What is NextCure's operating income?

NextCure's total operating income in 2025 was -$57.62 million, based on the following breakdown: Total Gross Profit: $0.00 Total Operating Expenses: $57.62 million

NextCure (NXTC) Financials

$5.40 -0.59 (-9.85%)

Closing price 07/20/2026 04:00 PM Eastern

Extended Trading

$5.31 -0.09 (-1.61%)

As of 07/20/2026 07:59 PM Eastern

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Annual Income Statements for NextCure

This table shows NextCure's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	-34	-37	-69	-75	-63	-56	-56
Consolidated Net Income / (Loss)	-34	-37	-69	-75	-63	-56	-56
Net Income / (Loss) Continuing Operations	-34	-37	-69	-75	-63	-56	-56
Total Pre-Tax Income	-34	-37	-69	-75	-68	-56	-56
Total Operating Income	-37	-41	-71	-76	-68	-60	-58
Total Gross Profit	6.35	22	0.00	0.00	0.00	0.00	0.00
Total Revenue	6.35	22	0.00	0.00	0.00	0.00	0.00
Total Cost of Revenue	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Operating Expenses	44	64	71	76	68	60	58
Selling, General & Admin Expense	9.61	17	21	22	20	16	13
Research & Development Expense	34	47	50	54	48	41	45
Restructuring Charge	-	-	-	-	0.00	2.54	0.00
Total Other Income / (Expense), net	3.75	4.62	1.38	1.18	0.00	4.09	1.77
Other Income / (Expense), net	3.75	4.62	1.38	1.18	-	4.09	1.77
Basic Earnings per Share	($2.15)	($1.33)	($2.51)	($2.69)	($2.25)	($23.88)	($19.65)
Weighted Average Basic Shares Outstanding	15.70M	27.53M	27.62M	27.74M	27.84M	2.33M	2.84M
Diluted Earnings per Share	($2.15)	($1.33)	($2.51)	($2.69)	($2.25)	($23.88)	($19.65)
Weighted Average Diluted Shares Outstanding	15.70M	27.53M	27.62M	27.74M	27.84M	2.33M	2.84M
Weighted Average Basic & Diluted Shares Outstanding	15.70M	27.53M	27.72M	27.77M	27.90M	28.01M	3.56M
Cash Dividends to Common per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00

This table shows NextCure's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Income / (Loss) Attributable to Common Shareholders	-14	-15	-17	-15	-12	-12	-11	-27	-8.62	-9.44	-9.80
Consolidated Net Income / (Loss)	-14	-14	-17	-15	-12	-12	-11	-27	-8.62	-9.44	-9.80
Net Income / (Loss) Continuing Operations	-14	-14	-17	-15	-12	-12	-11	-27	-8.62	-9.44	-9.80
Total Pre-Tax Income	-14	-19	-17	-15	-12	-12	-11	-27	-8.62	-9.44	-9.80
Total Operating Income	-16	-16	-18	-16	-12	-12	-12	-27	-8.95	-9.76	-10
Total Gross Profit	0.00	-	0.00	0.00	0.00	-	0.00	0.00	0.00	-	0.00
Total Revenue	0.00	-	0.00	0.00	0.00	-	0.00	0.00	0.00	-	0.00
Total Cost of Revenue	0.00	-	0.00	0.00	0.00	-	0.00	0.00	0.00	-	0.00
Total Operating Expenses	16	16	18	16	12	12	12	27	8.95	9.76	10
Selling, General & Admin Expense	4.61	3.96	4.36	4.08	3.73	3.55	3.73	3.20	2.81	2.96	3.27
Research & Development Expense	11	12	11	12	8.77	8.90	7.90	24	6.14	6.80	6.83
Total Other Income / (Expense), net	1.32	-3.59	1.20	1.09	0.96	0.85	0.65	0.48	0.32	0.32	0.31
Other Income / (Expense), net	1.32	-	1.20	1.09	0.96	0.85	0.65	0.48	0.32	0.32	0.31
Basic Earnings per Share	($0.51)	($0.52)	($0.61)	($6.61)	($4.95)	($4.98)	($4.70)	($11.29)	($3.22)	($3.32)	($1.87)
Weighted Average Basic Shares Outstanding	27.84M	27.84M	27.90M	2.33M	2.33M	2.33M	2.33M	2.37M	2.68M	2.84M	5.24M
Diluted Earnings per Share	($0.51)	($0.52)	($0.61)	($6.61)	($4.95)	($4.98)	($4.70)	($11.29)	($3.22)	($3.32)	($1.87)
Weighted Average Diluted Shares Outstanding	27.84M	27.84M	27.90M	2.33M	2.33M	2.33M	2.33M	2.37M	2.68M	2.84M	5.24M
Weighted Average Basic & Diluted Shares Outstanding	27.90M	27.90M	27.97M	27.98M	28.01M	28.01M	28.05M	2.68M	2.68M	3.56M	3.61M

This table details how cash moves in and out of NextCure's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	-97	-2.85	-24	14	-14	15	-1.75
Net Cash From Operating Activities	-36	-45	-57	-54	-53	-41	-50
Net Cash From Continuing Operating Activities	-36	-45	-57	-54	-53	-41	-50
Net Income / (Loss) Continuing Operations	-34	-37	-69	-75	-63	-56	-56
Consolidated Net Income / (Loss)	-34	-37	-69	-75	-63	-56	-56
Depreciation Expense	2.69	3.41	4.18	4.12	3.68	2.87	2.19
Amortization Expense	-	-	3.02	3.05	-0.76	-1.23	-0.48
Non-Cash Adjustments To Reconcile Net Income	1.89	7.91	10	9.95	8.11	7.89	3.57
Changes in Operating Assets and Liabilities, net	-6.46	-20	-5.38	3.73	-1.28	5.33	0.95
Net Cash From Investing Activities	-304	44	37	68	39	55	26
Net Cash From Continuing Investing Activities	-304	44	37	68	39	55	26
Purchase of Property, Plant & Equipment	-3.37	-7.13	-2.36	-2.12	-0.82	-0.47	0.00
Purchase of Investments	-301	-137	-156	-35	-74	-48	-27
Sale and/or Maturity of Investments	0.00	188	195	105	114	104	52
Net Cash From Financing Activities	243	-1.42	-3.27	0.20	0.15	0.14	22
Net Cash From Continuing Financing Activities	243	-1.42	-3.27	0.20	0.15	0.14	22
Issuance of Common Equity	239	0.00	0.00	0.13	0.15	0.12	22
Other Financing Activities, net	-	0.11	0.21	0.07	0.00	0.02	0.00
Cash Interest Paid	0.19	0.13	0.16	0.09	0.08	0.07	0.06

This table details how cash moves in and out of NextCure's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Change in Cash & Equivalents	-2.50	-6.44	5.28	2.49	6.85	0.03	-5.90	-17	2.43	19	-11
Net Cash From Operating Activities	-13	-11	-13	-9.78	-11	-6.97	-13	-23	-6.27	-7.64	-13
Net Cash From Continuing Operating Activities	-13	-11	-13	-9.78	-11	-6.97	-13	-23	-6.27	-7.64	-13
Net Income / (Loss) Continuing Operations	-14	-14	-17	-15	-12	-12	-11	-27	-8.62	-9.44	-9.80
Consolidated Net Income / (Loss)	-14	-14	-17	-15	-12	-12	-11	-27	-8.62	-9.44	-9.80
Depreciation Expense	0.95	0.82	0.79	0.70	0.70	0.67	0.65	0.63	0.53	0.37	0.28
Amortization Expense	-0.32	-0.32	-0.30	-0.31	-0.33	-0.28	-0.24	-0.15	-0.05	-0.05	-0.06
Non-Cash Adjustments To Reconcile Net Income	1.66	1.96	3.63	1.73	1.67	0.86	1.51	0.73	0.75	0.59	0.50
Changes in Operating Assets and Liabilities, net	-0.77	1.34	0.39	3.51	-1.95	3.38	-3.94	2.88	1.12	0.90	-4.29
Net Cash From Investing Activities	10	4.16	18	12	18	6.96	7.09	3.76	8.70	6.00	1.30
Net Cash From Continuing Investing Activities	10	4.16	18	12	18	6.96	7.09	3.76	8.70	6.00	1.30
Purchase of Investments	-	-12	-11	-22	-6.53	-8.34	-14	-13	-	-	0.00
Sale and/or Maturity of Investments	11	16	29	35	25	15	21	16	8.70	6.00	1.30
Net Cash From Financing Activities	-	0.07	0.00	0.11	-	0.04	0.00	2.02	-	20	1.25
Net Cash From Continuing Financing Activities	-	0.07	0.00	0.11	-	0.04	0.00	2.02	-	20	1.25
Issuance of Common Equity	-	0.08	-	-	-	0.04	0.00	-	-	22	1.23
Other Financing Activities, net	-	-0.01	0.00	0.02	-	0.00	0.00	-	-	-	0.01
Cash Interest Paid	0.02	0.02	0.02	0.02	0.02	0.02	0.02	0.02	0.02	0.02	0.01

This table presents NextCure's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	148	356	307	242	184	128	81	50
Total Current Assets	136	340	288	228	164	113	72	44
Cash & Equivalents	135	34	33	12	27	13	28	26
Short-Term Investments	0.00	301	251	207	133	95	41	16
Prepaid Expenses	0.15	3.68	2.82	8.23	4.07	4.43	3.19	1.93
Plant, Property, & Equipment, net	11	12	16	14	12	9.03	5.46	3.27
Total Noncurrent Assets	0.44	4.08	2.86	0.58	8.28	6.28	3.60	3.16
Other Noncurrent Operating Assets	0.44	4.08	2.86	0.58	8.28	6.28	3.60	3.16
Total Liabilities & Shareholders' Equity	148	356	307	242	184	128	81	50
Total Liabilities	32	35	13	9.00	17	14	15	15
Total Current Liabilities	10	15	10	6.61	9.13	6.88	9.57	11
Accounts Payable	2.48	1.86	3.90	1.94	4.27	2.33	5.35	2.01
Accrued Expenses	2.41	4.87	4.63	4.67	4.86	4.55	4.22	8.56
Total Noncurrent Liabilities	22	20	2.60	2.39	7.50	6.73	5.81	4.67
Capital Lease Obligations	-	-	-	-	6.61	5.95	5.15	4.15
Other Noncurrent Operating Liabilities	-	-	-	2.39	0.90	0.79	0.66	0.53
Total Equity & Noncontrolling Interests	-47	321	294	233	168	114	65	35
Total Preferred & Common Equity	-47	321	294	233	168	114	65	35
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	-47	321	294	233	168	114	65	35
Common Stock	0.35	403	411	421	431	439	446	471
Retained Earnings	-47	-81	-118	-187	-262	-324	-380	-436
Accumulated Other Comprehensive Income / (Loss)	0.00	-0.04	0.78	-0.66	-1.49	-0.22	0.00	0.02

This table presents NextCure's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026
Total Assets	140	115	103	90	67	48	40	38
Total Current Assets	123	103	90	79	59	40	33	32
Cash & Equivalents	20	18	21	28	22	4.89	7.32	15
Short-Term Investments	99	78	66	48	34	30	22	15
Prepaid Expenses	4.48	6.55	4.02	3.39	3.04	4.71	3.53	2.00
Plant, Property, & Equipment, net	9.84	7.10	6.70	6.17	4.80	4.17	3.64	2.99
Total Noncurrent Assets	7.41	5.51	5.44	5.49	3.44	3.50	3.34	3.25
Other Noncurrent Operating Assets	7.41	5.51	5.44	5.49	3.44	3.50	3.34	3.25
Total Liabilities & Shareholders' Equity	140	115	103	90	67	48	40	38
Total Liabilities	13	16	17	15	11	16	16	11
Total Current Liabilities	6.55	9.58	11	8.67	5.74	11	11	6.89
Accounts Payable	2.60	4.49	5.08	3.61	2.74	2.54	2.39	3.07
Accrued Expenses	3.95	5.09	5.76	5.06	3.00	8.24	8.60	3.82
Total Noncurrent Liabilities	6.94	6.53	6.32	6.08	5.54	5.26	4.97	4.37
Capital Lease Obligations	6.12	5.77	5.59	5.39	4.91	4.67	4.41	3.88
Other Noncurrent Operating Liabilities	0.82	0.76	0.73	0.69	0.63	0.60	0.56	0.49
Total Equity & Noncontrolling Interests	126	99	85	76	56	30	24	27
Total Preferred & Common Equity	126	99	85	76	56	30	24	27
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	126	99	85	76	56	30	24	27
Common Stock	437	441	443	444	447	448	450	472
Retained Earnings	-310	-342	-357	-369	-391	-418	-427	-446
Accumulated Other Comprehensive Income / (Loss)	-0.60	-0.18	-0.09	0.08	0.00	-0.01	0.02	-0.00

This table displays calculated financial ratios and metrics derived from NextCure's official financial filings.

Metric	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
DEI Shares Outstanding	22,753,960.00	27,553,089.00	27,626,227.00	27,774,536.00	27,903,027.00	28,006,684.00	2,679,822.00
DEI Adjusted Shares Outstanding	1,896,163.00	2,296,091.00	2,302,186.00	2,314,545.00	2,325,252.00	2,333,890.00	2,679,822.00
DEI Earnings Per Adjusted Shares Outstanding	-17.79	-15.94	-30.14	-32.29	-26.97	-23.85	-20.84
Growth Metrics	-	-	-	-	-	-	-
Revenue Growth	0.00%	252.58%	-100.00%	0.00%	0.00%	0.00%	0.00%
EBITDA Growth	0.00%	-6.90%	-87.38%	-8.63%	4.22%	16.52%	-0.22%
EBIT Growth	0.00%	-8.50%	-89.57%	-7.70%	9.50%	17.72%	-0.34%
NOPAT Growth	0.00%	-9.99%	-71.66%	-7.27%	10.90%	11.66%	3.57%
Net Income Growth	0.00%	-8.50%	-89.57%	-7.70%	16.07%	11.27%	-0.34%
EPS Growth	0.00%	38.14%	-88.72%	-7.17%	16.36%	11.27%	17.71%
Operating Cash Flow Growth	0.00%	-26.19%	-27.43%	5.93%	1.69%	22.97%	-21.59%
Free Cash Flow Firm Growth	0.00%	0.00%	-1.12%	-4.44%	15.63%	29.73%	-12.10%
Invested Capital Growth	0.00%	222.52%	14.58%	3.11%	-15.14%	-83.40%	-236.08%
Revenue Q/Q Growth	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
EBITDA Q/Q Growth	0.00%	-1,144.37%	2.50%	-1.51%	-4.93%	11.93%	3.72%
EBIT Q/Q Growth	0.00%	0.00%	-2.18%	-0.49%	-3.17%	11.78%	3.74%
NOPAT Q/Q Growth	0.00%	0.00%	-1.19%	-0.93%	2.85%	5.29%	4.47%
Net Income Q/Q Growth	0.00%	0.00%	-2.18%	-0.49%	4.32%	4.89%	3.74%
EPS Q/Q Growth	0.00%	0.00%	-2.87%	-0.37%	4.26%	4.89%	9.36%
Operating Cash Flow Q/Q Growth	0.00%	7.63%	-14.40%	7.77%	-3.36%	8.32%	-1.37%
Free Cash Flow Firm Q/Q Growth	0.00%	-80.91%	78.82%	-136.54%	11.06%	10.45%	-0.30%
Invested Capital Q/Q Growth	-1.08%	-34.27%	-93.48%	15.76%	-15.98%	-64.67%	-158.97%
Profitability Metrics	-	-	-	-	-	-	-
Gross Margin	100.00%	100.00%	0.00%	0.00%	0.00%	0.00%	0.00%
EBITDA Margin	-489.19%	-148.32%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Margin	-590.55%	-184.22%	0.00%	0.00%	0.00%	0.00%	0.00%
EBIT Margin	-531.54%	-163.57%	0.00%	0.00%	0.00%	0.00%	0.00%
Profit (Net Income) Margin	-531.54%	-163.57%	0.00%	0.00%	0.00%	0.00%	0.00%
Tax Burden Percent	100.00%	100.00%	100.00%	100.00%	92.73%	100.00%	100.00%
Interest Burden Percent	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	0.00%	-2,608.00%	0.00%	0.00%	0.00%	0.00%	0.00%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	-2,605.47%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Net Nonoperating Assets (RNNOA)	0.00%	2,596.10%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Equity (ROE)	-15.45%	-11.90%	-26.33%	-37.28%	-44.49%	-61.87%	-111.23%
Cash Return on Invested Capital (CROIC)	0.00%	-421.30%	-397.06%	-382.35%	-343.74%	-451.25%	0.00%
Operating Return on Assets (OROA)	-13.39%	-11.04%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Assets (ROA)	-13.39%	-11.04%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Common Equity (ROCE)	-9.71%	-11.90%	-26.33%	-37.28%	-44.49%	-61.87%	-111.23%
Return on Equity Simple (ROE_SIMPLE)	-10.49%	-12.46%	-29.73%	-44.61%	-54.82%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	-26	-29	-50	-53	-47	-42	-40
NOPAT Margin	-413.38%	-128.95%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Nonoperating Expense Percent (NNEP)	-2.26%	-2.53%	-7.92%	-11.58%	-12.03%	-16.68%	-30.68%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-39.33%	-59.22%	-103.17%
Cost of Revenue to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SG&A Expenses to Revenue	151.46%	76.19%	0.00%	0.00%	0.00%	0.00%	0.00%
R&D to Revenue	539.09%	208.03%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	690.55%	284.22%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings before Interest and Taxes (EBIT)	-34	-37	-69	-75	-68	-56	-56
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-31	-33	-62	-68	-65	-54	-54
Valuation Ratios	-	-	-	-	-	-	-
Price to Book Value (P/BV)	3.99	1.02	0.71	0.23	0.28	0.33	1.09
Price to Tangible Book Value (P/TBV)	3.99	1.02	0.71	0.23	0.28	0.33	1.09
Price to Revenue (P/Rev)	201.94	13.42	0.00	0.00	0.00	0.00	0.00
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	0.00	1.55	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Revenue (EV/Rev)	149.74	0.83	0.00	0.00	0.00	0.00	0.00
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-
Debt to Equity	0.02	0.01	0.00	0.04	0.05	0.08	0.12
Long-Term Debt to Equity	0.01	0.01	0.00	0.04	0.05	0.08	0.12
Financial Leverage	-1.03	-1.00	-0.95	-0.93	-0.91	-0.92	-1.01
Leverage Ratio	1.15	1.08	1.04	1.06	1.11	1.16	1.31
Compound Leverage Factor	1.15	1.08	1.04	1.06	1.11	1.16	1.31
Debt to Total Capital	1.53%	1.17%	0.00%	3.79%	4.94%	7.30%	10.61%
Short-Term Debt to Total Capital	0.51%	0.56%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	1.02%	0.61%	0.00%	3.79%	4.94%	7.30%	10.61%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	98.47%	98.83%	100.00%	96.21%	95.06%	92.70%	89.39%
Debt to EBITDA	-0.16	-0.10	0.00	-0.10	-0.09	-0.10	-0.08
Net Debt to EBITDA	10.67	8.49	0.00	2.27	1.58	1.17	0.70
Long-Term Debt to EBITDA	-0.11	-0.05	0.00	-0.10	-0.09	-0.10	-0.08
Debt to NOPAT	-0.19	-0.12	0.00	-0.12	-0.13	-0.12	-0.10
Net Debt to NOPAT	12.63	9.76	0.00	2.89	2.16	1.52	0.93
Long-Term Debt to NOPAT	-0.13	-0.06	0.00	-0.12	-0.13	-0.12	-0.10
Altman Z-Score	22.65	14.17	10.12	-0.91	-2.90	-7.09	-13.54
Noncontrolling Interest Sharing Ratio	37.14%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-
Current Ratio	22.60	27.89	34.48	17.97	16.38	7.50	4.14
Quick Ratio	22.24	27.45	33.23	17.52	15.73	7.17	3.96
Cash Flow Metrics	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	0.00	-51	-51	-54	-45	-32	-36
Operating Cash Flow to CapEx	-1,056.75%	-630.31%	-2,427.25%	-2,546.60%	-6,460.24%	-8,608.65%	0.00%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-
Asset Turnover	0.03	0.07	0.00	0.00	0.00	0.00	0.00
Accounts Receivable Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	0.54	1.60	0.00	0.00	0.00	0.00	0.00
Accounts Payable Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Sales Outstanding (DSO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Cash Conversion Cycle (CCC)	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Capital & Investment Metrics	-	-	-	-	-	-	-
Invested Capital	-9.83	12	14	14	12	2.00	-2.73
Invested Capital Turnover	-0.65	20.22	0.00	0.00	0.00	0.00	0.00
Increase / (Decrease) in Invested Capital	0.00	22	1.76	0.43	-2.15	-10	-4.73
Enterprise Value (EV)	950	19	-54	-114	-71	-42	0.36
Market Capitalization	1,282	300	166	39	32	22	38
Book Value per Share	$14.13	$10.66	$8.45	$6.03	$4.10	$2.34	$13.04
Tangible Book Value per Share	$14.13	$10.66	$8.45	$6.03	$4.10	$2.34	$13.04
Total Capital	326	297	233	174	120	71	39
Total Debt	5.00	3.47	0.00	6.61	5.95	5.15	4.15
Total Long-Term Debt	3.33	1.81	0.00	6.61	5.95	5.15	4.15
Net Debt	-331	-282	-220	-153	-102	-63	-38
Capital Expenditures (CapEx)	3.37	7.13	2.36	2.12	0.82	0.47	0.00
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-9.69	-5.83	1.62	-5.06	-2.46	-6.39	-8.64
Debt-free Net Working Capital (DFNWC)	327	279	221	155	106	62	33
Net Working Capital (NWC)	325	278	221	155	106	62	33
Net Nonoperating Expense (NNE)	7.50	7.75	20	22	15	14	16
Net Nonoperating Obligations (NNO)	-331	-282	-220	-153	-102	-63	-38
Total Depreciation and Amortization (D&A)	2.69	3.41	7.20	7.17	2.93	1.64	1.70
Debt-free, Cash-free Net Working Capital to Revenue	-152.69%	-26.07%	0.00%	0.00%	0.00%	0.00%	0.00%
Debt-free Net Working Capital to Revenue	5,146.05%	1,248.19%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Working Capital to Revenue	5,119.79%	1,240.74%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Adjustments	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	($1.33)	($2.51)	($2.69)	($2.25)	($23.88)	($19.65)
Adjusted Weighted Average Basic Shares Outstanding	0.00	27.60M	27.62M	27.74M	27.84M	2.33M	2.84M
Adjusted Diluted Earnings per Share	$0.00	($1.33)	($2.51)	($2.69)	($2.25)	($23.88)	($19.65)
Adjusted Weighted Average Diluted Shares Outstanding	0.00	27.60M	27.62M	27.74M	27.84M	2.33M	2.84M
Adjusted Basic & Diluted Earnings per Share	$0.00	($1.33)	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	0.00	27.53M	27.72M	27.77M	27.90M	2.33M	3.56M
Normalized Net Operating Profit after Tax (NOPAT)	-26	-29	-50	-53	-47	-40	-40
Normalized NOPAT Margin	-413.38%	-128.95%	0.00%	0.00%	0.00%	0.00%	0.00%
Pre Tax Income Margin	-531.54%	-163.57%	0.00%	0.00%	0.00%	0.00%	0.00%
Debt Service Ratios	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

This table displays calculated financial ratios and metrics derived from NextCure's official financial filings.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
DEI Shares Outstanding	27,839,968.00	27,903,027.00	27,903,027.00	27,973,289.00	27,975,840.00	28,006,684.00	28,006,684.00	28,050,191.00	2,676,110.00	2,679,822.00	3,560,410.00
DEI Adjusted Shares Outstanding	2,319,997.00	2,325,252.00	2,325,252.00	2,331,107.00	2,331,320.00	2,333,890.00	2,333,890.00	2,337,516.00	2,676,110.00	2,679,822.00	3,560,410.00
DEI Earnings Per Adjusted Shares Outstanding	-6.03	-6.36	-7.36	-6.61	-4.95	-4.97	-4.70	-11.47	-3.22	-3.52	-2.75
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
EBITDA Growth	20.52%	3.47%	-10.41%	12.21%	18.28%	26.67%	36.47%	-75.34%	27.17%	18.66%	9.35%
EBIT Growth	24.38%	8.73%	-6.28%	13.75%	19.31%	26.52%	35.84%	-74.03%	25.27%	18.68%	10.75%
NOPAT Growth	18.82%	11.15%	-7.22%	13.91%	20.00%	21.12%	36.51%	-65.47%	28.41%	21.66%	13.05%
Net Income Growth	24.38%	16.38%	-6.28%	13.75%	19.31%	19.80%	35.84%	-74.03%	25.27%	18.68%	10.75%
EPS Growth	25.00%	16.13%	-5.17%	13.75%	19.31%	19.80%	35.84%	-74.03%	34.95%	33.33%	60.21%
Operating Cash Flow Growth	14.82%	-19.23%	14.70%	33.71%	10.36%	34.69%	-3.08%	-132.33%	45.28%	-9.60%	-2.84%
Free Cash Flow Firm Growth	-107.00%	30.84%	-59.80%	86.21%	99.60%	115.15%	67.32%	-657.93%	982.86%	-255.65%	28.55%
Invested Capital Growth	16.91%	-15.14%	1.26%	-67.40%	-60.52%	-83.40%	-44.35%	-78.15%	-118.56%	-236.08%	-82.64%
Revenue Q/Q Growth	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
EBITDA Q/Q Growth	20.05%	-11.83%	-8.71%	9.67%	25.58%	-0.35%	5.82%	-149.30%	69.09%	-12.08%	-4.96%
EBIT Q/Q Growth	19.92%	-10.41%	-8.34%	9.96%	25.08%	-0.55%	5.40%	-144.24%	67.83%	-9.42%	-3.82%
NOPAT Q/Q Growth	18.48%	-1.10%	-15.92%	9.89%	24.25%	0.32%	6.69%	-134.83%	67.22%	-9.08%	-3.57%
Net Income Q/Q Growth	19.92%	-1.16%	-18.25%	9.96%	25.08%	-0.55%	5.40%	-144.24%	67.83%	-9.42%	-3.82%
EPS Q/Q Growth	20.31%	-1.96%	-17.31%	9.96%	25.08%	-0.55%	5.40%	-144.24%	71.48%	-3.11%	43.67%
Operating Cash Flow Q/Q Growth	13.35%	16.50%	-18.14%	22.45%	-17.16%	39.16%	-86.45%	-74.80%	72.40%	-21.86%	-74.95%
Free Cash Flow Firm Q/Q Growth	12.33%	31.59%	-45.20%	84.16%	97.44%	2,668.57%	-413.19%	-267.32%	102.99%	-552.84%	-43.77%
Invested Capital Q/Q Growth	1.93%	-15.98%	-26.93%	-47.90%	23.44%	-64.67%	144.91%	-79.54%	-204.88%	-158.97%	131.24%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
EBITDA Margin	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Margin	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
EBIT Margin	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Profit (Net Income) Margin	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Tax Burden Percent	100.00%	74.65%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
Interest Burden Percent	100.00%	122.74%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Net Nonoperating Assets (RNNOA)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Equity (ROE)	-42.57%	-44.49%	-50.33%	-54.74%	-57.93%	-61.87%	-63.94%	-104.07%	-116.91%	-111.23%	-132.40%
Cash Return on Invested Capital (CROIC)	-381.26%	-343.74%	-551.27%	-394.30%	-353.97%	-451.25%	-484.18%	-1,468.61%	0.00%	0.00%	-1,222.68%
Operating Return on Assets (OROA)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Assets (ROA)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Common Equity (ROCE)	-42.57%	-44.49%	-50.33%	-54.74%	-57.93%	-61.87%	-63.94%	-102.29%	-116.91%	-111.23%	-132.40%
Return on Equity Simple (ROE_SIMPLE)	-51.84%	0.00%	-64.35%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	-11	-11	-13	-12	-8.75	-8.72	-8.14	-19	-6.26	-6.83	-7.07
NOPAT Margin	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Nonoperating Expense Percent (NNEP)	-2.39%	-2.67%	-3.64%	-3.76%	-3.07%	-3.48%	-4.02%	-13.82%	-4.99%	-5.15%	-7.09%
Return On Investment Capital (ROIC_SIMPLE)	-	-9.18%	-12.22%	-12.68%	-10.80%	-12.34%	-13.39%	-55.68%	-22.32%	-17.47%	-23.12%
Cost of Revenue to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SG&A Expenses to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings before Interest and Taxes (EBIT)	-14	-16	-17	-15	-12	-12	-11	-27	-8.62	-9.44	-9.80
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-14	-15	-17	-15	-11	-11	-11	-26	-8.14	-9.12	-9.57
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.28	0.28	0.63	0.52	0.51	0.33	0.24	0.44	0.66	1.09	1.42
Price to Tangible Book Value (P/TBV)	0.28	0.28	0.63	0.52	0.51	0.33	0.24	0.44	0.66	1.09	1.42
Price to Revenue (P/Rev)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	14.27
Enterprise Value to Revenue (EV/Rev)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.05	0.05	0.06	0.07	0.07	0.08	0.09	0.15	0.19	0.12	0.15
Long-Term Debt to Equity	0.05	0.05	0.06	0.07	0.07	0.08	0.09	0.15	0.19	0.12	0.15
Financial Leverage	-0.91	-0.91	-0.93	-0.92	-0.90	-0.92	-0.91	-0.95	-0.95	-1.01	-0.93
Leverage Ratio	1.07	1.11	1.12	1.14	1.14	1.16	1.18	1.28	1.31	1.31	1.27
Compound Leverage Factor	1.07	1.36	1.12	1.14	1.14	1.16	1.18	1.28	1.31	1.31	1.27
Debt to Total Capital	4.62%	4.94%	5.51%	6.14%	6.65%	7.30%	8.08%	12.85%	15.72%	10.61%	12.68%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	4.62%	4.94%	5.51%	6.14%	6.65%	7.30%	8.08%	12.85%	15.72%	10.61%	12.68%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	5.51%	0.00%	0.00%	0.00%
Common Equity to Total Capital	95.38%	95.06%	94.49%	93.86%	93.35%	92.70%	91.92%	81.64%	84.28%	89.39%	87.32%
Debt to EBITDA	-0.10	-0.09	-0.09	-0.09	-0.09	-0.10	-0.10	-0.08	-0.08	-0.08	-0.07
Net Debt to EBITDA	1.82	1.58	1.36	1.26	1.14	1.17	1.06	0.52	0.44	0.70	0.49
Long-Term Debt to EBITDA	-0.10	-0.09	-0.09	-0.09	-0.09	-0.10	-0.10	-0.08	-0.08	-0.08	-0.07
Debt to NOPAT	-0.13	-0.13	-0.12	-0.12	-0.12	-0.12	-0.13	-0.10	-0.10	-0.10	-0.10
Net Debt to NOPAT	2.30	2.16	1.87	1.74	1.58	1.52	1.37	0.69	0.59	0.93	0.66
Long-Term Debt to NOPAT	-0.13	-0.13	-0.12	-0.12	-0.12	-0.12	-0.13	-0.10	-0.10	-0.10	-0.10
Altman Z-Score	-0.85	-1.56	-1.36	-2.88	-3.64	-5.29	-7.03	-12.91	-14.55	-10.49	-14.47
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	1.71%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	18.72	16.38	10.70	8.35	9.07	7.50	10.26	3.71	2.97	4.14	4.61
Quick Ratio	18.04	15.73	10.02	7.98	8.68	7.17	9.73	3.28	2.65	3.96	4.32
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-13	-8.90	-13	-2.05	-0.05	1.35	-4.22	-16	0.46	-2.10	-3.02
Operating Cash Flow to CapEx	-4,579.93%	-82,076.92%	-34,070.27%	-3,247.84%	-6,737.65%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Accounts Receivable Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Accounts Payable Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Sales Outstanding (DSO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Cash Conversion Cycle (CCC)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	14	12	8.82	4.60	5.67	2.00	4.91	1.00	-1.05	-2.73	0.85
Invested Capital Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Increase / (Decrease) in Invested Capital	2.08	-2.15	0.11	-9.50	-8.69	-10	-3.91	-3.59	-6.73	-4.73	-4.06
Enterprise Value (EV)	-76	-71	-28	-36	-32	-42	-37	-16	-9.02	0.36	12
Market Capitalization	36	32	62	44	38	22	13	13	16	38	38
Book Value per Share	$4.54	$4.10	$3.55	$3.05	$2.70	$2.34	$1.99	$1.06	$8.84	$13.04	$7.50
Tangible Book Value per Share	$4.54	$4.10	$3.55	$3.05	$2.70	$2.34	$1.99	$1.06	$8.84	$13.04	$7.50
Total Capital	133	120	105	91	81	71	61	36	28	39	31
Total Debt	6.12	5.95	5.77	5.59	5.39	5.15	4.91	4.67	4.41	4.15	3.88
Total Long-Term Debt	6.12	5.95	5.77	5.59	5.39	5.15	4.91	4.67	4.41	4.15	3.88
Net Debt	-112	-102	-90	-81	-70	-63	-51	-31	-25	-38	-26
Capital Expenditures (CapEx)	0.28	0.01	0.04	0.30	0.17	-0.03	0.00	0.00	0.00	0.00	0.00
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-2.07	-2.46	-3.03	-6.81	-5.29	-6.39	-2.70	-6.07	-7.47	-8.64	-4.89
Debt-free Net Working Capital (DFNWC)	116	106	93	80	70	62	53	29	22	33	25
Net Working Capital (NWC)	116	106	93	80	70	62	53	29	22	33	25
Net Nonoperating Expense (NNE)	3.37	3.41	4.29	3.86	2.79	2.88	2.84	7.70	2.36	2.61	2.72
Net Nonoperating Obligations (NNO)	-112	-102	-90	-81	-70	-63	-51	-31	-25	-38	-26
Total Depreciation and Amortization (D&A)	0.63	0.50	0.49	0.39	0.37	0.39	0.42	0.48	0.49	0.32	0.22
Debt-free, Cash-free Net Working Capital to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Debt-free Net Working Capital to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Working Capital to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.51)	($0.52)	($0.61)	($6.60)	($4.92)	($59.76)	($4.68)	($11.29)	($3.22)	($3.32)	($1.87)
Adjusted Weighted Average Basic Shares Outstanding	27.84M	27.84M	27.90M	2.33M	2.33M	194.20K	2.33M	2.37M	2.68M	2.84M	5.24M
Adjusted Diluted Earnings per Share	($0.51)	($0.52)	($0.61)	($6.60)	($4.92)	($59.76)	($4.68)	($11.29)	($3.22)	($3.32)	($1.87)
Adjusted Weighted Average Diluted Shares Outstanding	27.84M	27.84M	27.90M	2.33M	2.33M	194.20K	2.33M	2.37M	2.68M	2.84M	5.24M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	($59.76)	$0.00	$0.00	$0.00	($3.32)	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	27.90M	27.90M	27.97M	2.33M	2.33M	2.33M	2.34M	2.68M	2.68M	3.56M	3.61M
Normalized Net Operating Profit after Tax (NOPAT)	-11	-11	-11	-12	-8.75	-8.72	-8.14	-19	-6.26	-6.83	-7.07
Normalized NOPAT Margin	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Pre Tax Income Margin	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Financials Breakdown Chart

Key Financial Trends

NextCure (NASDAQ: NXTC) remains a pre-revenue biotech with a long runway, but its financial statements show continued cash burn, rising losses in 2025, and a much smaller cash cushion than it had a year ago.

In Q1 2026, NextCure reported no revenue and a net loss of $9.8 million, or $1.87 per share. Operating expenses totaled $10.1 million, led by $6.8 million in R&D and $3.3 million in SG&A. While that is a bit lower than the prior quarter’s loss, the company is still spending heavily without any product sales to offset it.

Cash flow was also negative. NextCure used $13.4 million in operating cash during Q1 2026. It offset that with $1.3 million from investing activities and $1.2 million from financing, including $1.23 million of common equity issuance. Even so, cash and equivalents plus short-term investments fell to about $29.7 million at March 31, 2026, down from roughly $43.0 million at the end of Q4 2025.

Looking at the full trend, the company’s liquidity has weakened significantly over the last year. Total cash and short-term investments dropped from about $58.4 million at Q1 2025 to $29.7 million in Q1 2026. Equity financing helped in late 2025, but the balance sheet has still been shrinking as operating losses continue.

The company still held $29.7 million in cash and short-term investments at the end of Q1 2026, which provides some near-term operating flexibility.
Q1 2026 operating loss of $10.1 million was slightly better than Q4 2025’s $9.8 million operating loss, suggesting expenses were relatively stable quarter over quarter.
Other income of $309,000 helped partially offset operating losses in Q1 2026.
The company continued to raise capital, issuing $1.2 million of common equity in Q1 2026.
NextCure remains a pre-revenue company, so the investment case still depends on clinical progress rather than current sales.
R&D spending stayed elevated at $6.8 million in Q1 2026, consistent with an ongoing development-stage biotech strategy.
The quarter included $1.3 million in investment sales, which helped support liquidity but is not a recurring source of operating cash.
NextCure posted a net loss of $9.8 million in Q1 2026, extending a multi-year streak of losses.
Operating cash burn was heavy at $13.4 million in the quarter, outpacing financing inflows.
Liquidity has declined sharply over the past year, with cash and short-term investments falling from about $58.4 million in Q1 2025 to $29.7 million in Q1 2026.

Over the last four years, the pattern is clear: NextCure has steadily burned cash, periodically raised capital, and reduced its cash balance as it funds research and development. The most important issue for investors is runway. With no revenue and persistent operating losses, the company will likely need either meaningful clinical progress, additional financing, or both to sustain operations.

Bottom line: NextCure’s financial position is still manageable in the near term, but the trend is not favorable. The company is spending more than it brings in, and its cash reserve is much smaller than it was a year ago.

07/21/26 01:07 AM ETAI Generated. May Contain Errors.

NextCure Financials - Frequently Asked Questions

According to the most recent income statement we have on file, NextCure's financial year ends in December. Their financial year 2025 ended on December 31, 2025.

NextCure's net income appears to be on an upward trend, with a most recent value of -$55.84 million in 2025, rising from -$33.74 million in 2019. The previous period was -$55.65 million in 2024. Find out what analysts predict for NextCure in the coming months.

NextCure's total operating income in 2025 was -$57.62 million, based on the following breakdown:

Total Gross Profit: $0.00
Total Operating Expenses: $57.62 million

Over the last 6 years, NextCure's total revenue changed from $6.35 million in 2019 to $0.00 in 2025, a change of -100.0%.

NextCure's total liabilities were at $15.24 million at the end of 2025, a 1.0% decrease from 2024, and a 52.9% decrease since 2018.

In the past 7 years, NextCure's cash and equivalents has ranged from $12.34 million in 2021 to $135.17 million in 2018, and is currently $25.98 million as of their latest financial filing in 2025.

Over the last 6 years, NextCure's book value per share changed from 14.13 in 2019 to 13.04 in 2025, a change of -7.7%.

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Financial statements for NASDAQ:NXTC last updated on 7/16/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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NextCure (NXTC) Financials

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NextCure (NXTC) Financials

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Financials Breakdown Chart

Key Financial Trends

NextCure Financials - Frequently Asked Questions

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How has NextCure's net income changed over the last 6 years?

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How has NextCure's revenue changed over the last 6 years?

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How has NextCure's book value per share changed over the last 6 years?

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