Exicure, Inc. Files Q1 2024 10-Q Report

TL;DR

Exicure's Q1 2024 10-Q is in. Check financials for pharma prep company.

AI Summary

Exicure, Inc. filed its quarterly report for the period ending March 31, 2024. The company, formerly known as Max-1 Acquisition Corp, is in the pharmaceutical preparations industry. Financial details for the quarter and year-to-date are presented, including common stock, additional paid-in capital, and retained earnings.

Why It Matters

This filing provides investors with the latest financial performance and position of Exicure, Inc. for the first quarter of 2024.

Risk Assessment

Risk Level: medium — As a pharmaceutical company, Exicure faces inherent risks related to drug development, regulatory approvals, and market competition.

Key Numbers

• 2024-03-31 — Reporting Period End (Quarterly financial data pertains to this date.)
• 2024-01-01 — Quarter Start Date (Beginning of the first quarter of 2024.)
• 2023-12-31 — Prior Year End (End of the fiscal year 2023.)

Key Players & Entities

• EXICURE, INC. (company) — Filer
• Max-1 Acquisition Corp (company) — Former company name
• 20240331 (date) — Reporting period end date
• 20240617 (date) — Filing date

FAQ

Key Financial Figures

• $0.0001 — ich registered Common Stock, par value $0.0001 per share XCUR The Nasdaq Stock Market

Filing Documents

• xcur-20240331.htm (10-Q) — 801KB
• exicureexhibit311-33124.htm (EX-31.1) — 8KB
• exicureexhibit312-33124.htm (EX-31.2) — 8KB
• exicureexhibit321-33124.htm (EX-32.1) — 8KB
• 0001698530-24-000068.txt ( ) — 4949KB
• xcur-20240331.xsd (EX-101.SCH) — 45KB
• xcur-20240331_cal.xml (EX-101.CAL) — 46KB
• xcur-20240331_def.xml (EX-101.DEF) — 161KB
• xcur-20240331_lab.xml (EX-101.LAB) — 554KB
• xcur-20240331_pre.xml (EX-101.PRE) — 362KB
• xcur-20240331_htm.xml (XML) — 507KB

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION 5

Financial Statements

Item 1. Financial Statements 5 Unaudited Condensed Consolidated Balance Sheets 5 Unaudited Condensed Consolidated Statements of Operations 6 Unaudited Condensed Consolidated Statements of Changes in Stockholders' Equity 7 Unaudited Condensed Consolidated Statements of Cash Flows 9 Notes to Unaudited Condensed Consolidated Financial Statements 11

Management's Discussion and Analysis and Results of Operations

Item 2. Management's Discussion and Analysis and Results of Operations 26

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 32

Controls and Procedures

Item 4. Controls and Procedures 32

- OTHER INFORMATION

PART II - OTHER INFORMATION 34

Legal Proceedings

Item 1. Legal Proceedings 34

Risk Factors

Item 1A. Risk Factors 36

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 45

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 45

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 45

Other Information

Item 5. Other Information 45

Exhibits

Item 6. Exhibits 46

Signatures

Signatures 48 2 Table of Contents CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS This Quarterly Report on Form 10-Q, including the sections titled "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations," contains express or implied "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended, (the "Exchange Act"). All statements other than statements of historical fact contained in this Quarterly Report on Form 10-Q are forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as "may," "could," "will," "would," "should," "expect," "plan,", "anticipate," "believe," "estimate," "intend," "predict," "seek," "contemplate," "project," "continue," "potential," "ongoing" or the negative of these terms or other comparable terminology. Forward-looking statements also include the assumptions underlying or relating to such statements. Although we believe that the expectations reflected in the forward-looking statements contained herein are reasonable, such expectations or any of the forward-looking statements may prove to be incorrect and actual results could differ materially from those projected or assumed in the forward-looking statements. Our future financial condition and results of operations, as well as any forward-looking statements, are subject to inherent risks and uncertainties, including, but not limited to, the risk factors set forth in Part II, Item 1A "Risk Factors" below and for the reasons described elsewhere in this Quarterly Report on Form 10-Q. All forward-looking statements and reasons why results may differ included in this report are made as of the date hereof and we do not intend to update any forward-looking statements except as required by law. These forward-looking statements include, but are not limite

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements. EXICURE, INC. UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands, except share and per share data) March 31, 2024 December 31, 2023 ASSETS Current assets: Cash and cash equivalents $ 366 $ 816 Other receivable 1 15 Prepaid expenses and other current assets 1,096 1,193 Total current assets 1,463 2,024 Property and equipment, net 47 54 Right-of-use asset 6,323 6,517 Other noncurrent assets 2,878 2,985 Total assets $ 10,711 $ 11,580 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable 1,825 1,631 Accrued expenses and other current liabilities 836 879 Total current liabilities 2,661 2,510 Lease liability, noncurrent 5,843 6,039 Total liabilities 8,504 8,549 Commitments and Contingencies (Note 11) Stockholders' equity: Preferred stock, $ 0.0001 par value per share; 10,000,000 shares authorized, no shares issued and outstanding, March 31, 2024 and December 31, 2023 — — Common stock, $ 0.0001 par value per share; 200,000,000 shares authorized, 8,650,950 issued and outstanding, March 31, 2024; 8,650,753 issued and outstanding, December 31, 2023 1 1 Additional paid-in capital 192,598 192,593 Accumulated deficit ( 190,392 ) ( 189,563 ) Total stockholders' equity 2,207 3,031 Total liabilities and stockholders' equity $ 10,711 $ 11,580 See accompanying notes to the unaudited condensed consolidated financial statements. 5 Table of Contents EXICURE, INC. UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except share and per share data) Three Months Ended March 31, 2024 2023 Revenue: Revenue $ 500 $ — Total revenue 500 — Operating expenses: Research and development expense — 1,423 General and administrative expense 1,336 3,116 Total operating expenses 1,336 4,539 Operating loss ( 836 ) ( 4,539 ) Other income, net: Dividend income 4 17 Interest income 3 11 Other income, net — 104 Total other income, net 7 132 Net loss before pr

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