Affinity Asset Advisors, LLC and Michael Cho report a 9.99% beneficial stake in NextCure, Inc. common stock. They disclose beneficial ownership of 348,607 shares of Common Stock, based on 3,489,563 shares outstanding as of October 31, 2025.
The position includes 101,313 shares issuable upon exercise of warrants, which are subject to a 9.99% beneficial ownership limitation that caps how many shares can be acquired through exercise. The securities are held through Affinity Healthcare Fund, LP, for which Affinity Asset Advisors serves as investment manager and over which it exercises voting and investment power.
The filers state the shares were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing control of NextCure. Both reporting persons certify the accuracy and completeness of the ownership information as of late January 2026.
Positive
None.
Negative
None.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(Amendment No. 3)
NextCure, Inc.
(Name of Issuer)
Common Stock, $0.001 par value per share
(Title of Class of Securities)
65343E207
(CUSIP Number)
01/22/2026
(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule is filed:
Rule 13d-1(b)
Rule 13d-1(c)
Rule 13d-1(d)
SCHEDULE 13G
CUSIP No.
65343E207
1
Names of Reporting Persons
Affinity Asset Advisors, LLC
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
348,607.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
348,607.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
348,607.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
9.99 %
12
Type of Reporting Person (See Instructions)
IA, OO
SCHEDULE 13G
CUSIP No.
65343E207
1
Names of Reporting Persons
Michael Cho
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
UNITED STATES
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
348,607.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
348,607.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
348,607.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
9.99 %
12
Type of Reporting Person (See Instructions)
IN, HC
SCHEDULE 13G
Item 1.
(a)
Name of issuer:
NextCure, Inc.
(b)
Address of issuer's principal executive offices:
9000 Virginia Manor Road, Suite 200, Beltsville, Maryland, 20705
Item 2.
(a)
Name of person filing:
Affinity Asset Advisors, LLC
Michael Cho
(b)
Address or principal business office or, if none, residence:
450 Park Avenue
Suite 1403
New York, NY 10022
(c)
Citizenship:
Affinity Asset Advisors, LLC is a Delaware limited liability company, and Michael Cho is an individual and is a citizen of the United States.
(d)
Title of class of securities:
Common Stock, $0.001 par value per share
(e)
CUSIP No.:
65343E207
Item 3.
If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)
Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)
Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)
Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)
Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)
An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)
An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)
A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)
A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)
A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)
A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J),
please specify the type of institution:
(k)
Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.
Ownership
(a)
Amount beneficially owned:
The securities reported herein are directly held by Affinity Healthcare Fund, LP (the "Fund"). Affinity Asset Advisors, LLC (the "Adviser") is the investment manager of the Fund and exercises voting and investment power over the securities held directly by the Fund reported herein pursuant to an investment management agreement between the Adviser, the Fund, and the general partner of the Fund. The Adviser may be deemed to beneficially own the securities reported herein held by the Fund by virtue of its position as investment manager of the Fund. Michael Cho, the managing member of the Adviser, may be deemed a beneficial owner of the securities reported herein held by the Fund.
As of the date hereof, the Adviser and Mr. Cho (collectively, the "Reporting Persons") beneficially own 348,607 shares of common stock, $0.001 par value per share ("Common Stock"), of NextCure, Inc. (the "Issuer"), which amount includes 101,313 shares of Common Stock issuable upon exercise of warrants (the "Warrants"). The Warrants are all subject to a beneficial ownership limitation of 9.99% of the number of shares of Common Stock of the Issuer outstanding immediately after giving effect to the issuance of the shares issuable upon exercise of the Warrants (the "Beneficial Ownership Limitation").
As of December 31, 2025, the Fund and the Adviser beneficially owned 348,607 shares of Common Stock, which amount includes 101,313 shares of Common Stock issuable upon exercise of Warrants after giving effect to the Beneficial Ownership Limitation.
(b)
Percent of class:
As of the date hereof, the Reporting Persons beneficially own approximately 9.99% of the Common Stock outstanding. As of December 31, 2025, the Fund and the Adviser beneficially owned approximately 9.99% of the Common Stock outstanding.
The percentages disclosed above are based on 3,489,563 shares of Common Stock of the Issuer outstanding as October 31, 2025, consisting of (a) the 2,679,822 shares of Common Stock of the Issuer outstanding as of October 31, 2025, as set forth in the Issuer's Prospectus Supplement filed with the Securities and Exchange Commission (the "SEC") on December 19, 2025, (b) 708,428 shares of Common Stock of the Issuer issued in a private placement on November 14, 2025 as reported in the Issuer's Current Report on Form 8-K filed with the SEC on November 17, 2025 and (c) 101,313 shares of Common Stock issuable upon the exercise of the Warrants, after giving effect to the Beneficial Ownership Limitation.
(c)
Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote:
As of the date hereof, the Reporting Persons have sole power to vote or to direct the vote of 348,607 shares of Common Stock, which amount includes 101,313 shares of Common Stock issuable upon the exercise of warrants after giving effect to the Beneficial Ownership Limitation. As of December 31, 2025, the Fund and the Adviser had sole power to vote or to direct the vote of 0.00 shares of Common Stock.
(ii) Shared power to vote or to direct the vote:
As of the date hereof, the Reporting Persons have shared power to vote or to direct the vote of 0.00 shares of Common Stock. As of December 31, 2025, the Fund and the Adviser had shared power to vote or to direct the vote of 348,607 shares of Common Stock, which amount includes 101,313 shares of Common Stock issuable upon the exercise of warrants after giving effect to the Beneficial Ownership Limitation.
(iii) Sole power to dispose or to direct the disposition of:
As of the date hereof, the Reporting Persons have sole power to dispose or to direct the disposition of 348,607 shares of Common Stock, which amount includes 101,313 shares of Common Stock issuable upon the exercise of warrants after giving effect to the Beneficial Ownership Limitation. As of December 31, 2025, the Fund and the Adviser had sole power to dispose or to direct the disposition of 0.00 shares of Common Stock.
(iv) Shared power to dispose or to direct the disposition of:
As of the date hereof, the Reporting Persons have shared power to dispose or to direct the disposition of 0.00 shares of Common Stock. As of December 31, 2025, the Fund and the Adviser had shared power to dispose or to direct the disposition of 348,607 shares of Common Stock, which amount includes 101,313 shares of Common Stock issuable upon the exercise of warrants after giving effect to the Beneficial Ownership Limitation.
Item 5.
Ownership of 5 Percent or Less of a Class.
Not Applicable
Item 6.
Ownership of more than 5 Percent on Behalf of Another Person.
Not Applicable
Item 7.
Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
Not Applicable
Item 8.
Identification and Classification of Members of the Group.
Not Applicable
Item 9.
Notice of Dissolution of Group.
Not Applicable
Item 10.
Certifications:
By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.
Affinity Asset Advisors, LLC
Signature:
/s/ Andrew Weinstein
Name/Title:
Andrew Weinstein, Chief Financial Officer and Chief Compliance Officer
What ownership stake in NextCure (NXTC) does Affinity Asset Advisors report?
Affinity Asset Advisors and Michael Cho report beneficial ownership of 348,607 shares of NextCure common stock, representing approximately 9.99% of the outstanding shares. This percentage is calculated using 3,489,563 shares of Common Stock outstanding as of October 31, 2025.
How many NextCure (NXTC) shares held by Affinity come from warrants?
The reported 348,607-share position includes 101,313 shares of Common Stock issuable upon exercise of warrants. These warrants are counted in the beneficial ownership calculation, subject to a contractual 9.99% beneficial ownership limitation on the number of shares that can be acquired.
What is the 9.99% beneficial ownership limitation mentioned for NextCure (NXTC)?
The filing explains that the warrants are subject to a 9.99% Beneficial Ownership Limitation. This cap restricts warrant exercises so the holder’s beneficial ownership does not exceed 9.99% of NextCure’s outstanding Common Stock immediately after giving effect to the warrant share issuance.
Who actually holds the NextCure (NXTC) securities reported by Affinity Asset Advisors?
The securities are directly held by Affinity Healthcare Fund, LP. Affinity Asset Advisors, LLC acts as the investment manager of the fund and exercises voting and investment power, while Michael Cho, as managing member of the adviser, may be deemed a beneficial owner of the same shares.
How was the 3,489,563 outstanding share count for NextCure (NXTC) determined?
The reported 3,489,563 outstanding shares of Common Stock reflect three components: 2,679,822 shares outstanding as of October 31, 2025, 708,428 shares issued in a November 14, 2025 private placement, and 101,313 shares issuable upon exercise of warrants subject to the ownership cap.
Does Affinity Asset Advisors seek to influence control of NextCure (NXTC) with this stake?
The reporting persons certify that the securities were acquired and are held in the ordinary course of business. They state the holdings are not for the purpose of changing or influencing control of NextCure and are not part of any control-related transaction.
