NextCure

Company Overview

A clinical-stage US biotechnology company that has agreed, but not yet completed, a reverse merger with Avere Therapeutics to pivot from antibody-drug conjugates in oncology toward a once-weekly oral IL-23 receptor antagonist in inflammatory disease, backed by a $320 million private placement. Founded out of Yale immunology research, NextCure built its early identity around novel immune-checkpoint biology, notably Siglec-15 and LAIR-1, before pivoting toward antibody-drug conjugates. The announced merger with Avere, structured as a reverse merger that will leave NextCure as the surviving public registrant renamed Avere Therapeutics, Inc., is the most consequential strategic shift in the company's history. The combined entity will trade on Nasdaq under the ticker AVRX, pending stockholder votes and regulatory conditions expected to be satisfied in the second half of 2026.

Headquarters and Global Presence

NextCure is headquartered in Beltsville, Maryland. Both active ADC programs are partnered. SIM0505 was in-licensed from Simcere Zaiming Pharmaceutical, which retains Greater China rights, and LNCB74 is co-developed with LigaChem Biosciences on a 50-50 cost share. The post-merger entity will carry Avere's rights to AVR-001 across all territories outside Greater China, where Hansoh retains control.

Founding and History

NextCure was founded in September 2015 by Yale University immunologist Lieping Chen and Michael Richman, drawing directly on Chen's laboratory research into immune suppression. The company closed its initial public offering on May 13, 2019, selling 5,750,000 shares at $15.00 per share for net proceeds of approximately $77.0 million, and has traded on the Nasdaq Global Market under the symbol NXTC since then. A March 2024 restructuring, which cut the workforce and paused internal manufacturing, marked the turn away from the original checkpoint biology toward an ADC-focused strategy. The July 2026 Avere merger announcement takes that redirection further, into immunology.

Therapy Areas and Focus

NextCure's current clinical pipeline sits squarely in oncology, with SIM0505 targeting platinum-resistant ovarian cancer and LNCB74 spanning breast cancer, gynecological cancers, and adenoid cystic carcinoma. The pending merger introduces a second major therapeutic axis: IL-23-driven inflammatory disease, with AVR-001 initially targeting plaque psoriasis and a longer-term roadmap into ulcerative colitis, Crohn's disease, and psoriatic arthritis. The size of the financing and the ownership split point to AVR-001 as the priority after closing. NextCure's legacy oncology assets are earmarked for possible monetization under the contingent value right.

Technology Platforms and Modalities

NextCure's ADC programs use distinct payload-linker combinations: SIM0505 pairs a CDH6-targeting antibody with a topoisomerase 1 inhibitor payload, while LNCB74 uses a tumor-selective cleavable linker delivering MMAE, a tubulin inhibitor, to B7-H4-expressing tumors. The B7-H4 target is expressed across multiple solid tumor types and is largely non-overlapping with established checkpoint targets, which is the rationale for LNCB74's broad indication set. Avere's AVR-001 is a cyclic peptide, a modality distinct from both antibodies and conventional small molecules. It antagonizes the IL-23 receptor and has a half-life of approximately 100 hours, which is what supports once-weekly oral dosing.

Key Pipeline and Programs

SIM0505 is a CDH6-directed ADC carrying a topoisomerase 1 inhibitor payload, licensed from Simcere Zaiming Pharmaceutical, which retains Greater China rights. It is in a Phase I dose escalation study (NCT06792552) in advanced solid tumors, with a primary emphasis on platinum-resistant ovarian cancer. The FDA has granted SIM0505 Fast Track designation, and Phase I dose escalation data in gynecologic cancer patients were presented at ASCO 2026. NextCure has guided that its cash resources fund operations into the first half of 2027, through proof-of-concept for SIM0505.

LNCB74 is a B7-H4-directed ADC with a tumor-selective cleavable linker and MMAE payload, co-developed with LigaChem Biosciences on a 50-50 cost-share. It is in an open-label Phase I dose escalation study in advanced solid tumors including breast cancer, gynecological cancers, and adenoid cystic carcinoma. The FDA accepted the IND in December 2024 and the first patient was dosed in January 2025; a clinical update is expected in the second half of 2026.

AVR-001, Avere's lead asset, is an oral once-weekly IL-23 receptor antagonist cyclic peptide with a half-life of approximately 100 hours. A Hansoh-run Phase Ib study in psoriasis has been completed and a US IND is open. Avere plans to initiate a US Phase IIb study in plaque psoriasis in early 2027, with data expected in the first half of 2028; a Hansoh-run China Phase IIb readout is expected in 2027.

Recent Developments

On July 14, 2026, NextCure and Avere announced a definitive all-stock reverse merger agreement under which the combined company will be renamed Avere Therapeutics, Inc. and trade as AVRX; NextCure shares jumped sharply on the news, as reported by The Pharma Letter on July 15. Concurrent with the merger, institutional investors committed approximately $320 million in a private placement led by Fairmount and Hansoh, including $251 million of convertible notes, with participation from Venrock Healthcare Capital Partners, General Atlantic, Wellington Management, T. Rowe Price, and others. At ASCO 2026, held from May 29 to June 2, NextCure and Simcere presented Phase I dose escalation data for SIM0505 in gynecologic cancer patients. The transaction remains subject to stockholder approval at both companies and other customary conditions, with closing expected in the second half of 2026.

Key Personnel

Andrew Cheng will serve as President, Chief Executive Officer, and board chair of the combined company, drawn from Avere's leadership. Kitty Yale will be Chief Development Officer and William White will serve as Chief Financial Officer and head of corporate development. Michael Richman, who co-founded NextCure with Lieping Chen in 2015 and has served as President and CEO, leads the company through the transition period ahead of closing.

Strategic Partnerships

The Avere merger brings in Hansoh Pharmaceutical Group as both licensor and major investor. Avere licensed global rights to AVR-001 outside Greater China from Hansoh for $120 million upfront, up to $2.18 billion in development and sales milestones, and mid-single to low-double digit royalties on sales. Hansoh co-leads the $320 million private placement alongside Fairmount, with Venrock, General Atlantic, Janus Henderson, Wellington Management, Boyu Capital, T. Rowe Price, and RTW Investments also participating. On the ADC side, LNCB74 is co-developed with LigaChem Biosciences under a 50-50 cost-share, and SIM0505 was licensed from Simcere Zaiming Pharmaceutical, which retains Greater China rights.

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