[Form 4] EXICURE, INC. Insider Trading Activity

Rhea-AI Filing Summary

Exicure, Inc. (XCUR)11/16/2025, the officer had 7 shares of common stock withheld by Exicure to satisfy tax withholding obligations related to the vesting of restricted stock units. Following this withholding, the officer beneficially owns 309 shares of Exicure common stock in direct ownership form. This type of transaction does not involve an open-market buy or sell, but reflects routine share withholding tied to equity compensation.

11/19/2025 - 11:50 AM

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

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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)
11/16/2025

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	11/16/2025		F		7(1)	D	$3.71	309	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	11/19/2025
	** 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 insider transaction did Exicure (XCUR) report on this Form 4?

The filing reports that Exicure's Chief Accounting Officer had 7 shares of common stock withheld on 11/16/2025 to cover tax obligations from vesting restricted stock units.

How many Exicure (XCUR) shares does the reporting person own after this transaction?

After the reported withholding, the officer beneficially owns 309 shares of Exicure common stock in direct ownership form.

Was the Exicure (XCUR) insider transaction a sale on the open market?

No. The 7 shares were withheld by Exicure to satisfy tax withholding on vesting restricted stock units, rather than sold in an open-market transaction.

What does the transaction code F mean in the Exicure (XCUR) Form 4?

Transaction code F indicates shares of common stock were withheld by the issuer, Exicure, to cover the reporting person's tax withholding obligation on an equity award.

Who is the reporting person in this Exicure (XCUR) Form 4 filing?

The reporting person is an officer of Exicure, serving as the company's Chief Accounting Officer, filing individually rather than as part of a group.