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

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 to continue as a going concern, with a need for immediate additional funding to satisfy obligations and maintain operations. Exicure has halted all research and development activities and is exploring strategic alternatives, including potential transactions in industries unrelated to its historical operations. The company's future plans are focused on seeking financing through equity offerings, although there is uncertainty over its ability to secure necessary funds. Exicure has also faced Nasdaq listing deficiencies, including a delisting determination due to non-compliance with filing deadlines and annual meeting requirements, with an appeal hearing scheduled for July 9, 2024.