share_log

Exicure | 10-Q: Q1 2024 Earnings Report

SEC ·  Jun 18 04:32

Summary by Futu AI

Exicure, a biotechnology company, reported a net loss of $829,000 for the first quarter of 2024, a significant improvement from the $4.4 million net loss in the same period of 2023. The company's revenue for the quarter was $500,000, a stark contrast to the previous year's first quarter, which saw no revenue. This revenue stems from a patent license agreement for a hepatitis treatment. Operating expenses decreased by 71% to $1.3 million, down from $4.5 million in the first quarter of 2023, primarily due to the suspension of research and development activities and a reduction in force announced in September 2022. As of March 31, 2024, Exicure's cash and cash equivalents stood at $0.4 million, down from $0.8 million at the end of 2023. The company's financial situation remains precarious, with...Show More
Exicure, a biotechnology company, reported a net loss of $829,000 for the first quarter of 2024, a significant improvement from the $4.4 million net loss in the same period of 2023. The company's revenue for the quarter was $500,000, a stark contrast to the previous year's first quarter, which saw no revenue. This revenue stems from a patent license agreement for a hepatitis treatment. Operating expenses decreased by 71% to $1.3 million, down from $4.5 million in the first quarter of 2023, primarily due to the suspension of research and development activities and a reduction in force announced in September 2022. As of March 31, 2024, Exicure's cash and cash equivalents stood at $0.4 million, down from $0.8 million at the end of 2023. The company's financial situation remains precarious, with a substantial doubt about its ability to continue as a going concern without securing additional funding in the near term. Exicure is actively exploring strategic alternatives, including potential partnerships and transactions in industries unrelated to its historical operations. The company has also experienced a change of control with CBI USA and its affiliate DGP acquiring a significant portion of its common stock. Exicure faces delisting from Nasdaq due to non-compliance with several listing requirements, including minimum bid price and stockholders' equity. The company has appealed the delisting determination and is awaiting a hearing scheduled for July 9, 2024.

The information provided by Futu AI is automatically generated by third-party artificial intelligence (AI) software based on news content. It is only available to users located outside of China mainland.


The above content is for informational or educational purposes only and does not constitute any investment advice related to Futu. Although we strive to ensure the truthfulness, accuracy, and originality of all such content, we cannot guarantee it.