Thu, May 16, 8:47 PM (71 days ago)
Exicure, Inc. filed an amendment to its Quarterly Report on Form 10-Q for the period ended June 30, 2023, to restate its unaudited condensed consolidated interim financial statements. The restatement was necessitated by errors in the classification of research and development expenses and the incorrect classification of an investment in convertible notes receivable. Approximately $0.9 million of expenses were reclassified from research and development to general and administrative expenses, primarily related to office lease, depreciation, and wind-down costs. Additionally, the investment in convertible notes receivable was reclassified from held-to-maturity to available-for-sale, and recorded at fair value. Despite these corrections, the net loss as of June 30, 2023, remained unchanged. The restatement revealed a material weakness in the company's internal control over financial reporting. Exicure's management has developed a remediation plan to address these deficiencies. The company is also facing substantial liquidity challenges and is actively exploring strategic alternatives to secure additional funding.