# EDGAR Filing Document

**Accession Number:** 0001698530
**File Stem:** 0001698530-25-000099
**Filing Date:** 2025-11
**Character Count:** 15018
**Document Hash:** 251e9d335adf19ee47b20cfe5d032fb9
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001698530-25-000099.hdr.sgml**: 20251107

**ACCESSION NUMBER**: 0001698530-25-000099

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 14

**CONFORMED PERIOD OF REPORT**: 20251107

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20251107

**DATE AS OF CHANGE**: 20251107

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** EXICURE, INC.
- **CENTRAL INDEX KEY:** 0001698530
- **STANDARD INDUSTRIAL CLASSIFICATION:** PHARMACEUTICAL PREPARATIONS [2834]
- **ORGANIZATION NAME:** 03 Life Sciences
- **EIN:** 815333008
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-39011
- **FILM NUMBER:** 251462656

**BUSINESS ADDRESS:**
- **STREET 1:** 2430 N. HALSTED ST.
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60614
- **BUSINESS PHONE:** 847-673-1707

**MAIL ADDRESS:**
- **STREET 1:** 2430 N. HALSTED ST.
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60614

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Max-1 Acquisition Corp
- **DATE OF NAME CHANGE:** 20170221

?xml version='1.0' encoding='ASCII'? xcur-20251107

    

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**____________________**

**FORM 8-K**

**____________________**

**CURRENT REPORT**

**Pursuant to Section 13 or 15(d)**

**of the Securities Exchange Act of 1934**

**Date of Report (Date of earliest event reported): November 7, 2025**

**____________________**

**EXICURE, INC.**

**(Exact name of Registrant as specified in its charter)**

**____________________**

---

| | | |
|:---|:---|:---|
| **Delaware** | **001-39011** | **81-5333008** |
| **(State or other jurisdiction<br>of incorporation)** | **(Commission<br>File Number)** | **(IRS Employer<br>Identification No.)** |

---

**400 Seaport Court, Suite 102**

**Redwood City, CA 94063**

**(Address of principal executive offices)**

**Registrant's telephone number, including area code: (847) 673-1700**

**____________________**

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

□&nbsp;&nbsp;&nbsp;&nbsp;Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

□&nbsp;&nbsp;&nbsp;&nbsp;Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

□&nbsp;&nbsp;&nbsp;&nbsp;Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

□&nbsp;&nbsp;&nbsp;&nbsp;Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading symbol(s)** | **Name of each exchange on which registered** |
| Common Stock, par value $0.0001 per share | XCUR | The Nasdaq Stock Market LLC |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company □

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. □

    

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**Item 2.02**&nbsp;&nbsp;&nbsp;&nbsp;**Results of Operations and Financial Condition.**

On November 7, 2025, Exicure, Inc. (the "Company") issued a press release announcing its financial and operational results for the quarter ended September 30, 2025. A copy of the press release is being furnished as Exhibit 99.1 to this Current Report on Form 8-K.

The information contained in this Item 2.02 in the Current Report on Form 8-K (including Exhibit 99.1 attached hereto) is being furnished and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liability of that section, nor shall such information be deemed to be incorporated by reference in any registration statement or other document filed under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such filing.

**Item 9.01&nbsp;&nbsp;&nbsp;&nbsp;Financial Statements and Exhibits.**

---

| | |
|:---|:---|
| **Exhibit<br>No.** | **Description** |
| 99.1 | <u>[Press release dated November 7, 2025](a8kq32025exhibit991.htm)</u> |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |

---

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**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | | |
|:---|:---|:---|
| Date: November 7, 2025 | **EXICURE, INC.** | **EXICURE, INC.** |
|  | By: | /s/ Andy Yoo |
|  |  | Andy Yoo |
|  |  | Chief Executive Officer |

---

## Exhibit 99.1

---

| | |
|:---|:---|
| | **Exhibit 99.1** |
| ![exicureimage1a10.gif](exicureimage1a10.gif) | |

---

**Exicure, Inc. Reports Third Quarter 2025 Financial Results**

**REDWOOD CITY, CA** — **November 7, 2025** — Exicure, Inc. (Nasdaq: XCUR, the "Company") releases the following financial results for the fiscal quarter ended September 30, 2025.

**<u>Third Quarter 2025 Financial Results</u>**

***Cash Position*:** Cash and cash equivalents were $4.4 million as of September 30, 2025, as compared to $12.5 million as of December 31, 2024.

***Research and Development (R&D) Expense*:** Research and development expenses were $0.9 million for the quarter ended September 30, 2025, as compared to $0 for the quarter ended September 30, 2024. The increase in R&D expense of $0.9 million for the three months ended September 30, 2025 was due to incurring research and development expenses in 2025 after the acquisition of GPCR Therapeutics USA Inc. ("GPCR USA"), which is conducting research. Immediately prior to closing the acquisition of GPCR USA, the Company recorded no research or development expenses.

***General and Administrative (G&A) Expense*:** General and administrative expenses were $1.5 million for the quarter ended September 30, 2025, as compared to $1.4 million for the quarter ended September 30, 2024. The increase in G&A expense of $0.1 million for the three months ended September 30, 2025 was mostly due to the additional expenses incurred from the acquisition of GPCR USA.

***Loss from sale or disposal of property and equipment:*** The Company recognized a $4,000 loss from GPCR USA's sale of fixed assets.

***Other Income and Expense:*** The Company recognized a loss of $246,000 related to the change in the fair value of its contingent liability. The Company satisfied its self-insured retainer with the insurer during the third quarter of 2025 resulting in a gain of $155,000.

***Net Loss:*** The Company had a net loss of $2.4 million for the quarter ended September 30, 2025, as compared to a net loss of $1.1 million for the quarter ended September 30, 2024. The increase in net loss of $1.3 million was primarily due to the increased operating expenses from the acquisition of GPCR USA.

***Going Concern:*** Management believes that the Company's existing cash and cash equivalents is not sufficient to continue to fund operations. The Company has already engaged in significant cost reductions, and our ability to further cut costs and extend the Company's operating runway is limited. As a result, substantial additional financing is needed in the short term to pay expenses, fund the ongoing exploration of strategic alternatives and pursue any alternatives that may be identified. The Company also needs to raise capital to fund its operations. There can be no assurance that such additional financing will be available and, if available, can be obtained on acceptable terms.

------

**About Exicure, Inc.**

Exicure, Inc. (Nasdaq: XCUR) has historically been an early-stage biotechnology company focused on developing nucleic acid therapies targeting ribonucleic acid against validated targets. Following its restructuring and suspension of clinical and development activities, the Company is exploring strategic alternatives to maximize stockholder value. In January, it acquired a clinical-stage biotechnology company developing therapeutics for hematologic diseases. The Company's lead program in development is being evaluated for its ability to improve stem cell mobilization in multiple myeloma, sickle cell disease, and in support of cell and gene therapy. For more information, visit www.exicuretx.com.

**Forward-Looking Statements**

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements in this press release other than statements of historical fact may be deemed forward looking including, but not limited to, statements regarding: the Company's current business plans and objectives, including the pursuit of strategic alternatives to maximize stockholder value, the timing of the equity investment closing and potential additional equity investment and the Nasdaq Hearings Panel process and potential results. Words such as "plans," "expects," "will," "anticipates," "continue," "advance," "believes," "target," "may," "intend," "could," and other words and terms of similar meaning and expression are intended to identify forward-looking statements, although not all forward-looking statements contain such terms. Forward-looking statements are based on management's current beliefs and assumptions that are subject to risks and uncertainties and are not guarantees of future performance. For a discussion of other risks and uncertainties, and other important factors, any of which could cause the Company's actual results to differ from those contained in the forward-looking statements, see the section titled "Risk Factors" in the Company's Annual Report on Form 10-K for the year ended December 31, 2024 filed with the Securities and Exchange Commission on March 18, 2025, as updated by the Company's subsequent filings with the Securities and Exchange Commission. All information in this press release is as of the date of the release, and the Company undertakes no duty to update this information or to publicly announce the results of any revisions to any of such statements to reflect future events or developments, except as required by law.

**Media Contact:**

Sarah Ellinwood, PhD

Kendall Investor Relations

sellinwood@kendallir.com

###

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**EXICURE, INC.**

**UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS** 

**(in thousands, except share and per share data)**

---

| | | |
|:---|:---|:---|
| | **September 30,<br>2025** | **December 31,<br>2024** |
| **ASSETS** | | |
| Current assets: |  |  |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents | $4438 | $12508 |
| &nbsp;&nbsp;&nbsp;Other receivable | 55 | 521 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses and other current assets | 946 | 644 |
| Total current assets | 5439 | 13673 |
| Other noncurrent assets | 1888 | 1357 |
| Property and equipment, net | 527 | 26 |
| Right-of-use asset, net | 289 |  |
| Intangible asset | 3784 |  |
| Goodwill | 3340 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total assets | $15267 | $15056 |
| **LIABILITIES AND STOCKHOLDERS' EQUITY** |  |  |
| Current liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;Accounts payable | $1307 | $1031 |
| &nbsp;&nbsp;&nbsp;Accrued expenses and other current liabilities | 1462 | 2040 |
| Total current liabilities | 2769 | 3071 |
| Deferred revenue, noncurrent | 26 |  |
| Lease liability, noncurrent |  | 5213 |
| Contingent consideration | 5545 |  |
| Total liabilities | 8340 | 8284 |
| Commitments and Contingencies (Note 12) |  |  |
| Stockholders' equity: |  |  |
| Preferred stock, $0.0001 par value per share; 10,000,000 shares authorized, no shares issued and outstanding, September 30, 2025 and December 31, 2024 |  |  |
| Common stock, $0.0001 par value per share; 200,000,000 shares authorized, 6,373,869 issued and outstanding, September 30, 2025; 6,026,841 issued and outstanding, December 31, 2024 | 1 | 1 |
| Additional paid-in capital | 208136 | 206035 |
| Accumulated other comprehensive income | 102 |  |
| Accumulated deficit | (201312) | (199264) |
| Total stockholders' equity | 6927 | 6772 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and stockholders' equity | $15267 | $15056 |

---

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**EXICURE, INC.**

**UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS**

**(in thousands, except share and per share data)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended<br>September 30,** | **Three Months Ended<br>September 30,** | **Nine Months Ended<br>September 30,** | **Nine Months Ended<br>September 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Revenue | $— | $— | $— | $500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total revenue |  |  |  | 500 |
| Operating expenses: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Research and development expense | 888 |  | 2631 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; General and administrative expense | 1499 | 1434 | 5230 | 4005 |
| &nbsp;&nbsp;&nbsp;&nbsp;Litigation legal expense |  | 1138 |  | 1138 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss from sale or disposal of property and equipment | 4 |  | 90 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain on early lease termination |  |  | (5974) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total operating expenses | 2391 | 2572 | 1977 | 5143 |
| Operating loss | (2391) | (2572) | (1977) | (4643) |
| Other income (expense), net: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividend income | 27 |  | 106 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest income | 29 | 1 | 38 | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense |  | (12) |  | (18) |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain on settlement of accounts payables | 155 |  | 346 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in fair value of contingent liability | (246) |  | (541) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other (expense) income, net | (11) | 1500 | (20) | 2137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total other (expense) income, net | (46) | 1489 | (71) | 2131 |
| Net loss before provision for income taxes | (2437) | (1083) | (2048) | (2512) |
| Provision for income taxes |  | (8) |  | (8) |
| Net loss | $(2437) | $(1091) | $(2048) | $(2520) |
| Basic and diluted loss per common share | $(0.39) | $(0.57) | $(0.33) | $(1.36) |
| Weighted-average basic and diluted common shares outstanding | 6322078 | 1899412 | 6271229 | 1855286 |

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