Exicure Reports $2.6 Million Net Loss in Q2 2025, No Revenue Generated

Exicure, Inc. reported its financial results for the second quarter of 2025, revealing a net loss of $2.6 million, compared to a loss of $600,000 in the same period last year. The company did not generate any revenue during the quarter, maintaining a total revenue of $0 for the first half of 2025, a significant decline from $500,000 in the first half of 2024. Operating expenses for the second quarter increased to $2.5 million, up from $1.2 million in the prior year, primarily driven by research and development costs associated with the acquisition of GPCR USA, which totaled $935,000 for the quarter.

In terms of financial position, Exicure's cash and cash equivalents decreased to $7.9 million as of June 30, 2025, down from $12.5 million at the end of 2024. The company’s total assets increased to $18.7 million, compared to $15.1 million at the end of the previous fiscal year, largely due to the acquisition of GPCR USA, which added significant intangible assets and goodwill. Total liabilities also rose to $9.9 million, up from $8.3 million, reflecting increased accounts payable and accrued expenses.

Strategically, Exicure has made notable moves, including the acquisition of GPCR Therapeutics USA Inc. in January 2025, which is expected to enhance its clinical development capabilities. This acquisition is part of a broader strategy to explore various alternatives for maximizing shareholder value, including potential partnerships and capital raises. The company has also established a new subsidiary, KC Creation Co., Ltd., in South Korea, aimed at diversifying its business and tapping into the global growth potential of Korean entertainment content.

Operationally, Exicure has faced challenges, including a significant reduction in workforce and the suspension of preclinical activities in 2022. The company is currently in a phase of transition, with ongoing clinical trials for GPCR USA focusing on blood cancer patients. The company aims to announce results from these trials in the fourth quarter of 2025. However, Exicure has expressed substantial doubt about its ability to continue as a going concern, emphasizing the need for additional financing to support its operations and strategic initiatives.

Looking ahead, Exicure's management has indicated that the company will continue to seek financing through equity offerings, although market conditions may pose challenges. The company remains committed to exploring strategic alternatives while navigating the uncertainties of its financial situation and operational capabilities.