Executive Summary

Exicure reported Q3 2025 net loss of $2.44M (vs. $1.09M in Q3’24) on zero revenue, with R&D ramping post the GPCR USA acquisition and G&A roughly flat; diluted EPS was ($0.39) (vs. ($0.57) YoY) . Cash fell to $4.44M at 9/30/25, down from $7.86M at 6/30/25 and $10.42M at 3/31/25, and management again raised going‑concern warnings, indicating urgent need for financing .
No revenues were reported; operating loss narrowed slightly QoQ as total operating expenses declined to $2.39M (vs. $2.51M in Q2’25) but widened YoY on the resumption of R&D tied to GPCR USA .
The company reiterated that it is exploring strategic alternatives and expects to seek equity financing; there is no formal financial guidance, and substantial doubt remains about the company’s ability to continue as a going concern absent new capital .
Key clinical catalyst: the Phase 2 GPC‑100 (burixafor) mobilization study completed last patient/last visit with topline data expected in Q4 2025, a potential near‑term stock driver amid tight liquidity .

What Went Well and What Went Wrong

What Went Well
- Operating discipline QoQ: total operating expenses declined to $2.39M in Q3 from $2.51M in Q2, helping narrow operating loss QoQ despite continued R&D investment .
- Clinical progress: Phase 2 GPC‑100 completed last patient, last visit; topline data expected Q4 2025, creating a tangible catalyst window .
- Legal/insurance tailwind: Q3 recognized $0.155M gain related to satisfying the self‑insured retainer; securities class action settlement covered by insurance, with retainer obligation settled in Q3 .
What Went Wrong
- Liquidity deterioration: cash fell to $4.44M at 9/30/25 (from $7.86M at 6/30/25 and $10.42M at 3/31/25), and management stated existing cash is insufficient, requiring near‑term financing .
- Continued losses with no revenue: net loss widened YoY to $2.44M on resumption of R&D; revenue remained $0, leaving no offset to OpEx .
- Controls and governance: management disclosed material weaknesses in internal controls (accounting for non‑routine activities and incomplete IT/accounting controls), persisting from prior quarters and requiring remediation contingent on financing .

“Management believes that the Company’s existing cash and cash equivalents is not sufficient to continue to fund operations…substantial additional financing is needed in the short term” (Q3 press release) .

Financial Results

Income statement snapshot (USD Millions, except per‑share)

Metric	Q3 2024	Q2 2025	Q3 2025
Revenue	$0.00	$0.00	$0.00
R&D Expense	$0.00	$0.94	$0.89
G&A Expense	$1.43	$1.51	$1.50
Total Operating Expenses	$2.57	$2.51	$2.39
Operating Income (Loss)	($2.57)	($2.51)	($2.39)
Total Other (Expense) Income, net	$1.49	($0.11)	($0.05)
Net Income (Loss)	($1.09)	($2.62)	($2.44)
Diluted EPS ($)	($0.57)	($0.41)	($0.39)
Weighted‑avg Diluted Shares (M)	1.90	6.32	6.32

Cash and liquidity

Metric	Q1 2025 (3/31)	Q2 2025 (6/30)	Q3 2025 (9/30)
Cash & Cash Equivalents ($M)	$10.42	$7.86	$4.44
Going Concern Disclosure	Yes	Yes	Yes

Additional KPIs and items

KPI/Item	Q3 2024	Q2 2025	Q3 2025
Change in FV of Contingent Liability ($M)	—	($0.16)	($0.25)
Gain on self‑insured retainer / A/P settlements ($M)	—	—	$0.16
YTD Cash from Operations ($M)	—	$(3.88) (H1’25)	$(7.41) (9M’25)

Notes: Company operates a single segment (Biotechnology) .

Vs. estimates: Wall Street consensus (S&P Global) was not available for Q3 2025 for revenue or EPS (no data returned) [GetEstimates: Q3 2025].

Guidance Changes

Metric	Period	Previous Guidance	Current Guidance	Change
Revenue	FY/Q4 2025+	None	None	Maintained (no formal guidance)
OpEx/Margins	FY/Q4 2025+	None	None	Maintained (no formal guidance)
Liquidity	Near term	—	Going concern; needs near‑term financing	—
Clinical (GPC‑100 Phase 2)	2H 2025	Topline H2’25	Topline Q4’25	Narrowed timing window

Earnings Call Themes & Trends

No Q3 2025 earnings call transcript was filed; themes compiled from 10‑Q, 8‑K and press releases.

Topic	Q1 2025 (prior)	Q2 2025 (prior)	Q3 2025 (current)	Trend
Strategic alternatives & financing	Exploring alternatives; expects to seek equity financing; going concern	Same; going concern reiterated	Same; urgent financing need emphasized	Unchanged; urgency rising
Clinical – GPC‑100 (burixafor)	Planned to complete administration Q2’25	Administration completed to 20 patients; topline Q4’25	Last patient/last visit completed; topline Q4’25 ; Q3 10‑Q references 19 patients completed by Q2 (discrepancy)	Milestone locked; minor disclosure discrepancy
Nasdaq compliance	—	Regained filing compliance in July	Maintained listing; governance transitions ongoing	Improved on filing status
Legal/Litigation	Settlement expected; SIR accrual	SIR payment agreement July 29	SIR paid Aug 13; $0.155M gain in Q3; global derivative settlement in principle	Liability overhang easing
Internal controls	Material weaknesses disclosed	Material weaknesses persist	Material weaknesses persist; remediation plan subject to financing	Persisting weaknesses

Management Commentary

Strategic/financing: “We expect to seek financing through equity offerings…there is substantial doubt about our ability to continue as a going concern” (Q3 10‑Q MD&A) .
Liquidity: “Management believes that the Company’s existing cash and cash equivalents are insufficient to continue to fund its operating expenses, and additional funding is needed” (Q3 10‑Q; press release) .
Clinical: “GPCR USA completed the administration of GPC‑100 to 19 patients in the second quarter of 2025 and aims to announce the clinical trial results during the fourth quarter of 2025” (Q3 10‑Q) . Separately, the company announced “last patient, last visit” completion with topline expected in Q4 2025 (press release) .

Q&A Highlights

No Q3 2025 earnings call transcript or Q&A was filed; no management Q&A disclosures were available in the period.

Estimates Context

S&P Global consensus for Q3 2025 revenue and EPS was not available for XCUR; no estimate comparison can be made for the quarter [GetEstimates: Q3 2025].

Key Takeaways for Investors

Near‑term catalyst: GPC‑100 Phase 2 topline data expected in Q4 2025; any positive mobilization efficacy/safety vs. standard of care could be a stock driver in the absence of revenue .
Liquidity is the gating issue: cash fell to $4.44M at quarter‑end and management reiterated going‑concern risk; equity financing is likely and may weigh on shares near term .
Operating spend is focused and trending down QoQ: OpEx decreased to $2.39M, reflecting cost control even as R&D resumed with GPCR USA; however, sustained funding will be required to progress programs .
Legal overhang easing: insurance covered the securities class action settlement; the company satisfied its self‑insured retainer and recorded a $0.155M gain in Q3; derivative suits have an agreement in principle .
Controls remediation dependent on financing: material weaknesses remain; remediation and potential uplift in reporting quality hinge on securing capital .
Disclosure discrepancy to watch: Q2 10‑Q stated 20 patients completed in Phase 2; Q3 10‑Q references 19 patients completed by Q2. The company subsequently confirmed last patient/last visit complete; investors should look for clarifications in topline reporting .
Governance and listing: filing compliance regained in July 2025; board changes occurred in September; stability and governance improvements may aid financing efforts if maintained .

Supporting documents:

Q3 2025 8‑K press release and financials .
Q3 2025 10‑Q (financial statements, MD&A, going concern, controls, legal) .
Q2 2025 10‑Q and press release (trend/baseline) .
Q1 2025 press release and 10‑Q (trend/baseline) .
Phase 2 clinical status PR (Aug 1, 2025) .
Nasdaq compliance PR (Aug 4, 2025) .
Annual meeting voting 8‑K and intercompany bond redemption 8‑K (context) .

EXICURE, INC. (XCUR)·Q3 2025 Earnings Summary