Exicure, Inc. (NASDAQ: XCUR)

Exicure, Inc. is a biotechnology company that historically concentrated on developing nucleic acid therapies targeting ribonucleic acid against validated targets. In September 2022 the company announced a significant reduction in force suspended preclinical activities and halted all research and development while exploring strategic alternatives to maximize stockholder value. In February 2024 Exicure received an upfront payment of five hundred thousand dollars from a licensing agreement for patents related to one of its historical drug candidates and also obtained a small one time payment and an entitlement to modest royalties that management does not consider material. During the second quarter of 2024 the company recognized other income of six hundred thirty seven thousand dollars from the sale of samples associated with the licensed product. In the third quarter of 2024 Exicure sold its historical biotechnology intellectual property and other assets pursuant to a purchase agreement and recognized other income of one million five hundred thousand dollars. Following these transactions the company continues to pursue broader strategic alternatives including potential acquisitions private company investments and strategic partnerships. On January 19 2025 Exicure entered into a share purchase agreement with GPCR Therapeutics Inc a Korean corporation whereby it acquired all issued and outstanding equity of GPCR Therapeutics USA Inc a California subsidiary. Concurrently the parties executed a License and Collaboration Agreement that obligates Exicure to make milestone payments to GPCR upon achievement of specific clinical trial marketing authorization and net sales events and to pay recurring royalties. GPCR USA completed a Phase 2 clinical trial in January 2026 focusing on blood cancer patients eligible for hematopoietic stem cell transplantation and is currently evaluating a combined regimen of GPC 100 and propranolol for stem cell mobilization in multiple myeloma patients. Under the License and Collaboration Agreement Exicure intends to issue shares valued at one million dollars as a milestone payment to GPCR in the second quarter of 2026. On March 26 2025 Exicure formed KC Creation Co Ltd a wholly owned South Korean subsidiary intended to pursue collaborations with Korean bio platform companies develop eco friendly renewable energy infrastructure and tap into the entertainment sector but the subsidiary was sold on November 24 2025.

Exicure generates revenue primarily through licensing arrangements and the sale of intellectual property or related assets. The February 2024 licensing agreement provided an upfront cash payment of five hundred thousand dollars and includes a right to modest royalties on future sales of the licensed technology. In the second quarter of 2024 the company received six hundred thirty seven thousand dollars from the sale of samples linked to the licensed product. In the third quarter of 2024 Exicure sold its historical biotechnology intellectual property and other assets to Flashpoint Therapeutics Inc for a total consideration that yielded one million five hundred thousand dollars of other income. The License and Collaboration Agreement with GPCR does not produce immediate revenue but obligates the company to make milestone payments and pay royalties to GPCR upon achievement of defined clinical regulatory and commercial milestones. Exicure does not currently market any therapeutic products and therefore has no product sales or service fees. Any future revenue will depend on the success of partnered programs and the receipt of royalty streams from out licensed assets. The company may also pursue additional financing or strategic transactions that could generate cash inflows but these are not considered operating revenue.

• no_segments_reported.

Exicure operates in the highly competitive biotechnology sector where many firms pursue nucleic acid based therapies and related platform technologies. Historically the company faced competition from large pharmaceutical corporations specialized biotech firms academic research groups and government laboratories that possess greater financial resources and deeper expertise in drug discovery development manufacturing and commercialization. After the divestiture of its core intellectual property Exicure no longer owns proprietary technology and therefore relies on partnerships such as the License and Collaboration Agreement with GPCR to generate value. The company’s competitive advantages include its status as a publicly traded entity which provides access to capital markets and its ability to identify and acquire promising external assets or businesses. Exicure leadership emphasizes a flexible strategy that allows pursuit of opportunities outside its original therapeutic focus including sectors such as renewable energy and entertainment through subsidiaries like KC Creation. However the lack of an internal pipeline or manufacturing capability places the company at a disadvantage compared to integrated biotech firms that control both research and production. Overall Exicure positions itself as a opportunistic player seeking to capitalize on undervalued assets and strategic alliances rather than as a standalone innovator.

Exicure customer base consists primarily of partners that license its former intellectual property or collaborate on development programs. Bluejay Therapeutics Inc holds an exclusive license in the field of hepatitis to the company’s relevant patents under the January 2024 patent license agreement. Flashpoint Therapeutics Inc acquired the company’s historical biotechnology intellectual property and related assets via the September 2024 asset purchase agreement. GPCR Therapeutics Inc is a collaboration partner under the License and Collaboration Agreement that provides access to its clinical stage programs and may generate future milestone and royalty obligations. In addition the company engages with investors such as Exicure HiTron Inc which purchased shares in private placements but does not constitute a commercial customer. Prospective customers for any future out licensing or partnership activities would likely include pharmaceutical companies biotechnology firms academic medical centers and research organizations that seek novel therapeutic approaches or platform technologies. Exicure does not maintain a direct sales force or distribution network and therefore relies on its partners to reach end users such as patients and healthcare providers.