Exicure (XCUR) AI Stock Analysis

• Market Cap: $26.01M
• Dividend Yield: N/A
• Average Volume (3M): 23.77K
• Price to Earnings (P/E): ―
• Beta (1Y): 1.33
• Revenue Growth: -100.00%
• EPS Growth: 33.44%
• Country: US
• Employees: 7
• Sector: Healthcare
• Sector Strength: 45
• Industry: Biotechnology
• EPS (TTM): -0.39
• Shares Outstanding: 6,373,869
• 10 Day Avg. Volume: 33,737
• 30 Day Avg. Volume: 23,774
• PEG Ratio: 0.35
• Price to Book (P/B): 12.31
• Price to Sales (P/S): 166.76
• P/FCF Ratio: -28.65
• Enterprise Value/Market Cap: 0.79
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: -1.41
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 44 Neutral
• Price Target: $4.00 ▼(-32.55% Downside)

The score is primarily constrained by weak financial performance (minimal revenue, large losses, and still-negative cash flow) and bearish technicals (below key moving averages with negative MACD). Offsetting these risks are signs of stabilization in 2024, including reduced cash burn and improved leverage.

Positive Factors

Differentiated clinical profile (burixafor)

Burixafor’s rapid, same-day CD34+ mobilization and ~90% Phase 2 primary endpoint success create a durable clinical differentiation vs existing CXCR4 inhibitors that require overnight dosing. This structural advantage can lower logistics and cost barriers, aiding adoption in transplant settings and supporting expansion to new indications and registrational strategies.

Meaningfully improved balance sheet leverage

The reduction in debt and near-doubling of equity materially improved debt/equity from ~2.2x to ~0.88x, strengthening solvency and financial flexibility. This durable improvement lowers refinancing pressure and gives management more optionality to fund clinical programs or seek partnerships without immediate liquidity stress.

Strengthened internal R&D and integration of GPCR assets

Bringing GPCR assets in-house and hiring senior drug development leaders with proven regulatory and translational track records builds durable internal capability. This raises the likelihood of efficient Phase 3 planning, regulatory interactions, and potential indication expansion, reducing dependence on external partners for core development functions.

Negative Factors

Minimal revenue and persistent operating losses

The company remains a clinical-stage operation with negligible commercial revenue and sustained multi-year losses, limiting self-funding capacity. Persistently negative margins reduce financial resilience, increase dilution risk from future financings, and constrain long-term investment unless clinical programs translate to clear commercial prospects.

Ongoing negative operating cash flow and funding reliance

Although burn has moderated, the company still consumes cash from operations and has historically volatile outflows. Continued negative OCF means structural reliance on external financing or asset monetization; this limits strategic freedom, can dilute shareholders, and makes multi-site pivotal trials harder to support without partners.

Program concentration and contractual obligations

Exicure’s value and near-term prospects are concentrated in burixafor. The $1M milestone payment and adjusted sublicensing economics create recurring cash obligations and reduce upside from future deals. This concentration means clinical setbacks, regulatory delays, or commercialization issues with burixafor would have outsized negative impacts on the company’s financial trajectory.

Exicure Business Overview & Revenue Model

Company Description

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 for neuropathic and chronic pain. The company has a collaboration, option, and license agreement with AbbVie Inc. to develop SNA-based treatments for hair loss disorders; and collaboration agreement with Ipsen S.A. to research, develop, and commercialize novel spherical nucleic acids for Huntington's disease and Angelman syndrome. Exicure, Inc. was founded in 2011 and is headquartered in Chicago, Illinois.

How the Company Makes Money

Exicure makes money primarily through the development and commercialization of its proprietary therapies derived from its spherical nucleic acid (SNA) platform. Revenue streams include research and development collaborations with pharmaceutical companies, licensing agreements, and potential milestone payments and royalties from partnered programs. Significant partnerships play a crucial role in Exicure's earnings, as they provide funding and resources to advance clinical trials and bring therapies to market. Additionally, Exicure may generate revenue from the successful commercialization of its own pipeline products, pending regulatory approvals.

Exicure Financial Statement Overview

Summary

Financial profile remains high-risk: 2024 revenue was minimal ($0.5M) with a large net loss (~$9.7M). Cash burn improved materially (operating/free cash flow about -$2.9M vs. -$10.4M in 2023) and leverage improved (debt/equity down to ~0.88x), but profitability and sustainable cash generation are still major weaknesses.

Income Statement

Operating performance remains weak and volatile. In 2024 revenue was minimal ($0.5M) and profitability was deeply negative (net loss of ~$9.7M with a sharply negative net margin). Results improved versus 2023’s larger loss (~$16.9M) and 2022 showed far better scale ($28.8M revenue) with a smaller loss, but the multi-year pattern is inconsistent revenues and persistent losses, which limits visibility and reduces quality of earnings.

Balance Sheet

Balance sheet leverage has improved meaningfully. Total debt declined to ~$5.9M in 2024 from ~$6.7M in 2023, while equity increased to ~$6.8M from ~$3.0M, bringing debt relative to equity down to ~0.88x from ~2.20x. That said, equity is still modest versus the ongoing loss profile (return on equity remains very negative), so the balance sheet is better positioned than last year but still exposed if losses persist.

Cash Flow

Cash generation is still pressured, but burn has moderated. 2024 operating and free cash flow were both about -$2.9M, a substantial improvement from 2023’s roughly -$10.4M. However, the business is still consuming cash from operations and remains dependent on funding or balance sheet capacity; historically cash flows have been volatile (including very large operating outflows in 2020–2022).

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	0.00	500.00K	0.00	28.83M	-483.00K	16.61M
Gross Profit	0.00	500.00K	-1.42M	26.97M	-483.00K	-15.48M
EBITDA	-14.57M	-8.85M	-15.54M	78.00K	-60.63M	-22.65M
Net Income	-9.23M	-9.70M	-16.91M	-2.58M	-64.10M	-24.67M
Balance Sheet
Total Assets	15.27M	15.06M	11.58M	23.33M	64.87M	100.44M
Cash, Cash Equivalents and Short-Term Investments	4.44M	12.51M	816.00K	8.58M	39.14M	82.08M
Total Debt	0.00	5.93M	6.67M	7.31M	14.74M	24.77M
Total Liabilities	8.34M	8.28M	8.55M	8.41M	53.64M	38.94M
Stockholders Equity	6.93M	6.77M	3.03M	14.92M	11.23M	61.51M
Cash Flow
Free Cash Flow	-5.04M	-2.91M	-10.36M	-35.67M	-35.79M	-42.44M
Operating Cash Flow	-4.72M	-2.91M	-10.36M	-35.66M	-34.82M	-39.27M
Investing Cash Flow	-2.37M	0.00	-1.08M	4.70M	43.09M	10.14M
Financing Cash Flow	14.00M	13.40M	3.67M	-3.10M	1.12M	15.13M

Exicure Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 5.93
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For XCUR, the sentiment is Negative. The current price of 5.93 is above the 20-day moving average (MA) of 5.36, above the 50-day MA of 5.45, and below the 200-day MA of 6.49, indicating a bearish trend. The MACD of -0.42 indicates Positive momentum. The RSI at 32.07 is Neutral, neither overbought nor oversold. The STOCH value of 6.81 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for XCUR.

Exicure Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
CRBU	47 Neutral	$151.42M	-0.95	-74.28%	―	-19.00%	-2.72%
XCUR	44 Neutral	$26.01M	-2.71	-217.87%	―	-100.00%	33.44%
UNCY	44 Neutral	$139.91M	-2.00	-102.47%	―	―	66.05%

Exicure Corporate Events

Exicure Achieves Milestone in Burixafor Phase 2 Program

On January 16, 2026, Exicure completed the first contractual milestone under its collaboration with GPCR Therapeutics by finishing a Phase 2 clinical trial of its novel stem cell mobilizer, Burixafor (GPC‑100), and submitting the clinical study report to the U.S. Food and Drug Administration. The milestone triggers a $1 million payment to GPCR Therapeutics within 30 days and adjusts the future sublicensing income-sharing ratio, deepening Exicure’s economic participation in and long-term commitment to the program and signaling continued progress in its CXCR4 inhibitor development strategy.

The most recent analyst rating on (XCUR) stock is a Hold with a $6.00 price target. To see the full list of analyst forecasts on Exicure stock, see the XCUR Stock Forecast page.

Exicure Redeems Convertible Bonds for Liquidity

On November 10, 2025, Exicure, Inc. redeemed in full the 4.5 billion KRW, approximately $3.125 million USD, of 2.90% Convertible Bonds due 2028, originally issued by its subsidiary KC Creation Co., Ltd. This early redemption, funded through internal cash transfers, is part of Exicure’s strategy to simplify intercompany financing and secure liquidity for its biotechnology operations. The transaction is not expected to materially impact the company’s consolidated financial statements.

Exicure Holds 2025 Annual Stockholders Meeting

On November 6, 2025, Exicure, Inc. held its 2025 Annual Meeting of Stockholders where three proposals were voted on. The stockholders elected two Class II directors to serve until the 2028 Annual Meeting, ratified the selection of CBIZ CPAs P.C. as the independent public accounting firm for 2025, and approved the executive compensation on a non-binding advisory basis.