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 June 30, 2022


☐	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 August 3, 2022, the registrant had 27,748,844 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 June 30, 2022

TABLE OF CONTENTS


		Page
PART I. FINANCIAL INFORMATION
Item 1.	Financial Statements	1
	Condensed Balance Sheets as of June 30, 2022 (unaudited) and December 31, 2021	1
	Unaudited Condensed Statements of Operations and Comprehensive Loss for the Three and Six Months Ended June 30, 2022 and 2021	2
	Unaudited Condensed Statements of Stockholders’ Equity for the Six Months Ended June 30, 2022 and 2021	3
	Unaudited Condensed Statements of Cash Flows for the Six Months Ended June 30, 2022 and 2021	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	23
Item 4.	Controls and Procedures	23
Part II. OTHER INFORMATION
Item 1.	Legal Proceedings	24
Item 1A.	Risk Factors	24
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	24
Item 3.	Defaults Upon Senior Securities	24
Item 4.	Mine Safety Disclosures	24
Item 5.	Other Information	24
Item 6.	Exhibits	25
SIGNATURES		26

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)


	June 30,		December 31,
	2022		2021
Assets
Current assets:
Cash and cash equivalents	$	28,163	$	12,337
Marketable securities		157,329		207,254
Restricted cash		39		39
Prepaid expenses and other current assets		7,423		8,187
Total current assets		192,954		227,817
Property and equipment, net		12,615		13,992
Other assets		801		577
Total assets	$	206,370	$	242,386
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable	$	2,272	$	1,942
Accrued liabilities		3,325		4,449
Deferred rent, current portion		100		217
Total current liabilities		5,697		6,608
Deferred rent, net of current portion		2,477		2,392
Total liabilities		8,174		9,000
Stockholders’ equity:
Preferred stock, par value of $0.001 per share; 10,000,000 shares authorized at June 30, 2022 and December 31, 2021; No shares issued and outstanding at June 30, 2022 and December 31, 2021		—		—
Common stock, par value of $0.001 per share; 100,000,000 shares authorized at June 30, 2022 and December 31, 2021; 27,748,844 and 27,680,997 shares issued and outstanding at June 30, 2022 and December 31, 2021, respectively		28		28
Additional paid-in capital		426,056		421,047
Accumulated other comprehensive loss		(2,340)		(663)
Accumulated deficit		(225,548)		(187,026)
Total stockholders’ equity		198,196		233,386
Total liabilities and stockholders’ equity	$	206,370	$	242,386

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				Six Months Ended
	June 30,				June 30,
	2022		2021		2022		2021
Operating expenses:
Research and development	$	12,825	$	11,945	$	27,849	$	24,331
General and administrative		5,303		6,007		11,050		10,855
Total operating expenses		18,128		17,952		38,899		35,186
Loss from operations		(18,128)		(17,952)		(38,899)		(35,186)
Other income (expense), net		208		(35)		377		666
Net loss	$	(17,920)	$	(17,987)	$	(38,522)	$	(34,520)
Net loss per common share - basic and diluted	$	(0.65)	$	(0.65)	$	(1.39)	$	(1.25)
Weighted-average shares outstanding - basic and diluted		27,744,762		27,610,398		27,726,864		27,603,948
Comprehensive loss:
Net loss	$	(17,920)	$	(17,987)	$	(38,522)	$	(34,520)
Unrealized loss on marketable securities		(141)		(374)		(1,677)		(974)
Total comprehensive loss	$	(18,061)	$	(18,361)	$	(40,199)	$	(35,494)

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

Table of Contents

NEXTCURE, INC.

CONDENSED STATEMENTS OF STOCKHOLDERS’ EQUITY

(unaudited, in thousands, except share data)


	Six Months Ended June 30, 2022

	Stockholders’ Equity
				Additional		Accumulated Other
	Common Stock			Paid-in		Comprehensive		Accumulated		Stockholders’
	Shares	Amount		Capital		Loss		Deficit		Equity
Balance as of December 31, 2021	27,680,997	$	28	$	421,047	$	(663)	$	(187,026)	$	233,386
Stock-based compensation	—		—		2,628		—		—		2,628
Exercise of stock options	44,165		—		60		—		—		60
Unrealized loss on marketable securities, net of tax $0	—		—		—		(1,536)		—		(1,536)
Net loss	—		—		—		—		(20,602)		(20,602)
Balance as of March 31, 2022	27,725,162	$	28	$	423,735	$	(2,199)	$	(207,628)	$	213,936
Stock-based compensation	—		—		2,242		—		—		2,242
Exercise of stock options	6,255		—		6		—		—		6
Issuance of shares under ESPP	17,427		—		73		—		—		73
Unrealized loss on marketable securities, net of tax $0	—		—		—		(141)		—		(141)
Net loss	—		—		—		—		(17,920)		(17,920)
Balance as of June 30, 2022	27,748,844	$	28	$	426,056	$	(2,340)	$	(225,548)	$	198,196

SEC Form 10-Q filed by NextCure Inc.