Business
Exicure, Inc. Reports Second Quarter 2024 Financial Results
CHICAGO--(BUSINESS WIRE)-- Exicure, Inc. (Nasdaq: XCUR, the "Company"), has historically been an early-stage biotechnology company focused on developing
About this update from Exicure, Inc.
[{"type":"text","content":" CHICAGO--(BUSINESS WIRE)--\nExicure, Inc. (Nasdaq: XCUR, the \"Company\"), 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\nSecond Quarter 2024 Financial Results\n\n\nCash Position: Cash and cash equivalents were $0.5 million as of June 30, 2024, as compared to $0.8 million as of December 31, 2023. The Company believes that its cash and cash equivalents are insufficient to continue to fund operations and additional funding is needed in the very near term.\n\n\nGeneral and Administrative (G&A) Expense: General and administrative expenses were $1.2 million for the quarter ended June 30, 2024, as compared to $5.6 million for the quarter ended June 30, 2023. The decrease in G&A expense of $4.4 million for the three months ended June 30, 2024 was mostly due to higher costs in 2023 due to separation pay for executives and related stock based compensation expense, and consulting fees, partially offset by lower bonus, retention, and insurance expense.\n\n\nOther Income: The Company sold samples of its clinical products for $0.6 million to a private clinical stage biopharmaceutical company.\n\n\nNet Loss: The Company had a net loss of $0.6 million for the quarter ended June 30, 2024, as compared to a net loss of $5.8 million for the quarter ended June 30, 2023. The decrease in net loss of $5.2 million was primarily driven by the reduction of payroll and operating costs due to reduced operations, as well as $0.6 million of other income.\n\n\nGoing 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, so our ability to further cut costs and extend the Company’s operating runway is limited. As a result, substantial additional financing is needed in very near term to pay expenses, fund the ongoing exploration of strategic alternatives and pursue any alternatives that may be identified. The Company needs to raise capital to fund its operations. The...