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.
2023 Financial Results
Cash Position: Cash and cash equivalents were $0.8
million as of December 31, 2023, as compared to $8.6 million as of
December 31, 2022. Subsequent to December 31, 2023, our cash and
cash equivalents have decreased to approximately $0.2 million as of
May 31, 2024. Subsequent to May 31, 2024, the Company received a
$0.7 million loan from DGP Co., Ltd., a significant stockholder.
The loan has a maturity of ten months from issuance and interest at
a rate of 6.0% per annum is payable at maturity. 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 $1.4 million for the year ended December
31, 2023, as compared to $19.8 million for the year ended December
31, 2022. The decrease in R&D expense for the year ended
December 31, 2023 of $18.3 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 $12.7 million for the year ended
December 31, 2023, as compared to $10.9 million for the year ended
December 31, 2022. The increase in G&A expense of $1.8 million
for the year ended December 31, 2023 was mostly due to certain
expenses that previously had been recorded as research and
development expenses, such as office facilities, legal, and payroll
related costs, that no longer met the criteria to be classified as
research and development expenses due to the shift in our
historical business operations discontinuing all research and
development activities.
Net Loss: The Company had a net loss of $16.9 million for
the year ended December 31, 2023, as compared to a net loss of $2.6
million for the year ended December 31, 2022. Although operating
expenses were reduced by more than 50%, there were no revenues to
offset these expenses resulting in an increase in net loss of $14.3
million.
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. 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,
2023
December 31,
2022
ASSETS
Current assets:
Cash and cash equivalents
$
816
$
8,577
Other receivable
15
—
Prepaid expenses and other current
assets
1,193
1,474
Total current assets
2,024
10,051
Property and equipment, net
54
2,530
Right-of-use asset
6,517
7,257
Other noncurrent assets
2,985
3,490
Total assets
$
11,580
$
23,328
LIABILITIES AND STOCKHOLDERS’
EQUITY
Current liabilities:
Accounts payable
1,631
361
Accrued expenses and other current
liabilities
879
1,278
Total current liabilities
2,510
1,639
Lease liability, noncurrent
6,039
6,767
Total liabilities
$
8,549
$
8,406
Stockholders’ equity:
Preferred stock, $0.0001 par value per
share; 10,000,000 shares authorized, no shares issued and
outstanding, December 31, 2023 and December 31, 2022
—
—
Common stock, $0.0001 par value per share;
200,000,000 shares authorized, 8,650,515 issued and outstanding,
December 31, 2023; 4,965,901 issued and outstanding, December 31,
2022
1
—
Additional paid-in capital
192,593
187,571
Accumulated other comprehensive loss
—
—
Accumulated deficit
(189,563
)
(172,649
)
Total stockholders' equity
3,031
14,922
Total liabilities and stockholders’
equity
$
11,580
$
23,328
EXICURE, INC.
UNAUDITED CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except share
and per share data)
Year Ended December
31,
2023
2022
Revenue:
Collaboration revenue
$
—
$
28,826
Total revenue
—
28,826
Operating expenses:
Research and development expense
1,423
19,767
General and administrative expense
12,653
10,890
Loss from sale of property and
equipment
920
—
Total operating expenses
14,996
30,657
Operating loss
(14,996
)
(1,831
)
Other income (expense), net:
Changes in fair value of investment in
convertible notes receivable
(2,000
)
—
Dividend income
52
78
Interest income
32
15
Interest expense
—
(595
)
Other income (expense), net
(2
)
(40
)
Total other income (expense), net
(1,918
)
(542
)
Net loss before provision for income
taxes
(16,914
)
(2,373
)
Provision for income taxes
—
209
Net loss
$
(16,914
)
$
(2,582
)
Basic and diluted loss per common
share
$
(2.11
)
$
(0.56
)
Weighted-average basic and diluted common
shares outstanding
8,013,840
4,619,471
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version on businesswire.com: https://www.businesswire.com/news/home/20240606475143/en/
Josh Miller 847-673-1700 media@exicuretx.com
Grafico Azioni Exicure (NASDAQ:XCUR)
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