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