Financial Performance - Total revenue for Q1 2024 was $500,000, compared to $0 in Q1 2023, indicating a significant increase[24] - Operating expenses decreased to $1,336,000 in Q1 2024 from $4,539,000 in Q1 2023, representing a reduction of approximately 70.5%[24] - The net loss for Q1 2024 was $829,000, a substantial improvement from the net loss of $4,407,000 in Q1 2023, reflecting a decrease of about 81.2%[24] - For the three months ended March 31, 2024, the net loss was $829,000 compared to a net loss of $4,407,000 for the same period in 2023, indicating a significant reduction in losses[101] - Basic and diluted loss per common share improved from $(0.70) in Q1 2023 to $(0.10) in Q1 2024, showing a substantial decrease in loss per share[101] Cash and Liquidity - Cash and cash equivalents decreased to $366,000 as of March 31, 2024, down from $816,000 at the end of 2023, indicating a decline of approximately 55.1%[21] - Total cash, cash equivalents, and restricted cash at the end of Q1 2024 amounted to $1,566, compared to $2,016 at the end of Q4 2023, a decline of approximately 22.3%[36] - Cash used in operating activities for Q1 2024 was $450, compared to $3,318 in Q1 2023, indicating a decrease of approximately 86.5%[33] - As of March 31, 2024, there is substantial doubt about the company's ability to continue as a going concern without additional financing[46] - The company has no source of revenue or committed financing, necessitating substantial additional funding to continue operations[125] Assets and Liabilities - Total assets decreased to $10,711,000 as of March 31, 2024, from $11,580,000 at the end of 2023, a reduction of about 7.5%[21] - Total liabilities remained relatively stable at $8,504,000 as of March 31, 2024, compared to $8,549,000 at the end of 2023[21] - Stockholders' equity decreased to $2,207,000 as of March 31, 2024, down from $3,031,000 at the end of 2023, reflecting a decline of approximately 27.1%[21] Strategic Initiatives - The company is exploring strategic alternatives to maximize stockholder value, facing substantial uncertainties regarding potential partnerships and funding[12] - The company is exploring strategic alternatives, including potential partnerships in industries unrelated to its historical operations[39] - The company does not expect its historical assets to generate significant value for stockholders, prompting a broader exploration of strategic alternatives[39] - The Company has engaged in significant cost reductions and anticipates needing substantial additional financing in the near term to fund operations[47] Stock and Equity - The weighted-average basic and diluted common shares outstanding increased to 8,650,878 in Q1 2024 from 6,288,952 in Q1 2023, an increase of about 37.7%[24] - As of March 31, 2024, the Company had 8,650,950 shares of common stock issued and outstanding, an increase from 8,650,753 shares as of December 31, 2023[68] - The Company completed a private placement in February 2023, raising gross proceeds of $5.440 million from the issuance of 3,400,000 shares of common stock at a price of $1.60 per share[71] - The Company has accrued $191 in liquidated damages to DGP for not filing a registration statement within the specified timeframe following the September 2022 PIPE[75] Legal and Compliance - The company is currently involved in multiple legal proceedings, including a putative securities class action lawsuit and several shareholder derivative lawsuits[108] - The Company has received multiple deficiency notices from Nasdaq regarding compliance with listing requirements, including stock price and equity levels[131] - An appeal for the delisting determination has been requested, with a hearing scheduled for July 9, 2024[132] Research and Development - Research and development expenses were $0 for the three months ended March 31, 2024, a decrease of 100% from $1.4 million in the same period of 2023[140] Other Financial Metrics - The effective tax rate remained at 0% for both Q1 2024 and Q1 2023 due to the Company generating tax losses and maintaining a full valuation allowance against deferred tax assets[99] - The total financial assets measured at fair value as of March 31, 2024, were $273,000, down from $1,629,000 as of December 31, 2023, primarily due to a decrease in cash equivalents[105]

Financial Performance - Revenue for the quarter ended March 31, 2024, was $0.5 million, compared to $0 for the same quarter in 2023, due to an initial payment from a patent license agreement[4][17] - The net loss for the quarter ended March 31, 2024, was $0.8 million, significantly reduced from a net loss of $4.4 million for the same quarter in 2023, driven by lower payroll and operating costs[7] Cash and Liquidity - Cash and cash equivalents decreased to $0.4 million as of March 31, 2024, down from $0.8 million as of December 31, 2023, and further decreased to approximately $0.2 million as of May 31, 2024[3] - Total current assets decreased to $1.463 million as of March 31, 2024, from $2.024 million as of December 31, 2023[15] - The company has engaged in significant cost reductions and believes additional financing is needed in the very near term to continue operations[8][9] - The company received a $0.7 million loan from a significant stockholder, DGP Co., Ltd., with a maturity of ten months and an interest rate of 6.0% per annum[3] Expenses - Research and development expenses were $0 for the quarter ended March 31, 2024, a decrease of $1.4 million from $1.4 million for the same quarter in 2023, reflecting the halt of clinical and preclinical activities[5] - General and administrative expenses decreased to $1.3 million for the quarter ended March 31, 2024, down from $3.1 million for the same quarter in 2023, primarily due to reduced operations[6] Liabilities - Total liabilities were $8.504 million as of March 31, 2024, slightly down from $8.549 million as of December 31, 2023[15] Strategic Direction - The company is exploring strategic alternatives to maximize stockholder value following its restructuring and suspension of clinical and development activities[10]

Financial Condition - The company currently has no source of revenue or committed financing and requires substantial additional funding in the very near term to continue operations [30]. - The company has significant liquidity concerns, requiring substantial additional financing in the near term to fund operations and explore strategic alternatives [59]. - The company has substantial doubt about its ability to continue as a going concern without additional financing in the near term [136]. - The company may need to seek bankruptcy protection if it is unable to raise capital, which could result in stockholders receiving little to no value for their shares [177]. - The company has an accumulated deficit of $208.4 million as of December 31, 2023, with a net loss of $16.9 million for the year ended December 31, 2023 [66]. - The company has not generated any product revenue and expects to continue incurring significant operating losses for the foreseeable future [67]. - The company incurred net losses of approximately $16.9 million for the year ended December 31, 2023, compared to $2.6 million for 2022, resulting in an accumulated deficit of $208.4 million since inception [176]. - The company reported cash and cash equivalents of $0.8 million as of December 31, 2023, which decreased to approximately $0.2 million by May 31, 2024 [176]. - The company has deferred payments totaling approximately $1.6 million in accounts payable due to its deteriorating financial condition [176]. Operational Changes - The company announced a significant reduction in force, suspending all R&D activities and reducing approximately 66% of its workforce to extend cash runway [31]. - The company has terminated its licenses from Northwestern University in 2023 but continues to own numerous issued patents and pending patent applications [35]. - The company is exploring strategic alternatives for growth, including potential transactions in Asia and other industries unrelated to its historical operations [38]. - The company is exploring asset out-licensing and sales but does not expect these efforts to generate significant value for stockholders [68]. - The company is facing challenges in attracting and retaining qualified management and key personnel, which could impair its ability to implement its business plan [57]. - The company has limited resources following recent reductions in force, complicating risk management and compliance efforts [56]. Compliance and Governance - The company received a delisting determination from Nasdaq due to non-compliance with listing requirements, including a stock price below $1.00 for over 30 consecutive business days [60]. - The company has received numerous deficiency notices from Nasdaq regarding corporate governance and compliance with minimum stockholder equity requirements [62]. - The company has not complied with Nasdaq's requirement to hold an annual meeting, which must be held by June 28, 2024 [62]. - The company is currently in the process of appealing a delisting determination by Nasdaq, with no assurance that its common stock will remain listed [124]. - The company is governed by anti-takeover provisions that may complicate acquisitions and management changes, including a classified board of directors and restrictions on stockholder actions [97]. Revenue and Expenses - For the year ended December 31, 2023, the company reported total revenue of $0, a decrease of $28.8 million, or 100%, from $28.8 million in 2022 due to the termination of collaboration agreements with AbbVie and Ipsen [165]. - Operating expenses for 2023 were $14,996,000, down 51% from $30,657,000 in 2022 [214]. - General and administrative expenses increased to $12.7 million for the year ended December 31, 2023, representing an increase of $1.8 million, or 16%, from $10.9 million in 2022, primarily due to reclassification of certain expenses and separation pay for former executives [169]. - Research and development expenses for the year ended December 31, 2023, were $1.4 million, reflecting a decrease of $18.3 million, or 93%, from $19.8 million in 2022, as the company halted all research and development activities after Q1 2023 [168]. Market and Stock Performance - The market price of the company's common stock has been highly volatile, influenced by various factors including the ongoing impact of the COVID-19 pandemic and geopolitical events [94]. - The company has limited research coverage by securities analysts, which may adversely affect its stock price and trading volume [104]. - The company may face challenges in raising additional capital due to its current transitional state, which could lead to dilution of existing stockholders [95]. - The company has received deficiency notices from Nasdaq regarding compliance with minimum bid price and stockholders' equity requirements, with a deadline to cure the bid price issue by September 9, 2024 [143]. Intellectual Property and Legal Matters - The company has entered into a license agreement for its patents in the field of hepatitis, receiving a small one-time payment and a modest royalty on future sales [38]. - The company may need to engage in costly litigation to protect its intellectual property rights, which could divert management's attention and resources [81]. - The company may be subject to claims challenging the inventorship or ownership of its patents, which could result in substantial costs and loss of valuable intellectual property rights [86]. - The company identified material weaknesses in its internal control over financial reporting, leading to restatements of its first and second quarter unaudited interim condensed consolidated financial statements [80]. Future Outlook - The company is exploring strategic alternatives to generate future revenues, indicating substantial uncertainty regarding revenue generation [167]. - The company expects to evaluate the sustainability of resources dedicated to exploring value from historical intellectual property on an ongoing basis [36]. - The company may need to seek bankruptcy protection or cease operations if sufficient additional capital funding is not obtained in the near term [51]. - The company expects to incur significant expenses and negative cash flows for the foreseeable future, complicating its financial outlook [176].

Financial Performance - Total assets decreased from $23,328,000 on December 31, 2022, to $12,950,000 on September 30, 2023, representing a decline of approximately 44.8%[23] - Total current assets fell from $10,051,000 to $3,090,000, a decrease of about 69.1%[23] - Collaboration revenue for the three months ended September 30, 2023, was $0, compared to $2,016,000 for the same period in 2022, indicating a 100% decline[26] - Total operating expenses decreased from $7,221,000 in Q3 2022 to $3,317,000 in Q3 2023, a reduction of approximately 54.8%[26] - The net loss for the three months ended September 30, 2023, was $5,256,000, compared to a net loss of $5,160,000 for the same period in 2022, reflecting a slight increase of 1.9%[26] - Basic and diluted loss per common share for Q3 2023 was $0.61, compared to $1.04 for Q3 2022, showing an improvement of approximately 41.3%[26] - The net loss for the nine months ended September 30, 2023, was $15,427,000, compared to a net loss of $20,978,000 for the same period in 2022, representing a 26% improvement[38] - Total revenue for the three months ended September 30, 2023, was $0.0 million, a decrease of $2.0 million, or 100%, from $2.0 million in the same period of 2022[155] - Total revenue for the nine months ended September 30, 2023, was $0.0 million, a decrease of $7.1 million, or 100%, from $7.1 million in the same period of 2022[163] Cash Flow and Liquidity - Cash, cash equivalents, and restricted cash at the end of the period were $2,122,000, down from $9,777,000 at the beginning of the period[40] - The company reported a net cash used in operating activities of $9,541,000 for the nine months ended September 30, 2023, compared to $28,382,000 for the same period in 2022, indicating a reduction of 66%[38] - The company has substantial doubt about its ability to continue as a going concern and will require substantial additional funding in the near term[139] - Cash and cash equivalents decreased from $0.9 million as of September 30, 2023, to approximately $0.2 million as of April 30, 2024[140] - Net cash used in operating activities was $9.5 million for the nine months ended September 30, 2023, a decrease of $18.8 million from $28.4 million in the same period of 2022, attributed to the suspension of R&D activities and reduced headcount[173] - The company reported net cash used in investing activities of $1.8 million for the nine months ended September 30, 2023, compared to net cash provided of $4.5 million in 2022, indicating a decrease of $6.3 million[175] - Net cash provided by financing activities was $3.7 million for the nine months ended September 30, 2023, primarily due to a Private Placement closed in February 2023[176] Strategic Alternatives and Risks - The company has substantial uncertainties regarding its ability to raise additional capital needed to fund operations and strategic alternatives[13] - The company is exploring strategic alternatives to maximize stockholder value, but faces risks related to identifying partners and securing funding[13] - The company is exploring transactions with potential partners in industries unrelated to its historical operations[43] - The company has halted all research and development activities and is not expected to generate significant value from its historical assets[138] - The company may seek bankruptcy protection if unable to raise capital, potentially resulting in little to no value for stockholders[141] - The company has received deficiency notices from Nasdaq regarding compliance with minimum bid price and stockholders' equity requirements[146] Management and Workforce - The company has experienced significant turnover in senior management, which poses continuity risks and may impair its ability to raise capital[20] - The company engaged in a significant reduction in force and suspended preclinical activities in September 2022, exploring strategic alternatives to maximize stockholder value[43] - The company reduced approximately 66% of its workforce as part of a strategic plan to decrease expenses and extend cash runway[142] Equity and Stockholder Information - The company reported a total stockholders' equity of $4,498,000 as of September 30, 2023, down from $14,922,000 at the end of 2022, a decrease of about 69.9%[23] - The balance of common stock increased from 4,965,901 shares at January 1, 2023, to 8,650,515 shares at September 30, 2023, reflecting an increase of approximately 74%[32] - The company has 8,650,515 shares of common stock issued and outstanding as of September 30, 2023, compared to 4,965,901 shares as of December 31, 2022[75] - CBI USA and its affiliates beneficially own 45% of the outstanding shares of Common Stock, with DGP expected to sell its remaining shares by June 30, 2024[79] Expenses and Cost Management - Equity-based compensation expenses for the nine months ended September 30, 2023, totaled $1,327,000, an increase from $1,141,000 in the prior year[38] - General and administrative expense for the nine months ended September 30, 2023, was $11.2 million, an increase of $2.4 million, or 27%, from $8.8 million for the same period in 2022[165] - The company has engaged in significant cost reductions, but further cost-cutting measures are limited, necessitating substantial additional financing in the near term[51] Asset Management - The company recognized a loss of $920 from the sale of scientific equipment during the nine months ended September 30, 2023[62] - The company impaired the entire $2 million amount of convertible securities, recognizing them at a fair value of $0 as of September 30, 2023[161] - The total financial assets measured at fair value as of September 30, 2023 were $659,000, down from $1,612,000 at the end of 2022[118] Compliance and Reporting - The company received a delinquency notification for not filing its third quarter Form 10-Q by the deadline, which is expected to be cured by the filing[154] - The company has irrevocably elected not to take advantage of the extended transition period under the JOBS Act, committing to adopt new accounting standards as required for public companies[181]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 ______________________________________ FORM 10-Q ______________________________________ ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2023 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-39011 _____________________________________ ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 ______________________________________ FORM 10-Q ______________________________________ ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2023 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-39011 ____________________________________ ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ______________________________________ FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2022 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 001-39011 ______________________________________ EXICURE, INC. (Exact name of regis ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 ______________________________________ FORM 10-Q ______________________________________ ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2022 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-39011 ________________________________ ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION FORM 10-Q ______________________________________ ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2022 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-39011 ______________________________________ EXICURE, INC. (Exact name of registrant as specified in its ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 ______________________________________ FORM 10-Q ______________________________________ ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2022 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-39011 ____________________________________ ...