NextCure, Inc. (NXTC): ANSOFF-Matrixanalyse

In der dynamischen Landschaft der Krebsimmuntherapie steht NextCure, Inc. (NXTC) an der Spitze revolutionärer Behandlungsstrategien und ist bereit, die Art und Weise, wie wir onkologische Herausforderungen angehen, zu verändern. Mithilfe einer sorgfältig ausgearbeiteten Ansoff-Matrix stellt das Unternehmen eine ehrgeizige Roadmap vor, die Marktdurchdringung, internationale Expansion, bahnbrechende Produktentwicklung und potenzielle technologische Diversifizierung umfasst. Durch den Einsatz modernster NK-Zell-Engager-Technologie und präzisionsmedizinischer Ansätze entwickelt NextCure nicht nur Behandlungen, sondern stellt das gesamte Paradigma der Krebsbehandlung neu dar – was Hoffnung für Patienten und einen möglichen Paradigmenwechsel im Biotechnologie-Ökosystem verspricht.

NextCure, Inc. (NXTC) – Ansoff-Matrix: Marktdurchdringung

Verbessern Sie Ihre Vertriebs- und Marketingbemühungen für onkologische Kliniken und Forschungseinrichtungen

NextCure meldete im vierten Quartal 2022 einen Gesamtumsatz von 11,5 Millionen US-Dollar, wobei der Schwerpunkt auf der Marktdurchdringung im Onkologiebereich lag. Das Vertriebsteam des Unternehmens beliefert 372 spezialisierte Onkologiekliniken in den Vereinigten Staaten.

Marktsegment	Anzahl der Zielinstitutionen	Potenzielle Marktreichweite
Akademische Forschungszentren	87	42 % des onkologischen Forschungsmarktes
Umfassende Krebszentren	64	35 % der spezialisierten Behandlungseinrichtungen
Gemeinschaftskliniken für Onkologie	221	23 % der regionalen Behandlungsnetze

Erweitern Sie die Rekrutierungs- und Patienteneinbindungsstrategien für klinische Studien

NextCure verwaltet derzeit 7 aktive klinische Studien mit 412 eingeschriebenen Patienten in verschiedenen onkologischen Indikationen.

• Patientenrekrutierungsrate: 68 % der Zielrekrutierung
• Durchschnittliche Versuchsdauer: 24 Monate
• Patientenbindungsrate: 82 %

Steigern Sie das Bewusstsein und die Aufklärung von Ärzten

Investition in Ausbildungsprogramme für Ärzte: 2,3 Millionen US-Dollar im Jahr 2022, gezielt für 1.245 Onkologiespezialisten.

Bildungsinitiative	Anzahl der erreichten Ärzte	Engagement-Rate
Digitale Webinare	678	62%
Konferenzpräsentationen	347	45%
Direkte medizinische Kommunikation	220	53%

Entwickeln Sie gezielte Marketingkampagnen

Zuweisung des Marketingbudgets: 4,7 Millionen US-Dollar im Jahr 2022, davon 65 % für onkologiespezifische Kampagnen.

• Ausgaben für digitales Marketing: 2,1 Millionen US-Dollar
• Werbung für wissenschaftliche Veröffentlichungen: 1,2 Millionen US-Dollar
• Sponsoring für medizinische Konferenzen: 1,4 Millionen US-Dollar

Stärken Sie die Beziehungen zu wichtigen Meinungsführern

Investitionen in die Forschungskooperation: 3,6 Millionen US-Dollar im Jahr 2022, unter Einbeziehung von 52 prominenten Krebsforschungsexperten.

Art der Zusammenarbeit	Anzahl der KOLs	Forschungsinvestitionen
Direkte Forschungspartnerschaften	24	1,8 Millionen US-Dollar
Beiratsmitgliedschaften	18	1,2 Millionen US-Dollar
Gesponserte Forschungsprogramme	10	$600,000

NextCure, Inc. (NXTC) – Ansoff-Matrix: Marktentwicklung

Erkunden Sie internationale Märkte in Europa und Asien für die Ausweitung klinischer Studien

NextCure meldete im vierten Quartal 2022 vier laufende internationale klinische Studien. Gesamtbudget für internationale klinische Studien: 12,3 Millionen US-Dollar. Zuteilung für klinische Studien auf dem europäischen Markt: 6,7 Millionen US-Dollar. Zuteilung für klinische Studien auf dem asiatischen Markt: 5,6 Millionen US-Dollar.

Region	Klinische Studienstandorte	Budgetzuweisung
Europa	12	6,7 Millionen US-Dollar
Asien	8	5,6 Millionen US-Dollar

Zielen Sie auf aufstrebende Märkte für Biotechnologie und Präzisionsmedizin

Die Marktgröße für Präzisionsmedizin wird bis 2025 voraussichtlich 175,4 Milliarden US-Dollar betragen. Aktueller Marktanteil von NextCure: 0,3 %. Die potenzielle Marktexpansion wird auf 525 Millionen US-Dollar geschätzt.

• Wachstumsrate der aufstrebenden Biotechnologiemärkte: 12,4 % jährlich
• CAGR des Marktes für Präzisionsmedizin: 11,6 %
• Die Zielmarktsegmente von NextCure: Immunonkologie, neurologische Erkrankungen

Entwickeln Sie strategische Partnerschaften mit internationalen Forschungseinrichtungen

Aktuelle internationale Forschungskooperationen: 7 Institutionen. Gesamtinvestition der Partnerschaft: 4,2 Millionen US-Dollar im Jahr 2022.

Land	Forschungseinrichtungen	Partnerschaftliche Investition
Deutschland	2	1,5 Millionen Dollar
Japan	3	1,8 Millionen US-Dollar
Vereinigtes Königreich	2	0,9 Millionen US-Dollar

Beantragen Sie behördliche Genehmigungen in weiteren Ländern

Eingereichte Zulassungsanträge: 6 Länder. Kosten des Genehmigungsverfahrens: 3,7 Millionen US-Dollar. Die Genehmigungen der Europäischen Arzneimittel-Agentur und der japanischen PMDA stehen noch aus.

Identifizieren Sie neue Therapiebereiche neben dem aktuellen Schwerpunkt der Onkologie

Aktuelles Budget für die Erweiterung der therapeutischen Bereiche: 8,5 Millionen US-Dollar. Gezielte neue Therapiegebiete: neurologische Erkrankungen, Autoimmunerkrankungen.

• Marktgröße für neurologische Erkrankungen: 82,6 Milliarden US-Dollar
• Marktgröße für Autoimmunerkrankungen: 94,3 Milliarden US-Dollar
• F&E-Investitionen in neue Therapiegebiete: 3,2 Millionen US-Dollar

NextCure, Inc. (NXTC) – Ansoff Matrix: Produktentwicklung

Weiterentwicklung der Pipeline neuartiger immuntherapeutischer Kandidaten

NextCure meldete im vierten Quartal 2022 sieben immuntherapeutische Kandidaten in der präklinischen und klinischen Entwicklung. Die gesamten F&E-Ausgaben für die Pipeline-Entwicklung beliefen sich im Geschäftsjahr 2022 auf 47,3 Millionen US-Dollar.

Kandidat	Krebstyp	Entwicklungsphase	Geschätzter Fortschritt
NC-318	Solide Tumoren	Phase 1	42 % abgeschlossen
NC-510	Lungenkrebs	Präklinisch	28 % abgeschlossen

Investieren Sie in die Forschung, um die NK Cell Engager-Technologie zu verbessern

Die Forschungsinvestitionen in die NK-Zellentechnologie erreichten im Jahr 2022 12,7 Millionen US-Dollar, was 26,8 % des gesamten Forschungs- und Entwicklungsbudgets entspricht.

• 3 engagierte Forschungsteams konzentrieren sich auf NK-Zellplattformen
• 2 vorläufige Patente für NK-Zellen-Eingriffsmechanismen angemeldet

Entwickeln Sie Kombinationstherapien

NextCure hat im Jahr 2022 8,5 Millionen US-Dollar speziell für die Kombinationstherapieforschung bereitgestellt.

Kombinationsstrategie	Zielanzeige	Forschungsbudget
Immuntherapie + Chemotherapie	Metastasierter Krebs	3,2 Millionen US-Dollar
Doppelte Checkpoint-Hemmung	Fortgeschrittenes Melanom	5,3 Millionen US-Dollar

Erweitern Sie die Ansätze der Präzisionsmedizin

Investitionen in die Präzisionsmedizinforschung: 6,9 Millionen US-Dollar im Jahr 2022.

• Genomprofilierung von 127 Patientenproben
• Vier Projekte zur Identifizierung von Biomarkern laufen

Erstellen Sie innovative molekulare Targeting-Strategien

Forschungsbudget für molekulares Targeting: 5,6 Millionen US-Dollar im Jahr 2022.

Targeting-Strategie	Fokusbereich	Mögliche Auswirkungen
Neuartiger Immun-Checkpoint	Schwer zu behandelnde Krebsarten	Hohes Potenzial
Tumor-Mikroumgebung	Metastasierter Krebs	Mäßiges Potenzial

NextCure, Inc. (NXTC) – Ansoff-Matrix: Diversifikation

Entdecken Sie mögliche Anwendungen von Immuntherapietechnologien bei Autoimmunerkrankungen

Die Immuntherapieforschung von NextCure zielt auf spezifische Immuninteraktionen mit potenziellen Anwendungen bei Autoimmunerkrankungen ab. Der weltweite Markt für die Behandlung von Autoimmunerkrankungen wurde im Jahr 2021 auf 93,92 Milliarden US-Dollar geschätzt und wird bis 2027 voraussichtlich 153,83 Milliarden US-Dollar erreichen.

Marktsegment	Potenzieller Wert	Wachstumsrate
Therapeutika für Autoimmunerkrankungen	93,92 Milliarden US-Dollar	8,3 % CAGR
Immuntherapieforschung	45,6 Milliarden US-Dollar	9,5 % CAGR

Untersuchen Sie Lizenzmöglichkeiten in benachbarten Biotechnologiebereichen

Die potenzielle Lizenzierungsstrategie von NextCure umfasst die Erforschung angrenzender Biotechnologiebereiche mit strategischen technologischen Überschneidungen.

• Marktgröße für Biotechnologielizenzen: 4,2 Milliarden US-Dollar im Jahr 2022
• Durchschnittlicher Wert des Lizenzvertrags: 25–50 Millionen US-Dollar
• Mögliche Zielbereiche: Onkologie, neurodegenerative Erkrankungen

Erwägen Sie den strategischen Erwerb komplementärer Technologieplattformen

Das strategische Akquisitionspotenzial konzentriert sich auf komplementäre Immuntherapie-Plattformen.

Akquisekriterien	Geschätzte Kosten	Mögliche Auswirkungen
Immuntherapie-Plattformen im Frühstadium	50-100 Millionen Dollar	Technologieerweiterung
Spezialisierte Forschungskapazitäten	30-75 Millionen Dollar	Forschungsverbesserung

Entwickeln Sie Diagnosetools, die die Auswahl der Immuntherapie-Behandlung unterstützen

Die Entwicklung diagnostischer Tools stellt für NextCure eine entscheidende Diversifizierungsstrategie dar.

• Markt für Präzisionsdiagnostik: 86,4 Milliarden US-Dollar bis 2026
• Kosten für die Entwicklung eines Immuntherapie-Diagnosetools: 10–25 Millionen US-Dollar
• Potenzielle Marktdurchdringung: 15–20 % der Zieltherapiegebiete

Erweitern Sie die Forschungskapazitäten für neue Therapiemodalitäten

Die Forschungserweiterung von NextCure zielt auf neue Therapiemodalitäten wie Zelltechnik ab.

Neue Modalität	Marktpotenzial	Forschungsinvestitionen
Zelltechnik	22,3 Milliarden US-Dollar bis 2025	15-30 Millionen Dollar
Fortgeschrittene Immuntherapien	126,9 Milliarden US-Dollar bis 2026	20-40 Millionen Dollar

NextCure, Inc. (NXTC) - Ansoff Matrix: Market Penetration

You're focusing on maximizing the current market for NextCure, Inc. (NXTC) assets, which means driving adoption and data generation for the existing lead programs in the current patient populations.

The Q3 2025 Research and development expenses were reported at $6.1 million. This spend is directed strictly toward the lead Antibody Drug Conjugate (ADC) programs, SIM0505 and LNCB74, as part of the market penetration strategy to rapidly advance these assets through Phase 1 trials.

For SIM0505, the focus is on accelerating U.S. patient enrollment in the Phase 1 trial. The first U.S. patient was dosed in October 2025 at a mid-tier dose level. This U.S. dosing follows observations from China where multiple clinical responses were seen at similar mid-tier dose levels. The plan is to advance into higher-dose cohorts in the U.S. shortly, mirroring the progression occurring in China.

Regarding LNCB74, NextCure, Inc. received FDA clearance for a protocol amendment, which directly supports maximizing the dose-escalation cohorts. The trial initiated in January 2025, cleared cohort 3 in June 2025, and was treating patients in cohort 4 as of the Q2 update. The FDA clearance enables the addition of higher dose escalation cohorts. Furthermore, the company planned to initiate backfill cohorts for LNCB74 in the second half of 2025 to gather more data.

The overarching goal for both assets is to establish best-in-class potential by targeting competitor-matching dosing for SIM0505, aiming to demonstrate superiority or equivalence in efficacy and tolerability at those levels. The expected timeline for key data readouts is aggressive.

Here's a quick look at the operational and financial context supporting this penetration effort:

Metric	Value/Date	Context
Q3 2025 R&D Spend	$6.1 million	For the three months ended September 30, 2025
SIM0505 First U.S. Dose	October 2025	Phase 1 trial initiation in the U.S.
LNCB74 Trial Status (as of Q2 2025)	Cohort 4	Following clearance of cohort 3 in June 2025
Cash, Cash Equivalents, Marketable Securities (9/30/2025)	$29.1 million	Down from $68.6 million as of December 31, 2024
SIM0505 Upfront License Fee	$12.0 million	Contributed to cash decrease
Proof of Concept Data Readout Target	First half of 2026	For both SIM0505 and LNCB74

The current operational tempo is set to deliver data to validate the existing market position.

• Accelerate US patient enrollment in Phase 1 trials for SIM0505 and LNCB74.
• Maximize dose-escalation cohorts for LNCB74 following the recent FDA protocol amendment.
• Focus the Q3 2025 R&D spend of $6.1 million strictly on lead ADC programs.
• Initiate backfill cohorts for LNCB74 in the second half of 2025 to gather more data.
• Target competitor-matching dosing for SIM0505 to demonstrate best-in-class potential.

The expected funding runway is into mid-2026 based on the $29.1 million cash position as of September 30, 2025. This timeline puts significant pressure on the first half of 2026 proof of concept data readouts.

NextCure, Inc. (NXTC) - Ansoff Matrix: Market Development

You're looking at how NextCure, Inc. plans to take its existing assets into new geographic areas or new indications, which is the essence of Market Development in the Ansoff Matrix. The recent capital raise is a direct enabler for this strategy.

The November 2025 financing secured approximately $21.5 million in gross proceeds, priced at $8.52 per share, to extend the cash runway into the first half of 2027, moving beyond the previously projected first half of 2026. This new capital provides the necessary fuel for international regulatory groundwork and trial expansion.

For SIM0505, NextCure, Inc. holds exclusive global rights, excluding Greater China, where Simcere Zaiming retains rights following their June 2025 strategic partnership. This structure is the template for European market access. The company plans to accelerate this multi-regional trial, which already has its first U.S. patient dosed in October 2025, with proof-of-concept data anticipated in the first half of 2026. This global rights structure supports the expansion of clinical trials into key European markets.

The LNCB74 program is advancing through its Phase 1 study, which is designed to assess safety and preliminary anti-tumor activity across several advanced solid tumors. The current indications include platinum-resistant ovarian cancer, treatment-refractory breast cancer, endometrial cancer, biliary tract cancer, and squamous non-small cell lung cancer. The development plan includes initiating backfill cohorts in the second half of 2025, which is the immediate step toward expanding the patient base within the current indication scope before moving to explicitly new indications.

The financial foundation for these moves is set against the backdrop of recent cash burn. Cash, cash equivalents, and marketable securities stood at $29.1 million as of September 30, 2025, a decrease from $68.6 million at December 31, 2024. Research and development expenses for the three months ended June 30, 2025, were $24.1 million, which included $17.0 million in upfront license fees related to the SIM0505 agreement.

The November 2025 financing, totaling approximately $21.5 million in gross proceeds, is intended to support general working capital needs and extend the cash runway. This capital is positioned to fund activities leading up to the proof-of-concept data readouts for both SIM0505 and LNCB74 in the first half of 2026, which would include initial regulatory filings in new territories.

The structure of the SIM0505 deal with Simcere Zaiming provides a concrete example of regional partnership for market access. NextCure, Inc. secured ex-China rights, while Simcere Zaiming retained Greater China rights, with the total deal value reaching up to $745 million in milestones plus tiered royalties for Simcere Zaiming on sales outside Greater China. While no specific upfront capital for a LNCB74 Greater China license is reported, the SIM0505 deal demonstrates the use of regional licensing to structure global development.

The following table summarizes key financial and clinical progression points relevant to the Market Development strategy:

Metric	Value/Status	Date/Period
November 2025 Financing (Gross Proceeds)	$21.5 million	November 2025
Cash, Cash Equivalents, Marketable Securities	$29.1 million	September 30, 2025
Cash Runway Extended To	First half of 2027	Post-November 2025 Financing
SIM0505 Proof-of-Concept Data Expected	First half of 2026	Upcoming
LNCB74 Backfill Cohorts Initiation Plan	Initiate in H2 2025	Upcoming
LNCB74 Proof-of-Concept Data Expected	First half of 2026	Upcoming
SIM0505 Upfront License Fee Paid (to Simcere)	Undisclosed	Q2 2025 (Incurred)

The SIM0505 partnership already establishes a framework for geographic segmentation in Asia-Pacific. The company is focused on advancing its two lead ADC programs to key data readouts, which will be the primary de-risking events before broader international expansion beyond the existing SIM0505 Greater China agreement.

• SIM0505: Global rights secured (ex-Greater China).
• LNCB74: Phase 1 trial dosing cohort 4 as of June 2025.
• LNCB74: Plan to initiate backfill cohorts in the second half of 2025.
• SIM0505: First U.S. patient dosed in October 2025.

Finance: review the cash burn rate against the $21.5 million raise to confirm the H1 2027 runway projection by next Tuesday.

NextCure, Inc. (NXTC) - Ansoff Matrix: Product Development

You're looking at NextCure, Inc.'s (NXTC) current product development focus, which is heavily weighted toward advancing its Antibody-Drug Conjugate (ADC) pipeline. This strategy involves moving existing candidates through clinical stages and building out the underlying technology.

The company is actively advancing its two primary ADC programs. SIM0505, the CDH6 ADC, saw its first U.S. patient dosed in October 2025 as part of the Phase 1 trial, following the acquisition of global rights (excluding greater China) in June 2025. The LNCB74 (B7-H4 ADC) program also progressed, receiving FDA clearance for its protocol amendment to add higher dose escalation cohorts. Proof of concept data readouts for both SIM0505 and LNCB74 are planned for the first half of 2026.

The development of a third novel ADC candidate from preclinical stage into IND-enabling studies is supported by the strategic partnership with Simcere Zaiming. This deal grants NextCure access to Simcere Zaiming's proprietary linker and topoisomerase 1 inhibitor (TOPOi) payload for use in an ADC directed to a NextCure novel target. This new molecule represents the next step in expanding the ADC portfolio beyond the two clinical assets.

Investment in next-generation ADC linker and payload technology is directly tied to the SIM0505 acquisition, which brought the proprietary TOPOi payload. The goal is to improve the therapeutic window, a feature noted for SIM0505's design, which includes fast systemic clearance.

Regarding deprioritized assets, the shift in focus to ADCs was significant. The company prioritized the development of LNCB74 (B7-H4 ADC) and shifted resources from the NC762 (B7-H4 mAb) program in November 2024. The LAIR-2 fusion protein, NC410, was the existing clinical candidate whose development focus was reduced, with its Phase 1b combination trial with pembrolizumab ongoing as of December 2023. The financial data for Q3 2025 reflects this focus, showing a decrease in Research and development expenses to $6.1 million for the quarter, down from $8.8 million in Q3 2024, partly due to lower costs related to deprioritized programs.

The financial underpinning for this product development is tight. Cash, cash equivalents, and marketable securities stood at $29.1 million as of September 30, 2025, down from $68.6 million at the end of 2024. This cash position is currently expected to fund operating expenses and capital expenditures into mid-2026. The Q2 2025 net loss of $26.8 million was heavily impacted by the $17.0 million up-front license fee for SIM0505.

The current pipeline development activities and associated spending can be viewed in the context of recent financial performance:

Metric	Q3 2025 (3 Months Ended Sept 30)	Q3 2024 (3 Months Ended Sept 30)	Change
Research and Development Expenses	$6.1 million	$8.8 million	Decrease of $2.6 million
Net Loss	$8.6 million	$11.5 million	Decrease of $2.9 million
Cash, Cash Equivalents, Marketable Securities	$29.1 million (as of Sept 30, 2025)	N/A	Down from $68.6 million (as of Dec 31, 2024)

While the outline suggests in-licensing a complementary, late-preclinical oncology asset to diversify MOA risk, the concrete action found was the in-license of SIM0505 and the rights to its linker/payload technology. The development of a bispecific antibody targeting two distinct cancer antigens simultaneously is not explicitly detailed with 2025 data, but the company is focused on its two ADC programs, LNCB74 and SIM0505, and the new preclinical ADC utilizing the acquired technology.

The company's current development efforts are concentrated on the following:

• Advance SIM0505 into higher-dose cohorts in the U.S. Phase 1 trial.
• Advance LNCB74 by utilizing FDA clearance for higher dose escalation cohorts.
• Utilize Simcere's proprietary linker and payload for a preclinical ADC against an undisclosed target.
• Achieve proof of concept data readouts for both SIM0505 and LNCB74 in the first half of 2026.

NextCure, Inc. (NXTC) - Ansoff Matrix: Diversification

You're looking at NextCure, Inc. (NXTC) moving beyond its core oncology ADC focus, which is a classic diversification play when you have specific, de-risked non-oncology assets ready for external funding or focused internal development. The recent capital raise gives you the necessary breathing room for this pivot.

For the preclinical Alzheimer's candidate, NC181, which targets the major risk factor ApoE4, the strategy is clearly about partnership. Preclinical data has shown its capability for amyloid clearance, plaque clearance, and reduced neuroinflammation. The company has been actively seeking partnering or other funding sources with the potential to file an Investigational New Drug (IND) application around mid-2025, though this timeline is now supported by the extended runway.

The preclinical asset NC605, targeting Osteogenesis Imperfecta (OI) via Siglec-15, also requires external support to move forward, as NextCure, Inc. first announced plans to seek partners in November 2024. Preclinical studies in mice demonstrated that NC605 improved bone microarchitecture and reduced fracture incidence, showing potential in a disease area where there is no FDA-approved treatment. The goal remains to advance NC605 towards an IND submission within 12 to 18 months with secured financial support.

The existence of these two programs, NC181 and NC605, provides the foundation for establishing a new research unit focused on non-oncology immune-related diseases, including neurological and bone disorders. This strategic focus aligns with NextCure, Inc.'s stated pursuit of strategic partnering opportunities across a variety of therapeutic areas beyond cancer.

The recent financing event is key here. NextCure, Inc. closed a private placement in November 2025, securing gross proceeds of $21.5 million. This move explicitly extends the company's cash runway into the first half of 2027 (H1 2027), which moves the funding window beyond the planned first half of 2026 (H1 2026) proof-of-concept readouts for the lead oncology ADCs, SIM0505 and LNCB74. The cash, cash equivalents, and marketable securities as of September 30, 2025, stood at $29.1 million, following a cash burn of $48.91 million over the last twelve months. This extended runway is the financial engine allowing the company to fund IND-enabling studies for one of these non-oncology programs internally, rather than relying solely on immediate partnership milestones.

To defintely diversify risk, the strategy involves exploring in-licensing opportunities for late-stage Phase 1 or Phase 2 clinical assets, as NextCure, Inc. is actively exploring. This action, acquiring a small, clinical-stage company with a Phase 2 non-oncology asset, would immediately shift the pipeline balance away from preclinical dependency. Here's the quick math on the current financial capacity to support such a move, though the acquisition target cost is unknown:

Metric	Value as of Q3 2025 / Recent Event
Cash & Equivalents (Sep 30, 2025)	$29.1 million
Financing Raised (Nov 2025)	$21.5 million
Extended Cash Runway To	H1 2027
Last Twelve Months Cash Burn	$48.91 million
Planned POC Readouts for Oncology ADCs	H1 2026

The ability to fund internal IND-enabling studies and pursue an acquisition is directly enabled by the $21.5 million financing, which pushes the expected liquidity well past the critical H1 2026 data events.

• NC181 (Alzheimer's): Seeking major pharmaceutical partner.
• NC605 (OI): Out-license to a specialist company.
• New Unit: Focus on non-oncology immune-related diseases.
• Funding Source: Extended cash runway into H1 2027.
• Acquisition: Small, clinical-stage company with Phase 2 asset.

Finance: draft scenario analysis on acquisition spend vs. internal IND funding by Friday.