NextCure Inc (NASDAQ: NXTC) is a clinical-stage biopharmaceutical company that discovers and develops novel medicines targeting cancer. The company has generated no product revenue since commencing operations in 2015, financing operations through equity offerings and a one-time $25 million upfront payment from a former research and development collaboration partner. As of December 31, 2025, NextCure had raised approximately $445 million in gross proceeds from equity instruments since inception, carried an accumulated deficit of $436.0 million, and reported net losses of $55.8 million and $55.7 million for fiscal years 2025 and 2024, respectively. Its two lead programs are SIM0505, a novel antibody-drug conjugate targeting CDH6 (cadherin-6) for which NextCure acquired global rights excluding China, Hong Kong, Macau, and Taiwan under a license agreement with Zaiming dated June 13, 2025, and LNCB74. The company expects to advance both programs through the first half of 2027 pending additional capital raises.

Revenue model

No product revenue generated as of December 31, 2025. Operations financed through public and private equity offerings and a former collaboration agreement upfront fee. Future revenue model, if achieved, would be product sales following regulatory approval.

Products and services

SIM0505: antibody-drug conjugate targeting CDH6, global rights (excluding China, Hong Kong, Macau, Taiwan) licensed from Zaiming under agreement dated June 13, 2025. LNCB74: second clinical-stage program. Both programs are in clinical development as of the 10-K filed 2026-03-05.

Customers and end markets

No commercial customers as of December 31, 2025. Target end market is oncology therapeutics. Potential future customers would be patients and healthcare providers upon product commercialization.

Value-chain role

Drug discovery and clinical-stage development. Relies on external research institution collaborators and contract manufacturers. Acquired external licensing rights for lead ADC candidate from Zaiming.

Geographic exposure

Incorporated and operating in the United States. SIM0505 license covers global rights excluding China, Hong Kong, Macau, and Taiwan.

Competitors

major pharmaceutical companies, other biotechnology companies

Source: SEC 10-K, filed 2026-03-05

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