NextCure, Inc. 8-K

What Happened

• NextCure, Inc. (NXTC) filed an 8‑K on January 23, 2026 announcing a preliminary cash, cash equivalents and marketable securities balance of approximately $41.8 million as of December 31, 2025. The company said these resources are expected to fund planned operating expenses and capital expenditures into the first half of 2027. The company noted its consolidated financial statements for the year ended December 31, 2025 have not yet been finalized, so the cash figure is preliminary.
• The filing also included clinical program updates for its two antibody drug conjugate (ADC) programs and attached a corporate presentation (Exhibit 99.2).

Key Details

• Preliminary cash, cash equivalents and marketable securities: ~$41.8 million as of December 31, 2025 (unaudited/final numbers pending).
• Runway: Company expects current resources to fund operations and capital needs into the first half of 2027.
• SIM0505 (NCT06792552): Phase 1 open‑label dose escalation data from U.S. and China expected to be presented in Q2 2026; study focuses on advanced solid tumors, especially gynecologic cancers and platinum‑resistant ovarian cancer. Company is adding sites and increasing clinical drug supply to support dose optimization planned for H1 2026.
• LNCB74 (NCT06774963): Dosing has begun in higher dose cohorts following a November 2025 protocol amendment. Higher cohorts will prioritize patients with high B7‑H4 expression in breast and gynecologic cancers and now include adenoid cystic carcinoma type 1. Proof‑of‑concept data, formerly expected in H1 2026, is delayed; a trial progress update is expected in H2 2026.

Why It Matters

• Cash runway is a key near‑term measure for a clinical‑stage biotech: the reported ~$41.8M and the stated runway into H1 2027 indicate how long NextCure expects to fund its ongoing trials and operations without new financing. Because the year‑end financials are not finalized, investors should treat the number as preliminary.
• Clinical timelines and data releases are primary value drivers for NextCure. The SIM0505 data presentation in Q2 2026 and the LNCB74 trial progress update in H2 2026 are upcoming milestones to watch. The delay of LNCB74 proof‑of‑concept to H2 2026 reflects enrollment pacing and may shift near‑term catalysts.
• This filing does not include full earnings or revenue figures; investors should look for the finalized 2025 financial statements and subsequent clinical updates for more complete information.