Nextcure SEC Filings

NextCure, Inc. entered into a securities purchase agreement for a private placement of 708,428 shares of common stock at $8.52 per share and pre-funded warrants to purchase up to 1,815,049 shares at $8.519 per warrant, raising gross proceeds of about $21.5 million before fees. The pre-funded warrants are exercisable immediately and do not expire. NextCure agreed to register the resale of the shares and warrant shares for the participating institutional and accredited investors and to temporarily restrict additional equity issuance, subject to exceptions. The company also announced that, based on its assumptions, its cash, cash equivalents and marketable securities are expected to fund planned operations into the first half of 2027.

NextCure, Inc. (NXTC) filed its Q3 2025 10‑Q reporting continued operating losses and a limited cash position, and raised substantial doubt about its ability to continue as a going concern. Cash, cash equivalents and marketable securities were $29.1 million as of September 30, 2025. Net loss was $8.6 million for the quarter and $46.4 million year‑to‑date, driven primarily by research and development.

R&D expense reflected the Zaiming license, with $17 million recorded as in‑process R&D in 2025. Operating cash outflow was $42.0 million for the nine months. Management expects additional losses and says current liquidity will not fund operations for one year after issuance, indicating the need for near‑term financing or partnerships.

Pipeline updates: SIM0505 (CDH6 ADC) first U.S. patient was dosed in October 2025, with proof‑of‑concept data expected in the first half of 2026. LNCB74 (B7‑H4 ADC) dosed its first patient in January 2025; a protocol amendment allowing higher dose escalation was cleared in November 2025. The company completed a 1‑for‑12 reverse stock split on July 14, 2025, and had 2,679,822 shares outstanding as of October 31, 2025.

NextCure, Inc. (NXTC) Form 3/A reports that Simcere Zaiming, Inc. directly holds 338,636 shares of NextCure common stock. The amendment adds Jiangsu Simcere Zaiming Pharmaceutical Co., Ltd., Hainan Simcere Zaiming Pharmaceutical Co., Ltd., Simcere Pharmaceutical Group Limited, Ren Jinsheng and Tang Renhong as additional reporting persons to the original Form 3 filed by Simcere Zaiming, citing ownership chain and shared voting and investment power. The filing disclaims beneficial ownership except for pecuniary interest and states the amendment only adds reporting persons.

NextCure, Inc. has a disclosed 12.7% equity position held through a chain of affiliated entities ultimately controlled by Simcere Pharmaceutical Group Limited. The reporting group states that Simcere Zaiming, Inc. directly holds 338,636 shares of NextCure common stock and that Jiangsu Simcere Zaiming and Hainan Simcere Zaiming may be deemed to beneficially own those same shares through ownership chains. Two individual reporting persons, Jinsheng Ren and Renhong Tang, are disclosed as having shared voting and dispositive power over the 338,636 shares. The ownership percentage is calculated against 2,676,152 shares outstanding as reported by the issuer in its S-3 filing, and the Reporting Persons state the holdings were not acquired to influence control of the issuer.

Simcere Zaiming, Inc. filed a Form 3 reporting initial ownership of 338,636 shares of NextCure, Inc. (NXTC) as of 06/20/2025. The filing states these shares are directly held by Simcere Zaiming and describes the chain of ownership through Jiangsu Zaiming, Hainan Zaiming and Simcere Pharmaceutical Group, naming key executives who may share voting and investment power. The reporting person disclaims beneficial ownership except for pecuniary interest.

NextCure’s Q2-25 10-Q shows a sharp deterioration in liquidity and higher losses driven by a new licensing deal. Cash & equivalents fell to $4.9 m (-82%) and marketable securities to $30.4 m, leaving $35.3 m available versus $68.6 m at YE-24. Management expects this to fund operations only into mid-2026 and discloses substantial doubt about going concern.

Operating expenses jumped 65% YoY to $27.3 m. R&D doubled to $24.1 m, primarily due to a $17 m up-front/I-PR&D charge for the June 2025 SIM0505 ADC license from Zaiming. G&A fell 22% to $3.2 m after a 2024 restructuring. Q2 net loss widened to $26.8 m (-$11.29/sh) from $15.4 m (-$6.61/sh) a year earlier; 1H-loss is $37.8 m.

The company raised only $2 m via a private placement (338.6 k shares at $5.904) classified as mezzanine equity until SEC registration (completed 29-Jul-25). A 1-for-12 reverse split effective 14-Jul-25 restored Nasdaq bid-price compliance, leaving 2.68 m shares outstanding on 4-Aug-25.

Pipeline: Phase 1 B7-H4 ADC LNCB74 cleared cohort 3 and expects back-fill cohorts 2H-25 with PoC read-out 1H-26. SIM0505 IND transferred from partner; first US patient expected 3Q-25. Cost-share ADC collaboration with LigaChem produced a $1 m receivable.

Key balance-sheet items (Jun-25 vs Dec-24):

• Total assets: $47.7 m vs $80.9 m
• Accum. deficit: $417.9 m (was $380.1 m)
• Equity: $29.6 m vs $65.5 m

NextCure, Inc. (NASDAQ: NXTC) executed a 1-for-12 reverse stock split of its common shares, effective 12:01 a.m. ET on 14 July 2025, pursuant to an amendment to its Third Amended and Restated Certificate of Incorporation approved by shareholders on 20 June 2025 and subsequently adopted by the Board of Directors.

The split consolidates every twelve pre-split shares into one post-split share and proportionally adjusts outstanding equity awards: (i) shares available under the 2019 Omnibus Plan and 2019 Employee Stock Purchase Plan, (ii) annual ESPP “evergreen” additions, and (iii) option share counts, with a corresponding increase in option exercise prices. The authorised share count remains 100 million. No fractional shares will be issued; cash will be paid in lieu of fractions based on the prior trading day’s closing price. Trading on a split-adjusted basis begins 14 July 2025 under the unchanged ticker “NXTC.”