Summary by Futu AI
Exicure, a biotechnology company, has reported a challenging financial year with significant operational changes. The company's revenue plummeted to $0 in 2023 from $28.8 million in 2022, following the termination of collaboration agreements with Ipsen and AbbVie. Operating expenses decreased by 51% to $15 million, primarily due to the suspension of research and development activities. Exicure incurred a net loss of $16.9 million in 2023, a significant increase from a $2.6 million loss in 2022. The company's cash and cash equivalents dwindled to $0.8 million by the end of 2023, with a further decrease to $0.2 million by May 31, 2024. Exicure raised $5.4 million in gross proceeds from a private placement in February 2023, but this was largely consumed by operational expenses. The company's financial condition has raised substantial doubt about its ability...Show More