Exicure, a biotechnology company, reported a challenging quarter with no revenue generated, as detailed in their latest financial report. The company's revenue plummeted to $0 for the quarter ended June 30, 2023, from $2.5 million in the same period last year, marking a 100% decrease. This decline was attributed to the termination of collaboration agreements with Ipsen and AbbVie in December 2022. Operating expenses decreased by 43% to $5.6 million, down from $9.9 million, primarily due to the suspension of research and development activities and a significant reduction in workforce. Consequently, the operating loss improved by 25% to $5.6 million, compared to a loss of $7.5 million in the previous year. The net loss also saw a reduction of 23% to $5.8 million from $7.5 million year-on-year. Exicure's cash position weakened...Show More

Exicure, a biotechnology company, reported a challenging quarter with no revenue generated, as detailed in their latest financial report. The company's revenue plummeted to $0 for the quarter ended June 30, 2023, from $2.5 million in the same period last year, marking a 100% decrease. This decline was attributed to the termination of collaboration agreements with Ipsen and AbbVie in December 2022. Operating expenses decreased by 43% to $5.6 million, down from $9.9 million, primarily due to the suspension of research and development activities and a significant reduction in workforce. Consequently, the operating loss improved by 25% to $5.6 million, compared to a loss of $7.5 million in the previous year. The net loss also saw a reduction of 23% to $5.8 million from $7.5 million year-on-year. Exicure's cash position weakened, with cash, cash equivalents, and restricted cash totaling $3.5 million as of June 30, 2023, down 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, but acknowledged that their current liquidity is insufficient to fund operations beyond the fourth quarter of 2023. Exicure is actively exploring strategic alternatives, including potential partnerships and transactions in industries unrelated to their historical operations. The company's future is uncertain, with a possibility of seeking bankruptcy protection if additional financing is not secured. Exicure has also faced Nasdaq listing deficiencies, including non-compliance with minimum bid price and board composition requirements, and is working to address these issues.