 (LAIR-1 mAb)

● Continued enrollment in the Phase 1 monotherapy dose escalation and safety study evaluating NC525 in AML patients.
● Phase 1a update is expected in the fourth quarter of 2023.

NC318 (Siglec-15)

● Yale Cancer Center to present in September, "NC318, an Anti-Siglec-15 Humanized mAb, Alone and in Combination with Pembrolizumab in Immunotherapy Pretreated NSCLC", at the International Association for the Study of Lung Cancer 2023 World Conference on Lung Cancer in Singapore.

Financial Guidance

● NextCure expects its existing cash, cash equivalents and marketable securities will enable it to fund operating expenses and capital expenditures into mid-2025.

Financial Results for Quarter Ended June 30, 2023

● Cash, cash equivalents, and marketable securities as of June 30, 2023, were $130.6 million as compared to $159.9 million as of December 31, 2022. The decrease of $29.3 million was primarily related to cash used to fund operations, and cash used to purchase fixed assets.
● Research and development expenses were $13.4 million for the quarter ended June 30, 2023, as compared to $12.8 million for the quarter ended June 30, 2022. The increase of $0.6 million was primarily related to higher clinical costs.
● General and administrative expenses were $5.7 million for the quarter ended June 30, 2023, as compared to $5.3 million for the quarter ended June 30, 2022. The increase of $0.4 million was primarily related to higher payroll and legal costs partially offset by lower stock compensation costs and lower insurance costs.
● Net loss was $17.9 million for the quarter ended June 30, 2023, as compared with a net loss of $17.9 million for the quarter ended June 30, 2022. Higher research and development expenses and higher general and administrative expenses were offset by higher other income, primarily interest income.