The company lacks any commercial revenue and continues to report persistent operating losses, reaching $10.1 million in 2026Q1, which highlights the absence of operational leverage.
NextCure, Inc. (NXTC) annual income statement — 9-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 |
|---|
| Sales/Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 22.38M | 6.35M | 0 | 0 |
| Revenue Growth % | - | - | - | - | - | -100% | 252.58% | - | - | - |
| Cost of Goods Sold | 283K | 2.19M | 0 | 0 | 0 | 0 | 46.55M | 34.22M | 1.68M | 582K |
| COGS % of Revenue | - | - | - | - | - | - | 208.03% | 539.09% | - | - |
| Gross Profit | -283K | -2.19M | 0 | 0 | 0 | 0 | -24.18M | -27.87M | -1.68M | -582K |
| Gross Margin % | - | - | - | - | - | - | -108.03% | -439.09% | - | - |
| Gross Profit Growth % | - | - | - | - | - | 100% | 13.25% | -1561.84% | -188.14% | - |
| Operating Expenses | 43.62M | 55.43M | 59.75M | 67.64M | 75.91M | 70.77M | 17.05M | 9.61M | 23.2M | 15.55M |
| OpEx % of Revenue | - | - | - | - | - | - | 76.19% | 151.46% | - | - |
| Selling, General & Admin | 11.63M | 12.69M | 15.72M | 19.71M | 21.71M | 20.57M | 17.05M | 9.61M | 3.41M | 2.6M |
| SG&A % of Revenue | - | - | - | - | - | - | 76.19% | 151.46% | - | - |
| Research & Development | 27.2M | 44.92M | 41.49M | 47.93M | 54.2M | 50.19M | 46.55M | 34.22M | 19.79M | 12.95M |
| R&D % of Revenue | - | - | - | - | - | - | 208.03% | 539.09% | - | - |
| Other Operating Expenses | 717K | -2.19M | 2.54M | 0 | 0 | 0 | -46.55M | -34.22M | 397K | 80K |
| Operating Income | -43.9M | -57.62M | -59.75M | -67.64M | -75.91M | -70.77M | -41.23M | -37.48M | -23.2M | -15.55M |
| Operating Margin % | - | - | - | - | - | - | -184.22% | -590.55% | - | - |
| Operating Income Growth % | - | 3.57% | 11.66% | 10.9% | -7.27% | -71.66% | -9.99% | -61.59% | -49.18% | - |
| EBITDA | -42.52M | -55.43M | -56.88M | -63.95M | -71.78M | -66.59M | -37.81M | -34.79M | -21.52M | -14.97M |
| EBITDA Margin % | - | - | - | - | - | - | -168.97% | -548.2% | - | - |
| EBITDA Growth % | 30.53% | 2.55% | 11.05% | 10.91% | -7.8% | -76.1% | -8.67% | -61.69% | -43.78% | - |
| D&A (Non-Cash Add-back) | 1.18M | 2.19M | 2.87M | 3.68M | 4.12M | 4.18M | 3.41M | 2.69M | 1.68M | 582K |
| EBIT | -42.75M | -55.84M | -57.21M | -62.72M | -74.73M | -69.31M | -41.23M | -37.48M | -22.77M | -15.44M |
| Net Interest Income | 0 | 0 | 0 | 0 | 1.17M | -75.68K | -178.45K | -205.25K | 0 | 0 |
| Interest Income | 0 | 0 | 0 | 0 | 1.17M | 1.32K | 4.55K | 3.75K | 0 | 0 |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 77K | 183K | 209K | 0 | 0 |
| Other Income/Expense | 1.15M | 1.77M | 4.09M | 4.91M | 1.18M | 1.38M | 4.62M | 3.75M | 397K | 80K |
| Pretax Income | -42.75M | -55.84M | -55.65M | -62.72M | -74.73M | -69.39M | -36.6M | -33.74M | -22.8M | -15.47M |
| Pretax Margin % | - | - | - | - | - | - | -163.57% | -531.54% | - | - |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Net Income | -42.75M | -55.84M | -55.65M | -62.72M | -74.73M | -69.39M | -36.6M | -33.74M | -22.8M | -15.47M |
| Net Margin % | - | - | - | - | - | - | -163.57% | -531.54% | - | - |
| Net Income Growth % | 29.84% | -0.34% | 11.27% | 16.07% | -7.7% | -89.57% | -8.5% | -47.98% | -47.39% | - |
| Net Income (Continuing) | -42.75M | -55.84M | -55.65M | -62.72M | -74.73M | -69.39M | -36.6M | -33.74M | -22.8M | -15.47M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -8.05 | -19.65 | -23.88 | -27.04 | -32.32 | -30.15 | -15.95 | -25.79 | -12.04 | -8.17 |
| EPS Growth % | 59.17% | 17.71% | 11.68% | 16.35% | -7.2% | -89% | 38.15% | -114.15% | -47.39% | - |
| EPS (Basic) | - | -19.65 | -23.88 | -27.04 | -32.32 | -30.15 | -15.95 | -25.79 | -12.04 | -8.17 |
| Diluted Shares Outstanding | 5.31M | 2.84M | 2.33M | 2.32M | 2.31M | 2.3M | 2.29M | 1.31M | 1.89M | 1.89M |
| Basic Shares Outstanding | 5.31M | 2.84M | 2.33M | 2.32M | 2.31M | 2.3M | 2.29M | 1.31M | 1.89M | 1.89M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying NXTC stock.
For fiscal year 2025, NextCure, Inc. (NXTC) reported total revenue of $0.0M.
NextCure, Inc. (NXTC) reported a net loss of $55.8M for the fiscal year ending 2025.
Key Metrics
Top Statement Risk
Critical Cash Runway Depletion
Metrics are mathematically derived from official filings.
Clinical R&D Expenditure Volatility
As reported in recent financial filings, NextCure's R&D expenses have fluctuated significantly, peaking at $24.1 million in 2025Q2 before normalizing to $6.8 million in 2026Q1, reflecting the inherent unpredictability of clinical trial milestones and the associated costs of managing a complex, early-stage oncology pipeline.
The sharp spike in R&D spending during 2025Q2 suggests a period of intensive trial activity or potential one-time costs that were not sustained in subsequent quarters. Investors should monitor whether this reduction in quarterly R&D spend reflects improved operational efficiency or a strategic decision to throttle clinical development due to capital constraints.
Operating Leverage Remains Non-Existent
Based on the company's historical income statements, NextCure continues to operate without revenue, resulting in a persistent operating loss that reached $10.1 million in 2026Q1, underscoring the lack of operating leverage typical of a pre-commercial biotechnology firm reliant entirely on external funding for survival.
The absence of revenue means that every dollar of SG&A and R&D expense directly erodes the company's cash position without any offsetting top-line growth. This structure implies that the company's survival is decoupled from operational performance and remains entirely dependent on the successful execution of clinical milestones to attract further capital.
Dilution Risks From Stock Compensation
According to quarterly data, NextCure consistently records stock-based compensation, with figures reaching $1.7 million in 2024Q1, which serves as a non-cash expense that masks the true economic cost of operations while simultaneously increasing the potential for shareholder dilution in a capital-constrained environment.
While stock-based compensation is a standard tool for talent retention in biotech, its persistence in the absence of commercial progress warrants caution. Investors should interpret these figures as a hidden cost that effectively reduces the value of existing equity, particularly as the company's cash runway continues to tighten.
Sustainability of Current Burn Rate
As indicated by the most recent financial statements, the company's cash reserves of approximately $26 million appear insufficient to support sustained R&D operations, suggesting that the current business model faces a high risk of forced dilution or strategic restructuring within the next several quarters.
The reliance on equity markets to fund ongoing clinical trials creates a precarious feedback loop where the company's valuation is highly sensitive to clinical data readouts. If upcoming results for NC410 fail to provide a clear path to partnership or commercialization, the company may find its ability to access capital markets severely restricted.