Every 10-Q that NextCure, Inc. (NXTC) has filed with the SEC in the last 24 months is listed below, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 10-Q covers the quarterly report filed between annual reports, so if you follow NXTC and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full NXTC filings page.
NextCure, Inc. reported a Q2 2026 net loss of $14.9 million ($2.80 per share), compared with $26.8 million a year earlier, on no product revenue. For the first six months, net loss was $24.7 million. Research and development expenses fell to $7.4 million in the quarter, mainly due to prior-year license fees and lower program spending, while general and administrative expenses declined to $2.6 million.
Cash, cash equivalents and marketable securities totaled $20.1 million as of June 30 2026, which management expects to fund operations into the fourth quarter of 2026. The company states that continuing operating losses and funding needs raise substantial doubt about its ability to continue as a going concern. It recorded a $5.1 million impairment on long‑lived assets and has approved a restructuring expected to cost about $2.4 million, including a substantial workforce reduction. On July 14 2026, NextCure signed a definitive all‑stock merger agreement with Avere Therapeutics, alongside a private financing for Avere expected to generate approximately $320 million in gross proceeds, under which NextCure stockholders would hold a minority stake in the combined company and receive contingent value rights tied to certain legacy assets. The company is stopping new enrollment in SIM0505 trials and ending cost‑sharing on LNCB74, while seeking to partner or monetize these programs.
NextCure, Inc. reported a net loss of $9.8 million for the quarter ended March 31, 2026, modestly improved from $11.0 million a year earlier, as both research and development and general and administrative expenses declined.
Operating expenses fell to $10.1 million, driven by lower spending on deprioritized programs and reduced stock-based compensation, partly offset by new costs for SIM0505, an antibody-drug conjugate licensed in 2025. Other income decreased as interest earnings declined with a smaller cash balance.
Cash, cash equivalents and marketable securities totaled $29.7 million, and operating activities used $13.4 million of cash in the quarter. The company disclosed that this cash is not sufficient to fund operations for 12 months after issuance of the financial statements, raising substantial doubt about its ability to continue as a going concern unless additional capital is secured. NextCure continues Phase 1 trials for SIM0505 and LNCB74 and raised about $1.2 million through at-the-market stock sales during the quarter.
NextCure, Inc. (NXTC) filed its Q3 2025 10‑Q reporting continued operating losses and a limited cash position, and raised substantial doubt about its ability to continue as a going concern. Cash, cash equivalents and marketable securities were $29.1 million as of September 30, 2025. Net loss was $8.6 million for the quarter and $46.4 million year‑to‑date, driven primarily by research and development.
R&D expense reflected the Zaiming license, with $17 million recorded as in‑process R&D in 2025. Operating cash outflow was $42.0 million for the nine months. Management expects additional losses and says current liquidity will not fund operations for one year after issuance, indicating the need for near‑term financing or partnerships.
Pipeline updates: SIM0505 (CDH6 ADC) first U.S. patient was dosed in October 2025, with proof‑of‑concept data expected in the first half of 2026. LNCB74 (B7‑H4 ADC) dosed its first patient in January 2025; a protocol amendment allowing higher dose escalation was cleared in November 2025. The company completed a 1‑for‑12 reverse stock split on July 14, 2025, and had 2,679,822 shares outstanding as of October 31, 2025.
NextCure’s Q2-25 10-Q shows a sharp deterioration in liquidity and higher losses driven by a new licensing deal. Cash & equivalents fell to $4.9 m (-82%) and marketable securities to $30.4 m, leaving $35.3 m available versus $68.6 m at YE-24. Management expects this to fund operations only into mid-2026 and discloses substantial doubt about going concern.
Operating expenses jumped 65% YoY to $27.3 m. R&D doubled to $24.1 m, primarily due to a $17 m up-front/I-PR&D charge for the June 2025 SIM0505 ADC license from Zaiming. G&A fell 22% to $3.2 m after a 2024 restructuring. Q2 net loss widened to $26.8 m (-$11.29/sh) from $15.4 m (-$6.61/sh) a year earlier; 1H-loss is $37.8 m.
The company raised only $2 m via a private placement (338.6 k shares at $5.904) classified as mezzanine equity until SEC registration (completed 29-Jul-25). A 1-for-12 reverse split effective 14-Jul-25 restored Nasdaq bid-price compliance, leaving 2.68 m shares outstanding on 4-Aug-25.
Pipeline: Phase 1 B7-H4 ADC LNCB74 cleared cohort 3 and expects back-fill cohorts 2H-25 with PoC read-out 1H-26. SIM0505 IND transferred from partner; first US patient expected 3Q-25. Cost-share ADC collaboration with LigaChem produced a $1 m receivable.
Key balance-sheet items (Jun-25 vs Dec-24):
- Total assets: $47.7 m vs $80.9 m
- Accum. deficit: $417.9 m (was $380.1 m)
- Equity: $29.6 m vs $65.5 m