NextCure completed a private placement of 2,523,477 shares of common stock at $8.52 per share, generating $21.5 million in gross proceeds. The placement, priced at‑the‑market under Nasdaq rules, is expected to close on November 13 2025 and is being facilitated by H.C. Wainwright & Co. Institutional investors in the deal include Ikarian Capital, Squadron Capital Management, Affinity Healthcare Fund, LP, Exome Asset Management, and other healthcare‑focused funds.
The financing comes at a time when NextCure’s liquidity is under pressure. As of June 30 2025 the company held $35.3 million in cash, a balance that, given a net loss of $26.8 million in Q2 2025 and a $17 million upfront license fee, was projected to support operations only until mid‑2026. A going‑concern warning issued by auditors underscored the urgency of securing additional capital to avoid a liquidity crisis.
Net proceeds from the placement will be directed toward general working capital and to support the company’s antibody‑drug conjugate (ADC) programs, SIM0505 and LNCB74. The funds are intended to fund proof‑of‑concept data readouts for these programs, with the goal of delivering results in the first half of 2027. By extending the cash runway beyond the prior mid‑2026 projection, the placement provides a critical buffer for clinical development and positions NextCure to pursue future funding opportunities.
The event is a significant milestone for NextCure because it resolves the immediate liquidity threat highlighted by the going‑concern warning. With the additional capital, the company can maintain its clinical pipeline, avoid costly disruptions, and potentially secure further capital in the future. The financing also signals to investors that NextCure is taking concrete steps to stabilize its financial position while continuing to advance its core therapeutic programs.
NextCure’s ADC programs are central to its strategy. SIM0505, developed in partnership with Simcere Zaiming, carries rights for Greater China, while LNCB74 targets a distinct oncology indication. ADCs combine targeted antibody delivery with potent cytotoxic agents, offering a promising therapeutic modality in oncology. Successful proof‑of‑concept data for these programs would strengthen NextCure’s pipeline and enhance its competitive standing in the oncology market.
In summary, the private placement is a material financing event that extends NextCure’s cash runway into the first half of 2027, addresses the company’s liquidity challenges, and supports the advancement of its key ADC programs. The deal provides the financial foundation needed for continued clinical progress and positions the company for future capital raises if required.
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