Free cash flow remains consistently negative, with a quarterly outflow of $13.4 million in 2026Q1, underscoring the company's critical dependence on external capital.
NextCure, Inc. (NXTC) cash flow statement — 9-year operating, investing & financing cash flows
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 |
|---|
| Cash from Operations | -36.98M | -49.61M | -40.8M | -52.97M | -53.89M | -57.24M | -44.95M | -35.62M | 7.99M | -12.51M |
| Operating CF Margin % | - | - | - | - | - | - | -200.88% | -561.26% | - | - |
| Operating CF Growth % | 90.06% | -21.59% | 22.97% | 1.69% | 5.87% | -27.34% | -26.19% | -545.73% | 163.86% | - |
| Net Income | -42.75M | -55.84M | -55.65M | -62.72M | -74.73M | -69.39M | -36.6M | -33.74M | -22.8M | -15.47M |
| Depreciation & Amortization | 1.64M | 1.7M | 2.87M | 3.68M | 4.12M | 7.2M | 3.41M | 2.69M | 1.68M | 582K |
| Stock-Based Compensation | 1.68M | 2.99M | 6.33M | 8.19M | 9.51M | 10.29M | 7.91M | 1.89M | 263K | 75K |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | -23.74M | -12.7M | -7.26M | 0 | 0 |
| Other Non-Cash Items | 5.31M | 587K | 1.12M | -183K | 3.49M | 23.74M | 12.7M | 7.26M | 3.21M | 1.24M |
| Working Capital Changes | -2.87M | 954K | 4.53M | -1.94M | 3.73M | -5.34M | -19.68M | -6.46M | 28.85M | 2.3M |
| Change in Receivables | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 34K | -3.34M | 3.02M | -1.94M | 2.33M | -1.96M | 2.04M | -622K | 1.34M | 767K |
| Cash from Investing | 25.79M | 25.56M | 55.31M | 39.27M | 67.98M | 36.6M | 43.52M | -303.92M | -3.06M | -8.65M |
| Capital Expenditures | 0 | 0 | -474K | -820K | -2.12M | -2.36M | -7.13M | -3.37M | -3.06M | -8.65M |
| CapEx % of Revenue | - | - | - | - | - | - | 31.87% | 53.11% | - | - |
| Acquisitions | 0 | 0 | 0 | 0 | -70.09K | -38.96K | -50.66K | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | 0 | 0 | 70.09K | 38.96K | 50.66K | 0 | 0 | 0 |
| Cash from Financing | 21.56M | 22.31M | 144K | 154K | 200K | -3.27M | -1.42M | 243.04M | 121.42M | 24.86M |
| Debt Issued (Net) | 0 | 0 | 0 | 0 | 0 | -3.47M | -1.53M | 4.54M | -400K | -140K |
| Equity Issued (Net) | 21.56M | 22.31M | 39K | 154K | 200K | 208K | 112K | 238.5M | 122.23M | 25M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 0 | 0 | 105K | 0 | 0 | 0 | 0 | 0 | -410K | 0 |
| Net Change in Cash | 10.37M | -1.75M | 14.64M | -13.55M | 14.29M | -23.91M | -2.85M | -96.5M | 126.35M | 3.69M |
| Free Cash Flow | -36.98M | -49.61M | -41.28M | -53.79M | -56M | -59.6M | -52.09M | -38.99M | 4.93M | -21.17M |
| FCF Margin % | - | - | - | - | - | - | -232.76% | -614.37% | - | - |
| FCF Growth % | 31.85% | -20.19% | 23.26% | 3.94% | 6.04% | -14.43% | -33.57% | -891.11% | 123.29% | - |
| FCF per Share | -6.97 | -17.45 | -17.71 | -23.19 | -24.22 | -25.90 | -22.70 | -29.81 | 2.60 | -11.18 |
| FCF Conversion (FCF/Net Income) | 0.87x | 0.89x | 0.73x | 0.84x | 0.72x | 0.82x | 1.23x | 1.06x | -0.35x | 0.81x |
| Interest Paid | 42K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Quick answers to the most common questions about buying NXTC stock.
NextCure, Inc. (NXTC) generated $-49.6M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
NextCure, Inc. (NXTC) reported negative free cash flow of $49.6M in 2025, indicating capital requirements exceeded cash from operations.
NextCure, Inc. (NXTC) spent $0.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
Key Metrics
Top Statement Risk
Critical Cash Runway Depletion
Metrics are mathematically derived from official filings.
Earnings Quality Masked by Burn
As reported in quarterly financial statements, NextCure's OCF/NI ratio has fluctuated significantly, reaching 1.36 in 2026Q1, which highlights the disconnect between accounting losses and the actual cash required to sustain the company's ongoing clinical development activities and laboratory operations.
The divergence between net income and operating cash flow suggests that non-cash charges and working capital shifts are heavily influencing the reported bottom line. Investors should monitor this ratio closely, as the persistent cash outflow relative to net losses indicates that the company's accounting earnings provide little insight into the actual liquidity pressure facing the firm.
Persistent Negative Free Cash Flow
Based on historical data, NextCure has consistently generated negative free cash flow, with a quarterly outflow of $13.4 million in 2026Q1, reflecting the company's reliance on external capital to fund its research-heavy business model in the absence of any commercial product revenue.
The trajectory of free cash flow remains deeply negative, with no evidence of a trend toward self-sustainability. This pattern appears to confirm that the company's valuation is entirely dependent on future clinical milestones rather than current operational efficiency.
Working Capital Volatility Impacts Liquidity
According to recent SEC filings, working capital changes have been highly erratic, swinging from a $4.3 million outflow in 2026Q1 to a $2.9 million inflow in 2025Q2, illustrating the unpredictable nature of cash management in a clinical-stage biotech environment.
These fluctuations suggest that the timing of clinical trial payments and vendor obligations creates significant noise in the cash flow statement. Such volatility warrants further investigation into the company's ability to manage its payables effectively as cash reserves continue to dwindle.
SBC Obscures True Cash Costs
As indicated by quarterly financial disclosures, stock-based compensation remains a consistent feature of the company's expense profile, peaking at $2.0 million in 2023Q4, which effectively masks the true economic cost of talent retention in a capital-constrained environment.
While stock-based compensation is a non-cash expense, it represents a significant potential for shareholder dilution that is not captured in the operating cash flow figures. Analysts should consider this as a hidden cost that reduces the long-term value of existing equity as the company continues to burn through its remaining cash.