Business
Exicure, Inc. Reports Second Quarter 2023 Financial Results and Provides Corporate Update
CHICAGO--(BUSINESS WIRE)-- Exicure, Inc. (Nasdaq: XCUR), has historically been an early-stage biotechnology company focused on developing nucleic acid
About this update from Exicure, Inc.
[{"type":"text","content":" CHICAGO--(BUSINESS WIRE)--\nExicure, Inc. (Nasdaq: XCUR), has historically been an early-stage biotechnology company focused on developing nucleic acid therapies targeting ribonucleic acid against validated targets. In September 2022, the Company announced a significant reduction in force, suspension of preclinical activities and halting of all research and development, and that the Company was exploring strategic alternatives to maximize stockholder value.\n\n\nCorporate Update\n\n\nRecent highlights include:\n\n\n\nIn May, the Company entered into two separate subscription agreements (“Subscription Agreements”) with Cyworld Z Co., Ltd., (“Cyworld Z”). Pursuant to the Subscription Agreements, the Company purchased non-guaranteed private placement convertible bonds (“Bonds”) of Cyworld Z for a subscription amount of $1 million each. The Bonds mature in May 2026 and the yield to maturity is 4.5% per annum.\n\n\n\nSecond Quarter 2023 Financial Results\n\n\nCash Position: Cash, cash equivalents and restricted cash were $3.5 million as of June 30, 2023, as compared to $9.8 million as of December 31, 2022. The Company expects that its cash and cash equivalents will fund its current operations into the fourth quarter of 2023.\n\n\nResearch and Development (R&D) Expense: Research and development expenses were $0.9 million for the quarter ended June 30, 2023, as compared to $6.7 million for the quarter ended June 30, 2022. The decrease in R&D expense for the three months ended June 30, 2023 of $5.8 million reflects the suspension of clinical, preclinical, and discovery program activities and a reduction in employee headcount and fewer discovery, preclinical, and clinical program activities resulting from the restructuring activities that the Company announced in December 2021 and September 2022.\n\n\nGeneral and Administrative (G&A) Expense: General and administrative expenses were $4.7 million for the quarter ended June 30, 2023, as compared to $3.2 million for the quarter ended June 30, 2022. The increase in G&A expense of $1.5 million for the three months ended June 30, 2023 was mostly due to higher costs due to separation pay for executives and related stock based compensation expense, legal and consulting fees.\n\n\nNet Loss: The Company had a net loss of $5.8 million for the quarter ended June 30, 2023, as compared to a net loss ...