NextCure : March 2024 Corporate Presentation

MARCH 2024

Corporate Presentation

NASDAQ: NXTC

2

Forward-Looking Statement

To the extent that statements contained in this presentation are not descriptions of historical facts, they may be deemed to be forward- looking statements under the Private Securities Litigation Reform Act of 1995. These statements are based on current expectations, forecasts, assumptions and other information available to NextCure as of the date hereof. Forward-looking statements include statements regarding NextCure's expectations, beliefs, intentions or strategies regarding the future and can be identified by forward-looking words such as "may," "will," "potential," "expects," "believes," "intends," "hope," "towards," "forward," "later" and similar expressions. Examples of forward-looking statements in this presentation include, among others, statements about the development plans for our products, statements about the progress and evaluation and expected timing of results of NextCure's ongoing or planned clinical trials, expectations regarding the potential benefits, activity, effectiveness and safety of our research stage, preclinical stage, and clinical stage therapeutic candidates, NextCure's financial guidance, expected upcoming milestones, and NextCure's plans, objectives and intentions with respect to the discovery and development of therapeutic products. Forward-looking statements involve substantial risks and uncertainties that could cause actual results to differ materially from those projected in any forward-looking statement. Such risks and uncertainties include, among others: the impacts of the COVID-19 pandemic on NextCure's business, including NextCure's clinical trials, third parties on which NextCure relies and NextCure's operations; positive results in preclinical studies may not be predictive of the results of clinical trials; NextCure's limited operating history and no products approved for commercial sale; NextCure's history of significant losses; NextCure's need to obtain additional financing; risks related to clinical development, marketing approval and commercialization; the unproven approach to the discovery and development of product candidates based on NextCure's FIND-IOTM platform; and dependence on key personnel. More detailed information on these and additional factors that could affect NextCure's actual results are described in NextCure's filings with the Securities and Exchange Commission (the "SEC"), including in Item 1A of NextCure's most recent Form 10-K, subsequent Form 10-Q and elsewhere in the Company's filings with the SEC. You should not place undue reliance on any forward-looking statements. Forward-looking statements speak only as of the date of this press release, and NextCure assumes no obligation to update any forward-looking statements, except as required by law, even if expectations change.

3

Focus on Two Promising Programs

NC410 COMBO	•	Early Clinical Responses in Ovarian & CRC
•	Additional Clinical Data Expected 2024

	•	Differentiated B7-H4 ADC
LNCB74	•	Collaboration with LegoChem Biosciences
	•	IND 2024

$108 M - RUNWAY THROUGH 2H 2026

4

Advancing Our Prioritized Programs

PROGRAMS	TARGET	CELLS	DISCOVERY	PRECLINICAL	PHASE 1	PHASE 2	PHASE 3	NEXT MILESTONE
			Ovarian					Ph1b Data
							2H 2024
NC410		Extracellular
COMBO	LAIR-2
Matrix

(Pembro)	Ph1b Data

Colorectal (CRC)	2Q 2024

LNCB74	B7-H4	Tumor Cells	Breast, Ovarian,
(ADC)				IND
Co-development with			Endometrial				4Q 2024

5

Ovarian

CANCER

PH1B DATA 2H 2024

Colorectal

CANCER

PH1B DATA 2Q 2024

NC410 COMBO

BUILDING ON CLINICAL RESPONSES & BIOMARKER OBSERVATIONS

DIFFERENTIATED APPROACH

Remodeling tumor architecture

removing physical barrier and allowing

T cells to kill tumors

LARGE UNMET NEEDS

Ovarian cancer

Colorectal cancer

LAIR-2 FUSION

NC410 COMBO

Addressing Unmet Needs

for Non-Responders

6

DEEP EXPERTISE

Extracellular matrix collagen drives

tumor resistance

POTENTIALLY FIRST-IN-CLASS

Improved safety profile

Addresses tumor resistance

7

Leader in Understanding LAIR & Extracellular Matrix (ECM) Biology

Regulation of tumor immunity and immunotherapy by the tumor collagen extracellular matrix

Cancer immunotherapy by NC410, a LAIR-2 Fc protein blocking human LAIR-collagen interaction

1. Phase 1b/2, open-label, safety, tolerability and efficacy study of NC410 plus pembrolizumab for participants with immune checkpoint inhibitor (ICI) refractory or MSS/MSI-low ICI naïve advanced or metastatic solid tumors

Targeting LAIR-1 abrogates neutrophil-mediated suppression of T cell responses in ovarian cancer microenvironment

Collagen Fragments Produced in

Cancer Mediate T Cell Suppression

Through Leukocyte-Associated

Immunoglobulin-Like Receptor 1

NC410 (LAIR-2-Fc Fusion Protein): Overcoming Clinical Limitations to Immunotherapy Through Targeting and Remodeling Tumor ECM

Remodeling the tumor microenvironment via blockade of LAIR-1 and TGF-β signaling enables PD-L1-mediated tumor eradication

An Emerging Area of Interest for New Therapies

8

NC410 Combo

Overcoming tumor resistance by remodeling ECM to remove physical barrier and enhance T cell tumor killing

COMPLETED

• Safe & well tolerated
• No dose limiting toxicities
• Evidence of clinical activity in ovarian & colorectal

ONGOING

• Expansion of ovarian & colorectal cohorts
• 2024 anticipated data (ovarian n=~25; CRC: n=~40)
• Planning for Phase 2

NC410 Combo: A Synergistic Approach

to Breaking the Collagen Barrier and Enhancing Anti-Tumor Activity

9

COLLAGEN BUILDUP AND DENSITY

LEAD TO RESISTANCE

Excluded from

Inhibited	the tumor	Tumor
T cell		cells

ECM REMODELING LEADS TO GREATER

ANTI-TUMOR FUNCTION

NC410 remodels

collagen to remove barrier and increase T cell infiltration

Activated	Infiltrates	Dead tumor
T Cells	the tumor
cells

Pembro enhances

T cell tumor killing

Efficacy		Efficacy
Collagen		Collagen

Tumor cells proliferate and become resistant

T cells kill the tumor

NC410 Combo Phase 1 Study	Ovarian
CANCER

10

POPULATION

PD-(L)1 Naïve

DOSE & REGIMEN

100 mg NC410 Q2W	200 mg NC410 Q2W
400 mg pembro Q6W	400 mg pembro Q6W

FINDINGS TO DATE

ORR 42.8% (3/7)

DCR 42.8% (3/7)

Biomarker evidence supporting mechanism of action

NEXT STEPS

Additional ~18 patients being added to confirm clinical activity

DATA EXPECTED

2H 2024

1104-004			Not Evaluable by RECIST 1.1
1391-004
1391-003
1384-006		PR
1384-005
1384-009		PR
1147-002
1008-007		PR
0	5	10	15	20	25	30	35

PR - Partial Response