Exicure Flags Bankruptcy Concerns, Shares Fall

  • In its Q3 earnings release, Exicure Inc's XCUR management warned of substantial doubt regarding the company's ability to continue as a going concern within one year. 
  • The company will require substantial additional financing to address its working capital and other financing needs to pursue its business strategy. 
  • Cash, cash equivalents, short-term investments, and restricted cash were $16.8 million, sufficient to fund current operations into Q2 of 2023.
  • There is a significant likelihood that, without the consummation of the Private Placement, the company will need to seek bankruptcy protection in the near term.
  • In September, Exicure cut its workforce by approximately 66% and ceased all R&D activities, including suspending all partnered programs.
  • Exicure is looking for divesture opportunities for a clinical-stage asset in immuno-oncology and preclinical candidates, including the SCN9A product candidates for neuropathic pain.
  • Q3 revenue reached $2.0 million, reflecting an increase of $5.7 million from revenue of $(3.7) million a year ago, primarily due to an increase in revenue related to the company's collaboration with AbbVie Inc ABBV and Ipsen Biopharm Limited of $0.6 million. 
  • Price Action: XCUR shares are down 16.7% at $1.05 during after-hours trading on Monday.
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