NextCure and Avere Therapeutics Join Forces Around Once-Weekly Oral IL-23 Drug

NextCure Inc. (NASDAQ: NXTC) and privately held Avere Therapeutics have agreed to merge, combining NextCure’s public listing and antibody‑drug conjugate (ADC) platform with Avere’s lead oral IL‑23 candidate, AVR‑001, for immune‑mediated diseases such as psoriasis. The deal effectively turns the company into a vehicle for advancing Avere’s pipeline, with the combined company expected to operate as “Avere Therapeutics, Inc.” under the new ticker symbol “AVRX” once the transaction closes.

Deal structure and ownership

Under the merger agreement, Avere will merge into NextCure in an all‑stock transaction. Existing Avere shareholders, including major investor Hansoh Pharmaceutical Group, are expected to own the majority of the combined company after closing, while NextCure’s current shareholders will hold a minority stake. Hansoh has said it expects to own more than 30% but less than 40% of the post‑merger entity.

The deal is anticipated to close in the second half of 2026, subject to standard conditions and approvals. Following completion, the combined company will focus primarily on advancing AVR‑001 and other oral peptide IL‑23 programs, while also preserving value in NextCure’s existing ADC assets.

Avere’s lead program: AVR‑001

Avere Therapeutics’ flagship asset, AVR‑001, is described as a differentiated, once‑weekly oral peptide antagonist of the interleukin‑23 (IL‑23) receptor. IL‑23 is a key cytokine in the inflammatory pathways that drive psoriasis and other immune‑mediated diseases, and most current IL‑23 therapies are injectable biologics administered every few weeks.

Phase 1b data in psoriasis reportedly showed promising efficacy and tolerability for AVR‑001, supporting continued development toward larger, controlled studies. A once‑weekly oral IL‑23 therapy would, if successful, represent a convenience and potentially cost advantage compared to injectable competitors, and could broaden access to advanced treatment for patients who prefer pills over injections.

What NextCure brings to the table

NextCure is a clinical‑stage biotech focused on oncology, with programs including the antibody‑drug conjugates SIM0505 (CDH6 ADC) and LNCB74 (B7‑H4 ADC). In late 2025, the company raised approximately $21.5 million via a PIPE financing led by health‑care‑focused funds, extending its cash runway into the first half of 2027 and funding proof‑of‑concept data readouts for these ADCs.

In the merger, NextCure contributes its Nasdaq listing, cash, and ADC pipeline, giving Avere a faster route to the public markets than a traditional IPO. The combined entity intends to keep advancing the companies ADC assets while making AVR‑001 and related IL‑23 programs the central focus.

Strategic logic and investor takeaway

The merger reflects several industry trends:

• Private immunology and inflammation companies using reverse mergers to access public capital and a listing, rather than pursuing an IPO in a choppy market.
• Continued interest in IL‑23 targeting, where oral small or peptide‑based drugs could challenge injectable biologics in psoriasis and related conditions.
• A push to leverage existing public shells and pipelines (in this case, the companies oncology assets and cash) to support new lead programs while keeping optionality in the original portfolio.

For NextCure (NXTC) shareholders, the deal means their stake will be diluted but rolled into a new entity with a different lead indication and a potentially more commercial‑friendly profile if AVR‑001 succeeds. For Hansoh and other Avere investors, it offers a path to U.S. public markets and broader visibility for an oral IL‑23 strategy they already back.