NextCure, Inc.

What they do

NextCure is a clinical-stage biopharmaceutical company developing antibody-drug conjugates (ADCs) for cancer. Its lead candidates are SIM0505, a CDH6-targeting ADC licensed from Zaiming, and LNCB74, a B7-H4-targeting ADC developed with LigaChem. The company is also seeking partners for its other clinical programs (NC410, NC525) and preclinical non-oncology programs.

Revenue drivers

• Collaboration and license agreements — Revenue has historically been from collaboration and license agreements, as shown by annual revenue of $6.3M in 2019 and $22.4M in 2020; no product sales are reported.
• SIM0505 license from Zaiming — NextCure holds an exclusive worldwide (excluding China, Hong Kong, Macau, Taiwan) license to develop and commercialize SIM0505; Zaiming is conducting Phase 1 trials in China and the U.S.
• LNCB74 co-development with LigaChem — Under a November 2022 agreement, LigaChem has elected to continue development of LNCB74 as Sole Developing Party; NextCure remains eligible for future milestone and royalty payments.
• ATM equity sales — Proceeds from at-the-market equity sales provided $1.2M in Q2 2026, a source of funding but not a revenue driver.

Recent performance

For Q2 2026, NextCure reported a net loss of $14.9 million, compared to a net loss of $26.8 million in Q2 2025. Research and development expenses decreased to $7.4 million from $24.1 million, primarily due to $17.0 million in license fees in the prior year. General and administrative expenses were $2.6 million versus $3.2 million. Asset impairment costs of $5.1 million were recorded in Q2 2026. Cash and marketable securities were $20.1 million as of June 30, 2026, down from $41.8 million at December 31, 2025.

Strategy

NextCure has restructured to focus on its ADC pipeline, pausing internal manufacturing and reducing workforce in March 2024. The company is preserving capital to support the proposed merger with Avere Therapeutics, expected to close in the second half of 2026. Legacy programs are being evaluated for strategic alternatives, with efforts to preserve value of SIM0505 and other assets. The company is also reducing its facility footprint and selling certain assets.

Risks

• Clinical-stage with no approved products — The company has a history of significant losses and expects continued losses; no products are approved for commercial sale.
• Merger completion risk — The proposed merger with Avere Therapeutics may not close due to stockholder approval or other conditions, and there is uncertainty about timing.
• Dependence on partners — The company relies on Zaiming and LigaChem for development of key candidates; LigaChem has elected to continue LNCB74 development, and future milestones/royalties are uncertain.
• Cash runway and capital needs — With $20.1 million in cash as of June 30, 2026, the company faces substantial funding needs for operations and clinical trials if the merger does not close.

Outlook

Management expects to close the merger with Avere Therapeutics in the second half of 2026, with the combined company to trade on Nasdaq as 'AVRX'. NextCure stockholders are expected to receive contingent value rights tied to legacy assets. For SIM0505, Phase 1 dose escalation data readout is expected in Q2 2026; for LNCB74, a trial update is planned for the second half of 2026.