Exicure, a biotechnology company, reported a challenging financial performance in its latest quarterly report. The company's revenue plummeted to $0 for the quarter ended June 30, 2023, a 100% decrease from the $2.5 million reported in the same period in 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. 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% year-on-year, standing at $5.8 million. 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...Show More

Exicure, a biotechnology company, reported a challenging financial performance in its latest quarterly report. The company's revenue plummeted to $0 for the quarter ended June 30, 2023, a 100% decrease from the $2.5 million reported in the same period in 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. 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% year-on-year, standing at $5.8 million. 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 its current liquidity is insufficient to fund operations for the next twelve months, raising substantial doubt about its ability to continue as a going concern. Exicure has ceased all research and development activities and is exploring strategic alternatives, including potential transactions in industries unrelated to its historical operations. The company is also considering equity offerings as a means to secure financing, but faces challenges due to its current condition and market uncertainties. Exicure has experienced several Nasdaq listing deficiencies, including stock price and corporate governance requirements, and is working to regain compliance to avoid delisting. The company's future plans are focused on exploring strategic alternatives and securing the necessary financing to continue operations, with the possibility of bankruptcy protection if additional capital cannot be raised.