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Here are a few brief analogies for NextCure (NXTC):

• An early-stage Amgen or Genentech specializing in immune-based cancer treatments.
• Like Moderna or BioNTech in their clinical-stage days, but developing novel immunomedicines for cancer and immune diseases instead of vaccines.

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• NC318: A lead product candidate in Phase II clinical trials for advanced or metastatic solid tumors.
• NC410: An immunomedicine in Phase I designed to block immune suppression mediated by Leukocyte-Associated Immunoglobulin-like Receptor 1.
• NC762: An immunomedicine targeting the human B7 homolog 4 protein (B7-H4).
• NC525: A novel LAIR-1 antibody in preclinical trials that targets acute myeloid leukemia, blast cells, and leukemic stem cells.

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NextCure, Inc. (NXTC) is a clinical-stage biopharmaceutical company primarily engaged in the discovery and development of novel immunomedicines. As described, its product candidates (NC318, NC410, NC762, NC525) are currently in various stages of clinical trials (Phase II, Phase I, Preclinical) and have not yet received regulatory approval for commercial sale. Therefore, NextCure does not currently have major commercial customers purchasing its products.

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Michael Richman President & CEO

Mr. Richman co-founded NextCure in 2015. He brings over 30 years of industry experience, including operating in research, project management, intellectual property, business development, and strategic planning. Prior to founding NextCure, he served as President and Chief Executive Officer of Amplimmune from its founding in 2007 until its acquisition by MedImmune/AstraZeneca in 2013. Mr. Richman also served as Executive Vice President and Chief Operating Officer of MacroGenics from 2002 to 2007, and held Senior Vice President and Vice President roles in corporate development and business development at MedImmune from 1996 to 2002. From 1985 to 1996, he held various positions in business development and intellectual property at Chiron (now Novartis). He also sits on public and private company Boards.

Steven P. Cobourn Chief Financial Officer

Mr. Cobourn has served as NextCure's Chief Financial Officer since January 2018. Before joining NextCure, he was the Chief Financial Officer of Vaccinex, Inc., a biotechnology company, from May 2014 to January 2018. Prior to Vaccinex, Mr. Cobourn was the Vice President of Finance and Treasurer of Otsuka America Pharmaceutical, Inc., a private pharmaceutical company, from 2003 to April 2014, and held other roles at Otsuka America Pharmaceutical from 1993 to 2003.

Solomon Langermann Chief Scientific Officer

Dr. Langermann serves as NextCure's Chief Scientific Officer and has been in this role since December 2018. He was also Senior Vice President of Research at NextCure at its founding. Most recently, he served as Senior Vice President and Chief Scientific Officer of Amplimmune (now MedImmune/AstraZeneca), playing a critical role in its growth which led to partnering activities and its acquisition by AstraZeneca. Before Amplimmune, Dr. Langermann held several positions at MedImmune, including Senior Director of Cell Biology and Director of Immunology and Molecular Genetics. He also headed Research and Development at PharmAthene (now Altimmune) where he served as CSO at both their Annapolis, Maryland, and Montreal, Canada sites.

Timothy Mayer Chief Operating Officer

Dr. Mayer serves as the Chief Operating Officer of NextCure.

Udayan Guha Chief Medical Officer

Dr. Guha serves as the Chief Medical Officer of NextCure.

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Here are the key risks to NextCure's business:

1. Clinical Trial and Regulatory Approval Failure: NextCure is a clinical-stage biopharmaceutical company with no products currently approved for commercial sale, meaning its success is entirely dependent on the successful development, regulatory approval, and eventual commercialization of its product candidates, including NC318, NC410, NC762, NC525, SIM0505, and LNCB74. The clinical development process is lengthy, expensive, and uncertain, with a high risk of failure at any stage. Positive results in preclinical studies or early-stage clinical trials are not necessarily predictive of success in later or pivotal trials. The company has a history of discontinuing a lead candidate, NC318, after it failed to demonstrate efficacy in a Phase 2 trial.

2. Funding and Going Concern Risk: NextCure has a limited operating history and has consistently incurred significant losses, as it has no product revenue. The company will require substantial additional financing to fund its ongoing and future research, development, and operational objectives. There is substantial doubt about NextCure's ability to continue as a going concern, and there is no guarantee that future financing will be available on acceptable terms or at all. A failure to secure adequate funding could lead to delays, curtailment, or even cessation of its product development programs and operations, potentially diluting existing shareholders if new equity is issued.

3. Intellectual Property Risk: NextCure's ability to compete and generate future revenue relies heavily on its capacity to obtain, maintain, and enforce robust patent and other intellectual property protection for its product candidates and proprietary technology. Although the company has filed patent applications for its lead candidates, no patents have yet been issued from these applications. The company also relies on a license agreement with Yale University. Any inability to secure or defend its intellectual property could significantly harm its business and competitive position.

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NextCure, Inc. (NXTC) develops immunomedicines for cancer and immune-related diseases. The addressable markets for its main product candidates are detailed below:

• NC318: NextCure discontinued the clinical development of NC318 in November 2022 due to efficacy data.
• NC410 (LAIR-2 fusion protein for advanced or metastatic solid tumors): The global metastatic cancer treatment market was estimated at USD 91.44 billion in 2026 and is projected to reach USD 134.39 billion by 2031, growing at a compound annual growth rate (CAGR) of 8.01% during that period. North America held approximately 44.89% of the metastatic cancer treatment market share in 2025. Another report indicated the global metastatic cancer drugs market size was valued at USD 67.7 billion in 2022 and is projected to reach USD 136.9 billion by 2032, with a CAGR of 7.3%. North America accounted for the largest market size in 2022 within this market.
• LNCB74 (B7-H4 targeted immunomedicine): While the original NC762 has been replaced, NextCure is developing LNCB74, a B7-H4 targeted antibody-drug conjugate (ADC). The global B7-H4 Antibody market was valued at USD 450 million in 2024 and is projected to reach USD 1,066 million by 2032, exhibiting a CAGR of 13.4% during the forecast period. The B7-H4 targeting therapies market is expected to grow significantly, with the United States anticipated to hold the largest share among the 7 Major Markets (7MM) in 2027.
• NC525 (LAIR-1 antibody for acute myeloid leukemia): The global acute myeloid leukemia (AML) treatment market size was estimated at USD 3.47 billion in 2024 and is projected to reach USD 6.29 billion by 2030, growing at a CAGR of 10.6% from 2025 to 2030. In 2024, North America dominated the global AML treatment market with a 37.6% revenue share, and the U.S. comprised 90.9% of the North American market. Another estimate projects the global AML treatment market to be USD 4.28 billion in 2026, reaching approximately USD 10.64 billion by 2035, growing at a CAGR of 10.64%.

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NextCure, Inc. (NXTC) is a clinical-stage biopharmaceutical company with no current revenue from product sales, meaning its future revenue growth is dependent on the successful advancement of its drug pipeline and potential partnership agreements. Over the next 2-3 years, the expected drivers of future revenue growth are primarily tied to key clinical development milestones and strategic collaborations for its antibody-drug conjugate (ADC) programs.

Here are 3-5 expected drivers of future revenue growth for NextCure:

1. Successful Clinical Development and Data Readouts for SIM0505 (CDH6 ADC): The primary driver for NextCure is the advancement of SIM0505, a novel ADC targeting cadherin-6. The company anticipates presenting Phase 1 dose escalation data in the second quarter of 2026 and initiating a Phase 1 dose optimization study for platinum-resistant ovarian cancer in the same quarter. Expanding clinical trial sites in the U.S., Canada, and Europe in 2026 and 2027 is intended to accelerate this program, with positive data readouts and progression through clinical phases serving as critical de-risking events that could lead to future licensing or commercialization opportunities.
2. Advancement of LNCB74 (B7-H4 ADC) through Clinical Trials: Another significant driver is the ongoing development of LNCB74, a B7-H4 targeted ADC. This program is in Phase 1 dose escalation, and NextCure expects to provide a trial progress update in the second half of 2026. Favorable clinical updates and continued progression for LNCB74 would enhance the value of NextCure's pipeline and its attractiveness for potential collaborations.
3. Formation of New Strategic Partnerships or Expansion of Existing Collaborations: For a clinical-stage company like NextCure, securing new strategic partnerships or expanding existing collaborations based on the success and promise of its ADC pipeline is a crucial driver of future revenue. Such partnerships can provide non-dilutive funding through upfront payments and milestone payments, as evidenced by the upfront license fees and milestone payments related to the acquisition of rights for SIM0505 in 2025. Successful clinical outcomes for SIM0505 and LNCB74 would increase their appeal for potential partners, leading to future revenue streams.

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Share Issuance

• NextCure announced a private placement of common stock in November 2025, raising approximately $21.5 million in gross proceeds.
• The company executed a one-for-twelve reverse stock split on July 14, 2025.
• NextCure has granted employee stock options, including grants to its Chief Medical Officer and Sr VP and General Counsel in January 2026.

Inbound Investments

• In November 2025, NextCure closed a $21.5 million PIPE (Private Investment in Public Equity) financing.
• Institutional investors, such as Ikarian Capital, LLC and Squadron Capital Management LLC, have reported significant beneficial ownership stakes in NextCure, Inc.
• NextCure has engaged in strategic partnerships, including a collaboration with Simcere Zaiming to develop a CDH6-targeting ADC (antibody-drug conjugate) named SIM0505 for solid tumors.

Capital Expenditures

• NextCure reported capital expenditures of $34,000 in the last 12 months.
• The company's corporate headquarters in Beltsville, Maryland, includes office, laboratory, and manufacturing space with a lease expiring in March 2030, which are considered adequate for current needs.