Exicure, Inc.
XCURHealthcare|Biotechnology|US
$0.95
+0.06 (+6.71%)
DCF Value
$0.35
Cash / Share
$0.27
Financials
Financial Snapshot
Market Cap
$6.2M
Enterprise Value
$4.5M
Revenue (TTM)
$0.00
Net Income (TTM)
-$8.3M
Cash & Investments
$1.7M
Net Cash
$1.7M
Free Cash Flow (TTM)
-$6.4M
Operating CF (TTM)
-$6.7M
Debt/Equity
0.00
Cash Runway & Burn Rate
Cash on Hand
$1.7M
Quarterly Burn
$1.7M
Monthly Burn
$558.7K
Est. Runway
~1.0 quarters
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Investments | $19.6M | $25.8M | $26.3M | $110.8M | $82.1M | $39.1M | $8.6M | $816.0K | $12.5M | $3.7M | $1.7M | |
| Operating Cash Flow | -$5.0M | -$19.8M | -$19.5M | $1.3M | -$39.3M | -$34.8M | -$35.7M | -$10.4M | -$2.9M | -$8.6M | -$6.7M | |
| Free Cash Flow | -$5.4M | -$20.7M | -$19.6M | $235.0K | -$42.4M | -$35.8M | -$35.7M | -$10.4M | -$2.9M | -$8.6M | -$6.4M | |
| Capital Expenditure | -$394.0K | -$926.0K | -$94.0K | -$1.1M | -$3.2M | -$968.0K | -$10.0K | $0.00 | $0.00 | -$1.0K | $319.0K | |
| Financing Cash Flow | $6.3M | $26.9M | $20.1M | $84.3M | $15.1M | $1.1M | -$3.1M | $3.7M | $13.4M | $1.6M | $0.00 |
R&D Spending
R&D (TTM)
$2.0M
R&D Intensity
—
R&D Growth vs Prior
-38.3%
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.0M | $9.7M | $118.0K | $1.3M | $16.6M | -$483.0K | $28.8M | $0.00 | $500.0K | $0.00 | $0.00 | |
| R&D Expense | $13.7M | $13.1M | $14.1M | $19.3M | $32.1M | $49.0M | $19.8M | $1.4M | $0.00 | $3.3M | $2.0M | |
| R&D % of Revenue | 1318.4% | 134.6% | 11965.3% | 1492.3% | 193.2% | -10140.6% | 68.6% | — | 0.0% | — | — | |
| SG&A | $3.5M | $7.0M | $7.8M | $8.6M | $10.0M | $13.1M | $10.9M | $12.7M | $5.4M | $6.8M | $5.2M |
Income Statement
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.0M | $9.7M | $118.0K | $1.3M | $16.6M | -$483.0K | $28.8M | $0.00 | $500.0K | $0.00 | $0.00 | |
| Cost of Revenue | $13.7M | $13.1M | $14.1M | $0.00 | $32.1M | $0.00 | $1.9M | $1.4M | $0.00 | $460.0K | $263.0K | |
| Gross Profit | -$12.6M | -$3.4M | -$14.0M | $1.3M | -$15.5M | -$483.0K | $27.0M | -$1.4M | $500.0K | -$460.0K | -$263.0K | |
| R&D | $13.7M | $13.1M | $14.1M | $19.3M | $32.1M | $49.0M | $19.8M | $1.4M | $0.00 | $3.3M | $2.0M | |
| SG&A | $3.5M | $7.0M | $7.8M | $8.6M | $10.0M | $13.1M | $10.9M | $12.7M | $5.4M | $6.8M | $5.2M | |
| Operating Income | -$16.2M | -$10.4M | -$21.8M | -$26.6M | -$25.4M | -$62.5M | -$1.8M | -$15.0M | -$12.2M | -$10.1M | -$7.3M | |
| Interest Expense | $724.0K | $795.0K | $672.0K | $786.0K | $573.0K | $1.7M | $595.0K | $0.00 | $18.0K | $1.0K | $1.0K | |
| Pretax Income | -$16.9M | -$11.0M | -$22.4M | -$26.3M | -$24.7M | -$64.1M | -$2.4M | -$16.9M | -$9.7M | -$5.6M | -$8.9M | |
| Net Income | -$16.9M | -$11.0M | -$22.4M | -$26.3M | -$24.7M | -$64.1M | -$2.6M | -$16.9M | -$9.7M | -$4.9M | -$8.3M | |
| EPS (Diluted) | -12.88 | -8.37 | -16.32 | -13.68 | -8.49 | -21.70 | -0.56 | -2.11 | -1.59 | -0.79 | -1.31 | |
| EBITDA | -$16.0M | -$10.0M | -$21.4M | -$24.8M | -$22.6M | -$60.6M | $78.0K | -$15.5M | -$8.9M | -$5.1M | -$8.5M | |
| Shares Out. (M) | 1.32 | 1.32 | 1.37 | 1.92 | 2.91 | 2.95 | 4.62 | 8.01 | 6.10 | 6.30 | 6.37 |
Balance Sheet
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $19.6M | $25.8M | $26.3M | $48.5M | $33.3M | $34.6M | $8.6M | $816.0K | $12.5M | $3.7M | $1.7M | |
| Short-Term Investments | $0.00 | $0.00 | $0.00 | $62.3M | $48.8M | $4.5M | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Total Current Assets | $20.0M | $27.6M | $27.7M | $112.8M | $86.3M | $43.7M | $10.1M | $2.0M | $13.7M | $4.6M | $2.3M | |
| Total Assets | $20.6M | $29.0M | $28.8M | $115.3M | $100.4M | $64.9M | $23.3M | $11.6M | $15.1M | $14.0M | $11.4M | |
| Total Current Liabilities | $12.2M | $3.4M | $2.0M | $31.1M | $13.7M | $34.1M | $1.6M | $2.5M | $3.1M | $3.9M | $4.2M | |
| Long-Term Debt | $4.5M | $4.9M | $4.9M | $0.00 | $16.6M | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Total Liabilities | $18.1M | $9.0M | $7.8M | $34.5M | $38.9M | $53.6M | $8.4M | $8.5M | $8.3M | $10.1M | $10.4M | |
| Stockholders' Equity | $2.4M | $20.0M | $21.0M | $80.7M | $61.5M | $11.2M | $14.9M | $3.0M | $6.8M | $3.9M | $977.0K | |
| Retained Earnings | -$22.6M | -$33.6M | -$55.0M | -$81.3M | -$106.0M | -$170.1M | -$172.6M | -$189.6M | -$199.3M | -$204.2M | -$207.2M |
Cash Flow Statement
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$5.0M | -$19.8M | -$19.5M | $1.3M | -$39.3M | -$34.8M | -$35.7M | -$10.4M | -$2.9M | -$8.6M | -$6.7M | |
| Capital Expenditure | -$394.0K | -$926.0K | -$94.0K | -$1.1M | -$3.2M | -$968.0K | -$10.0K | $0.00 | $0.00 | -$1.0K | $319.0K | |
| Free Cash Flow | -$5.4M | -$20.7M | -$19.6M | $235.0K | -$42.4M | -$35.8M | -$35.7M | -$10.4M | -$2.9M | -$8.6M | -$6.4M | |
| Investing Cash Flow | -$394.0K | -$926.0K | -$94.0K | -$63.4M | $10.1M | $43.1M | $4.7M | -$1.1M | $0.00 | -$1.8M | $563.0K | |
| Financing Cash Flow | $6.3M | $26.9M | $20.1M | $84.3M | $15.1M | $1.1M | -$3.1M | $3.7M | $13.4M | $1.6M | $0.00 | |
| Issuance of Stock | $483.0K | $31.5M | $22.0M | $90.8M | $3.0M | $11.5M | $5.0M | $5.4M | $12.4M | $1.6M | $0.00 | |
| Repurchase of Stock | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Net Debt Issuance | $6.0M | -$1.0M | $0.00 | $0.00 | $12.5M | -$10.0M | -$7.5M | $0.00 | $1.0M | $0.00 | $0.00 | |
| Stock Based Comp. | $682.0K | $1.5M | $1.8M | $1.8M | $2.2M | $2.9M | $1.4M | $1.3M | $22.0K | $2.0K | $2.0K | |
| Net Change in Cash | $892.0K | $6.1M | $504.0K | $22.2M | -$14.0M | $9.4M | -$34.1M | -$7.8M | $10.5M | -$8.8M | -$6.1M |
Dilution Tracker
Shares outstanding grew 116.6% over 5 years — significant dilution
Shares Outstanding
7M
5-Year Share Growth
+116.6%
Stock Issuance (TTM)
$0.00
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Shares Out. (M) | 1.32 | 1.32 | 1.37 | 1.92 | 2.91 | 2.95 | 4.62 | 8.01 | 6.10 | 6.30 | 6.37 | |
| Change vs Prior % | — | 0.0% | 4.4% | 40.0% | 51.2% | 1.6% | 56.4% | 73.5% | -23.8% | 3.2% | 1.2% | |
| Stock Issuance | $483.0K | $31.5M | $22.0M | $90.8M | $3.0M | $11.5M | $5.0M | $5.4M | $12.4M | $1.6M | $0.00 | |
| Stock Repurchase | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Stock Based Comp. | $682.0K | $1.5M | $1.8M | $1.8M | $2.2M | $2.9M | $1.4M | $1.3M | $22.0K | $2.0K | $2.0K |
Margins & Profitability
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin % | -1218.4% | -34.6% | -11865.3% | 100.0% | -93.2% | 100.0% | 93.6% | — | 100.0% | — | — | |
| Operating Margin % | -1560.0% | -107.1% | -18490.7% | -2053.8% | -153.1% | 12950.1% | -6.4% | — | -2446.4% | — | — | |
| Net Margin % | -1635.2% | -113.3% | -18994.1% | -2029.6% | -148.5% | 13271.6% | -9.0% | — | -1940.2% | — | — | |
| EBITDA Margin % | -1548.0% | -102.7% | -18121.2% | -1913.0% | -136.3% | 12553.2% | 0.3% | — | -1770.2% | — | — | |
| FCF Margin % | -525.5% | -213.1% | -16594.1% | 18.1% | -255.5% | 7409.3% | -123.7% | — | -582.0% | — | — | |
| ROE % | -692.0% | -55.1% | -107.0% | -32.6% | -40.1% | -570.7% | -17.3% | -558.0% | -143.3% | -126.0% | -237.9% | |
| ROA % | -82.3% | -38.0% | -77.9% | -22.8% | -24.6% | -98.8% | -11.1% | -146.1% | -64.4% | -35.2% | -72.7% | |
| ROIC % | -167.8% | -40.6% | -81.7% | -29.8% | -29.3% | -164.0% | -8.2% | -154.7% | -96.3% | -86.8% | -93.9% | |
| R&D / Revenue % | 1318.4% | 134.6% | 11965.3% | 1492.3% | 193.2% | -10140.6% | 68.6% | — | 0.0% | — | — |
Growth (Year over Year)
Fiscal years. Rising share count growth means dilution.
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | -56.6% | 838.1% | -98.8% | 998.3% | 1181.9% | -102.9% | 6068.1% | -100.0% | 0.0% | -100.0% | |
| Gross Profit | -63.2% | 73.4% | -316.6% | 109.3% | -1294.5% | 96.9% | 5683.9% | -105.3% | 135.1% | -192.0% | |
| Operating Income | -23.0% | 35.6% | -109.7% | -22.0% | 4.4% | -145.9% | 97.1% | -719.0% | 18.4% | 17.3% | |
| Net Income | -28.8% | 35.0% | -103.6% | -17.4% | 6.2% | -159.9% | 96.0% | -555.1% | 42.6% | 49.0% | |
| EPS (Diluted) | -28.3% | 35.0% | -95.0% | 16.2% | 37.9% | -155.6% | 97.4% | -276.8% | 24.6% | 50.3% | |
| Operating Cash Flow | 58.6% | -291.9% | 1.5% | 106.8% | -3081.8% | 11.3% | -2.4% | 71.0% | 71.9% | -194.0% | |
| Free Cash Flow | 55.4% | -280.5% | 5.5% | 101.2% | -18160.0% | 15.7% | 0.3% | 71.0% | 71.9% | -194.0% | |
| R&D Expense | 34.9% | -4.2% | 7.9% | 37.0% | 65.9% | 52.6% | -59.6% | -92.8% | -100.0% | 0.0% | |
| SG&A Expense | -32.9% | 99.1% | 11.0% | 9.7% | 16.1% | 31.5% | -16.8% | 16.2% | -56.9% | 25.4% | |
| Total Assets | 4.9% | 40.9% | -0.8% | 300.8% | -12.9% | -35.4% | -64.0% | -50.4% | 30.0% | -6.7% | |
| Book Value / Share | -86.6% | 712.8% | 0.5% | 175.2% | -49.6% | -82.0% | -15.0% | -88.3% | 193.5% | -43.8% | |
| Debt | 0.0% | -14.3% | 1.4% | 7.9% | 366.0% | -40.5% | -50.4% | -8.8% | -11.0% | -97.0% | |
| Diluted Shares | 0.4% | 0.0% | 4.4% | 40.0% | 51.2% | 1.6% | 56.4% | 73.5% | -23.8% | 3.2% |
Valuation
P/E (TTM)At Loss
P/S0.00
10Y Low / Med / High0.92 / 166.76 / 6178.37
P/B6.20
10Y Low / Med / High1.78 / 12.31 / 248.84
EV/EBITDAAt Loss
EV/Revenue0.00
10Y Low / Med / High0.88 / 153.62 / 5997.50
P/FCFAt Loss
Intrinsic Value Models (per share)
DCF Value
$0.35
Cash / Share
$0.27
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| P/E Ratio | -35.96 | -55.56 | -32.54 | -31.36 | -31.27 | -1.40 | -10.27 | -1.37 | -8.60 | -6.86 | -0.73 | |
| P/S Ratio | 587.99 | 62.92 | 6178.37 | 636.35 | 46.45 | -185.43 | 0.92 | 0.00 | 166.76 | 0.00 | 0.00 | |
| P/B Ratio | 248.84 | 30.62 | 34.80 | 10.21 | 12.55 | 7.97 | 1.78 | 7.67 | 12.31 | 8.69 | 6.20 | |
| EV/EBITDA | -37.11 | -59.16 | -33.10 | -31.52 | -33.70 | -1.15 | 324.24 | -1.87 | -8.68 | -5.97 | -0.53 | |
| EV/Revenue | 574.52 | 60.77 | 5997.50 | 603.06 | 45.94 | -144.21 | 0.88 | 0.00 | 153.62 | 0.00 | 0.00 |
Analyst Estimates & Quality
Altman Z-Score
-27.87
Distress
Piotroski F-Score
1
Weak