Exicure (XCUR) delays Q1 2026 10-Q; prelim net loss $1.83M

Rhea-AI Filing Summary

Exicure, Inc. submitted a Form 12b-25 notifying the SEC that it could not timely file its Quarterly Report on Form 10-Q for the period ended March 31, 2026 and expects to file within the five‑day grace period under Exchange Act Rule 12b-25.

The company states preliminary, unaudited results: total revenue $0 for the quarter, an expected net loss of approximately $1,827,911 for the three months ended March 31, 2026 versus approximately $3,010,000 for the three months ended March 31, 2025. It expects cash and cash equivalents of approximately $2,504,054 as of March 31, 2026, versus approximately $3.7 million as of December 31, 2025. Management notes the figures are preliminary and subject to completion of its financial review.

Insights

Financial Reporting Analyst

12b-25 filing signals a short, disclosed delay while management finalizes quarter-end accounting.

The Form 12b-25 states the company could not file its Form 10-Q for the period ended March 31, 2026 by the prescribed due date and expects to use the five‑day grace period under Rule 12b-25. The filing cites the need for additional time to finalize financial results and related disclosures.

Reported preliminary figures show $2,504,054 in cash and an expected net loss of $1,827,911 for the quarter. These are preliminary, unaudited and the company warns they may change upon completion of review; subsequent filings will provide final amounts.

Corporate Finance Advisor

Liquidity and loss trends are disclosed; cash declined from year-end levels.

The filing reports approximately $2.5M in cash and cash equivalents as of March 31, 2026, down from about $3.7M at December 31, 2025, driven by operating expenses, professional fees, and personnel costs. The company reports no revenue for the quarter.

Cash burn and the stated operating loss of $1,827,911 are concrete items to watch in the finalized 10-Q and future liquidity disclosures; timing for any financing or cost actions is not specified in the excerpt.

Key Figures

Total revenue: $0 Net loss (preliminary): $1,827,911 Net loss (prior period): $3,010,000 +3 more

6 metrics

Total revenue $0 Three months ended March 31, 2026

Net loss (preliminary) $1,827,911 Three months ended March 31, 2026

Net loss (prior period) $3,010,000 Three months ended March 31, 2025

Cash and cash equivalents $2,504,054 As of March 31, 2026

Cash and cash equivalents (prior) $3.7 million As of December 31, 2025

Filing relief window five days Exchange Act Rule 12b-25 grace period

Key Terms

Rule 12b-25, Form 10-Q, preliminary, unaudited results

3 terms

Rule 12b-25 regulatory

"expects that it will file its Form 10-Q within the five-day grace period provided by Exchange Act Rule 12b-25"

Rule 12b-25 is an SEC filing provision that lets a company notify regulators and the public that it cannot file a required periodic report (like a quarterly or annual report) on time and explains the reason for the delay. For investors, the notice is a formal heads-up that financial information will arrive late—similar to a company calling to say it will be late turning in homework—so it signals increased uncertainty and may affect trading and risk assessments until the filing is available.

Form 10-Q regulatory

"unable, without unreasonable effort or expense, to file its Quarterly Report on Form 10-Q for the fiscal quarter ended March 31, 2026"

A Form 10-Q is a detailed report that publicly traded companies are required to file with regulators three times a year, providing an update on their financial health and business activities. It is important for investors because it offers timely insights into a company's performance, helping them make informed decisions about buying or selling stocks. Think of it as a regular check-up report that shows how well a company is doing.

preliminary, unaudited results financial

"Based on preliminary, unaudited results, the Registrant expects total revenue for the three months ended March 31, 2026"

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 12b-25

NOTIFICATION OF LATE FILING

SEC FILE NUMBER 001-39011

CUSIP NUMBER 30205M200

(Check One):

☐ Form 10-K ☐ Form 20-F ☐ Form 11-K ☒ Form 10-Q ☐ Form 10-D ☐ Form N-CEN ☐ Form N-CSR

For Period Ended: March 31, 2026

☐ Transition Report on Form 10-K

☐ Transition Report on Form 20-F

☐ Transition Report on Form 11-K

☐ Transition Report on Form 10-Q

For the Transition Period Ended:

Read Instruction (on back page) Before Preparing Form. Please Print or Type.

Nothing in this form shall be construed to imply that the Commission has verified any information contained herein.

If the notification relates to a portion of the filing checked above, identify the Item(s) to which the notification relates:

PART I - REGISTRANT INFORMATION

EXICURE, INC.

Full Name of Registrant

Former Name if Applicable

400 Seaport Court, Suite 102

Address of Principal Executive Office (Street and Number)

Redwood City, California 94063

City, State and Zip Code

PART II - RULES 12b-25(b) AND (c)

If the subject report could not be filed without unreasonable effort or expense and the registrant seeks relief pursuant to Rule 12b-25(b), the following should be completed. (Check box if appropriate)

☒

(a)

The reason described in reasonable detail in Part III of this form could not be eliminated without unreasonable effort or expense;

(b)

The subject annual report, semi-annual report, transition report on Form 10-K, Form 20-F, Form 11-K, Form N-CEN or Form N-CSR, or portion thereof, will be filed on or before the fifteenth calendar day following the prescribed due date; or the subject quarterly report or transition report on Form 10-Q, or subject distribution report on Form 10-D, or portion thereof, will be filed on or before the fifth calendar day following the prescribed due date; and

(c)

The accountant’s statement or other exhibit required by Rule 12b-25(c) has been attached if applicable.

PART III - NARRATIVE

State below in reasonable detail why Forms 10-K, 20-F, 11-K, 10-Q, 10-D, N-CEN, N-CSR, or the transition report portion thereof could not be filed within the prescribed time period.

The Registrant has determined that it is unable, without unreasonable effort or expense, to file its Quarterly Report on Form 10-Q for the fiscal quarter ended March 31, 2026 by the prescribed due date of May 15, 2026 because it requires additional time to finalize its financial results and the related disclosures to be included in such Form 10-Q. The Registrant anticipates that it will file its Form 10-Q within the five-day grace period provided by Exchange Act Rule 12b-25.

PART IV-- OTHER INFORMATION

(1)												Name and telephone number of person to contact in regard to this notification
									Gyuyeob Lee												847												673-1700
												(Name)												(Area code)												(Telephone Number)
(2)												Have all other periodic reports required under Section 13 or 15(d) of the Securities Exchange Act of 1934 or Section 30 of the Investment Company Act of 1940 during the preceding 12 months or for such shorter period that the registrant was required to file such report(s) been filed? If answer is no, identify report(s). Yes ☒ No ☐
(3)												Is it anticipated that any significant change in results of operations from the corresponding period for the last fiscal year will be reflected by the earnings statements to be included in the subject report or portion thereof? Yes ☒ No ☐

If so, attach an explanation of the anticipated change, both narratively and quantitatively, and, if appropriate, state the reasons why a reasonable estimate of the results cannot be made.

Based on preliminary, unaudited results, the Registrant expects total revenue for the three months ended March 31, 2026 to be $0, as compared to $0 for the three months ended March 31, 2025, primarily due to no revenue-generating operations during the period. The Registrant expects to report a net loss of approximately $1,827,911 for the three months ended March 31, 2026, as compared to approximately $3,010,000 for the three months ended March 31, 2025 and expects to report total cash and cash equivalents of approximately $2,504,054 as of March 31, 2026, as compared to approximately $3.7 million as of December 31, 2025, primarily due to ongoing operating expenses, professional fees, personnel-related costs, and working capital requirements.

The Registrant believes that its results contained herein for the three months ended March 31, 2026 are materially correct; however, because management’s review is ongoing, there can be no assurance that the financial and accounting information referred to in this filing will not change upon completion of the financial review and filing of the Quarterly Report on Form 10-Q.

Exicure, Inc.

(Name of Registrant as Specified in Charter)

has caused this notification to be signed on its behalf by the undersigned hereunto duly authorized.

Date:

May 15, 2026

By:

/s/ Jung Soo Kim

Jung Soo Kim

Chief Executive Officer

FAQ

Why did Exicure (XCUR) file a Form 12b-25 for its March 31, 2026 Form 10-Q?

The company states it needed additional time to finalize financial results and related disclosures. It expects to file the Form 10-Q within the five‑day grace period provided by Exchange Act Rule 12b-25.

What preliminary financial results did Exicure (XCUR) disclose for Q1 2026?

Exicure expects total revenue of $0 and an estimated net loss of approximately $1,827,911 for the three months ended March 31, 2026, based on preliminary, unaudited results disclosed in the notification.

How much cash did Exicure (XCUR) report as of March 31, 2026 in the filing?

The registrant expects to report cash and cash equivalents of approximately $2,504,054 as of March 31, 2026, compared with about $3.7 million as of December 31, 2025, per the filing's preliminary figures.

Will Exicure (XCUR) finalize and file the Form 10-Q soon?

The company anticipates filing the Form 10-Q within the five‑day grace period under Rule 12b-25 following the prescribed due date. The notification states management's review is ongoing and figures may change upon completion.