Exicure, Inc. Reports Third Quarter 2025 Financial Results

Rhea-AI Summary

Exicure (Nasdaq: XCUR) reported third quarter 2025 results for the quarter ended September 30, 2025.

Key figures: cash and cash equivalents $4.4M (Sept 30, 2025 vs $12.5M on Dec 31, 2024), R&D $0.9M, G&A $1.5M, and net loss $2.4M for Q3 2025. The company recorded a $246K loss from a contingent liability change and a $155K gain related to a self-insured retainer settlement.

Management stated cash is not sufficient to fund operations and said substantial additional financing is needed in the short term.

Positive

• Acquisition of GPCR USA added active R&D leading to $0.9M R&D expense
• Recognized $155K gain from satisfying self-insured retainer

Negative

• Cash and cash equivalents fell to $4.4M as of Sept 30, 2025
• Quarterly net loss of $2.4M (Q3 2025)
• Company disclosed a going concern and said substantial short-term financing is needed

Insights

Corporate Finance Analyst

Severe near-term liquidity risk; company needs immediate financing to continue operations.

The company reports cash and cash equivalents of $4.4 million as of September 30, 2025 versus $12.5 million at year end December 31, 2024, and a quarterly net loss of $2.4 million. Operating costs rose following the acquisition of GPCR Therapeutics USA Inc., with R&D at $0.9 million and G&A at $1.5 million for the quarter. The company also recorded a $246,000 loss from fair-value changes to a contingent liability and a $155,000 insurance-related gain.

Management states cash is insufficient to fund operations and that substantial additional financing is needed in the short term. This statement, combined with falling cash and an increased quarterly loss, creates a clear liquidity shortfall. Watch for financing milestones and any announced alternative transaction timelines over the next 30–90 days; failure to secure funding quickly would force further cost cuts or other decisive actions.

REDWOOD CITY, Calif., Nov. 07, 2025 (GLOBE NEWSWIRE) -- Exicure, Inc. (Nasdaq: XCUR, the “Company”) releases the following financial results for the fiscal quarter ended September 30, 2025.

Third Quarter 2025 Financial Results

Cash Position: Cash and cash equivalents were $4.4 million as of September 30, 2025, as compared to $12.5 million as of December 31, 2024.

Research and Development (R&D) Expense: Research and development expenses were $0.9 million for the quarter ended September 30, 2025, as compared to $0 for the quarter ended September 30, 2024. The increase in R&D expense of $0.9 million for the three months ended September 30, 2025 was due to incurring research and development expenses in 2025 after the acquisition of GPCR Therapeutics USA Inc. (“GPCR USA”), which is conducting research. Immediately prior to closing the acquisition of GPCR USA, the Company recorded no research or development expenses.

General and Administrative (G&A) Expense: General and administrative expenses were $1.5 million for the quarter ended September 30, 2025, as compared to $1.4 million for the quarter ended September 30, 2024. The increase in G&A expense of $0.1 million for the three months ended September 30, 2025 was mostly due to the additional expenses incurred from the acquisition of GPCR USA.

Loss from sale or disposal of property and equipment: The Company recognized a $4,000 loss from GPCR USA’s sale of fixed assets.

Other Income and Expense: The Company recognized a loss of $246,000 related to the change in the fair value of its contingent liability. The Company satisfied its self-insured retainer with the insurer during the third quarter of 2025 resulting in a gain of $155,000.

Net Loss: The Company had a net loss of $2.4 million for the quarter ended September 30, 2025, as compared to a net loss of $1.1 million for the quarter ended September 30, 2024. The increase in net loss of $1.3 million was primarily due to the increased operating expenses from the acquisition of GPCR USA.

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 our 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, 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, 2024 filed with the Securities and Exchange Commission on March 18, 2025, 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)
	September 30, 2025				December 31, 2024
ASSETS
Current assets:
Cash and cash equivalents	$	4,438			$	12,508
Other receivable		55				521
Prepaid expenses and other current assets		946				644
Total current assets		5,439				13,673
Other noncurrent assets		1,888				1,357
Property and equipment, net		527				26
Right-of-use asset, net		289				—
Intangible asset		3,784				—
Goodwill		3,340				—
Total assets	$	15,267			$	15,056
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	1,307			$	1,031
Accrued expenses and other current liabilities		1,462				2,040
Total current liabilities		2,769				3,071
Deferred revenue, noncurrent		26				—
Lease liability, noncurrent		—				5,213
Contingent consideration		5,545				—
Total liabilities		8,340				8,284
Commitments and Contingencies (Note 12)
Stockholders’ equity:
Preferred stock, $0.0001 par value per share; 10,000,000 shares authorized, no shares issued and outstanding, September 30, 2025 and December 31, 2024		—				—
Common stock, $0.0001 par value per share; 200,000,000 shares authorized, 6,373,869 issued and outstanding, September 30, 2025; 6,026,841 issued and outstanding, December 31, 2024		1				1
Additional paid-in capital		208,136				206,035
Accumulated other comprehensive income		102				—
Accumulated deficit		(201,312	)			(199,264	)
Total stockholders' equity		6,927				6,772
Total liabilities and stockholders’ equity	$	15,267			$	15,056

EXICURE, INC. UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except share and per share data)
	Three Months Ended September 30,								Nine Months Ended September 30,
		2025				2024				2025				2024
Revenue:
Revenue	$	—			$	—			$	—			$	500
Total revenue		—				—				—				500
Operating expenses:
Research and development expense		888				—				2,631				—
General and administrative expense		1,499				1,434				5,230				4,005
Litigation legal expense		—				1,138				—				1,138
Loss from sale or disposal of property and equipment		4				—				90				—
Gain on early lease termination		—				—				(5,974	)			—
Total operating expenses		2,391				2,572				1,977				5,143
Operating loss		(2,391	)			(2,572	)			(1,977	)			(4,643	)
Other income (expense), net:
Dividend income		27				—				106				5
Interest income		29				1				38				7
Interest expense		—				(12	)			—				(18	)
Gain on settlement of accounts payables		155				—				346				—
Change in fair value of contingent liability		(246	)			—				(541	)			—
Other (expense) income, net		(11	)			1,500				(20	)			2,137
Total other (expense) income, net		(46	)			1,489				(71	)			2,131
Net loss before provision for income taxes		(2,437	)			(1,083	)			(2,048	)			(2,512	)
Provision for income taxes		—				(8	)			—				(8	)
Net loss	$	(2,437	)		$	(1,091	)		$	(2,048	)		$	(2,520	)
Basic and diluted loss per common share	$	(0.39	)		$	(0.57	)		$	(0.33	)		$	(1.36	)
Weighted-average basic and diluted common shares outstanding		6,322,078				1,899,412				6,271,229				1,855,286

FAQ

How much cash did Exicure (XCUR) report on September 30, 2025?

Exicure reported $4.4 million in cash and cash equivalents as of September 30, 2025.

What drove Exicure's R&D expense of $0.9M in Q3 2025?

R&D expense of $0.9M was incurred after the acquisition of GPCR Therapeutics USA, which conducts research.

What was Exicure's net loss for Q3 2025 and how did it compare year-over-year?

Net loss was $2.4M for Q3 2025 versus a $1.1M net loss in Q3 2024.

Does Exicure (XCUR) face short-term funding risk after Q3 2025 results?

Yes. Management stated existing cash is insufficient to fund operations and that substantial additional financing is needed in the short term.

What unusual items affected Exicure's Q3 2025 results?

The company recorded a $246K loss from a change in contingent liability and a $4K loss on sale of fixed assets from GPCR USA.

How did general and administrative expense change for Exicure in Q3 2025?

G&A expense was $1.5M in Q3 2025, up $0.1M versus Q3 2024, mainly due to the GPCR USA acquisition.