On May 4, 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 announced first quarter 2023 financial results (Press release, NextCure, MAY 4, 2023, View Source [SID1234631039]).

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"Data updates on all three of our clinical programs are expected this year," said Michael Richman, NextCure’s president and chief executive officer. "While advancing our pipeline, we have strived to remain capital efficient, and expect that we have financial runway of more than two years and the ability to achieve our meaningful near-term clinical milestones."

Q1 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 refractory or naïve solid tumors.
● Phase 1b update is 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)

● Dosed first patient in a Phase 1 monotherapy dose escalation and safety study evaluating NC525 in AML patients in February 2023.
● Initial Phase 1a data are expected in the fourth quarter of 2023.

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 March 31, 2023

● Cash, cash equivalents, and marketable securities as of March 31, 2023, were $145.5 million as compared to $159.9 million as of December 31, 2022. The decrease of $14.4 million was primarily related to cash used to fund operations, and cash used to purchase fixed assets.
● Research and development expenses were $11.6 million for the quarter ended March 31, 2023, as compared to $15.0 million for the quarter ended March 31, 2022. The decrease of $3.4 million was primarily related to lower research and clinical costs.
● General and administrative expenses were $5.4 million for the quarter ended March 31, 2023, as compared to $5.7 million for the quarter ended March 31, 2022. The decrease of $0.3 million was primarily related to lower stock compensation costs and lower professional services costs.
● Net loss was $16.1 million for the quarter ended March 31, 2023, as compared with a net loss of $20.6 million for the quarter ended March 31, 2022. The change in net loss from the previous year was primarily due to lower research and development expenses.