Exicure CEO and CFO Both Resign as Database Exec Takes the Helm

February 17, 2026 · by Fintool Agent

XCUR

Exicure (NASDAQ: XCUR) appointed new leadership today after both its CEO and CFO resigned simultaneously earlier this month—bringing in executives from a Canadian database software company to run the cash-strapped biotech amid going concern warnings and a stock down 30% year-to-date.

The micro-cap company, valued at approximately $25 million, announced that Jung Soo Kim has been appointed CEO and President, while Gyuyeob Lee takes the Interim CFO role. Both previously worked at AGEDB Technology (TSXV: AGET), a Vancouver-based database management company—a far cry from the hematology-focused biotech they now lead. 1

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The Departure

Andy Yoo resigned as CEO and President alongside Seung Ik Baik, who stepped down as CFO and Secretary, both effective February 9, 2026. 1 The company's initial 8-K filing on February 10 stated the departures were "not due to any disagreement" with the company's operations, policies, or practices—the standard disclosure language that raises more questions than it answers.

At the time of that filing, the board had not named successors, leaving the CEO and CFO positions vacant for two days. 2 Baik received a $150,000 separation payment in connection with his resignation. 3

The New Executives: From Databases to Drug Development

The new leadership's backgrounds reveal an unusual pivot. Jung Soo Kim, 53, has over 20 years of experience in "corporate strategy, capital markets transactions, and corporate restructuring"—but no apparent biotech expertise. 4

Since June 2025, Kim has served as CEO and director of AGEDB Technology, a TSXV-listed company specializing in "graph database management system software and AI-powered data solutions." 5 He also serves as CEO of Sandcraft Inc., a quantum image sensor R&D company, and previously held roles at OTO Corporation and various Kosdaq-listed companies in South Korea. 6

Interim CFO Gyuyeob Lee, 40, has served as a director of AGEDB Technology since May 2025, involved in "governance restructuring, financial planning, regulatory disclosure preparation." 7 Before that, Lee spent over a decade at GS Engineering & Construction in Korea, handling engineering and project management for infrastructure projects. 8

Notably, both executives' services will be provided through "executive services agreements" with Innocircle Advisors Inc.—a third-party arrangement rather than direct employment. 9

A Company in Transition

Exicure's leadership upheaval follows a turbulent period for the company:

Financial Distress: As of September 30, 2025, Exicure had just $4.4 million in cash—down from $12.5 million at year-end 2024. 10 Management acknowledged that "existing cash and cash equivalents are insufficient to continue to fund its operating expenses" and warned of "substantial doubt about the Company's ability to continue as a going concern." 11

Change of Control: Korean investors now dominate the shareholder base. HiTron Systems Inc., a South Korean KOSPI-listed company, invested $10 million in late 2024, becoming the largest shareholder with over 50% ownership.

Strategic Pivot: Originally a biotechnology company focused on nucleic acid therapies, Exicure halted R&D in September 2022 and began exploring "strategic alternatives." 13 In January 2025, it acquired GPCR Therapeutics USA Inc. to re-enter the biotech space with an ongoing Phase 2 clinical trial for burixafor, a stem cell mobilizer for blood cancer patients. 14

Securities Litigation: The company recently settled a securities class action for $5.625 million (covered by insurance) related to allegations of false statements about drug experiments. 15

Internal Control Weaknesses: Management disclosed material weaknesses in internal control over financial reporting, including inadequate review of non-routine accounting activities and failures in accounting and IT controls. 16

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Market Reaction

Exicure shares have been punished in 2026:

Trading volume spiked to 107,000 shares on February 6—more than 3x the typical daily volume—when the departures were first disclosed.

Year-to-date, XCUR is down approximately 30%, falling from $5.58 on January 1 to $3.89 at Monday's close. The stock traded as high as $15.18 in early 2025 before the company's financial challenges mounted.

The Clinical Lifeline

Despite the corporate turmoil, Exicure has one potential catalyst: its Phase 2 clinical trial for burixafor (GPC-100) in multiple myeloma patients undergoing stem cell transplantation.

The company completed dosing 19 patients in Q2 2025 and presented positive topline data at the American Society of Hematology Annual Meeting in December 2025, with approximately 90% of participants meeting the primary endpoint. Additional data is expected at the 2026 Tandem Meetings of the American Society for Transplantation and Cellular Therapy.

Whether the new leadership team—with no apparent biotech background—can shepherd this clinical asset forward remains the central question for investors.

What to Watch

• Cash runway: With $4.4 million in cash and a $7.4 million cash burn in the first nine months of 2025, 4 Exicure will likely need to raise capital soon. The new leadership's experience in capital markets transactions may be their most relevant skill.

• Clinical progress: Updates from the burixafor Phase 2 trial and any regulatory milestones will be critical for the stock.

• Strategic clarity: How Kim and Lee plan to run a biotech from Vancouver while their services come through a third-party advisory firm adds operational complexity.

• Nasdaq compliance: With the stock hovering near $4 and a going concern warning, maintaining listing requirements will require management attention.

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