Exicure, Inc. Reports Full Year 2025 Financial Results
Rhea-AI Summary
Exicure (Nasdaq: XCUR) reported full-year 2025 results. Cash and cash equivalents were $3.7 million at December 31, 2025, down from $12.5 million a year earlier, and management states current liquidity may be insufficient to fund operations for the next 12 months.
Net loss narrowed to $4.9 million in 2025 from $9.7 million in 2024, driven largely by a $6.0 million gain from early lease termination; R&D and G&A expenses rose after the acquisition of GPCR Therapeutics USA.
Positive
- Net loss improved to $4.9M in 2025 (from $9.7M in 2024)
- $6.0M gain recognized from early lease termination, materially reducing loss
- Acquisition added R&D capability, triggering $3.3M in research expense tied to GPCR USA
Negative
- Cash declined to $3.7M at year-end 2025 from $12.5M at year-end 2024
- Going concern flagged: company needs substantial additional financing in short term
- Operating costs rose: G&A increased by $1.4M and R&D expenses appeared after acquisition
- Contingent liability fair-value loss of $1.553M recorded in 2025
Key Figures
Previous Earnings Reports
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| Nov 07 | Q3 2025 earnings | Negative | -2.3% | Quarterly results highlighted low cash and need for substantial near-term financing. |
| Aug 08 | Q2 2025 earnings | Negative | +1.7% | Post-GPCR USA acquisition results showed higher losses and urgent funding needs. |
| Jun 27 | Q1 2025 earnings | Neutral | +19.5% | One-time lease gain produced net income but runway concerns remained prominent. |
| Mar 18 | FY 2024 earnings | Negative | +4.0% | Full-year 2024 results improved cash but underscored ongoing going-concern doubts. |
| Nov 14 | Q3 2024 earnings/financing | Neutral | -8.8% | Quarterly update paired with $10M equity financing and continued funding, listing issues. |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Earnings updates consistently highlight liquidity strain and going-concern risks; market reactions have been mixed, sometimes positive despite stressed fundamentals.
Over the past five earnings releases, Exicure has repeatedly reported limited cash and the need for substantial additional financing, even when net results temporarily improved due to one-time items like a $6M lease-termination gain in Q1 2025. R&D and G&A costs have risen following the GPCR USA acquisition, while equity financings and strategic shifts have been used to extend runway. Today’s full-year 2025 results continue this theme, with lower year-end cash and renewed going-concern warnings echoing prior disclosures.
Key Terms
research and development (r&d) financial
general and administrative (g&a) financial
contingent liability financial
currency translation losses financial
going concern financial
AI-generated analysis. How Rhea-AI works. Not financial advice.
REDWOOD CITY, Calif., March 25, 2026 (GLOBE NEWSWIRE) -- Exicure, Inc. (Nasdaq: XCUR, the “Company”) releases the following financial results for the year ended December 31, 2025.
2025 Financial Results
Cash Position: Cash and cash equivalents were
Research and Development (R&D) Expense: Research and development expenses were
General and Administrative (G&A) Expense: General and administrative expenses were
Loss from sale or disposal of property and equipment: The Company recognized a
Gain on early lease termination: As a result of the early termination of the Company’s lease for its office in Chicago, effective January 31, 2025, the Company recognized a
Other Income and Expense: The Company recognized a
Net Loss: The Company had a net loss of
Going Concern: Management believes that the Company’s existing cash and cash equivalents is not sufficient to continue to fund operations. The Company has already engaged in significant cost reductions, and its ability to further cut costs and extend the Company’s operating runway is limited. As a result, substantial additional financing is needed in the short term to pay expenses, fund the ongoing exploration of strategic alternatives and pursue any alternatives that may be identified. The Company also needs to raise capital to fund its operations. There can be no assurance that such additional financing will be available and, if available, can be obtained on acceptable terms.
About Exicure, Inc.
Exicure, Inc. (Nasdaq: XCUR) has historically been an early-stage biotechnology company focused on developing nucleic acid therapies targeting ribonucleic acid against validated targets. Following its restructuring and suspension of clinical and development activities, the Company is exploring strategic alternatives to maximize stockholder value. In January 2025, it acquired a clinical-stage biotechnology company developing therapeutics for hematologic diseases. The Company’s lead program in development is being evaluated for its ability to improve stem cell mobilization in multiple myeloma, sickle cell disease, and in support of cell and gene therapy. For more information, visit 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, the timing of the equity investment closing and potential additional equity investment and the Nasdaq Hearings Panel process and potential results. 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, 2025 filed with the Securities and Exchange Commission in connection with this press release, 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.
Media Contact:
Sarah Ellinwood, PhD
Kendall Investor Relations
sellinwood@kendallir.com
| EXICURE, INC. UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands, except share and per share data) | |||||||
| December 31, 2025 | December 31, 2024 | ||||||
| ASSETS | |||||||
| Current assets: | |||||||
| Cash and cash equivalents | $ | 3,746 | $ | 12,508 | |||
| Other receivable | 58 | 521 | |||||
| Prepaid expenses and other current assets | 820 | 644 | |||||
| Total current assets | 4,624 | 13,673 | |||||
| Other noncurrent assets | 928 | 1,357 | |||||
| Property and equipment, net | 306 | 26 | |||||
| Goodwill | 4,399 | — | |||||
| Intangible asset | 3,784 | — | |||||
| Total assets | $ | 14,041 | $ | 15,056 | |||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||
| Current liabilities: | |||||||
| Accounts payable | $ | 1,690 | $ | 1,031 | |||
| Accrued expenses and other current liabilities | 2,198 | 2,040 | |||||
| Total current liabilities | 3,888 | 3,071 | |||||
| Contingent consideration | 5,804 | — | |||||
| Deferred tax liability | 423 | — | |||||
| Lease liability, noncurrent | — | 5,213 | |||||
| Total liabilities | 10,115 | 8,284 | |||||
| Commitments and Contingencies (Note 15) | |||||||
| Stockholders’ equity: | |||||||
| Preferred stock, | — | — | |||||
| Common stock, | 1 | 1 | |||||
| Additional paid-in capital | 208,137 | 206,035 | |||||
| Accumulated other comprehensive income | (2 | ) | — | ||||
| Accumulated deficit | (204,210 | ) | (199,264 | ) | |||
| Total stockholders’ equity | 3,926 | 6,772 | |||||
| Total liabilities and stockholders’ equity | $ | 14,041 | $ | 15,056 | |||
| EXICURE, INC. UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except share and per share data) | |||||||
| Year Ended December 31, | |||||||
| 2025 | 2024 | ||||||
| Revenue: | |||||||
| Revenue | $ | — | $ | 500 | |||
| Total revenue | — | 500 | |||||
| Operating expenses: | |||||||
| Research and development expense | 3,286 | — | |||||
| General and administrative expense | 6,831 | 5,449 | |||||
| Litigation legal expense | — | 1,562 | |||||
| Right-of-use asset impairment loss | — | 5,721 | |||||
| Loss from sale or disposal of property and equipment | 90 | — | |||||
| Gain on early lease termination | (5,974 | ) | — | ||||
| Total operating expenses | 4,233 | 12,732 | |||||
| Operating loss | (4,233 | ) | (12,232 | ) | |||
| Other income (expense), net: | |||||||
| Dividend income | 107 | 5 | |||||
| Interest income | 29 | 8 | |||||
| Interest expense | (1 | ) | (18 | ) | |||
| Gain on settlement of accounts payables | 346 | 407 | |||||
| Change in fair value of contingent liability | (1,553 | ) | — | ||||
| Other (expense) income, net | (275 | ) | 2,137 | ||||
| Total other income (expense), net | (1,347 | ) | 2,539 | ||||
| Net loss before provision for income taxes | (5,580 | ) | (9,693 | ) | |||
| Provision (benefit) for income taxes | (634 | ) | 8 | ||||
| Net loss | $ | (4,946 | ) | $ | (9,701 | ) | |
| Basic and diluted loss per common share | $ | (0.79 | ) | $ | (4.75 | ) | |
| Weighted-average basic and diluted common shares outstanding | 6,297,094 | 2,043,278 | |||||
