EXICURE, INC.
Financial highlights
| Metric | FY 12/31/25 | FY 12/31/24 | FY 12/31/23 | FY 12/31/22 | FY 12/31/21 |
|---|---|---|---|---|---|
| Income Statement | |||||
| Revenue | $0 | $500,000 | $0 | $28.8M | -$483,000 |
| Research and development | $3.3M | $0 | $1.4M | $19.8M | $49.0M |
| Operating expenses | $4.2M | $12.7M | $15.0M | $30.7M | $62.1M |
| Operating income | -$4.2M | -$12.2M | -$15.0M | -$1.8M | -$62.5M |
| Interest expense | $1,000 | $18,000 | $0 | $595,000 | $1.7M |
| Pretax income | -$5.6M | -$9.7M | -$16.9M | -$2.4M | -$64.1M |
| Income tax expense | -$634,000 | $8,000 | $0 | $209,000 | $0 |
| Net income | -$4.9M | -$9.7M | -$16.9M | -$2.6M | -$64.1M |
| Balance Sheet | |||||
| Cash and equivalents | — | — | $816,000 | $8.6M | $34.6M |
| Current assets | $4.6M | $13.7M | $2.0M | $10.1M | $43.7M |
| Total assets | $14.0M | $15.1M | $11.6M | $23.3M | $64.9M |
| Current liabilities | $3.9M | $3.1M | $2.5M | $1.6M | $34.1M |
| Total liabilities | $10.1M | $8.3M | $8.5M | $8.4M | $53.6M |
| Total debt | — | — | — | — | $7.5M |
| Stockholders' equity | $3.9M | $6.8M | $3.0M | $14.9M | $11.2M |
| Cash Flow Statement | |||||
| Cash from operations | -$8.6M | -$2.9M | -$10.4M | -$35.7M | -$34.8M |
| Depreciation and amortization | $242,000 | $28,000 | $634,000 | $1.2M | $1.1M |
| Stock-based compensation | $2,000 | $22,000 | $1.3M | $1.4M | $2.9M |
| Capital expenditure | $1,000 | $0 | $0 | $10,000 | $968,000 |
| Free cash flow | -$8.6M | -$2.9M | -$10.4M | -$35.7M | -$35.8M |
| Impairments | $0 | — | $0 | $0 | — |
Shares outstanding 6.4M
Annual filing data through FY ended December 31, 2025; float as of July 15, 2026.