CHICAGO & CAMBRIDGE, Mass.--(BUSINESS WIRE)--Exicure, Inc. (XCUR), a pioneer in gene regulatory and immunotherapeutic drugs utilizing spherical nucleic acid (SNA™) technology, today reported financial results for the third quarter ended September 30, 2019 and provided an update on corporate progress.
“Throughout the third quarter we have continued to execute against the strategic goals we set early in the year,” said Dr. David Giljohann, Exicure’s chief executive officer. “Our immuno-oncology clinical trial is progressing as anticipated, while we continue to lay the groundwork for expanding our SNA platform in neurology. This scientific progress has been matched with expanded financial resources arising from our recent $63.3 million public offering and Nasdaq listing. In the coming quarters we look forward to building our organization to enhance our strategic execution,” concluded Dr. Giljohann.
Third Quarter Corporate Progress and Recent DevelopmentsForward Looking Statements
This press release contains forward-looking statements (including within the meaning of Section 21E of the United States Securities Exchange Act of 1934, as amended, and Section 27A of the United States Securities Act of 1933, as amended) concerning the Company, the Company’s technology, potential therapies, cash requirements and projections and other matters. Forward-looking statements generally include statements that are predictive in nature and depend upon or refer to future events or conditions, and include words such as “may,” “will,” “should,” “would,” “expect,” “plan,” “believe,” “intend,” “look forward,” and other similar expressions among others. Statements that are not historical facts are forward-looking statements. Forward-looking statements are based on current beliefs and assumptions that are subject to risks and uncertainties and are not guarantees of future performance. Actual results could differ materially from those contained in any forward-looking statement as a result of various factors, including, without limitation: unexpected costs, charges or expenses that reduce cash runway; that Exicure’s pre-clinical or clinical programs do not advance or result in approved products on a timely or cost effective basis or at all; the cost, timing and results of clinical trials; that many drug candidates that have completed Phase 1 trials do not become approved drugs on a timely or cost effective basis or at all; the ability to enroll patients in clinical trials; possible safety and efficacy concerns; regulatory developments; and the ability of Exicure to protect its intellectual property rights. Risks facing the Company and its programs are set forth in the Company’s filings with the SEC. Except as required by applicable law, the Company undertakes no obligation to revise or update any forward-looking statement (including without limitation its cash runway guidance) or to make any other forward-looking statements, whether as a result of new information, future events or otherwise.
EXICURE, INC. UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands, except share and per share data) |
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September 30, 2019 |
December 31, 2018 |
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ASSETS |
|||||||
Current assets: |
|||||||
Cash and cash equivalents |
$ |
70,392 |
$ |
26,268 |
|||
Unbilled revenue receivable |
— |
3 |
|||||
Receivable from related party |
16 |
10 |
|||||
Prepaid expenses and other assets |
1,345 |
1,382 |
|||||
Total current assets |
71,753 |
27,663 |
|||||
Property and equipment, net |
1,597 |
1,061 |
|||||
Other noncurrent assets |
456 |
32 |
|||||
Total assets |
$ |
73,806 |
$ |
28,756 |
|||
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|||||||
Current liabilities: |
|||||||
Current portion of long-term debt |
$ |
4,912 |
$ |
— |
|||
Accounts payable |
1,110 |
500 |
|||||
Accrued expenses and other current liabilities |
2,237 |
1,543 |
|||||
Current portion of deferred revenue |
14 |
— |
|||||
Total current liabilities |
8,273 |
2,043 |
|||||
Long-term debt, net |
— |
4,925 |
|||||
Common stock warrant liability |
437 |
797 |
|||||
Other noncurrent liabilities |
144 |
39 |
|||||
Total liabilities |
$ |
8,854 |
$ |
7,804 |
|||
Stockholders’ equity: |
|||||||
Common stock, $0.0001 par value per share; 200,000,000 shares authorized, 75,994,790 issued and outstanding, September 30, 2019; 44,358,000 issued and outstanding, December 31, 2018 |
8 |
4 |
|||||
Additional paid-in capital |
136,260 |
75,942 |
|||||
Accumulated deficit |
(71,316 |
) |
(54,994 |
) |
|||
Total stockholders' equity |
64,952 |
20,952 |
|||||
Total liabilities and stockholders’ equity |
$ |
73,806 |
$ |
28,756 |
EXICURE, INC. UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except share and per share data) |
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Three Months Ended, September 30, |
Nine Months Ended September 30, |
||||||||||||||
2019 |
2018 |
2019 |
2018 |
||||||||||||
Revenue: |
|||||||||||||||
Collaboration revenue |
$ |
527 |
$ |
57 |
$ |
986 |
$ |
112 |
|||||||
Total revenue |
527 |
57 |
986 |
112 |
|||||||||||
Operating expenses: |
|||||||||||||||
Research and development expense |
4,245 |
4,001 |
11,073 |
11,111 |
|||||||||||
General and administrative expense |
2,228 |
1,919 |
6,421 |
5,952 |
|||||||||||
Total operating expenses |
6,473 |
5,920 |
17,494 |
17,063 |
|||||||||||
Operating loss |
(5,946 |
) |
(5,863 |
) |
(16,508 |
) |
(16,951 |
) |
|||||||
Other income (expense), net: |
|||||||||||||||
Interest expense |
(203 |
) |
(170 |
) |
(589 |
) |
(497 |
) |
|||||||
Other income (loss), net |
333 |
709 |
775 |
(210 |
) |
||||||||||
Total other income (loss), net |
130 |
539 |
186 |
(707 |
) |
||||||||||
Net loss |
$ |
(5,816 |
) |
$ |
(5,324 |
) |
$ |
(16,322 |
) |
$ |
(17,658 |
) |
|||
Basic and diluted loss per common share |
$ |
(0.09 |
) |
$ |
(0.13 |
) |
$ |
(0.32 |
) |
$ |
(0.44 |
) |
|||
Basic and diluted weighted-average common shares outstanding |
64,651,040 |
41,527,922 |
51,200,072 |
40,121,295 |