Income statement, balance sheet and cash flow statement for the last 8 fiscal years, taken from the XBRL data NextCure, Inc. files with the SEC in its annual reports.
In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.
Income statement
FY2019
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Revenue
6.35
22.4
Research and development
19.8
34.2
46.6
50.2
54.2
47.9
41.5
44.9
General and administrative
3.41
9.61
17
20.6
21.7
19.7
15.7
12.7
Operating expenses
23.2
43.8
63.6
70.8
75.9
67.6
59.7
57.6
Operating income
-23.2
-37.5
-41.2
-70.8
-75.9
-67.6
-59.7
-57.6
Interest expense
0.03
0.21
0.18
Other non-operating income
0.4
3.75
4.62
1.38
1.18
4.91
4.09
1.77
Income tax
0
Net income
-22.8
-33.7
-36.6
-69.4
-74.7
-62.7
-55.7
-55.8
EBITDA
-21.5
-34.8
-37.8
-66.5
-71.8
-63.9
-56.8
-55.4
EPS, basic
-199.68
-25.80
-15.96
-30.12
-32.28
-27.00
-23.88
-19.65
EPS, diluted
-199.68
-25.80
-15.96
-30.12
-32.28
-27.00
-23.88
-19.65
Shares, basic (weighted)
0.11
1.31
2.29
2.3
2.31
2.32
2.33
2.84
Shares, diluted (weighted)
0.11
1.31
2.29
2.3
2.31
2.32
2.33
2.84
Dividend per share
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Balance sheet
FY2019
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Cash and equivalents
135
34.1
32.8
12.3
26.6
13.1
27.7
26
Short-term investments
301
251
Other current assets
0.15
3.68
2.82
8.23
4.07
4.43
3.19
1.93
Total current assets
136
340
288
228
164
113
71.8
43.7
Property, plant and equipment
11.4
12.1
15.8
14
11.9
9.03
5.46
3.27
Lease right-of-use assets
5.02
4.4
3.26
2.62
Other non-current assets
0.44
4.08
2.86
0.58
3.27
1.88
0.33
0.55
Total assets
148
356
307
242
184
128
80.9
50.2
Accounts payable
2.48
1.86
3.9
1.94
4.27
2.33
5.35
2.01
Accrued liabilities
2.41
4.87
4.63
4.45
1.64
0.99
1.75
0.85
Short-term debt
0.39
1.67
1.67
Total current liabilities
10.3
15
10.3
6.61
9.13
6.88
9.57
10.6
Long-term debt
0.07
3.33
1.81
Lease liabilities
6.61
5.95
5.15
4.15
Other non-current liabilities
2.39
0.9
0.79
0.66
0.53
Total liabilities
32.3
34.7
12.9
9
16.6
13.6
15.4
15.2
Total debt
0.46
5
3.47
0
0
Paid-in capital
0.35
403
411
421
431
439
446
471
Retained earnings
-47.3
-81
-118
-187
-262
-324
-380
-436
Other comprehensive income
-0.04
0.78
-0.66
-1.49
-0.22
0
0.02
Shareholders' equity
-46.9
321
294
233
168
114
65.5
34.9
Total equity
-46.9
321
294
233
168
114
65.5
34.9
Total liabilities and equity
148
356
307
242
184
128
80.9
50.2
Shares outstanding
0.11
2.29
2.3
2.31
2.31
2.33
2.33
3.51
Cash flow statement
FY2019
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Net income
-22.8
-33.7
-36.6
-69.4
-74.7
-62.7
-55.7
-55.8
Depreciation and amortization
1.68
2.69
3.4
4.3
4.1
3.7
2.9
2.2
Stock-based compensation
0.26
1.89
7.91
10.3
9.51
8.19
6.34
2.99
Change in payables
1.34
-0.62
2.04
-1.96
2.33
-1.94
3.02
-3.34
Cash from operations
7.99
-35.6
-45
-57.3
-53.9
-53
-40.8
-49.6
Capital expenditures
-3.06
-3.37
-7.13
-2.36
-2.12
-0.82
-0.47
Purchases of investments
-301
-137
-156
-34.6
-73.5
-48.4
-26.7
Sales and maturities of investments
188
195
105
114
104
52.3
Cash from investing
-3.06
-304
43.5
36.6
68
39.3
55.3
25.6
Debt issued
4.54
Debt repaid
-0.4
-1.53
-3.47
Stock issued
0
0.12
0.11
0.21
0.07
0.01
0.04
Cash from financing
121
243
-1.42
-3.27
0.2
0.15
0.14
22.3
Net change in cash
126
-96.5
-2.85
-23.9
14.3
-13.5
14.6
-1.75
Free cash flow
4.93
-39
-52.1
-59.6
-56
-53.8
-41.3
Interest paid
0.03
0.19
0.13
0.16
0.09
0.08
0.07
0.06
Key metrics
Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $5.08 on September 25, 2026.
Profitability
Metric
Value
How it is calculated
Return on equity (ROE)
-351.9%
Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)
-189.0%
Net income / average total assets.
Growth
Metric
Value
How it is calculated
Book value growth, 1y
-46.6%
Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y
-40.7%
Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y
-34.7%
Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y
-37.9%
Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y
-35.2%
Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y
-30.4%
Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y
22.0%
Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y
7.1%
Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y
4.4%
Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.
Balance sheet health
Metric
Value
How it is calculated
Current ratio
3.47x
Current assets / current liabilities.
Quick ratio
2.38x
(Cash + short-term investments + receivables) / current liabilities.
Cash ratio
2.38x
(Cash + short-term investments) / current liabilities.
Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Operating cash flow per share
-$6.97
Cash from operations / diluted weighted shares.
Book value per share
$2.99
Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Market cap + total debt - cash - short-term investments.
P/B
1.91x
Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book
1.91x
Market cap / tangible book value, when positive.
Earnings yield
-183.8%
Net income / market cap (the inverse of P/E).
Was NextCure, Inc. profitable in fiscal 2025?
No. It reported a net loss of $55.8M.
Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.