Phase 2 success triggers $1M payment for Exicure (NASDAQ: XCUR)

Rhea-AI Filing Summary

Exicure, Inc. reported achieving the first contractual milestone under its License and Collaboration Agreement with GPCR Therapeutics Inc., tied to completing a Phase 2 clinical trial of its novel stem cell mobilizer (CXCR4 inhibitor Burixafor, GPC‑100). The milestone was reached when the Clinical Study Report was formally submitted to the U.S. Food and Drug Administration on January 16, 2026. Under the agreement, Exicure must pay $1,000,000 to GPCR Therapeutics within 30 days, and completion of this milestone also triggers a future sublicensing income‑sharing ratio that increases Exicure’s participation in the long‑term economics of the program.

Insights

Biotech collaboration analyst

Exicure hits a key Phase 2 milestone, owing a $1M payment but also securing improved future sublicensing economics.

Exicure has completed the first milestone under its License and Collaboration Agreement with GPCR Therapeutics Inc., based on finishing a Phase 2 clinical trial of its CXCR4 inhibitor Burixafor (GPC‑100). The company submitted the Clinical Study Report to the U.S. Food and Drug Administration on January 16, 2026, which contractually confirms milestone achievement.

This triggers a required milestone payment of $1,000,000 to GPCR Therapeutics, due within 30 days, representing an immediate cash outflow for Exicure. At the same time, the agreement provides that completion of this milestone activates a new sublicensing income‑sharing ratio that increases Exicure’s economic participation in any future sublicensing of the program.

While the filing does not quantify potential sublicensing revenue, the updated income‑sharing ratio suggests Exicure is positioned to receive a larger share of any future third‑party deals involving Burixafor. Future disclosures in company filings may provide more detail on subsequent milestones, additional payments, or sublicensing transactions tied to this program.

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

____________________

FORM 8-K

____________________

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): January 16, 2026

____________________

Exicure, Inc.

(Exact Name of Registrant as Specified in its Charter)

____________________

Delaware			001-39011			81-5333008
(State or Other Jurisdiction of Incorporation)			(Commission File Number)			(IRS Employer Identification No.)

400 Seaport Court, Suite 102
Redwood City, CA						94063
(Address of Principal Executive Offices)						(Zip Code)

Registrant’s telephone number, including area code: (847) 673-1700

____________________

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

o    Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o    Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o    Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o    Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading symbol(s)

Name of each exchange on which registered

Common Stock, par value $0.0001 per share

XCUR

The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ¨

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Item 8.01    Other Events

Completion of Milestone 1

On January 16, 2026, Exicure, Inc. (the “Company”) achieved the first contractual milestone under its License and Collaboration Agreement (the “Agreement”) with GPCR Therapeutics Inc. The milestone relates to the completion of the Company’s Phase 2 clinical trial of its novel stem cell mobilizer (NCT05561751), which was achieved through the formal submission of the Clinical Study Report to the U.S. Food and Drug Administration on January 16, 2026. Under the terms of the Agreement, the Company is required to make a milestone payment of $1,000,000 to GPCR Therapeutics Inc. within 30 days of achieving this milestone. The Company intends to make this payment in accordance with the terms of the Agreement.

The Company believes that achieving this milestone reflects continued progress in the development and advancement of the small molecule CXCR4 inhibitor, Burixafor (GPC‑100). In addition, under the terms of the Agreement, completion of this milestone triggers the future sublicensing income‑sharing ratio, reflecting the Company’s increased participation in and commitment to the long‑term success of the program.

Item 9.01    Financial Statements and Exhibits.

(d) Exhibits.

Exhibit No.						Description
104						Cover Page Interactive Data File (Embedded within the Inline XBRL document)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: January 22, 2026			EXICURE, INC.
			(registrant)
			By:			/s/ Andy Yoo
						Andy Yoo
						Chief Executive Officer

FAQ

What milestone did Exicure (XCUR) report in this 8-K?

Exicure reported achieving the first contractual milestone under its License and Collaboration Agreement with GPCR Therapeutics Inc., based on completing a Phase 2 clinical trial of its novel stem cell mobilizer (CXCR4 inhibitor Burixafor, GPC‑100) and submitting the Clinical Study Report to the U.S. Food and Drug Administration on January 16, 2026.

How much will Exicure (XCUR) pay GPCR Therapeutics for this milestone?

Under the terms of the agreement, Exicure is required to make a milestone payment of $1,000,000 to GPCR Therapeutics Inc. within 30 days of achieving the milestone.

What does the milestone mean for Exicures CXCR4 inhibitor Burixafor (GPC-100)?

The company states that achieving this milestone reflects continued progress in the development and advancement of its small molecule CXCR4 inhibitor, Burixafor (GPC‑100), by successfully completing a Phase 2 clinical trial and formally reporting results to the U.S. Food and Drug Administration.

How does this milestone affect Exicure (XCUR)s future sublicensing income?

Completion of this milestone triggers the future sublicensing income‑sharing ratio under the agreement, increasing Exicures participation in and commitment to the long‑term success of the Burixafor program, though specific percentages are not disclosed in the excerpt.

What regulatory step confirmed Exicure (XCUR)s milestone achievement?

The milestone was achieved when Exicure formally submitted the Clinical Study Report for its Phase 2 trial of the novel stem cell mobilizer (Burixafor, GPC‑100) to the U.S. Food and Drug Administration on January 16, 2026.

Does the 8-K mention any exhibits related to this Exicure (XCUR) milestone?

Yes. The filing lists Exhibit 104, described as the Cover Page Interactive Data File embedded within the Inline XBRL document.