Executive Summary

Q2 2025 delivered no revenue, a net loss of $2.62 million, and diluted EPS of $(0.41), driven by resumed R&D and G&A spending post-GPCR USA acquisition, and a $(0.16) million loss from contingent liability revaluation .
Cash declined to $7.86 million as of June 30, 2025 from $10.42 million at March 31, 2025 and $12.51 million at year-end 2024; management disclosed substantial doubt about going concern and an urgent need for near‑term financing .
Operationally, the company completed Last Patient, Last Visit (LPLV) in the Phase 2 multiple myeloma stem cell mobilization study; topline results are expected in Q4 2025, a potential stock catalyst .
Exicure regained Nasdaq periodic filing compliance on July 1, 2025, removing a near‑term listing overhang .

What Went Well and What Went Wrong

What Went Well

Completed LPLV in Phase 2 GPC-100 stem cell mobilization trial; topline data expected in Q4 2025, improving clinical execution visibility .
Regained compliance with Nasdaq periodic filing requirements as of July 1, 2025, resolving a listing risk .
Q2 G&A decreased to $1.51 million from $2.22 million in Q1 2025, reflecting cost moderation post-acquisition versus prior quarter levels .
- “The study drug GPC100 needed to be administered just 45 minutes before stem cell collection and resulted in a successful mobilization, significantly improving the patient experience,” noted Dr. Ramanathan of UMass Memorial Health .

What Went Wrong

No revenue in Q2 2025; net loss widened to $2.62 million (vs. $0.60 million in Q2 2024) as R&D ($0.94 million) and G&A ($1.51 million) resumed/increased following the GPCR USA acquisition .
Management disclosed substantial doubt regarding going concern and a need for significant near‑term financing to fund operations and strategic alternatives .
Negative fair value change in contingent liability (loss of $0.16 million) and a $0.06 million loss on sale/disposal of fixed assets weighed on results .

Financial Results

Income Statement Comparison (USD Millions; EPS in USD)

Metric	Q2 2024 (oldest)	Q1 2025	Q2 2025 (newest)
Revenue ($)	$0.00	$0.00	$0.00
R&D Expense ($)	$0.00	$0.81	$0.94
G&A Expense ($)	$1.24	$2.22	$1.51
Loss on Sale/Disposal ($)	$0.00	$0.00	$0.06
Gain on Early Lease Termination ($)	$0.00	$(5.97)	$0.00
Total Operating Expenses ($)	$1.24	$(2.95)	$2.51
Operating Income (Loss) ($)	$(1.24)	$2.95	$(2.51)
Other Income (Net) ($)	$0.64	$0.06	$(0.11)
Net Income (Loss) ($)	$(0.60)	$3.01	$(2.62)
Diluted EPS ($)	$(0.35)	$0.49	$(0.41)
Weighted-Average Diluted Shares (mm)	1.73	6.18	6.32

Notes: Q1 2025 operating expenses are negative due to a one‑time $(5.97) million lease termination gain recognized in operating expenses .

Margins vs Prior Periods and Estimates

Metric	Q2 2024	Q1 2025	Q2 2025
Net Income Margin (%)	NM (no revenue)	NM (no revenue)	NM (no revenue)

Street estimates: Consensus EPS and revenue unavailable via S&P Global for Q2 2025, so a direct beat/miss assessment vs Street is not possible.

Balance Sheet Snapshot (USD Millions)

Metric	Dec 31, 2024 (oldest)	Mar 31, 2025	Jun 30, 2025 (newest)
Cash & Cash Equivalents	$12.51	$10.42	$7.86
Total Assets	$15.06	$20.68	$18.74
Total Liabilities	$8.28	$9.30	$9.88
Stockholders’ Equity	$6.77	$11.38	$8.86
Accounts Payable	$1.03	$1.21	$1.84
Accrued Expenses & Other Current Liabilities	$2.04	$2.68	$2.73
Contingent Consideration	$0.00	$5.38	$5.31

Guidance Changes

Metric	Period	Previous Guidance	Current Guidance	Change
Revenue	FY/Q3–Q4 2025	None provided	None provided	Maintained (no guidance)
Operating Expenses	FY/Q3–Q4 2025	None provided	None provided	Maintained (no guidance)
EPS	Q3/Q4 2025	None provided	None provided	Maintained (no guidance)
Cash Runway	FY 2025	Not quantified	Substantial doubt about going concern; near‑term financing needed	New disclosure emphasis

Earnings Call Themes & Trends

No earnings call transcript identified for Q2 2025 in our document set; the thematic tracking below reflects disclosures across press releases and 8‑K exhibits.

Topic	Previous Mentions (Q-2: FY 2024 PR; Q-1: Q1 2025 PR)	Current Period (Q2 2025)	Trend
Strategic Alternatives	Exploring strategic alternatives; liquidity not sufficient for 12 months	Continued exploration; financing needed to fund ops and alternatives	Continued emphasis
Financing/Going Concern	Substantial doubt; additional financing required	Near‑term financing needed; limited ability to cut costs further	Intensifying
Clinical Execution (GPC-100)	Program acquired via GPCR; pipeline described	Completed LPLV; topline expected Q4 2025	Advancing
Nasdaq Compliance	Delinquency notice in May 2025 [8 not read; context via Q2 press]	Regained periodic filing compliance July 1, 2025	Improving
Operating Cost Structure	Q1: one‑time lease termination gain led to positive EPS	G&A reduced vs Q1; R&D resumed	Normalizing (ex‑one‑time)

Management Commentary

“Management believes that the Company’s existing cash and cash equivalents is not sufficient to continue to fund operations… As a result, substantial additional financing is needed in the short term to pay expenses, fund the ongoing exploration of strategic alternatives and pursue any alternatives that may be identified.” (Exicure Q2 2025 press release) .
“As of July 1, 2025, the Company regained compliance with the periodic filing requirement for The Nasdaq Stock Market under Listing Rule 5250(c)(1).” .
“Topline results from the [Phase 2] study are expected in the fourth quarter of 2025.” .
External clinical perspective: “GPC100 needed to be administered just 45 minutes before stem cell collection and resulted in a successful mobilization, significantly improving the patient experience.” — Dr. Muthalagu Ramanathan, UMass Memorial Health .

Q&A Highlights

No earnings call transcript available for Q2 2025 in our document set; therefore, no Q&A highlights or guidance clarifications can be provided from a call transcript. The period’s disclosures are captured in the press release and 8‑K .

Estimates Context

Wall Street consensus estimates (EPS, revenue) for Q2 2025 were unavailable via S&P Global; as such, beat/miss vs Street cannot be assessed.
Actuals: Revenue $0.00; diluted EPS $(0.41); net loss $(2.62) million; other income (net) $(0.11) million .

Key Takeaways for Investors

Liquidity and runway are the central risk: cash fell to $7.86 million at 6/30/25, and management explicitly cited substantial doubt about going concern and an urgent need for near‑term financing; equity raise or strategic transaction is a likely prerequisite to sustain operations .
Earnings normalization: Q1’s $0.49 EPS was driven by a one‑time $(5.97) million lease termination gain; Q2 reverted to operating losses as R&D and G&A resumed/increased post‑acquisition .
Cost control signs: G&A fell sequentially from $2.22 million (Q1) to $1.51 million (Q2), partially offset by resumed R&D ($0.94 million) .
Clinical catalyst: Phase 2 GPC‑100 LPLV completed with topline results expected in Q4 2025; positive data could be a significant stock catalyst and partnering trigger .
Listing overhang eased: Nasdaq periodic filing compliance regained July 1, 2025, removing an administrative risk factor .
Balance sheet composition changed: contingent consideration recorded at $5.31 million related to acquisition, adding non‑operating volatility (fair value losses recognized in Q2) .
Without Street coverage (consensus unavailable), price action may be driven by liquidity events, regulatory/compliance updates, and clinical milestones rather than quarterly beats/misses .

EXICURE, INC. (XCUR)·Q2 2025 Earnings Summary