Exicure, Inc., a biotechnology company, announced a significant restructuring in September 2022, which included a workforce reduction and the suspension of all research and development activities. The company also explored strategic alternatives to maximize shareholder value. As a result of the restructuring, Exicure reported a net loss of $16.9 million for the fiscal year ended December 31, 2023. The company's financial statements for 2023 have been prepared under the assumption that it will continue as a going concern, despite substantial doubt due to its financial condition. Exicure's cash and cash equivalents stood at $0.8 million as of December 31, 2023, with approximately $1.6 million in accounts payable. The company's future is dependent on its ability to secure additional funding to satisfy existing obligations and continue operations...Show More

Exicure, Inc., a biotechnology company, announced a significant restructuring in September 2022, which included a workforce reduction and the suspension of all research and development activities. The company also explored strategic alternatives to maximize shareholder value. As a result of the restructuring, Exicure reported a net loss of $16.9 million for the fiscal year ended December 31, 2023. The company's financial statements for 2023 have been prepared under the assumption that it will continue as a going concern, despite substantial doubt due to its financial condition. Exicure's cash and cash equivalents stood at $0.8 million as of December 31, 2023, with approximately $1.6 million in accounts payable. The company's future is dependent on its ability to secure additional funding to satisfy existing obligations and continue operations. The company's board is composed of six directors, with three deemed independent under Nasdaq standards. Exicure has also engaged in related-party transactions, including a private placement with CBI USA, Inc. and consulting services provided by entities controlled by a board member. The company's executive officers have employment agreements that include compensation details and severance provisions. Exicure's financial statements for 2023 were audited by Marcum LLP, and the company is no longer considered a 'controlled company' under Nasdaq rules as of August 2023.