NextCure Inc (NXTC) Reports Q3 2023 Financial Results
NextCure Inc (NASDAQ:NXTC) released its Q3 2023 financial results on November 2, 2023.
The company reported a net loss of $14.3 million, or $0.51 per share, compared to a net loss of $18.9 million, or $0.68 per share, in Q3 2022.
Research and development expenses decreased to $11 million from $13.5 million in the same period last year.
General and administrative expenses also decreased to $4.6 million from $5.7 million in Q3 2022.
NextCure Inc (NASDAQ:NXTC), a clinical-stage biopharmaceutical company, released its third quarter 2023 financial results on November 2, 2023. The company is committed to discovering and developing novel, first-in-class immunomedicines to treat cancer and other immune-related diseases.
Financial Highlights
NextCure reported a net loss of $14.3 million, or $0.51 per share, for the quarter ended September 30, 2023. This is a decrease from the net loss of $18.9 million, or $0.68 per share, reported in the same period in 2022.
The company's operating expenses for the quarter included research and development costs of $11 million, down from $13.5 million in Q3 2022. General and administrative expenses also decreased to $4.6 million from $5.7 million in the same period last year.
Balance Sheet Overview
As of September 30, 2023, NextCure had cash, cash equivalents, and marketable securities totaling $118.2 million, compared to $159.9 million as of December 31, 2022. Total assets were $139.9 million, down from $184.2 million at the end of 2022. Accounts payable and accrued liabilities stood at $6.6 million, a decrease from $9.1 million at the end of 2022. Total stockholders' equity was $126.5 million, compared to $167.5 million as of December 31, 2022.
Company's Outlook
NextCure's president and chief executive officer, Michael Richman, stated,
We plan to provide updates on our clinical programs, including the Phase 1b trial of NC410 in combination with pembrolizumab in patients with solid tumors, the Phase 1b trial of NC762 targeting tumor types with high B7-H4 expression, and a Phase 1a operational update for NC525 treating patients with acute myeloid leukemia (AML) by the end of the year. Our cash position and mid-2025 runway will support advancement of our most promising programs."
The company's financial results reflect its commitment to managing expenses while advancing its clinical programs. The decrease in both research and development and general and administrative expenses year-over-year demonstrates the company's focus on cost efficiency. With a solid cash position, NextCure is well-positioned to continue its research and development efforts.
Explore the complete 8-K earnings release (here) from NextCure Inc for further details.
This article first appeared on GuruFocus.
