Thu, Jun 6, 8:19 PM (137 days ago)
Exicure, Inc. filed Amendment No. 2 to its Q2 2023 Form 10-Q to correct errors in its financial statements. The amendment includes updated certifications from its current executive officers. The restatement addresses a $0.9 million reclassification of research and development expenses to general and administrative expenses due to wind-down activities and an incorrect classification of convertible notes receivable. This did not impact the net loss for the quarter. The amendment also highlights a material weakness in internal controls over financial reporting. For Q2 2023, Exicure reported no revenue, down from $2.5 million in Q2 2022, and a net loss of $5.8 million, an improvement from a $7.5 million loss in Q2 2022. Operating expenses were $5.6 million, mainly due to higher general and administrative costs following the suspension of R&D activities. Cash and cash equivalents stood at $2.3 million as of June 30, 2023, down from $8.6 million at the end of 2022. The company faces substantial doubt about its ability to continue as a going concern and is actively exploring strategic alternatives, including potential partnerships and transactions in unrelated industries.