Exicure (XCUR) AI Stock Analysis

• Market Cap: $37.22M
• Dividend Yield: N/A
• Average Volume (3M): 23.77K
• Price to Earnings (P/E): ―
• Beta (1Y): 1.34
• 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: 0.59
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: -1.49
• 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: 48 Neutral
• Price Target: $5.50 ▼(-5.82% Downside)

The score is primarily constrained by weak financial performance (minimal revenue, ongoing net losses, and negative free cash flow), despite an improved balance sheet and reduced cash burn. Technicals are mixed with a modestly constructive intermediate trend but weakness versus the 200-day average, while valuation is not supported due to negative earnings and no dividend yield.

Positive Factors

Proprietary Technology

Exicure's proprietary SNA technology offers a unique approach in biotechnology, potentially enhancing therapeutic outcomes and providing a competitive edge in drug development.

Partnerships and Collaborations

Strategic partnerships provide critical funding and resources, facilitating clinical trials and accelerating the commercialization of Exicure's therapies, which is vital for long-term growth.

Improved Gross Profit Margins

Improved gross profit margins indicate better cost management and operational efficiency, which are essential for enhancing profitability and financial stability over time.

Negative Factors

Revenue Decline

A significant revenue decline poses a substantial risk to financial health, limiting the company's ability to invest in R&D and sustain operations without external funding.

Reliance on External Funding

Dependence on external funding for liquidity highlights financial vulnerability, as it may lead to unfavorable terms and dilute shareholder value if sustained.

Operational Inefficiencies

Operational inefficiencies reflected in negative cash flows can hinder the company's ability to achieve profitability, requiring strategic improvements to ensure long-term viability.

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

Exicure faces significant financial challenges, including persistent losses and reliance on external financing. While there are signs of improved equity and gross profit margins, ongoing operational inefficiencies and liquidity issues keep the financial position precarious. Future growth depends on stabilizing revenues and managing costs.

Income Statement

Exicure's income statement reveals a challenging financial position characterized by consistent net losses and negative EBIT margins. Despite a significant revenue increase in 2022, the company experienced a steep decline in 2023, with revenue dropping to zero. The gross profit margin turned positive in 2024, but net profit remains deeply negative, indicating ongoing financial struggles and inefficiencies in managing expenses.

Balance Sheet

The balance sheet shows moderate stability with a positive equity position and a manageable debt-to-equity ratio. The equity ratio indicates a decent capitalization level, although the company has a history of fluctuating liabilities, which could pose future risks. The increasing equity in 2024 suggests improved financial health, but the presence of significant liabilities requires careful monitoring.

Cash Flow

Exicure's cash flow statement reflects negative free cash flows, primarily driven by substantial operating cash outflows. While financing activities have provided liquidity, the reliance on external funding is evident. The operating cash flow to net income ratio suggests operational inefficiencies, and the free cash flow growth rate has been volatile, indicating potential liquidity challenges.

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: Positive
• Last Price: 5.84
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For XCUR, the sentiment is Positive. The current price of 5.84 is above the 20-day moving average (MA) of 5.81, above the 50-day MA of 5.09, and below the 200-day MA of 7.00, indicating a neutral trend. The MACD of 0.15 indicates Positive momentum. The RSI at 54.78 is Neutral, neither overbought nor oversold. The STOCH value of 68.16 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive 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%
UNCY	49 Neutral	$126.15M	-1.86	-102.47%	―	―	66.05%
XCUR	48 Neutral	$37.22M	-3.94	-217.87%	―	-100.00%	33.44%
CRBU	47 Neutral	$147.68M	-0.94	-74.28%	―	-19.00%	-2.72%

Exicure Corporate Events

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.