Clinical Trial Failure and Delays Risk: Nextcure's product candidates must successfully complete extensive and costly clinical trials, which often fail or are significantly delayed due to lack of efficacy, safety concerns, or unforeseen issues, jeopardizing future development and commercialization.

Regulatory Approval Uncertainty: Even with successful clinical trial outcomes, there is no guarantee that Nextcure will obtain necessary regulatory approvals from agencies like the FDA, as the process is rigorous, unpredictable, and can be subject to new or changing requirements.

Capital Requirements and Funding Risk: Nextcure is a clinical-stage company with no revenue-generating products and relies heavily on external financing; there is a risk that insufficient capital may be available to fund ongoing operations, research, and development activities, leading to dilution or project abandonment.