UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)


☒	Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the quarterly period ended September 30, 2023


☐	Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the transition period from to .

Commission File Number: 001-38905

NextCure, Inc.

(Exact name of registrant as specified in its charter)

Delaware	47-5231247
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)

9000 Virginia Manor Road, Suite 200 Beltsville, Maryland	20705
(Address of principal executive offices)	(Zip Code)

(240) 399-4900

(Registrant’s telephone number, including area code)

(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered:
Common Stock, $0.001 par value per share	NXTC	Nasdaq Global Select Market

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer ☐	Accelerated filer ☐
Non-accelerated filer ☒	Smaller reporting company ☒
	Emerging growth company ☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

As of October 30, 2023, the registrant had 27,903,027 shares of common stock, par value $0.001 per share, issued and outstanding.

Table of Contents

NextCure, Inc.

Form 10-Q

For the Quarter Ended September 30, 2023

TABLE OF CONTENTS


		Page
PART I. FINANCIAL INFORMATION
Item 1.	Financial Statements	1
	Condensed Balance Sheets as of September 30, 2023 (unaudited) and December 31, 2022	1
	Unaudited Condensed Statements of Operations and Comprehensive Loss for the Three and Nine Months Ended September 30, 2023 and 2022	2
	Unaudited Condensed Statements of Stockholders’ Equity for the Three and Nine Months Ended September 30, 2023 and 2022	3
	Unaudited Condensed Statements of Cash Flows for the Nine Months Ended September 30, 2023 and 2022	4
	Notes to Unaudited Condensed Financial Statements	5
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	14
Item 3.	Quantitative and Qualitative Disclosures about Market Risk	22
Item 4.	Controls and Procedures	22
Part II. OTHER INFORMATION
Item 1.	Legal Proceedings	23
Item 1A.	Risk Factors	23
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	23
Item 3.	Defaults Upon Senior Securities	23
Item 4.	Mine Safety Disclosures	23
Item 5.	Other Information	23
Item 6.	Exhibits	24
SIGNATURES		25

Table of Contents

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

NEXTCURE, INC.

CONDENSED BALANCE SHEETS

(unaudited, in thousands, except share and per share amounts)


	September 30,		December 31,
	2023		2022
Assets
Current assets:
Cash and cash equivalents	$	19,519	$	26,630
Marketable securities		98,687		133,281
Prepaid expenses and other current assets		4,478		4,072
Total current assets		122,684		163,983
Property and equipment, net		9,844		11,897
Right of use assets		4,557		5,016
Other assets		2,854		3,265
Total assets	$	139,939	$	184,161
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable	$	2,602	$	4,270
Accrued liabilities and other liabilities		3,950		4,857
Total current liabilities		6,552		9,127
Lease liabilities, long term		6,120		6,605
Other long-term liabilities		815		899
Total liabilities		13,487		16,631
Stockholders’ equity:
Preferred stock, par value of $0.001 per share; 10,000,000 shares authorized at September 30, 2023 and December 31, 2022; No shares issued and outstanding at September 30, 2023 and December 31, 2022		—		—
Common stock, par value of $0.001 per share; 100,000,000 shares authorized at September 30, 2023 and December 31, 2022; 27,839,968 and 27,774,536 shares issued and outstanding at September 30, 2023 and December 31, 2022, respectively		28		28
Additional paid-in capital		437,042		430,755
Accumulated other comprehensive loss		(603)		(1,494)
Accumulated deficit		(310,015)		(261,759)
Total stockholders’ equity		126,452		167,530
Total liabilities and stockholders’ equity	$	139,939	$	184,161

The accompanying notes are an integral part of these unaudited condensed financial statements.

Table of Contents

NEXTCURE, INC.

CONDENSED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS

(unaudited, in thousands, except share and per share amounts)


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2023		2022		2023		2022
Operating expenses:
Research and development	$	11,010	$	13,528	$	36,104	$	41,377
General and administrative		4,608		5,711		15,743		16,761
Total operating expenses		15,618		19,239		51,847		58,138
Loss from operations		(15,618)		(19,239)		(51,847)		(58,138)
Other income, net		1,317		328		3,591		705
Net loss	$	(14,301)	$	(18,911)	$	(48,256)	$	(57,433)
Net loss per common share - basic and diluted	$	(0.51)	$	(0.68)	$	(1.73)	$	(2.07)
Weighted-average shares outstanding - basic and diluted		27,839,968		27,748,844		27,814,655		27,734,271
Comprehensive loss:						.
Net loss	$	(14,301)	$	(18,911)	$	(48,256)	$	(57,433)
Unrealized gain (loss) on marketable securities		322		(56)		891		(1,733)
Total comprehensive loss	$	(13,979)

SEC Form 10-Q filed by NextCure Inc.