Nextcure, Inc. · NASDAQ:NXTC

Nextcure — Avere Therapeutics — Merger or Acquisition (July 2026)

20 slides from Nextcure's merger presentation, July 2026

  1. Slide 1: Corporate Presentation

    Corporate Presentation July 2026

  2. Slide 2: Disclaimers

    Disclaimers This presentation is strictly confidential and being made to you solely as a prospective investor in the proposed private pla cement (the “Private Placement") of securities of Avere Therapeutics, Inc. ("we," "us," "our" or the "Company"). The securities have not been and will not be regi

  3. Slide 3: Avere is developing potentially best-in-class oral therapies for psoriasis, IBD, & PsA

    Avere is developing potentially best-in-class oral therapies for the treatment of psoriasis, IBD, & PsA Stage • Developing AVR-001, a potentially best-in- class once-weekly oral peptide IL-23 receptor Indication antagonist (IL-23RA), with opportunity to IND-enabling Phase 1 Phase 2 address multiple

  4. Slide 4: Avere is led by a world-class management team

    Avere is led by a world-class management team Management Team Board of Directors Andrew Cheng, MD, PhD Kitty Yale Andrew Cheng Chief Executive Officer, Chief Development Officer Chairman President, & Chairman of the Board Julianne Bruno • Led Akero Therapeutics as CEO from crossover financing throug

  5. Slide 5: Unlocking opportunity with validated target in multibillion dollar inflammatory disease markets

    Unlocking opportunity with validated target in multibillion dollar inflammatory disease markets Psoriasis market: $32B+ IBD market: $25B+ Projected to continue growing at 6% p.a. Projected to continue growing at 10% p.a. Projected PsO Global Sales Projected IBD Global Sales 60 60 $44B $39B 40 40 Sal

  6. Slide 6: A potential best-in-class, once-weekly oral IL-23RA designed to be a leading psoriasis therapy

    A potential best-in-class, once-weekly oral IL-23RA designed to be a leading psoriasis therapy Next-generation orals have potential to AVR-0012 has achieved encouraging expand psoriasis market Ph 13 clinical POC • Skyrizi & Tremfya combined sold ~$15B in • Half-life ~100 hr, supports QW dosing PsO i

  7. Slide 7: Oral IL-23RAs have blockbuster potential

    Oral IL-23RAs have blockbuster potential Projected Icotyde WW revenue2 20 • Peak psoriasis sales alone are projected to reach >$5B PsO UC $14.9B Projected Total Revenue ($B) 15 13.8 sales • Expansion into IBD and PsA PsA CD significantly amplifies upside 12.4 potential 10.7 10 • Protagonist (PTGX) v

  8. Slide 8: Once-weekly AVR-001 targets IL-23 receptor

    Once-weekly AVR-001 targets IL-23 receptor IL-12Rb1 - IL-12Rβ1 IL-12Rβ1 Antagonists that inhibit IL-23 signaling have been used to treat multiple inflammatory diseases Confidential ©Copyright 2026 Avere Therapeutics 8

  9. Slide 9: AVR-001 Ph 1 study provides POC for a once-weekly oral IL-23RA in psoriasis

    AVR-001 Ph 1 study provides POC for a once-weekly oral IL-23RA in psoriasis Randomized, placebo-controlled Ph 1 MAD study for moderate-severe PsO AVR-001 shows Icotyde-like profile Key endpoints Cohort 1 100 mg QW (x5) • Safety & tolerability • PK Data confirm AVR-001’s extended half-life (~100 Coho

  10. Slide 10: AVR-001 achieved similar absolute reductions in PASI as Icotyde in Phase 1 MAD Study

    AVR-001 achieved similar absolute reductions in PASI as Icotyde in Phase 1 MAD Study Comparable changes at Wk 4 Deepening changes at Wk 8, despite treatment cessation after Wk 4 AVR-001 AVR-001 AVR-001 Icotyde AVR-001 AVR-001 AVR-001 Icotyde (all cohorts)* (QW cohorts)* (QD cohorts)* (QD) (all cohor

  11. Slide 11: AVR-001 achieved similar PASI response rate as Icotyde in Phase 1 MAD study

    AVR-001 achieved similar PASI 75 response rate as Icotyde in Phase 1 MAD study Deepening response at Wk 8, despite treatment Response rate at Wk 4 cessation after Wk 4 59% 57% 60 60 53% 47% PASI 75 response rate PASI 75 response rate 40 40 20 15% 14% 20 11% 6% 0 0 AVR-001 AVR-001 AVR-001 Icotyde AVR

  12. Slide 12: AVR-001 achieved consistent & robust reductions in key biomarkers in Phase 1 MAD study

    AVR-001 achieved consistent & robust reductions in key biomarkers in Phase 1 MAD study Wk 4 change in IL-17A consistent with Icotyde Wk 4 change in hBD-2 consistent with Icotyde AVR-001 AVR-001 AVR-001 Icotyde AVR-001 AVR-001 AVR-001 Icotyde (all cohorts) (QW cohorts) (QD cohorts) (QD) (all cohorts)

  13. Slide 13: AVR-001 demonstrated generally favorable safety profile

    AVR-001 demonstrated generally favorable safety profile Safety summary for Phase 1 MAD study AVR-001 Placebo 50 mg QD x7, 100 mg QD x7, 100 mg QW 300 mg QW 600 mg QW 25 mg QD x21 50 mg QD x21 Preferred Term ≥2 patients N=15 N=9 N=9 N=9 N=8 N=9 Lipase Increased, N (%) 1 (6.7) 1 (11.1) 1 (11.1) 0 0 2

  14. Slide 14: IL-23RA orals anticipated by dermatologists to increase oral market share 2x

    IL-23RA orals anticipated by dermatologists to increase oral market share 2x; QW option has potential to be favorably positioned Prescribers anticipate introduction of IL-23RA orals to increase market share >2x; Once available, a QW option likely to take majority of the oral market “Patients would r

  15. Slide 15: Icotyde has already validated the potential for IL-23RA orals in ulcerative colitis in a Phase 2b study

    Icotyde has already validated the potential for IL-23RA orals in ulcerative colitis in a Phase 2b study Oral IL-23RA has demonstrated robust efficacy across key endpoints Week 12 Clinical Clinical Symptomatic Endoscopic • Expansion into IBD significantly amplifies Regimen Response* Remission Remissi

  16. Slide 16: AVR-001 could deliver a powerful pipeline in one product

    AVR-001 could deliver a powerful pipeline in one product Psoriasis anchors launch, then potential for expansion across IL-23-driven diseases EXPANSION Crohn’s Disease market: $16B AVR-001 EXPANSION Psoriasis market: $32B Ulcerative Colitis market: $9B • Highest unmet need for oral • Icotyde Ph2/3 da

  17. Slide 17: Founding team combines significant company-building experience with extensive drug development expertise

    Founding team combines significant company-building experience with extensive drug development expertise One of the leading China- US company-launching Proven leadership based biopharmaceutical vehicle and financier: team from Akero innovators with a track Proven launchpad for Therapeutics, with rec

  18. Slide 18: Financing expected to fund AVR-001 through key value-generating clinical POC data

    Financing expected to fund AVR-001 through key value-generating clinical POC data Anticipated Milestones 2027 2028 AVR-001 (Oral IL-23RA peptide) • Ph 2b psoriasis initiation • Ph 2b psoriasis readout (1H) • Ph 2b UC initiation • Ph 3 psoriasis initiation • China Ph 2b psoriasis readout (1H) Pre-clo

  19. Slide 19: Estimating capitalization following close of reverse merger & pre-closing financing

    Estimating capitalization following close of reverse merger & pre-closing financing Shares on an as- Expected ownership of converted basis the combined company • Shares of common stock outstanding (including 1,240,823 shares underlying pre-funded 5,309,774 1.21% NEXTCURE warrants, but excluding 1,01

  20. Slide 20: Thank you

    Contact: Andrew Cheng Thank you CEO, President, & Chairman andrew@averetx.com

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