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]
Exicure(XCUR) - 2024 Q1 - Quarterly Results