10-Q/A - EXICURE, INC. (0001698530) (Filer)

Thu, May 16, 8:42 PM (304 days ago)

Exicure, Inc. filed an amended quarterly report (Form 10-Q/A) for the period ending March 31, 2023, to restate its financial statements due to an error in classifying certain expenses. Approximately $0.6 million initially recorded as research and development expenses were reclassified to general and administrative expenses. This reclassification did not affect the net loss for the period. The company reported a net loss of $4.4 million, a significant improvement from the $8.3 million net loss in the same quarter of 2022, primarily due to reduced R&D activities following a strategic shift announced in September 2022. The company is exploring strategic alternatives to maximize shareholder value, including potential transactions in industries unrelated to its historical operations. Exicure's current cash and cash equivalents are projected to fund operations into the fourth quarter of 2023, and the company urgently needs additional financing to continue operations. The restatement also revealed a material weakness in internal controls, which the company plans to address. The company's financial stability and future operations remain uncertain, hinging on successful capital raising or strategic transactions.