NextCure
NXTC on Nasdaq. Market value $23m.
Should I look at this?
Look carefully before going further
Why it could be worth it
Nothing stands out yet.
What to watch out for
Read the warning sign in its own filings
This is not advice.
Who owns it
None of the long-term investors we follow own it. 30 funds in all.
Largest holders overall
- Ikarian Capital$461,284Added
- Adage Capital Partners GP, L.L.C.$443,523New
- Sofinnova Investments$356,246
- Renaissance Technologies$273,923Added
- Vanguard Capital Management$250,947Cut
- Millennium Management$140,979New
- Boothbay Fund Management$135,499Added
- Squadron Capital Management$103,142Cut
- Verdad Advisers, LP$96,722Added
- Pfizer$72,967Cut
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
12 investors own more than 5%.
- ADAR1 Capital Management, LLCPassive investorat least 15.8%(filed with 1 related holder)Since 31 July 2026
- Hainan Simcere Zaiming Pharmaceutical Co., Ltd.Passive investor12.7%Since 20 June 2025
- Ikarian Capital, LLCPassive investorat least 10.0%0.0 pts(filed with 1 related holder)Since 30 June 2026
- Simcere Zaiming, Inc.Passive investorat least 9.4%−3.3 pts(filed with 5 related holders)Since 31 December 2025
- Adage Capital Management, L.P.Passive investorat least 7.7%(filed with 2 related holders)Since 30 June 2026
- Affinity Healthcare Fund, LPPassive investor7.2%Since 30 September 2025
- Sofinnova Venture Partners IX, L.P. ("SVP IX")Passive investorat least 7.1%(filed with 2 related holders)Since 19 December 2025
What they said
The Reporting Persons hold their securities of the Issuer for investment purposes. Depending on the factors discussed herein, the Reporting Persons may, from time to time, acquire additional Common Stock and/or retain and/or sell all or a portion of the Common Stock held by the…
Read the filing - Affinity Asset Advisors, LLCPassive investorat least 6.4%−3.6 pts(filed with 1 related holder)Since 30 June 2026
- SilverArc Capital Management, LLCPassive investorat least 4.9%−0.1 pts(filed with 1 related holder)Since 31 March 2026
- Citigroup Inc.Passive investorat least 4.3%(filed with 3 related holders)Since 31 March 2025
- Pfizer Inc. (IRS Identification No.: 13-5315170)Passive investorat least 3.0%(filed with 1 related holder)Since 31 December 2025
- Squadron Capital Management LLCPassive investorat least 1.6%−8.3 pts(filed with 3 related holders)Since 30 June 2026
- Logos Global Management LPPassive investorSold down below 5%Since 31 December 2024
| Holder | Stake | Since | |
|---|---|---|---|
ADAR1 Capital Management, LLC Passive investor | at least 15.8% (filed with 1 related holder) | 31 July 2026 | |
Hainan Simcere Zaiming Pharmaceutical Co., Ltd. Passive investor | 12.7% | 20 June 2025 | |
Ikarian Capital, LLC Passive investor | at least 10.0%0.0 pts (filed with 1 related holder) | 30 June 2026 | |
Simcere Zaiming, Inc. Passive investor | at least 9.4%−3.3 pts (filed with 5 related holders) | 31 December 2025 | |
Adage Capital Management, L.P. Passive investor | at least 7.7% (filed with 2 related holders) | 30 June 2026 | |
Affinity Healthcare Fund, LP Passive investor | 7.2% | 30 September 2025 | |
Sofinnova Venture Partners IX, L.P. ("SVP IX") Passive investor | at least 7.1% (filed with 2 related holders) | 19 December 2025 | What they saidThe Reporting Persons hold their securities of the Issuer for investment purposes. Depending on the factors discussed herein, the Reporting Persons may, from time to time, acquire additional Common Stock and/or retain and/or sell all or a portion of the Common Stock held by the… Read the filing |
Affinity Asset Advisors, LLC Passive investor | at least 6.4%−3.6 pts (filed with 1 related holder) | 30 June 2026 | |
SilverArc Capital Management, LLC Passive investor | at least 4.9%−0.1 pts (filed with 1 related holder) | 31 March 2026 | |
Citigroup Inc. Passive investor | at least 4.3% (filed with 3 related holders) | 31 March 2025 | |
Pfizer Inc. (IRS Identification No.: 13-5315170) Passive investor | at least 3.0% (filed with 1 related holder) | 31 December 2025 | |
Squadron Capital Management LLC Passive investor | at least 1.6%−8.3 pts (filed with 3 related holders) | 30 June 2026 | |
Logos Global Management LP Passive investor | Sold down below 5% | 31 December 2024 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
No insider bought or sold on the open market in the last 12 months.
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
1 serious warning sign in NextCure’s filings.
We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.
We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 5 Mar 2026, plus the 10-Q filed 6 Aug 2026 and 7 later 8-Ks.
Doubt it can keep going
SeriousThe company or its auditor warned it may not have enough money to last the next year.
“Our expectation to incur additional operating losses and negative operating cash flows in the future and the need for additional funding to support our planned operations raise substantial doubt regarding our ability to continue as a going concern for a period of one year after the date that these unaudited financial statements are issued.”
Show the full paragraph
As of June 30, 2026 we had cash, cash equivalents and marketable securities of $20.1 million. Our expectation to incur additional operating losses and negative operating cash flows in the future and the need for additional funding to support our planned operations raise substantial doubt regarding our ability to continue as a going concern for a period of one year after the date that these unaudited financial statements are issued.
From the 10-Q filed 6 August 2026, Part I, Item 2. Management's Discussion and Analysis. Read it in the filing
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.