NextCure — Third Quarter 2026 Earnings Summary

Financial Performance:

• Cash, cash equivalents, and marketable securities totaled $8.7 million as of September 30, 2026, a decrease of $33.1 million from $41.8 million at December 31, 2025.
• Net loss for the three months ended September 30, 2026, was $6.8 million, an improvement from a net loss of $8.6 million in the same period of 2025.
• Net loss per share (basic and diluted) was $1.29 for the three months ended September 30, 2026, compared to $3.22 in the prior year period.
• Research and development expenses were $4.5 million for the quarter ended September 30, 2026, down from $6.1 million in the same period of 2025.
• General and administrative expenses were $4.4 million for the quarter ended September 30, 2026, up from $2.8 million in the same period of 2025.
• Restructuring and asset impairment charges, net, were ($2.0) million for the quarter ended September 30, 2026, including a $3.4 million gain on lease termination and a $0.4 million gain on fixed asset sales, offset by $1.8 million in severance charges.
• Cash used to fund operations was $35.2 million for the quarter, partially offset by $1.2 million in net proceeds from equity sales under the ATM program and $0.7 million from the sale of fixed assets.
• Total assets were $9.7 million as of September 30, 2026, compared to $50.2 million as of December 31, 2025.
• Total stockholders' equity was $5.5 million as of September 30, 2026, compared to $34.9 million as of December 31, 2025.

Guidance and Future Outlook:

• The combined company following the merger is expected to operate as Avere and trade on the Nasdaq Global Select Market under the ticker symbol "AVRX."
• Financing commitments supporting the merger have increased to approximately $820 million, intended to provide substantial capital for the development of Avere's lead program, AVR-001, and future operations.
• The company expects to retain an ownership interest in the combined company and receive contingent value rights (CVRs) tied to specified legacy NextCure assets.

Business Segments and Product Lines:

• The company advanced its proposed merger with Avere Therapeutics, a privately held biotechnology company focused on oral therapies for IL-23-driven inflammatory diseases.
• Financing for the merger consists of a $320 million concurrent private placement and an additional $500 million private placement, with approximately $266 million to be satisfied through the contribution and cancellation of Avere's outstanding convertible notes.
• The LNCB74 program transitioned to LigaChem Biosciences, Inc., which assumed responsibility for all program costs incurred on or after July 1, 2026; NextCure retains eligibility for future milestone payments and royalties.
• The Company completed treatment and transition activities for patients in the SIM0505 clinical study by August 31, 2026, and continues to evaluate opportunities to partner, license, or monetize rights associated with the program.
• Significant restructuring initiatives were completed, including workforce reductions, termination of facility leases, and the disposition of all laboratory, manufacturing, and facility-related assets.

Market and Competitive Landscape:

• The merger financing is supported by a syndicate of leading healthcare-focused and institutional investors.
• The Delaware Court of Chancery entered a final order on November 2, 2026, validating the Company's July 2025 reverse stock split amendment and all shares issued in reliance thereon.

Risks and Challenges:

• Completion of the merger remains subject to stockholder approval and other customary closing conditions.
• Forward-looking statements involve risks including the failure to satisfy closing conditions, failure to complete financing, uncertainty regarding timing, and the ability to obtain necessary regulatory approvals.
• Risks include the potential failure to realize anticipated benefits of the merger, unanticipated spending, and the ability to monetize legacy assets.

Management Commentary and Tone:

• Michael Richman, President and CEO, stated that total financing commitments increased to approximately $820 million, reflecting strong confidence in Avere's clinical development strategy and the potential of AVR-001.
• Management believes the financing commitment enhances the opportunity to create long-term value for NextCure stockholders.

Other Key Points:

• The SEC declared the Registration Statement on Form S-4 relating to the proposed merger effective on November 6, 2026.
• A special meeting of stockholders is scheduled for December 9, 2026, at 9:00 a.m. Eastern Time to vote on the merger proposals.
• The record date for the special meeting was established as November 3, 2026.
• Existing NextCure stockholders are expected to retain a minority ownership interest in the combined company.
• Economic interests from the LNCB74 program, including milestone payments and royalties, are expected to be included in the legacy assets supporting the CVRs to be issued to pre-merger stockholders.