NextCure, Inc. closed a private placement that raised $21.5 million in gross proceeds by selling 708,428 shares of common stock at $8.52 per share and issuing pre‑funded warrants to purchase up to 1,815,049 shares at $8.519 per warrant. The transaction was led by Ikarian Capital, Squadron Capital Management, Affinity Healthcare Fund, LP, and Exome Asset Management, with additional participation from other healthcare‑focused funds. The placement was conducted under an exemption from registration, and the company will file a registration statement to allow resale of the securities.
The proceeds will be used to extend NextCure’s cash runway into the first half of 2027, giving the company a buffer beyond the first‑half‑2026 proof‑of‑concept data readouts for its two lead antibody‑drug conjugate (ADC) programs, SIM0505 (targeting CDH6) and LNCB74 (targeting B7‑H4). As of September 30 2025, the company held $29.1 million in cash, down from $68.6 million at the end of 2024, and had reported a net loss of $8.62 million in Q3 2025, an improvement from $11.54 million in Q3 2024. The financing therefore addresses the company’s ongoing cash burn, largely driven by upfront license fees and R&D expenses, and removes the “going‑concern” warning that had appeared in prior filings.
NextCure is a clinical‑stage biopharma with no product revenue. Its pipeline is focused on the two ADC candidates mentioned above, and it has a strategic partnership with Simcere Zaiming for the development of SIM0505, with Simcere retaining rights in Greater China. The company’s cash burn has been a persistent headwind, but the new capital injection provides the necessary liquidity to continue development and pursue additional partnerships without the immediate pressure of generating revenue.
Investors reacted positively to the financing, citing relief from liquidity concerns and confidence that the extended runway will allow the company to reach its upcoming proof‑of‑concept milestones. The market’s enthusiasm reflects the importance of securing capital for a pre‑revenue biotech that must sustain its R&D program to remain viable.
The $21.5 million raise positions NextCure to advance its ADC programs toward the first‑half‑2026 data readouts and to maintain momentum toward future clinical and commercial progress. While the company still faces the challenge of turning its pipeline into revenue, the financing removes a critical short‑term risk and provides a clearer path to the next development milestones.
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