NextCure closes $21.5M PIPE led by Ikarian, Squadron; extends cash runway into H1 2027

NextCure, Inc.

Gross proceeds of ~$21.5M from PIPE closed Nov 14, 2025; 708,428 shares at $8.52 and 1,815,049 pre-funded warrants at $8.519.
Lead investors: Ikarian Capital, Squadron Capital Management, Affinity Healthcare Fund, Exome Asset Management; H.C. Wainwright placement agent.
Cash runway extended into H1 2027, beyond planned H1 2026 POC data readouts for SIM0505 (CDH6 ADC) and LNCB74 (B7-H4 ADC).
Registration rights agreement entered to file resale registration statement with SEC for the sold securities.
Management believes existing cash, equivalents, and marketable securities sufficient to fund operations into first half of 2027.

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