The Avere-NextCure merger creates AVRX, a Nasdaq-listed vehicle to advance AVR-001, an oral IL-23 inhibitor. A $320M financing and Hansoh licensing support psoriasis and UC programs; NXTC gets 90% CVR and ~1.21% stake. The closing is targeted for 2H 2026, with Phase 2b results anticipated in 2027–28.