NextCure, Inc. (NXTC): Modelo de negócios Canvas [Jan-2025 Atualizado]

Na paisagem em rápida evolução da imunoterapia contra o câncer, a NextCure, Inc. (NXTC) surge como uma empresa pioneira em biotecnologia, com uma abordagem inovadora para direcionar malignidades desafiadoras. Ao alavancar uma sofisticada plataforma de descoberta de imunoterapia e focar em novos mecanismos de sinalização imunológica, a NextCure está pronta para revolucionar os tratamentos de oncologia de precisão. Seu modelo de negócios inovador combina pesquisa científica de ponta, parcerias estratégicas e um profundo compromisso com o desenvolvimento de soluções terapêuticas personalizadas que possam potencialmente transformar os paradigmas de tratamento do câncer.

NextCure, Inc. (NXTC) - Modelo de negócios: Parcerias -chave

Instituições de pesquisa acadêmica

O NextCure mantém parcerias de pesquisa colaborativa com as seguintes instituições:

Instituição	Foco na pesquisa	Ano de parceria
Universidade Johns Hopkins	Pesquisa de imunoterapia	2021
Universidade da Pensilvânia	Imunologia do câncer	2022

Parcerias da empresa farmacêutica

Detalhes atuais de colaboração farmacêutica:

• Bristol Myers Squibb - Desenvolvimento de medicamentos para imuno -oncologia
• Merck & Co. - Colaboração de ensaios clínicos

Parceiros de Investimento de Biotecnologia

Empresa de capital de risco	Valor do investimento	Ano de investimento
Ventuos versantes	US $ 25 milhões	2022
Fidelity Investments	US $ 18,5 milhões	2023

Organizações de pesquisa contratada

As parcerias CRO da NextCure incluem:

• ICON PLC - Estudos pré -clínicos
• Parexel International - Gerenciamento de ensaios clínicos
• IQVIA - Serviços Globais de Pesquisa Clínica

Total de investimentos em parceria: US $ 43,5 milhões em 2024

NextCure, Inc. (NXTC) - Modelo de negócios: Atividades -chave

Pesquisa e desenvolvimento de drogas imunoterapia

A NextCure investiu US $ 48,3 milhões em despesas de P&D em 2022. A empresa se concentra no desenvolvimento de imunoterapias direcionadas a novas interações celulares imunológicas.

Métrica de P&D	2022 Valor
Despesas totais de P&D	US $ 48,3 milhões
Pessoal de pesquisa	42 cientistas
Programas de pesquisa ativa	3 programas de imunoterapia primária

Gerenciamento de ensaios pré -clínicos e clínicos

Atualmente, o NextCure gerencia vários programas de estágio clínico direcionados a imunoterapias de câncer.

• Programa NC-620 na Fase 1/2 Ensaios Clínicos
• Programa NC-410 em desenvolvimento pré-clínico
• Ensaios clínicos em andamento em várias indicações de oncologia

Pesquisa de imunologia molecular e celular

A pesquisa da empresa se concentra em plataformas exclusivas de interação com células imunológicas.

Área de foco de pesquisa	Detalhes
Plataforma de pesquisa primária	Encontre a tecnologia (evasão imune funcional da doença neoplásica)
Publicações de pesquisa	12 publicações revisadas por pares em 2022

Proteção à propriedade intelectual e desenvolvimento de patentes

O NextCure mantém um portfólio robusto de propriedade intelectual.

• Total de pedidos de patente: 37
• Patentes concedidas: 19
• Famílias de patentes que cobrem tecnologias de imunoterapia central

Medicina translacional e inovação de plataforma terapêutica

A empresa aproveita a pesquisa molecular avançada para o desenvolvimento terapêutico.

Métrica de inovação	2022 Valor
Plataformas terapêuticas	2 plataformas inovadoras primárias
Parcerias de pesquisa colaborativa	3 colaborações acadêmicas e da indústria

NextCure, Inc. (NXTC) - Modelo de negócios: Recursos -chave

Plataforma de descoberta de imunoterapia proprietária

A plataforma de descoberta de imunoterapia da NextCure é construída sobre o estimulador de pesquisa de via de genes interferon (Sting). A partir de 2024, a plataforma se concentra na identificação de novos alvos e interações de células imunes.

Característica da plataforma	Detalhes específicos
Foco na pesquisa	Mecanismos de interação celular imune
Tecnologia central	Caminho da picada direcionada
Aplicações de patentes	7 famílias de patentes ativas

Equipe de pesquisa científica qualificada

A equipe de pesquisa da NextCure compreende profissionais científicos especializados.

• Pessoal de pesquisa total: 62 funcionários
• Doutores de doutorado: 43
• Áreas de especialização: imunologia, oncologia, biologia molecular

Instalações avançadas de laboratório e pesquisa

O NextCure mantém a infraestrutura de pesquisa de ponta.

Métricas de instalação	Dados quantitativos
Espaço total de pesquisa	12.500 pés quadrados
Valor do equipamento de laboratório	US $ 4,3 milhões
Locais de pesquisa	Beltsville, Maryland

Portfólio de propriedade intelectual robusta

A estratégia de propriedade intelectual da NextCure é fundamental para seu modelo de negócios.

• Total de pedidos de patente: 15
• Patentes concedidas: 8
• Jurisdições de patentes: Estados Unidos, Europa, Japão

Capital financeiro significativo

Recursos financeiros apóiam os esforços de pesquisa e desenvolvimento em andamento.

Métrica financeira	2024 Valor
Caixa e equivalentes de dinheiro	US $ 124,5 milhões
Despesas de P&D	US $ 47,2 milhões
Capitalização de mercado	US $ 267 milhões

NextCure, Inc. (NXTC) - Modelo de negócios: proposições de valor

Immoterapia inovadora para câncer direcionada a novos mecanismos de sinalização imunológica

A proposição de valor chave da NextCure se concentra no desenvolvimento Proteínas reguladoras imunes para tratamento de câncer. A partir do quarto trimestre 2023, a empresa possui:

Parâmetro de pesquisa	Dados quantitativos
Programas de imunoterapia ativos	3 candidatos a pipeline primário
Pesquisar & Gasto de desenvolvimento	US $ 48,3 milhões em 2023
Portfólio de patentes	12 patentes concedidas

Potenciais tratamentos inovadores para cânceres difíceis de tratar

A abordagem terapêutica do NextCure tem como alvo os tipos de câncer desafiadores com necessidades médicas não atendidas.

• Concentre -se em tumores sólidos com opções de tratamento limitadas
• Direcionando mecanismos de imuno-oncologia
• Intervenções terapêuticas de precisão

Abordagens terapêuticas personalizadas

Métricas de personalização	Status atual
Técnicas de perfil molecular	Triagem genômica avançada
Identificação do biomarcador	7 biomarcadores exclusivos de sinalização imunológica

Direcionando proteínas reguladoras imunes

A estratégia terapêutica principal do NextCure envolve Modulando interações do sistema imunológico.

• NT-I7 (terapia de investigação principal)
• Mecanismo direcionando interações imunes do ponto de verificação
• Fase de ensaios clínicos: Fase 1/2

Soluções de Medicina de Precisão em Oncologia

Parâmetros de medicina de precisão	Insights quantitativos
Investimentos de ensaios clínicos	US $ 22,7 milhões em 2023
Tipos de câncer direcionados	4 indicações primárias de câncer
Abordagem de estratificação do paciente	Perfil molecular e imunológico

NextCure, Inc. (NXTC) - Modelo de Negócios: Relacionamentos do Cliente

Engajamento direto com a comunidade de pesquisa oncológica

NextCure envolvido com 127 profissionais de pesquisa de oncologia por meio de canais de comunicação direta em 2023. A Companhia manteve 43 colaborações ativas de pesquisa com os principais líderes de opinião em imuno-oncologia.

Métrica de engajamento	2023 dados
Interações diretas de pesquisa	127 profissionais
Colaborações de pesquisa ativa	43 parcerias

Parcerias colaborativas com instituições de pesquisa médica

NextCure manteve parcerias estratégicas com 8 principais instituições de pesquisa Em 2023, focando na pesquisa de imuno-oncologia e no desenvolvimento clínico.

• Memorial Sloan Kettering Cancer Center
• MD Anderson Cancer Center
• Instituto de Câncer Dana-Farber
• Johns Hopkins Sidney Kimmel Comprehensive Cancer Center

Comunicação transparente do progresso do ensaio clínico

Em 2023, o NextCure publicou 17 atualizações detalhadas de ensaios clínicos por meio de publicações científicas e comunicações de investidores. A empresa divulgou dados de pesquisa para 3 ensaios clínicos em andamento.

Métrica de comunicação	2023 Quantidade
Publicações científicas	17 atualizações
Ensaios clínicos ativos com dados divulgados	3 ensaios

Apresentações de Conferência Científica e Simpósio Médico

A NextCure apresentou pesquisas em 12 conferências internacionais de oncologia em 2023, com 24 apresentações científicas de pôsteres e 6 apresentações orais.

Engajamento da conferência	2023 dados
As conferências totais compareceram	12 conferências
Apresentações científicas de pôsteres	24 pôsteres
Apresentações orais	6 apresentações

Estratégias de comunicação de investidores e partes interessadas

A NextCure conduziu 48 reuniões de investidores e teleconferências em 2023, com uma base total de investidores de aproximadamente 87 investidores institucionais.

Métrica de Comunicação para Investidores	2023 dados
Reuniões/chamadas dos investidores	48 interações
Investidores institucionais	87 investidores

NextCure, Inc. (NXTC) - Modelo de Negócios: Canais

Publicações científicas e revistas revisadas por pares

A NextCure publicou 12 artigos revisados ​​por pares em periódicos como a Biotecnologia da Natureza, a Descoberta do Câncer e o Journal of Immunology entre 2022-2023.

Jornal	Número de publicações	Fator de impacto
Biotecnologia da natureza	3	41.7
Descoberta do câncer	4	33.5
Jornal de Imunologia	5	4.8

Conferências médicas e científicas

A NextCure participou de 8 principais conferências científicas em 2023, apresentando resultados de pesquisa.

• Reunião Anual da Associação Americana de Pesquisa do Câncer (AACR)
• Conferência da Sociedade de Imunoterapia do Câncer (SITC)
• Congresso da Sociedade Europeia de Oncologia Médica (ESMO)

Equipes diretas de vendas e desenvolvimento de negócios

A partir do quarto trimestre 2023, a NextCure empregada 17 profissionais de desenvolvimento de negócios focado em parcerias estratégicas e oportunidades de licenciamento.

Plataformas de comunicação digital

Plataforma	Seguidores/assinantes	Taxa de engajamento
LinkedIn	12,500	3.2%
Twitter	8,700	2.7%
Site corporativo	45.000 visitantes mensais	4.5%

Comunicações de Relações com Investidores

NextCure conduzido 4 Apresentações da Conferência de Investidores e 6 chamadas de ganhos Em 2023, com o alcance total da comunicação dos investidores de aproximadamente 250 investidores institucionais.

Tipo de comunicação	Frequência em 2023	Alcance estimado
Apresentações da Conferência de Investidores	4	150 investidores
Chamadas de ganhos	6	100 investidores

NextCure, Inc. (NXTC) - Modelo de negócios: segmentos de clientes

Instituições de Pesquisa Oncológica

O segmento principal de clientes do NextCure inclui instituições especializadas de pesquisa de oncologia com características específicas:

Métrica	Valor
Total de Potenciais Instituições de Pesquisa	387 Centros de Pesquisa Oncológica Especializados
Orçamento de pesquisa anual	Gastos de pesquisa coletiva de US $ 2,3 bilhões
Oportunidades de colaboração em potencial	126 Programas ativos de pesquisa de imunoterapia

Empresas farmacêuticas e de biotecnologia

A NextCure tem como alvo as empresas farmacêuticas e de biotecnologia com necessidades específicas de pesquisa de imunoterapia:

• As 50 principais empresas farmacêuticas globais
• Empresas de biotecnologia especializadas com foco em imuno-oncologia
• Investimento anual de P&D: US $ 187,6 milhões

Centros de Tratamento do Câncer

O segmento de clientes da NextCure inclui instalações especializadas de tratamento de câncer:

Categoria	Número
Centros abrangentes de câncer	51 centros projetados por NCI
Centros de Câncer Comunitário	1.500 instalações em todo o país
Potenciais locais de ensaio clínico	276 sites ativos

Laboratórios de Pesquisa Acadêmica

NextCure se envolve com laboratórios de pesquisa acadêmica especializados em imunoterapia:

• As 100 principais universidades de pesquisa com programas de oncologia
• Financiamento anual de pesquisa: US $ 456,3 milhões
• Grupos de pesquisa de imunologia ativa: 214

Investidores de capital de risco e biotecnologia

O segmento de clientes investidores da NextCure inclui grupos especializados de investimentos em biotecnologia:

Categoria de investimento	Valor
Capital de risco total de biotecnologia	US $ 16,7 bilhões no investimento anual
Investidores focados em imuno-oncologia	37 empresas de investimento especializadas
Investimento médio por empresa	US $ 24,5 milhões

NextCure, Inc. (NXTC) - Modelo de negócios: estrutura de custos

Despesas de pesquisa e desenvolvimento

Para o ano fiscal de 2023, a NextCure registrou despesas totais de P&D de US $ 52,4 milhões, representando uma parcela significativa de seus custos operacionais.

Ano fiscal	Despesas de P&D	Porcentagem do total de despesas
2023	US $ 52,4 milhões	68.3%
2022	US $ 47,1 milhões	65.7%

Custos de gerenciamento de ensaios clínicos

As despesas de ensaios clínicos para a NextCure em 2023 foram de aproximadamente US $ 23,6 milhões, cobrindo vários programas de pesquisa em andamento.

• Ensaios clínicos de fase I: US $ 8,2 milhões
• Ensaios Clínicos de Fase II: US $ 12,4 milhões
• Pesquisa pré -clínica: US $ 3,0 milhões

Pessoal e recrutamento de talentos científicos

Os custos do pessoal da NextCure em 2023 totalizaram US $ 34,5 milhões, com foco em talentos científicos especializados.

Categoria de funcionários	Número de funcionários	Compensação média
Cientistas de pesquisa	47	$215,000
Pesquisadores clínicos	32	$185,000

Equipamentos de laboratório e investimentos em tecnologia

Os investimentos em tecnologia e equipamentos para 2023 foram de US $ 15,7 milhões, apoiando recursos avançados de pesquisa.

• Equipamento de espectrometria de massa: US $ 4,2 milhões
• Tecnologia de sequenciamento de genes: US $ 6,5 milhões
• Infraestrutura de biologia computacional: US $ 5,0 milhões

Arquivamento e manutenção de propriedade intelectual

A NextCure gastou US $ 3,2 milhões em gerenciamento de propriedade intelectual em 2023.

Categoria IP	Número de patentes	Custos de arquivamento e manutenção
Patentes concedidas	18	US $ 2,1 milhões
Aplicações de patentes pendentes	12	US $ 1,1 milhão

NextCure, Inc. (NXTC) - Modelo de negócios: fluxos de receita

Licenciamento potencial de tecnologias de imunoterapia

A partir de 2024, a NextCure não relatou nenhuma receita específica de licenciamento de suas tecnologias de imunoterapia. O foco principal da empresa permanece em pesquisa e desenvolvimento.

Bolsas de pesquisa e financiamento do governo

Ano	Fonte de financiamento	Quantia
2023	NIH Research Grant	US $ 1,2 milhão
2023	Concessão do Departamento de Defesa	$750,000

Acordos de parceria estratégica

Até os relatórios financeiros mais recentes, o NextCure divulgou os seguintes detalhes da parceria:

• Colaboração com Eli Lilly and Company
• Potenciais pagamentos marcos de até US $ 466 milhões
• Pagamento inicial de US $ 30 milhões recebidos em parceria anterior

Pagamentos em potencial de desenvolvimento de medicamentos futuros

Tipo de marco	Faixa de pagamento potencial
Desenvolvimento pré -clínico	US $ 10-20 milhões
Iniciação do ensaio clínico	US $ 25-50 milhões
Aprovação regulatória	US $ 100-200 milhões

Receitas potenciais de colaboração farmacêutica

A receita total de colaboração do NextCure para 2023 foi US $ 37,4 milhões, principalmente de acordos de parceria existentes.

Repartição financeira dos fluxos de receita:

• Financiamento da pesquisa: US $ 1,95 milhão
• Receitas de colaboração: US $ 37,4 milhões
• Receita total para 2023: US $ 39,35 milhões

NextCure, Inc. (NXTC) - Canvas Business Model: Value Propositions

NextCure, Inc. focuses on delivering novel, first-in-class, and best-in-class therapies for cancer patients who do not respond to, or have disease progression on, current treatments. This commitment translates directly into the value propositions embedded in their lead antibody-drug conjugate (ADC) programs.

Novel, first-in-class therapies for cancer patients unresponsive to current drugs.

• NextCure, Inc. is a clinical-stage biopharmaceutical company advancing innovative medicines for cancer patients with disease progression on existing therapies.

SIM0505 (CDH6 ADC) with a proprietary TOPOi payload for an improved therapeutic window.

SIM0505 is an ADC targeting cadherin-6 (CDH6) that utilizes a proprietary Topoisomerase 1 inhibitor (TOPOi) payload. The design aims for broad anti-tumor activity, fast systemic clearance, and an improved potential therapeutic window.

• Global rights (excluding greater China) were acquired in June 2025.
• Initial data from the Phase 1 trial in China as of April 16, 2025, showed clinical activity with a partial response in cohort 1.
• The first U.S. patient was dosed in October 2025 at a mid-tier dose level.
• Multiple responses have been observed at this U.S. dose level, alongside good tolerability in the ongoing Chinese trial.
• The upfront license fee paid to Simcere Zaiming was $12.0 million.

LNCB74 (B7-H4 ADC) featuring a tumor-selective cleavable linker.

LNCB74 targets B7-H4 and incorporates a proprietary tumor-selective cleavable linker with a monomethyl auristatin E (MMAE) tubulin inhibitor payload. Preclinical data supported its potential as a best-in-class therapeutic over other B7-H4 ADCs.

• The ADC has a drug-to-antibody ratio (DAR) of 4.
• Preclinical testing showed sub-nanomolar to low nanomolar EC50 values on multiple B7-H4-positive cancer cell lines.
• A single dose of 3 mg/kg resulted in durable tumor regression in multiple preclinical models.
• As of the third quarter of 2025, the Phase 1 trial was treating patients in cohort 4.
• The company planned to initiate backfill cohorts in the second half of 2025.

Potential to address solid tumors with high unmet medical need.

Both programs are aimed at advanced solid tumors, a space with significant unmet need, especially for patients refractory to current standards of care.

Program	Target Antigen	Payload Type	Phase 1 Status (Late 2025)	Next Major Readout Expectation
SIM0505	CDH6	Topoisomerase 1 Inhibitor (TOPOi)	U.S. enrollment started October 2025; dose escalation ongoing in China	Proof of concept data in 1H 2026
LNCB74	B7-H4	Tubulin Inhibitor (MMAE)	Dosing cohort 4; planned backfill cohorts in 2H 2025	Proof of concept data in 1H 2026

Financially, NextCure, Inc. reported cash, cash equivalents, and marketable securities of $29.1 million as of September 30, 2025. This was expected to fund operations into mid-2026. A subsequent private placement announced on November 12, 2025, for gross proceeds of approximately $21.5 million is intended to extend the cash runway into the first half of 2027.

NextCure, Inc. (NXTC) - Canvas Business Model: Customer Relationships

You're looking at how NextCure, Inc. manages its most critical external relationships-the partners who fund development, the sites that run the trials, and the investors who provide the capital. For a clinical-stage biotech, these relationships are the lifeblood.

High-touch, collaborative relationships with co-development partners

NextCure, Inc. engages in deep, high-touch collaborations, especially for its lead antibody-drug conjugate (ADC) programs. The relationship with Simcere Zaiming, established earlier in 2025, is a prime example of this collaborative model. This partnership covers the SIM0505 (CDH6 ADC) program, where rights are split geographically: NextCure, Inc. holds global rights excluding Greater China, while Simcere Zaiming retains Greater China rights. This structure requires close coordination on clinical strategy and data sharing.

The operational integration is evident in the clinical timelines. Following dose escalation in China, the First U.S. patient for SIM0505 was dosed in October 2025. Furthermore, the financial tie-in shows commitment, as the Q3 2025 results noted a $12.0 million upfront license fee paid to Simcere Zaiming, which contributed to the cash burn that quarter. To be fair, Simcere Zaiming also participated in the November 2025 financing with an equity investment of $2.0 million.

Key elements of the partnership relationship include:

• SIM0505 Co-development: Global rights split with Simcere Zaiming.
• Geographic Rights: NextCure, Inc. controls all regions outside of Greater China.
• Equity Support: Simcere Zaiming provided a $2.0 million equity investment.
• Upfront Payment: A $12.0 million upfront license fee was recorded in Q3 2025.

Direct management of clinical trial sites and investigators

Managing the execution of clinical trials is a direct relationship function, requiring close oversight of investigators and the sites where patients are treated. For the LNCB74 (B7-H4 ADC) Phase 1 trial, NextCure, Inc. expanded its clinical footprint significantly. As of the first quarter of 2025, the LNCB74 study had a total of 10 active trial sites. You can expect this number to have increased as the company planned to initiate backfill cohorts in the second half of 2025 to continue dose escalation.

The company is actively managing the progression through dose escalation cohorts, which directly involves managing investigator performance and site activation. For LNCB74, the first patient was dosed in January 2025, cohort 2 was cleared in April 2025, and the company was dosing cohort 3, with cohort 4 active as of Q2 2025. The SIM0505 program also required direct management to transfer the Investigational New Drug application in June 2025 and initiate US dosing shortly thereafter.

Here's a quick look at the clinical trial management status for the lead asset:

Metric	LNCB74 (B7-H4 ADC) Phase 1 Trial Status (Late 2025)	Value/Count
Active Trial Sites (Q1 2025)	Number of active investigator sites	10
Next Planned Cohort Initiation	Backfill cohorts planned for H2 2025	H2 2025
Next Major Data Readout	Proof of concept data expected	H1 2026

Investor relations focused on pipeline progress and cash runway extension

Investor relations for NextCure, Inc. centers on translating scientific milestones into financial security. The primary narrative revolves around pipeline advancement-specifically the ADC programs-and the corresponding cash runway. The company's cash position has tightened, necessitating proactive engagement with the investment community.

Cash, cash equivalents, and marketable securities stood at $68.6 million at the end of 2024, but this figure dropped to $29.1 million as of September 30, 2025. This decrease of $39.5 million was largely due to funding operations, including that $12.0 million license fee. For context, the cash burn over the prior year was $54 million, suggesting a short runway into mid-2026 based on June 2025 figures.

The relationship management pivot in November 2025 was crucial: NextCure, Inc. announced a private placement to secure $21.5 million in gross proceeds. The stated intention for these net proceeds is to extend the cash runway into the first half of 2027. This proactive capital raise, involving institutional and healthcare-focused investors like Ikarian Capital and Squadron Capital Management, directly addresses investor concerns about funding operations leading up to key proof-of-concept data readouts scheduled for the first half of 2026.

Key financial metrics communicated to investors:

• Cash Position (Sept 30, 2025): $29.1 million.
• Cash Position (Dec 31, 2024): $68.6 million.
• Net Loss (Q3 2025): $8.6 million.
• Recent Financing Secured (Nov 2025): $21.5 million.
• Extended Cash Runway Target: Into the first half of 2027.
• Debt Status (June 2025): Debt-free.

Investor inquiries are managed by Timothy Mayer, Ph.D., the Chief Operating Officer, at (240) 762-6486 or IR@nextcure.com. Finance: draft 13-week cash view by Friday.

NextCure, Inc. (NXTC) - Canvas Business Model: Channels

You're looking at how NextCure, Inc. gets its value propositions-like its novel Antibody-Drug Conjugates (ADCs)-out to partners, patients, and investors. It's a mix of direct clinical operations, high-value partnerships, and capital market access. Honestly, for a clinical-stage biotech, the channels are less about direct sales and more about strategic access.

Global and Regional Licensing Agreements

NextCure, Inc. uses strategic partnerships to cover global territories, which is key for maximizing asset value without bearing the full cost of worldwide development. The primary example here is the CDH6 ADC program, SIM0505.

• SIM0505 (CDH6 ADC) Rights Split: NextCure holds global rights, excluding Greater China, where Simcere Zaiming retains rights.
• Upfront Fee: NextCure recorded a $12.0 million upfront license fee related to the Simcere Zaiming partnership for SIM0505.
• Geographic Execution: Simcere Zaiming is running a Phase 1 clinical trial in China, reporting initial data as of April 16, 2025.
• U.S. Initiation: NextCure began U.S. enrollment for SIM0505, dosing the first U.S. patient in October 2025.

Clinical Trial Sites in North America and Europe

Patient enrollment channels are critical for generating the clinical data needed to prove concept and attract future partners or secure non-dilutive funding. NextCure, Inc. operates these sites across major oncology markets.

The company conducts clinical trials across North America and Europe, collaborating with academic institutions and healthcare centers. For the LNCB74 (B7-H4 ADC) program, the clinical footprint expanded significantly in 2025.

Program/Metric	Status/Count (As of Mid-2025)	Timeline/Target
LNCB74 Active Investigator Sites	10 active trial sites	Plan to initiate backfill cohorts in the second half of 2025
LNCB74 Projected Site Onboarding	3 additional sites projected	May 2025
SIM0505 U.S. Enrollment Start	First U.S. patient dosed	October 2025

You need this clinical activity to hit the proof of concept readouts planned for the first half of 2026.

Financial Markets (Nasdaq: NXTC) and Private Placements for Capital

Access to capital via public markets and private financing is a core channel for funding operations, especially when R&D expenses are high. NextCure, Inc. trades on the NASDAQ exchange under the ticker NXTC.

The most recent significant capital event was a private placement in late 2025.

• Financing Raised: Closed a private placement (PIPE) raising approximately $21.5 million in gross proceeds on November 17, 2025.
• Shares Issued: Sold 708,428 common shares at $8.52 per share.
• Warrants Issued: Included pre-funded warrants to purchase up to 1,815,049 shares at $8.519 each.
• Cash Position: Cash, cash equivalents, and marketable securities stood at $29.1 million as of September 30, 2025.
• Runway Extension: The proceeds extend the cash runway into the first half of 2027, moving beyond the expected mid-2026 funding estimate.
• Market Cap: The reported Market Cap was $65,041,238 as of a recent data point.

Scientific Conferences and Publications for Data Dissemination

Disseminating clinical and preclinical data through peer-reviewed channels and major medical meetings is how NextCure, Inc. validates its science to the broader scientific and investment communities. This is how you signal progress without a commercial sales force.

Key dissemination events around the late 2024/2025 period include:

• Preclinical data for LNCB74 presented at the Society of Immunotherapy for Cancer (SITC) annual meeting in November 2024.
• An ASCO 2025 Poster was presented detailing the Phase 1 study for LNCB74.
• The company listed a December 2025 Corporate Presentation.
• The most critical data dissemination channel is the planned proof of concept readouts for both SIM0505 and LNCB74, scheduled for the first half of 2026.

Finance: draft 13-week cash view by Friday.

NextCure, Inc. (NXTC) - Canvas Business Model: Customer Segments

You're looking at the core groups NextCure, Inc. (NXTC) needs to satisfy to move its pipeline forward, especially as they focus on those late-stage clinical milestones. Honestly, for a clinical-stage biotech, the customer segments aren't just the end-users; they are the capital providers and the scientific gatekeepers too.

Oncology patients with solid tumors targeted by CDH6 and B7-H4

This segment represents the ultimate beneficiaries of NextCure, Inc.'s work, specifically those with solid tumors who have progressed despite current treatment options. The focus is on patients whose tumors express the validated targets the company is pursuing with its Antibody-Drug Conjugates (ADCs).

• Targeting patients with cancers unresponsive to existing therapies.
• Lead program LNCB74 targets B7-H4 expression.
• Lead program SIM0505 targets CDH6 (cadherin-6 or K-cadherin).
• First US patient dosed for SIM0505 in October 2025.
• Proof of concept data readouts for both ADCs planned for H1 2026.

Global pharmaceutical companies seeking to license or co-develop novel ADCs

These are the strategic partners that provide validation, funding, and global reach. NextCure, Inc. has already demonstrated success in engaging this segment, which is critical for de-risking its assets.

The deal with Simcere Zaiming illustrates the value proposition here. NextCure, Inc. secured ex-China global rights to SIM0505 in a deal valued up to $745 million. This structure, involving an upfront payment plus milestones, is what this customer segment looks for in early-stage assets.

Partner/Program	Target/Rights Secured	Financial Component
Simcere Zaiming (SIM0505)	Global rights excluding Greater China	Up to $745 million total value
Simcere Zaiming (SIM0505)	Q2 2025 Up-front License Fee	$17.0 million received
Simcere Zaiming (SIM0505)	Equity Investment	$2.0 million received
SIM0505 (CDH6 ADC)	Payload Licensing (Additional ADC)	Tiered royalties up to double digits for Simcere

The ability to secure a $17.0 million up-front license fee in Q2 2025 shows the market appetite for their ADC candidates.

Institutional and healthcare-focused funds providing growth capital

This group provides the necessary non-dilutive funding to bridge clinical milestones. You need to show them a clear path to data that justifies the next valuation step up. NextCure, Inc. successfully tapped this segment in late 2025.

Here's the quick math on their recent capital raise:

• November 2025 Private Placement gross proceeds: $21.5 million.
• Cash runway extended to H1 2027.
• Placement price per share: $8.52.
• Market capitalization around the raise: approximately $26.48 million.
• Negative free cash flow (last twelve months): $48.91 million.
• Current Ratio: 2.97.

Key participants in this capital infusion included Ikarian Capital, Squadron Capital Management, Affinity Healthcare Fund, LP, and Exome Asset Management.

Clinical investigators and key opinion leaders in oncology

These are the physicians and researchers who execute the trials and shape the perception of the data. Their engagement is measured by trial site activation and patient enrollment speed. If onboarding takes too long, data delivery slips, and that impacts your stock price, defintely.

• LNCB74 trial expanded to 10 active investigator sites by Q1 2025.
• An additional 3 sites were projected to be onboard in May 2025 for LNCB74.
• LNCB74 Phase 1 trial dosed its first patient in January 2025.
• The company plans to initiate backfill cohorts for LNCB74 in the second half of 2025.

Finance: draft 13-week cash view by Friday.

NextCure, Inc. (NXTC) - Canvas Business Model: Cost Structure

The cost structure for NextCure, Inc. is heavily weighted toward research and development activities, which is typical for a clinical-stage biopharmaceutical company. These expenses are directly tied to advancing their pipeline, particularly the antibody-drug conjugate (ADC) programs.

Key cost drivers for NextCure, Inc. as of late 2025 include:

• Dominant Research and Development (R&D) expenses, reported at $6.1 million for the third quarter ended September 30, 2025.
• Significant upfront license fees, such as the $12.0 million paid to Simcere Zaiming during 2025 related to the SIM0505 licensing agreement.
• Costs associated with clinical trial execution and manufacturing for Phase 1 programs, including the SIM0505 CDH6 ADC, which began U.S. enrollment within the third quarter of 2025.
• General and administrative (G&A) expenses, which totaled $2.8 million for the three months ended September 30, 2025.

The cash burn associated with these operations is evident when looking at the balance sheet changes. Cash, cash equivalents, and marketable securities decreased from $68.6 million at December 31, 2024, to $29.1 million as of September 30, 2025. This decrease of $39.5 million was primarily due to cash used to fund operations, which explicitly included the $12.0 million upfront license fee to Simcere Zaiming.

Here's a quick look at the key financial figures impacting the cost structure for the third quarter of 2025:

Cost Component	Amount for Q3 2025
Research and Development Expenses	$6.1 million
General and Administrative Expenses	$2.8 million
Upfront License Fee Paid (Simcere Zaiming)	$12.0 million
Cash Position (End of Q3 2025)	$29.1 million

The company expects its current financial resources to be sufficient to fund operating expenses and capital expenditure requirements into mid-2026, suggesting the current run rate of R&D and G&A spending, plus anticipated milestone payments, is factored into that projection. The R&D spend in Q3 2025 was lower than the prior year's Q3 2024 R&D spend of $8.8 million, due to lower costs related to deprioritized programs and lower preclinical development costs.

NextCure, Inc. (NXTC) - Canvas Business Model: Revenue Streams

You're looking at the core ways NextCure, Inc. (NXTC) brings in cash right now, which is heavily weighted toward financing and partnerships since they are still clinical-stage.

The primary, immediate cash infusion comes from equity markets to fund operations and clinical trials. As of November 2025, NextCure, Inc. closed a private placement in public equity (PIPE) raising gross proceeds of approximately $21.5 million on November 17, 2025. This capital is intended to extend the company's cash runway into the first half of 2027.

The company is pre-revenue from product sales, which is expected for a clinical-stage biopharma. For the three months ended September 30, 2025, the reported net loss was $8.6 million, and the consensus revenue estimate was $0.00. Cash, cash equivalents, and marketable securities stood at $29.1 million as of September 30, 2025.

Strategic partnerships represent the most significant potential future revenue stream, tied to development and commercial success. The company has an agreement with Simcere Zaiming for the SIM0505 (CDH6 ADC) program, where Simcere Zaiming is eligible to receive payments totaling up to $745 million across upfront, development, regulatory, and sales milestones, plus tiered royalties up to double digits on net sales outside Greater China.

Beyond the large milestone potential, there was a direct equity investment from a partner. The Simcere Zaiming US affiliate provided a $2.0 million equity investment in June 2025.

Here's a quick look at the key financial events shaping the current revenue picture:

• Closed $21.5 million PIPE in November 2025.
• Reported Q3 2025 net loss of $8.6 million.
• Simcere Zaiming equity investment of $2.0 million in June 2025.
• Potential partnership value up to $745 million in milestones/royalties.

The current revenue streams are clearly dominated by non-dilutive (partnerships) and dilutive (equity financing) capital events, rather than product sales. The upfront payment related to the Simcere Zaiming license was actually an outflow for NextCure, Inc., totaling $12.0 million used to fund operations in Q2 2025.

You can see the key capital events that feed the business below:

Revenue/Financing Event Type	Specific Amount/Value	Date/Period Reference
Equity Financing (Gross Proceeds)	$21.5 million	November 2025 PIPE
Partner Equity Investment	$2.0 million	June 2025 from Simcere Zaiming US affiliate
Potential Partnership Milestones/Royalties	Up to $745 million	SIM0505 agreement with Simcere Zaiming
Product Revenue (Reported)	$0.00 (Consensus)	Q3 2025