[Form 4] Exicure, Inc. Insider Trading Activity

Rhea-AI Filing Summary

Insider tax-withholding triggered on vested RSUs: Joshua Miller, Chief Accounting Officer and a director at Exicure, Inc. (XCUR), reported a disposition of 316 shares of common stock on 08/16/2025 at a price of $6.65 per share. The Form 4, signed 08/20/2025, indicates these shares were withheld by the company to satisfy the reporting person's tax withholding obligations upon RSU vesting rather than sold on the open market. Following the withholding, the filing reports 316 shares beneficially owned by Mr. Miller.

Positive

• Transparent disclosure of the withholding transaction and explanatory remark clarifying tax withholding on vested RSUs
• Filing appears timely and complete, signed by the reporting person on 08/20/2025

Negative

• Reporting person’s holdings were reduced by 316 shares due to tax withholding (procedural disposition)

Insights

Financial Analyst

TL;DR: Routine insider withholding for taxes on vested RSUs; immaterial to company fundamentals.

This Form 4 documents a standard tax-withholding disposition: 316 shares withheld at $6.65 following RSU vesting. There is no indication of open-market sales or change in company operations or guidance. The transaction is procedural and does not reflect an active liquidity event beyond payroll/tax mechanics. Impact on share float and ownership is negligible at this scale unless cumulative insider dispositions increase materially.

Corporate Governance Expert

TL;DR: Compliance filing shows standard withholding; governance practices appear followed and disclosure is timely.

The reporting person is identified with title and relationship to the issuer, and the Form 4 includes an explanatory remark clarifying the withholding purpose. The form is signed and dated, meeting Section 16 disclosure requirements. From a governance standpoint, this is consistent with ordinary executive compensation administration and transparent reporting.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Miller Josh

(Last) (First) (Middle)

C/O EXICURE, INC.

400 SEAPORT COURT, SUITE 102

(Street)

REDWOOD CITY CA 94063

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
EXICURE, INC. [ XCUR ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Chief Accounting Officer

3. Date of Earliest Transaction (Month/Day/Year)
08/16/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	08/16/2025		F		9(1)	D	$6.65	316	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. Represents the number of shares of Common Stock withheld by Exicure, Inc. to cover the reporting person's tax withholding obligation upon the vesting of restricted stock units.

Remarks:

	/s/ Joshua Miller	08/20/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What transaction did Joshua Miller report on Form 4 for XCUR?

The Form 4 reports a disposition of 316 common shares on 08/16/2025 at a price of $6.65 per share, withheld to cover tax obligations on vested RSUs.

Was the 316-share disposition a market sale or tax withholding?

The filing states the shares were withheld by Exicure to satisfy tax withholding upon RSU vesting, not sold on the open market.

What is Joshua Miller’s role at Exicure (XCUR)?

The Form 4 identifies Joshua Miller as an Officer (Chief Accounting Officer) and a Director of Exicure, Inc.

When was the Form 4 signed?

The Form 4 was signed by the reporting person on 08/20/2025.

How many shares does the report show beneficially owned after the transaction?

The filing reports 316 shares beneficially owned following the reported withholding transaction.