0001104659-26-092050 | 10-Q | XBRL Viewer

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Net Loss per Share Attributable to Common Stockholders - Anti-dilutive effect (Details) - shares	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Antidilutive Securities
Antidilutive securities excluded from computation of diluted net loss per share	1,015,018	855,087
Employee Stock Option Member
Antidilutive Securities
Antidilutive securities excluded from computation of diluted net loss per share	1,015,018	855,087

Summary of Significant Accounting Policies	6 Months Ended
Jun. 30, 2026
Summary of Significant Accounting Policies
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies There have been no material changes to the significant accounting policies previously disclosed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025 (the “Annual Report”). Basis of Presentation The unaudited condensed financial statements include the accounts of the Company and have been prepared by the Company in conformity with accounting principles generally accepted in the United States of America (“GAAP”) and pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) for interim financial statements. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. Accordingly, these condensed financial statements should be read in conjunction with the Company’s audited financial statements and the notes thereto in the Annual Report. Unaudited Financial Information In the opinion of management, the information furnished reflects certain adjustments, all which are of a normal and recurring nature and are necessary for a fair presentation of the Company’s financial position as of the reported balance sheet date and of the Company’s results for the reported interim periods. The Company considers events or transactions that occur after the balance sheet date but before the financial statements are issued to provide additional evidence relative to certain estimates or to identify matters that require additional disclosure. The results of operations for interim periods are not necessarily indicative of results to be expected for the full year or any other interim period. Liquidity and Going Concern The Company has incurred net losses and negative cash flows from operations since its inception and has an accumulated deficit of $461 million as of June 30, 2026. Under the Company's current plan, management believes its cash and cash equivalents and marketable securities of $20.1 million as of June 30, 2026 will be sufficient to fund the Company's operations into the fourth quarter of 2026. However, the Company will need to obtain additional funding to sustain operations as it expects to continue to generate operating losses for the foreseeable future. The Company's expectation to generate negative operating cash flows in the future and the need for additional funding to support its planned operations raise substantial doubt regarding the Company’s ability to continue as a going concern. Management's plans to alleviate the conditions that raise substantial doubt include completing the proposed merger with Avere Therapeutics, implementing restructuring activities designed to reduce operating expenditures, and pursuing partnership, licensing, sale and other opportunities to advance or monetize its legacy assets. While these plans are intended to improve the Company's liquidity position, the completion of the proposed merger and the concurrent private placement remains subject to stockholder approval and other closing conditions outside of the Company's control, and the Company's ability to monetize its legacy assets is uncertain. Accordingly, these plans are not considered probable of being effectively implemented and mitigating the substantial doubt within one year after the date the financial statements are issued. Accordingly, management has concluded that substantial doubt exists about the Company's ability to continue as a going concern. The accompanying financial statements have been prepared on a going concern basis, which contemplates the realization of assets and satisfaction of liabilities in the ordinary course of business. The financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts or the amounts and classification of liabilities that might result from the outcome of the uncertainties described above. The Company’s future operations are highly dependent on the closing of the Merger and there can be no assurances that the Merger will be successfully consummated. If the Merger is not consummated, the Company believes that its cash and cash equivalents as of June 30, 2026 would be adequate to fund its operating expenses into the fourth quarter of 2026. However, in order to continue development of its programs, the Company would need to secure substantial additional funding in the future, from one or more equity or debt financings, collaborations, or other sources. Additional funding may not be available to the Company on acceptable terms, or at all. The Company’s Board of Directors may also decide to pursue a dissolution and liquidation in lieu of continuing program development in the event the Merger is not consummated. The Company intends to execute its strategic plan, including completing the proposed merger transaction, restructuring its activities, managing its legacy assets and obligations and seeking to monetize its legacy programs and intellectual property. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of assets and liabilities as of the date of the condensed financial statements, and the reported amounts of revenues and expenses during the reporting periods. Although actual results could differ from those estimates, management does not believe that such differences would be material. Recently Issued Accounting Pronouncements The Company considers the applicability and impact of all Accounting Standards Updates (“ASUs”) issued by the Financial Accounting Standards Board. All other ASUs issued subsequent to the filing of the Company’s Annual Report were assessed and determined to be either inapplicable or not expected to have a material impact on the Company’s financial position or results of operations.

Summary of Significant Accounting Policies

6 Months Ended

Jun. 30, 2026

Summary of Significant Accounting Policies

Summary of Significant Accounting Policies

2. Summary of Significant Accounting Policies

There have been no material changes to the significant accounting policies previously disclosed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025 (the “Annual Report”).

Basis of Presentation

The unaudited condensed financial statements include the accounts of the Company and have been prepared by the Company in conformity with accounting principles generally accepted in the United States of America (“GAAP”) and pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) for interim financial statements. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. Accordingly, these condensed financial statements should be read in conjunction with the Company’s audited financial statements and the notes thereto in the Annual Report.

Unaudited Financial Information

In the opinion of management, the information furnished reflects certain adjustments, all which are of a normal and recurring nature and are necessary for a fair presentation of the Company’s financial position as of the reported balance sheet date and of the Company’s results for the reported interim periods. The Company considers events or transactions that occur after the balance sheet date but before the financial statements are issued to provide additional evidence relative to certain estimates or to identify matters that require additional disclosure. The results of operations for interim periods are not necessarily indicative of results to be expected for the full year or any other interim period.

Liquidity and Going Concern

The Company has incurred net losses and negative cash flows from operations since its inception and has an accumulated deficit of $461 million as of June 30, 2026. Under the Company's current plan, management believes its cash and cash equivalents and marketable securities of $20.1 million as of June 30, 2026 will be sufficient to fund the Company's operations into the fourth quarter of 2026. However, the Company will need to obtain additional funding to sustain operations as it expects to continue to generate operating losses for the foreseeable future. The Company's expectation to generate negative operating cash flows in the future and the need for additional funding to support its planned operations raise substantial doubt regarding the Company’s ability to continue as a going concern. Management's plans to alleviate the conditions that raise substantial doubt include completing the proposed merger with Avere Therapeutics, implementing restructuring activities designed to reduce operating expenditures, and pursuing partnership, licensing, sale and other opportunities to advance or monetize its legacy assets. While these plans are intended to improve the Company's liquidity position, the completion of the proposed merger and the concurrent private placement remains subject to stockholder approval and other closing conditions outside of the Company's control, and the Company's ability to monetize its legacy assets is uncertain. Accordingly, these plans are not considered probable of being effectively implemented and mitigating the substantial doubt within one year after the date the financial statements are issued. Accordingly, management has concluded that substantial doubt exists about the Company's ability to continue as a going concern. The accompanying financial statements have been prepared on a going concern basis, which contemplates the realization of assets and satisfaction of liabilities in the ordinary course of business. The financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts or the amounts and classification of liabilities that might result from the outcome of the uncertainties described above.

The Company’s future operations are highly dependent on the closing of the Merger and there can be no assurances that the Merger will be successfully consummated. If the Merger is not consummated, the Company believes that its cash and cash equivalents as of June 30, 2026 would be adequate to fund its operating expenses into the fourth quarter of 2026. However, in order to continue development of its programs, the Company would need to secure substantial additional funding in the future, from one or more equity or debt financings, collaborations, or other sources. Additional funding may not be available to the Company on acceptable terms, or at all. The Company’s Board of Directors may also decide to pursue a dissolution and liquidation in lieu of continuing program development in the event the Merger is not consummated.

The Company intends to execute its strategic plan, including completing the proposed merger transaction, restructuring its activities, managing its legacy assets and obligations and seeking to monetize its legacy programs and intellectual property.

Use of Estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of assets and liabilities as of the date of the condensed financial statements, and the reported amounts of revenues and expenses during the reporting periods. Although actual results could differ from those estimates, management does not believe that such differences would be material.

Recently Issued Accounting Pronouncements

The Company considers the applicability and impact of all Accounting Standards Updates (“ASUs”) issued by the Financial Accounting Standards Board. All other ASUs issued subsequent to the filing of the Company’s Annual Report were assessed and determined to be either inapplicable or not expected to have a material impact on the Company’s financial position or results of operations.

Nature of the Business	6 Months Ended
Jun. 30, 2026
Nature of the Business
Nature of the Business	1. Nature of the Business Organization NextCure, Inc. (“NextCure” the “Company,” “we,” “us,” or “our”) was incorporated in Delaware in September 2015 and is headquartered in Beltsville, Maryland. The Company is a clinical-stage biopharmaceutical company that has focused on advancing innovative medicines that treat cancer patients that do not respond to, or that have disease progression on, current therapies, through the use of targeted therapies including antibody-drug conjugates. The Company has focused on advancing therapies that leverage our core strengths in understanding biological pathways and biomarkers, the interactions of cells, including in the tumor microenvironment, and the role each interaction plays in a biologic response. Since inception, the Company has devoted substantially all of its efforts and financial resources to discovery, research and development activities for the Company’s product candidates, identifying business development opportunities, raising capital and securing intellectual property rights related to the Company’s product candidates. On July 14, 2026, the Company entered into a definitive merger agreement with Avere Therapeutics, Inc. (“Avere Therapeutics”), a privately held biotechnology company focused on oral therapies for IL-23-driven inflammatory diseases. Upon completion of the merger, the combined company is expected to operate as Avere Therapeutics, Inc. and trade on Nasdaq under the ticker symbol "AVRX." The combined company will be led by Avere's management team and governed by a board of directors constituted in accordance with the merger agreement. The merger is subject to customary closing conditions and stockholder approval. As of the filing date of this Quarterly Report on Form 10-Q, the merger has not been completed and NextCure continues to operate as a standalone company. Concurrently with the merger agreement, Avere entered into a securities purchase agreement providing for a private financing expected to generate approximately $320 million in gross proceeds immediately prior to closing, subject to customary closing conditions. Existing NextCure stockholders are expected to receive contingent value rights tied to certain legacy NextCure assets. In connection with the proposed merger and related restructuring activities, the Company has discontinued further investment in the LNCB74 co-development program and, subsequent to June 30, 2026, entered into a transition and continuation agreement with LigaChem Biosciences (the “Transition and Continuation Agreement”) pursuant to which LigaChem has elected to continue the LNCB74 program as the “Sole Developing Party” (as such term is defined in the LigaChem Agreement; see Note 15 Subsequent Events). Reverse Stock Split On July 14, 2025, the Company effectuated a one-for-twelve (1:12) reverse stock split of its outstanding shares of common stock (the “Reverse Stock Split”). In connection with the Reverse Stock Split, every twelve shares of the Company’s common stock issued and outstanding as of July 14, 2025 were automatically converted into one share of the Company’s common stock. No fractional shares were issued in connection with the Reverse Stock Split. The Company’s stockholders received the cash value equal to the fraction to which the stockholder would otherwise be entitled, multiplied by the closing price of the common stock, as reported by The Nasdaq Stock Market, LLC (“Nasdaq”), on the last trading day prior to the effective date of the Reverse Stock Split. All share and per share data for all periods presented in the accompanying financial statements and the related disclosures in this Quarterly Report on Form 10-Q have been adjusted retrospectively to reflect the Reverse Stock Split. The number of authorized shares of common stock and the par value per share remains unchanged.

Nature of the Business

6 Months Ended

Jun. 30, 2026

Nature of the Business

Nature of the Business

1. Nature of the Business

Organization

NextCure, Inc. (“NextCure” the “Company,” “we,” “us,” or “our”) was incorporated in Delaware in September 2015 and is headquartered in Beltsville, Maryland. The Company is a clinical-stage biopharmaceutical company that has focused on advancing innovative medicines that treat cancer patients that do not respond to, or that have disease progression on, current therapies, through the use of targeted therapies including antibody-drug conjugates. The Company has focused on advancing therapies that leverage our core strengths in understanding biological pathways and biomarkers, the interactions of cells, including in the tumor microenvironment, and the role each interaction plays in a biologic response. Since inception, the Company has devoted substantially all of its efforts and financial resources to discovery, research and development activities for the Company’s product candidates, identifying business development opportunities, raising capital and securing intellectual property rights related to the Company’s product candidates.

On July 14, 2026, the Company entered into a definitive merger agreement with Avere Therapeutics, Inc. (“Avere Therapeutics”), a privately held biotechnology company focused on oral therapies for IL-23-driven inflammatory diseases. Upon completion of the merger, the combined company is expected to operate as Avere Therapeutics, Inc. and trade on Nasdaq under the ticker symbol "AVRX." The combined company will be led by Avere's management team and governed by a board of directors constituted in accordance with the merger agreement. The merger is subject to customary closing conditions and stockholder approval. As of the filing date of this Quarterly Report on Form 10-Q, the merger has not been completed and NextCure continues to operate as a standalone company.

Concurrently with the merger agreement, Avere entered into a securities purchase agreement providing for a private financing expected to generate approximately $320 million in gross proceeds immediately prior to closing, subject to customary closing conditions. Existing NextCure stockholders are expected to receive contingent value rights tied to certain legacy NextCure assets.

In connection with the proposed merger and related restructuring activities, the Company has discontinued further investment in the LNCB74 co-development program and, subsequent to June 30, 2026, entered into a transition and continuation agreement with LigaChem Biosciences (the “Transition and Continuation Agreement”) pursuant to which LigaChem has elected to continue the LNCB74 program as the “Sole Developing Party” (as such term is defined in the LigaChem Agreement; see Note 15 Subsequent Events).

Reverse Stock Split

On July 14, 2025, the Company effectuated a one-for-twelve (1:12) reverse stock split of its outstanding shares of common stock (the “Reverse Stock Split”). In connection with the Reverse Stock Split, every twelve shares of the Company’s common stock issued and outstanding as of July 14, 2025 were automatically converted into one share of the Company’s common stock. No fractional shares were issued in connection with the Reverse Stock Split. The Company’s stockholders received the cash value equal to the fraction to which the stockholder would otherwise be entitled, multiplied by the closing price of the common stock, as reported by The Nasdaq Stock Market, LLC (“Nasdaq”), on the last trading day prior to the effective date of the Reverse Stock Split. All share and per share data for all periods presented in the accompanying financial statements and the related disclosures in this Quarterly Report on Form 10-Q have been adjusted retrospectively to reflect the Reverse Stock Split. The number of authorized shares of common stock and the par value per share remains unchanged.

Income Taxes - (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Income Taxes - (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Income Taxes
Provision or benefit from income taxes	$ 0	$ 0	$ 0	$ 0

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References

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+ Details

Leases

6 Months Ended

Jun. 30, 2026

Leases

Leases

7. Leases

The Company's lease portfolio consists of office space, manufacturing space and laboratory facilities. All of the Company's leases are classified as operating leases. The terms of the Company's lease agreements currently extend through March 2030 and provide the Company with an option for a five-year extension. Under the terms of the leases, the Company pays base annual rent subject to fixed dollar increases each year and other normal operating expenses such as taxes, repairs, and maintenance. The Company evaluates renewal options at lease inception and on an ongoing basis and considers renewal options that the Company is reasonably certain to exercise in its expected lease terms when classifying leases and measuring lease liabilities in accordance with ASC 842, Leases. The leases do not require variable lease payments or residual value guarantees and do not contain restrictive covenants.

The leases do not provide an implicit rate; therefore, the Company uses its incremental borrowing rate as the discount rate when measuring operating lease liabilities. The incremental borrowing rate represents an estimate of the interest rate the Company would incur at lease commencement to borrow an amount equal to the lease payments on a collateralized basis over the term of the lease.

Operating lease expense was $249,000 and $252,000 for the three months ended June 30, 2026 and June 30, 2025, respectively. Operating lease expense was $499,000 and $504,000 for the six months ended June 30, 2026 and June 30, 2025, respectively. Operating cash flows used for operating leases during the six months ended June 30, 2026 and June 30, 2025 were $671,000 and $575,000, respectively. As of June 30, 2026, the weighted-average remaining lease term was 3.75 years, and the weighted average discount rate was 7.47%.

As of June 30, 2026, the maturities of the Company’s operating lease liabilities were as follows (in thousands), which are included in Accrued liabilities and other liabilities and Lease liabilities, long term in the accompanying balance sheet:




2026		$	684
2027			1,396
2028			1,438
2029			1,481
2030			376
Total future minimum payments		$	5,375
Less: present value discount			(709)
Present value of lease liabilities		$	4,666

In July and August 2026, the Company entered into amendments for certain of its leased facilities. See Note 15, Subsequent Events for more information.

Marketable Securities (Tables)

6 Months Ended

Jun. 30, 2026

Marketable Securities

Schedule of marketable securities

Marketable securities consist of the following:


		June 30, 2026
					Gross			Gross
		Amortized			Unrealized			Unrealized			Estimated
(in thousands)		Cost			Gain			Loss			Fair Value
Corporate bonds		$	4,831		$	—		$	(3)		$	4,828
Total		$	4,831		$	—		$	(3)		$	4,828


	December 31, 2025
			Gross		Gross
	Amortized		Unrealized		Unrealized		Estimated
(in thousands)	Cost		Gain		Loss		Fair Value
Corporate bonds	$	15,818	$	19	$	(1)	$	15,836
Total	$	15,818	$	19	$	(1)	$	15,836

Schedule of available-for-sale maturities

The following table summarizes maturities of the Company’s investments available-for-sale as of
June 30, 2026:


	June 30, 2026
			Fair
(in thousands)	Cost		Value
Maturities:
Within 1 year	$	4,831	$	4,828
Total investments available-for-sale	$	4,831	$	4,828

Net Loss per Share Attributable to Common Stockholders (Tables)

6 Months Ended

Jun. 30, 2026

Net Loss per Share Attributable to Common Stockholders

Summary of computation of basic and diluted net loss per share attributable to common stockholders

The computation for basic and diluted loss per share were as follows (in thousands, except share and per share data):


		Three Months Ended						Six Months Ended
		June 30,						June 30,
		2026			2025			2026			2025
Net loss (Numerator):
Net loss - basic and diluted		$	(14,892)		$	(26,808)		$	(24,688)		$	(37,784)
Shares (Denominator):
Weighted-average shares outstanding - basic and diluted			5,309,724			2,374,729			5,274,630			2,354,425
Loss per share - basic and diluted		$	(2.80)		$	(11.29)		$	(4.68)		$	(16.05)

Summary of shares excluded from the computation of diluted net loss per share


		June 30,
		2026	2025
Outstanding options to purchase common stock		1,015,018	855,087
Total		1,015,018	855,087

Common Stock - Securities Purchase Agreement and Pre-Funded Warrants (Details) - USD ($) $ / shares in Units, $ in Thousands				3 Months Ended	6 Months Ended	12 Months Ended
	Dec. 19, 2025	Nov. 14, 2025	Nov. 12, 2025	Jun. 30, 2026	Jun. 30, 2026	Dec. 31, 2025
Common Stock
Net proceeds from at-the-market sales					$ 1,234
Private Placement
Common Stock
Stock issued			708,428
purchase price, per share			$ 8.52
Net proceeds from at-the-market sales		$ 20,300
Maximum \| Wainwright ATM Agreement
Common Stock
Net proceeds from at-the-market sales	$ 14,500
Pre-Funded Warrants
Common Stock
Stock issued					99,446
Net proceeds from at-the-market sales					$ 1,200
Exercise of pre-funded warrants (in shares)				456,855	456,855	117,371
Remaining outstanding balance of pre-funded warrants				1,240,823	1,240,823
Pre-Funded Warrants \| Private Placement
Common Stock
Number of warrants purchase			1,815,049
Purchase price for warrant			$ 8.519
Exercise price of warrants			$ 0.001

Marketable Securities - (Details) - USD ($)	3 Months Ended		6 Months Ended
Marketable Securities - (Details) - USD ($)	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025
Investments
Amortized Cost	$ 4,831,000		$ 4,831,000		$ 15,818,000
Gross Unrealized Gain					19,000
Gross Unrealized Loss	(3,000)		(3,000)		(1,000)
Estimated Fair Value	4,828,000		4,828,000		15,836,000
Gross realized gains	0	$ 0	1,000	$ 0
Gross realized loss	0	$ 0		$ 0
Fair market value of investments in unrealized loss position	4,800,000		4,800,000
Unrealized losses in a continuous loss position for more than 12 months	0		0
Accrued interest receivable	$ 100,000		$ 100,000		$ 300,000
Debt Securities, Available-for-Sale, Accrued Interest, after Allowance for Credit Loss, Current, Statement of Financial Position [Extensible Enumeration]	Prepaid Expense and Other Assets, Current		Prepaid Expense and Other Assets, Current		Prepaid Expense and Other Assets, Current
Cost Maturities:
Within 1 year	$ 4,831,000		$ 4,831,000
Total investments available for sale	4,831,000		4,831,000
Fair Value Maturities:
Within 1 year	4,828,000		4,828,000
Total investments available for sale	4,828,000		4,828,000
Corporate bonds
Investments
Amortized Cost	4,831,000		4,831,000		$ 15,818,000
Gross Unrealized Gain					19,000
Gross Unrealized Loss	(3,000)		(3,000)		(1,000)
Estimated Fair Value	$ 4,828,000		$ 4,828,000		$ 15,836,000

Stock-Based Compensation - Stock options (Details) - USD ($) $ / shares in Units, $ in Millions		6 Months Ended		12 Months Ended
	May 03, 2019	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025
Number of Shares
Outstanding at the beginning (in shares)		848,966
Granted (in shares)		174,500
Exercised (in shares)		(2,488)
Forfeitures (in shares)		(5,960)
Outstanding at the end (in shares)		1,015,018		848,966
Exercisable at the end (in shares)		709,995
Weighted Average Exercise Price
Outstanding at the beginning (in dollars per share)		$ 73.76
Granted (in dollars per share)		9.92
Exercised (in dollars per share)		5.76
Forfeited (in dollars per share)		21.9
Outstanding at the end (in dollars per share)		63.26		$ 73.76
Exercisable at the end (in dollars per share)		$ 85.67
Weighted Average Remaining Contractual Life (Years) And Aggregate Intrinsic Value
Outstanding (in years)		6 years 7 months 6 days		6 years 6 months
Exercisable at the end (in years)		5 years 7 months 6 days
Weighted average grant date fair value per share of stock options granted		$ 7.61
Aggregate grant date fair value		$ 0.8	$ 3.7
Share Based Compensation Expense Not Recognized
Unrecognized compensation cost		$ 2.3
Compensation expense recognition period		2 years 8 months 12 days
A&R 2019 Omnibus Incentive Plan
Stock Based Compensation
Total number of shares of common stock that may be issued		241,666
Annual increase in number of share reserved for issuance (as percent)	4.00%
Number of shares reserved for issuance under the plan		139,500
Vesting period		4 years
Expiration period		10 years
Maximum annual increase in shares available for issuance under the plan		80,000
2019 Employee Stock Purchase Plan
Stock Based Compensation
Number of shares reserved for issuance under the plan		80,461
Number of shares issued		32,020

Leases - Other Information (Details) - USD ($)	3 Months Ended		6 Months Ended
Leases - Other Information (Details) - USD ($)	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Leases
Lease extension period	5 years		5 years
Lessee, Operating Lease, Existence of Option to Extend [true false]			true
Operating lease expense	$ 249,000	$ 252,000	$ 504,000	$ 499,000
Operating cash flows used for operating leases			$ 671,000	$ 575,000
Weighted=average remaining lease term	3 years 9 months		3 years 9 months
Weighted average discount rate (as a percent)	7.47%		7.47%

Fair Value Measurements - (Details) - USD ($)	3 Months Ended
Fair Value Measurements - (Details) - USD ($)	Jun. 30, 2026	Dec. 31, 2025
Fair value of the Company's financial assets
Marketable Securities	$ 4,828,000	$ 15,836,000
Assets transferred into level 3	0
Assets transferred out of level 3	0
Corporate bonds
Fair value of the Company's financial assets
Marketable Securities	4,828,000	15,836,000
Fair Value
Fair value of the Company's financial assets
Total financial assets	19,588,000	41,256,000
Fair Value \| Money market funds (cash equivalents)
Fair value of the Company's financial assets
Money market funds (cash equivalents)	14,760,000	25,420,000
Fair Value \| Corporate bonds
Fair value of the Company's financial assets
Marketable Securities	4,828,000	15,836,000
Fair Value \| Quoted Prices in Active Markets (Level 1)
Fair value of the Company's financial assets
Total financial assets	14,760,000	25,420,000
Fair Value \| Quoted Prices in Active Markets (Level 1) \| Money market funds (cash equivalents)
Fair value of the Company's financial assets
Money market funds (cash equivalents)	14,760,000	25,420,000
Fair Value \| Significant Other Observable Inputs (Level 2)
Fair value of the Company's financial assets
Total financial assets	4,828,000	15,836,000
Fair Value \| Significant Other Observable Inputs (Level 2) \| Corporate bonds
Fair value of the Company's financial assets
Marketable Securities	$ 4,828,000	$ 15,836,000

License Agreement

6 Months Ended

Jun. 30, 2026

License Agreement

License Agreement

3. License Agreement

On June 13, 2025, the Company entered into a License Agreement (the “License Agreement”) with Simcere Zaiming Pharmaceutical Co., Ltd. (formerly known as Hainan Simcere Zaiming Pharmaceutical Co., Ltd. or hereinafter “Zaiming”), a biopharmaceutical company based in China. Pursuant to the License Agreement, the Company obtained (1) an exclusive, worldwide (excluding the Zaiming Territory, as identified below) license to develop, manufacture, and commercialize Zaiming’s clinical-stage antibody drug conjugate (“ADC”) candidate, SIM0505 (also known as SCR-9359), and related compounds (the “Zaiming Products”), and (2) a non-exclusive, worldwide (excluding the Zaiming Territory) license to use Zaiming’s ADC platform technology to develop ADCs based on the Company’s proprietary antibodies for an additional novel target (the “NextCure Products”). Zaiming retained exclusive rights to develop and commercialize the Zaiming Products and any NextCure Products in China, Hong Kong, Macau, and Taiwan (the “Zaiming Territory”).

Under the License Agreement: (i) the Company agreed to pay $17 million to Zaiming, which included an upfront cash payment of $12 million and an additional $5 million that became payable upon the earlier of a qualifying financing event or December 31, 2025, which became payable on December 31, 2025; (ii) upon initiation of the first Phase 1 clinical trial for SIM0505, the Company agreed to pay Zaiming $1.5 million, which became payable in October 2025; (iii) upon initiation of the first Phase 2 clinical trial for SIM0505, the Company is obligated to issue to Zaiming $1 million in its common stock, or under certain conditions, pay an equivalent cash amount in lieu of common stock; (iv) the Company is obligated to pay Zaiming certain development and regulatory milestone payments of up to $166.5 million per Zaiming product and up to $25.5 million per NextCure product, and certain commercial sales-based milestone payments of up to $535 million; and (v) the Company is obligated to pay tiered royalties on annual net sales of licensed products, at rates ranging from mid-single digit to low double digit percentages for Zaiming products; and low to mid-single digit percentages for NextCure products, in all cases, subject to standard reductions.

The rights acquired under the License Agreement are considered in-process research and development (IPRD) under Accounting Standards Codification (“ASC”) 730, Research and Development. Specifically, ASC 730-10-25-(c) states intangible assets used in research and development activities acquired in an asset acquisition should be expensed at the acquisition date if there is no alternative future use in other research and development projects. Since the acquired asset is the right to a specific compound, the Company does not believe there is an alternative future use and expensed both the upfront $12 million payment and the additional $5 million payment that became due on December 31, 2025. In addition, in October 2025, the Company achieved the first Phase 1 development milestone triggering an obligation of $1.5 million to Zaiming. The combined total of $18.5 million was included in research and development costs in the statement of operations and comprehensive loss for the year ended December 31, 2025. None of the other milestone payments are considered probable and reasonably estimable as of June 30, 2026, so they have not been accrued.

Following the announcement of the proposed merger with Avere Therapeutics on July 14, 2026, the Company initiated certain actions relating to the SIM0505 program. For additional information regarding these actions and the Company’s strategic alternatives with respect to SIM0505, see Note 15, Subsequent Events.

Summary of Significant Accounting Policies (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Summary of Significant Accounting Policies
Accumulated deficit	$ (460,668)	$ (435,980)
Cash and cash equivalents and marketable securities	$ 20,100

- Definition

Amount of accumulated undistributed earnings (deficit).

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section S45
-Paragraph 4
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (SX 210.6-04(17))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479170/946-210-S99-1

+ Details

Stock-Based Compensation - Stock based compensation expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Stock based compensation expense
Total stock-based compensation expense	$ 304	$ 587	$ 648	$ 1,951
Location, Statement of Income, Balance [Axis]: us-gaap:GeneralAndAdministrativeExpense
Stock based compensation expense
Total stock-based compensation expense	192	302	412	1,086
Location, Statement of Income, Balance [Axis]: us-gaap:ResearchAndDevelopmentExpense
Stock based compensation expense
Total stock-based compensation expense	$ 112	$ 285	$ 236	$ 865

Net Loss Per Share Attributable to Common Stockholders - Computation for basic and diluted loss per share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2026	Mar. 31, 2026	Jun. 30, 2025	Mar. 31, 2025	Jun. 30, 2026	Jun. 30, 2025
Net loss (Numerator):
us-gaap:NetIncomeLoss	$ (14,892)	$ (9,796)	$ (26,808)	$ (10,976)	$ (24,688)	$ (37,784)
Shares (Denominator):
Weighted-average shares outstanding - basic (in shares)	5,309,724		2,374,729		5,274,630	2,354,425
Weighted-average shares outstanding - diluted (in shares)	5,309,724		2,374,729		5,274,630	2,354,425
Loss per share - basic (in dollars per share)	$ (2.8)		$ (11.29)		$ (4.68)	$ (16.05)
Loss per share - diluted (in dollars per share)	$ (2.8)		$ (11.29)		$ (4.68)	$ (16.05)
Pre-Funded Warrants
Net Loss Per Share Attributable to Common Stockholders
Remaining outstanding balance of pre-funded warrants	1,240,823				1,240,823

Segment Information (Tables)

6 Months Ended

Jun. 30, 2026

Segment Information

Schedule of significant expense categories


	Three Months Ended						Six Months Ended
(in thousands)	June 30,						June 30,
	2026			2025			2026				2025
Research and development expenses
Employee costs	$	1,536		$	2,341		$	3,575		$	5,271
Clinical product candidates		4,250			2,569			7,290			5,604
Nonclinical product candidates		746			981			1,604			1,646
Depreciation and amortization		265			618			541			1,254
Other R&D (1)		628			17,582			1,249			18,212
Total R&D	$	7,425		$	24,091		$	14,259		$	31,987


General and administrative expenses
Employee costs	$	877		$	1,374		$	2,400		$	3,451
Professional services		1,160			1,266			2,273			2,346
Insurance		233			243			455			505
Other G&A (2)		322			318			735			625
Total G&A	$	2,592		$	3,201		$	5,863		$	6,927

(1)

Other R&D consists of facilities related expenses and office expenses and includes $17 million related to the License Agreement with Zaiming for both the three and six months ended June 30, 2025 (Note 3).

(2)

Other G&A consists of facilities related expenses, depreciation, office expenses and taxes and fees.

- Definition

Tabular disclosure of segment reporting. Includes, but is not limited to, reconciliation of reportable segment amount to corresponding consolidated total.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
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Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
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-Publisher FASB
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+ Details

Summary of Significant Accounting Policies (Policies)	6 Months Ended
Summary of Significant Accounting Policies (Policies)	Jun. 30, 2026
Summary of Significant Accounting Policies
Basis of Presentation and Unaudited Financial Information	Basis of Presentation The unaudited condensed financial statements include the accounts of the Company and have been prepared by the Company in conformity with accounting principles generally accepted in the United States of America (“GAAP”) and pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) for interim financial statements. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. Accordingly, these condensed financial statements should be read in conjunction with the Company’s audited financial statements and the notes thereto in the Annual Report. Unaudited Financial Information In the opinion of management, the information furnished reflects certain adjustments, all which are of a normal and recurring nature and are necessary for a fair presentation of the Company’s financial position as of the reported balance sheet date and of the Company’s results for the reported interim periods. The Company considers events or transactions that occur after the balance sheet date but before the financial statements are issued to provide additional evidence relative to certain estimates or to identify matters that require additional disclosure. The results of operations for interim periods are not necessarily indicative of results to be expected for the full year or any other interim period.
Liquidity and Going Concern	Liquidity and Going Concern The Company has incurred net losses and negative cash flows from operations since its inception and has an accumulated deficit of $461 million as of June 30, 2026. Under the Company's current plan, management believes its cash and cash equivalents and marketable securities of $20.1 million as of June 30, 2026 will be sufficient to fund the Company's operations into the fourth quarter of 2026. However, the Company will need to obtain additional funding to sustain operations as it expects to continue to generate operating losses for the foreseeable future. The Company's expectation to generate negative operating cash flows in the future and the need for additional funding to support its planned operations raise substantial doubt regarding the Company’s ability to continue as a going concern. Management's plans to alleviate the conditions that raise substantial doubt include completing the proposed merger with Avere Therapeutics, implementing restructuring activities designed to reduce operating expenditures, and pursuing partnership, licensing, sale and other opportunities to advance or monetize its legacy assets. While these plans are intended to improve the Company's liquidity position, the completion of the proposed merger and the concurrent private placement remains subject to stockholder approval and other closing conditions outside of the Company's control, and the Company's ability to monetize its legacy assets is uncertain. Accordingly, these plans are not considered probable of being effectively implemented and mitigating the substantial doubt within one year after the date the financial statements are issued. Accordingly, management has concluded that substantial doubt exists about the Company's ability to continue as a going concern. The accompanying financial statements have been prepared on a going concern basis, which contemplates the realization of assets and satisfaction of liabilities in the ordinary course of business. The financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts or the amounts and classification of liabilities that might result from the outcome of the uncertainties described above. The Company’s future operations are highly dependent on the closing of the Merger and there can be no assurances that the Merger will be successfully consummated. If the Merger is not consummated, the Company believes that its cash and cash equivalents as of June 30, 2026 would be adequate to fund its operating expenses into the fourth quarter of 2026. However, in order to continue development of its programs, the Company would need to secure substantial additional funding in the future, from one or more equity or debt financings, collaborations, or other sources. Additional funding may not be available to the Company on acceptable terms, or at all. The Company’s Board of Directors may also decide to pursue a dissolution and liquidation in lieu of continuing program development in the event the Merger is not consummated. The Company intends to execute its strategic plan, including completing the proposed merger transaction, restructuring its activities, managing its legacy assets and obligations and seeking to monetize its legacy programs and intellectual property.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of assets and liabilities as of the date of the condensed financial statements, and the reported amounts of revenues and expenses during the reporting periods. Although actual results could differ from those estimates, management does not believe that such differences would be material.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements The Company considers the applicability and impact of all Accounting Standards Updates (“ASUs”) issued by the Financial Accounting Standards Board. All other ASUs issued subsequent to the filing of the Company’s Annual Report were assessed and determined to be either inapplicable or not expected to have a material impact on the Company’s financial position or results of operations.

- Definition

Disclosure of accounting policy for the use of estimates in the preparation of financial statements in conformity with generally accepted accounting principles.

+ References

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+ Details

Asset Impairment (Details) $ in Thousands	6 Months Ended
Asset Impairment (Details) $ in Thousands	Jun. 30, 2026 USD ($)
Asset Impairment
Impairment charges	$ 5,077

Common Stock

6 Months Ended

Jun. 30, 2026

Common Stock.

Common Stock

10. Common Stock

Securities Purchase Agreement

On November 12, 2025, the Company entered into a securities purchase agreement (the “Purchase Agreement”) with certain institutional and accredited investors (each, a “Purchaser” and collectively, the “Purchasers”) for a private placement of an aggregate of (i) 708,428 shares (the “Shares”) of the Company’s common stock at a purchase price of $8.52 per share, and (ii) pre-funded warrants to purchase up to an aggregate of 1,815,049 shares of common stock at a purchase price of $8.519 per pre-funded warrant, which represents the per share purchase price of the Shares less the $0.001 per share exercise price for each pre-funded warrant. The pre-funded warrants are exercisable at any time after the date of issuance and will not expire. The offering closed on November 14, 2025. Proceeds from the offering, net of placement agent’s fees and other offering expenses, were $20.3 million. On December 11, 2025, the Shares and pre-funded warrants were effectively registered with the SEC.

Pre-Funded Warrants

The rights and privileges of the pre-funded warrants issued under the offering are set forth in the warrant agreement between the Company and each of the respective warrant holders. The pre-funded warrants are exercisable at the option of the warrant holder at any time and do not expire. Pre-funded warrants do not provide any of the rights or privileges provided by the Company's common stock, including any voting rights, until the pre-funded warrants are exercised and settled in underlying shares of common stock.

The Company evaluated the pre-funded warrants issued under the offering and concluded the warrants are indexed to the Company's common stock, meet the criteria to be classified as equity and are not subject to remeasurement. The proceeds received from the issuance of the pre-funded warrants were recorded as additional paid-in capital. The Company issued 117,371 shares of common stock upon the exercise of pre-funded warrants during the year ended December 31, 2025 and 456,855 shares of common stock upon the exercise of pre-funded warrants during the three and six months ended June 30, 2026. As of June 30, 2026, pre-funded warrants to purchase up to an aggregate of 1,240,823 shares of common stock remained outstanding.

At-The-Market Offering Agreement

On December 19, 2025, the Company entered into an at-the-market offering agreement (the “Wainwright ATM Agreement”) with H.C. Wainwright & Co., LLC (the “Agent”), pursuant to which the Company may sell, from time to time, up to an aggregate sales price of $14.5 million of its common stock, through the Agent. Actual sales will depend on a variety of factors to be determined by the Company from time to time, including, among other things, market conditions, the trading price of the common stock, capital needs and determinations by the Company of the appropriate sources of funding for the Company. During the six months ended June 30, 2026, 99,446 shares of common stock were sold under the Wainwright ATM Agreement for net proceeds of approximately $1.2 million.

Segment Information - Other Information (Details)	6 Months Ended
Segment Information - Other Information (Details)	Jun. 30, 2026 segment
Segment Information
Number of operating segment	1
Number of reporting segment	1

Stock-Based Compensation

6 Months Ended

Jun. 30, 2026

Stock-Based Compensation

Stock-Based Compensation

9. Stock-Based Compensation

Employee Equity Plans

The NextCure, Inc. 2015 Omnibus Incentive Plan (the “2015 Plan”) was adopted in December 2015 and provides for the grant of awards of stock options, restricted stock awards, unrestricted stock awards and restricted stock units to employees, consultants, and directors of the Company.

The NextCure, Inc. Amended and Restated 2019 Omnibus Incentive Plan (the “A&R 2019 Plan”) became effective on June 18, 2026, the date on which the Company’s stockholders approved the A&R 2019 Plan. The Company’s board of directors (the “Board”) determined not to make additional awards under the 2015 Plan following the effectiveness of the 2019 Plan. The A&R 2019 Plan provides for the grant of awards of stock options, stock appreciation rights, restricted stock, restricted stock units, deferred stock units, unrestricted stock, dividend equivalent rights, other equity-based awards and cash bonus awards to the Company’s officers, employees and non-employee directors as well as other key persons (including consultants).

The number of shares of common stock reserved for issuance under the A&R 2019 Plan is 241,666 plus the number of shares of stock related to awards outstanding under the 2015 Plan that subsequently terminate by expiration or forfeiture, cancellation or otherwise without the issuance of such shares, plus 80,000 shares of stock approved by the Company’s stockholders at the Company’s 2026 Annual Meeting of Stockholders. The number of shares reserved for issuance under the A&R 2019 Plan automatically increase each January 1st during the term of the A&R 2019 Plan by 4% of the number of fully diluted shares of the Company’s common stock outstanding on December 31st of the preceding calendar year or such lesser number of shares determined by the Company’s Board.

As of June 30, 2026, 139,500 shares were reserved for future grant under the A&R 2019 Plan. Stock options granted under the A&R 2019 Plan (together, the “Plans”) to employees generally vest over four years and expire after ten years. A summary of stock option activity for awards under the Plans is presented below:


	Options Outstanding and Exercisable
				Weighted
		Weighted		Average	Aggregate
		Average		Remaining	Intrinsic
	Number of	Exercise		Contractual	Value⁽¹⁾
	Shares	Price		Life (Years)	(in thousands)
Outstanding as of December 31, 2025	848,966	$	73.76	6.5	$	—
Granted	174,500	$	9.92	—		—
Exercised	(2,488)	$	5.76	—		—
Forfeitures	(5,960)	$	21.90	—		—
Outstanding as of June 30, 2026	1,015,018	$	63.26	6.6		—
Exercisable as of June 30, 2026	709,995	$	85.67	5.6	$	—

(1)	The aggregate intrinsic value is calculated as the difference between the exercise price of the underlying options and the estimated fair value of the common stock for the options that were in the money at December 31, 2025 and June 30, 2026.

The weighted average grant date fair value of stock options granted to employees for the six months ended June 30, 2026 was $7.61 using the Black-Scholes option pricing model. 2,488 stock options were exercised during the six months ended June 30, 2026. As of June 30, 2026, there was $2.3 million of total unrecognized compensation expense related to unvested options under the Plans that will be recognized over a weighted-average period of approximately 2.7 years.

The aggregate grant date fair value of stock options vested during the six months ended June 30, 2026 and 2025 was approximately $0.8 million and $3.7 million, respectively.

Stock-based compensation expense was classified on the statements of operations as follows for the three and six months ended June 30, 2026 and 2025:


		Three Months Ended						Six Months Ended
		June 30,						June 30,
(in thousands)		2026			2025			2026			2025
Research and development		$	112		$	285		$	236		$	865
General and administrative			192			302			412			1,086
Total stock-based compensation expense		$	304		$	587		$	648		$	1,951

The fair value of each option award is estimated on the date of grant using the Black-Scholes option-pricing model using the assumptions in the following table for options issued during the period indicated:


		Six Months Ended
		June 30,
		2026			2025
Expected term		6.0	years		6.0	years
Expected volatility		91.0	%		90.5	%
Risk free interest rate		3.9	%		4.4	%
Expected dividend yield		—	%		—	%

Employee Stock Purchase Plan

The NextCure, Inc. 2019 Employee Stock Purchase Plan (the “ESPP”) was approved in May 2019 and provides for eligible employees of the Company to purchase shares of Company stock at a discounted price. As of June 30, 2026, 32,020 shares of common stock had been issued pursuant to the ESPP and 80,461 shares were reserved for future issuance thereunder.

Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Jun. 30, 2026	Jul. 31, 2026
Cover Abstract
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2026
Document Transition Report	false
Securities Act File Number	001-38905
Entity Registrant Name	NextCure, Inc.
Entity Central Index Key	0001661059
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	47-5231247
Entity Address, Address Line One	8000 Virginia Manor Road
Entity Address, Address Line Two	Suite 140
Entity Address, City or Town	Beltsville
Entity Address, State or Province	MD
Entity Address, Postal Zip Code	20705
City Area Code	240
Local Phone Number	399-4900
Title of 12(b) Security	Common Stock, $0.001 par value per share
Trading Symbol	NXTC
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		4,577,359
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2026
Document Fiscal Period Focus	Q2
Amendment Flag	false

Subsequent Events (Details)			1 Months Ended	3 Months Ended
Subsequent Events (Details)	Aug. 01, 2026 USD ($)	Jul. 14, 2026 USD ($)	Jul. 28, 2026 USD ($)	Sep. 30, 2026 USD ($)	Aug. 06, 2026	Jul. 27, 2026 USD ($)	Jul. 01, 2026	Jun. 30, 2026	Nov. 30, 2022
Research Collaboration and Co-Development Agreement
Subsequent Event
Collaboration agreements cost sharing percentage (as a percent)								50.00%	50.00%
Subsequent Event
Subsequent Event
Restructuring cost				$ 2,400,000
Area of lease terminated			39,432
Area of land leased			29,864			69,296
Lease termination fee			$ 800,000
Sale of asset, cash consideration	$ 500,000
Gain (loss) on disposal of assets	$ 0
Subsequent Event \| Research Collaboration and Co-Development Agreement \| LigaChem Biosciences
Subsequent Event
Collaboration agreements cost sharing percentage (as a percent)					100.00%		50.00%
Subsequent Event \| Avere Therapeutics, Inc.
Subsequent Event
Aggregate purchase price		$ 320,000,000

Net Loss per Share Attributable to Common Stockholders

6 Months Ended

Jun. 30, 2026

Net Loss per Share Attributable to Common Stockholders

Net Loss per Share Attributable to Common Stockholders

12. Net Loss Per Share Attributable to Common Stockholders

Basic net loss per share is calculated by dividing net loss applicable to common stockholders by the weighted-average common shares outstanding during the period, without consideration for common stock equivalents. Diluted net loss per share is calculated by adjusting the weighted-average common shares outstanding for the dilutive effect of common stock equivalents outstanding for the period, determined using the treasury-stock method. For purposes of computing both basic and diluted net loss per share, pre-funded warrants are considered outstanding shares upon issuance because the underlying shares may be issued for nominal consideration and are exercisable immediately after the original issuance date. For the three and six months ended June 30, 2026, pre-funded warrants to purchase up to 1,240,823 shares of common stock in the aggregate were outstanding and included in the calculation of weighted average shares outstanding. Since the Company incurred net losses for the three and six months ended June 30, 2026 and 2025, common stock equivalents were excluded from the calculation of diluted net loss per share for such periods as their effect would be anti-dilutive. Therefore, the weighted average number of common shares outstanding used to calculate both basic and diluted net loss per share attributable to common stockholders is the same.

The computation for basic and diluted loss per share were as follows (in thousands, except share and per share data):


		Three Months Ended						Six Months Ended
		June 30,						June 30,
		2026			2025			2026			2025
Net loss (Numerator):
Net loss - basic and diluted		$	(14,892)		$	(26,808)		$	(24,688)		$	(37,784)
Shares (Denominator):
Weighted-average shares outstanding - basic and diluted			5,309,724			2,374,729			5,274,630			2,354,425
Loss per share - basic and diluted		$	(2.80)		$	(11.29)		$	(4.68)		$	(16.05)

The Company excluded the following potential common shares, presented based on amounts outstanding at period end, from the computation of diluted net loss per share attributable to common stockholders because including them would have had an anti-dilutive effect:


		June 30,
		2026	2025
Outstanding options to purchase common stock		1,015,018	855,087
Total		1,015,018	855,087

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Jun. 30, 2026
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Stock-Based Compensation - Assumptions (Details)	6 Months Ended
Stock-Based Compensation - Assumptions (Details)	Jun. 30, 2026	Jun. 30, 2025
Fair value assumptions
Expected term	6 years	6 years
Expected volatility	91.00%	90.50%
Risk free interest rate	3.90%	4.40%
Expected dividend yield	0.00%	0.00%

Segment Information - Significant expense categories (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025	Jun. 13, 2025
Segment Information
Upfront cash payment					$ 12,000
Research and development expenses
Total R&D	$ 7,425	$ 24,091	$ 14,259	$ 31,987
General and administrative expenses
Total G&A	2,592	3,201	5,863	6,927
Single reporting segment
Segment Information
Upfront cash payment		17,000		17,000
Research and development expenses
Employee costs	1,536	2,341	3,575	5,271
Clinical product candidates	4,250	2,569	7,290	5,604
Nonclincal product candidates	746	981	1,604	1,646
Depreciation and amortization	265	618	541	1,254
Other R&D	628	17,582	1,249	18,212
Total R&D	7,425	24,091	14,259	31,987
General and administrative expenses
Employee costs	877	1,374	2,400	3,451
Professional services	1,160	1,266	2,273	2,346
Insurance	233	243	455	505
Other G&A	322	318	735	625
Total G&A	$ 2,592	$ 3,201	$ 5,863	$ 6,927

Income Taxes

6 Months Ended

Jun. 30, 2026

Income Taxes

Income Taxes

13. Income Taxes

The Company did not record a provision or benefit for income taxes during the three and six month periods ended June 30, 2026 and 2025. The Company continues to maintain a full valuation allowance against its deferred tax assets.

The Company has evaluated the positive and negative evidence involving its ability to realize its deferred tax assets. Management has considered the Company’s history of cumulative net losses incurred since inception and its lack of any commercially ready products. The Company has concluded that it is more likely than not that the Company will not realize the benefits of the deferred tax assets. Management reevaluates the positive and negative evidence involving its ability to realize its deferred tax assets at each reporting period.

Under the provisions of Sections 382 and 383 of the Internal Revenue Code of 1986, as amended (the “IRC”), certain substantial changes in the Company’s ownership may have limited, or may limit in the future, the amount of net operating loss and research and development credit carryforwards that can be used to reduce future income taxes. We have not performed a detailed analysis to determine whether an ownership change under Section 382 of the IRC occurred. The effect of an ownership change would be the imposition of an annual limitation on the use of losses and credits attributable to periods before the change and could result in a reduction in the total losses and credits available.

On July 4, 2025, the One Big Beautiful Bill Act (the “Act”) was enacted into law. Given the Company’s history of operating losses and full valuation allowances against its deferred tax assets, the Act did not have a significant impact on the Company’s financial statements and is not expected to have a significant impact on the Company’s future financial statements.

- Definition

The entire disclosure for income tax.

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+ Details

Nature of the Business - Liquidity (Details) $ in Millions	Jul. 14, 2026 USD ($)	Jul. 14, 2025 shares
Class of Stock [Line Items]
Reverse stock split ratio		0.08
Reverse stock split shares \| shares		0
Avere Therapeutics, Inc. \| Subsequent Event
Class of Stock [Line Items]
Aggregate purchase price \| $	$ 320

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Paragraph 13
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 31: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 13
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 32: http://www.xbrl.org/2003/role/disclosureRef
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Reference 36: http://www.xbrl.org/2003/role/disclosureRef
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Reference 37: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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+ Details

Marketable Securities

6 Months Ended

Jun. 30, 2026

Marketable Securities

Marketable Securities

5. Marketable Securities

Marketable securities consist of the following:


		June 30, 2026
					Gross			Gross
		Amortized			Unrealized			Unrealized			Estimated
(in thousands)		Cost			Gain			Loss			Fair Value
Corporate bonds		$	4,831		$	—		$	(3)		$	4,828
Total		$	4,831		$	—		$	(3)		$	4,828


	December 31, 2025
			Gross		Gross
	Amortized		Unrealized		Unrealized		Estimated
(in thousands)	Cost		Gain		Loss		Fair Value
Corporate bonds	$	15,818	$	19	$	(1)	$	15,836
Total	$	15,818	$	19	$	(1)	$	15,836

The Company uses the specific identification method when calculating realized gains and losses. There were were no realized gains or losses on available-for-sale securities for the three months ended June 30, 2026 and a $1 thousand gain on available-for-sale securities for the six months ended June 30, 2026. The Company did not realize any gains or losses on available-for-sale securities for the three and six months ended June 30, 2025.

The Company reviewed all investments which were in a loss position at the respective balance sheet dates, as well as the remainder of the portfolio. As of June 30, 2026, the Company had investments with a total fair market value of $4.8 million in an immaterial unrealized loss position, of which none were in a continuous unrealized loss position for more than twelve months. The Company analyzed the unrealized losses and determined that market conditions were the primary factor driving these changes, and such unrealized losses are temporary as the Company anticipates a full recovery of the amortized cost basis of these securities at maturity. After analyzing the securities in an unrealized loss position, the portion of these losses that relates to changes in credit quality is insignificant. Furthermore, the Company does not believe that these securities expose the Company to undue market risk or counterparty credit risk.

The following table summarizes maturities of the Company’s investments available-for-sale as of
June 30, 2026:


	June 30, 2026
			Fair
(in thousands)	Cost		Value
Maturities:
Within 1 year	$	4,831	$	4,828
Total investments available-for-sale	$	4,831	$	4,828

The Company has elected to report interest receivable from its marketable securities with prepaid expenses and other current assets on its balance sheet. Interest receivable included in prepaid expenses and other current assets totaled $0.1 million and $0.3 million as of June 30, 2026 and December 31, 2025, respectively.

CONDENSED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 15,260	$ 25,982
Marketable securities	4,828	15,836
Prepaid expenses and other current assets	2,167	1,929
Total current assets	22,255	43,747
Property and equipment, net	283	3,273
Right of use assets		2,617
Other assets	82	546
Total assets	22,620	50,183
Current liabilities:
Accounts payable	2,578	2,011
Accrued liabilities and other liabilities	3,835	8,555
Total current liabilities	6,413	10,566
Lease liabilities, long term	3,603	4,148
Other long-term liabilities	455	526
Total liabilities	10,471	15,240
Stockholders' equity:
Preferred stock, par value of $0.001 per share; 10,000,000 shares authorized at June 30, 2026 and December 31, 2025; No shares issued and outstanding at June 30, 2026 and December 31, 2025
Common stock, par value of $0.001 per share; 100,000,000 shares authorized at June 30, 2026 and December 31, 2025; 4,068,951 and 3,505,621 shares issued and outstanding at June 30, 2026 and December 31, 2025, respectively	4	4
Additional paid-in capital	472,816	470,898
Accumulated other comprehensive (loss) income	(3)	21
Accumulated deficit	(460,668)	(435,980)
Total stockholders' equity	12,149	34,943
Total liabilities and stockholders' equity	$ 22,620	$ 50,183

CONDENSED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Operating expenses:
Research and development	$ 7,425	$ 24,091	$ 14,259	$ 31,987
General and administrative	2,592	3,201	5,863	6,927
Restructuring and asset impairment charges	5,077		5,077
Total operating expenses	15,094	27,292	25,199	38,914
Loss from operations	(15,094)	(27,292)	(25,199)	(38,914)
Other income, net	202	484	511	1,130
Net loss	$ (14,892)	$ (26,808)	$ (24,688)	$ (37,784)
Net loss per common share
Basic (in dollars per share)	$ (2.8)	$ (11.29)	$ (4.68)	$ (16.05)
Diluted (in dollars per share)	$ (2.8)	$ (11.29)	$ (4.68)	$ (16.05)
Weighted average shares outstanding
Basic (in shares)	5,309,724	2,374,729	5,274,630	2,354,425
Diluted (in shares)	5,309,724	2,374,729	5,274,630	2,354,425
Comprehensive loss:
Net loss	$ (14,892)	$ (26,808)	$ (24,688)	$ (37,784)
Unrealized loss on marketable securities	(1)	(7)	(24)	(11)
Total comprehensive loss	$ (14,893)	$ (26,815)	$ (24,712)	$ (37,795)

Asset Impairment

6 Months Ended

Jun. 30, 2026

Asset Impairment

Asset Impairment

8. Asset Impairment

During the quarter ended June 30, 2026, the Company experienced a sustained decline in its stock price and market capitalization. As management met with potential investors and concluded they would not be able to raise additional capital, management had strong market indications that the value of its long-lived assets might not be recoverable. In addition, on July 14, 2026, the Company announced that it entered into an Agreement and Plan of Merger and Reorganization with Avere Therapeutics and its Board of Directors had approved a restructuring and workforce reduction plan intended to align the Company’s operations with its anticipated needs pending completion of the proposed merger. The Company also announced its intention to dispose of certain long-lived assets, including right-of-use assets. See Note 15, Subsequent Events.

These events are circumstances under ASC 360-10, Impairment and Disposal of Long-Lived Assets, that indicate the carrying value of its long-lived assets, including right-of-use assets, may not be recoverable. As a clinical stage life sciences company with one segment and no revenue, the Company concluded the applicable asset group was the entire company. The Company took an income approach to estimate the undiscounted cash flow for the asset group driven by the amount of proceeds generated in an asset purchase agreement entered into subsequent to June 30, 2026. See Note 15, Subsequent Events. Comparing the estimated undiscounted cash flows from the sale of equipment to the carrying value of the long-lived assets, the Company determined an impairment was present and recorded $5.1 million of impairment charges related to operating right-of-use assets and property and equipment for the three and six-months ended June 30, 2026.

Assumptions used in this analysis included estimates of the salvage value for property and equipment that is no longer in use. This assumption is considered a nonrecurring Level 3 estimate.

Fair Value Measurements

6 Months Ended

Jun. 30, 2026

Fair Value Measurements

Fair Value Measurements

6. Fair Value Measurements

The Company has certain financial assets recorded at fair value, which have been classified as Level 1, 2 or 3 within the fair value hierarchy as described in the accounting standards for fair value measurements.

Level 1—Quoted market prices in active markets for identical assets or liabilities.

Level 2—Inputs other than Level 1 inputs that are either directly or indirectly observable, such as quoted market prices, interest rates and yield curves.

Level 3—Unobservable inputs developed using estimates of assumptions developed by the Company, which reflect those that a market participant would use.

To the extent the valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair values requires more judgment. Accordingly, the degree of judgment exercised by the Company in determining fair value is greatest for instruments categorized as Level 3. A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement.

The following tables set forth the fair value of the Company’s financial assets by level within the fair value hierarchy as of June 30, 2026 and December 31, 2025:


		June 30, 2026
								Significant
					Quoted Prices in			Other
					Active Markets or			Observable			Significant
					Identical Assets			Inputs			Unobservable
(in thousands)		Total			(Level 1)			(Level 2)			(Level 3)
Cash equivalents:
Money market funds		$	14,760		$	14,760		$	—		$	—
Marketable securities:
Corporate bonds			4,828			—			4,828			—
Total		$	19,588		$	14,760		$	4,828		$	—


		December 31, 2025
								Significant
					Quoted Prices in			Other
					Active Markets or			Observable			Significant
					Identical Assets			Inputs			Unobservable
(in thousands)		Total			(Level 1)			(Level 2)			(Level 3)
Cash equivalents:
Money market funds		$	25,420		$	25,420		$	—		$	—
Marketable securities:
Corporate bonds			15,836			—			15,836			—
Total		$	41,256		$	25,420		$	15,836		$	—

The Company did not transfer any assets measured at fair value on a recurring basis between levels during the three months ended June 30, 2026.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
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-Section 55
-Paragraph 107
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Reference 3: http://www.xbrl.org/2003/role/exampleRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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-Topic 820
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

Subsequent Events

6 Months Ended

Jun. 30, 2026

Subsequent Events

Subsequent Events

15. Subsequent Events

Merger Agreement with Avere Therapeutics, Inc.

On July 14, 2026, the Company entered into a definitive merger agreement with Avere Therapeutics, providing for an all-stock transaction. Upon completion of the merger, the combined company is expected to operate as Avere Therapeutics, Inc. and trade on Nasdaq under the ticker symbol "AVRX." The merger is subject to customary closing conditions and stockholder approval. As of the filing date of this Quarterly Report on Form 10-Q, the merger has not been completed and NextCure continues to operate as a standalone company. The transaction is expected to close in the second half of 2026. Following completion of the merger, the combined company is expected to be led by Avere's management team and governed by a board of directors constituted in accordance with the merger agreement. NextCure stockholders are expected to retain an ownership interest in the combined company and receive contingent value rights ("CVRs") tied to the potential future monetization of certain legacy NextCure assets.

Concurrent with the execution of the merger Agreement, certain institutional and accredited investors have entered into a securities purchase agreement with Avere, pursuant to which they have agreed, to purchase shares of Avere capital stock and pre-funded warrants to purchase shares of Avere capital stock for an aggregate purchase price of approximately $320 million in a private placement.

Employee Matters

On July 14, 2026, the Board approved a restructuring and workforce reduction plan (the “Plan”) intended to better align the Company’s workforce and operations with the anticipated needs of its business pending the closing of the merger. The Plan began in July 2026 and is expected to result in a reduction in force affecting a substantial majority of the Company’s workforce during the quarter ending September 30, 2026, in conjunction with the planned transition under the terms of the merger agreement. Following implementation of the Plan, the Company expects to retain its executive officers, each of whom is expected to continue as an employee of the Company, together with personnel in clinical, regulatory, finance and CMC (chemistry, manufacturing and controls) functions. These retained personnel support the Company’s ongoing obligations under the Transition and Continuation Agreement with LigaChem described below, including support of the ongoing LNCB74 clinical trial; the transition of patients enrolled in the SIM0505 study; the Company’s efforts to partner, license or otherwise monetize its legacy assets; the Company’s obligations as a reporting company under the Exchange Act; and the completion of the proposed merger.

In connection with the implementation of the Plan, the Company expects to incur one-time charges and cash expenditures of approximately $2.4 million through October 31, 2026, primarily related to employee wages and severance payments, healthcare continuation and related termination costs. The Company expects to incur these charges primarily during the third quarter of 2026 and payment of these charges is expected to be completed by the fourth quarter of 2026.

Transition and Continuation Agreement with LigaChem

On July 14, 2026, the Company announced that it had informed LigaChem that the Company had opted out of continued cost-sharing for LNCB74. On August 6, 2026, the Company and LigaChem entered into a Transition and Continuation Agreement, pursuant to which LigaChem exercised its rights under the LigaChem Agreement to continue as the Sole Developing Party with respect to LNCB74 and thereby assume full control of LNCB74 development, and 100% responsibility for all LNCB74 program costs incurred for the LNCB74 program on or after July 1, 2026. The Company agreed to provide certain transition support to LigaChem, including interim support for the ongoing clinical trial while the parties implement transfer of program-related materials, regulatory documentation, vendor agreements, inventory and related records, and LigaChem will reimburse the Company for certain full-time equivalent support costs the Company incurs supporting the program transfer. The Company’s transition support obligations are expected to continue through the transition period and are performed by Company personnel retained following the restructuring described above, including clinical and regulatory personnel supporting the conduct of the ongoing LNCB74 clinical trial. Amounts incurred

by the Company and LigaChem prior to July 1, 2026 will be shared under the 50-50 cost-sharing arrangement of the LigaChem Agreement. As per the terms of the LigaChem Agreement, LigaChem as Sole Developing Party will pay the Company certain developmental, regulatory and commercial milestones and single-digit royalties on future net sales of LNCB74.

SIM0505

On July 14, 2026, the Company announced that it had informed all U.S. clinical trial sites to stop screening, consenting, enrolling, and delivering first doses to new patients in the SIM0505 study. The Company also announced that it no longer intended to expand the clinical site footprint for SIM0505 into Europe and Canada. The Company is working with clinical trial sites and principal investigators to develop and implement plans to cease treatment of patients currently on study and to transition such patients, as appropriate, to alternative therapies in accordance with applicable requirements.

The Company is seeking opportunities to partner, license or otherwise monetize its rights to SIM0505. Any strategic alternatives with respect to SIM0505 would be pursued in accordance with the terms of the existing License Agreement with Zaiming.

Leases

On July 27, 2026 and August 3, 2026, respectively, the Company entered into a seventh amendment and eighth amendment to its lease agreement with ARE-8000/9000/10000 Virginia Manor, LLC (such amendments, the “Amendments”), pursuant to which the Company terminated leases for approximately 39,432 rentable square feet of manufacturing, laboratory and office space. Following the Amendments, the Company's leased premises were reduced from approximately 69,296 rentable square feet to 29,864 rentable square feet. In connection with the Amendments, the Company is required to pay a one-time fee of $0.8 million for such reduction. The Company will account for the Amendments as a lease termination under ASC 842 during the quarter ending September 30, 2026, including the remeasurement of its operating lease liabilities and related right-of-use asset. The Amendments were executed after the second quarter ended June 30, 2026 and, accordingly, their effects are not reflected in the accompanying condensed financial statements.

Asset Purchase Agreement with Xcellon

On July 31, 2026 the Company entered into an Asset Purchase Agreement with Xcellon Biologics, LLC (“Xcellon”), pursuant to which the Company agreed to sell certain equipment, furniture, fixtures, supplies, permits and other assets located at the Company's Beltsville, Maryland facility. The assets subject to the agreement consist primarily of manufacturing, laboratory and facility-related assets associated with the Company's ongoing restructuring activities. The Company received cash consideration of approximately $0.5 million. No gain or loss related to the transaction has been recognized in the accompanying condensed financial statements as of June 30, 2026.

Leases - Maturities (Details) $ in Thousands	Jun. 30, 2026 USD ($)
Future minimum lease payments
2026	$ 684
2027	1,396
2028	1,438
2029	1,481
2030	376
Total future minimum payments	5,375
Less: present value discount	(709)
Present value of lease liabilities	$ 4,666

Collaboration Agreement (Details) $ in Millions	1 Months Ended	6 Months Ended
Collaboration Agreement (Details) $ in Millions	Nov. 30, 2022 item	Jun. 30, 2026 USD ($)	Aug. 06, 2026	Jul. 01, 2026
LigaChem Biosciences
Collaboration Agreements
Additional receivable on collaboration agreements, finalization of cost sharing		$ 0.8
Research Collaboration and Co-Development Agreement
Collaboration Agreements
Maximum number of antibody drug conjugates to be developed \| item	3
Collaboration agreements cost sharing percentage (as a percent)	50.00%	50.00%
Collaboration arrangement reduction in expenses		$ 0.6
Research Collaboration and Co-Development Agreement \| LigaChem Biosciences \| Subsequent Event
Collaboration Agreements
Collaboration agreements cost sharing percentage (as a percent)			100.00%	50.00%

Collaboration Agreement

6 Months Ended

Jun. 30, 2026

Collaboration Agreement

Collaboration Agreement

4. Collaboration Agreement

In November 2022, the Company entered into a Research and Collaboration and Co-Development Agreement (the “LigaChem Agreement”) with LigaChem Biosciences, Inc., formerly known as LegoChem Biosciences, Inc. (“LigaChem”), to develop up to three antibody drug conjugates. Under the terms of the LigaChem Agreement, both parties equally share the costs of developing the molecules and profits on commercialized products. The LigaChem Agreement provided for up to three research programs for which a research plan could be developed. With respect to a research plan, each party shall use reasonable efforts to execute and perform the activities assigned to it and shall be solely responsible for costs associated with its assigned activities. Upon successful completion of a research plan, or as otherwise agreed, the parties may designate a research product as a co-development product. Upon designation of a co-development product, cost sharing on a 50-50 basis between the Company and LigaChem would begin. The activities associated with the research plan and co-development products will be coordinated by a joint steering committee, which is comprised of an equal number of representatives from the Company and LigaChem. If and when a co-development product becomes commercialized, the Company and LigaChem would equally share in the profits. There are no implied licenses or other rights created under the LigaChem Agreement after designation of a co-development product.

Effective April 1, 2023, the parties designated LNCB74 as the first co-development product under the LigaChem Agreement. As such, cost sharing on a 50-50 basis commenced for the first co-development product under the LigaChem Agreement. LNCB74 is the only co-development product under the LigaChem Agreement.

Given the involvement by both parties under the LigaChem Agreement, management assessed the criteria under ASC 808, Collaborative Arrangements (“ASC 808”), to determine if such agreement is within the scope of ASC 808. Based on the terms of the LigaChem Agreement, the Company concluded that the LigaChem Agreement meets the requirements of a collaboration within the guidance of ASC 808. The Company and LigaChem are active participants in the activities associated with the LigaChem Agreement and are exposed to significant risks and rewards dependent on the commercial success of the activity. The LigaChem Agreement is not reflective of a vendor-customer relationship and therefore not within the scope of ASC 606, Revenue from Contracts with Customers. Accordingly, the net costs associated with the co-development are expensed as incurred and recognized within research and development expenses on the statement of operations.

As of June 30, 2026, LNCB74 was the lone co-development product and was in the early stages of development. During the three months ended June 30, 2026, the Company incurred more costs than LigaChem under the LigaChem Agreement and recorded a corresponding reduction of $0.6 million in research and development costs reflecting the 50-50 cost sharing terms. A $0.8 million receivable is included in prepaid expenses and other current assets for amounts owed by LigaChem as of June 30, 2026.

Subsequent to June 30, 2026, the Company modified its participation in the LNCB74 co-development program and entered into the Transition and Continuation Agreement with LigaChem. For additional information regarding these arrangements, see Note 15, Subsequent Events.

CONDENSED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
CONDENSED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities:
Net loss	$ (24,688)	$ (37,784)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	555	1,287
Amortization of premiums and discounts on marketable securities	(100)	(386)
Stock-based compensation	648	1,951
Noncash operating lease expense	315	288
Asset impairment	5,077
Changes in operating assets and liabilities:
Prepaid expenses and other assets	(113)	(1,716)
Accounts payable	567	(2,809)
Accrued liabilities and other liabilities	(4,722)	4,016
Lease liabilities	(545)	(488)
Other long-term liabilities	(72)	(66)
Net cash used in operating activities	(23,078)	(35,707)
Cash flows from investing activities:
Sales and maturities of marketable securities	11,086	37,558
Purchases of marketable securities		(26,705)
Net cash provided by investing activities	11,086	10,853
Cash flows from financing activities:
Proceeds from issuance of common stock		2,000
Net proceeds from at-the-market sales	1,234
Proceeds from exercise of stock options	14
Proceeds from shares issued under ESPP	22	19
Net cash provided by financing activities	1,270	2,019
Net increase (decrease) in cash and cash equivalents	(10,722)	(22,835)
Cash and cash equivalents - beginning of period	25,982	27,727
Cash and cash equivalents - end of period	15,260	4,892
Supplemental disclosures of cash flow information:
Cash paid for interest	$ 27	$ 32

CONDENSED STATEMENTS OF STOCKHOLDERS' EQUITY (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
CONDENSED STATEMENTS OF STOCKHOLDERS' EQUITY
Unrealized gain (loss) on marketable securities, tax expense (benefit)	$ 0	$ 0

CONDENSED BALANCE SHEETS - (Parenthetical) - $ / shares	Jun. 30, 2026	Dec. 31, 2025
CONDENSED BALANCE SHEETS
Preferred stock, par value per share	$ 0.001	$ 0.001
Preferred stock, number of shares authorized	10,000,000	10,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value per share	$ 0.001	$ 0.001
Common stock, number of shares authorized	100,000,000	100,000,000
Common stock, shares issued	4,068,951	3,505,621
Common stock, shares outstanding	4,068,951	3,505,621

- Definition

Number of shares of common stock outstanding. Common stock represent the ownership interest in a corporation.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

- Definition

The maximum number of nonredeemable preferred shares (or preferred stock redeemable solely at the option of the issuer) permitted to be issued by an entity's charter and bylaws.

+ References + Details

- Definition

Number of shares issued for nonredeemable preferred shares and preferred shares redeemable solely at option of issuer. Includes, but is not limited to, preferred shares issued, repurchased, and held as treasury shares. Excludes preferred shares classified as debt.

+ References + Details

- Definition

Aggregate share number for all nonredeemable preferred stock (or preferred stock redeemable solely at the option of the issuer) held by stockholders. Does not include preferred shares that have been repurchased.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 505
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-Name Accounting Standards Codification
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+ Details

Stock-Based Compensation (Tables)

6 Months Ended

Jun. 30, 2026

Stock-Based Compensation

Summary of stock option activity


	Options Outstanding and Exercisable
				Weighted
		Weighted		Average	Aggregate
		Average		Remaining	Intrinsic
	Number of	Exercise		Contractual	Value⁽¹⁾
	Shares	Price		Life (Years)	(in thousands)
Outstanding as of December 31, 2025	848,966	$	73.76	6.5	$	—
Granted	174,500	$	9.92	—		—
Exercised	(2,488)	$	5.76	—		—
Forfeitures	(5,960)	$	21.90	—		—
Outstanding as of June 30, 2026	1,015,018	$	63.26	6.6		—
Exercisable as of June 30, 2026	709,995	$	85.67	5.6	$	—

(1)	The aggregate intrinsic value is calculated as the difference between the exercise price of the underlying options and the estimated fair value of the common stock for the options that were in the money at December 31, 2025 and June 30, 2026.

Summary of stock based compensation expense recorded


		Three Months Ended						Six Months Ended
		June 30,						June 30,
(in thousands)		2026			2025			2026			2025
Research and development		$	112		$	285		$	236		$	865
General and administrative			192			302			412			1,086
Total stock-based compensation expense		$	304		$	587		$	648		$	1,951

Summary of assumptions used in the Black Scholes option pricing model for stock options granted


		Six Months Ended
		June 30,
		2026			2025
Expected term		6.0	years		6.0	years
Expected volatility		91.0	%		90.5	%
Risk free interest rate		3.9	%		4.4	%
Expected dividend yield		—	%		—	%

Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2026

Fair Value Measurements

Summary of fair value of the Company's financial assets

The following tables set forth the fair value of the Company’s financial assets by level within the fair value hierarchy as of June 30, 2026 and December 31, 2025:


		June 30, 2026
								Significant
					Quoted Prices in			Other
					Active Markets or			Observable			Significant
					Identical Assets			Inputs			Unobservable
(in thousands)		Total			(Level 1)			(Level 2)			(Level 3)
Cash equivalents:
Money market funds		$	14,760		$	14,760		$	—		$	—
Marketable securities:
Corporate bonds			4,828			—			4,828			—
Total		$	19,588		$	14,760		$	4,828		$	—


		December 31, 2025
								Significant
					Quoted Prices in			Other
					Active Markets or			Observable			Significant
					Identical Assets			Inputs			Unobservable
(in thousands)		Total			(Level 1)			(Level 2)			(Level 3)
Cash equivalents:
Money market funds		$	25,420		$	25,420		$	—		$	—
Marketable securities:
Corporate bonds			15,836			—			15,836			—
Total		$	41,256		$	25,420		$	15,836		$	—

Segment Information

6 Months Ended

Jun. 30, 2026

Segment Information

Segment Information

11. Segment Information

We operate our business in one operating segment, which also represents one reportable segment: life sciences. The life sciences segment focuses on advancing innovative medicines that, in the case of the Company, treat cancer patients that do not respond to, or that have disease progression on, current therapies, through the use of differentiated mechanisms of action including ADCs. The Company’s chief operating decision maker (“CODM”) is the chief executive officer.

The accounting policies of the life sciences segment are the same as those described in Note 2, Summary of Significant Accounting Policies. The CODM assesses performance for the life science segment based on net loss, which is reported on the statements of operations and comprehensive net loss as net loss. The measure of segment assets is reported on the balance sheet as total assets.

To date, the Company has not generated any product revenue. The Company expects to continue to incur significant expenses and operating losses for the foreseeable future as it executes its strategic plan, including completing

the proposed merger transaction, restructuring its activities, managing its legacy assets and obligations and seeking to monetize its legacy programs and intellectual property.

As such, the CODM uses cash forecast models in deciding how to invest into the life sciences segment. Such cash forecast models are reviewed to assess the entity-wide operating results and performance. Net loss is used to monitor budget versus actual results. Monitoring budgeted versus actual results is used in assessing performance of the segment and in establishing management’s compensation, along with cash forecast models.

The tables below summarize the significant expense categories regularly reviewed by the CODM for the three and six months ended June 30, 2026 and 2025:


	Three Months Ended						Six Months Ended
(in thousands)	June 30,						June 30,
	2026			2025			2026				2025
Research and development expenses
Employee costs	$	1,536		$	2,341		$	3,575		$	5,271
Clinical product candidates		4,250			2,569			7,290			5,604
Nonclinical product candidates		746			981			1,604			1,646
Depreciation and amortization		265			618			541			1,254
Other R&D (1)		628			17,582			1,249			18,212
Total R&D	$	7,425		$	24,091		$	14,259		$	31,987


General and administrative expenses
Employee costs	$	877		$	1,374		$	2,400		$	3,451
Professional services		1,160			1,266			2,273			2,346
Insurance		233			243			455			505
Other G&A (2)		322			318			735			625
Total G&A	$	2,592		$	3,201		$	5,863		$	6,927

(1)

(2)

Other G&A consists of facilities related expenses, depreciation, office expenses and taxes and fees.

- Definition

The entire disclosure for segment reporting.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Leases (Tables)

6 Months Ended

Jun. 30, 2026

Leases

Schedule of future minimum lease payments under non-cancellable leases




2026		$	684
2027			1,396
2028			1,438
2029			1,481
2030			376
Total future minimum payments		$	5,375
Less: present value discount			(709)
Present value of lease liabilities		$	4,666

CONDENSED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive (Loss) Income	Accumulated Deficit	Total
Balance at the beginning at Dec. 31, 2024	$ 2	$ 445,602	$ 4	$ (380,136)	$ 65,472
Balance at the beginning (in shares) at Dec. 31, 2024	2,333,896
Increase (Decrease) in Stockholders' Deficit
Stock based compensation		1,363			1,363
Unrealized loss on marketable securities, net of tax			(4)		(4)
Net loss				(10,976)	(10,976)
Balance at the end at Mar. 31, 2025	$ 2	446,965		(391,112)	55,855
Balance at the end (in shares) at Mar. 31, 2025	2,333,896
Balance at the beginning at Dec. 31, 2024	$ 2	445,602	4	(380,136)	65,472
Balance at the beginning (in shares) at Dec. 31, 2024	2,333,896
Increase (Decrease) in Stockholders' Deficit
Net loss					(37,784)
Balance at the end at Jun. 30, 2025	$ 2	447,571	(7)	(417,920)	29,646
Balance at the end (in shares) at Jun. 30, 2025	2,337,516
Balance at the beginning at Dec. 31, 2024	$ 2	445,602	4	(380,136)	65,472
Balance at the beginning (in shares) at Dec. 31, 2024	2,333,896
Balance at the end at Dec. 31, 2025	$ 4	470,898	21	(435,980)	$ 34,943
Balance at the end (in shares) at Dec. 31, 2025	3,505,621				3,505,621
Balance at the beginning at Mar. 31, 2025	$ 2	446,965		(391,112)	$ 55,855
Balance at the beginning (in shares) at Mar. 31, 2025	2,333,896
Increase (Decrease) in Stockholders' Deficit
Stock based compensation		587			587
Issuance of shares under ESPP		19			19
Issuance of shares under ESPP (in shares)	3,620
Unrealized loss on marketable securities, net of tax			(7)		(7)
Net loss				(26,808)	(26,808)
Balance at the end at Jun. 30, 2025	$ 2	447,571	(7)	(417,920)	29,646
Balance at the end (in shares) at Jun. 30, 2025	2,337,516
Balance at the beginning at Dec. 31, 2025	$ 4	470,898	21	(435,980)	$ 34,943
Balance at the beginning (in shares) at Dec. 31, 2025	3,505,621				3,505,621
Increase (Decrease) in Stockholders' Deficit
Stock based compensation		344			$ 344
Exercise of stock options		14			14
Exercise of stock options (in shares)	2,488
Issuances of shares from at-the-market sales, net of expenses		1,234			1,234
Issuances of shares from at-the-market sales, net of expenses (in shares)	99,446
Unrealized loss on marketable securities, net of tax			(23)		(23)
Net loss				(9,796)	(9,796)
Balance at the end at Mar. 31, 2026	$ 4	472,490	(2)	(445,776)	26,716
Balance at the end (in shares) at Mar. 31, 2026	3,607,555
Balance at the beginning at Dec. 31, 2025	$ 4	470,898	21	(435,980)	$ 34,943
Balance at the beginning (in shares) at Dec. 31, 2025	3,505,621				3,505,621
Increase (Decrease) in Stockholders' Deficit
Exercise of stock options (in shares)					2,488
Net loss					$ (24,688)
Balance at the end at Jun. 30, 2026	$ 4	472,816	(3)	(460,668)	$ 12,149
Balance at the end (in shares) at Jun. 30, 2026	4,068,951				4,068,951
Balance at the beginning at Mar. 31, 2026	$ 4	472,490	(2)	(445,776)	$ 26,716
Balance at the beginning (in shares) at Mar. 31, 2026	3,607,555
Increase (Decrease) in Stockholders' Deficit
Stock based compensation		304			304
Issuance of shares under ESPP		22			22
Issuance of shares under ESPP (in shares)	4,541
Exercise of pre-funded warrants (in shares)	456,855
Unrealized loss on marketable securities, net of tax			(1)		(1)
Net loss				(14,892)	(14,892)
Balance at the end at Jun. 30, 2026	$ 4	$ 472,816	$ (3)	$ (460,668)	$ 12,149
Balance at the end (in shares) at Jun. 30, 2026	4,068,951				4,068,951

License Agreement (Details) - USD ($) $ in Millions	Jun. 13, 2025	Oct. 31, 2025
License Agreement
Consideration agreed	$ 17.0
Upfront cash payment	12.0
Consideration payable	5.0
License agreement expense	18.5
Upon initiation of the first Phase 1 clinical trial for SIM0505
License Agreement
Consideration agreed	1.5
Upon initiation of the first Phase 2 clinical trial for SIM0505
License Agreement
Value of stock agreed to be issued	1.0
Upon achieving development and regulatory milestone of Zaiming Product
License Agreement
Consideration payable		$ 1.5
Upon achieving development and regulatory milestone of Zaiming Product \| Maximum
License Agreement
Milestone payments	166.5
Upon achieving development and regulatory milestone of NextCure Product \| Maximum
License Agreement
Milestone payments	25.5
Upon achieving commercial sales-based milestone \| Maximum
License Agreement
Milestone payments	$ 535.0

Commitments and Contingencies

6 Months Ended

Jun. 30, 2026

Commitments and Contingencies.

Commitments and Contingencies

14. Commitments and Contingencies

Legal Proceedings

From time to time, the Company is a party to litigation or legal proceedings arising in the ordinary course of business. The Company is not currently a party to any litigation or legal proceeding, nor is management aware of any pending or threatened litigation that, in the opinion of the Company’s management, is likely to materially affect the Company’s business or financial results. At each reporting date, the Company evaluates whether a potential loss amount

or a potential range of loss is probable and reasonably estimable under the provisions of the authoritative guidance that addresses accounting for contingencies. The Company expenses the costs related to its legal proceedings as incurred.