0001698530-26-000028
SEC filingExicure, Inc. reported a net loss of $4.9 million for FY 2025, a 49% improvement from $9.7 million in FY 2024, driven by reduced operating expenses to $4.2 million from $12.7 million, including a $6.0 million gain on early lease termination offsetting R&D of $3.3 million and G&A of $6.8 million. Revenue was $0, down 100% from $0.5 million in 2024 from a patent license. Operating loss narrowed to $4.2 million from $12.2 million. Other income net was a $1.3 million expense versus $2.5 million income prior year, impacted by $1.6 million change in contingent liability fair value. Balance sheet shows total assets of $14.0 million, cash at $3.7 million, liabilities $10.1 million, equity $3.9 million. Cash used in operations was $8.6 million, investing $1.8 million (GPCR acquisition), financing provided $1.6 million, net cash decrease $8.8 million. Going concern doubt persists due to limited liquidity; company explores strategic alternatives including acquisitions like GPCR USA, with milestone payments pending.
Exicure reported FY 2025 net loss of $4.9 million ($0.79 per share) versus $9.7 million ($4.75 per share) in 2024, improved by lower operating expenses ($4.2 million vs $12.7 million). Key offsets included $6.0 million gain on early Chicago lease termination and no litigation/legal expenses ($0 vs $1.6 million). R&D resumed at $3.3 million post-GPCR USA acquisition; G&A $6.8 million. Other net expense $1.3 million included $1.6 million adverse contingent liability change. No revenue versus $0.5 million prior from licensing. Weighted shares 6.3 million vs 2.0 million. Single Biotechnology segment with $0 revenue.
No revenue in 2025 versus $0.5 million in 2024 from cavrotolimod patent license to Bluejay Therapeutics (assigned in asset sale). Historical biotech IP sold to Flashpoint in 2024 for $1.5 million other income plus future royalties (uncertain). Post-sale, focus shifted to strategic alternatives; acquired GPCR USA in Jan 2025 for $7.9 million consideration including $5.8 million contingent liability. GPCR USA Phase 2 trial completed Jan 2026; $1.0 million stock milestone due Q2 2026. KC Creation subsidiary sold Nov 2025. No geographic breakdown; operations U.S.-based with Korean ties.
No gross margin due to $0 revenue. Operating margin N/A; operating loss -$4.2 million (improved from -$12.2 million). Cost structure: R&D 78% of op ex (up from $0), G&A offset by one-time gains. Tax benefit $0.6 million from GPCR acquisition; full valuation allowance on deferred assets. Accumulated deficit $204.2 million.
Operating cash use $8.6 million (vs $2.9 million 2024) from GPCR ops. Investing outflow $1.8 million (GPCR $2.1 million acquisition, offset by subsidiary sale $0.5 million). Financing inflow $1.6 million from stock sales. Net cash decrease $8.8 million; ending cash/restricted $3.7 million (BS) vs $2.0 million (CF note). Assets $14.0 million (goodwill $4.4 million, intangibles $3.8 million from GPCR). Liabilities $10.1 million (contingent $5.8 million). Equity $3.9 million; shares outstanding 6.4 million.
Liquidity insufficient for 12 months; substantial going concern doubt. Exploring acquisitions, partnerships (Asia focus), financing. GPCR milestone $1.0 million shares Q2 2026; royalties uncertain. Nasdaq compliance issues resolved but risks remain. Management changes Feb 2026; no revenue source, potential bankruptcy if no capital. Risks: strategic execution, dilution, delisting, litigation (lease default, derivatives settled).