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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
____________________
FORM 8-K
____________________
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): June 6, 2024 (June 3, 2024)
____________________
EXICURE, INC.
(Exact name of Registrant as specified in its charter)
____________________
Delaware001-39011
81-5333008
(State or other jurisdiction
of incorporation)
(Commission
File Number)
(IRS Employer
Identification No.)

2430 N. Halsted St.
Chicago, IL 60614
(Address of principal executive offices)


Registrant’s telephone number, including area code: (847) 673-1700
____________________
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
o    Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o    Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o    Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o    Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading symbol(s)Name of each exchange on which registered
Common Stock, par value $0.0001 per shareXCURThe Nasdaq Stock Market LLC
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company o
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o
 



Item 2.02    Results of Operations and Financial Condition.
On June 6, 2024, Exicure, Inc. (the “Company”) issued a press release announcing its financial and operational results for the fiscal year ended December 31, 2023. A copy of the press release is being furnished as Exhibit 99.1 to this Current Report on Form 8-K.
The information contained in this Item 2.02 in the Current Report on Form 8-K (including Exhibit 99.1 attached hereto) is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liability of that section, nor shall such information be deemed to be incorporated by reference in any registration statement or other document filed under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such filing.


Item 2.03    Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.
On June 3, 2024, the Company executed a promissory note (“DGP Note”) and subsequently received a loan in the amount of $700,000 from DGP Co., Ltd., a significant stockholder of the Company. All principal and accrued interest will be due and payable on the earlier of (i) ten months from the date of this DGP Note or (ii) upon an event of default, at that time, such amounts declared by the investor will become due and payable by Company. Interest will accrue on this DGP Note at 6.0% and is payable at maturity.

Item 9.01    Financial Statements and Exhibits.
Exhibit
No.
Description
99.1
104Cover Page Interactive Data File (embedded within the Inline XBRL document).



SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date: June 6, 2024
EXICURE, INC.
By:/s/ Paul Kang
Paul Kang
Chief Executive Officer




Exhibit 99.1
exicureimage1a10a.gif

Exicure, Inc. Reports Full Year 2023 Financial Results
CHICAGO, ILJune 6, 2024 — Exicure, 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.

2023 Financial Results

Cash Position: Cash and cash equivalents were $0.8 million as of December 31, 2023, as compared to $8.6 million as of December 31, 2022. Subsequent to December 31, 2023, our cash and cash equivalents have decreased to approximately $0.2 million as of May 31, 2024. Subsequent to May 31, 2024, the Company received a $0.7 million loan from DGP Co., Ltd., a significant stockholder. The loan has a maturity of ten months from issuance and interest at a rate of 6.0% per annum is payable at maturity. 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.

Research and Development (R&D) Expense: Research and development expenses were $1.4 million for the year ended December 31, 2023, as compared to $19.8 million for the year ended December 31, 2022. The decrease in R&D expense for the year ended December 31, 2023 of $18.3 million reflects the stoppage of clinical, preclinical, and discovery program activities and a reduction in employee headcount with lower employee-related expenses and fewer discovery, preclinical, and clinical program activities resulting from the restructuring activities that the Company announced in December 2021 and September 2022.

General and Administrative (G&A) Expense: General and administrative expenses were $12.7 million for the year ended December 31, 2023, as compared to $10.9 million for the year ended December 31, 2022. The increase in G&A expense of $1.8 million for the year ended December 31, 2023 was mostly due to certain expenses that previously had been recorded as research and development expenses, such as office facilities, legal, and payroll related costs, that no longer met the criteria to be classified as research and development expenses due to the shift in our historical business operations discontinuing all research and development activities.

Net Loss: The Company had a net loss of $16.9 million for the year ended December 31, 2023, as compared to a net loss of $2.6 million for the year ended December 31, 2022. Although operating expenses were reduced by more than 50%, there were no revenues to offset these expenses resulting in an increase in net loss of $14.3 million.

Going 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. There can be no assurance that such additional financing will be available and, if available, can be obtained on acceptable terms.



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About Exicure

Exicure, Inc. has historically been an early-stage biotechnology company focused on developing nucleic acid therapies targeting ribonucleic acid against validated targets. Following its recent restructuring and suspension of clinical and development activities, the Company is exploring strategic alternatives to maximize stockholder value, both with respect to its historical biotechnology assets and more broadly. For further information, see www.exicuretx.com.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements in this press release other than statements of historical fact may be deemed forward looking including, but not limited to, statements regarding: the Company’s current business plans and objectives, including the pursuit of strategic alternatives to maximize stockholder value. Words such as “plans,” “expects,” “will,” “anticipates,” “continue,” “advance,” “believes,” “target,” “may,” “intend,” “could,” and other words and terms of similar meaning and expression are intended to identify forward-looking statements, although not all forward-looking statements contain such terms. Forward-looking statements are based on management’s current beliefs and assumptions that are subject to risks and uncertainties and are not guarantees of future performance. For a discussion of other risks and uncertainties, and other important factors, any of which could cause the Company’s actual results to differ from those contained in the forward-looking statements, see the section titled “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023. All information in this press release is as of the date of the release, and the Company undertakes no duty to update this information or to publicly announce the results of any revisions to any of such statements to reflect future events or developments, except as required by law.




Media Contact:
Josh Miller
847-673-1700
media@exicuretx.com





###

2



EXICURE, INC.
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except share and per share data)

December 31,
2023
December 31,
2022
ASSETS
Current assets:
Cash and cash equivalents$816 $8,577 
Other receivable15 — 
Prepaid expenses and other current assets1,193 1,474 
Total current assets2,024 10,051 
Property and equipment, net54 2,530 
Right-of-use asset6,517 7,257 
Other noncurrent assets2,985 3,490 
Total assets$11,580 $23,328 
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable1,631 361 
Accrued expenses and other current liabilities879 1,278 
Total current liabilities2,510 1,639 
Lease liability, noncurrent6,039 6,767 
Total liabilities$8,549 $8,406 
Stockholders’ equity:
Preferred stock, $0.0001 par value per share; 10,000,000 shares authorized, no shares issued and outstanding, December 31, 2023 and December 31, 2022
— — 
Common stock, $0.0001 par value per share; 200,000,000 shares authorized, 8,650,515 issued and outstanding, December 31, 2023; 4,965,901 issued and outstanding, December 31, 2022
— 
Additional paid-in capital192,593 187,571 
Accumulated other comprehensive loss— — 
Accumulated deficit(189,563)(172,649)
Total stockholders' equity3,031 14,922 
Total liabilities and stockholders’ equity$11,580 $23,328 
3



EXICURE, INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except share and per share data)

Year Ended
December 31,
20232022
Revenue:
     Collaboration revenue$— $28,826 
          Total revenue— 28,826 
Operating expenses:
     Research and development expense1,423 19,767 
     General and administrative expense12,653 10,890 
Loss from sale of property and equipment920 — 
          Total operating expenses14,996 30,657 
Operating loss(14,996)(1,831)
Other income (expense), net:
Changes in fair value of investment in convertible notes receivable(2,000)— 
     Dividend income52 78 
     Interest income32 15 
     Interest expense— (595)
Other income (expense), net(2)(40)
Total other income (expense), net(1,918)(542)
Net loss before provision for income taxes(16,914)(2,373)
Provision for income taxes— 209 
Net loss$(16,914)$(2,582)
Basic and diluted loss per common share$(2.11)$(0.56)
Weighted-average basic and diluted common shares outstanding8,013,840 4,619,471 
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