[SCHEDULE 13G] NextCure, Inc. Passive Investment Disclosure (>5%)
SilverArc reports 5.02% stake in NextCure
SilverArc Capital Management, LLC and its sole member Devesh Gandhi report beneficial ownership of 176,057 shares of NextCure, Inc. Class A common stock, representing 5.02% of the class as of 12/31/2025.
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SilverArc Capital Management, LLC and its sole member Devesh Gandhi report beneficial ownership of 176,057 shares of NextCure, Inc. Class A common stock, representing 5.02% of the class as of 12/31/2025. All voting and dispositive power over these shares is shared, with no sole authority reported.
SilverArc is an SEC-registered investment adviser, and the shares are held for various advisory clients, who have the right to receive dividends and sale proceeds. Within this total, SilverArc Capital Alpha Fund I, L.P. is attributed 6,162 shares (about 0.18%), and SilverArc Capital Alpha Fund II, L.P. is attributed 169,895 shares (about 4.85%). The filing states the position is held in the ordinary course of business and not for the purpose of influencing control of NextCure.
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What stake in NextCure (NXTC) does SilverArc Capital report?
SilverArc Capital Management and Devesh Gandhi report beneficial ownership of 176,057 NextCure Class A common shares, representing 5.02% of the class as of December 31, 2025. All voting and dispositive power over these shares is reported as shared, not sole.
Who are the reporting persons in this NextCure (NXTC) Schedule 13G?
The reporting persons are SilverArc Capital Management, LLC, a Delaware investment adviser, and its sole member, Devesh Gandhi, a U.S. citizen. Together they are deemed beneficial owners of 176,057 NextCure Class A common shares, or 5.02% of the outstanding common stock.
How is SilverArc’s 5.02% NextCure (NXTC) ownership structured?
SilverArc’s reported 176,057 shares are held on behalf of various advisory clients. Within this, SilverArc Capital Alpha Fund I, L.P. is attributed 6,162 shares (0.18%), and SilverArc Capital Alpha Fund II, L.P. is attributed 169,895 shares (4.85%) of NextCure’s common stock.
Does SilverArc intend to influence control of NextCure (NXTC)?
The filing states the securities were acquired and are held in the ordinary course of business. It further certifies they were not acquired or held for the purpose or effect of changing or influencing control of NextCure, except for activities tied to a nomination under Rule 14a-11.
What voting and dispositive powers does SilverArc report over NextCure (NXTC) shares?
SilverArc and Devesh Gandhi report zero sole voting and dispositive power and shared voting and dispositive power over all 176,057 NextCure shares. This means decisions on voting and disposition are shared, consistent with the advisory relationships with their investment clients.
On what date is SilverArc’s 5.02% NextCure (NXTC) position reported?
The beneficial ownership of 176,057 NextCure Class A common shares, equal to 5.02% of the class, is reported as of December 31, 2025. This date is identified as the event requiring the Schedule 13G filing under SEC beneficial ownership reporting rules.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
NextCure, INC.
(Name of Issuer)
Class A Common Stock
(Title of Class of Securities)
65343E207
(CUSIP Number)
12/31/2025
(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
SilverArc Capital Management, 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
0.00
6
Shared Voting Power
176,057.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
176,057.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
176,057.00
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)
5.02 %
12
Type of Reporting Person (See Instructions)
IA
SCHEDULE 13G
CUSIP No.
65343E207
1
Names of Reporting Persons
Devesh Gandhi
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
0.00
6
Shared Voting Power
176,057.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
176,057.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
176,057.00
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)
5.02 %
12
Type of Reporting Person (See Instructions)
IN
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, MD 20705
Item 2.
(a)
Name of person filing:
SilverArc Capital Management, LLC ("SilverArc") and Devesh Gandhi ("Gandhi" and together with SilverArc, the "Reporting Persons")
(b)
Address or principal business office or, if none, residence:
20 Park Plaza, Suite 620
Boston, MA 02116.
(c)
Citizenship:
SilverArc is a Delaware limited liability company. Gandhi is a citizen of the United States.
(d)
Title of class of securities:
Class A Common Stock
(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:
176057
(b)
Percent of class:
5.02 %
(c)
Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote:
0
(ii) Shared power to vote or to direct the vote:
176057
(iii) Sole power to dispose or to direct the disposition of:
0
(iv) Shared power to dispose or to direct the disposition of:
176057
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.
If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required.
As of the date of this Report, SilverArc, an investment adviser registered under Section 203 of the Investment Advisers Act of 1940, is deemed to be the beneficial owner of 176,057 shares, or 5.02% of the Common Stock believed to be outstanding, as a result of acting as investment adviser to various clients. Gandhi is the Sole Member of SilverArc and as such is deemed to be the beneficial owner of 176,057 shares, or 5.02% of the Common Stock believed to be outstanding. Clients of SilverArc have the right to receive and the ultimate power to direct the receipt of dividends from, or the proceeds of the sale of, such securities. SilverArc Capital Alpha Fund I, L.P., a Delaware limited partnership for which SilverArc acts as an investment adviser, may be deemed to beneficially own 6,162 of these 176,057 shares, which equates to 0.18% of the Common Stock believed to be outstanding. SilverArc Capital Alpha Fund II, L.P., a Delaware limited partnership for which SilverArc acts as an investment adviser, may be deemed to beneficially own 169,895 of these 176,057 shares, which equates to 4.85% of the Common Stock believed to be outstanding.
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.
