Nextcure Financials
This page shows Nextcure (NXTC) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 8 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
NextCure’s operating pattern is a research-led cash burn supported by liquidity reserves and periodic financing.
From FY2023 to FY2025, operating cash burn stayed close to net loss, ending at-$49.6M of cash outflow versus-$55.8M of net loss in FY2025. That makes the deficit economic rather than accounting-driven; with only$26.0M of cash and$22.3M of financing inflow in FY2025, the business was maintained by funding more than by internal cash generation.
Cost cutting has come mainly from overhead: SG&A fell from
This is not a capex-hungry setup; capital spending was just
Financial Health Signals
Nextcure does not currently provide enough eligible data for a peer-relative financial health score, so none is published. The signals and metrics below are current.
Nextcure passes 1 of 6 computable financial strength tests (3 of the nine could not be computed from available data). 1 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution).
Nextcure reported a net loss of $55.8M while operations used $49.6M of cash. With neither figure positive, the ratio between the two carries no quality signal.
Key Financial Metrics
Earnings & Revenue
Nextcure's EBITDA was -$55.4M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 2.5% from the prior year.
Nextcure reported -$55.8M in net income in fiscal year 2025. This represents a decrease of 0.3% from the prior year.
Nextcure earned -$19.65 per diluted share (EPS) in fiscal year 2025. This represents an increase of 17.7% from the prior year.
Not reported for fiscal year 2025.
Cash & Balance Sheet
Nextcure held $26.0M in cash as of fiscal year 2025; long-term debt is not reported for that period.
Nextcure paid $0.00 per share in dividends in fiscal year 2025.
Not reported for fiscal year 2025.
Margins & Returns
Nextcure's ROE was -159.8% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 74.8 percentage points from the prior year.
Not reported for fiscal year 2025.
Not reported for fiscal year 2025.
Not reported for fiscal year 2025.
Capital Allocation
Nextcure invested $44.9M in research and development in fiscal year 2025. This represents an increase of 8.3% from the prior year.
Not reported for fiscal year 2025.
Not reported for fiscal year 2025.
NXTC Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | N/A | N/A | N/A | N/A | N/A | N/A | $22.4M+252.6% | $6.3M | N/A |
| R&D Expenses | N/A | $44.9M+8.3% | $41.5M-13.4% | $47.9M-11.6% | $54.2M+8.0% | $50.2M+7.8% | $46.6M+36.1% | $34.2M+72.9% | $19.8M |
| SG&A Expenses | N/A | $12.7M-19.2% | $15.7M-20.2% | $19.7M-9.2% | $21.7M+5.5% | $20.6M+20.7% | $17.0M+77.4% | $9.6M+182.0% | $3.4M |
| Operating Income | N/A | -$57.6M+3.6% | -$59.7M+11.7% | -$67.6M+10.9% | -$75.9M-7.3% | -$70.8M-71.7% | -$41.2M-10.0% | -$37.5M-61.6% | -$23.2M |
| Interest Expense | N/A | N/A | N/A | N/A | N/A | N/A | $183K-12.4% | $209K+736.0% | $25K |
| Income Tax | N/A | $0 | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Net Income | N/A | -$55.8M-0.3% | -$55.7M+11.3% | -$62.7M+16.1% | -$74.7M-7.7% | -$69.4M-89.6% | -$36.6M-8.5% | -$33.7M-48.0% | -$22.8M |
| EPS (Diluted) | — | -$19.65+17.7% | -$23.88 | -$2.25+16.4% | -$2.69-7.2% | -$2.51-88.7% | -$1.33 | N/A | N/A |
Not reported in any period shown, so not listed: Cost of Revenue, Gross Profit.
TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
NXTC Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $50.2M-37.9% | $80.9M-36.8% | $128.0M-30.5% | $184.2M-24.0% | $242.4M-21.0% | $306.6M-13.9% | $356.2M+141.3% | $147.6M |
| Current Assets | $43.7M-39.1% | $71.8M-36.3% | $112.7M-31.3% | $164.0M-28.0% | $227.8M-20.9% | $288.0M-15.3% | $340.0M+150.4% | $135.8M |
| Cash & Equivalents | $26.0M-6.3% | $27.7M+111.9% | $13.1M-50.9% | $26.6M+115.9% | $12.3M-62.4% | $32.8M-3.9% | $34.1M-74.8% | $135.2M |
| Total Liabilities | $15.2M-1.0% | $15.4M+13.0% | $13.6M-18.1% | $16.6M+84.8% | $9.0M-30.4% | $12.9M-62.7% | $34.7M-82.2% | $194.6M |
| Current Liabilities | $10.6M+10.4% | $9.6M+39.1% | $6.9M-24.6% | $9.1M+38.1% | $6.6M-36.0% | $10.3M-31.4% | $15.0M+46.1% | $10.3M |
| Long-Term Debt | N/A | N/A | N/A | $0 | $0-100.0% | $1.8M-45.8% | $3.3M+4465.8% | $73K |
| Total Equity | $34.9M-46.6% | $65.5M-42.8% | $114.4M-31.7% | $167.5M-28.2% | $233.4M-20.5% | $293.7M-8.6% | $321.5M+784.8% | -$46.9M |
| Retained Earnings | -$436.0M-14.7% | -$380.1M-17.2% | -$324.5M-24.0% | -$261.8M-40.0% | -$187.0M-59.0% | -$117.6M-45.2% | -$81.0M-71.3% | -$47.3M |
Not reported in any period shown, so not listed: Inventory, Accounts Receivable, Goodwill.
NXTC Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 |
|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$37.0M | -$49.6M-21.6% | -$40.8M+23.0% | -$53.0M+1.7% | -$53.9M+5.9% | -$57.3M-27.4% | -$45.0M-26.2% | -$35.6M-545.7% | $8.0M |
| Capital Expenditures | N/A | N/A | $474K-42.2% | $820K-61.2% | $2.1M-10.3% | $2.4M-66.9% | $7.1M+111.6% | $3.4M+10.1% | $3.1M |
| Free Cash Flow | N/A | N/A | -$41.3M+23.3% | -$53.8M+3.9% | -$56.0M+6.1% | -$59.6M-14.5% | -$52.1M-33.6% | -$39.0M-891.1% | $4.9M |
| Investing Cash Flow | $25.8M | $25.6M-53.8% | $55.3M+40.8% | $39.3M-42.2% | $68.0M+85.7% | $36.6M-15.9% | $43.5M+114.3% | -$303.9M-9822.4% | -$3.1M |
| Financing Cash Flow | $21.6M | $22.3M+15394.4% | $144K-6.5% | $154K-23.0% | $200K+106.1% | -$3.3M-130.7% | -$1.4M-100.6% | $243.0M+100.2% | $121.4M |
Not reported in any period shown, so not listed: Dividends Paid, Share Buybacks.
TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
NXTC Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 |
|---|---|---|---|---|---|---|---|---|
| Operating Margin | N/A | N/A | N/A | N/A | N/A | -184.2% | -590.5% | N/A |
| Net Margin | N/A | N/A | N/A | N/A | N/A | -163.6% | -531.5% | N/A |
| Return on Equity | -159.8%-74.8pp | -85.0%-30.2pp | -54.8%-10.2pp | -44.6%-14.9pp | -29.7%-17.3pp | -12.5%-2.0pp | -10.5% | N/A |
| Return on Assets | -111.3%-42.4pp | -68.8%-19.8pp | -49.0%-8.4pp | -40.6%-11.9pp | -28.6%-16.7pp | -11.9%-2.5pp | -9.5%+6.0pp | -15.4% |
| Current Ratio | 4.14-3.4x | 7.50-8.9x | 16.38-1.6x | 17.97-16.5x | 34.48+6.6x | 27.89+5.3x | 22.60+9.4x | 13.19 |
| Debt-to-Equity | 0.44+0.2x | 0.23+0.1x | 0.12+0.1x | 0.000.0x | 0.000.0x | 0.010.0x | 0.01 | N/A |
| FCF Margin | N/A | N/A | N/A | N/A | N/A | -232.8% | -614.4% | N/A |
Not reported in any period shown, so not listed: Gross Margin.
Reported as filed but not readable as a share of revenue in the periods where the ratio runs further from zero than a revenue base allows; no change figure is given where either compared period is one of those: Operating Margin, Net Margin, FCF Margin.
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Where Nextcure Ranks
Frequently Asked Questions
Is Nextcure profitable?
No, Nextcure (NXTC) reported a net income of -$55.8M in fiscal year 2025.
What is Nextcure's EBITDA?
Nextcure (NXTC) had EBITDA of -$55.4M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
What is Nextcure's return on equity (ROE)?
Nextcure (NXTC) has a return on equity of -159.8% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Nextcure's operating cash flow?
Nextcure (NXTC) recorded an outflow of $49.6M in operating cash flow during fiscal year 2025, representing cash used by core business activities.
What are Nextcure's total assets?
Nextcure (NXTC) had $50.2M in total assets as of fiscal year 2025, including both current and long-term assets.
How much does Nextcure spend on research and development?
Nextcure (NXTC) invested $44.9M in research and development during fiscal year 2025.
What is Nextcure's current ratio?
Nextcure (NXTC) had a current ratio of 4.14 as of fiscal year 2025, which is generally considered healthy.
What is Nextcure's debt-to-equity ratio?
Nextcure (NXTC) had a debt-to-equity ratio of 0.44 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Nextcure's return on assets (ROA)?
Nextcure (NXTC) had a return on assets of -111.3% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Nextcure's cash runway?
Based on fiscal year 2025 data, Nextcure (NXTC) had $26.0M in cash against an annual operating cash burn of $49.6M. This gives an estimated cash runway of approximately 6 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.
What is Nextcure's Piotroski F-Score?
Nextcure (NXTC) has a Piotroski F-Score of 1 out of 6 computable signals; 3 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Nextcure's earnings high quality?
Nextcure (NXTC) reported a net loss of $55.8M while operations used $49.6M of cash. With neither figure positive, the ratio between the two carries no quality signal. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.