Nextcure SEC Filings

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.”

NextCure, Inc. (NXTC) – Form 4 Insider Filing

Director John G. Houston reported the grant of a stock option for 18,700 shares of common stock on 06/20/2025 at an exercise price of $0.47 per share. The option vests in full on the earlier of 06/20/2026 or the 2026 Annual Meeting of Stockholders and expires on 06/19/2035. After the grant, Houston beneficially owns 18,700 derivative securities; no common shares were purchased or sold.

This appears to be a routine equity incentive award for a non-employee director. The grant aligns the director’s interests with shareholders but represents a modest potential dilution and involves no immediate cash expenditure by the insider.

Key take-aways from the Form 4 filed on 24-Jun-2025

NextCure, Inc. (ticker: NXTC) reported that director Elaine V. Jones received a non-derivative compensation grant consisting of a stock option for 18,700 common shares on 20-Jun-2025. The award carries an exercise price of $0.47 and expires 19-Jun-2035. The option vests 100 % on the earlier of 20-Jun-2026 or the date of the company’s 2026 annual shareholders’ meeting, providing a one-year vesting horizon.

The transaction is coded “A” (acquisition) and increases Ms. Jones’ derivative holdings to 18,700 options, all held directly. No common shares were sold or otherwise disposed, and the filing does not reference a Rule 10b5-1 trading plan.

The incremental dilution is negligible: the option grant equates to roughly 0.06 % of NextCure’s ~28.9 million shares outstanding (latest available figure). As such, the filing is viewed as routine director compensation rather than a signal of fundamental change. The document contains no financial or earnings data and does not affect previously issued guidance.

The latest Form 4 for NextCure, Inc. (ticker: NXTC) reports that director David S. Kabakoff received an equity-based compensation award of 28,050 stock options on 20 June 2025. The options carry an exercise price of $0.47 per share, expire on 19 June 2035, and are owned directly by the director. A single “A” transaction code indicates the acquisition of derivative securities; no open-market purchase or sale of common stock is involved.

Per the footnote, the award vests in full on the earlier of 20 June 2026 or the 2026 Annual Meeting of Stockholders. After the grant, Kabakoff’s beneficial ownership in derivative securities stands at 28,050 options. The filing contains no additional non-derivative holdings, no 10b5-1 trading plan disclosure, and no amendments to prior filings.

Because this is a routine director compensation grant under the company’s incentive plan, it does not change NextCure’s cash position and produces only minimal potential dilution already anticipated in the plan’s share reserve. Investors may view the low strike price as an incentive to drive long-term shareholder value, but the transaction itself is unlikely to have a material near-term impact on NXTC’s share price or fundamentals.

Form 4 filing overview

On 24 June 2025, NextCure, Inc. (NXTC) reported that director Anne Elizabeth Borgman was granted a stock option for 18,700 common shares at an exercise price of $0.47 per share. The grant date was 20 June 2025 (transaction code “A”). The option vests in full on the earlier of 20 June 2026 or the 2026 annual shareholders’ meeting and carries an expiration date of 19 June 2035.

No open-market acquisitions or dispositions of common stock were disclosed, and the director’s post-transaction beneficial holding consists of 18,700 derivative securities held directly. Because this is a routine equity-incentive award rather than a purchase or sale, immediate valuation impact is minimal, but the disclosure illustrates continued use of option grants to align board incentives with shareholder interests.