NextCure (NXTC) Files Form 4: Board Member Receives Stock Options

Rhea-AI Filing Summary

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.

Insights

Corporate Governance Expert

TL;DR: Routine director option grant; minimal market impact; aids alignment but not a signal of insider conviction.

The Form 4 documents a standard equity-incentive grant—18,700 options at $0.47—awarded to director Anne Borgman. Such awards are common for biotech boards and usually tied to annual compensation cycles. The grant vests within 12 months, providing reasonable retention incentives. Because there is no cash outlay or open-market stock purchase, the filing does not imply a bullish insider sentiment; it merely formalises compensation previously approved by the board. From a governance standpoint, the 10-year term and 1-year vest are in line with peer practice. Investors should treat this as neutral housekeeping rather than a catalyst.

Portfolio Manager

TL;DR: Neutral event—small option grant, no buy/sell pressure, negligible impact on NXTC valuation.

The 18,700-share option grant represents an immaterial fraction of NextCure’s outstanding shares and adds no immediate dilution because options are out-of-the-money until exercised. The $0.47 strike sits near recent trading lows, giving the director upside leverage but offering no direct price signal. With no accompanying open-market action, trading volume or share-price reaction is expected to stay muted. For position sizing and risk models, this filing does not warrant portfolio adjustment.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider Borgman Anne Elizabeth

Role Director

Type	Security	Shares	Price	Value
Grant/Award	Stock Option (Right to Buy)	18,700	$0.00	--

Holdings After Transaction: Stock Option (Right to Buy) — 18,700 shares (Direct)

Footnotes (1)

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Form 4 Insider Transactions: What Each Field Means →

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Borgman Anne Elizabeth

(Last) (First) (Middle)

C/O NEXTCURE, INC.

9000 VIRGINIA MANOR ROAD, SUITE 200

(Street)

BELTSVILLE MD 20705

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
NextCure, Inc. [ NXTC ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
06/20/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Stock Option (Right to Buy)	$0.47	06/20/2025		A		18,700		(1)	06/19/2035	Common Stock	18,700	$0	18,700	D

Explanation of Responses:

1. The option vests in full on the earlier of June 20, 2026 and the date of the 2026 Annual Meeting of Stockholders.

	/s/ Steven P. Cobourn, as attorney-in-fact for Anne Borgman	06/24/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What transaction did NextCure (NXTC) report on the latest Form 4?

A stock-option grant for director Anne Elizabeth Borgman covering 18,700 common shares.

How many options were granted and what is the exercise price?

The grant covers 18,700 options at an $0.47 exercise price.

When do the options vest and expire?

They vest fully on the earlier of 20 June 2026 or the 2026 annual meeting and expire on 19 June 2035.

Were any shares bought or sold on the open market?

No. The filing only shows an option acquisition; there were no open-market transactions.

How many derivative securities does the director own after this transaction?

Anne Borgman now holds 18,700 stock options directly.