XCUR

MKT CAP:$22M

Exicure, Inc.

Market Cap

$22M

Healthcare·Biotechnology·🇺🇸 United States·NASDAQ

Healthcare·Biotechnology·🇺🇸·NASDAQ

Stock Price

$3.64-$1.94 (-34.77%)

Apr 23, 2026

Company Details

Exicure, Inc., a biotechnology company, develops therapies for neurological disorders and hair loss based on its proprietary spherical nucleic acid (SNA) technology. Its lead program candidate includes SCN9A that is in preclinical studies f...

CEO

Jungsoo Kim

IPO Date

May 22, 2018

Website

www.exicuretx.com

Key Metrics TTM

Revenue

$0

-100.0% YoY

Net Income

-$9M

EPS (Diluted)

-$1.50

Free Cash Flow

-$8M

Revenue / Share

$0.00

Gross Margin

—

Operating Margin

—

Net Margin

—

FCF Margin

—

P/S

—

P/E

—

Earnings Reports

Q4 2025

May 13, 2026

PENDING

FY 2025

Mar 25, 2026

$0-100.0%EPS -$0.79

Q3 2025

Nov 7, 2025

$0EPS -$0.39

Q2 2025

Aug 8, 2025

$0EPS -$0.41

Q1 2025

Jun 27, 2025

$0-100.0%EPS $0.49

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q4 21	$2M	-$9M	-$13M
Q1 22	$3M	$3M	-$8M
Q2 22	$2M	-$4M	-$7M
Q3 22	$2M	-$3M	-$5M
Q4 22	$22M	$21M	$19M
Q1 23	$0	$0	-$5M
Q2 23	$0	$0	-$6M
Q3 23	$0	$0	-$3M
Q4 23	$0	$0	-$1M
Q1 24	$500.0K	$500.0K	-$836.0K
Q2 24	$0	$0	-$1M
Q3 24	$0	$0	-$3M
Q4 24	$0	$0	-$8M
Q1 25	$0	$0	$3M
Q2 25	$0	$0	-$3M
Q3 25	$0	$0	-$2M

Valuation

Quarter	P/S	P/E
Q4 21	—	—
Q1 22	109.9x	—
Q2 22	26.9x	—
Q3 22	4.6x	—
Q4 22	0.3x	—
Q1 23	1.4x	27.1x
Q2 23	2.2x	17.4x
Q3 23	1.5x	10.8x
Q4 23	—	—
Q1 24	53.6x	—
Q2 24	6.0x	—
Q3 24	41.8x	—
Q4 24	194.7x	—
Q1 25	—	—
Q2 25	—	—
Q3 25	—	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q4 21	-$14M	-$14M
Q1 22	-$13M	-$13M
Q2 22	-$9M	-$9M
Q3 22	-$7M	-$7M
Q4 22	-$7M	-$7M
Q1 23	-$3M	-$3M
Q2 23	-$5M	-$5M
Q3 23	-$1M	-$1M
Q4 23	-$816.0K	-$816.0K
Q1 24	-$450.0K	-$450.0K
Q2 24	-$1M	-$1M
Q3 24	-$449.0K	-$449.0K
Q4 24	-$845.0K	-$845.0K
Q1 25	-$2M	-$2M
Q2 25	-$2M	-$3M
Q3 25	-$4M	-$3M

Capital Expenditures

Quarter	CapEx
Q4 21	$345.0K
Q1 22	$6.0K
Q2 22	$4.0K
Q3 22	$0
Q4 22	$0
Q1 23	$0
Q2 23	$0
Q3 23	$0
Q4 23	$0
Q1 24	$0
Q2 24	$0
Q3 24	$0
Q4 24	$0
Q1 25	$0
Q2 25	$320.0K
Q3 25	$106.0K

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q4 21	+1412.9%	+23.5%
Q1 22	+157.3%	-21.7%
Q2 22	+3027.8%	-28.6%
Q3 22	+154.8%	-62.8%
Q4 22	+928.0%	-79.6%
Q1 23	-100.0%	-55.9%
Q2 23	-100.0%	-43.3%
Q3 23	-100.0%	-54.1%
Q4 23	-100.0%	-52.9%
Q1 24	—	-70.6%
Q2 24	—	-78.1%
Q3 24	—	-22.5%
Q4 24	—	+406.6%
Q1 25	-100.0%	-320.7%
Q2 25	—	+103.2%
Q3 25	—	-7.0%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q4 21	$769.0K	36.3%
Q1 22	$0	0.0%
Q2 22	$507.0K	20.5%
Q3 22	$292.0K	14.5%
Q4 22	$228.0K	1.0%
Q1 23	$308.0K	—
Q2 23	$969.0K	—
Q3 23	$50.0K	—
Q4 23	$21.0K	—
Q1 24	$5.0K	1.0%
Q2 24	$6.0K	—
Q3 24	$5.0K	—
Q4 24	$6.0K	—
Q1 25	$0	—
Q2 25	$1.0K	—
Q3 25	$0	—

OpEx Breakdown

Quarter	R&D	G&A
Q4 21	$11M	$4M
Q1 22	$7M	$3M
Q2 22	$7M	$3M
Q3 22	$5M	$2M
Q4 22	$1M	$2M
Q1 23	$1M	$3M
Q2 23	—	$6M
Q3 23	—	$2M
Q4 23	—	$1M
Q1 24	—	$1M
Q2 24	—	$1M
Q3 24	—	$1M
Q4 24	—	$1M
Q1 25	$808.0K	$2M
Q2 25	$935.0K	$2M
Q3 25	$888.0K	$1M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$24M	$2M	$26M
Q2 22	$21M	$997.0K	$22M
Q3 22	$16M	$0	$16M
Q4 22	$9M	$0	$9M
Q1 23	$10M	$0	$10M
Q2 23	$2M	$0	$2M
Q3 23	$922.0K	$0	$922.0K
Q4 23	$816.0K	$0	$816.0K
Q1 24	$366.0K	$0	$366.0K
Q2 24	$528.0K	$0	$528.0K
Q3 24	$343.0K	$0	$343.0K
Q4 24	$13M	$0	$13M
Q1 25	$10M	$0	$10M
Q2 25	$8M	$0	$8M
Q3 25	$4M	$0	$4M
Q4 25	$4M	$0	$4M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q4 21	3M	+0.6%	+1.6%
Q1 22	4M	+36.5%	+37.7%
Q2 22	5M	+11.7%	+53.5%
Q3 22	5M	+10.2%	+69.0%
Q4 22	5M	+0.1%	+68.1%
Q1 23	7M	+34.9%	+66.2%
Q2 23	8M	+25.9%	+87.2%
Q3 23	9M	+2.6%	+74.3%
Q4 23	9M	+0.0%	+74.2%
Q1 24	9M	+0.0%	+29.1%
Q2 24	9M	+0.0%	+2.6%
Q3 24	7M	-15.2%	-15.2%
Q4 24	6M	-17.9%	-30.3%
Q1 25	6M	+2.6%	-28.5%
Q2 25	6M	+2.2%	-27.0%
Q3 25	6M	+0.1%	-13.9%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q4 21	$45.1K	47
Q1 22	$54.6K	47
Q2 22	$52.6K	47
Q3 22	$42.9K	47
Q4 22	$2M	13
Q1 23	$0	13
Q2 23	$0	13
Q3 23	$0	13
Q4 23	$0	6
Q1 24	$83.3K	6
Q2 24	$0	6
Q3 24	$0	6
Q4 24	$0	7
Q1 25	$0	7
Q2 25	$0	7
Q3 25	$0	7

Revenue / Employee