NextCure (NXTC) AI Stock Analysis

• Market Cap: $41.44M
• Dividend Yield: N/A
• Average Volume (3M): 37.58K
• Price to Earnings (P/E): ―
• Beta (1Y): 1.41
• Revenue Growth: N/A
• EPS Growth: 3.78%
• Country: US
• Employees: 43
• Sector: Healthcare
• Sector Strength: 45
• Industry: Biotechnology
• EPS (TTM): -3.22
• Shares Outstanding: 3,505,621
• 10 Day Avg. Volume: 95,061
• 30 Day Avg. Volume: 37,578
• PEG Ratio: 0.03
• Price to Book (P/B): 0.33
• Price to Sales (P/S): 0.00
• P/FCF Ratio: -0.52
• Enterprise Value/Market Cap: 0.65
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: -0.47
• 1Y Price Target: $17.67
• Price Target Upside: 49.49% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 3
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 44 Neutral
• Price Target: $10.50 ▼(-11.17% Downside)

The score is held down primarily by weak financial performance (no revenue, sizable losses, and sustained cash burn) and limited valuation support (negative P/E, no dividend). Technicals are mixed with softer near-term trend, while corporate events modestly help due to extended cash runway and pipeline progress but also highlight ongoing financing/dilution risk.

Positive Factors

ADC pipeline: SIM0505 progress

SIM0505 targets cadherin-6 with a proprietary topoisomerase I payload and cross-border clinical data (U.S. and China). Positive Phase 1 dose-escalation readouts would materially de-risk this program, validate the discovery platform and enhance partner/licensing prospects over the medium term.

ADC pipeline: LNCB74 development

LNCB74 uses a tumor-selective cleavable linker and targets B7-H4, enabling patient selection and higher-dose cohorts. A differentiated linker/payload design and focused biomarker strategy improve chances of clinical signal and broaden the company’s ADC portfolio resilience versus reliance on a single program.

Cash runway & modest leverage

Reported preliminary cash and marketable securities (~$41.8M) plus recent financings extend operating runway into H1 2027. Combined with modest reported leverage, this gives management more time to advance clinical milestones or secure partnerships before needing larger capital raises, reducing near-term insolvency risk.

Negative Factors

No product revenue; persistent losses

NextCure remains a pre-revenue developer with substantial annual operating losses and negative free cash flow. Over months this necessitates continual external funding, meaning operating plans and R&D depend on financing cycles rather than internally generated cash, a durable weakness until commercialization or sustained partnering occurs.

Equity erosion & negative ROE

Sharp contraction in equity and persistently negative ROE indicates sustained value dilution from repeated financing and losses. This structural erosion reduces balance sheet flexibility and heightens shareholder dilution risk when new capital is required to fund clinical development over multiple future financing cycles.

Financing reliance & clinical timing risk

The company has executed a PIPE and launched an at-the-market program while delaying a key PoC readout. Reliance on equity raises combined with trial delays increases the probability of further dilution and extends the timeline to material value inflection, making execution and enrollment risks central to long-run outcomes.

NextCure Business Overview & Revenue Model

Company Description

NextCure, Inc., a clinical-stage biopharmaceutical company, engages in discovering and developing novel immunomedicines to treat cancer and other immune-related diseases by restoring normal immune function. Its lead product candidate is NC318, which is in Phase II clinical trials for the treatment of advanced or metastatic solid tumors. The company is also developing NC410, which is in Phase I for novel immunomedicine designed to block immune suppression mediated by an immune modulator called Leukocyte-Associated Immunoglobulin-like Receptor 1; NC762, an immunomedicine targeting a molecule called human B7 homolog 4 protein, or B7-H4; and NC525, a novel LAIR-1 antibody which is in Preclinical trails that targets acute myeloid leukemia, blast cells, and leukemic stem cells. Its discovery and research programs include an antibody in preclinical evaluation of other potential novel immunomodulatory molecules. The company has a license agreement with Yale University. NextCure, Inc. was incorporated in 2015 and is headquartered in Beltsville, Maryland.

How the Company Makes Money

NextCure primarily generates revenue through strategic collaborations and partnerships with other pharmaceutical and biotechnology companies. These partnerships often involve joint development agreements, where NextCure provides its proprietary technology and expertise in exchange for research funding, milestone payments, and potential royalties on future product sales. Additionally, the company may receive revenue from government grants supporting specific research initiatives. However, as a clinical-stage company, NextCure has not yet achieved commercial sales of its products, which means its revenue streams are largely dependent on these collaborative and developmental agreements.

NextCure Financial Statement Overview

Summary

Financials reflect a development-stage biotech: no revenue, large ongoing losses (TTM net loss -$58.0M) and persistent cash burn (TTM free cash flow -$48.9M). Low leverage is a positive, but the sharp contraction in equity over time and continued reliance on external funding keep the financial profile weak.

Income Statement

Results remain deeply loss-making with no revenue in the most recent periods (TTM (Trailing-Twelve-Months) and 2024), and operating losses are sizeable (TTM (Trailing-Twelve-Months) EBIT of -$60.3M; net loss of -$58.0M). While losses improved versus 2022–2023 (net loss narrowed from -$74.7M in 2022 to -$55.7M in 2024), profitability is still far from breakeven and margins are meaningfully negative, highlighting ongoing dependence on funding rather than operating earnings.

Balance Sheet

Leverage is modest (TTM (Trailing-Twelve-Months) debt-to-equity ~0.16; 2024 ~0.09), which is a key strength for a development-stage biotech. However, the equity base has contracted sharply over time (stockholders’ equity fell from ~$233.4M in 2021 to ~$23.6M TTM (Trailing-Twelve-Months)), and returns on equity are very negative (TTM (Trailing-Twelve-Months) return on equity about -1.08), indicating ongoing value dilution/erosion from sustained losses.

Cash Flow

Cash burn remains heavy and persistent, with negative operating cash flow and free cash flow every year shown (TTM (Trailing-Twelve-Months) operating cash flow -$48.9M; free cash flow -$48.9M). Free cash flow also declined versus 2024 (TTM (Trailing-Twelve-Months) free cash flow growth -9.87), underscoring continued funding needs. A relative positive is that cash burn broadly tracks accounting losses (TTM (Trailing-Twelve-Months) free cash flow is roughly in line with net loss), but the absolute outflow is still substantial.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	0.00	0.00	0.00	0.00	0.00	22.38M
Gross Profit	0.00	-2.87M	0.00	0.00	0.00	-24.18M
EBITDA	-57.50M	-54.34M	-63.95M	-71.78M	-66.59M	-37.81M
Net Income	-58.01M	-55.65M	-62.72M	-74.73M	-69.39M	-36.60M
Balance Sheet
Total Assets	39.61M	80.86M	128.04M	184.16M	242.39M	306.64M
Cash, Cash Equivalents and Short-Term Investments	29.11M	68.62M	108.30M	159.91M	219.59M	283.45M
Total Debt	4.41M	5.95M	6.61M	7.12M	0.00	3.47M
Total Liabilities	15.97M	15.39M	13.62M	16.63M	9.00M	12.92M
Stockholders Equity	23.65M	65.47M	114.42M	167.53M	233.39M	293.72M
Cash Flow
Free Cash Flow	-48.91M	-41.28M	-53.79M	-56.00M	-59.60M	-52.09M
Operating Cash Flow	-48.94M	-40.80M	-52.97M	-53.89M	-57.24M	-44.95M
Investing Cash Flow	26.51M	55.31M	39.27M	67.98M	36.60M	43.52M
Financing Cash Flow	2.06M	144.00K	154.00K	200.00K	-3.27M	-1.42M

NextCure Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 11.82
• 50DMA: Negative
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For NXTC, the sentiment is Positive. The current price of 11.82 is below the 20-day moving average (MA) of 12.32, below the 50-day MA of 12.38, and above the 200-day MA of 7.81, indicating a neutral trend. The MACD of -0.37 indicates Positive momentum. The RSI at 48.33 is Neutral, neither overbought nor oversold. The STOCH value of 37.70 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for NXTC.

NextCure Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
NERV	54 Neutral	$202.09M	-2.28	―	―	―	-323.61%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
MTVA	46 Neutral	$6.17M	-0.12	-168.18%	―	―	71.57%
NXTC	44 Neutral	$41.44M	-0.46	-116.91%	―	―	3.78%
ETHZ	44 Neutral	$66.16M	-0.05	-371.02%	―	―	―
ATON	42 Neutral	$6.79M	>-0.01	―	―	―	―
APM	41 Neutral	$6.76M	-2.11	-9.02%	―	―	-1979.68%

NextCure Corporate Events

NextCure Updates ADC Pipeline Progress and Cash Runway

On January 23, 2026, NextCure reported program and financial updates, highlighting progress in its two antibody-drug conjugate candidates and outlining its cash position. The company plans to present Phase 1 dose-escalation data for SIM0505, a cadherin-6–targeting ADC focused on advanced solid tumors and particularly platinum-resistant ovarian and other gynecological cancers, in the second quarter of 2026, and is adding clinical sites and increasing drug supply ahead of dose optimization. For LNCB74, a B7-H4–targeting ADC, dosing has begun in higher-dose cohorts in its Phase 1 study prioritizing patients with high B7-H4 expression in breast and gynecological cancers and now including adenoid cystic carcinoma type 1, while proof-of-concept data have been delayed in favor of a broader enrollment window, with a trial progress update now expected in the second half of 2026. Financially, NextCure reported preliminary, unaudited cash, cash equivalents and marketable securities of approximately $41.8 million as of December 31, 2025, which it expects will fund operations into the first half of 2027, underscoring both the runway to advance its oncology pipeline and the ongoing execution risk typical of early-stage biotech development.

The most recent analyst rating on (NXTC) stock is a Hold with a $13.50 price target. To see the full list of analyst forecasts on NextCure stock, see the NXTC Stock Forecast page.

NextCure Launches At-The-Market Stock Offering Program

On December 19, 2025, NextCure, Inc. entered into an at-the-market offering agreement with H.C. Wainwright & Co., LLC, allowing the company to sell up to $14.5 million of its common stock from time to time through the agent on Nasdaq or other permitted markets at prevailing or negotiated prices, with the agent earning a 3% commission on gross proceeds. The company plans to use any net proceeds for general corporate purposes and working capital, including funding preclinical studies, clinical trials and advancement of its product candidates, a move that could bolster its R&D pipeline and operational flexibility, while customary indemnification and legal opinions have been put in place to support the offering structure.

The most recent analyst rating on (NXTC) stock is a Buy with a $15.00 price target. To see the full list of analyst forecasts on NextCure stock, see the NXTC Stock Forecast page.

NextCure Raises $21.5M in Private Placement

On November 12, 2025, NextCure, Inc. entered into a securities purchase agreement with institutional and accredited investors for a private placement of common stock and pre-funded warrants, raising approximately $21.5 million. The offering closed on November 14, 2025, with H.C. Wainwright & Co. as the sole placement agent. The proceeds will extend NextCure’s cash runway into the first half of 2027, beyond the planned 2026 proof of concept data readouts for its ADC programs, SIM0505 and LNCB74. This strategic financial move is expected to bolster NextCure’s operations and industry positioning as it advances its clinical programs.

The most recent analyst rating on (NXTC) stock is a Buy with a $20.00 price target. To see the full list of analyst forecasts on NextCure stock, see the NXTC Stock Forecast page.