Exicure, Inc. reported a net loss of $9.7 million for the fiscal year ending December 31, 2024, a significant improvement compared to a net loss of $16.9 million in 2023. The company generated $500,000 in revenue from a patent licensing agreement, marking its first revenue since halting all research and development activities in 2022. Total operating expenses decreased to $12.7 million from $15 million in the previous year, primarily due to the cessation of research activities and a reduction in general and administrative expenses.
The company underwent significant changes during the fiscal year, including a change of control when HiTron Systems Inc. acquired a 53% stake in Exicure. This acquisition was facilitated through two common stock purchase agreements, which raised approximately $10 million. Additionally, Exicure entered into a Share Purchase Agreement with GPCR Therapeutics Inc., acquiring GPCR Therapeutics USA Inc. to further develop and commercialize its technologies. These strategic moves are part of Exicure's broader exploration of alternatives to maximize shareholder value.
Operationally, Exicure's workforce was reduced to seven full-time employees as of December 31, 2024, reflecting the company's shift away from its previous business model. The company has also terminated its lease for office space in Chicago, which is expected to result in a $6 million gain in the first quarter of 2025. Despite these changes, Exicure continues to face challenges, including a lack of revenue sources and the need for additional financing to support ongoing operations and strategic initiatives.
Looking ahead, Exicure's management has expressed substantial doubt about the company's ability to continue as a going concern without securing additional funding. The company plans to pursue equity offerings to raise capital, but the current market conditions and its transitional state may complicate these efforts. Exicure's future financial performance will largely depend on the success of its strategic initiatives and the ability to generate sustainable revenue streams.
About EXICURE, INC.
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