NextCure

NXTC on Nasdaq. Market value $23m.

Watch this stockFree. We tell you when something changes.

Should I look at this?

Look carefully before going further

Why it could be worth it

Nothing stands out yet.

Read the warning sign in its own filings

This is not advice.

Compare with another stock

Who owns it

None of the long-term investors we follow own it. 30 funds in all.

Jun '25
Dec '25
Jun '26
Largest holders overall

From 13F filings for the quarter ended 30 June 2026.

Big holders and activists

12 investors own more than 5%.

  • at least 15.8%
    (filed with 1 related holder)
    Since 31 July 2026
  • Hainan Simcere Zaiming Pharmaceutical Co., Ltd.
    Passive investor
    12.7%
    Since 20 June 2025
  • Ikarian Capital, LLC
    Passive investor
    at least 10.0%0.0 pts
    (filed with 1 related holder)
    Since 30 June 2026
  • Simcere Zaiming, Inc.
    Passive investor
    at least 9.4%−3.3 pts
    (filed with 5 related holders)
    Since 31 December 2025
  • Adage Capital Management, L.P.
    Passive investor
    at least 7.7%
    (filed with 2 related holders)
    Since 30 June 2026
  • Affinity Healthcare Fund, LP
    Passive investor
    7.2%
    Since 30 September 2025
  • Sofinnova Venture Partners IX, L.P. ("SVP IX")
    Passive investor
    at 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
  • at least 6.4%−3.6 pts
    (filed with 1 related holder)
    Since 30 June 2026
  • at least 4.9%−0.1 pts
    (filed with 1 related holder)
    Since 31 March 2026
  • Citigroup Inc.
    Passive investor
    at least 4.3%
    (filed with 3 related holders)
    Since 31 March 2025
  • Pfizer Inc. (IRS Identification No.: 13-5315170)
    Passive investor
    at least 3.0%
    (filed with 1 related holder)
    Since 31 December 2025
  • at least 1.6%−8.3 pts
    (filed with 3 related holders)
    Since 30 June 2026
  • Sold down below 5%
    Since 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

    Serious

    The 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
Create a free account to run it

Your first deep dive is free.

What a finished deep dive looks like

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.