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Exicure, Inc. Reports Full Year 2024 Financial Results

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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.

Positive
  • 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
Negative
  • 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 $12.5 million from $0.8 million year-over-year, management explicitly states this "may not be sufficient to fund operations for the next 12 months" and declares "substantial doubt about our ability to continue as a going concern."

The net loss decreased to $9.7 million from $16.9 million, but this improvement stems from cost-cutting rather than business growth. G&A expenses fell 54% to $5.4 million, reflecting aggressive downsizing. The company generated some revenue by selling clinical product samples and other assets - essentially liquidating parts of its intellectual property portfolio through an Asset Purchase Agreement.

Of particular concern is the emerging litigation expense, which increased $0.6 million due to securities litigation, adding further financial strain. The company's statement that "additional financing will be needed" coupled with continued exploration of "strategic alternatives" signals Exicure is actively seeking either acquisition, merger, or significant restructuring. With no active drug development programs and dwindling resources, Exicure now functions primarily as a publicly-traded shell seeking transactions with "potential partners that see opportunity in joining an existing, publicly-traded organization."

CHICAGO--(BUSINESS WIRE)-- Exicure, Inc. (Nasdaq: XCUR) has historically been an early-stage biotechnology company focused on developing nucleic acid therapies targeting ribonucleic acid against validated targets. In September 2022, the Company announced a significant reduction in force, suspension of preclinical activities and halting of all research and development, and that the Company was exploring strategic alternatives to maximize stockholder value. We continue to engage in a broader exploration of strategic alternatives. This effort involves exploring growth through transactions with potential partners that see opportunity in joining an existing, publicly-traded organization.

2024 Financial Results

Cash Position: Cash and cash equivalents were $12.5 million as of December 31, 2024, as compared to $0.8 million as of December 31, 2023. Our current liquidity may not be sufficient to fund operations for the next 12 months. Additional financing will be needed to fund our ongoing operations and exploration of strategic alternatives and pursue any alternatives that we identify.

Research and Development (R&D) Expense: Research and development expenses were $0 for the year ended December 31, 2024, as compared to $1.4 million for the year ended December 31, 2023. The decrease in R&D expense for the year ended December 31, 2024 of $1.4 million reflects the stoppage of clinical, preclinical, and discovery program activities and a reduction in employee headcount in December 2021 and September 2022. The Company began exploring strategic alternatives in April 2023. As a result, the Company determined it was no longer appropriate to record any research and development expenses after the first quarter of 2023.

General and Administrative (G&A) Expense: General and administrative expenses were $5.4 million for the year ended December 31, 2024, as compared to $11.7 million for the year ended December 31, 2023. The decrease in G&A expense of $6.3 million for the year ended December 31, 2024 was due to higher costs in 2023 from separation pay of former executives and related stock based compensation expense, payroll and related benefits, legal and consulting fees, facility and lease costs, depreciation from assets sold, and the research and development wind down costs that no longer met the criteria to be classified as research and development due to the shift in our historical operations suspending all research and development activities as previous discussed.

Litigation legal expense: The increase of $0.6 million for the year ended December 31, 2024 was due to accruals recorded for the amount of the unsatisfied self insured retainer and legal defense costs related to the securities litigation lawsuit.

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 $(9.7) million for the year ended December 31, 2024, as compared to a net loss of $16.9 million for the year ended December 31, 2023. The decrease in net loss of $7.2 million was due to lower operating (G&A) expenses as well as some revenues and other income earned in 2024, partially offset by the right-of-use asset impairment loss resulted from the impairment analysis of the Company’s right-of-use asset related to its office lease.

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)

 

 

December 31,
2024

 

December 31,
2023

 

 

 

 

ASSETS

 

 

 

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, $0.0001 par value per share; 10,000,000 shares authorized, no shares issued and outstanding, December 31, 2024 and December 31, 2023

 

 

 

 

 

Common stock, $0.0001 par value per share; 200,000,000 shares authorized, 6,026,841 issued and outstanding, December 31, 2024; 1,832,988 issued and outstanding, December 31, 2023 *

 

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)

 

 

 

Year Ended

December 31,

 

 

2024

 

2023

Revenue:

 

 

 

 

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

 

Media Contact:

Josh Miller

847-673-1700

media@exicuretx.com

Source: Exicure, Inc.

FAQ

What is Exicure's (XCUR) cash position as of December 31, 2024?

Exicure reported $12.5 million in cash and cash equivalents as of December 31, 2024, up from $0.8 million in 2023.

How much did Exicure (XCUR) reduce its net loss in 2024?

Exicure reduced its net loss by $7.2 million, from $16.9 million in 2023 to $9.7 million in 2024.

Why did Exicure (XCUR) report zero R&D expenses in 2024?

XCUR reported no R&D expenses due to the complete suspension of all clinical, preclinical, and discovery program activities since September 2022.

What strategic alternatives is Exicure (XCUR) currently exploring?

XCUR is exploring growth opportunities through potential partnerships with companies interested in joining an existing publicly-traded organization.

Will Exicure (XCUR) need additional financing for future operations?

Yes, management stated additional financing will be needed to fund ongoing operations and strategic alternatives, expressing substantial doubt about continuing operations.
Exicure Inc

NASDAQ:XCUR

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Biotechnology
Pharmaceutical Preparations
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United States
CHICAGO