10-K · March 5, 2026
NextCure is a clinical-stage ADC-focused biopharma that acquired global (ex-China) rights to SIM0505 and is advancing two lead ADC programs (SIM0505 and LNCB74) through Phase 1. The company reported a 2025 net loss of…
Earnings analysis · 10-Q
NXTC earnings analysis
Filed May 7, 2026 · Our reading of the company's report
The latest report
NextCure reported a smaller net loss of $9.8 million for Q1 2026, an improvement from $11.0 million in Q1 2025. Cash reserves decreased from $41.8 million at the end of 2025 to $29.7 million as of March 31, 2026. The…
Read full summary
NextCure reported a smaller net loss of $9.8 million for Q1 2026, an improvement from $11.0 million in Q1 2025. Cash reserves decreased from $41.8 million at the end of 2025 to $29.7 million as of March 31, 2026. The company continues to focus on the development of their drug candidates, notably SIM0505, which received FDA Fast Track designation.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $-4.68
What stood out
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Improved Net Loss
Net loss for Q1 2026 was $9.8 million, better than $11.0 million loss in Q1 2025.
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Cash Reserves Declined
Cash, cash equivalents, and marketable securities decreased to $29.7 million from $41.8 million at year-end 2025.
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Decreased R&D Expenses
R&D expenses reduced to $6.8 million in Q1 2026 from $7.9 million in Q1 2025.
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Reduction in G&A Expenses
General and administrative expenses fell to $3.3 million from $3.7 million year-over-year.
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FDA Fast Track Designation
SIM0505 attained FDA Fast Track designation for platinum-resistant ovarian cancer.
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Operational Cash Flow Improvements
Net cash used in operating activities reduced to $13.4 million from $13.0 million in the prior period.
What to watch
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Continued Risk of Operating Losses
The company reported net losses for Q1 2026 of $9.8 million, continuing a trend of unprofitability.
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Cash Runway Concerns
Projected additional operating losses raise substantial doubt regarding going concern over the next year.
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Dependence on Financing
The expectation of needing additional funding to support operations poses risk to future clinical program developments.
Management's outlook
Outlook deferred to earnings press release / call.
Earlier filings 4
10-Q · August 7, 2025
NextCure reported a significantly wider operating loss and net loss in Q2 2025 as R&D spending ramped. Cash and marketable securities totaled $35.3 million as of June 30, 2025, but management disclosed "substantial…
10-Q · May 4, 2023
NextCure reported a Q1 2023 net loss of $16,096 thousand (EPS -$0.58), an improvement from a net loss of $20,602 thousand (EPS -$0.74) in Q1 2022. Operating expenses declined to $17,071 thousand (driven by R&D falling…
10-Q · August 4, 2022
NextCure reported Q2 2022 GAAP net loss of $17.92M (EPS -$0.65), essentially flat with Q2 2021 net loss of $17.99M (EPS -$0.65). Cash and cash equivalents rose to $28.163M at June 30, 2022 (from $12.337M at December 31,…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.