Exicure Inc Financials

XCUR

Source SEC Filings (10-K/10-Q) Updated Sep 30, 2025 Currency USD FYE December

Financial Health Signals

Piotroski F-Score Neutral

4/9

Exicure Inc passes 4 of 9 financial strength tests. 2 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass, both operating efficiency signals pass.

Earnings Quality Low Quality

0.30x

For every $1 of reported earnings, Exicure Inc generates $0.30 in operating cash flow (-$2.9M OCF vs -$9.7M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.

Interest Coverage At Risk

-679.6x

Exicure Inc earns $-679.6 in operating income for every $1 of interest expense (-$12.2M vs $18K). This narrow margin raises concern about the company's ability to service its debt if operating income declines.

This page shows Exicure Inc (XCUR) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 9 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

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Key Financial Metrics

Revenue

$500K

5Y CAGR-17.3%

Exicure Inc generated $500K in revenue in fiscal year 2024.

EBITDA

-$12.2M

YoY+15.0%

Exicure Inc's EBITDA was -$12.2M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 15.0% from the prior year.

Free Cash Flow

N/A

Net Income

-$9.7M

YoY+42.6%

Exicure Inc reported -$9.7M in net income in fiscal year 2024. This represents an increase of 42.6% from the prior year.

EPS (Diluted)

$-4.75

Exicure Inc earned $-4.75 per diluted share (EPS) in fiscal year 2024. This represents an increase of 55.0% from the prior year.

Cash & Debt

$12.5M

YoY+1432.8%

5Y CAGR-23.7%

Exicure Inc held $12.5M in cash against $0 in long-term debt as of fiscal year 2024.

Dividends Per Share

N/A

Shares Outstanding

Exicure Inc had 6M shares outstanding in fiscal year 2024. This represents an increase of 228.8% from the prior year.

Gross Margin

N/A

Operating Margin

-2446.4%

5Y CAGR-392.6pp

Exicure Inc's operating margin was -2446.4% in fiscal year 2024, reflecting core business profitability.

Net Margin

-1940.2%

5Y CAGR+89.3pp

Exicure Inc's net profit margin was -1940.2% in fiscal year 2024, showing the share of revenue converted to profit.

Return on Equity

N/A

R&D Spending

YoY-100.0%

Exicure Inc invested $0 in research and development in fiscal year 2024. This represents a decrease of 100.0% from the prior year.

Share Buybacks

N/A

Capital Expenditures

N/A

XCUR Income Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Revenue	$500K	$0-100.0%	$28.8M+6068.1%	-$483K-102.9%	$16.6M+1181.9%	$1.3M
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	$0-100.0%	$1.4M-92.8%	$19.8M-59.6%	$49.0M+52.6%	$32.1M+65.9%	$19.3M
SG&A Expenses	$5.4M-53.5%	$11.7M+7.6%	$10.9M-16.8%	$13.1M+31.5%	$10.0M+16.1%	$8.6M
Operating Income	-$12.2M+18.4%	-$15.0M-719.0%	-$1.8M+97.1%	-$62.5M-145.9%	-$25.4M+4.4%	-$26.6M
Interest Expense	$18K	$0-100.0%	$595K-64.8%	$1.7M+195.1%	$573K-27.1%	$786K
Income Tax	$8K	$0-100.0%	$209K	$0	$0	$0
Net Income	-$9.7M+42.6%	-$16.9M-555.1%	-$2.6M+96.0%	-$64.1M-159.9%	-$24.7M+6.2%	-$26.3M
EPS (Diluted)	$-4.75	$-10.55-1783.9%	$-0.56+97.4%	$-21.70	$-0.28	N/A

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Revenue	$0	$0	$0	$0	$0-100.0%	$500K	$0	$0
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	$888K-5.0%	$935K+15.7%	$808K	$0	$0	$0	$0	$0
SG&A Expenses	$1.5M-1.0%	$1.5M-31.7%	$2.2M+53.5%	$1.4M+16.9%	$1.2M-7.6%	$1.3M+138.6%	$560K-76.6%	$2.4M
Operating Income	-$2.4M+4.7%	-$2.5M-185.1%	$2.9M+138.9%	-$7.6M-514.5%	-$1.2M-47.7%	-$836K+44.2%	-$1.5M+54.8%	-$3.3M
Interest Expense	$0	N/A	N/A	$12K+100.0%	$6K	N/A	$0	$0
Income Tax	$0	$0	$0	$0	$0	$0	$0	$0
Net Income	-$2.4M+7.0%	-$2.6M-187.1%	$3.0M+141.9%	-$7.2M-1096.8%	-$600K+27.6%	-$829K+44.3%	-$1.5M+71.7%	-$5.3M
EPS (Diluted)	$-0.39+4.9%	$-0.41-183.7%	$0.49+114.6%	$-3.35-857.1%	$-0.35+27.1%	$-0.48	$-6.13	$-3.04

XCUR Balance Sheet

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Total Assets	$15.1M+30.0%	$11.6M-50.4%	$23.3M-64.0%	$64.9M-35.4%	$100.4M-12.9%	$115.3M
Current Assets	$13.7M+575.5%	$2.0M-79.9%	$10.1M-77.0%	$43.7M-49.4%	$86.3M-23.5%	$112.8M
Cash & Equivalents	$12.5M+1432.8%	$816K-90.5%	$8.6M-75.2%	$34.6M+4.2%	$33.3M-31.4%	$48.5M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	$0-100.0%	$11K-31.3%	$16K
Goodwill	$0	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$8.3M-3.1%	$8.5M+1.7%	$8.4M-84.3%	$53.6M+37.7%	$38.9M+12.8%	$34.5M
Current Liabilities	$3.1M+22.4%	$2.5M+53.1%	$1.6M-95.2%	$34.1M+148.0%	$13.7M-55.8%	$31.1M
Long-Term Debt	N/A	N/A	N/A	$0-100.0%	$16.6M	$0
Total Equity	$6.8M+123.4%	$3.0M-79.7%	$14.9M+32.9%	$11.2M-81.7%	$61.5M-23.8%	$80.7M
Retained Earnings	-$199.3M-5.1%	-$189.6M-9.8%	-$172.6M-1.5%	-$170.1M-60.5%	-$106.0M-30.3%	-$81.3M

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Total Assets	$15.3M-18.5%	$18.7M-9.4%	$20.7M+37.4%	$15.1M+40.9%	$10.7M-0.2%	$10.7M-7.5%	$11.6M-10.6%	$12.9M
Current Assets	$5.4M-37.1%	$8.6M-23.5%	$11.3M-17.3%	$13.7M+557.7%	$2.1M+42.1%	$1.5M-27.7%	$2.0M-34.5%	$3.1M
Cash & Equivalents	$4.4M-43.5%	$7.9M-24.6%	$10.4M-16.7%	$12.5M+2268.9%	$528K+44.3%	$366K-55.1%	$816K-11.5%	$922K
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	$3.3M0.0%	$3.3M0.0%	$3.3M	$0	N/A	N/A	N/A	N/A
Total Liabilities	$8.3M-15.5%	$9.9M+6.2%	$9.3M+12.2%	$8.3M-8.7%	$9.1M+6.7%	$8.5M-0.5%	$8.5M+1.1%	$8.5M
Current Liabilities	$2.8M-39.4%	$4.6M+17.5%	$3.9M+26.6%	$3.1M-10.5%	$3.4M+28.9%	$2.7M+6.0%	$2.5M+13.0%	$2.2M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$6.9M-21.8%	$8.9M-22.1%	$11.4M+68.1%	$6.8M+319.8%	$1.6M-26.9%	$2.2M-27.2%	$3.0M-32.6%	$4.5M
Retained Earnings	-$201.3M-1.2%	-$198.9M-1.3%	-$196.3M+1.5%	-$199.3M-4.3%	-$191.0M-0.3%	-$190.4M-0.4%	-$189.6M-0.8%	-$188.1M

XCUR Cash Flow Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Operating Cash Flow	-$2.9M+71.9%	-$10.4M+71.0%	-$35.7M-2.4%	-$34.8M+11.3%	-$39.3M-3081.8%	$1.3M
Capital Expenditures	N/A	$0-100.0%	$10K-99.0%	$968K-69.5%	$3.2M+193.1%	$1.1M
Free Cash Flow	N/A	-$10.4M+71.0%	-$35.7M+0.3%	-$35.8M+15.7%	-$42.4M-18160.0%	$235K
Investing Cash Flow	$0+100.0%	-$1.1M-123.0%	$4.7M-89.1%	$43.1M+324.8%	$10.1M+116.0%	-$63.4M
Financing Cash Flow	$13.4M+264.8%	$3.7M+218.3%	-$3.1M-378.2%	$1.1M-92.6%	$15.1M-82.1%	$84.3M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Operating Cash Flow	-$3.5M-54.6%	-$2.3M-42.8%	-$1.6M-89.1%	-$845K+27.5%	-$1.2M-159.1%	-$450K+44.9%	-$816K+42.2%	-$1.4M
Capital Expenditures	-$106K	N/A	N/A	$0	N/A	N/A	$0	$0
Free Cash Flow	-$3.6M	N/A	N/A	-$449K	N/A	N/A	-$816K+42.2%	-$1.4M
Investing Cash Flow	$108K+138.6%	-$280K+86.6%	-$2.1M	$0	$0	$0-100.0%	$711K	$0
Financing Cash Flow	$0	$0-100.0%	$1.6M-87.1%	$12.4M+1140.2%	$1.0M	$0+100.0%	-$1K0.0%	-$1K
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

XCUR Financial Ratios

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	-2446.4%	N/A	-6.3%	N/A	-153.1%+1900.7pp	-2053.8%
Net Margin	-1940.2%	N/A	-9.0%	N/A	-148.5%+1881.1pp	-2029.5%
Return on Equity	N/A	N/A	N/A	N/A	N/A	N/A
Return on Assets	-64.4%+81.6pp	-146.1%-135.0pp	-11.1%+87.8pp	-98.8%-74.3pp	-24.6%-1.7pp	-22.8%
Current Ratio	4.45+3.6	0.81-5.3	6.13+4.9	1.28-5.0	6.29+2.7	3.63
Debt-to-Equity	1.22-1.6	2.82+2.3	0.56+0.6	0.00-0.3	0.27+0.3	0.00
FCF Margin	N/A	N/A	-123.7%	N/A	-255.5%-273.6pp	18.1%

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	-167.2%	N/A	N/A
Net Margin	N/A	N/A	N/A	N/A	N/A	-165.8%	N/A	N/A
Return on Equity	N/A	N/A	26.5%	N/A	N/A	N/A	N/A	N/A
Return on Assets	-16.0%-2.0pp	-14.0%-28.5pp	14.6%+62.3pp	-47.7%-42.1pp	-5.6%+2.1pp	-7.7%+5.1pp	-12.8%+27.7pp	-40.6%
Current Ratio	1.96+0.1	1.89-1.0	2.91-1.5	4.45+3.8	0.61+0.1	0.55-0.3	0.81-0.6	1.39
Debt-to-Equity	1.20+0.1	1.11+0.3	0.82-0.4	1.22-4.4	5.63+1.8	3.85+1.0	2.82+0.9	1.88
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

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Frequently Asked Questions

What is Exicure Inc's annual revenue?

Exicure Inc (XCUR) reported $500K in total revenue for fiscal year 2024. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

Is Exicure Inc profitable?

No, Exicure Inc (XCUR) reported a net income of -$9.7M in fiscal year 2024, with a net profit margin of -1940.2%.

What is Exicure Inc's earnings per share (EPS)?

Exicure Inc (XCUR) reported diluted earnings per share of $-4.75 for fiscal year 2024. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

What is Exicure Inc's EBITDA?

Exicure Inc (XCUR) had EBITDA of -$12.2M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization.

What is Exicure Inc's operating margin?

Exicure Inc (XCUR) had an operating margin of -2446.4% in fiscal year 2024, reflecting the profitability of core business operations before interest and taxes.

What is Exicure Inc's net profit margin?

Exicure Inc (XCUR) had a net profit margin of -1940.2% in fiscal year 2024, representing the share of revenue converted into profit after all expenses.

What is Exicure Inc's operating cash flow?

Exicure Inc (XCUR) generated -$2.9M in operating cash flow during fiscal year 2024, representing cash generated from core business activities.

What are Exicure Inc's total assets?

Exicure Inc (XCUR) had $15.1M in total assets as of fiscal year 2024, including both current and long-term assets.

How many shares does Exicure Inc have outstanding?

Exicure Inc (XCUR) had 6M shares outstanding as of fiscal year 2024.

What is Exicure Inc's current ratio?

Exicure Inc (XCUR) had a current ratio of 4.45 as of fiscal year 2024, which is generally considered healthy.

What is Exicure Inc's debt-to-equity ratio?

Exicure Inc (XCUR) had a debt-to-equity ratio of 1.22 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Exicure Inc's return on assets (ROA)?

Exicure Inc (XCUR) had a return on assets of -64.4% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.

What is Exicure Inc's cash runway?

Based on fiscal year 2024 data, Exicure Inc (XCUR) had $12.5M in cash against an annual operating cash burn of $2.9M. This gives an estimated cash runway of approximately 52 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.

What is Exicure Inc's Piotroski F-Score?

Exicure Inc (XCUR) has a Piotroski F-Score of 4 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Exicure Inc's earnings high quality?

Exicure Inc (XCUR) has an earnings quality ratio of 0.30x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Can Exicure Inc cover its interest payments?

Exicure Inc (XCUR) has an interest coverage ratio of -679.6x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.