Exicure, a biotechnology company, reported a net loss of $4.4 million for the first quarter of 2023, a 47% decrease from the $8.3 million loss in the same period of 2022. The company's revenue dropped to zero, down from $2.6 million in the first quarter of the previous year, 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 research and development activities and a significant reduction in workforce. 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 be...Show More

Exicure, a biotechnology company, reported a net loss of $4.4 million for the first quarter of 2023, a 47% decrease from the $8.3 million loss in the same period of 2022. The company's revenue dropped to zero, down from $2.6 million in the first quarter of the previous year, 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 research and development activities and a significant reduction in workforce. 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 be used for general working capital and strategic alternatives exploration. Exicure is actively seeking additional funding and exploring strategic alternatives, including potential transactions in industries unrelated to its historical operations. However, there is substantial doubt about the company's ability to continue as a going concern, with the possibility of seeking bankruptcy protection if additional capital cannot be secured. Exicure has also faced Nasdaq listing deficiencies, including stock price and corporate governance requirements, and is working towards compliance.