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• A clinical-stage biotechnology company focused on developing drugs using a novel 'spherical nucleic acid' technology, similar to an early-stage Moderna or BioNTech but targeting conditions like cancer and neurological disorders instead of mRNA vaccines.
• Imagine the advanced research and development department of a major pharmaceutical company like Pfizer or Johnson & Johnson, but as a small, independent public company entirely dedicated to its unique 'spherical nucleic acid' drug platform.

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• Spherical Nucleic Acid (SNA™) Technology Platform: A proprietary drug discovery and development platform that utilizes spherical nucleic acids for enhanced cellular delivery of therapeutic payloads.
• Cavrotolimod (AST-008): A clinical-stage immunotherapy candidate based on SNA™ technology, developed for the treatment of solid tumors by activating Toll-like Receptor 9 (TLR9).
• XCUR17: A previously developed clinical-stage therapeutic candidate using SNA™ technology, aimed at treating psoriasis.

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Exicure (XCUR) is a clinical-stage biotechnology company that develops nucleic acid therapies. Companies in this sector typically generate revenue through collaboration agreements, licensing deals, and asset sales to larger pharmaceutical or biotechnology companies, rather than selling directly to individuals.

As of its most recent public filings (e.g., 10-K for the fiscal year ended December 31, 2022, and subsequent updates), Exicure does not currently have any active collaboration agreements that represent major customers or significant revenue generation. The company has stated it is not a party to any active collaboration agreements from which it expects to recognize substantial revenue in the near term.

Historically, Exicure's most significant customer for revenue-generating collaboration was **Allergan**, with whom it had a collaboration agreement for treatments in dermatology and inflammatory diseases. This agreement was terminated in October 2021. Allergan was subsequently acquired by **AbbVie** (symbol: ABBV).

Exicure's current focus is on preserving capital and exploring strategic alternatives, which may include future partnerships, licensing agreements, or an acquisition of the company or its assets by another pharmaceutical or biotechnology company.

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Andy Yoo, Chief Executive Officer and Director

Andy Yoo was appointed Chief Executive Officer and a Director of Exicure in December 2024. He also serves as a Managing Director at Balancers Co. Ltd., a management consulting firm based in Seoul, South Korea. Mr. Yoo was previously the Chairman and Chief Executive Officer of EXICURE HITRON, Inc. and has experience in public accounting, having worked at PKF in Australia where he was also the founder of CYS public accounting practice. He is also the Chairman and largest shareholder of HiTron Systems Inc. and a member of its executive committee.

Seung Baik, Chief Financial Officer, Secretary & Director

Seung Baik was appointed Chief Financial Officer, Corporate Secretary, and a Director of Exicure on December 19, 2024. He is listed as a Director in multiple companies, including Florence Mews Property Management Limited and HOXTON PEAK LIMITED.

Joshua Miller, Chief Accounting Officer

Joshua Miller has served as Exicure's Chief Accounting Officer since May 2023, and prior to that, was the company's Controller starting in April 2022. Before joining Exicure, he was a Director of Accounting at ENGIE North America Inc. from December 2014 to April 2022, where he managed accounting, cash and treasury, and financial reporting for thirty subsidiaries. Mr. Miller holds a B.S. in accountancy from Bradley University and an MBA from the University of Illinois at Urbana-Champaign, and is a Certified Public Accountant (CPA) in Illinois.

Josephine (Pina) Cardarelli, President & Chief Scientific Officer

Josephine (Pina) Cardarelli, Ph.D., joined Exicure in 2025 as President and Chief Scientific Officer. She is an experienced drug development executive with expertise in oncology, immunology, pharmacology, and translational medicine. Dr. Cardarelli previously served as Vice President of Cell Biology & Pharmacology at Bristol-Myers Squibb, where she played a significant role in the approvals of Yervoy® and Opdivo®. Her earlier work at Medarex involved advancing multiple programs into clinical development and identifying the lead antibody for the IFNα receptor program, which became AstraZeneca’s FDA-approved Saphnelo™. She holds a Ph.D. in physiology from Albany Medical College and has contributed to over 100 global patents and 50 peer-reviewed publications.

Devki Sukhtankar, Head of Preclinical Research and Translational Medicine

Devki Sukhtankar, Ph.D., joined Exicure in 2025 as Head of Preclinical Research and Translational Medicine. With over 15 years of experience in oncology, neurology, and inflammatory diseases, Dr. Sukhtankar has led preclinical programs focused on pharmacology and has contributed to 20 peer-reviewed publications. She earned her Ph.D. in cancer biology from the University of Arizona.

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Key Risks to Exicure (XCUR) Business:

1. Liquidity and Going Concern Warning: Exicure faces significant liquidity challenges, with only $4.4 million in cash on hand as of September 30, 2025. The company's management has issued a "going concern" warning, indicating that current cash is insufficient to fund ongoing operations and that substantial additional financing is urgently needed in the short term. This will likely lead to further dilution for existing shareholders through new fundraising efforts.
2. Clinical Trial Failure and Regulatory Uncertainty: As a clinical-stage biotechnology company, Exicure's future heavily relies on the successful outcome of its clinical trials, particularly for its lead drug candidate, burixafor. Negative or inconclusive data from ongoing or future clinical trials, such as Phase 3 studies, or unexpected setbacks in expansion studies, could severely impact the company's prospects and share price. Furthermore, the company faces risks associated with regulatory approvals, including potential delays or approvals that come with restrictive usage labels.
3. Competitive Pressure: Exicure's primary pipeline asset, burixafor, operates within a competitive landscape. The drug faces established rivals such as plerixafor and motixafortide, along with emerging therapies from larger biotechnology companies. This intense competition could limit the commercial potential and market share of Exicure's products, even if they receive regulatory approval.

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The clear emerging threat to Exicure (XCUR) is the market approval and ongoing commercialization of Skyclarys (omaveloxolone) by Biogen for the treatment of Friedreich's Ataxia. Exicure's lead drug candidate, EXI-746, is also targeting Friedreich's Ataxia but is in significantly earlier stages of clinical development. The presence of an approved and marketed therapy for the same rare disease sets a high competitive bar, captures market share, and increases the difficulty for Exicure to demonstrate a superior or differentiated profile for its candidate to gain market acceptance, assuming EXI-746 successfully navigates the much longer and more expensive development pathway.

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Exicure (XCUR) is a clinical-stage biotechnology company focused on developing therapeutics, primarily utilizing its proprietary Spherical Nucleic Acid (SNA) technology. The company's product pipeline has undergone strategic changes, and its current key focuses include acquired and partnered programs. Here's an overview of the addressable markets for its main products or services:

• CXCR4 inhibitor (acquired from GPCR Therapeutics) for Multiple Myeloma and Acute Myeloid Leukemia: The market size for the ongoing Phase 2 trials of this CXCR4 inhibitor, targeting multiple myeloma patients and preparing for acute myeloid leukemia studies, is estimated to be around $1 billion to $2 billion annually. This market size appears to be focused on the U.S., as Phase 2 trials in the U.S. are mentioned.
• Preclinical program targeting SCN9A for Neuropathic Pain: Exicure has a preclinical program targeting SCN9A for neuropathic pain. The global rare neurological disease treatment market, which would include conditions like neuropathic pain, was valued at USD 14.30 billion in 2024 and is projected to grow to USD 27.15 billion by 2035, with a Compound Annual Growth Rate (CAGR) of 6.00% from 2025 to 2035. Another estimate places the global rare neurological disease treatment market at USD 20.0 billion in 2025, anticipated to reach USD 40.7 billion by 2035, growing at a CAGR of 7.4% between 2025 and 2035.
• Partnered programs for Huntington's Disease and Angelman Syndrome: These are also categorized under rare neurological diseases. The global rare neurological disease treatment market details mentioned above for neuropathic pain would also apply to these indications.
• Partnered program for Hair Loss Disorders (with AbbVie): Information regarding the addressable market size for Exicure's partnered program with AbbVie for hair loss disorders was not found in the provided search results.

Based on the available information, the addressable market for hair loss disorders for Exicure's specific program cannot be clearly identified. Therefore, for this specific product, the market size is null.

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Here are 3-5 expected drivers of future revenue growth for Exicure (XCUR) over the next 2-3 years:

1. Advancement and Potential Commercialization of Burixafor (GPC-100) in Multiple Myeloma: Exicure's primary focus, following the acquisition of GPCR Therapeutics USA Inc. in January 2025, is on its lead asset, burixafor (GPC-100). This small molecule CXCR4 inhibitor is currently in a Phase 2 clinical trial for multiple myeloma patients undergoing autologous stem cell transplant (ASCT). Interim analysis has shown encouraging preliminary results, with 100% of patients achieving the primary endpoint of successful CD34+ stem cell mobilization. Topline data from this trial are anticipated in the fourth quarter of 2025, with preparations underway for a potential Phase 3 trial. Successful progression through pivotal clinical trials, regulatory approval, and eventual commercial launch would be a significant driver of future revenue.
2. Expansion of Burixafor into Additional Indications: Exicure is actively planning to broaden the development of burixafor beyond multiple myeloma into other high unmet need clinical indications. Discussions are in progress for an investigator-sponsored trial to evaluate burixafor's efficacy in improving stem cell mobilization for patients with Sickle Cell Disease undergoing gene editing and autologous transplant. Additionally, the company is planning a Phase 1 chemosensitization study in Acute Myeloid Leukemia (AML), supported by preclinical data indicating improved chemotherapy response when GPC-100 is used. Successful development and approval in these new indications would unlock further market opportunities and revenue streams.
3. Revenue from Milestone and Royalty Payments through Licensing Agreements: As part of the acquisition of GPCR Therapeutics USA Inc., Exicure entered into a License and Collaboration Agreement with GPCR Therapeutics Inc.. This agreement stipulates milestone payments to GPCR upon achieving specific clinical trial and marketing authorization events, as well as recurring royalty payments based on net sales. For example, Exicure is obligated to pay $30 million for the first annual net sales that exceed $400 million. This licensing structure could generate revenue through contractual payments as burixafor advances through its development and commercialization phases.
4. Strategic Partnerships and Transactions Leveraging Public Company Status: Exicure is exploring various strategic alternatives to maximize stockholder value, including potential transactions with partners that could capitalize on its status as a publicly-traded entity. While the company has faced liquidity challenges and requires additional financing, such strategic partnerships or collaborations, including further licensing deals or joint ventures, could provide vital funding and potentially generate revenue through upfront payments, equity investments, or shared commercialization efforts.

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Share Issuance

• In November 2024, Exicure agreed to sell and issue 433,333 shares of common stock to HiTron Systems Inc. for $1.3 million.
• A subsequent agreement in November 2024 involved the sale and issuance of an additional 2,900,000 shares of common stock to HiTron for $8.7 million, pending stockholder approval.
• A one-for-five (1:5) reverse stock split was effected on August 27, 2024.

Inbound Investments

• Exicure secured $1.3 million and an additional $8.7 million in equity financing from HiTron Systems Inc. through purchase agreements in November 2024.
• The company received undisclosed Post IPO funding from CBIUSA in May 2022, September 2022, and February 2023, with Abingworth also investing in May 2022.

Outbound Investments

• In January 2025, Exicure acquired all issued and outstanding equity securities of GPCR Therapeutics USA Inc. from GPCR Therapeutics Inc. for $1,600.
• On April 30, 2025, Exicure purchased approximately $3.125 million USD in convertible bonds from its wholly-owned South Korean subsidiary, KC Creation Co., Ltd., with the proceeds intended for acquiring stocks of other corporations.

Capital Expenditures

• Research and development expenses increased to $0.9 million for the quarter ended September 30, 2025, from $0 in the prior year, attributed to expenses incurred after the acquisition of GPCR USA.
• Research and development expenses were $0 for the full year ended December 31, 2024, compared to $1.4 million in 2023, reflecting the cessation of clinical, preclinical, and discovery program activities.
• In the second quarter of 2024, Exicure sold its historical biotechnology intellectual property and other assets, including spherical nucleic acid-related technology, research and development programs, and clinical assets.