NextCure, Inc.
NXTCHealthcare|Biotechnology|US
$5.33
+0.21 (+4.10%)
DCF Value
$6.71
Tangible Book / Share
$2.29
Cash / Share
$3.78
Financials
Financial Snapshot
Market Cap
$24.4M
Enterprise Value
$13.4M
Revenue (TTM)
$0.00
Net Income (TTM)
-$42.7M
Cash & Investments
$20.1M
Net Cash
$15.8M
Free Cash Flow (TTM)
-$37.0M
Operating CF (TTM)
-$37.0M
Debt/Equity
0.35
Cash Runway & Burn Rate
Cash on Hand
$20.1M
Quarterly Burn
$9.2M
Monthly Burn
$3.1M
Est. Runway
~2.2 quarters
| Metric | Trend | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Investments | $8.4M | $135.2M | $334.6M | $283.4M | $219.6M | $159.9M | $108.3M | $68.6M | $41.8M | $20.1M | |
| Operating Cash Flow | -$12.5M | $8.0M | -$35.6M | -$45.0M | -$57.2M | -$53.9M | -$53.0M | -$40.8M | -$49.6M | -$37.0M | |
| Free Cash Flow | -$21.2M | $4.9M | -$39.0M | -$52.1M | -$59.6M | -$56.0M | -$53.8M | -$41.3M | -$49.6M | -$37.0M | |
| Capital Expenditure | -$8.7M | -$3.1M | -$3.4M | -$7.1M | -$2.4M | -$2.1M | -$820.0K | -$474.0K | $0.00 | $0.00 | |
| Financing Cash Flow | $24.9M | $121.4M | $243.0M | -$1.4M | -$3.3M | $200.0K | $154.0K | $144.0K | $22.3M | $21.6M |
R&D Spending
R&D (TTM)
$27.2M
R&D Intensity
—
R&D Growth vs Prior
-39.5%
| Metric | Trend | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $0.00 | $0.00 | $6.3M | $22.4M | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| R&D Expense | $13.0M | $19.8M | $34.2M | $46.6M | $50.2M | $54.2M | $47.9M | $41.5M | $44.9M | $27.2M | |
| R&D % of Revenue | — | — | 539.1% | 208.0% | — | — | — | — | — | — | |
| SG&A | $2.6M | $3.4M | $9.6M | $17.0M | $20.6M | $21.7M | $19.7M | $15.7M | $12.7M | $11.6M |
Income Statement
| Metric | Trend | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $0.00 | $0.00 | $6.3M | $22.4M | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Cost of Revenue | $582.0K | $1.7M | $34.2M | $46.6M | $0.00 | $0.00 | $0.00 | $0.00 | $2.2M | $283.0K | |
| Gross Profit | -$582.0K | -$1.7M | -$27.9M | -$24.2M | $0.00 | $0.00 | $0.00 | $0.00 | -$2.2M | -$283.0K | |
| R&D | $13.0M | $19.8M | $34.2M | $46.6M | $50.2M | $54.2M | $47.9M | $41.5M | $44.9M | $27.2M | |
| SG&A | $2.6M | $3.4M | $9.6M | $17.0M | $20.6M | $21.7M | $19.7M | $15.7M | $12.7M | $11.6M | |
| Operating Income | -$15.5M | -$23.2M | -$37.5M | -$41.2M | -$70.8M | -$75.9M | -$67.6M | -$59.7M | -$57.6M | -$43.9M | |
| Interest Expense | $0.00 | $0.00 | $209.0K | $183.0K | $77.0K | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Pretax Income | -$15.5M | -$22.8M | -$33.7M | -$36.6M | -$69.4M | -$74.7M | -$62.7M | -$55.7M | -$55.8M | -$42.7M | |
| Net Income | -$15.5M | -$22.8M | -$33.7M | -$36.6M | -$69.4M | -$74.7M | -$62.7M | -$55.7M | -$55.8M | -$42.7M | |
| EPS (Diluted) | -8.17 | -12.04 | -25.79 | -15.95 | -30.15 | -32.32 | -27.04 | -23.88 | -19.65 | -10.58 | |
| EBITDA | -$15.0M | -$21.1M | -$34.8M | -$37.8M | -$65.1M | -$70.6M | -$59.0M | -$54.3M | -$53.7M | -$41.3M | |
| Shares Out. (M) | 1.89 | 1.89 | 1.31 | 2.29 | 2.30 | 2.31 | 2.32 | 2.33 | 2.84 | 5.31 |
Balance Sheet
| Metric | Trend | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $8.4M | $135.2M | $34.1M | $32.8M | $12.3M | $26.6M | $13.1M | $27.7M | $26.0M | $15.3M | |
| Short-Term Investments | $0.00 | $0.00 | $300.5M | $250.7M | $207.3M | $133.3M | $95.2M | $40.9M | $15.8M | $4.8M | |
| Total Current Assets | $9.4M | $135.8M | $340.0M | $288.0M | $227.8M | $164.0M | $112.7M | $71.8M | $43.7M | $22.3M | |
| Total Assets | $19.5M | $147.6M | $356.2M | $306.6M | $242.4M | $184.2M | $128.0M | $80.9M | $50.2M | $22.6M | |
| Total Current Liabilities | $3.1M | $10.3M | $15.0M | $10.3M | $6.6M | $9.1M | $6.9M | $9.6M | $10.6M | $6.4M | |
| Long-Term Debt | $460.0K | $73.0K | $3.3M | $1.8M | $0.00 | $0.00 | $0.00 | $0.00 | $4.1M | $0.00 | |
| Total Liabilities | $43.9M | $194.6M | $34.7M | $12.9M | $9.0M | $16.6M | $13.6M | $15.4M | $15.2M | $10.5M | |
| Stockholders' Equity | -$24.4M | -$46.9M | $321.5M | $293.7M | $233.4M | $167.5M | $114.4M | $65.5M | $34.9M | $12.1M | |
| Retained Earnings | -$24.5M | -$47.3M | -$81.0M | -$117.6M | -$187.0M | -$261.8M | -$324.5M | -$380.1M | -$436.0M | -$460.7M |
Cash Flow Statement
| Metric | Trend | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$12.5M | $8.0M | -$35.6M | -$45.0M | -$57.2M | -$53.9M | -$53.0M | -$40.8M | -$49.6M | -$37.0M | |
| Capital Expenditure | -$8.7M | -$3.1M | -$3.4M | -$7.1M | -$2.4M | -$2.1M | -$820.0K | -$474.0K | $0.00 | $0.00 | |
| Free Cash Flow | -$21.2M | $4.9M | -$39.0M | -$52.1M | -$59.6M | -$56.0M | -$53.8M | -$41.3M | -$49.6M | -$37.0M | |
| Investing Cash Flow | -$8.7M | -$3.1M | -$303.9M | $43.5M | $36.6M | $68.0M | $39.3M | $55.3M | $25.6M | $25.8M | |
| Financing Cash Flow | $24.9M | $121.4M | $243.0M | -$1.4M | -$3.3M | $200.0K | $154.0K | $144.0K | $22.3M | $21.6M | |
| Issuance of Stock | $25.0M | $4.0K | $238.5M | $112.0K | $208.0K | $200.0K | $154.0K | $39.0K | $22.3M | $21.6M | |
| Repurchase of Stock | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Net Debt Issuance | -$140.0K | -$400.0K | $4.5M | -$1.5M | -$3.5M | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Stock Based Comp. | $75.0K | $263.0K | $1.9M | $7.9M | $10.3M | $9.5M | $8.2M | $6.3M | $3.0M | $1.7M | |
| Net Change in Cash | $3.7M | $126.3M | -$96.5M | -$2.8M | -$23.9M | $14.3M | -$13.5M | $14.6M | -$1.7M | $10.4M |
Dilution Tracker
Shares outstanding grew 23.9% over 5 years — significant dilution
Shares Outstanding
5M
5-Year Share Growth
+23.9%
Stock Issuance (TTM)
$21.6M
| Metric | Trend | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Shares Out. (M) | 1.89 | 1.89 | 1.31 | 2.29 | 2.30 | 2.31 | 2.32 | 2.33 | 2.84 | 5.31 | |
| Change vs Prior % | — | 0.0% | -30.9% | 75.4% | 0.3% | 0.5% | 0.3% | 0.5% | 22.0% | 86.8% | |
| Stock Issuance | $25.0M | $4.0K | $238.5M | $112.0K | $208.0K | $200.0K | $154.0K | $39.0K | $22.3M | $21.6M | |
| Stock Repurchase | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Stock Based Comp. | $75.0K | $263.0K | $1.9M | $7.9M | $10.3M | $9.5M | $8.2M | $6.3M | $3.0M | $1.7M |
Margins & Profitability
| Metric | Trend | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin % | — | — | -439.1% | -108.0% | — | — | — | — | — | — | |
| Operating Margin % | — | — | -590.5% | -184.2% | — | — | — | — | — | — | |
| Net Margin % | — | — | -531.5% | -163.6% | — | — | — | — | — | — | |
| EBITDA Margin % | — | — | -548.2% | -169.0% | — | — | — | — | — | — | |
| FCF Margin % | — | — | -614.4% | -232.8% | — | — | — | — | — | — | |
| ROE % | 63.4% | 48.6% | -10.5% | -12.5% | -29.7% | -44.6% | -54.8% | -85.0% | -159.8% | -175.5% | |
| ROA % | -79.5% | -15.4% | -9.5% | -11.9% | -28.6% | -40.6% | -49.0% | -68.8% | -111.3% | -189.0% | |
| ROIC % | -92.3% | -16.8% | -10.9% | -13.8% | -30.0% | -43.2% | -55.5% | -82.9% | -141.8% | -259.9% | |
| R&D / Revenue % | — | — | 539.1% | 208.0% | — | — | — | — | — | — |
Growth (Year over Year)
Fiscal years. Rising share count growth means dilution.
| Metric | Trend | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 0.0% | 0.0% | 0.0% | 252.6% | -100.0% | 0.0% | 0.0% | 0.0% | 0.0% | |
| Gross Profit | 0.0% | -188.1% | -1561.8% | 13.3% | 100.0% | 0.0% | 0.0% | 0.0% | 0.0% | |
| Operating Income | 0.0% | -49.2% | -61.6% | -10.0% | -71.7% | -7.3% | 10.9% | 11.7% | 3.6% | |
| Net Income | 0.0% | -47.4% | -48.0% | -8.5% | -89.6% | -7.7% | 16.1% | 11.3% | -0.3% | |
| EPS (Diluted) | 0.0% | -47.4% | -114.2% | 38.1% | -89.0% | -7.2% | 16.3% | 11.7% | 17.7% | |
| Operating Cash Flow | 0.0% | 163.9% | -545.7% | -26.2% | -27.3% | 5.9% | 1.7% | 23.0% | -21.6% | |
| Free Cash Flow | 0.0% | 123.3% | -891.1% | -33.6% | -14.4% | 6.0% | 3.9% | 23.3% | -20.2% | |
| R&D Expense | 0.0% | 52.7% | 72.9% | 36.1% | 7.8% | 8.0% | -11.6% | -13.4% | 8.3% | |
| SG&A Expense | 0.0% | 31.4% | 182.0% | 77.4% | 20.7% | 5.5% | -9.2% | -20.2% | -19.2% | |
| Total Assets | 0.0% | 658.4% | 141.3% | -13.9% | -21.0% | -24.0% | -30.5% | -36.8% | -37.9% | |
| Book Value / Share | 0.0% | -92.3% | 1091.1% | -47.9% | -20.8% | -28.5% | -31.9% | -43.0% | -56.2% | |
| Debt | 0.0% | -39.1% | 774.8% | -32.4% | -100.0% | 0.0% | -7.3% | -9.9% | -13.4% | |
| Diluted Shares | 0.0% | 0.0% | -30.9% | 75.4% | 0.3% | 0.5% | 0.3% | 0.5% | 22.0% |
Valuation
P/E (TTM)At Loss
P/S0.00
P/B2.33
10Y Low / Med / High0.23 / 0.71 / 2.75
EV/EBITDAAt Loss
EV/Revenue0.00
P/FCFAt Loss
Intrinsic Value Models (per share)
DCF Value
$6.71
Tangible Book / Share
$2.29
Net Current Assets / Share
$2.57
Graham Net-Net
$1.83
Cash / Share
$3.78
| Metric | Trend | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|
| P/E Ratio | -29.22 | -19.83 | -26.21 | -8.20 | -2.39 | -0.52 | -0.51 | -0.39 | -0.72 | -0.50 | |
| P/S Ratio | 0.00 | 0.00 | 139.30 | 13.41 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| P/B Ratio | -18.52 | -9.63 | 2.75 | 1.02 | 0.71 | 0.23 | 0.28 | 0.33 | 1.15 | 2.33 | |
| EV/EBITDA | -29.70 | -15.05 | -24.58 | -7.16 | -2.35 | -0.28 | -0.43 | 0.00 | -0.36 | -0.33 | |
| EV/Revenue | 0.00 | 0.00 | 134.74 | 12.10 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Analyst Estimates & Quality
Altman Z-Score
-32.51
Distress
Piotroski F-Score
1
Weak
Forward Estimates (consensus)
| Metric | FY2026 | FY2027 | FY2028 |
|---|---|---|---|
| Revenue | $3.3M | $7.0M | $6.2M |
| Net Income | -$18.0M | -$3.9M | -$3.5M |
| EPS | $-6.34 | $-1.38 | $-1.22 |
| # Analysts (EPS) | 1 | 1 | 1 |