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.
Third Quarter 2023 Financial Results
Cash Position: Cash and cash equivalents were $0.9
million as of September 30, 2023, as compared to $8.6 million as of
December 31, 2022. Subsequent to September 30, 2023, our cash and
cash equivalents have decreased to approximately $0.2 million as of
April 30, 2024. The Company believes that its cash and cash
equivalents are insufficient to continue to fund operations and
additional funding is needed in the very near term.
Research and Development (R&D) Expense: Research and
development expenses were $0 for the quarter ended September 30,
2023, as compared to $4.8 million for the quarter ended September
30, 2022. The decrease in R&D expense for the three months
ended September 30, 2023 of $4.8 million reflects the stoppage of
clinical, preclinical, and discovery program activities and a
reduction in employee headcount with lower employee-related
expenses and fewer discovery, preclinical, and clinical program
activities resulting from the restructuring activities that the
Company announced in December 2021 and September 2022.
General and Administrative (G&A) Expense: General and
administrative expenses were $2.4 million for the quarter ended
September 30, 2023, as compared to $2.4 million for the quarter
ended September 30, 2022. The slight decrease in G&A expense of
$0.02 million for the three months ended September 30, 2023 was
mostly due to lower compensation and related payroll costs and
professional fees as a result of reduced operations, partially
offset by continued expenses related to the wind down of R&D
operations.
Net Loss: The Company had a net loss of $5.3 million for
the quarter ended September 30, 2023, as compared to a net loss of
$5.2 million for the quarter ended September 30, 2022. The slight
increase in net loss of $0.1 million was primarily driven by the
loss on available for sale debt securities.
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, 2022 filed with the Securities and Exchange Commission
on March 27, 2023, 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)
September 30,
2023
December 31,
2022
ASSETS
Current assets:
Cash and cash equivalents
$
922
$
8,577
Other receivable, from sale of property
and equipment
711
—
Prepaid expenses and other assets
1,457
1,474
Total current assets
3,090
10,051
Property and equipment, net
61
2,530
Right-of-use asset
6,707
7,257
Other noncurrent assets
3,092
3,490
Total assets
$
12,950
$
23,328
LIABILITIES AND STOCKHOLDERS’
EQUITY
Current liabilities:
Accounts payable
865
361
Accrued expenses and other current
liabilities
1,356
1,278
Total current liabilities
2,221
1,639
Lease liability, noncurrent
6,231
6,767
Total liabilities
$
8,452
$
8,406
Stockholders’ equity:
Preferred stock, $0.0001 par value per
share; 10,000,000 shares authorized, no shares issued and
outstanding, September 30, 2023 and December 31, 2022
—
—
Common stock, $0.0001 par value per share;
200,000,000 shares authorized, 8,650,515 issued and outstanding,
September 30, 2023; 4,965,901 issued and outstanding, December 31,
2022
1
—
Additional paid-in capital
192,573
187,571
Accumulated deficit
(188,076
)
(172,649
)
Total stockholders' equity
4,498
14,922
Total liabilities and stockholders’
equity
$
12,950
$
23,328
EXICURE, INC.
UNAUDITED CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except share
and per share data)
Three Months Ended
September 30,
Nine Months Ended
September 30,
2023
2022
2023
2022
Revenue:
Collaboration revenue
$
—
$
2,016
$
—
$
7,052
Total revenue
—
2,016
—
7,052
Operating expenses:
Research and development expense
—
4,805
1,423
18,694
General and administrative expense
2,397
2,416
11,155
8,783
Loss from sale of property and
equipment
920
—
920
—
Total operating expenses
3,317
7,221
13,498
27,477
Operating loss
(3,317
)
(5,205
)
(13,498
)
(20,425
)
Other income (expense), net:
Changes in fair value of investment in
convertible notes receivable
(2,000
)
—
(2,000
)
—
Dividend income
13
41
45
59
Interest income
4
4
28
7
Interest expense
—
—
(595
)
Other income (expense), net
44
—
(2
)
(24
)
Total other income (expense), net
(1,939
)
45
(1,929
)
(553
)
Net loss before provision for income
taxes
(5,256
)
(5,160
)
(15,427
)
(20,978
)
Provision for income taxes
—
—
—
—
Net loss
$
(5,256
)
$
(5,160
)
$
(15,427
)
$
(20,978
)
Basic and diluted loss per common
share
$
(0.61
)
$
(1.04
)
$
(1.98
)
$
(4.66
)
Weighted-average basic and diluted common
shares outstanding
8,650,402
4,963,344
7,799,233
4,502,962
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version on businesswire.com: https://www.businesswire.com/news/home/20240516969140/en/
Josh Miller 847-673-1707 media@exicuretx.com
Grafico Azioni Exicure (NASDAQ:XCUR)
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