Exicure, Inc. (Nasdaq: XCUR), has historically been an
early-stage biotechnology company focused on developing nucleic
acid therapies targeting ribonucleic acid against validated
targets. In September 2022, the Company announced a significant
reduction in force, suspension of preclinical activities and
halting of all research and development, and that the Company was
exploring strategic alternatives to maximize stockholder value.
Corporate Update
Recent highlights include:
- On February 24, 2023, the Company received gross proceeds of
$5.44 million from the September 2022 PIPE (net proceeds of $4.6
million after transaction expenses). As a result of the closing of
the September 2022 PIPE, CBI USA is the beneficial owner of
approximately 50.4% of the Company's outstanding shares. Pursuant
to the board designation rights of CBI USA, CBI USA designated
three members to the Company's board of directors.
- In May, the Company entered into two separate subscription
agreements (“Subscription Agreements”) with Cyworld Z Co., Ltd.,
(“Cyworld Z”). Pursuant to the Subscription Agreements, the Company
purchased non-guaranteed private placement convertible bonds
(“Bonds”) of Cyworld Z for a subscription amount of $1 million
each. The Bonds mature in May 2026 and the yield to maturity is
4.5% per annum.
First Quarter 2023 Financial Results
Cash Position: Cash, cash equivalents and restricted cash
were $11.2 million as of March 31, 2023, as compared to $9.8
million as of December 31, 2022. The Company expects that its cash
and cash equivalents will fund its current operations into the
fourth quarter of 2023.
Research and Development (R&D) Expense: Research and
development expenses were $2.0 million for the quarter ended March
31, 2023, as compared to $7.1 million for the quarter ended March
31, 2022. The decrease in R&D expense for the three months
ended March 31, 2023 of $5.2 million reflects the suspension of
clinical, preclinical, and discovery program activities and a
reduction in employee headcount and fewer discovery, preclinical,
and clinical program activities resulting from the restructuring
activities that the Company announced in September 2022 and in
December 2021.
General and Administrative (G&A) Expense: General and
administrative expenses were $2.6 million for the quarter ended
March 31, 2023, as compared to $3.2 million for the quarter ended
March 31, 2022. The decrease in G&A expense of $0.6 million for
the three months ended March 31, 2023 was mostly due to lower
retention award and bonus compensation, based on current estimates,
as well as lower legal fees and insurance. These decreases were
partially offset by less operating costs allocated out to R&D
based on changes in headcount.
Net Loss: The Company had a net loss of $4.4 million for
the quarter ended March 31, 2023, as compared to a net loss of $8.3
million for the quarter ended March 31, 2022. The decrease in net
loss was primarily driven by lower R&D expenses during the
period, partially offset by lower revenue.
Going Concern: Management believes that the Company’s
existing cash and cash equivalents will fund its operating expenses
into the fourth quarter of 2023. However, this estimate is based on
assumptions about how the Company can limit spending that may prove
to be wrong. It is very difficult to project the Company’s current
cash burn rate given the transitional status of the Company and
this estimate may prove inaccurate. Depending on the direction of
the Company’s review of strategic alternatives, the Company may use
available resources sooner than management currently expects. The
Company has already engaged in significant cost reductions, so our
ability to further cut costs and extend the Company’s operating
runway is limited. As a result, substantial additional financing
will be needed by the Company within the next few months to pay
expenses, fund the ongoing exploration of strategic alternatives
and pursue any alternatives that may be identified. The Company
seeks to raise capital in the third quarter of 2023 to fund its
operations through 2024. There can be no assurance that such
additional financing will be available and, if available, can be
obtained on acceptable terms.
About Exicure
Exicure, Inc. has historically been an early-stage biotechnology
company focused on developing nucleic acid therapies targeting
ribonucleic acid against validated targets. Following its recent
restructuring and suspension of clinical and development
activities, the Company is exploring strategic alternatives to
maximize stockholder value, both with respect to its historical
biotechnology assets and more broadly. For further information, see
www.exicuretx.com.
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995. All statements in this press release other than statements of
historical fact may be deemed forward looking including, but not
limited to, statements regarding: the Company’s current business
plans and objectives, including the pursuit of strategic
alternatives to maximize stockholder value. Words such as “plans,”
“expects,” “will,” “anticipates,” “continue,” “advance,”
“believes,” “target,” “may,” “intend,” “could,” and other words and
terms of similar meaning and expression are intended to identify
forward-looking statements, although not all forward-looking
statements contain such terms. Forward-looking statements are based
on management’s current beliefs and assumptions that are subject to
risks and uncertainties and are not guarantees of future
performance. For a discussion of other risks and uncertainties, and
other important factors, any of which could cause the Company’s
actual results to differ from those contained in the
forward-looking statements, see the section titled “Risk Factors”
in the Company’s Annual Report on Form 10-K for the year ended
December 31, 2022 filed with the Securities and Exchange Commission
on March 27, 2023, as updated by the Company’s subsequent filings
with the Securities and Exchange Commission. All information in
this press release is as of the date of the release, and the
Company undertakes no duty to update this information or to
publicly announce the results of any revisions to any of such
statements to reflect future events or developments, except as
required by law.
EXICURE, INC.
UNAUDITED CONDENSED
CONSOLIDATED BALANCE SHEETS
(in thousands, except share
and per share data)
March 31,
2023
December 31,
2022
ASSETS
Current assets:
Cash and cash equivalents
$
9,960
$
8,577
Prepaid expenses and other assets
1,317
1,474
Total current assets
11,277
10,051
Property and equipment, net
2,279
2,530
Right-of-use asset
7,077
7,257
Other noncurrent assets
3,310
3,490
Total assets
$
23,943
$
23,328
LIABILITIES AND STOCKHOLDERS’
EQUITY
Current liabilities:
Accounts payable
452
361
Accrued expenses and other current
liabilities
1,477
1,278
Common stock warrant liability
800
—
Total current liabilities
2,729
1,639
Lease liability, noncurrent
6,595
6,767
Total liabilities
$
9,324
$
8,406
Stockholders’ equity:
Preferred stock, $0.0001 par value per
share; 10,000,000 shares authorized, no shares issued and
outstanding, March 31, 2023 and December 31, 2022
—
—
Common stock, $0.0001 par value per share;
200,000,000 shares authorized, 8,371,462 issued and outstanding,
March 31, 2023; 4,965,901 issued and outstanding, December 31,
2022
1
—
Additional paid-in capital
191,674
187,571
Accumulated deficit
(177,056
)
(172,649
)
Total stockholders' equity
14,619
14,922
Total liabilities and stockholders’
equity
$
23,943
$
23,328
EXICURE, INC.
UNAUDITED CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except share
and per share data)
Three Months Ended
March 31,
2023
2022
Revenue:
Collaboration revenue
$
—
$
2,565
Total revenue
—
2,565
Operating expenses:
Research and development expense
1,981
7,140
General and administrative expense
2,558
3,162
Total operating expenses
4,539
10,302
Operating loss
(4,539
)
(7,737
)
Other income (expense), net:
Dividend income
17
2
Interest income
11
2
Interest expense
—
(595
)
Other income (expense), net
104
(20
)
Total other income (expense), net
132
(611
)
Net loss before provision for income
taxes
(4,407
)
(8,348
)
Provision for income taxes
—
—
Net loss
$
(4,407
)
$
(8,348
)
Basic and diluted loss per common
share
$
(0.70
)
$
(2.07
)
Weighted-average basic and diluted common
shares outstanding
6,288,952
2,936,836
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version on businesswire.com: https://www.businesswire.com/news/home/20230714417183/en/
Media: Karen Sharma MacDougall 781-235-3060
ksharma@macdougall.bio
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