Forensic Analysis · Healthcare / Pharmaceuticals / Biotech · as of Jul 22, 2026
Nextcure, Inc. (NXTC)
A forensic read on Nextcure, Inc. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
C · Mixed — selective
Forensic grade
Distress
Financial health
-29.3
Altman Z-score
Clean
Earnings quality
2
Forensic signals
-159.8%
ROE
252.6%
Revenue growth
Financial health / Altman Z-score above is based on book value, not market value — this free snapshot doesn't pull live market data. Treat it as a rough read, not the final word.
Nextcure, Inc. earns a C (Mixed — selective) forensic quality grade, and its Altman Z-score is -29.3, placing it in the Distress zone (based on book value, not market value, since this free snapshot doesn't pull live market data — treat this zone as a rough read, not the final word). 2 forensic signals were flagged in its latest SEC filings, led by share count (stock split).
What the filings flag
n/m (stock split)
FY2022–FY2025
Share count (stock split).Diluted share count changed -90% over the last 3 years to FY2025, but that includes a large one-time change around FY2024 consistent with a stock split or reverse split, not gradual buybacks or issuance — a split changes the count with NO effect on any holder's proportional ownership, so the raw -53.2%/yr figure isn't a real buyback/dilution read here.
35% of rev
FY2020
Stock-based comp load.Stock-based compensation ran 35% of revenue in FY2020 — about $0.29 per diluted share. Meaningful — reported free cash flow flatters the economics, since SBC is a real cost paid in shares.
Key fundamentals
Latest Revenue$22.4M
Revenue Growth YoY+252.6%
Net Margin-163.6%
Free Cash Flow$-50.5M
Return on Equity-159.8%
Debt / Equity0.05x
Go deeper — free with an account
The forensic grade and screens above are free — no account needed. An account adds the full interactive deep-dive on Nextcure, Inc.:
🔒The written investment read — what the numbers mean, in plain English
🔒Ask anything about NXTC's filings — AI Q&A across the 10-K, 10-Qs & 8-Ks
🔒Interactive valuation — reverse-DCF sliders, Monte Carlo & scenario stress
🔒Calibrated 12-month price forecast, with the math shown