NextCure (NXTC) private placement adds $21.5M and extends cash runway

Rhea-AI Filing Summary

NextCure, Inc. entered into a securities purchase agreement for a private placement of 708,428 shares of common stock at $8.52 per share and pre-funded warrants to purchase up to 1,815,049 shares at $8.519 per warrant, raising gross proceeds of about $21.5 million before fees. The pre-funded warrants are exercisable immediately and do not expire. NextCure agreed to register the resale of the shares and warrant shares for the participating institutional and accredited investors and to temporarily restrict additional equity issuance, subject to exceptions. The company also announced that, based on its assumptions, its cash, cash equivalents and marketable securities are expected to fund planned operations into the first half of 2027.

Insights

Biotech capital markets analyst

NextCure raises $21.5M in a private placement and projects funding into 1H 2027.

NextCure completed a private placement of 708,428 common shares at $8.52 and pre-funded warrants for up to 1,815,049 additional shares at $8.519, for gross proceeds of about $21.5 million before fees. Pre-funded warrants are structured with a nominal exercise price of $0.001 per share and are exercisable immediately with no expiration, which can simplify eventual share issuance once investors choose to exercise.

The company entered into a registration rights agreement to register the resale of the shares and pre-funded warrant shares, giving investors a pathway to liquidity once a registration statement is effective. It also agreed not to issue additional common stock or equivalents, with certain exceptions, until 30 days after that registration statement is declared effective, which temporarily limits further equity issuance.

Separately, NextCure stated that, based on its assumptions, existing cash, cash equivalents and marketable securities are expected to fund planned operations into the first half of 2027. The combination of new capital and this funding outlook provides visibility on operational runway, though actual duration depends on whether the underlying assumptions hold.

8-K Event Classification

5 items: 1.01, 3.02, 7.01, 8.01, 9.01

5 items

Item 1.01 Entry into a Material Definitive Agreement Business

The company signed a significant contract such as a merger agreement, credit facility, or major partnership.

Item 3.02 Unregistered Sales of Equity Securities Securities

The company sold equity securities in a private placement or other unregistered transaction.

Item 7.01 Regulation FD Disclosure Disclosure

Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.

Item 8.01 Other Events Other

Voluntary disclosure of events the company deems important to shareholders but not covered by other items.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, and exhibit attachments filed with this report.

Understanding 8-K Material Events →

0001661059false00016610592025-11-122025-11-12

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): November 12, 2025

NextCure, Inc.

(Exact name of registrant as specified in its charter)

Delaware
(State or other jurisdiction of incorporation) 001-38905
(Commission File Number) 47-5231247
(IRS Employer Identification No.)

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9000 Virginia Manor Road, Suite 200 Beltsville, Maryland		20705
(Address of principal		(Zip Code)
executive offices)

Registrant's telephone number, including area code: (240) 399-4900

(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, $0.001 par value per share	NXTC	Nasdaq Global Select Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). Emerging growth company ☐

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If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 1.01Entry into a Material Definitive Agreement

Securities Purchase Agreement

On November 12, 2025, NextCure, Inc. (“NextCure” or 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 (the “Offering”) of an aggregate of (i) 708,428 shares (the “Shares”) of the Company’s common stock, par value $0.001 per share (the “Common Stock”), at a purchase price of $8.52 per share, and (ii) pre-funded warrants (the “Pre-Funded Warrants”) to purchase up to an aggregate of 1,815,049 shares of Common Stock (the “Pre-Funded Warrant Shares”) 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 will be exercisable at any time after the date of issuance and will not expire.

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The Offering closed on November 14, 2025. The Offering raised gross proceeds to the Company in the amount of approximately $21.5 million prior to deducting placement agent’s fees and other Offering expenses payable by the Company.

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H.C. Wainwright & Co. acted as the sole placement agent for the Offering. The Company has agreed to pay customary placement fees and reimburse certain expenses of the placement agent.

Pursuant to the Purchase Agreement, the Company has agreed not to issue (or enter into any agreement to issue) any shares of Common Stock or Common Stock equivalents, subject to certain exceptions, until 30 days after the date the Registration Statement (defined below) is declared effective by the Securities and Exchange Commission or following certain other customary occurrences.

The Purchase Agreement contains customary representations, warranties and agreements by the Company, indemnification obligations of the Company and the Purchasers, including for liabilities under the Securities Act of 1933, as amended (the “Securities Act”), and other obligations of the parties. The representations, warranties and covenants contained in the Purchase Agreement were made only for purposes of such Purchase Agreement and are made as of specific dates, are solely for the benefit of the parties (except as specifically set forth therein), may be subject to qualifications and limitations agreed upon by the parties in connection with negotiating the terms of the Purchase Agreement, instead of establishing matters as facts, and may be subject to standards of materiality and knowledge applicable to the contracting parties that differ from those applicable to the investors generally. Investors should not rely on the representations, warranties and covenants or any description thereof as characterizations of the actual state of facts or condition of the Company.

The foregoing is a summary of the terms of the Purchase Agreement and the Pre-Funded Warrants and does not purport to be complete. This summary is qualified in its entirety by reference to the full text of the Purchase Agreement and the form of Pre-Funded Warrant, which are attached hereto as Exhibits 10.1 and 4.1, respectively, and which are incorporated by reference herein.

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Registration Rights Agreement

The securities described above are being offered in a private placement under Section 4(a)(2) of the Securities Act and/or Regulation D promulgated thereunder and have not been registered under the Securities Act, or applicable state securities laws. Accordingly, the securities issued in the private placement may not be offered or sold in the United States except pursuant to an effective registration statement or an applicable exemption from the registration requirements of the Securities Act and such applicable state securities laws.

Accordingly, on November 12, 2025, the Company entered into a registration rights agreement (the “Registration Rights Agreement”) with the Purchasers, pursuant to which the Company agreed to register for resale under the Securities Act the Shares and the Pre-Funded Warrant Shares held by the Purchasers.

The Company has granted the Purchasers customary indemnification rights in connection with the registration statement. The Purchasers have also granted the Company customary indemnification rights in connection with the registration statement.

The foregoing description of the Registration Rights Agreement does not purport to be complete and is qualified in its entirety by reference to the full text of the form of the Registration Rights Agreement, which is attached hereto as Exhibit 10.2 and incorporated herein by reference.

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Item 3.02Unregistered Sales of Equity Securities

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To the extent required by Form 8-K, the disclosures in Item 1.01 above are incorporated herein by reference. The securities to be issued and sold under the Purchase Agreement are not registered under the Securities Act, and are being sold in reliance on the exemption from registration provided by Section 4(a)(2) of the Securities Act and/or Rule 506 of Regulation D promulgated thereunder. The Company relied on this exemption from registration based in part on representations made by the Purchasers. The securities may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.

Neither this Current Report on Form 8-K nor any exhibit attached hereto is an offer to sell or the solicitation of an offer to buy shares of common stock or other securities of the Company.

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Item 7.01Regulation FD Disclosure

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On November 17, 2025, the Company issued a press release announcing the closing of the Offering.

A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K. The information contained in this Item 7.01, including Exhibit 99.1, shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference into any of the Company’s filings under the Exchange Act or the Securities Act, regardless of any general incorporation language in such filing.

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Item 8.01Other Events

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On November 12, 2025, the Company announced that it believes that its existing cash, cash equivalents and marketable securities will be sufficient to fund its planned operations into the first half of 2027. The Company based this estimate on assumptions that may prove to be incorrect, and it could exhaust its available capital resources sooner than it currently expects.

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Item 9.01Financial Statement and Exhibits

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d) Exhibits

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Exhibit No. Description

4.1 Form of Pre-Funded Warrant

10.1* Securities Purchase Agreement, dated November 12, 2025, by and between NextCure, Inc. and each purchaser party thereto

10.2* Registration Rights Agreement

99.1 Press Release issued by NextCure, Inc. dated November 17, 2025

104 Cover Page Interactive Data File (formatted as inline XBRL).

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* Certain schedules and exhibits have been omitted pursuant to Item 601(a)(5) of Regulation S-K. A copy of any omitted schedule and/or exhibit will be furnished to the SEC upon request.

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SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

November
Dated: November 17, 2025	NEXTCURE, INC. ​
	By:	/s/ Steven P. Cobourn
	Name:	Steven P. Cobourn
	Title:	Chief Financial Officer

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FAQ

What financing transaction did NextCure (NXTC) announce in this Form 8-K?

NextCure entered into a securities purchase agreement with institutional and accredited investors for a private placement of 708,428 shares of common stock at $8.52 per share and pre-funded warrants to purchase up to 1,815,049 shares at $8.519 per warrant.

How much capital did NextCure (NXTC) raise in the private placement?

The private placement raised gross proceeds of approximately $21.5 million for NextCure before deducting placement agent fees and other offering expenses.

What are the key terms of NextCures pre-funded warrants issued in this deal?

The pre-funded warrants have a per-warrant purchase price of $8.519, reflecting the $8.52 share price less a $0.001 per share exercise price. They are exercisable at any time after issuance and do not expire.

Who acted as placement agent in NextCures private placement and how are they compensated?

H.C. Wainwright & Co. acted as the sole placement agent. NextCure agreed to pay customary placement fees and reimburse certain expenses of the placement agent.

What registration rights did NextCure grant to investors in this offering?

NextCure entered into a registration rights agreement under which it agreed to register for resale under the Securities Act the shares of common stock and the pre-funded warrant shares held by the purchasers.

How long does NextCure expect its cash resources to fund operations after this transaction?

NextCure announced that it believes its existing cash, cash equivalents and marketable securities will be sufficient to fund planned operations into the first half of 2027, based on assumptions that may prove incorrect.

Does the private placement immediately register the securities sold by NextCure (NXTC)?

No. The securities were issued in a private placement relying on Section 4(a)(2) and/or Regulation D exemptions and are not registered at issuance. NextCure agreed separately to file a registration statement to register the resale of the shares and pre-funded warrant shares.