Exicure, a biotechnology company, reported a net loss of $4.4 million for the first quarter of 2023, a 47% improvement from the $8.3 million net loss in the same period last year. The company's revenue dropped to zero, down from $2.6 million in Q1 2022, following the termination of collaboration agreements with Ipsen and AbbVie in December 2022. Operating expenses decreased by 56% to $4.5 million, down from $10.3 million, primarily due to the suspension of R&D activities and a significant workforce reduction. As of March 31, 2023, Exicure's cash, cash equivalents, and restricted cash totaled $11.2 million, an increase from $9.8 million at the end of 2022. The company raised $5.4 million in gross proceeds from a private placement in February 2023, which is expected to fund general working capital and strategic pursuits. However...Show More

Exicure, a biotechnology company, reported a net loss of $4.4 million for the first quarter of 2023, a 47% improvement from the $8.3 million net loss in the same period last year. The company's revenue dropped to zero, down from $2.6 million in Q1 2022, following the termination of collaboration agreements with Ipsen and AbbVie in December 2022. Operating expenses decreased by 56% to $4.5 million, down from $10.3 million, primarily due to the suspension of R&D activities and a significant workforce reduction. As of March 31, 2023, Exicure's cash, cash equivalents, and restricted cash totaled $11.2 million, an increase from $9.8 million at the end of 2022. The company raised $5.4 million in gross proceeds from a private placement in February 2023, which is expected to fund general working capital and strategic pursuits. However, Exicure's liquidity is not expected to sustain operations for the next twelve months, raising substantial doubt about its ability to continue as a going concern. The company is actively exploring strategic alternatives, including potential transactions in industries unrelated to its historical operations, as it currently has no revenue source or committed financing. Exicure may seek bankruptcy protection if unable to raise capital, which could lead to stockholders receiving minimal value for their shares. The company also reported a change of control with CBI USA now holding approximately 50.4% of outstanding shares and designating three board members. Exicure has received several deficiency notices from Nasdaq and is working to regain compliance with listing requirements.