Liquidity strain deepens as Exicure (NASDAQ: XCUR) posts 2025 results
Filing Impact
Filing Sentiment
Form Type
8-K
Rhea-AI Filing Summary
Exicure, Inc. reported a smaller net loss for 2025 but highlighted serious liquidity challenges. Net loss narrowed to $4.9 million from $9.7 million in 2024, helped by a $6.0 million gain from early termination of its Chicago office lease.
Cash and cash equivalents fell sharply to $3.7 million as of December 31, 2025, from $12.5 million a year earlier. Management states this cash is not sufficient to fund operations, and that substantial additional financing is needed in the short term to pay expenses and continue exploring strategic alternatives.
Following the acquisition of GPCR Therapeutics USA Inc., research and development expenses rose to $3.3 million from zero, while general and administrative expense increased to $6.8 million from $5.4 million, mainly due to acquisition and integration costs. Revenue was $0 in 2025 versus $0.5 million in 2024.
Positive
- None.
Negative
- Severe liquidity and going concern risk: Cash fell to $3.7 million at December 31, 2025, and management states this is not sufficient to fund operations, indicating substantial additional financing is needed in the short term.
- Weaker revenue base and higher obligations: Revenue fell to zero in 2025 from $0.5 million in 2024, while contingent consideration of $5.8 million and reduced stockholders’ equity increase financial pressure.
Insights
Exicure cut its loss but faces acute near-term funding risk.
Exicure reduced its 2025 net loss to $4.9M from $9.7M, largely due to a one-time $6.0M lease-termination gain. Operating revenue dropped to zero, while expenses increased after acquiring GPCR Therapeutics USA Inc. and restarting research activities.
Cash declined to $3.7M as of December 31, 2025, from $12.5M a year earlier. Management explicitly states existing cash is not sufficient to fund operations and that substantial additional financing is needed in the short term, underscoring going concern risk.
The balance sheet shows stockholders’ equity shrinking to $3.9M and new contingent consideration of $5.8M, reflecting acquisition-related obligations. Future company disclosures will clarify whether Exicure can secure the additional capital needed to support operations and pursue its strategic alternatives process.
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): March 25, 2026
____________________
(Exact name of Registrant as specified in its charter)
____________________
| (State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) | ||||||
(Address of principal executive offices)
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:
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading symbol(s) | Name of each exchange on which registered | ||||||||||||
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 o
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. o
Item 2.02 Results of Operations and Financial Condition.
On March 25, 2026, Exicure, Inc. (the “Company”) issued a press release announcing its financial and operational results for the year ended December 31, 2025. A copy of the press release is being furnished as Exhibit 99.1 to this Current Report on Form 8-K.
The information contained in this Item 2.02 in the Current Report on Form 8-K (including Exhibit 99.1 attached hereto) is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liability of that section, nor shall such information be deemed to be incorporated by reference in any registration statement or other document filed under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such filing.
Item 9.01 Financial Statements and Exhibits.
| Exhibit No. | Description | |||||||
| 99.1 | Press release dated March 25, 2026 | |||||||
| 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: March 25, 2026 | EXICURE, INC. | |||||||
| By: | /s/ Jung Soo Kim | |||||||
| Jung Soo Kim | ||||||||
| Chief Executive Officer | ||||||||
| Exhibit 99.1 | |||||
 | |||||
Exicure, Inc. Reports Full Year 2025 Financial Results
REDWOOD CITY, CA — March 25, 2026 — 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 $3.7 million as of December 31, 2025, compared to $12.5 million as of December 31, 2024. Our current liquidity may not be sufficient to fund operations for the next 12 months. Additional financing will be required to support ongoing operations, continue the exploration of strategic alternatives, and pursue any alternatives that we identify.
Research and Development (R&D) Expense: Research and development expenses were $3.3 million for the year ended December 31, 2025, as compared to $0 for the year ended December 31, 2024. The increase of $3.3 million reflects R&D activities incurred following the acquisition of GPCR Therapeutics USA Inc. (“GPCR USA”), which conducts research operations. 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 $6.8 million for the year ended December 31, 2025, as compared to $5.4 million for the year ended December 31, 2024. The increase in G&A expense of $1.4 million was primarily driven by additional expenses associated with the acquisition and integration of GPCR USA.
Loss from sale or disposal of property and equipment: The Company recognized a $90,000 loss from GPCR USA’s sale of fixed assets.
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 $6.0 million gain from the reversal of the remaining liability related to this lease.
Other Income and Expense: The Company recognized a $346,000 gain in the third quarter of 2025 upon satisfying its self‑insured retention with its insurer. The Company recorded a loss of $1,553,000 related to the change in fair value of its contingent liability. The Company recognized a loss of $275,000 associated with the sale of its subsidiary, KC Creation, along with additional currency translation losses related to this foreign subsidiary.
Net Loss: The Company had a net loss of $4.9 million for the year ended December 31, 2025, compared to a net loss of $9.7 million for the year ended December 31, 2024. The decrease in net loss of $4.8 million was primarily due to the $6.0 million gain resulting from the lease liability reversal, partially offset by increased operating expenses following 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 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.
1
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
###
2
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, $0.0001 par value per share; 10,000,000 shares authorized, no shares issued and outstanding, December 31, 2025 and December 31, 2024 | — | — | |||||||||
Common stock, $0.0001 par value per share; 200,000,000 shares authorized, 6,373,893 issued and outstanding, December 31, 2025; 6,026,841 issued and outstanding, December 31, 2024 | 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 | |||||||
3
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 | |||||||||
4
FAQ
How did Exicure (XCUR) perform financially in 2025?
Exicure reported a smaller net loss of $4.9 million for 2025, compared with $9.7 million in 2024. The improvement mainly reflects a $6.0 million gain from early lease termination, partially offset by higher research and administrative expenses after acquiring GPCR Therapeutics USA.
What is Exicure’s cash position and liquidity outlook?
Exicure ended 2025 with $3.7 million in cash and cash equivalents, down from $12.5 million a year earlier. Management believes existing cash is not sufficient to fund operations and says substantial additional financing is needed in the short term to pay expenses and pursue strategic alternatives.
How did Exicure’s expenses change in 2025 after the GPCR USA acquisition?
Research and development expenses rose to $3.3 million in 2025 from $0 in 2024, reflecting renewed R&D activity. General and administrative expenses increased to $6.8 million from $5.4 million, primarily due to acquisition and integration costs associated with GPCR Therapeutics USA.
What were Exicure’s 2025 revenues compared to 2024?
Exicure reported no revenue in 2025, versus $0.5 million in 2024. The absence of revenue in 2025, combined with ongoing operating expenses, contributed to continued losses and heightened reliance on external financing to sustain operations.
What key non-operating gains and losses affected Exicure in 2025?
Exicure recorded a $6.0 million gain from early termination of its Chicago office lease and a $346,000 gain from satisfying a self-insured retention. These were offset by a $1.6 million loss from change in fair value of a contingent liability and a $275,000 loss on a subsidiary sale.
Why does Exicure highlight a going concern issue?
Management states that existing cash and cash equivalents are not sufficient to continue funding operations. Despite cost reductions, the company’s ability to cut further is limited, so it needs substantial near-term financing to pay expenses, explore strategic alternatives, and fund ongoing activities.
Filing Exhibits & Attachments
4 documents
Exicure Inc
NASDAQ:XCUR
XCUR Rankings
XCUR Latest News
XCUR Latest SEC Filings
Mar 25, 2026
[10-K] EXICURE, INC. Files Annual Report
Feb 19, 2026
[Form 4] EXICURE, INC. Insider Trading Activity
Feb 17, 2026
[8-K] EXICURE, INC. Reports Material Event
Feb 10, 2026
[8-K] EXICURE, INC. Reports Material Event
Jan 22, 2026
[8-K] EXICURE, INC. Reports Material Event