Shareholder equity has significantly deteriorated from $114.4 million in 2023Q4 to $26.7 million in 2026Q1, reflecting the ongoing accumulation of retained losses.
| Total Current Assets | 31.74M | 43.75M | 71.81M | 112.72M | 163.98M | 227.82M | 287.98M | 340M | 135.78M | 9.42M |
| Cash & Short-Term Investments | 29.74M | 41.82M | 68.62M | 108.3M | 159.91M | 219.59M | 283.45M | 334.61M | 135.17M | 8.43M |
| Cash Only | 15.17M | 25.98M | 27.73M | 13.08M | 26.63M | 12.34M | 32.77M | 34.09M | 135.17M | 8.43M |
| Short-Term Investments | 14.58M | 15.84M | 40.89M | 95.22M | 133.28M | 207.25M | 250.68M | 300.51M | 0 | 0 |
| Accounts Receivable | 0 | 100K | 300K | 800K | 700K | 0 | 0 | 0 | 0 | 0 |
| Days Sales Outstanding | - | - | - | - | - | - | - | - | - | - |
| Inventory | 0 | 0 | 0 | 0 | -700K | 0 | 0 | 0 | 0 | 0 |
| Days Inventory Outstanding | - | - | - | - | - | - | - | - | - | - |
| Other Current Assets | 2M | 1.83M | 2.89M | 3.63M | 4.07M | 39K | 1.71M | 1.71M | 460K | 860K |
| Total Non-Current Assets | 6.24M | 6.44M | 9.05M | 15.31M | 20.18M | 14.57M | 18.67M | 16.17M | 11.84M | 10.05M |
| Property, Plant & Equipment | 5.39M | 5.89M | 8.72M | 13.43M | 16.91M | 13.99M | 15.81M | 12.09M | 11.41M | 10.02M |
| Fixed Asset Turnover | 0.00x | - | - | - | - | - | 1.42x | 0.52x | - | - |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 3.33M | 0 | 0 |
| Other Non-Current Assets | 847K | 546K | 332K | 1.88M | 1.73M | 577K | 2.86M | 750K | 436K | 26K |
| Total Assets | 37.98M | 50.18M | 80.86M | 128.04M | 184.16M | 242.39M | 306.64M | 356.17M | 147.63M | 19.47M |
| Asset Turnover | 0.00x | - | - | - | - | - | 0.07x | 0.02x | - | - |
| Asset Growth % | -191.04% | -37.94% | -36.85% | -30.48% | -24.02% | -20.96% | -13.9% | 141.26% | 658.35% | - |
| Total Current Liabilities | 6.89M | 10.57M | 9.57M | 6.88M | 9.13M | 6.61M | 10.32M | 15.04M | 10.3M | 3.12M |
| Accounts Payable | 3.07M | 2.01M | 5.35M | 2.33M | 4.27M | 1.94M | 3.9M | 1.86M | 2.48M | 1.14M |
| Days Payables Outstanding | 3.23K | 335.93 | - | - | - | - | 30.59 | 19.85 | 540.43 | 715.58 |
| Short-Term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 1.67M | 1.67M | 387K | 400K |
| Deferred Revenue (Current) | 0 | 0 | 0 | 0 | 0 | 0 | 130K | 6.43M | 4.99M | -504K |
| Other Current Liabilities | 3.82M | 8.55M | 1.67M | 113K | 2.7M | 2.92M | 13K | 234K | 28K | 19K |
| Current Ratio | 4.61x | 4.14x | 7.50x | 16.38x | 17.97x | 34.48x | 27.89x | 22.60x | 13.19x | 3.02x |
| Quick Ratio | 4.61x | 4.14x | 7.50x | 16.38x | 18.04x | 34.48x | 27.89x | 22.60x | 13.19x | 3.02x |
| Cash Conversion Cycle | - | - | - | - | - | - | - | - | - | - |
| Total Non-Current Liabilities | 4.37M | 4.67M | 5.81M | 6.73M | 7.5M | 2.39M | 2.6M | 19.64M | 184.27M | 40.76M |
| Long-Term Debt | 3.88M | 4.15M | 0 | 0 | 0 | 0 | 1.81M | 3.33M | 73K | 460K |
| Capital Lease Obligations | 8.81M | 0 | 5.15M | 5.95M | 6.61M | 0 | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 1.54M | 0 | -15.95M | 0 | 0 | 0 |
| Other Non-Current Liabilities | 491K | 526K | 661K | 785K | 899K | 2.39M | 792K | 359K | 162.47M | 40.3M |
| Total Liabilities | 11.26M | 15.24M | 15.39M | 13.62M | 16.63M | 9M | 12.92M | 34.68M | 194.57M | 43.88M |
| Total Debt | 3.88M | 4.15M | 5.95M | 6.61M | 7.12M | 0 | 3.47M | 5.13M | 587K | 964K |
| Net Debt | -11.29M | -21.83M | -21.78M | -6.48M | -19.51M | -12.34M | -29.3M | -28.96M | -134.59M | -7.46M |
| Debt / Equity | 0.15x | 0.12x | 0.09x | 0.06x | 0.04x | - | 0.01x | 0.02x | - | - |
| Debt / EBITDA | -0.07x | - | - | - | - | - | - | - | - | - |
| Net Debt / EBITDA | 0.21x | - | - | - | - | - | - | - | - | - |
| Interest Coverage | - | - | - | - | - | -919.03x | -225.27x | -179.34x | - | - |
| Total Equity | 26.72M | 34.94M | 65.47M | 114.42M | 167.53M | 233.39M | 293.72M | 321.48M | -46.94M | -24.41M |
| Equity Growth % | -230.48% | -46.63% | -42.78% | -31.7% | -28.22% | -20.54% | -8.64% | 784.82% | -92.3% | - |
| Book Value per Share | 5.10 | 12.29 | 28.09 | 49.33 | 72.46 | 101.41 | 128.02 | 245.79 | -24.80 | -12.90 |
| Total Shareholders' Equity | 26.72M | 34.94M | 65.47M | 114.42M | 167.53M | 233.39M | 293.72M | 321.48M | -46.94M | -24.41M |
| Common Stock | 4K | 4K | 28K | 28K | 28K | 28K | 28K | 27K | 11K | 11K |
| Retained Earnings | -445.78M | -435.98M | -380.14M | -324.48M | -261.76M | -187.03M | -117.64M | -81.03M | -47.3M | -24.5M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -332K | -75K |
| Accumulated OCI | -2K | 21K | 4K | -222K | -1.49M | -663K | 779K | -38K | -2.47M | -792K |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Critical liquidity and dilution
As reported in recent financial filings, NextCure's total assets have declined from $128.0 million in 2023Q4 to $38.0 million in 2026Q1, signaling a significant contraction in the company's resource base as it continues to fund clinical development without offsetting product revenue or strategic partnership inflows.
The consistent downward trend in total assets suggests that the company is consuming its capital base to sustain R&D activities. This trajectory implies that the firm is approaching a critical juncture where the current asset level may no longer support the existing pipeline of clinical trials.
Based on the company's quarterly balance sheets, cash and equivalents have plummeted from a peak of $27.7 million in 2024Q4 to just $15.2 million in 2026Q1, indicating a tightening liquidity position that leaves little room for operational errors or unexpected clinical trial cost overruns.
While the current ratio remains above 4.0, this metric is somewhat misleading given the absence of revenue and the high cash burn associated with clinical-stage biotech operations. Investors should monitor the cash runway closely, as the current trajectory suggests that the company may need to seek external financing in the near term.
According to historical balance sheet data, total equity has eroded from $114.4 million in 2023Q4 to $26.7 million in 2026Q1, reflecting the persistent accumulation of retained losses and the ongoing reliance on equity-based financing to maintain the company's research and development operations.
The steady decline in equity highlights the lack of internal capital generation and the potential for future shareholder dilution. The reliance on equity to fund operations suggests that management may be forced to issue additional shares, which could further depress the value for existing shareholders.
As indicated by the provided financial statements, the company's asset base is heavily weighted toward cash and limited property, plant, and equipment, with no goodwill or intangible assets, which suggests that the market value of the company is entirely dependent on the success of its clinical pipeline.
The absence of intangible assets on the balance sheet implies that the company's proprietary FIND-IO platform is not being capitalized, which may mask the true investment made in its discovery engine. This lack of asset depth means that any failure in clinical trials could result in a rapid and severe impairment of the company's perceived value.
Quick answers to the most common questions about buying NXTC stock.
As of 2025, NextCure, Inc. (NXTC) had total assets of $50.2M including $43.7M in current assets.
NextCure, Inc. (NXTC) carries total debt of $4.1M, offset by $41.8M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
NextCure, Inc. (NXTC) has total shareholders' equity (book value) of $34.9M ($12.29 book value per share). Book value represents the net worth of the company belonging to common stock holders.
NextCure, Inc. (NXTC) reported a current ratio of 4.14x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.