Exicure (XCUR 1.22%), a biotechnology company that recently pivoted its business model following the acquisition of GPCR Therapeutics USA Inc, reported its second quarter 2025 earnings on August 8, 2025. The main headlines from this release included another quarter of no reported revenue and a steeper net loss of $2.6 million (GAAP), combined with a clear warning from management about the need for near-term financing to continue business operations. There were no Wall Street consensus estimates available for comparison. Overall, the quarter underscored significant operational challenges and funding constraints, even as the company began to integrate newly acquired assets and expand its research pipeline.
| Metric | Q2 2025 | Q2 2024 | Y/Y Change |
|---|---|---|---|
| Revenue | $0 | $0 | – |
| Net Income (Loss) | ($2.6 million) | ($0.6 million) | 333.3% |
| EPS – Diluted | ($0.41) | ($0.35) | (17.1%) |
| Research & Development Expense | $0.9 million | $0 | n/m |
| General & Administrative Expense | $1.5 million | $1.2 million | N/A |
| Cash and Cash Equivalents (end of period) | $7.9 million | – | – |
Exicure is a clinical-stage biotechnology company undergoing a major transition. Historically, the company aimed to create therapies using its unique Spherical Nucleic Acid (SNA) platform.
With the acquisition of GPCR Therapeutics USA Inc. Exicure is now focused on developing therapeutics for hematologic diseases—disorders affecting blood and bone marrow. The lead pipeline program aims to improve stem cell mobilization, particularly in diseases like multiple myeloma (a type of blood cancer), sickle cell disease, and areas related to cell and gene therapy. Critical success factors now hinge upon securing new financing, executing new business deals, and leveraging existing intellectual property for potential future licensing revenue.
For the second quarter, Exicure reported no revenue, marking a continued break from past quarters, when modest licensing income sometimes supplemented its operations.
The company reported a net loss of $2.6 million for the quarter ended June 30, 2025. The increase in net loss was primarily due to research and development expenses of $0.9 million following the acquisition of GPCR Therapeutics USA Inc, and general and administrative expenses of $1.5 million, which rose mainly because of additional costs from the acquisition and higher professional services compared to the prior year quarter. Research and development costs (GAAP) were $0.9 million, an increase that reflects the integration of GPCR’s research activities and investment in the stem cell mobilization program. General and administrative expenses were $1.5 million, compared to $1.2 million in the prior year period. The increase in general and administrative expenses was mainly due to additional costs from the acquisition of GPCR USA and higher professional services compared to the prior year quarter. Management also reported a $60,000 loss from the sale of property and equipment.
Intangible assets and goodwill rose to $7.1 million—while its current liabilities (GAAP) grew to $4.6 million, up from $3.1 million at year-end 2024.
Cash and cash equivalents (GAAP) were $7.9 million, a steep decline from $12.5 million as of December 31, 2024. Cash and cash equivalents decreased from $12.5 million at December 31, 2024, to $7.9 million at June 30, 2025. The company disclosed that this cash “is not sufficient to continue to fund operations” and highlighted that “substantial additional financing is needed in the short term,” and no definitive regulatory or clinical program milestones were announced.
With the addition of GPCR USA, Exicure’s main research effort now centers on developing new drugs targeting stem cell mobilization in blood cancers and genetic disorders. “Stem cell mobilization” refers to encouraging a patient’s own stem cells to move from the bone marrow into the bloodstream, where they can be collected for transplantation or gene therapy. This area is important for both cancer treatments and certain inherited blood diseases.
Past programs based on the SNA platform (a nanoparticle-based way to deliver nucleic acids to cells) have been wound down, positioning the company’s future growth on the commercial viability of the new therapeutic pipeline, though no new deals were disclosed in the quarter. Exicure’s leadership stated it is also open to transactions beyond its traditional industry, emphasizing a willingness to pursue strategic alternatives that create shareholder value.
Management did not provide financial guidance for the upcoming quarter or for fiscal 2025. The company’s leadership made clear that significant uncertainty exists around the timing and size of any new licensing revenue, business transactions, or capital raises. They emphasized the urgent need for near-term financing as a critical condition for ongoing operations.
Exicure does not currently pay a dividend.
Revenue and net income presented using U.S. generally accepted accounting principles (GAAP) unless otherwise noted.
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