Exicure, Inc. (Nasdaq: XCUR, the "Company"), 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.
Second Quarter 2024 Financial Results
Cash Position: Cash and cash equivalents were $0.5
million as of June 30, 2024, as compared to $0.8 million as of
December 31, 2023. 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.
General and Administrative (G&A) Expense: General and
administrative expenses were $1.2 million for the quarter ended
June 30, 2024, as compared to $5.6 million for the quarter ended
June 30, 2023. The decrease in G&A expense of $4.4 million for
the three months ended June 30, 2024 was mostly due to higher costs
in 2023 due to separation pay for executives and related stock
based compensation expense, and consulting fees, partially offset
by lower bonus, retention, and insurance expense.
Other Income: The Company sold samples of its clinical
products for $0.6 million to a private clinical stage
biopharmaceutical company.
Net Loss: The Company had a net loss of $0.6 million for
the quarter ended June 30, 2024, as compared to a net loss of $5.8
million for the quarter ended June 30, 2023. The decrease in net
loss of $5.2 million was primarily driven by the reduction of
payroll and operating costs due to reduced operations, as well as
$0.6 million of other income.
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.
UNAUDITED CONDENSED
CONSOLIDATED BALANCE SHEETS
(in thousands, except share
and per share data)
June 30, 2024
December 31,
2023
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, $0.0001 par value per
share; 10,000,000 shares authorized, no shares issued and
outstanding, June 30, 2024 and December 31, 2023
—
—
Common stock, $0.0001 par value per share;
200,000,000 shares authorized, 8,651,148 issued and outstanding,
June 30, 2024; 8,650,753 issued and outstanding, December 31,
2023
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.
UNAUDITED CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except share
and per share data)
Three Months Ended
June 30,
Six Months Ended
June 30,
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
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version on businesswire.com: https://www.businesswire.com/news/home/20240813598559/en/
Josh Miller 847-673-1700 media@exicuretx.com
Grafico Azioni Exicure (NASDAQ:XCUR)
Storico
Da Nov 2024 a Dic 2024
Grafico Azioni Exicure (NASDAQ:XCUR)
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Da Dic 2023 a Dic 2024
