Executive Summary

Exicure reported FY 2024 revenue of $0.50M (licensing) and net loss of $(9.70)M, materially improved from FY 2023 net loss of $(16.91)M due to reduced G&A and other income; cash rose to $12.5M at year-end from $0.8M in 2023 .
Quarterly liquidity inflected sharply into year-end: cash was $0.5M at Q2, $0.3M at Q3, then $12.5M at 12/31/24, reflecting financing and asset sales; G&A continued to decline vs prior year .
Strategic actions: shareholders approved a $8.7M equity financing (after an initial $1.3M close), and the company outlined a planned GPCR Therapeutics transaction and exploration of strategic alternatives .
Catalysts: balance sheet improvement (cash $12.5M), shareholder approval of financing, and asset sale proceeds ($1.5M) support near‑term operations amid going‑concern disclosures; Nasdaq compliance remains a process risk .

What Went Well and What Went Wrong

Cash increased to $12.5M as of 12/31/24, driven by financing and asset monetization; stockholders’ equity rose to $6.8M from $3.0M YoY .
Operating expense discipline: FY 2024 G&A fell to $5.4M from $11.7M, reflecting lower separation, payroll, facilities, and consulting costs post R&D suspension .
Management affirmed focus on strategic alternatives and transactions, stating it “continue[s] to engage in a broader exploration of strategic alternatives” to maximize stockholder value .

Right‑of‑use asset impairment loss of $5.7M recognized in FY 2024, elevating operating expenses despite G&A reductions .
Increased litigation legal expense ($1.56M in FY 2024 vs $0.94M in FY 2023) related to securities litigation accruals .
Persisting going‑concern risk: management disclosed substantial doubt about ability to continue operations without additional financing .

Metric	FY 2023	FY 2024
Revenue ($USD Millions)	$0.00	$0.50
General & Administrative Expense ($USD Millions)	$11.72	$5.45
Litigation Legal Expense ($USD Millions)	$0.94	$1.56
Right‑of‑use Asset Impairment ($USD Millions)	$0.00	$5.72
Total Other Income (Expense), net ($USD Millions)	$(1.92)	$2.54
Net Loss ($USD Millions)	$(16.91)	$(9.70)
Basic & Diluted EPS ($)	$(10.55)	$(4.75)
Cash & Equivalents ($USD Millions, period-end)	$0.82	$12.51
Stockholders’ Equity ($USD Millions, period-end)	$3.03	$6.77

Metric	Q2 2024	Q3 2024
Cash & Equivalents ($USD Millions)	$0.53	$0.34
G&A Expense ($USD Millions, quarter)	$1.24	$1.43
Litigation Legal Expense ($USD Millions, quarter)	—	$1.14
Other Income ($USD Millions, quarter)	$0.64	$1.50
Net Loss ($USD Millions, quarter)	$(0.60)	$(1.09)

Notes: Company did not provide a quarterly breakdown for Q4 2024; full-year statements include impairment and other items recognized during FY 2024 .

No reportable segments disclosed .

KPI	Q2 2024	Q3 2024	FY 2024 (12/31)
Total Assets ($USD Millions)	$10.69	$10.63	$15.06
Total Liabilities ($USD Millions)	$9.08	$9.09	$8.28
Lease Liability, Noncurrent ($USD Millions)	$5.64	$5.43	$5.21
Total Equity ($USD Millions)	$1.61	$1.55	$6.77

Metric	Period	Previous Guidance	Current Guidance	Change
Revenue/EPS	FY 2024/FY 2025	None provided	None provided	Maintained (no quantitative guidance)
Liquidity/Runway	2025	Not specified	Substantial doubt persists; additional financing required	Maintained going‑concern disclosure
Nasdaq Compliance	2H24–early 2025	Extension through Nov 14, 2024	Requested additional extensions; shareholder approval of $8.7M financing obtained Dec 17, 2024	Process ongoing

Note: No earnings call transcript was published; company furnished results via 8-K and press releases .

Topic	Previous Mentions (Q2 2024)	Previous Mentions (Q3 2024)	Current Period (Q4 2024)	Trend
Strategic alternatives	Emphasized exploration; no ongoing R&D; need financing	Continued exploration; asset sale executed	Reaffirmed broader exploration of strategic alternatives	Consistent focus; more transactional activity
Liquidity/cash	Cash $0.5M; urgent need for financing	Cash $0.3M; urgent financing; asset sale proceeds	Cash $12.5M at YE; improved balance sheet	Improved into YE on financing/asset monetization
Nasdaq listing	Delisting risk; appeals/extension process	Requested further extension; pro forma equity expected post $1.3M close	Shareholder approval for $8.7M financing; still process risk	Advancing but remains a risk factor
Litigation	Noted losses in prior year; accruals growing	Accrual for self-insured retainer raised Q3	Litigation expense up YoY; settlement pending processes	Expense pressure persisted
R&D status	R&D suspended; no R&D expense	R&D suspended; revenue from licensing	R&D suspended; exploring transactions/partnerships	No internal R&D; pivot to transactions

“We continue to engage in a broader exploration of strategic alternatives. This effort involves exploring growth through transactions with potential partners that see opportunity in joining an existing, publicly-traded organization.”
“Our current liquidity may not be sufficient to fund operations for the next 12 months. Additional financing will be needed to fund our ongoing operations and exploration of strategic alternatives…”
“As a result, there is substantial doubt about our ability to continue as a going concern.”

No earnings call transcript was filed; results were furnished via 8‑K and press releases for FY 2024/Q4 period .
Financing and Nasdaq process details were communicated through November–December press releases (purchase agreements, shareholder approvals) rather than call Q&A .

S&P Global Wall Street consensus for EPS and target price was unavailable; no consensus counts were present. Revenue actuals reflect company-reported licensing revenue only. Values retrieved from S&P Global.*
Implication: Estimate-based “beat/miss” analysis not feasible for Q4/FY; investors should monitor sell-side initiation post financing/transaction updates .*

Balance sheet reset: cash rose to $12.5M and equity to $6.8M at YE, driven by financing and asset monetization; this reduces near-term solvency risk but does not eliminate going‑concern disclosure .
Operating discipline is visible: FY G&A halved YoY; 2024 net loss improved by ~$7.2M; however, impairment ($5.7M) and litigation expense growth limit bottom-line improvement .
Strategic pathway shifting to transactions: shareholder approval of $8.7M equity financing and planned GPCR-related collaboration/acquisition signal an external growth model vs internal R&D .
Asset sale proceeds ($1.5M) and licensing revenue ($0.5M) show monetization of legacy IP; recurring revenue visibility remains low and contingent on partners and milestones .
Nasdaq compliance remains a monitored risk despite extensions and equity raises; governance/process execution is critical for listing continuity .
Litigation and lease obligations continue to drive expense/impairments; track settlement impacts and future non-cash charges .
Near-term trading: catalysts include closing/using equity proceeds, further transaction updates, and any Nasdaq decisions; downside risks stem from financing delays and legal/lease costs .