Summary by Moomoo AI
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
