NXTC

NextCure is a clinical-stage cancer-ADC developer with no approved products and, by its own words, 'never generated revenue from product sales.' The 'revenue' behind the 0.3x P/S is a stale FY2020 collaboration figure ($22.4M) that no longer recurs — the FY2021–FY2025 revenue line is blank while net losses ran $69.4M→$74.7M→$62.7M→$55.7M→$55.8M. Accumulated deficit is now $436M against just $34.9M of equity. This is not a business you can value on fundamentals; it is a cash-runway-versus-catalyst wager.

The runway math is the whole story. FY2025 operating cash burn was $49.6M against $26.0M of cash on hand — roughly six months of liquidity at the current pace. The 87.3% collapse in shares outstanding (to 3.56M) signals a reverse split, and the filing is explicit that operations have been funded 'primarily through proceeds from public offerings of our common stock' ($445M raised since inception). A dilutive raise, another restructuring like the 2024 pipeline prioritization (workforce cut, internal manufacturing paused), or both are the near-certain next events. A $6.69M market cap sitting below net cash tells you the market is already pricing in that dilution/impairment, not a bargain.