8-K
NextCure, Inc. (NXTC)
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): March 21, 2024
NextCure, Inc.
(Exact name of registrant as specified in its charter)
| Delaware (State or other jurisdiction of incorporation) | 001-38905 (Commission File Number) | 47-5231247 (IRS Employer Identification No.) |
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| <br><br> | ||
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| 9000 Virginia Manor Road , Suite 200<br><br>Beltsville , Maryland | 20705 | |
| (Address of principal | (Zip Code) | |
| executive offices) |
Registrant's telephone number, including area code: (240) 399-4900
(Former name or former address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
|---|---|---|
| Common Stock, $0.001 par value per share | NXTC | Nasdaq Global Select Market |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). Emerging growth company ☒
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02.Results of Operations and Financial Condition
On March 21, 2024, NextCure, Inc. (the “Company”) issued a press release announcing its financial results for the year ended December 31, 2023. The Company is furnishing a copy of the press release, which is attached hereto as Exhibit 99.1.
The information furnished in this Item 2.02 (including Exhibit 99.1) shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, and is not incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.
Item 7.01 Regulation FD Disclosure
Beginning on March 21, 2024, the Company will be hosting calls with members of the investment community, which may reference presentation materials. The Company is furnishing a copy of such presentation materials, which is attached hereto as Exhibit 99.2.
The information furnished in this Item 7.01 (including Exhibit 99.2) shall not be deemed to be “filed” for purposes of the Exchange Act, or otherwise subject to the liabilities of that section, and is not incorporated by reference into any filing under the Securities Act, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.
Item 9.01.Financial Statements and Exhibits
(d) Exhibits.
| <br><br> | | |
|---|---|---|
| Exhibit<br><br>No. | | Description |
| 99.1 | | Press release issued by NextCure, Inc. dated March 21, 2024 |
| 99.2 | | NextCure, Inc. Presentation dated March 21, 2024 |
| 104 | | Cover Page Interactive Data File (embedded within the inline XBRL document) |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| November | ||
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| Dated: March 21, 2024 | NEXTCURE, INC.<br><br> | |
| By: | /s/ Steven P. Cobourn | |
| Name: | Steven P. Cobourn | |
| Title: | Chief Financial Officer |
Exhibit 99.1
NextCure Provides Business Update and Reports Full Year 2023 Financial Results
| – | Prioritizing and focusing on highest-value opportunities NC410 (ovarian and CRC) and LNCB74 (B7-H4 ADC) |
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| – | Based on early evidence of clinical activity with NC410 combo, expanding ovarian and CRC cohorts with data updates in 2024 |
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| – | LNCB74, in collaboration with LegoChem, planned filing of an IND by year-end 2024 |
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| – | Restructuring of our operations, including a reduction in workforce to better align resources toward prioritized programs |
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| – | Cash of approximately $108 million, combined with the restructuring, now expected to fund operations into the second half of 2026 |
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BELTSVILLE, Md. – March 21, 2024 – NextCure, Inc. (Nasdaq: NXTC), a clinical-stage biopharmaceutical company committed to discovering and developing novel, first-in-class and best-in-class therapies to treat cancer today provided a business update and reported full year 2023 financial results.
“Clinical data generated in 2023 enabled us to objectively assess each program and set our priorities for 2024. Based on that assessment, we will prioritize NC410 combo and LNCB74 in 2024, while seeking to partner our other portfolio assets," said Michael Richman, NextCure’s president and chief executive officer. “These strategic decisions have led to restructuring our workforce reflecting our reduced need for internal GMP manufacturing operations. We believe we have sufficient inventory to support our currently planned clinical trials. I wish to thank those employees who are impacted today for their contributions and dedication to our mission.”
Mr. Richman continued, “We are excited to focus on NC410 combo, which is demonstrating clinical responses in ovarian and colorectal cancers. We are advancing LNCB74 in collaboration with LegoChem Biosciences, a differentiated ADC directed to B7-H4, a clinically validated cancer target. Given our current cash position and revised runway to the second half of 2026, we believe we can advance our two programs through important near-term clinical milestones.”
Business Highlights and Near-Term Milestones
Prioritized Programs
NC410 (LAIR-2 fusion)
| ● | The multi-center, multi-arm, first-in-human Phase 1b combination trial is evaluating the efficacy of NC410 in combination with pembrolizumab. Indications include: (i) ICI Naïve and refractory ovarian cancer and (ii) microsatellite stable (MSS) / microsatellite instability low (MSI-L) immune checkpoint inhibitor (ICI) Naïve and refractory colorectal cancer (CRC). The combination has been shown to be |
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| well tolerated up to 200 mg of NC410 with Grade 3 or higher Treatment Related Adverse Events of 3.7%. | |
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NC410 for Ovarian Cancer
| ● | Evidence of early clinical activity and biomarker observations support the proposed mechanism of action for NC410 in relapsed/refractory ICI Naïve ovarian cancer, with/without active liver metastasis for subjects in the 100 mg and 200 mg cohorts. As of February 23, 2024, the findings of the initial 7 evaluable patients based on RECIST 1.1 are summarized in the table below: |
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Relapsed/Refractory ICI Naïve Ovarian, 100 mg and 200 mg cohorts
| Evaluable Patients as of February 23, 2024 | n=7 |
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| Overall Response rate (ORR) | 42.8%, n=3 |
| Disease Control Rate (DCR) | 42.8%, n=3 |
| Evidence supporting mechanism of action | Observed in biomarker data |
| ● | Additional observations from the initial 7-patient data set as of February 23, 2024, include: |
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| o | 3 partial responses (PR) were observed at the initial 9-week scan. |
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| o | 1 confirmed PR observed in the 200 mg cohort continues on study beyond 6 months. |
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| o | The 2 PRs at the 100 mg cohort are pending confirmatory scans at week 18. |
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| ● | Biomarker data on blood samples drawn from patients in both the prior NC410 monotherapy trial and, the current NC410 combo trial support our hypothesis regarding the mechanism of action (MOA) and activity in PR patients as follows: |
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| o | Decrease in peripheral Granzyme B-expressing CD8+ T cells, which supports our mechanism of action (MOA) that NC410 remodels the extracellular matrix (ECM) allowing activated immune cells to infiltrate into the tumor microenvironment (TME). Generation of collagen-derived product 4GZ fragments is mediated by Granzyme B-expressing T cells and provides direct evidence of ECM remodeling and correlates with responses. |
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| o | Decrease in peripheral myeloid-derived suppressor cells reduces suppressive effects and enhances activation of immune cells and anti-tumor activity. |
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| o | Decrease in peripheral CCR7+ DC+ T cells which is consistent with chemokine guided migration of immune cells to the TME. |
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| ● | Taken together, the data demonstrate that NC410 mediates activation of immune cells and migration into the TME through remodeling of the ECM. We believe NC410 combo results in anti-tumor activity and clinical responses in patients that have been shown to respond poorly to or are resistant to checkpoint inhibitors. |
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| ● | In March 2024, we commenced enrolling an additional 18 patients among the 100 mg and 200 mg cohorts. We plan to present the data from the ovarian cancer patients in the second half of 2024. |
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NC410 Colorectal Cancer (CRC)
| ● | Preliminary evidence of clinical activity in the 100 mg cohort of patients with MSS/ MSI-L ICI naïve CRC without active liver metastasis (LM-). The findings as of February 23, 2024, of the initial 19 evaluable patients are summarized based on RECIST 1.1 guideline in the table below: |
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MSS/MSI-L ICI Naïve CRC, LM-, 100 mg cohort
| Evaluable Patients as of February 23, 2024 | n=19 | |
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| Overall Response rate (ORR) | 10.5%, n=2 | |
| Disease Control Rate (DCR) | 47.3%, n=9 | |
| Median Progression Free Survival (mPFS) | 8.1 months | |
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| ● | Additional observations from the 19-patient data set as of February 23, 2024: | |
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| o | Both responses were observed at the initial 9-week scan in the 100 mg cohort. | |
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| o | Subjects enrolled had a median of 5 lines of prior treatment. | |
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| o | The 2 responders remain as PRs, and continue on study for over 10 months and 5 months, respectively. | |
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| ● | Completed enrollment in January 2024 of an additional 20 patients in the 100 mg cohort. We plan to present the data of the CRC patients at a scientific conference within the second quarter of 2024. | |
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LNCB74 (B7-H4 ADC)
| ● | Selected our first antibody drug conjugate (ADC) candidate of a potential of three from our collaboration with LegoChem Biosciences, Inc. (LegoChem). Under the terms of the Agreement, both parties equally share the costs of developing the molecules and profits on commercialized products. |
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| ● | Commenced development of LNCB74 utilizing a NextCure B7-H4 antibody and LegoChem's ConjuAll^TM^ADC technology. |
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| ● | Differentiated approach leveraging: |
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| o | B7-H4 specific antibody with an Fc modification that protects immune cells to improve safety |
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| o | Use of a glucuronidase cleavable linker that offers cancer-selective payload release to minimize toxicity in non-tumor cells, and |
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| o | Use of a monomethyl auristatin E (MMAE) payload with a drug-to-antibody ratio (DAR) of 4, that has the advantage of bystander killing of surrounding tumor cells. |
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| ● | Pre-clinical experiments in vitro and in vivo demonstrating potent tumor killing and pilot toxicology studies have been completed. |
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| ● | Pre-filing feedback from the FDA supports moving forward to planned submission of an IND application by this year-end. |
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| ● | Ongoing activities associated with GLP toxicity studies, GMP manufacturing, and clinical development planning are in progress. |
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Assets We Intend to Partner
| ● | NC525 is a novel LAIR-1 antibody that selectively targets Acute Myeloid Leukemia (AML) blast cells and leukemic stem cells, and currently is in a Phase 1a monotherapy dose escalation and safety study evaluating NC525 in AML patients. The trial is now in the fifth dose escalation cohort, and we plan to complete the dose-finding portion of the study to arrive at a predicted biologically active dose and further assess development plans by the fourth quarter of 2024. |
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| ● | NC605 is an antibody that targets Siglec-15 and has the potential as a treatment for bone disease. Preclinical data show that NC605 treatment reduced bone loss and enhanced bone quality in mice with osteogenesis imperfecta (OI). OI is a rare disorder that results in high bone turnover, abnormal bone formation, bone fragility, and recurrent fractures. NC605 could also have applications in chronic bone diseases such as osteoarthritis and non-union fractures. We are currently conducting toxicology studies in preparation for partnering. |
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| ● | NC181 is a humanized antibody targeting ApoE4 for the treatment of Alzheimer’s disease (AD). In preclinical AD animal models, NC181 has demonstrated amyloid clearance, prevention of amyloid deposition, plaque clearance and neuroinflammation reduction. Preclinical studies have demonstrated that it reduces microhemorrhages, improves cerebral vascular function and lowers risk of Amyloid Related Imaging Abnormalities (ARIA). |
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Restructuring of Operations
| ● | Implemented a restructuring plan to reduce operating costs and better align our workforce with the needs of our business. Under the plan, we paused our internal manufacturing operations and reduced our workforce by approximately 37%. We estimate that we will incur one-time restructuring charges of approximately $0.8 million including employee severance, benefits and related termination costs, the majority of which we expect to pay in the second quarter of 2024. |
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Financial Guidance
| ● | NextCure expects its existing cash, cash equivalents and marketable securities will enable it to fund operating expenses and capital expenditures into the second half of 2026. |
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Financial Results for Full Year Ended December 31, 2023
| ● | Cash, cash equivalents, and marketable securities as of December 31, 2023, were $108.3 million as compared to $159.9 million as of December 31, 2022. The decrease of $51.6 million was primarily due to cash used to fund operations, and cash used to purchase fixed assets. |
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| ● | Research and development expenses were $47.9 million for the year ended December 31, 2023, as compared to $54.2 million for the year ended December 31, 2022. The decrease of $6.3 million was primarily due to lower costs related to our clinical programs. |
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| ● | General and administrative expenses were $19.7 million for the year ended December 31, 2023, as compared to $21.7 million for the year ended December 31, 2022. The decrease of $2.0 million was primarily related to lower personnel-related costs, including $1.2 million of stock compensation, and lower insurance and professional costs. |
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| ● | Net loss was $62.7 million for the year ended December 31, 2023, as compared with a net loss of $74.7 million for the year ended December 31, 2022. Lower research and development expenses, lower general and administrative expenses and higher other income contributed to the lower net loss. |
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About NextCure, Inc.
NextCure is a clinical-stage biopharmaceutical company that is focused on advancing innovative medicines that treat cancer patients that do not respond, to or have disease progression on, current therapies, through the use of differentiated mechanisms of actions including antibody-drug conjugates, antibodies and proteins. We focus on advancing therapies that leverage our core strengths in understanding biological pathways and biomarkers, the interactions of cells, including in the tumor microenvironment, and the role each interaction plays in a biologic response. www.nextcure.com
Forward-Looking Statements
Some of the statements contained in this press release are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including with respect to funding for our operations, objectives and expectations for our business, operations and financial performance and condition, including the progress and results of clinical trials, development plans and upcoming milestones regarding our therapies. Any statements contained herein that are not statements of historical fact may be deemed to be forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as “aim,” “anticipate,” “assume,” “believe,” “continue,” “could,” “should,” “due,” “estimate,” “expect,” “intend,” “hope,” “may,” “objective,” “plan,” “predict,” “potential,” “positioned,” “seek,” “target,” “towards,” “forward,” “later,” “will,” “would” and other similar expressions that are predictions of or indicate future events and future trends, or the negative of these terms or similar language.
Forward-looking statements involve substantial risks and uncertainties that could cause actual results to differ materially from those projected in any forward-looking statement. Such risks and uncertainties include, among others: positive results in preclinical studies may not be predictive of the results of clinical trials; NextCure’s limited operating history and not having any products approved for commercial sale; NextCure’s history of significant losses; NextCure’s need and ability to obtain additional financing on acceptable terms or at all; risks related to clinical development, marketing approval and commercialization; and NextCure’s dependence on key personnel. More detailed information on these and additional factors that could affect NextCure’s actual results are described
under the heading “Risk Factors” in NextCure’s most recent Annual Report on Form 10-K and in NextCure’s other filings with the Securities and Exchange Commission. You should not place undue reliance on any forward-looking statements. Forward-looking statements speak only as of the date of this press release, and NextCure assumes no obligation to update any forward-looking statements, even if expectations change.
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Investor Inquiries
Timothy Mayer, Ph.D.
NextCure, Inc.
Chief Operating Officer
(240) 762-6486
IR@nextcure.com
Exhibit 99.2
| Corporate Presentation<br>NASDAQ: NXTC<br>MARCH 2024 |
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| Forward-Looking Statement<br>2<br>To the extent that statements contained in this presentation are not descriptions of historical facts, they may be deemed to be forward-looking statements under the Private Securities Litigation Reform Act of 1995. These statements are based on current expectations, forecasts,<br>assumptions and other information available to NextCure as of the date hereof. Forward-looking statements include statements regarding<br>NextCure’s expectations, beliefs, intentions or strategies regarding the future and can be identified by forward-looking words such as “may,”<br>“will,” “potential,” “expects,” “believes,” “intends,” “hope,” “towards,” “forward,” “later” and similar expressions. Examples of forward-looking<br>statements in this presentation include, among others, statements about the development plans for our products, statements about the<br>progress and evaluation and expected timing of results of NextCure’s ongoing or planned clinical trials, expectations regarding the potential<br>benefits, activity, effectiveness and safety of our research stage, preclinical stage, and clinical stage therapeutic candidates, NextCure’s<br>financial guidance, expected upcoming milestones, and NextCure’s plans, objectives and intentions with respect to the discovery and<br>development of therapeutic products. Forward-looking statements involve substantial risks and uncertainties that could cause actual results<br>to differ materially from those projected in any forward-looking statement. Such risks and uncertainties include, among others: the impacts<br>of the COVID-19 pandemic on NextCure’s business, including NextCure’s clinical trials, third parties on which NextCure relies and NextCure’s<br>operations; positive results in preclinical studies may not be predictive of the results of clinical trials; NextCure’s limited operating history and<br>no products approved for commercial sale; NextCure’s history of significant losses; NextCure’s need to obtain additional financing; risks<br>related to clinical development, marketing approval and commercialization; the unproven approach to the discovery and development of<br>product candidates based on NextCure’s FIND-IOTM platform; and dependence on key personnel. More detailed information on these and<br>additional factors that could affect NextCure’s actual results are described in NextCure’s filings with the Securities and Exchange Commission<br>(the “SEC”), including in Item 1A of NextCure’s most recent Form 10-K, subsequent Form 10-Q and elsewhere in the Company’s filings with<br>the SEC. You should not place undue reliance on any forward-looking statements. Forward-looking statements speak only as of the date of<br>this press release, and NextCure assumes no obligation to update any forward-looking statements, except as required by law, even if<br>expectations change. |
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| 3<br>Focus on Two Promising Programs<br>• Early Clinical Responses in Ovarian & CRC<br>• Additional Clinical Data Expected 2024 NC410 COMBO<br>LNCB74<br>• Differentiated B7-H4 ADC<br>• Collaboration with LegoChem Biosciences<br>• IND 2024<br>$108 M - RUNWAY THROUGH 2H 2026 |
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| Advancing Our Prioritized Programs<br>4<br>PROGRAMS TARGET CELLS DISCOVERY PRECLINICAL PHASE 1 PHASE 2 PHASE 3 NEXT MILESTONE<br>NC410<br>COMBO<br>(Pembro)<br>LAIR-2<br>Extracellular<br>Matrix<br>Ph1b Data<br>2H 2024<br>Ph1b Data<br>2Q 2024<br>LNCB74<br>(ADC) B7-H4 Tumor Cells IND<br>4Q 2024<br>Colorectal (CRC)<br>Ovarian<br>Co-development with<br>Breast, Ovarian,<br>Endometrial |
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| 5<br>NC410 COMBO<br>BUILDING ON CLINICAL RESPONSES & BIOMARKER OBSERVATIONS<br>PH1B DATA 2H 2024<br>Ovarian<br>CANCER<br>Colorectal<br>CANCER<br>PH1B DATA 2Q 2024 |
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| 6<br>POTENTIALLY FIRST-IN-CLASS<br>Improved safety profile<br>Addresses tumor resistance<br>LARGE UNMET NEEDS<br>Ovarian cancer<br>Colorectal cancer<br>DEEP EXPERTISE<br>Extracellular matrix collagen drives<br>tumor resistance<br>DIFFERENTIATED APPROACH<br>Remodeling tumor architecture<br>removing physical barrier and allowing<br>T cells to kill tumors<br>Addressing Unmet Needs<br>for Non-Responders<br>NC410 COMBO<br>LAIR-2 FUSION |
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| Leader in Understanding LAIR & Extracellular Matrix (ECM) Biology<br>7<br>Regulation of tumor immunity and immunotherapy by the<br>tumor collagen extracellular matrix<br>An Emerging Area of Interest for New Therapies<br>Collagen Fragments Produced in<br>Cancer Mediate T Cell Suppression<br>Through Leukocyte-Associated<br>Immunoglobulin-Like Receptor 1<br>A Phase 1b/2, open-label, safety, tolerability and<br>efficacy study of NC410 plus pembrolizumab for<br>participants with immune checkpoint inhibitor (ICI)<br>refractory or MSS/MSI-low ICI naïve advanced or<br>metastatic solid tumors<br>NC410 (LAIR-2-Fc Fusion Protein): Overcoming<br>Clinical Limitations to Immunotherapy Through<br>Targeting and Remodeling Tumor ECM<br>Remodeling the tumor microenvironment via<br>blockade of LAIR-1 and TGF-β signaling enables<br>PD-L1-mediated tumor eradication<br>Targeting LAIR-1 abrogates neutrophil-mediated<br>suppression of T cell responses in ovarian<br>cancer microenvironment<br>Cancer immunotherapy by NC410, a<br>LAIR-2 Fc protein blocking human<br>LAIR-collagen interaction |
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| NC410 Combo<br>Overcoming tumor resistance by remodeling ECM to<br>remove physical barrier and enhance T cell tumor killing<br>8<br>✓ Safe & well tolerated<br>✓ No dose limiting toxicities<br>✓ Evidence of clinical activity in ovarian & colorectal<br>• Expansion of ovarian & colorectal cohorts<br>• 2024 anticipated data (ovarian n=~25; CRC: n=~40)<br>• Planning for Phase 2<br>COMPLETED<br>ONGOING |
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| NC410 Combo: A Synergistic Approach<br>to Breaking the Collagen Barrier and Enhancing Anti-Tumor Activity<br>9<br>Inhibited<br>T cell<br>Tumor<br>cells<br>Excluded from<br>the tumor<br>COLLAGEN BUILDUP AND DENSITY<br>LEAD TO RESISTANCE<br>Collagen<br>Efficacy<br>Tumor cells proliferate and become resistant T cells kill the tumor<br>ECM REMODELING LEADS TO GREATER<br>ANTI-TUMOR FUNCTION<br>Collagen<br>Efficacy<br>Activated<br>T Cells Dead tumor<br>cells<br>Infiltrates<br>the tumor<br>Pembro enhances<br>T cell tumor killing<br>NC410 remodels<br>collagen to remove<br>barrier and increase<br>T cell infiltration |
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| NEXT STEPS<br>POPULATION<br>10<br>NC410 Combo Phase 1 Study<br>PD-(L)1 Naïve<br>DOSE & REGIMEN<br>FINDINGS TO DATE<br>Additional ~18 patients being<br>added to confirm clinical activity<br>DATA EXPECTED<br>2H 2024<br>Ovarian<br>CANCER<br>100 mg NC410 Q2W<br>400 mg pembro Q6W<br>200 mg NC410 Q2W<br>400 mg pembro Q6W<br>ORR 42.8% (3/7)<br>DCR 42.8% (3/7)<br>Biomarker evidence supporting<br>mechanism of action<br>0 5 10 15 20 25 30 35<br>1008-007<br>1147-002<br>1384-009<br>1384-005<br>1384-006<br>1391-003<br>1391-004<br>1104-004<br>PR<br>PR<br>PR<br>Not Evaluable by RECIST 1.1<br>PR – Partial Response |
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| Evidence of Peripheral Immune Modulation and TME<br>Infiltration in Responders from Ovarian Cohort<br>11<br>• Remodels ECM allowing effector immune<br>cell infiltration into TME from periphery<br>Decrease Granzyme B-expressing CD8+ T cells Decrease suppressive MDSCs Decrease CCR7+ CD4+ T cells<br>• Reduces suppressive effects<br>• Enhances activation of immune cells and<br>anti-tumor activity<br>• Induces chemokine guided migration of<br>immune cells to TME<br>C1D1 Pre C1D15 C1D29 C2D1 Pre C2D15 C2D29<br>0.0<br>0.5<br>1.0<br>1.5<br>2.0<br>Fold Change from Baseline<br>0.75<br>C1D1 Pre C1D15 C1D29 C2D1 Pre C2D15 C2D29<br>0<br>10<br>20<br>30<br>40<br>Cells/ul of blood<br>C1D1 Pre C1D15 C1D29 C2D1 Pre C2D15 C2D29<br>0<br>1<br>2<br>3<br>4<br>Fold Change from Baseline<br>0.75<br>Responders<br>Progressors |
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| NEXT STEPS<br>POPULATION<br>NC410 Combo Phase 1 Study<br>12<br>PD-(L)1 Naïve, MSS/MSI-L*, without<br>Liver Metastasis<br>Colorectal<br>CANCER<br>DOSE & REGIMEN<br>100 mg NC410 Q2W<br>400 mg pembro Q6W<br>FINDINGS TO DATE<br>Follow additional ~20 patients to<br>confirm clinical activity<br>DATA EXPECTED<br>2Q 2024<br>ORR 10.5% (2/19)<br>DCR 47.3% (9/19)<br>mPFS 8.1 months<br>*Microsatellite stable/microsatellite instability-low<br>0 5 10 15 20 25 30 35 40 45 50<br>1393-001<br>1147-003<br>1398-002<br>1104-005<br>1398-003<br>1393-004<br>1008-005<br>1147-001<br>1008-004<br>1110-009<br>1393-005<br>1384-007<br>1384-008<br>1393-002<br>1104-006<br>1110-008<br>1087-001<br>1391-007<br>1110-006<br>1391-005<br>1391-001<br>1110-003<br>PR – Partial Response<br>SD – Stable Disease ≥16 weeks<br>Not Evaluable by RECIST 1.1<br>Not Evaluable by RECIST 1.1<br>Not Evaluable by RECIST 1.1<br>SD<br>SD<br>SD<br>SD<br>PR<br>PR<br>SD<br>SD<br>SD |
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| 2024 2025 2026 2027<br>Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4<br>NC410 Combo Timeline and Potential Catalysts<br>13<br>*Ph3 *Randomized Ph2<br>N = 150<br>Ph1b Data Ph2 Initiation<br>Ph1b<br>N=~40<br>CRC (ICI Naïve, MSS/MSI/L, without Liver Metastasis)<br>Ph2 Initial Data Ph2 Full Data Set<br>*Ph3 *Randomized Ph2<br>N = 150<br>Ph1b Data Ph2 Initiation<br>Ph1b<br>N=~25<br>OVARIAN (ICI Naïve)<br>Ph2 Initial Data Ph2 Full Data Set<br>*Pending partnership or financing |
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| Opportunity<br>to Treat Large Unmet Needs<br>14<br>EARLY CLINICAL<br>ACTIVITY<br>PLANNING FOR<br>PH2<br>EXPANDING<br>OVARIAN & CRC<br>ADDITIONAL<br>CLINICAL DATA<br>2024<br>VALUE CREATION |
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| 15<br>LNCB74<br>LEVERAGING OUR DEEP EXPERTISE IN B7-H4 AND COLLABORATION<br>WITH LCB TO DEVELOP A DIFFERENTIATED THERAPEUTIC<br>IND 4Q 2024<br>Breast<br>CANCER<br>Ovarian<br>CANCER<br>Endometrial<br>CANCER |
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| 16<br>THERAPEUTIC POSITIONING<br>Improved safety and efficacy<br>PATIENT SELECTION STRATEGY<br>CLIA validated IHC<br>biomarker assays<br>NOVEL APPROACH<br>Unique antibody linker strategy<br>Co-development partnership<br>with LCB<br>DEEP EXPERTISE<br>Significant B7-H4 experience<br>LCB’s substantial ADC know-how<br>Differentiated ADC<br>LNCB74<br>B7-H4 ADC |
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| B7-H4 is the Next Target of Interest in Women’s Cancer<br>17<br>In 2nd big deal of the day, GSK inks $1.4B<br>pacy for Hansoh gynecology cancer asset<br>NextCure, LegoChem join big-league rivals in<br>antibody-drug conjugate race |
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| Third Party Validation of B7-H4 as an ADC Target<br>18<br>Key Features SGN-B7H4V HS-20089<br>ADC Design<br>• Val-Cit cleavable linker<br>• MMAE<br>• DAR 4<br>• Linker<br>• Exatecan (TOPO1 inhibitor)<br>• DAR 6<br>DLT 1.25 mg/kg (N=1) or 1.5 mg/kg (N=2) 7.2 mg/kg (N=2)<br>Common AEs<br>Neutropenia, peripheral sensory<br>neuropathy, nausea, fatigue, anemia,<br>dyspnea, hypotension, and pneumonia<br>Leukopenia, neutropenia, nausea, anemia,<br>vomiting, fatigue, thrombocytopenia,<br>increased ALT and AST, anorexia, and<br>hyponatremia<br>RESPONSES<br>• Breast: 7 PR (N=25)<br>• Ovarian: 2 PR (N=15)<br>• Endometrial: 1 CR (N=16)<br>• TNBC: 6 PR (N=16)<br>• Ovarian: 2 PR (N=3)<br>2023<br>Partnership with |
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| Deep Expertise in B7-H4<br>19<br>• Extensive publications<br>• Expertise in expression<br>• Repertoire of models<br>• Top-tier KOL collaborative network<br>• Validated patient selection assay<br>• Co-development partner since 2022<br>• Significant success advancing ADCs<br>• Differentiated linker technology<br>Option to Develop Additional Targets |
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| LNCB74<br>On Track for an IND Year-End 2024<br>20<br>✓ Potent pre-clinical activity in vitro and in vivo<br>✓ Pilot tox study – safe and tolerable<br>✓ Favorable pre-IND feedback from FDA<br>• Tox studies<br>• GMP manufacturing<br>• Planning for Ph1<br>COMPLETED<br>ONGOING |
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| LNCB74 Is an Anti-B7-H4 MMAE ADC<br>Fc Modification<br>Protects immune cells<br>Tumor Selectivity<br>Glucuronidase cleavable linker<br>provides greater selectivity<br>and specificity<br>21<br>MMAE DAR 4<br>Improves safety and control<br>over how the payload<br>is dispersed<br>Antibody Linker Payload<br>STRUCTURAL DIFFERENTIATION |
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| Differentiating Glucuronidase & Other Linkers<br>22<br>Bloodstream Tissues Cancer Cell<br>•Efficient release of toxin<br>•Higer concentration<br>Stable No Toxicity<br>+<br>+<br>Transfer to albumin<br>Released by platelets & neutrophils<br>Unstable Toxicity<br>•Inefficient release of toxin<br>•Lower concentration<br>Potent<br>Less potent<br>Bystander Effect<br>Linker Glucuronidase<br>cleavable<br>Payload Tubulin inhibitor<br>Conjugation Site Specific<br>DAR 4<br>Glucuronidase Linker<br>Other Linkers Linker Protease or<br>esterase cleavable<br>Payload Tubulin or Topo-1<br>inhibitors<br>Conjugation Site Specific or<br>cysteine<br>DAR 3.5, 6, 8 |
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| Key Differentiating Features of Glucuronidase Linkers<br>23<br>Time (Hours)<br>Relative Toxin Concentration<br>per Cancer Cell 100%<br>Val-cit Linker<br>Glucuronidase Linker<br>Control ADC<br>Glucuronidase Linker Val-Cit Linker<br> Site specific attachment to mAb □ Non-specific attachment to mAb<br> Highly stable linkage □ Unstable linkage<br>‒ Prone to transferring to albumin<br>‒ Increases toxicity<br> Specifically cleaved in cancer<br>cells<br>□ Susceptible to cleavage by<br>platelets and neutrophils,<br>increasing toxicity<br> Efficient release of payload □ Less efficient release of payload<br> Higher concentration of toxin<br>per cancer cell<br>□ Lower concentration of toxin per<br>cancer cell<br>• Improved therapeutic index • Higher efficacy • Lower toxicity • Less frequent dosing |
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| 24<br>LNCB74 Shows Potent Anti-Tumor Activity in CDX and PDX Models<br>OVARIAN (OVCAR-3-B7-H4-OE)<br>Days from Treatment Initiation<br>Mean Volume<br>(mm3) +/- SEM<br>TNBC (CTG-0012)<br>Mean Volume<br>(mm3) +/- SEM<br>Days from Treatment Initiation<br>BREAST (ZR-75-1)<br>Days from Treatment Initiation<br>Mean Tumor Volume<br>(mm3) +/- SEM<br>CDX PDX<br>Dosing Q7D x 3 1.5 mg/kg: Q7D x 3<br>4.5 mg/kg: single dose Single dose |
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| TOX STUDY GMP MANUFACTURING<br>25<br>Preclinical Development of LNCB74 is on Track<br>Species Cynomolgus<br>Dose<br>Range<br>4, 7 & 10 mg/kg<br>Q3W, i.v.<br>Evaluation Toxicology profiling, pathology,<br>hematology, immunotoxicology<br>Goal Define starting dose<br>Master cell bank generated<br>Process development complete<br>Antibody being manufactured<br>Drug conjugation |
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| DOSE ESCALATION DOSE EXPANSION<br>26<br>LNCB74 Ph1 Monotherapy Study Plans<br>• 5 dose cohorts<br>• Regimen Q3W<br>• N=15-45 subjects<br>• 2 dose cohorts<br>• 2 tumor types<br>• N=80 subjects<br>• Pre-treatment & on study biopsies<br>Breast<br>CANCER<br>Ovarian<br>CANCER<br>Endometrial<br>CANCER<br>Readouts: Scans every 6 weeks<br>Endpoints: Safety and ORR<br>Readout: Scans every 6 weeks<br>Endpoint: Safety |
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| 2024 2025 2026 2027<br>Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4<br>LNCB74 Timeline and Potential Catalysts<br>27<br>Ph1 Dose Expansion<br>N = 80<br>Ph1 Dose Escalation<br>N = 15-45<br>Tox Readout Initial Ph1 Data<br>IND Enabling Studies<br>IND |
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| IND<br>Opportunity<br>to Develop Differentiated B7-H4 ADC Therapeutic<br>28<br>B7-H4 ADC<br>PH1 INITIATION<br>VALUE CREATION |
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| Programs Available for Partnering<br>29<br>PROGRAMS TARGET CELLS DISCOVERY PRECLINICAL PHASE 1 PHASE 2 PHASE 3<br>NEXT<br>MILESTONE<br>NC525 LAIR-1 Leukemia Ph1a Data<br>4Q 2024<br>NC605 S15 Osteoclasts Tox<br>Studies<br>NC181 APOE4 Microglia &<br>Neurons<br>Master<br>Cell Bank<br>FIND-ADC New Targets Tumor Cells Lead<br>Selection Oncology<br>Alzheimer’s<br>Disease<br>Osteogenesis<br>Imperfecta<br>Acute Myeloid Leukemia |
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| Anticipated 2024 Milestones<br>30<br>Q1 Q2 Q3 Q4<br>Ovarian<br>CRC<br>LNCB74 IND Filing<br>Ph1b Data<br>Ph1b Data<br>NC410 Combo |
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| P R O P R I E T A R Y A N D C O N F I D E N T I A L<br>Advancing<br>Innovative<br>Medicines<br>for Cancer<br>31<br>ADCs Treatments for<br>Non-Responders<br>Differentiated<br>Programs |
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| APPENDIX |
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| 1087-001 CRC: Partial Response<br>71% Reduction in Sum of Target Lesions<br>33<br>Right Axillary<br>lymph node<br>TARGET<br>LESION 1<br>3.0 cm<br>1.4<br>cm<br>2.2<br>cm<br>1.2<br>cm<br>BASELINE – 9.15.2023 WEEK 9 – 11.20.2023<br>0.7<br>cm<br>0.8<br>cm<br>Right Pelvic<br>lymph node<br>TARGET<br>LESION 2<br>WEEK 18 – 1.19.2024 |
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| BASELINE – 4.8.2023 WEEK 9 – 6.20.2023<br>Paraaortic lymph node<br>Gastrohepatic lymph node<br>1.9 cm 1.0 cm<br>TARGET<br>LESION 1<br>TARGET<br>LESION 2<br>1110-003 CRC: Partial Response<br>59% Reduction in Sum of Target Lesions<br>34<br>1.8 cm 0.5 cm |
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| NC525<br>LAIR-1 MAB<br>35<br>• Ph1 dose escalation study ongoing<br>• Phase 1a data 4Q 2024<br>• Currently seeking partner<br>• Leukemia (AML)<br>• High-risk myelodyplastic syndrome<br>• Chronic myelomonocytic leukemia<br>• LAIR-1 is essential for AML<br>development and cell survival<br>• Data defining MOA recently published<br>(Lovewell RR et al., J Clin Invest 2023)<br>SPARES<br>HEALTHY CELLS<br>ELIMINATES<br>LEUKEMIC CELLS NC525<br>Cell Death Cell Survival<br>LAIR-1 |
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| NC605<br>Siglec-15<br>Disease Healthy<br>TRAP+ osteoclast<br>Precursor cells<br>PDGF-BB<br>NC605<br>SIGLEC-15 MAB<br>36<br>• Master cell bank available<br>• Initiating tox studies<br>• Currently seeking partner<br>• Osteogenesis imperfecta<br>• Osteoporosis<br>• Non-union fracture<br>• Prevents bone loss<br>• Promotes bone formation<br>• Decreases fractures |
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| NC181<br>APOE4 MAB<br>37<br>• Master cell bank being generated<br>• Currently seeking partner<br>• Alzheimer’s disease<br>• Cerebral amyloid angiopathy (CAA)<br>• Parkinson’s disease<br>• Reduces amyloid plaques<br>• Suppresses neuroinflammation<br>• Improves cerebrovascular function |
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| 38<br>FIND-ADCTM Technology Uniquely Unlocks New Targets for ADCs<br>Incremental payload and linker improvements<br>to the same pool of existing targets<br>(HER2, EGFR, FRα, TROP-2,CLDN18.2, BCMA, CD19)<br>Identifying new targets for ADCs that<br>unlock novel products and value<br>TRADITIONAL DISCOVERY FIND-ADC |
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