Exicure, Inc. Reports Full Year 2024 Financial Results
Exicure (XCUR) reported its full year 2024 financial results, showing a mixed financial picture. The company's cash position improved to $12.5 million as of December 31, 2024, compared to $0.8 million in 2023. However, management expressed substantial doubt about continuing operations, stating additional financing is needed.
The company reported zero R&D expenses in 2024, down from $1.4 million in 2023, reflecting the complete suspension of all research activities. G&A expenses decreased to $5.4 million from $11.7 million in 2023. The net loss improved to $9.7 million in 2024 from $16.9 million in 2023.
Following its September 2022 strategic shift, which included workforce reduction and suspension of all R&D activities, Exicure continues exploring strategic alternatives to maximize stockholder value, including potential partnerships with companies interested in joining a publicly-traded organization.
Exicure (XCUR) ha riportato i risultati finanziari dell'intero anno 2024, mostrando un quadro finanziario misto. La posizione di cassa dell'azienda è migliorata a $12,5 milioni al 31 dicembre 2024, rispetto a $0,8 milioni nel 2023. Tuttavia, la direzione ha espresso notevoli dubbi sulla continuazione delle operazioni, affermando che è necessario ulteriore finanziamento.
L'azienda ha registrato zero spese per R&D nel 2024, in calo rispetto a $1,4 milioni nel 2023, riflettendo la completa sospensione di tutte le attività di ricerca. Le spese generali e amministrative sono diminuite a $5,4 milioni rispetto a $11,7 milioni nel 2023. La perdita netta è migliorata a $9,7 milioni nel 2024 rispetto a $16,9 milioni nel 2023.
Dopo il cambiamento strategico di settembre 2022, che ha incluso la riduzione della forza lavoro e la sospensione di tutte le attività di R&D, Exicure continua a esplorare alternative strategiche per massimizzare il valore per gli azionisti, inclusi potenziali partenariati con aziende interessate a unirsi a un'organizzazione quotata in borsa.
Exicure (XCUR) informó sus resultados financieros del año completo 2024, mostrando una imagen financiera mixta. La posición de efectivo de la empresa mejoró a $12.5 millones al 31 de diciembre de 2024, en comparación con $0.8 millones en 2023. Sin embargo, la dirección expresó dudas sustanciales sobre la continuidad de las operaciones, afirmando que se necesita financiamiento adicional.
La empresa reportó cero gastos en I+D en 2024, en comparación con $1.4 millones en 2023, lo que refleja la suspensión completa de todas las actividades de investigación. Los gastos generales y administrativos disminuyeron a $5.4 millones desde $11.7 millones en 2023. La pérdida neta mejoró a $9.7 millones en 2024 desde $16.9 millones en 2023.
Después de su cambio estratégico en septiembre de 2022, que incluyó la reducción de personal y la suspensión de todas las actividades de I+D, Exicure continúa explorando alternativas estratégicas para maximizar el valor para los accionistas, incluidas posibles asociaciones con empresas interesadas en unirse a una organización que cotiza en bolsa.
Exicure (XCUR)는 2024년 전체 연도 재무 결과를 보고하며 혼합된 재무 상황을 보여주었습니다. 2024년 12월 31일 기준으로 회사의 현금 잔고는 $1250만으로 2023년의 $80만에서 개선되었습니다. 그러나 경영진은 추가 자금 조달이 필요하다고 밝히며 지속적인 운영에 대한 상당한 의구심을 표명했습니다.
회사는 2024년에 연구 및 개발(R&D) 비용이 제로로 보고되었으며, 이는 2023년의 $140만에서 감소한 수치로, 모든 연구 활동이 완전히 중단되었음을 반영합니다. 일반 관리비는 2023년의 $1170만에서 $540만으로 감소했습니다. 순손실은 2024년에 $970만으로 개선되었으며, 2023년의 $1690만에서 줄어들었습니다.
2022년 9월의 전략적 변화 이후, 인력 감축과 모든 R&D 활동의 중단이 포함된 Exicure는 주주 가치를 극대화하기 위한 전략적 대안을 계속 탐색하고 있으며, 상장 기업에 합류하는 데 관심이 있는 회사와의 잠재적 파트너십을 포함하고 있습니다.
Exicure (XCUR) a publié ses résultats financiers pour l'année complète 2024, présentant un tableau financier mitigé. La position de trésorerie de l'entreprise s'est améliorée à 12,5 millions de dollars au 31 décembre 2024, contre 0,8 million de dollars en 2023. Cependant, la direction a exprimé de sérieux doutes quant à la poursuite des opérations, affirmant qu'un financement supplémentaire est nécessaire.
L'entreprise a déclaré zéro dépense en R&D en 2024, contre 1,4 million de dollars en 2023, reflétant la suspension complète de toutes les activités de recherche. Les dépenses générales et administratives ont diminué à 5,4 millions de dollars contre 11,7 millions de dollars en 2023. La perte nette s'est améliorée à 9,7 millions de dollars en 2024 contre 16,9 millions de dollars en 2023.
Suite à son changement stratégique de septembre 2022, qui a inclus une réduction des effectifs et la suspension de toutes les activités de R&D, Exicure continue d'explorer des alternatives stratégiques pour maximiser la valeur pour les actionnaires, y compris des partenariats potentiels avec des entreprises intéressées à rejoindre une organisation cotée en bourse.
Exicure (XCUR) hat seine Finanzzahlen für das gesamte Jahr 2024 veröffentlicht, die ein gemischtes finanzielles Bild zeigen. Die Liquiditätsposition des Unternehmens verbesserte sich zum 31. Dezember 2024 auf 12,5 Millionen Dollar, verglichen mit 0,8 Millionen Dollar im Jahr 2023. Die Geschäftsführung äußerte jedoch erhebliche Zweifel an der Fortführung der Geschäfte und erklärte, dass zusätzliche Finanzierungen erforderlich sind.
Das Unternehmen meldete null F&E-Ausgaben im Jahr 2024, ein Rückgang von 1,4 Millionen Dollar im Jahr 2023, was die vollständige Aussetzung aller Forschungsaktivitäten widerspiegelt. Die allgemeinen und Verwaltungskosten sanken auf 5,4 Millionen Dollar von 11,7 Millionen Dollar im Jahr 2023. Der Nettoverlust verbesserte sich auf 9,7 Millionen Dollar im Jahr 2024 von 16,9 Millionen Dollar im Jahr 2023.
Nach der strategischen Neuausrichtung im September 2022, die eine Reduzierung der Belegschaft und die Aussetzung aller F&E-Aktivitäten umfasste, erkundet Exicure weiterhin strategische Alternativen, um den Aktionärswert zu maximieren, einschließlich potenzieller Partnerschaften mit Unternehmen, die an einem Beitritt zu einem börsennotierten Unternehmen interessiert sind.
- Cash position significantly improved to $12.5 million from $0.8 million
- Net loss reduced by 42.6% to $9.7 million from $16.9 million
- G&A expenses decreased by $6.3 million to $5.4 million
- Management expresses substantial doubt about ability to continue as going concern
- Current liquidity insufficient to fund operations for next 12 months
- Complete suspension of all R&D activities
- Additional financing needed with no guarantee of availability
- Increased litigation legal expenses due to securities litigation lawsuit
Insights
Exicure's 2024 financial results reveal a biotech company in serious distress. The complete suspension of R&D activities ($0 in R&D expenses vs $1.4M in 2023) signifies Exicure has abandoned its core business function as a biotechnology company. While cash reserves increased to
The net loss decreased to
Of particular concern is the emerging litigation expense, which increased
2024 Financial Results
Cash Position: Cash and cash equivalents were
Research and Development (R&D) Expense: Research and development expenses were
General and Administrative (G&A) Expense: General and administrative expenses were
Litigation legal expense: The increase of
Other Income: The Company sold samples of its clinical products during the second quarter to a private clinical stage biopharmaceutical company and sold certain assets pursuant to the Asset Purchase Agreement. The Purchaser acquired the Company’s historical biotechnology intellectual property and other assets and include spherical nucleic acid-related technology, research and development programs, and clinical assets.
Net Loss: The Company had a net loss of
Going Concern: Management believes that the Company’s existing cash and cash equivalents may not be sufficient to fund operations. As a result, there is substantial doubt about our ability to continue as a going concern. Additional financing will be needed to fund our ongoing operations and exploration of strategic alternatives and pursue any alternatives that we identify. There can be no assurance that such additional financing will be available and, if available, can be obtained on acceptable terms.
About Exicure
Exicure, Inc. has historically been an early-stage biotechnology company focused on developing nucleic acid therapies targeting ribonucleic acid against validated targets. Following its recent restructuring and suspension of clinical and development activities, the Company is exploring strategic alternatives to maximize stockholder value, both with respect to its historical biotechnology assets and more broadly. For further information, see www.exicuretx.com.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements in this press release other than statements of historical fact may be deemed forward looking including, but not limited to, statements regarding: the Company’s current business plans and objectives, including the pursuit of strategic alternatives to maximize stockholder value, the timing of the equity investment closing and potential additional equity investment and the Nasdaq Hearings Panel process and potential results. Words such as “plans,” “expects,” “will,” “anticipates,” “continue,” “advance,” “believes,” “target,” “may,” “intend,” “could,” and other words and terms of similar meaning and expression are intended to identify forward-looking statements, although not all forward-looking statements contain such terms. Forward-looking statements are based on management’s current beliefs and assumptions that are subject to risks and uncertainties and are not guarantees of future performance. For a discussion of other risks and uncertainties, and other important factors, any of which could cause the Company’s actual results to differ from those contained in the forward-looking statements, see the section titled “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 filed with the Securities and Exchange Commission on June 6, 2024, as updated by the Company’s subsequent filings with the Securities and Exchange Commission. All information in this press release is as of the date of the release, and the Company undertakes no duty to update this information or to publicly announce the results of any revisions to any of such statements to reflect future events or developments, except as required by law.
EXICURE, INC. UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands, except share and per share data) |
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December 31,
|
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December 31,
|
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|
|
|
|
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ASSETS |
|
|
|
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Current assets: |
|
|
|
||||
Cash, cash equivalents and restricted cash |
$ |
12,508 |
|
|
$ |
816 |
|
Other receivable |
|
521 |
|
|
|
15 |
|
Prepaid expenses and other current assets |
|
644 |
|
|
|
1,193 |
|
Total current assets |
|
13,673 |
|
|
|
2,024 |
|
Property and equipment, net |
|
26 |
|
|
|
54 |
|
Right-of-use asset |
|
— |
|
|
|
6,517 |
|
Other noncurrent assets |
|
1,357 |
|
|
|
2,985 |
|
Total assets |
$ |
15,056 |
|
|
$ |
11,580 |
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
||||
Current liabilities: |
|
|
|
||||
Accounts payable |
|
1,031 |
|
|
|
1,631 |
|
Accrued expenses and other current liabilities |
|
2,040 |
|
|
|
879 |
|
Total current liabilities |
|
3,071 |
|
|
|
2,510 |
|
Lease liability, noncurrent |
|
5,213 |
|
|
|
6,039 |
|
Total liabilities |
$ |
8,284 |
|
|
$ |
8,549 |
|
|
|
|
|
||||
Stockholders’ equity: |
|
|
|
||||
Preferred stock, |
|
— |
|
|
|
— |
|
Common stock, |
|
1 |
|
|
|
— |
|
Additional paid-in capital |
|
206,035 |
|
|
|
192,594 |
|
Accumulated deficit |
|
(199,264 |
) |
|
|
(189,563 |
) |
Total stockholders' equity |
|
6,772 |
|
|
|
3,031 |
|
Total liabilities and stockholders’ equity |
$ |
15,056 |
|
|
$ |
11,580 |
|
* reflects a one-for-five (1:5) reverse stock split effected on August 27, 2024 |
EXICURE, INC. UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except share and per share data) |
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Year Ended December 31, |
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2024 |
|
2023 |
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Revenue: |
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|
|
|
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Revenue |
|
$ |
500 |
|
|
$ |
— |
|
Total revenue |
|
|
500 |
|
|
|
— |
|
Operating expenses: |
|
|
|
|
||||
Research and development expense |
|
|
— |
|
|
|
1,423 |
|
General and administrative expense |
|
|
5,449 |
|
|
|
11,715 |
|
Litigation legal expense |
|
|
1,562 |
|
|
|
938 |
|
Right-of-use asset impairment loss |
|
|
5,721 |
|
|
|
— |
|
Loss from sale of property and equipment |
|
|
— |
|
|
|
920 |
|
Total operating expenses |
|
|
12,732 |
|
|
|
14,996 |
|
Operating loss |
|
|
(12,232 |
) |
|
|
(14,996 |
) |
Other income (expense), net: |
|
|
|
|
||||
Changes in fair value of investment in convertible notes receivable |
|
|
— |
|
|
|
(2,000 |
) |
Dividend income |
|
|
5 |
|
|
|
52 |
|
Interest income |
|
|
8 |
|
|
|
32 |
|
Interest expense |
|
|
(18 |
) |
|
|
— |
|
Gain on settlement of accounts payables |
|
|
407 |
|
|
|
— |
|
Other income (expense), net |
|
|
2,137 |
|
|
|
(2 |
) |
Total other income (expense), net |
|
|
2,539 |
|
|
|
(1,918 |
) |
Net loss before provision for income taxes |
|
|
(9,693 |
) |
|
|
(16,914 |
) |
Provision for income taxes |
|
|
8 |
|
|
|
— |
|
Net loss |
|
$ |
(9,701 |
) |
|
$ |
(16,914 |
) |
|
|
|
|
|
||||
Basic and diluted loss per common share * |
|
$ |
(4.75 |
) |
|
$ |
(10.55 |
) |
Weighted-average basic and diluted common shares outstanding * |
|
|
2,043,278 |
|
|
|
1,602,790 |
|
* reflects a one-for-five (1:5) reverse stock split effected on August 27, 2024 |
View source version on businesswire.com: https://www.businesswire.com/news/home/20250318788523/en/
Media Contact:
Josh Miller
847-673-1700
media@exicuretx.com
Source: Exicure, Inc.