REGISTRATION RIGHTS AGREEMENT
This Registration Rights Agreement (this “Agreement”) is made and entered into as of November 12, 2025, by and between NextCure, Inc., a Delaware corporation (the “Company”), and each of the several purchasers signatory hereto (each such purchaser, a “Purchaser” and, collectively, the “Purchasers”).
This Agreement is made pursuant to the Securities Purchase Agreement, dated as of the date hereof, between the Company and each Purchaser (the “Purchase Agreement”).
The Company and each Purchaser hereby agree as follows:
1. Definitions.
Capitalized terms used and not otherwise defined herein that are defined in the Purchase Agreement shall have the meanings given such terms in the Purchase Agreement. As used in this Agreement, the following terms shall have the following meanings:
“Advice” shall have the meaning set forth in Section 6(d).
“Effectiveness Date” means, with respect to the Initial Registration Statement required to be filed hereunder, the 45th calendar day following the date hereof (or, in the event of a “full review” by the Commission, the 75th calendar day following the date hereof) and with respect to any additional Registration Statements which may be required pursuant to Section 2(c) or Section 3(c), the 45th calendar day following the date on which an additional Registration Statement is required to be filed hereunder (or, in the event of a “full review” by the Commission, the 75th calendar day following the date such additional Registration Statement is required to be filed hereunder); provided, however, that in the event the Company is notified by the Commission that one or more of the above Registration Statements will not be reviewed or is no longer subject to further review and comments, the Effectiveness Date as to such Registration Statement shall be the fifth Trading Day following the date on which the Company is so notified if such date precedes the dates otherwise required above, provided, further, if such Effectiveness Date falls on a day that is not a Trading Day, then the Effectiveness Date shall be the next succeeding Trading Day. Notwithstanding anything to the contrary set forth herein, if the U.S. federal government is “shutdown” due to a budget impasse on any day following the filing of the Initial Registration Statement or any additional Registration Statement, the “Effectiveness Date” deadline set forth herein shall be automatically extended for each day of such “shutdown” after such filing.
“Effectiveness Period” shall have the meaning set forth in Section 2(a).
“Event” shall have the meaning set forth in Section 2(d).
“Event Date” shall have the meaning set forth in Section 2(d).
“Filing Date” means, with respect to the Initial Registration Statement required hereunder, the 15th calendar day following the date hereof and, with respect to any additional Registration Statements which may be required pursuant to Section 2(c) or Section 3(c), the earliest practicable date on which the Company is permitted by SEC Guidance to file such additional Registration Statement related to the Registrable Securities.
“Holder” or “Holders” means the holder or holders, as the case may be, from time to time of Registrable Securities.
“Indemnified Party” shall have the meaning set forth in Section 5(c).
“Indemnifying Party” shall have the meaning set forth in Section 5(c).
“Initial Registration Statement” means the initial Registration Statement filed pursuant to this Agreement.
“Losses” shall have the meaning set forth in Section 5(a).
“Plan of Distribution” shall have the meaning set forth in Section 2(a).
“Prospectus” means the prospectus included in a Registration Statement (including, without limitation, a prospectus that includes any information previously omitted from a prospectus filed as part of an effective registration statement in reliance upon Rule 430A promulgated by the Commission pursuant to the Securities Act), as amended or supplemented by any prospectus supplement, with respect to the terms of the offering of any portion of the Registrable Securities covered by a Registration Statement, and all other amendments and supplements to the Prospectus, including post-effective amendments, and all material incorporated by reference or deemed to be incorporated by reference in such Prospectus.
“Registrable Securities” means, as of any date of determination, (a) all Shares, (b) all Warrant Shares then issued and issuable upon exercise of the Warrants (assuming on such date the Warrants are exercised in full without regard to any exercise limitations therein), (c) any additional shares of Common Stock issued and issuable in connection with any anti-dilution provisions in the Warrants (without giving effect to any limitations on exercise set forth in the Warrants) and (d) any securities issued or then issuable upon any stock split, dividend or other distribution, recapitalization or similar event with respect to the foregoing; provided, however, that any such Registrable Securities shall cease to be Registrable Securities (and the Company shall not be required to maintain the effectiveness of any, or file another, Registration Statement hereunder with respect
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thereto) for so long as (a) a Registration Statement with respect to the sale of such Registrable Securities is declared effective by the Commission under the Securities Act and such Registrable Securities have been disposed of by the Holder in accordance with such effective Registration Statement, (b) such Registrable Securities have been previously sold in accordance with Rule 144, or (c) such securities become eligible for resale without volume or manner-of-sale restrictions and without current public information pursuant to Rule 144 as set forth in a written opinion letter to such effect, addressed, delivered and acceptable to the Transfer Agent and the affected Holders (assuming that such securities and any securities issuable upon exercise, conversion or exchange of which, or as a dividend upon which, such securities were issued or are issuable, were at no time held by any Affiliate of the Company, as reasonably determined by the Company, upon the advice of counsel to the Company.
“Registration Statement” means any registration statement required to be filed hereunder pursuant to Section 2(a) and any additional registration statements contemplated by Section 2(c) or Section 3(c), including (in each case) the Prospectus, amendments and supplements to any such registration statement or Prospectus, including pre- and post-effective amendments, all exhibits thereto, and all material incorporated by reference or deemed to be incorporated by reference in any such registration statement.
“Rule 415” means Rule 415 promulgated by the Commission pursuant to the Securities Act, as such Rule may be amended or interpreted from time to time, or any similar rule or regulation hereafter adopted by the Commission having substantially the same purpose and effect as such Rule.
“Rule 424” means Rule 424 promulgated by the Commission pursuant to the Securities Act, as such Rule may be amended or interpreted from time to time, or any similar rule or regulation hereafter adopted by the Commission having substantially the same purpose and effect as such Rule.
“Selling Stockholder Questionnaire” shall have the meaning set forth in Section 3(a).
“SEC Guidance” means (i) any publicly-available written or oral guidance of the Commission staff, or any comments, requirements or requests of the Commission staff and (ii) the Securities Act.
2. Shelf Registration.
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| a. | First, the Company shall reduce or eliminate any securities to be included other than Registrable Securities; and |
| b. | Second, the Company shall reduce Registrable Securities represented by Shares and Pre-Funded Warrants (applied, in the case that some Shares and Pre-Funded Warrants may be registered, to the Holders on a pro rata basis based on the total number of unregistered Shares and Pre-Funded Warrants held by such Holders). |
In the event of a cutback hereunder, the Company shall give the Holder at least five (5) Trading Days prior written notice along with the calculations as to such ▇▇▇▇▇▇’s allotment. In the event the Company amends the Initial Registration Statement in accordance with the foregoing, the Company will use its reasonable best efforts to file with the Commission, as promptly as allowed by the Commission or SEC Guidance provided to the Company or to registrants of securities in general, one or more registration statements on Form S-3 or such other form available to register for resale those Registrable Securities that were not registered for resale on the Initial Registration Statement, as amended.
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3. Registration Procedures.
In connection with the Company’s registration obligations hereunder, the Company shall:
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4. Registration Expenses. All fees and expenses incident to the performance of or compliance with, this Agreement by the Company shall be borne by the Company whether or not any Registrable Securities are sold pursuant to a Registration Statement. The fees and expenses referred to in the foregoing sentence shall include, without limitation, (i) all registration and filing fees (including, without limitation, fees and expenses of the Company’s counsel and independent registered public accountants) (A) with respect to filings made with the Commission, (B) with respect to filings required to be made with any Trading Market on which the Common Stock is then listed for trading, and (C) in compliance with applicable state securities or Blue Sky laws reasonably agreed to by the Company in writing (including, without limitation, fees and disbursements of counsel for the Company in connection with Blue Sky qualifications or exemptions of the Registrable Securities), (ii) printing expenses (including, without limitation, expenses of printing certificates for Registrable Securities), (iii) messenger, telephone and delivery expenses, (iv) fees and disbursements of counsel for the Company, (v) Securities Act liability insurance, if the Company so desires such insurance, and (vi) fees and expenses of all other Persons retained by the Company in connection with the consummation of the transactions contemplated by this Agreement. In addition, the Company shall be responsible for all of its internal expenses incurred in connection with the consummation of the transactions contemplated by this Agreement (including, without limitation, all salaries and expenses of its officers and employees performing legal or accounting duties), the expense of any annual audit and the fees and expenses incurred in connection with the listing of the Registrable Securities on any securities exchange as required hereunder. In no event shall the Company be responsible for any broker or similar commissions of any Holder or, except to the extent provided for in the Transaction Documents, any legal fees or other costs of the Holders.
5. Indemnification.
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An Indemnified Party shall have the right to employ separate counsel in any such Proceeding and to participate in the defense thereof, but the fees and expenses of such counsel shall be at the expense of such Indemnified Party or Parties unless: (1) the Indemnifying Party has agreed in writing to pay such fees and expenses, (2) the Indemnifying Party shall have failed promptly to assume the defense of such Proceeding and to employ counsel reasonably satisfactory to such Indemnified Party in any such Proceeding, or (3) the named parties to any such Proceeding (including any impleaded parties) include both such Indemnified Party and the Indemnifying Party, and counsel to the Indemnified Party shall reasonably believe that a material conflict of interest is likely to exist if the same counsel were to represent such Indemnified Party and the Indemnifying Party (in which case, if such Indemnified Party notifies the Indemnifying Party in writing that it elects to employ separate counsel at the expense of the Indemnifying Party, the Indemnifying Party shall not have the right to assume the defense thereof and the reasonable fees and expenses of no more than one separate counsel shall be at the expense of the Indemnifying Party). The Indemnifying Party shall not be liable for any settlement of any such Proceeding effected without its written consent, which consent shall not be unreasonably withheld or delayed. No Indemnifying Party shall, without the prior written consent of the Indemnified Party, effect any settlement of any pending Proceeding in respect of which any Indemnified Party is
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a party, unless such settlement includes an unconditional release of such Indemnified Party from all liability on claims that are the subject matter of such Proceeding.
Subject to the terms of this Agreement, all reasonable fees and expenses of the Indemnified Party (including reasonable fees and expenses to the extent incurred in connection with investigating or preparing to defend such Proceeding in a manner not inconsistent with this Section) shall be paid to the Indemnified Party, as incurred, within ten Trading Days of written notice thereof to the Indemnifying Party, provided that the Indemnified Party shall promptly reimburse the Indemnifying Party for that portion of such fees and expenses applicable to such actions for which such Indemnified Party is finally determined by a court of competent jurisdiction (which determination is not subject to appeal or further review) not to be entitled to indemnification hereunder.
The parties hereto agree that it would not be just and equitable if contribution pursuant to this Section 5(d) were determined by pro rata allocation or by any other method of allocation that does not take into account the equitable considerations referred to in the immediately preceding paragraph. In no event shall the contribution obligation of a Holder of Registrable Securities be greater in amount than the dollar amount of the proceeds (net of all expenses paid by such Holder in connection with any claim relating to this Section 5 and the amount of any damages such Holder has otherwise been required to pay by reason of such untrue or alleged untrue statement or omission or alleged omission) received by it upon the sale of the Registrable Securities giving rise to such contribution obligation.
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The indemnity and contribution agreements contained in this Section are in addition to any liability that the Indemnifying Parties may have to the Indemnified Parties.
6. Miscellaneous.
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(Signature Pages Follow)
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IN WITNESS WHEREOF, the parties have executed this Registration Rights Agreement as of the date first written above.
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By: /s/ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇: ▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇: President and CEO |
[SIGNATURE PAGE OF HOLDERS FOLLOWS]
[SIGNATURE PAGE OF HOLDERS TO NXTC RRA]
Name of Holder: Worldwide Healthcare Partners LLC
Signature of Authorized Signatory of Holder: /s/ ▇▇▇▇▇▇ ▇. ▇▇▇▇▇
Name of Authorized Signatory: ▇▇▇▇▇▇ ▇. ▇▇▇▇▇
Title of Authorized Signatory: Member
[SIGNATURE PAGES CONTINUE]
[SIGNATURE PAGE OF HOLDERS TO NXTC RRA]
Name of Holder: Emerging Markets Healthcare Partners LLC
Signature of Authorized Signatory of Holder: /s/ ▇▇▇▇▇▇ ▇. ▇▇▇▇▇
Name of Authorized Signatory: ▇▇▇▇▇▇ ▇. ▇▇▇▇▇
Title of Authorized Signatory: Member
[SIGNATURE PAGES CONTINUE]
[SIGNATURE PAGE OF HOLDERS TO NXTC RRA]
Name of Holder: SilverArc Capital Alpha Fund I, LP
Signature of Authorized Signatory of Holder: /s/ ▇▇▇▇▇▇ ▇▇▇▇▇▇▇
Name of Authorized Signatory: ▇▇▇▇▇▇ ▇▇▇▇▇▇▇
Title of Authorized Signatory: CFO, SilverArc Capital Management, LLC in its capacity as investment manager to SilverArc Capital Alpha Fund I, LP
[SIGNATURE PAGES CONTINUE]
[SIGNATURE PAGE OF HOLDERS TO NXTC RRA]
Name of Holder: SilverArc Capital Alpha Fund II, LP
Signature of Authorized Signatory of Holder: /s/ ▇▇▇▇▇▇ ▇▇▇▇▇▇▇
Name of Authorized Signatory: ▇▇▇▇▇▇ ▇▇▇▇▇▇▇
Title of Authorized Signatory: CFO, SilverArc Capital Management, LLC in its capacity as investment manager to SilverArc Capital Alpha Fund II, LP
[SIGNATURE PAGES CONTINUE]
[SIGNATURE PAGE OF HOLDERS TO NXTC RRA]
Name of Holder: Squadron Fund LP
Signature of Authorized Signatory of Holder: /s/ ▇▇▇▇▇ ▇▇▇▇▇
Name of Authorized Signatory: ▇▇▇▇▇ ▇▇▇▇▇
Title of Authorized Signatory: COO
[SIGNATURE PAGES CONTINUE]
[SIGNATURE PAGE OF HOLDERS TO NXTC RRA]
Name of Holder: Squadron Master Fund LP
Signature of Authorized Signatory of Holder: /s/ ▇▇▇▇▇ ▇▇▇▇▇
Name of Authorized Signatory: ▇▇▇▇▇ ▇▇▇▇▇
Title of Authorized Signatory: COO
[SIGNATURE PAGES CONTINUE]
[SIGNATURE PAGE OF HOLDERS TO NXTC RRA]
Name of Holder: Special Situations Life Sciences Fund, L.P.
Signature of Authorized Signatory of Holder: /s/ ▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇▇
Name of Authorized Signatory: ▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇▇
Title of Authorized Signatory: Managing Partner
[SIGNATURE PAGES CONTINUE]
[SIGNATURE PAGE OF HOLDERS TO NXTC RRA]
Name of Holder: Stuywater Capital LLC
Signature of Authorized Signatory of Holder: /s/ ▇▇▇▇ ▇▇▇▇▇▇▇▇▇▇
Name of Authorized Signatory: ▇▇▇▇ ▇▇▇▇▇▇▇▇▇▇
Title of Authorized Signatory: Managing Member of Stuywater Capital
[SIGNATURE PAGES CONTINUE]
[SIGNATURE PAGE OF HOLDERS TO NXTC RRA]
Name of Holder: Affinity Healthcare Fund, LP
Signature of Authorized Signatory of Holder: /s/ ▇▇▇▇▇▇▇ ▇▇▇
Name of Authorized Signatory: ▇▇▇▇▇▇▇ ▇▇▇
Title of Authorized Signatory: Managing Partner
[SIGNATURE PAGES CONTINUE]
[SIGNATURE PAGE OF HOLDERS TO NXTC RRA]
Name of Holder: Boothbay Absolute Return Strategies, LP
Signature of Authorized Signatory of Holder: /s/ ▇▇▇▇▇▇ ▇▇▇▇▇
Name of Authorized Signatory: ▇▇▇▇▇▇ ▇▇▇▇▇
Title of Authorized Signatory: CFO
[SIGNATURE PAGES CONTINUE]
[SIGNATURE PAGE OF HOLDERS TO NXTC RRA]
Name of Holder: Boothbay Diversified Master Alpha Fund LP
Signature of Authorized Signatory of Holder: /s/ ▇▇▇▇▇▇ ▇▇▇▇▇
Name of Authorized Signatory: ▇▇▇▇▇▇ ▇▇▇▇▇
Title of Authorized Signatory: CFO
[SIGNATURE PAGES CONTINUE]
[SIGNATURE PAGE OF HOLDERS TO NXTC RRA]
Name of Holder: Ikarian Healthcare Master Fund LP
Signature of Authorized Signatory of Holder: /s/ ▇▇▇▇ ▇▇▇▇▇▇▇▇▇▇▇
Name of Authorized Signatory: ▇▇▇▇ ▇▇▇▇▇▇▇▇▇▇▇
Title of Authorized Signatory: CEO
[SIGNATURE PAGES CONTINUE]
