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XCUR on Nasdaq

EXICURE, INC.

EXICURE, INC. is an American pharmaceutical preparations company based in Wilmington.2 Its shares trade on Nasdaq under the symbol XCUR.2

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Last updated Oct 21, 2026.

Overview

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  • TickerXCUR on Nasdaq2
  • IndustryPharmaceutical Preparations2
  • HeadquartersWilmington, United States2
  • Incorporated inDE3
  • Business address2430 N. Halsted St., Chicago, Il 606143
  • Filer categoryNon-accelerated filer, Smaller reporting company3
  • Legal formCorporation2
  • LEI549300IMD6I0V06I2Z872
  • StatusActive2
  • LEI statusLapsed (not renewed)2
  • Registered addressC/O CORPORATION SERVICE COMPANY, 19808 Wilmington, United States2
  • Registered withDivision of Corporations, Department of State, 63077212

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Historically, we have been an early-stage biotechnology company focused on developing nucleic acid therapies targeting ribonucleic acid against validated targets. In September 2022, we announced a significant reduction in force, suspension of preclinical activities and halting of all research and development, and that we were exploring strategic alternatives to maximize stockholder value. In February 2024, we received an upfront payment of $500,000 from a licensing agreement for patents related to one of our historical drug candidates, and received a small, one-time payment and an entitlement to only modest royalties on future sales of the licensed technology that we do not believe will be material. In the second quarter of 2024, we recognized other income of $637,000 from the sale of our samples related to the licensed product. In the third quarter of 2024, we sold our historical biotec…4 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

-100.0%Revenue growth, 20255
-126.0%Return on equity5
-$8.6MFree cash flow5

Financial statements

Revenue67895$0 in 2025
-$10.0M0$10.0M$20.0M$30.0M2019: $1.3M$1.3M20192020: $16.6M$16.6M2020+1182%2021: -$483.0K-$483.0K20212022: $28.8M$28.8M20222023: $0$020232024: $500.0K$500.0K20242025: $0$02025
Operating income6107895-$4.2M in 2025−84% since 2019
-$80.0M-$60.0M-$40.0M-$20.0M02019: -$26.6M-$26.6M20192020: -$25.4M-$25.4M2020−4%2021: -$62.5M-$62.5M2021+146%2022: -$1.8M-$1.8M2022−97%2023: -$15.0M-$15.0M2023+719%2024: -$12.2M-$12.2M2024−18%2025: -$4.2M-$4.2M2025−65%
Net income6107895-$4.9M in 2025−81% since 2019
-$80.0M-$60.0M-$40.0M-$20.0M02019: -$26.3M-$26.3M20192020: -$24.7M-$24.7M2020−6%2021: -$64.1M-$64.1M2021+160%2022: -$2.6M-$2.6M2022−96%2023: -$16.9M-$16.9M2023+555%2024: -$9.7M-$9.7M2024−43%2025: -$4.9M-$4.9M2025−49%

Every line of the income statement as filed: the last 2 fiscal years, latest first.5

Period ending2025-12-312024-12-31
Revenue$0$500.0K
Total revenue$0$500.0K
Research and development expense$3.3M$0
General and administrative expense$6.8M$5.4M
Litigation legal expense$0$1.6M
Right-of-use asset impairment loss$0$5.7M
Loss from sale of property and equipment$90.0K$0
Gain on early lease termination-$6.0M$0
Total operating expenses$4.2M$12.7M
Operating loss-$4.2M-$12.2M
Dividend income$107.0K$5.0K
Interest income$29.0K$8.0K
Interest expense-$1.0K-$18.0K
Gain on settlement of accounts payables$346.0K$407.0K
Change in fair value of contingent liability-$1.6M$0
Other income (expense), net-$275.0K$2.1M
Total other income (expense), net-$1.3M$2.5M
Net loss before provision for income taxes-$5.6M-$9.7M
Provision (benefit) for income taxes-$634.0K$8.0K
Net loss-$4.9M-$9.7M
Basic loss per common share (in USD per share)-$0.79-$4.75
Diluted loss per common share (in USD per share)-$0.79-$4.75
Weighted-average basic common shares outstanding (in shares)6.3M shares2.0M shares
Weighted-average diluted common shares outstanding (in shares)6.3M shares2.0M shares

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Corporate structure

EXICURE, INC. sits at the top of its group. 1 entity, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of EXICURE, INC.

  • EXICURE, INC. Wilmington, Delaware, United States

Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What EXICURE, INC. reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Property and equipment, before depreciation$501.0K5 Dec 31, 2025$279.0K5 Dec 31, 2024+79.6%
Accumulated depreciation$195.0K5 Dec 31, 2025$253.0K5 Dec 31, 2024−22.9%
Property and equipment, net$306.0K5 Dec 31, 2025$26.0K5 Dec 31, 2024+1076.9%
Operating-lease assets (leased space)$09 Dec 31, 2024$6.5M9 Dec 31, 2023−100.0%

Investments

ItemLatestA year beforeChange
Debt securities available for sale$05 Dec 31, 2025$09 Dec 31, 2024

Intangibles and goodwill

ItemLatestA year beforeChange
Goodwill$4.4M5 Dec 31, 2025$05 Dec 31, 2024
Intangible assets, net (excluding goodwill)$3.8M5 Dec 31, 2025$05 Dec 31, 2024

Properties, in its own words

Our corporate headquarters moved to Redwood City, California in January 2025, this sublease expires in April 2026. On January 29, 2026, we received a payment demand letter and notice of default from Dren Bio whereby Dren Bio notified us that an event of default has occurred under the sublease for failure to make rent payments and related late charges and interest and demanded that we immediately pay the past due rent and late charges and interest. The Company was formerly located in Chicago, Illinois, where we leased approximately 30,000 square feet of space (the “Chicago Lease”). The Chicago Lease commenced on July 1, 2020, and expires on July 1, 2030. During 2023 and 2024, we subleased approximately 57% of the space through the expiration date. In February 2025, the Company terminated the Chicago Lease and related sublease. For additional information on the legal proceedings in connection with the sublease, see “Item 3 - Legal Proceedings.”

Item 2 of the 10-K filed Mar 25, 2026.4

Leadership

Who has led EXICURE, INC., and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. David A. Giljohann2017–2021
  2. Matthias Schroff2022
  3. Josh Miller2023

Chief financial officer

  1. David S. Snyder2017–2020
  2. Brian Bock2021
  3. Elias D. Papadimas2022
  4. Josh Miller2023

Chief operating officer

  1. Matthias Schroff2018–2021
20202025
Board members and other officers (37)

Former names

  • Max-1 Acquisition CorpMar 21, 2017 to Sep 28, 20173

Timeline

  1. Sep 16, 20268-K Listing notice or transfer53
  2. Jun 30, 20268-K Executive or director change54
  3. Jun 1, 20268-K Regulation FD disclosure55
  4. Apr 10, 20268-K Executive or director change56
  5. Apr 2, 20268-K Other events57
  6. Mar 27, 20268-K Executive or director change58
  7. Mar 25, 20268-K Results of operations59
  8. Feb 17, 20268-K Executive or director change60
  9. Feb 10, 20268-K Executive or director change61
  10. Jan 22, 20268-K Other events62
  11. Nov 17, 20258-K Other events63
  12. Nov 10, 20258-K Shareholder vote64
  13. May 9, 2023New chief executive Josh Miller becomes CEO13
  14. May 18, 2022New chief executive Matthias Schroff becomes CEO14
  15. Sep 28, 2017New chief executive David A. Giljohann becomes CEO15
  16. Feb 6, 2017Founded EXICURE, INC. is founded2

Calendar

Coming up

  1. Nov 6, 2026Reports results for the quarter ending Sep/202665

When it reported results

  1. Mar 25, 2026Reported quarterly or annual results59
  2. Nov 7, 2025Reported quarterly or annual results66
  3. Aug 8, 2025Reported quarterly or annual results67
  4. Mar 18, 2025Reported quarterly or annual results68
  5. Nov 14, 2024Reported quarterly or annual results69
  6. Jun 17, 2024Reported quarterly or annual results70
  7. Jun 6, 2024Reported quarterly or annual results71
  8. May 16, 2024Reported quarterly or annual results72

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

256 filings to the SEC since October 2021: 6 annual reports, 19 quarterly reports, 102 major events, 62 insider forms, 34 large holders, 33 other. The latest 20:

  1. Sep 16, 20268-K EDGAR
  2. Aug 14, 202610-Q EDGAR
  3. Jul 17, 20264 PRIMARY DOCUMENT EDGAR
  4. Jul 17, 2026SCHEDULE 13D/A EDGAR
  5. Jun 30, 20268-K EDGAR
  6. Jun 1, 20268-K EDGAR
  7. May 29, 202610-Q EDGAR
  8. May 15, 2026NT 10-Q EDGAR
  9. Apr 10, 20268-K EDGAR
  10. Apr 2, 20268-K EDGAR
  11. Mar 27, 20268-K EDGAR
  12. Mar 25, 202610-K EDGAR
  13. Mar 25, 20268-K EDGAR
  14. Feb 19, 20264 EDGAR
  15. Feb 17, 20268-K EDGAR
  16. Feb 10, 20268-K EDGAR
  17. Jan 22, 20268-K EDGAR
  18. Jan 21, 2026SCHEDULE 13D/A EDGAR
  19. Jan 21, 20264 PRIMARY DOCUMENT EDGAR
  20. Jan 20, 2026SCHEDULE 13D/A EDGAR

The 256 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

10 open-market trades by officers, directors and large owners since October 2021: 4 buys and 6 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Jan 21, 2026Exicure HiTron Inc.10% ownerSale258,367$4.50$1.2MForm 4
Jan 16, 2026Exicure HiTron Inc.10% ownerSale734,747$4.50$3.3MForm 4
Jan 7, 2026Exicure HiTron Inc.10% ownerSale741,272$4.50$3.3MForm 4
Dec 8, 2025SANGSANGIN INVESTMENT & SECURITIES CO., LTD.10% ownerSale433,332$8.71$3.8MForm 4
Dec 26, 2024HiTron Systems Inc.10% ownerBuy2,900,000$3.00$8.7MForm 4
Sep 12, 2024DGP Co., Ltd.10% ownerBuy237,223$3.00$711.7KForm 4
Feb 29, 2024DGP Co., Ltd.10% ownerSale3,400,000$1.32$4.5MForm 4
Dec 15, 2022CBI USA, Inc.10% ownerBuy3,400,000$1.60$5.4MForm 4
May 19, 2022Muralidhar BaliDirectorBuy1,472,126$0.19$279.7KForm 4
Dec 21, 2021GATES WILLIAM H III10% ownerSale1,268,619$0.24$304.5KForm 4

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Executive pay

What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.

YearExecutiveAgeSalaryTotal pay
2024Jiyoung HwangFormer Chief Financial Officer$150.0K$170.0K83
2024Paul KangFormer Chief Executive Officer$150.0K$170.0K83
2024Andy YooChief Executive Officer46$25.0K$27.2K83
2024Seung Ik BaikChief Financial Officer39$3.6K$5.8K83
2023Paul KangFormer Chief Executive Officer$50.0K83
2023Jiyoung HwangFormer Chief Financial Officer$49.4K83

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
Vanguard Capital Management LLC43,111$89.7K0.0%+10,128
Geode Capital Management, LLC31,249$65.0K0.0%−5,664
Jane Street Group, LLC29,535$61.4K0.0%New
Citadel Advisors LLC14,919$31.0K0.0%New
Vanguard Fiduciary Trust Co13,161$27.4K0.0%No change
Tower Research Capital LLC (TRC)4,074$8.5K0.0%+3,585
UBS Group AG342$7110.0%−524
Morgan Stanley143$2970.0%−15
SBI Securities Co., Ltd.43$890.0%No change
BlackRock, Inc.35$730.0%−9,318
Osaic Holdings, Inc.29$600.0%No change
Prestige Wealth Management Group LLC20$420.0%No change
Harbour Investments, Inc.17$350.0%No change
Caitong International Asset Management Co., Ltd6$120.0%+5
Bnp Paribas Financial Markets4$80.0%No change
Jpmorgan Chase & Co2$40.0%No change
Royal Bank Of Canada82$00.0%New

13F reports cover disclosed long positions in U.S. stocks only.

SEC filer profile

How EXICURE, INC. is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGAREXICURE, INC.1
  • CIK0001698530
  • Employer ID (EIN)81-53330084
  • Filer statusNon-accelerated filer not an emerging growth company; a smaller reporting company; not a shell company4
  • Incorporated inDelaware4
  • Fiscal year endsDecember 311
  • Industry code (SIC)2834 Pharmaceutical Preparations1
  • SEC reviewing officeOffice of Life Sciences, Division of Corporation Finance1
  • Business address2430 N. Halsted St., Chicago, IL 606141
  • Phone847-673-17071
  • Shares outstanding6,545,995 as of Aug 13, 202612
  • Public float$16.4M as of Jun 30, 20254
  • AuditorCBIZ CPAs P.C., New York, New York PCAOB ID 199; no auditor attestation of internal control over financial reporting4
  • On EDGAR sinceMar 21, 20171
  • Filings531 in all: 8-K (160), 4 (109), 3 (49), 10-Q (29), 424B3 (22), SC 13D/A (21), CORRESP (11), UPLOAD (11)1
    All 42 form types

    DEF 14A (10), 10-K (9), EFFECT (8), SC 13D (8), SC 13G (7), SC 13G/A (7), DEFA14A (6), NT 10-Q (6), SCHEDULE 13D/A (6), 10-Q/A (5), 424B5 (5), D (4), PRE 14A (4), S-8 (4), 8-K/A (3), S-1 (3), S-1/A (3), S-3 (3), 10-K/A (2), POS AM (2), 10-12G (1), 10-12G/A (1), 3/A (1), 8-A12B (1), ARS (1), CERT (1), CT ORDER (1), DEF 14C (1), NT 10-K (1), PRE 14C (1), S-3/A (1), SC 14F1 (1), SCHEDULE 13G (1), SCHEDULE 13G/A (1)

  • Latest filingsAnnual report (10-K) Mar 25, 2026
    Quarterly report (10-Q) Aug 14, 2026
    Proxy statement (DEF 14A) Sep 23, 2025
    Latest 8-K (8-K) Sep 16, 2026

Securities registered for trading

ClassSymbolExchange
Common Stock, par value $0.0001 per shareXCURThe Nasdaq Stock Market LLC

From the cover page of the 10-K filed Mar 25, 2026 (Section 12(b) of the Exchange Act).4

Risk factors and legal proceedings

The risks EXICURE, INC. names in Item 1A of its 10-K filed Mar 25, 2026: 24 risks under these headings, as written.4

  • Risks Related to Our Business
  • Our exploration of strategic alternatives may not be successful.
  • We need to obtain substantial funding in order to continue operations and our exploration of strategic alternatives.
  • We may not be able to redeem the investment in convertible notes receivable.
  • Our executive officers and members of our board, have limited experience controlling or governing a public company operating in the United States status.
  • Turnover of our board and senior management, and any inability to attract and retain qualified management and other key personnel, could impair our ability to implement our business plan.
  • Our consolidated financial statements have been prepared assuming that we will continue as a going concern.
  • Our common stock may be delisted from Nasdaq which could negatively impact the price of our common stock, liquidity and our ability to access the capital markets.
  • We have a history of losses. We expect to continue to incur significant losses for the foreseeable future and may never achieve or maintain profitability, which could result in a decline in the market value of our common stock.
  • Our internal computer systems, or those of contractors or consultants, may fail or suffer security breaches, which could result in a material disruption of our therapeutic development programs.
  • Our information technology systems could face serious disruptions that could adversely affect our business.
  • Our business and operations could suffer in the event of system failures or unauthorized or inappropriate use of or access to our information technology systems.
The other 13 risks
  • Our current operations are concentrated in one location and any events affecting this location may have material adverse consequences.
  • If we fail to maintain proper and effective internal controls, our ability to produce accurate financial statements on a timely basis could be impaired.
  • The restatement of our prior quarterly financial statements may affect stockholder and investor confidence in us or harm our reputation, and may subject us to additional risks and uncertainties, including increased costs and the increased possibility of legal proceedings and regulatory inquiries, sanctions or investigations.
  • Risks Related to Government Regulation
  • We are subject to European data protection laws, including the European Union’s General Data Protection Regulation 2016/679, (“GDPR”). If we fail to comply with existing or future data protection regulations, our business, financial condition, results of operations and prospects may be materially adversely affected.
  • Risks Related to Ownership of Our Common Stock
  • The influence of our significant stockholders could make our Common Stock less attractive to some investors or otherwise harm the trading price of our Common Stock.
  • The market price of our common stock has been, and is likely to continue to be, highly volatile, and you may not be able to resell your shares at or above the price you paid for them.
  • Raising additional funds by issuing securities may cause dilution to existing stockholders and raising funds through lending and licensing arrangements may restrict our operations or require us to relinquish proprietary rights.
  • We cannot be certain if the reduced reporting requirements applicable to us will make our common stock less attractive to investors.
  • Anti-takeover provisions in our charter documents and under the General Corporation Law of the State of Delaware could make an acquisition of us more difficult and may prevent attempts by our stockholders to replace or remove our management.
  • Our amended and restated certificate of incorporation designates the Court of Chancery of the State of Delaware as the sole and exclusive forum for certain types of actions and proceedings that may be initiated by our stockholders, which could limit our stockholders’ ability to obtain a favorable judicial forum for disputes with us or our directors, officers, employees or agents.
  • Our ability to use our net operating loss carryforwards and certain other tax attributes may be limited.
  • General Risk Factors
  • FINRA sales practice requirements may limit a stockholder’s ability to buy and sell our stock due to our low stock price.
  • If securities or industry analysts do not publish research or reports about our business, or if they issue an adverse or misleading opinion regarding our stock, our stock price and trading volume could decline.

Legal proceedings

On March 3, 2026,we received a Three Day Notice to Pay Rent or Quit from Dren Bio demanding payment of unpaid rent payments of approximately $0.7 million in connection with the sublease of our facilities situated in Redwood City or in the alternative quit and deliver up possession of the premises. Following receipt of such notice, we did not remit a payment and on March 9, 2026, Dren Bio filed a Complaint for Unlawful Detainer against GPCR USA in the Superior Court of California, County of San Mateo, seeking restitution of possession of the premises and forfeiture of the sublease and the unpaid rent payments of approximately $0.7 million, damages and attorney’s fees. We are currently reviewing the complaint and evaluating our available defenses and potential responses.

The Company and certain of its current and former officers and directors were defendants in Colwell v. Exicure, Inc. et al., a securities class action in the United States District Court for the Northern District of Illinois (Case No. 1:21-cv-06637) (the “Securities Class Action”). On May 26, 2023, plaintiffs filed a second amended complaint generally alleging that the defendants made false statements about the results of experiments concerning the drug XCUR-FXN and asserting claims for violations of federal securities laws under Section 10(b) and Section 20(a) of the Exchange Act and Rule 10b-5 thereunder. On October 8, 2024, the court granted preliminary approval of the settlement in the Securities Class Action and set a schedule for final approval proceedings, including a final approval hearing on January 13, 2025. On January 13, 2025, the court entered final judgment approving a settlement of this litigation, which settlement included a $5.625 million payment.

The opening of Item 3, Legal Proceedings.4

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