Exicure, Inc. Reports Second Quarter 2024 Financial Results
Exicure, Inc. (Nasdaq: XCUR) reported its Q2 2024 financial results, revealing a challenging financial position. The company's cash and cash equivalents decreased to $0.5 million as of June 30, 2024, from $0.8 million at the end of 2023. Exicure's net loss narrowed to $0.6 million in Q2 2024, compared to $5.8 million in Q2 2023, primarily due to reduced operations and cost-cutting measures. General and administrative expenses decreased significantly to $1.2 million, down from $5.6 million in the same quarter last year. The company generated $0.6 million in other income from selling clinical product samples. However, Exicure faces a critical cash shortage and urgently needs substantial additional financing to continue operations and explore strategic alternatives.
Exicure, Inc. (Nasdaq: XCUR) ha riportato i risultati finanziari del secondo trimestre 2024, evidenziando una situazione finanziaria difficile. Le disponibilità liquide e le equivalenti sono diminuite a 0,5 milioni di dollari al 30 giugno 2024, rispetto a 0,8 milioni di dollari alla fine del 2023. La perdita netta di Exicure si è ridotta a 0,6 milioni di dollari nel secondo trimestre 2024, rispetto a 5,8 milioni di dollari nel secondo trimestre 2023, principalmente a causa della riduzione delle operazioni e di misure di contenimento dei costi. Le spese generali e amministrative sono scese significativamente a 1,2 milioni di dollari, rispetto a 5,6 milioni di dollari nello stesso trimestre dell'anno scorso. L'azienda ha generato 0,6 milioni di dollari in altri ricavi dalla vendita di campioni di prodotti clinici. Tuttavia, Exicure si trova ad affrontare una critica carenza di liquidità e ha urgentemente bisogno di un finanziamento aggiuntivo sostanziale per continuare le operazioni e esplorare alternative strategiche.
Exicure, Inc. (Nasdaq: XCUR) informó sobre sus resultados financieros del segundo trimestre de 2024, revelando una posición financiera complicada. El efectivo y equivalentes de efectivo de la compañía disminuyeron a 0.5 millones de dólares al 30 de junio de 2024, desde 0.8 millones de dólares a finales de 2023. La pérdida neta de Exicure se redujo a 0.6 millones de dólares en el segundo trimestre de 2024, en comparación con 5.8 millones de dólares en el segundo trimestre de 2023, principalmente debido a la reducción de operaciones y medidas de recorte de costos. Los gastos generales y administrativos disminuyeron significativamente a 1.2 millones de dólares, desde 5.6 millones de dólares en el mismo trimestre del año anterior. La empresa generó 0.6 millones de dólares en otros ingresos por la venta de muestras de productos clínicos. Sin embargo, Exicure enfrenta una grave escasez de efectivo y necesita urgentemente un financiamiento adicional sustancial para continuar sus operaciones y explorar alternativas estratégicas.
Exicure, Inc. (Nasdaq: XCUR)는 2024년 2분기 재무 실적을 보고하며 어려운 재무 상황을 드러냈습니다. 회사의 현금 및 현금성 자산은 2023년 말 80만 달러에서 2024년 6월 30일 기준으로 50만 달러로 감소했습니다. Exicure의 순손실은 2024년 2분기 60만 달러로 축소되었으며, 이는 2023년 2분기의 580만 달러에 비해 감소한 것입니다. 이는 주로 사업 축소와 비용 절감 조치에 기인합니다. 일반 관리비는 지난해 같은 분기에서 560만 달러에서 120만 달러로 크게 감소했습니다. 회사는 임상 제품 샘플 판매로 60만 달러의 기타 수익을 창출했습니다. 그러나 Exicure는 심각한 현금 부족에 직면해 있으며 운영을 지속하고 전략적 대안을 탐색하기 위해 긴급히 추가 재정 지원이 필요합니다.
Exicure, Inc. (Nasdaq: XCUR) a annoncé ses résultats financiers du deuxième trimestre 2024, révélant une situation financière difficile. La trésorerie et les équivalents de trésorerie de l'entreprise ont diminué à 0,5 million de dollars au 30 juin 2024, contre 0,8 million de dollars à la fin de 2023. La perte nette d'Exicure s'est réduite à 0,6 million de dollars au deuxième trimestre 2024, contre 5,8 millions de dollars au deuxième trimestre 2023, principalement en raison de la réduction des opérations et des mesures de réduction des coûts. Les dépenses générales et administratives ont considérablement diminué à 1,2 million de dollars, contre 5,6 millions de dollars au même trimestre de l'année dernière. L'entreprise a généré 0,6 million de dollars de revenus divers grâce à la vente d'échantillons de produits cliniques. Cependant, Exicure fait face à une grave pénurie de liquidités et a un besoin urgent de financement supplémentaire substantiel pour poursuivre ses activités et explorer des alternatives stratégiques.
Exicure, Inc. (Nasdaq: XCUR) hat seine finanziellen Ergebnisse für das zweite Quartal 2024 veröffentlicht und eine herausfordernde finanzielle Lage offengelegt. Die liquiden Mittel und liquiden Mitteläquivalente des Unternehmens sind bis zum 30. Juni 2024 auf 0,5 Millionen US-Dollar gesunken, nachdem sie Ende 2023 bei 0,8 Millionen US-Dollar lagen. Der Nettoverlust von Exicure verringerte sich auf 0,6 Millionen US-Dollar im 2. Quartal 2024, verglichen mit 5,8 Millionen US-Dollar im 2. Quartal 2023, was hauptsächlich auf reduzierte Operationen und Kostensenkungsmaßnahmen zurückzuführen ist. Die allgemeinen und Verwaltungskosten sanken erheblich auf 1,2 Millionen US-Dollar, nach 5,6 Millionen US-Dollar im gleichen Quartal des Vorjahres. Das Unternehmen erzielte 0,6 Millionen US-Dollar an sonstigen Einkünften aus dem Verkauf von klinischen Produktmustern. Exicure sieht sich jedoch einem kritischen Liquiditätsengpass gegenüber und benötigt dringend zusätzliche Finanzmittel, um den Betrieb fortzusetzen und strategische Alternativen zu prüfen.
- Net loss decreased from $5.8 million in Q2 2023 to $0.6 million in Q2 2024
- General and administrative expenses reduced by $4.4 million year-over-year
- Generated $0.6 million in other income from selling clinical product samples
- Cash and cash equivalents decreased to $0.5 million, insufficient to fund operations
- Urgent need for substantial additional financing to continue operations
- ability to further cut costs and extend operating runway
- Going concern issues due to insufficient funds to continue operations
Insights
Exicure's Q2 2024 results paint a grim picture of a company in severe financial distress. With only
Exicure's transition from an early-stage biotechnology company to a shell seeking strategic alternatives is a stark reminder of the risks in biotech investing. The suspension of all R&D activities and preclinical work signifies a complete halt in scientific progress. Selling clinical product samples, while providing short-term cash, potentially diminishes future value if a viable path forward is found. The lack of ongoing research makes Exicure less attractive for potential partnerships or acquisitions in the biotech space. Without active programs or valuable intellectual property, the company's only remaining asset may be its Nasdaq listing, which could attract reverse merger opportunities but offers little value to current shareholders.
Exicure's situation calls for immediate and drastic action. The company's exploration of strategic alternatives, given its dire financial state, likely includes options such as a reverse merger, asset sale, or liquidation. The severe cash crunch limits negotiating power and time for due diligence, potentially forcing unfavorable terms. The company's Nasdaq listing remains a valuable asset, but continued compliance with listing requirements is questionable. Management's acknowledgment of further cost-cutting options suggests that any strategic move will be from a position of weakness. Shareholders should brace for significant dilution or potential total loss, as the company's bargaining position weakens daily without new financing.
Second Quarter 2024 Financial Results
Cash Position: Cash and cash equivalents were
General and Administrative (G&A) Expense: General and administrative expenses were
Other Income: The Company sold samples of its clinical products for
Net Loss: The Company had a net loss of
Going Concern: Management believes that the Company’s existing cash and cash equivalents is not sufficient to continue to fund operations. The Company has already engaged in significant cost reductions, so our ability to further cut costs and extend the Company’s operating runway is limited. As a result, substantial additional financing is needed in very near term to pay expenses, fund the ongoing exploration of strategic alternatives and pursue any alternatives that may be identified. The Company needs to raise capital to fund its operations. 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. 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. |
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UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS |
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(in thousands, except share and per share data) |
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|
June 30,
|
|
December 31,
|
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|
|
|
|
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ASSETS |
|
|
|
||||
Current assets: |
|
|
|
||||
Cash and cash equivalents |
$ |
528 |
|
|
$ |
816 |
|
Other receivable |
|
559 |
|
|
|
15 |
|
Prepaid expenses and other current assets |
|
992 |
|
|
|
1,193 |
|
Total current assets |
|
2,079 |
|
|
|
2,024 |
|
Property and equipment, net |
|
40 |
|
|
|
54 |
|
Right-of-use asset |
|
6,126 |
|
|
|
6,517 |
|
Other noncurrent assets |
|
2,443 |
|
|
|
2,985 |
|
Total assets |
$ |
10,688 |
|
|
$ |
11,580 |
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
||||
Current liabilities: |
|
|
|
||||
Accounts payable |
|
1,585 |
|
|
|
1,631 |
|
Accrued expenses and other current liabilities |
|
846 |
|
|
|
879 |
|
Short-term debt |
|
1,000 |
|
|
|
— |
|
Total current liabilities |
|
3,431 |
|
|
|
2,510 |
|
Lease liability, noncurrent |
|
5,644 |
|
|
|
6,039 |
|
Total liabilities |
$ |
9,075 |
|
|
$ |
8,549 |
|
|
|
|
|
||||
Commitments and Contingencies (Note 12) |
|
|
|
||||
|
|
|
|
||||
Stockholders’ equity: |
|
|
|
||||
Preferred stock, |
|
— |
|
|
|
— |
|
Common stock, |
|
1 |
|
|
|
1 |
|
Additional paid-in capital |
|
192,604 |
|
|
|
192,593 |
|
Accumulated deficit |
|
(190,992 |
) |
|
|
(189,563 |
) |
Total stockholders' equity |
|
1,613 |
|
|
|
3,031 |
|
Total liabilities and stockholders’ equity |
$ |
10,688 |
|
|
$ |
11,580 |
|
EXICURE, INC. |
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UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS |
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(in thousands, except share and per share data) |
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Three Months Ended June 30, |
|
Six Months Ended June 30, |
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|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
Revenue: |
|
|
|
|
|
|
|
||||||||
Revenue |
$ |
— |
|
|
$ |
— |
|
|
$ |
500 |
|
|
$ |
— |
|
Total revenue |
|
— |
|
|
|
— |
|
|
|
500 |
|
|
|
— |
|
Operating expenses: |
|
|
|
|
|
|
|
||||||||
Research and development expense |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,423 |
|
General and administrative expense |
|
1,235 |
|
|
|
5,642 |
|
|
|
2,571 |
|
|
|
8,758 |
|
Total operating expenses |
|
1,235 |
|
|
|
5,642 |
|
|
|
2,571 |
|
|
|
10,181 |
|
Operating loss |
|
(1,235 |
) |
|
|
(5,642 |
) |
|
|
(2,071 |
) |
|
|
(10,181 |
) |
Other income, net: |
|
|
|
|
|
|
|
||||||||
Dividend income |
|
1 |
|
|
|
15 |
|
|
|
5 |
|
|
|
32 |
|
Interest income |
|
3 |
|
|
|
13 |
|
|
|
6 |
|
|
|
24 |
|
Interest expense |
|
(6 |
) |
|
|
— |
|
|
|
(6 |
) |
|
|
— |
|
Other income |
|
637 |
|
|
|
— |
|
|
|
637 |
|
|
|
— |
|
Other expense |
|
— |
|
|
|
(150 |
) |
|
|
— |
|
|
|
(46 |
) |
Total other income, net |
|
635 |
|
|
|
(122 |
) |
|
|
642 |
|
|
|
10 |
|
Net loss before provision for income taxes |
|
(600 |
) |
|
|
(5,764 |
) |
|
|
(1,429 |
) |
|
|
(10,171 |
) |
Provision for income taxes |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Net loss |
$ |
(600 |
) |
|
$ |
(5,764 |
) |
|
$ |
(1,429 |
) |
|
$ |
(10,171 |
) |
|
|
|
|
|
|
|
|
||||||||
Basic and diluted loss per common share |
$ |
(0.07 |
) |
|
$ |
(0.68 |
) |
|
$ |
(0.17 |
) |
|
$ |
(1.38 |
) |
Weighted-average basic and diluted common shares outstanding |
|
8,651,078 |
|
|
|
8,432,394 |
|
|
|
8,650,878 |
|
|
|
7,366,594 |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20240813598559/en/
Josh Miller
847-673-1700
media@exicuretx.com
Source: Exicure, Inc.
FAQ
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