Exicure, Inc. (XCUR) 10-Year Financial Performance & Capital Metrics

XCUR • • Industrial / General

HealthcareBiotechnologyNeurology & CNS DisordersPsychiatric & CNS Disorders

AboutExicure, Inc., a biotechnology company, develops therapies for neurological disorders and hair loss based on its proprietary spherical nucleic acid (SNA) technology. Its lead program candidate includes SCN9A that is in preclinical studies for neuropathic and chronic pain. The company has a collaboration, option, and license agreement with AbbVie Inc. to develop SNA-based treatments for hair loss disorders; and collaboration agreement with Ipsen S.A. to research, develop, and commercialize novel spherical nucleic acids for Huntington's disease and Angelman syndrome. Exicure, Inc. was founded in 2011 and is headquartered in Chicago, Illinois.Show more

Revenue $500K
EBITDA -$11M +16.2%
Net Income -$10M +42.6%
EPS (Diluted) -1.59 +24.6%
Gross Margin 100%
EBITDA Margin -2281.6%
Operating Margin -2446.4%
Net Margin -1940.2%
ROE -197.92% -5.0%
ROIC -202.09% -102.4%
Debt/Equity 0.88 -60.1%
Interest Coverage -679.56

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong Piotroski F-Score: 7/9
✓Share count reduced 23.8% through buybacks
✓Healthy 5Y average net margin of 2793.5%

✗Weaknesses

✗Negative free cash flow
✗Low quality earnings: Net income not backed by cash flow
✗Sales declining 17.3% over 5 years
✗Trading more than 30% below 52-week high
✗Low asset turnover indicates capital-intensive operations

Price & Volume

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Growth Metrics

Revenue CAGR

10Y-

5Y-17.34%

3Y-

TTM-100%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-

TTM-130.32%

EPS CAGR

10Y-

5Y-

3Y-

TTM-209.15%

ROCE

10Y Avg-74.24%

5Y Avg-71.38%

3Y Avg-73.56%

Latest-116.19%

Peer Comparison

Psychiatric & CNS Disorders

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
JAZZJazz Pharmaceuticals plc	10.4B	171.16	19.79	6.12%	-8.86%	-9.31%	12.96%	1.51
ACADACADIA Pharmaceuticals Inc.	4.49B	26.53	19.51	31.85%	24.94%	28.47%	3.5%	0.07
CPRXCatalyst Pharmaceuticals, Inc.	2.82B	22.96	17.53	23.49%	37.63%	23.64%	8.48%	0.00
HRMYHarmony Biosciences Holdings, Inc.	2.1B	36.41	14.51	22.8%	22.48%	22.23%	10.43%	0.28
ALKSAlkermes plc	5.15B	31.22	14.39	-6.36%	22.27%	19.55%	7.87%	0.05
PRTCPureTech Health plc	463.31M	19.17	9.59	44.98%	-495.91%	-8.53%		0.05
LBRXLB Pharmaceuticals Inc Common Stock	540.89M	21.38	-1.20
NMRANeumora Therapeutics, Inc. Common Stock	361.97M	2.13	-1.39			-178.79%		0.01

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	2.39M	1.04M	9.72M	118K	1.3M	16.61M	-483K	28.83M	0	500K
Revenue Growth %	-	-0.57%	8.38%	-0.99%	9.98%	11.82%	-1.03%	60.68%	-1%	-
Cost of Goods Sold+	10.12M	13.66M	13.08M	14.12M	0	32.09M	0	1.86M	1.42M	0
COGS % of Revenue	4.24%	13.18%	1.35%	119.65%	-	1.93%	-	0.06%	-	-
Gross Profit+	-7.74M	-12.62M	-3.36M	-14M	1.3M	-15.48M	-483K	26.97M	-1.42M	500K
Gross Margin %	-3.24%	-12.18%	-0.35%	-118.65%	1%	-0.93%	1%	0.94%	-	1%
Gross Profit Growth %	-	-0.63%	0.73%	-3.17%	1.09%	-12.95%	0.97%	56.84%	-1.05%	1.35%
Operating Expenses+	15.4M	17.2M	20.13M	21.94M	27.91M	9.96M	62.07M	28.8M	13.57M	12.73M
OpEx % of Revenue	6.45%	16.6%	2.07%	185.91%	21.54%	0.6%	-128.5%	1%	-	25.46%
Selling, General & Admin	5.28M	3.54M	7.05M	7.82M	8.57M	9.96M	13.09M	10.89M	12.65M	5.45M
SG&A % of Revenue	2.21%	3.42%	0.72%	66.25%	6.61%	0.6%	-27.1%	0.38%	-	10.9%
Research & Development	10.12M	13.66M	13.08M	14.12M	19.34M	32.09M	48.98M	19.77M	1.42M	0
R&D % of Revenue	4.24%	13.18%	1.35%	119.65%	14.92%	1.93%	-101.41%	0.69%	-	-
Other Operating Expenses	0	-55K	191K	-249K	0	-32.09M	0	-1.86M	-503K	7.28M
Operating Income+	-13.14M	-16.16M	-10.41M	-21.82M	-26.62M	-25.44M	-62.55M	-1.83M	-15M	-12.23M
Operating Margin %	-5.5%	-15.6%	-1.07%	-184.91%	-20.54%	-1.53%	129.5%	-0.06%	-	-24.46%
Operating Income Growth %	-	-0.23%	0.36%	-1.1%	-0.22%	0.04%	-1.46%	0.97%	-7.19%	0.18%
EBITDA+	-13.01M	-15.98M	-10.18M	-21.46M	-25.89M	-23.99M	-60.77M	25K	-13.62M	-11.41M
EBITDA Margin %	-5.45%	-15.43%	-1.05%	-181.87%	-19.98%	-1.44%	125.82%	0%	-	-22.82%
EBITDA Growth %	-	-0.23%	0.36%	-1.11%	-0.21%	0.07%	-1.53%	1%	-545.84%	0.16%
D&A (Non-Cash Add-back)	133K	180K	232K	358K	724K	1.45M	1.78M	1.86M	1.38M	824K
EBIT	-13.15M	-16.22M	-10.22M	-21.74M	-25.52M	-24.09M	-62.41M	-1.78M	-16.91M	-9.68M
Net Interest Income+	0	-724K	-795K	-668K	-608K	399K	-1.55M	-580K	32K	-10K
Interest Income	0	0	0	4K	178K	972K	141K	15K	32K	8K
Interest Expense	0	724K	795K	672K	786K	573K	1.69M	595K	0	18K
Other Income/Expense	-7K	-779K	-604K	-594K	314K	768K	-1.55M	-542K	-1.92M	2.54M
Pretax Income+	-13.15M	-16.94M	-11.01M	-22.41M	-26.3M	-24.67M	-64.1M	-2.37M	-16.91M	-9.69M
Pretax Margin %	-5.51%	-16.35%	-1.13%	-189.94%	-20.3%	-1.48%	132.72%	-0.08%	-	-19.39%
Income Tax+	0	0	0	0	0	0	0	209K	0	8K
Effective Tax Rate %	1%	1%	1%	1%	1%	1%	1%	1.09%	1%	1%
Net Income+	-13.15M	-16.94M	-11.01M	-22.41M	-26.3M	-24.67M	-64.1M	-2.58M	-16.91M	-9.7M
Net Margin %	-5.51%	-16.35%	-1.13%	-189.94%	-20.3%	-1.48%	132.72%	-0.09%	-	-19.4%
Net Income Growth %	-	-0.29%	0.35%	-1.04%	-0.17%	0.06%	-1.6%	0.96%	-5.55%	0.43%
Net Income (Continuing)	-13.15M	-16.94M	-11.01M	-22.41M	-26.3M	-24.67M	-64.1M	-2.58M	-16.91M	-9.7M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	-10.04	-12.88	-8.37	-16.32	-13.68	-8.49	-21.70	-0.56	-2.11	-1.59
EPS Growth %	-	-0.28%	0.35%	-0.95%	0.16%	0.38%	-1.56%	0.97%	-2.77%	0.25%
EPS (Basic)	-10.04	-12.93	-8.37	-16.32	-13.68	-8.49	-21.70	-0.56	-2.11	-1.59
Diluted Shares Outstanding	1.31M	1.32M	1.32M	1.37M	1.92M	2.91M	2.95M	4.62M	8.01M	6.1M
Basic Shares Outstanding	1.31M	1.31M	1.32M	1.37M	1.92M	2.91M	2.95M	4.62M	8.01M	6.1M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	19.2M	20.04M	27.64M	27.66M	112.78M	86.32M	43.67M	10.05M	2.02M	13.67M
Cash & Short-Term Investments	18.73M	19.62M	25.76M	26.27M	110.79M	82.08M	39.14M	8.58M	816K	12.51M
Cash Only	18.73M	19.62M	25.76M	26.27M	48.46M	33.26M	34.64M	8.58M	816K	12.51M
Short-Term Investments	0	0	0	0	62.33M	48.82M	4.5M	0	0	0
Accounts Receivable	294K	15K	30K	3K	35K	11K	0	0	250K	521K
Days Sales Outstanding	44.94	5.28	1.13	9.28	9.86	0.24	-	-	-	380.33
Inventory	0	0	0	646K	0	0	0	0	0	0
Days Inventory Outstanding	-	-	-	16.7	-	-	-	-	-	-
Other Current Assets	179K	0	0	746K	0	1.2M	1.28M	853K	24K	69K
Total Non-Current Assets+	417K	535K	1.35M	1.09M	2.49M	14.12M	21.2M	13.28M	9.56M	1.38M
Property, Plant & Equipment	385K	503K	1.32M	1.06M	2.46M	12.73M	11.88M	9.79M	6.57M	26K
Fixed Asset Turnover	6.20x	2.06x	7.38x	0.11x	0.53x	1.31x	-0.04x	2.95x	-	19.23x
Goodwill	0	0	0	0	0	0	0	0	0	0
Intangible Assets	0	0	0	0	0	0	0	0	0	0
Long-Term Investments	0	0	0	0	0	0	0	1.2M	1.2M	0
Other Non-Current Assets	32K	32K	32K	32K	32K	1.39M	9.32M	2.29M	1.78M	1.36M
Total Assets+	19.62M	20.58M	28.99M	28.76M	115.26M	100.44M	64.87M	23.33M	11.58M	15.06M
Asset Turnover	0.12x	0.05x	0.34x	0.00x	0.01x	0.17x	-0.01x	1.24x	-	0.03x
Asset Growth %	-	0.05%	0.41%	-0.01%	3.01%	-0.13%	-0.35%	-0.64%	-0.5%	0.3%
Total Current Liabilities+	1.34M	12.16M	3.36M	2.04M	31.09M	13.73M	34.07M	1.64M	2.51M	3.07M
Accounts Payable	635K	509K	1.05M	500K	1.81M	1.87M	3.41M	361K	1.63M	1.03M
Days Payables Outstanding	22.89	13.6	29.27	12.93	-	21.22	-	70.99	418.35	-
Short-Term Debt	0	1.21M	0	0	4.96M	0	6.87M	539K	0	0
Deferred Revenue (Current)	0	1000K	1000K	0	1000K	0	1000K	0	0	0
Other Current Liabilities	209K	0	0	0	1.22M	8.34M	0	707K	0	0
Current Ratio	14.30x	1.65x	8.24x	13.54x	3.63x	6.29x	1.28x	6.13x	0.81x	4.45x
Quick Ratio	14.30x	1.65x	8.24x	13.22x	3.63x	6.29x	1.28x	6.13x	0.81x	4.45x
Cash Conversion Cycle	-	-	-	13.05	-	-	-	-	-	-
Total Non-Current Liabilities+	48K	5.97M	5.66M	5.76M	3.43M	25.2M	19.57M	6.77M	6.04M	5.21M
Long-Term Debt	0	4.45M	4.86M	4.92M	0	16.59M	0	0	0	0
Capital Lease Obligations	0	-201K	0	0	59K	7.96M	7.4M	6.77M	6.04M	5.21M
Deferred Tax Liabilities	0	201K	0	0	0	0	0	0	0	0
Other Non-Current Liabilities	48K	281K	801K	836K	414K	656K	656K	0	0	0
Total Liabilities	1.39M	18.13M	9.01M	7.8M	34.52M	38.94M	53.64M	8.41M	8.55M	8.28M
Total Debt+	0	5.67M	4.86M	4.92M	5.32M	24.77M	14.74M	7.31M	6.67M	5.93M
Net Debt	-18.73M	-13.96M	-20.91M	-21.34M	-43.14M	-8.49M	-19.91M	-1.27M	5.85M	-6.57M
Debt / Equity	-	2.31x	0.24x	0.24x	0.07x	0.40x	1.31x	0.49x	2.20x	0.88x
Debt / EBITDA	-	-	-	-	-	-	-	292.24x	-	-
Net Debt / EBITDA	-	-	-	-	-	-	-	-50.84x	-	-
Interest Coverage	-	-22.32x	-13.09x	-32.47x	-33.86x	-44.39x	-36.99x	-3.08x	-	-679.56x
Total Equity+	18.23M	2.45M	19.98M	20.95M	80.75M	61.51M	11.23M	14.92M	3.03M	6.77M
Equity Growth %	-	-0.87%	7.16%	0.05%	2.85%	-0.24%	-0.82%	0.33%	-0.8%	1.23%
Book Value per Share	13.92	1.86	15.19	15.26	42.00	21.16	3.80	3.23	0.38	1.11
Total Shareholders' Equity	18.23M	2.45M	19.98M	20.95M	80.75M	61.51M	11.23M	14.92M	3.03M	6.77M
Common Stock	18.29M	17.58M	4K	4K	9K	9K	11K	0	0	1K
Retained Earnings	-5.66M	-22.6M	-33.62M	-54.99M	-81.3M	-105.97M	-170.07M	-172.65M	-189.56M	-199.26M
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	-18.29M	-17.58M	0	0	-27K	83K	-2K	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	-12.2M	-5.05M	-19.79M	-19.49M	1.32M	-39.27M	-34.82M	-35.66M	-10.36M	-2.91M
Operating CF Margin %	-5.11%	-4.87%	-2.04%	-165.14%	1.02%	-2.36%	72.09%	-1.24%	-	-5.82%
Operating CF Growth %	-	0.59%	-2.92%	0.02%	1.07%	-30.82%	0.11%	-0.02%	0.71%	0.72%
Net Income	-13.15M	-16.94M	-11.01M	-22.41M	-26.3M	-24.67M	-64.1M	-2.58M	-16.91M	-9.7M
Depreciation & Amortization	133K	180K	232K	358K	724K	1.45M	1.78M	1.86M	1.38M	824K
Stock-Based Compensation	370K	682K	1.46M	1.81M	1.84M	2.18M	2.94M	1.37M	1.35M	22K
Deferred Taxes	0	67K	-214K	274K	-386K	0	0	0	0	0
Other Non-Cash Items	300K	260K	-25K	496K	228K	99K	460K	514K	2.92M	5.31M
Working Capital Changes	446K	10.77M	-10.45M	-11K	25.21M	-18.33M	24.11M	-36.81M	914K	631K
Change in Receivables	354K	237K	-13K	10K	-32K	24K	11K	0	0	-506K
Change in Inventory	0	1.35M	-2.35M	775K	-372K	0	0	0	0	0
Change in Payables	-18K	-126K	195K	-557K	789K	364K	1.58M	-3.05M	1.27M	-193K
Cash from Investing+	-12K	-394K	-926K	-94K	-63.43M	10.14M	43.09M	4.7M	-1.08M	0
Capital Expenditures	-12K	-394K	-926K	-94K	-1.08M	-3.17M	-968K	-10K	0	0
CapEx % of Revenue	0.01%	0.38%	0.1%	0.8%	0.83%	0.19%	-2%	0%	-	-
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	0	0	0	0	0	0	0	205K	922K	0
Cash from Financing+	19.61M	6.34M	26.86M	20.09M	84.31M	15.13M	1.12M	-3.1M	3.67M	13.4M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	0	-114K	-3.66M	-1.92M	-6.44M	-344K	-362K	-645K	-1.77M	0
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	-12.21M	-5.44M	-20.71M	-19.58M	235K	-42.44M	-35.79M	-35.67M	-10.36M	-2.91M
FCF Margin %	-5.11%	-5.25%	-2.13%	-165.94%	0.18%	-2.55%	74.09%	-1.24%	-	-5.82%
FCF Growth %	-	0.55%	-2.81%	0.05%	1.01%	-181.6%	0.16%	0%	0.71%	0.72%
FCF per Share	-9.32	-4.14	-15.75	-14.26	0.12	-14.60	-12.12	-7.72	-1.29	-0.48
FCF Conversion (FCF/Net Income)	0.93x	0.30x	1.80x	0.87x	-0.05x	1.59x	0.54x	13.81x	0.61x	0.30x
Interest Paid	0	0	0	0	0	0	0	0	0	0
Taxes Paid	0	0	0	0	0	0	0	0	0	0

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	-72.14%	-163.86%	-98.21%	-109.53%	-51.73%	-34.68%	-176.25%	-19.74%	-188.43%	-197.92%
Return on Invested Capital (ROIC)	-	-	-	-	-107.29%	-42.1%	-211.6%	-55.21%	-99.84%	-202.09%
Gross Margin	-323.95%	-1218.44%	-34.58%	-11865.25%	100%	-93.19%	100%	93.56%	-	100%
Net Margin	-550.71%	-1635.23%	-113.29%	-18994.07%	-2029.55%	-148.49%	13271.64%	-8.96%	-	-1940.2%
Debt / Equity	-	2.31x	0.24x	0.24x	0.07x	0.40x	1.31x	0.49x	2.20x	0.88x
Interest Coverage	-	-22.32x	-13.09x	-32.47x	-33.86x	-44.39x	-36.99x	-3.08x	-	-679.56x
FCF Conversion	0.93x	0.30x	1.80x	0.87x	-0.05x	1.59x	0.54x	13.81x	0.61x	0.30x
Revenue Growth	-	-56.62%	838.13%	-98.79%	998.31%	1181.87%	-102.91%	6068.12%	-100%	-

Frequently Asked Questions

Growth & Financials

Exicure, Inc. (XCUR) reported $0.5M in revenue for fiscal year 2024. This represents a 79% decrease from $2.4M in 2015.

Exicure, Inc. (XCUR) grew revenue by 0.0% over the past year. Growth has been modest.

Exicure, Inc. (XCUR) reported a net loss of $9.2M for fiscal year 2024.

Dividend & Returns

Exicure, Inc. (XCUR) has a return on equity (ROE) of -197.9%. Negative ROE indicates the company is unprofitable.

Exicure, Inc. (XCUR) had negative free cash flow of $5.0M in fiscal year 2024, likely due to heavy capital investments.

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Exicure, Inc. (XCUR) 10-Year Financial Performance & Capital Metrics

XCUR • • Industrial / General

HealthcareBiotechnologyNeurology & CNS DisordersPsychiatric & CNS Disorders

Revenue $500K
EBITDA -$11M +16.2%
Net Income -$10M +42.6%
EPS (Diluted) -1.59 +24.6%
Gross Margin 100%
EBITDA Margin -2281.6%
Operating Margin -2446.4%
Net Margin -1940.2%
ROE -197.92% -5.0%
ROIC -202.09% -102.4%
Debt/Equity 0.88 -60.1%
Interest Coverage -679.56

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong Piotroski F-Score: 7/9
✓Share count reduced 23.8% through buybacks
✓Healthy 5Y average net margin of 2793.5%

✗Weaknesses

✗Negative free cash flow
✗Low quality earnings: Net income not backed by cash flow
✗Sales declining 17.3% over 5 years
✗Trading more than 30% below 52-week high
✗Low asset turnover indicates capital-intensive operations

Price & Volume

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Growth Metrics

Revenue CAGR

10Y-

5Y-17.34%

3Y-

TTM-100%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-

TTM-130.32%

EPS CAGR

10Y-

5Y-

3Y-

TTM-209.15%

ROCE

10Y Avg-74.24%

5Y Avg-71.38%

3Y Avg-73.56%

Latest-116.19%

Peer Comparison

Psychiatric & CNS Disorders

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
JAZZJazz Pharmaceuticals plc	10.4B	171.16	19.79	6.12%	-8.86%	-9.31%	12.96%	1.51
ACADACADIA Pharmaceuticals Inc.	4.49B	26.53	19.51	31.85%	24.94%	28.47%	3.5%	0.07
CPRXCatalyst Pharmaceuticals, Inc.	2.82B	22.96	17.53	23.49%	37.63%	23.64%	8.48%	0.00
HRMYHarmony Biosciences Holdings, Inc.	2.1B	36.41	14.51	22.8%	22.48%	22.23%	10.43%	0.28
ALKSAlkermes plc	5.15B	31.22	14.39	-6.36%	22.27%	19.55%	7.87%	0.05
PRTCPureTech Health plc	463.31M	19.17	9.59	44.98%	-495.91%	-8.53%		0.05
LBRXLB Pharmaceuticals Inc Common Stock	540.89M	21.38	-1.20
NMRANeumora Therapeutics, Inc. Common Stock	361.97M	2.13	-1.39			-178.79%		0.01

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	2.39M	1.04M	9.72M	118K	1.3M	16.61M	-483K	28.83M	0	500K
Revenue Growth %	-	-0.57%	8.38%	-0.99%	9.98%	11.82%	-1.03%	60.68%	-1%	-
Cost of Goods Sold+	10.12M	13.66M	13.08M	14.12M	0	32.09M	0	1.86M	1.42M	0
COGS % of Revenue	4.24%	13.18%	1.35%	119.65%	-	1.93%	-	0.06%	-	-
Gross Profit+	-7.74M	-12.62M	-3.36M	-14M	1.3M	-15.48M	-483K	26.97M	-1.42M	500K
Gross Margin %	-3.24%	-12.18%	-0.35%	-118.65%	1%	-0.93%	1%	0.94%	-	1%
Gross Profit Growth %	-	-0.63%	0.73%	-3.17%	1.09%	-12.95%	0.97%	56.84%	-1.05%	1.35%
Operating Expenses+	15.4M	17.2M	20.13M	21.94M	27.91M	9.96M	62.07M	28.8M	13.57M	12.73M
OpEx % of Revenue	6.45%	16.6%	2.07%	185.91%	21.54%	0.6%	-128.5%	1%	-	25.46%
Selling, General & Admin	5.28M	3.54M	7.05M	7.82M	8.57M	9.96M	13.09M	10.89M	12.65M	5.45M
SG&A % of Revenue	2.21%	3.42%	0.72%	66.25%	6.61%	0.6%	-27.1%	0.38%	-	10.9%
Research & Development	10.12M	13.66M	13.08M	14.12M	19.34M	32.09M	48.98M	19.77M	1.42M	0
R&D % of Revenue	4.24%	13.18%	1.35%	119.65%	14.92%	1.93%	-101.41%	0.69%	-	-
Other Operating Expenses	0	-55K	191K	-249K	0	-32.09M	0	-1.86M	-503K	7.28M
Operating Income+	-13.14M	-16.16M	-10.41M	-21.82M	-26.62M	-25.44M	-62.55M	-1.83M	-15M	-12.23M
Operating Margin %	-5.5%	-15.6%	-1.07%	-184.91%	-20.54%	-1.53%	129.5%	-0.06%	-	-24.46%
Operating Income Growth %	-	-0.23%	0.36%	-1.1%	-0.22%	0.04%	-1.46%	0.97%	-7.19%	0.18%
EBITDA+	-13.01M	-15.98M	-10.18M	-21.46M	-25.89M	-23.99M	-60.77M	25K	-13.62M	-11.41M
EBITDA Margin %	-5.45%	-15.43%	-1.05%	-181.87%	-19.98%	-1.44%	125.82%	0%	-	-22.82%
EBITDA Growth %	-	-0.23%	0.36%	-1.11%	-0.21%	0.07%	-1.53%	1%	-545.84%	0.16%
D&A (Non-Cash Add-back)	133K	180K	232K	358K	724K	1.45M	1.78M	1.86M	1.38M	824K
EBIT	-13.15M	-16.22M	-10.22M	-21.74M	-25.52M	-24.09M	-62.41M	-1.78M	-16.91M	-9.68M
Net Interest Income+	0	-724K	-795K	-668K	-608K	399K	-1.55M	-580K	32K	-10K
Interest Income	0	0	0	4K	178K	972K	141K	15K	32K	8K
Interest Expense	0	724K	795K	672K	786K	573K	1.69M	595K	0	18K
Other Income/Expense	-7K	-779K	-604K	-594K	314K	768K	-1.55M	-542K	-1.92M	2.54M
Pretax Income+	-13.15M	-16.94M	-11.01M	-22.41M	-26.3M	-24.67M	-64.1M	-2.37M	-16.91M	-9.69M
Pretax Margin %	-5.51%	-16.35%	-1.13%	-189.94%	-20.3%	-1.48%	132.72%	-0.08%	-	-19.39%
Income Tax+	0	0	0	0	0	0	0	209K	0	8K
Effective Tax Rate %	1%	1%	1%	1%	1%	1%	1%	1.09%	1%	1%
Net Income+	-13.15M	-16.94M	-11.01M	-22.41M	-26.3M	-24.67M	-64.1M	-2.58M	-16.91M	-9.7M
Net Margin %	-5.51%	-16.35%	-1.13%	-189.94%	-20.3%	-1.48%	132.72%	-0.09%	-	-19.4%
Net Income Growth %	-	-0.29%	0.35%	-1.04%	-0.17%	0.06%	-1.6%	0.96%	-5.55%	0.43%
Net Income (Continuing)	-13.15M	-16.94M	-11.01M	-22.41M	-26.3M	-24.67M	-64.1M	-2.58M	-16.91M	-9.7M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	-10.04	-12.88	-8.37	-16.32	-13.68	-8.49	-21.70	-0.56	-2.11	-1.59
EPS Growth %	-	-0.28%	0.35%	-0.95%	0.16%	0.38%	-1.56%	0.97%	-2.77%	0.25%
EPS (Basic)	-10.04	-12.93	-8.37	-16.32	-13.68	-8.49	-21.70	-0.56	-2.11	-1.59
Diluted Shares Outstanding	1.31M	1.32M	1.32M	1.37M	1.92M	2.91M	2.95M	4.62M	8.01M	6.1M
Basic Shares Outstanding	1.31M	1.31M	1.32M	1.37M	1.92M	2.91M	2.95M	4.62M	8.01M	6.1M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	19.2M	20.04M	27.64M	27.66M	112.78M	86.32M	43.67M	10.05M	2.02M	13.67M
Cash & Short-Term Investments	18.73M	19.62M	25.76M	26.27M	110.79M	82.08M	39.14M	8.58M	816K	12.51M
Cash Only	18.73M	19.62M	25.76M	26.27M	48.46M	33.26M	34.64M	8.58M	816K	12.51M
Short-Term Investments	0	0	0	0	62.33M	48.82M	4.5M	0	0	0
Accounts Receivable	294K	15K	30K	3K	35K	11K	0	0	250K	521K
Days Sales Outstanding	44.94	5.28	1.13	9.28	9.86	0.24	-	-	-	380.33
Inventory	0	0	0	646K	0	0	0	0	0	0
Days Inventory Outstanding	-	-	-	16.7	-	-	-	-	-	-
Other Current Assets	179K	0	0	746K	0	1.2M	1.28M	853K	24K	69K
Total Non-Current Assets+	417K	535K	1.35M	1.09M	2.49M	14.12M	21.2M	13.28M	9.56M	1.38M
Property, Plant & Equipment	385K	503K	1.32M	1.06M	2.46M	12.73M	11.88M	9.79M	6.57M	26K
Fixed Asset Turnover	6.20x	2.06x	7.38x	0.11x	0.53x	1.31x	-0.04x	2.95x	-	19.23x
Goodwill	0	0	0	0	0	0	0	0	0	0
Intangible Assets	0	0	0	0	0	0	0	0	0	0
Long-Term Investments	0	0	0	0	0	0	0	1.2M	1.2M	0
Other Non-Current Assets	32K	32K	32K	32K	32K	1.39M	9.32M	2.29M	1.78M	1.36M
Total Assets+	19.62M	20.58M	28.99M	28.76M	115.26M	100.44M	64.87M	23.33M	11.58M	15.06M
Asset Turnover	0.12x	0.05x	0.34x	0.00x	0.01x	0.17x	-0.01x	1.24x	-	0.03x
Asset Growth %	-	0.05%	0.41%	-0.01%	3.01%	-0.13%	-0.35%	-0.64%	-0.5%	0.3%
Total Current Liabilities+	1.34M	12.16M	3.36M	2.04M	31.09M	13.73M	34.07M	1.64M	2.51M	3.07M
Accounts Payable	635K	509K	1.05M	500K	1.81M	1.87M	3.41M	361K	1.63M	1.03M
Days Payables Outstanding	22.89	13.6	29.27	12.93	-	21.22	-	70.99	418.35	-
Short-Term Debt	0	1.21M	0	0	4.96M	0	6.87M	539K	0	0
Deferred Revenue (Current)	0	1000K	1000K	0	1000K	0	1000K	0	0	0
Other Current Liabilities	209K	0	0	0	1.22M	8.34M	0	707K	0	0
Current Ratio	14.30x	1.65x	8.24x	13.54x	3.63x	6.29x	1.28x	6.13x	0.81x	4.45x
Quick Ratio	14.30x	1.65x	8.24x	13.22x	3.63x	6.29x	1.28x	6.13x	0.81x	4.45x
Cash Conversion Cycle	-	-	-	13.05	-	-	-	-	-	-
Total Non-Current Liabilities+	48K	5.97M	5.66M	5.76M	3.43M	25.2M	19.57M	6.77M	6.04M	5.21M
Long-Term Debt	0	4.45M	4.86M	4.92M	0	16.59M	0	0	0	0
Capital Lease Obligations	0	-201K	0	0	59K	7.96M	7.4M	6.77M	6.04M	5.21M
Deferred Tax Liabilities	0	201K	0	0	0	0	0	0	0	0
Other Non-Current Liabilities	48K	281K	801K	836K	414K	656K	656K	0	0	0
Total Liabilities	1.39M	18.13M	9.01M	7.8M	34.52M	38.94M	53.64M	8.41M	8.55M	8.28M
Total Debt+	0	5.67M	4.86M	4.92M	5.32M	24.77M	14.74M	7.31M	6.67M	5.93M
Net Debt	-18.73M	-13.96M	-20.91M	-21.34M	-43.14M	-8.49M	-19.91M	-1.27M	5.85M	-6.57M
Debt / Equity	-	2.31x	0.24x	0.24x	0.07x	0.40x	1.31x	0.49x	2.20x	0.88x
Debt / EBITDA	-	-	-	-	-	-	-	292.24x	-	-
Net Debt / EBITDA	-	-	-	-	-	-	-	-50.84x	-	-
Interest Coverage	-	-22.32x	-13.09x	-32.47x	-33.86x	-44.39x	-36.99x	-3.08x	-	-679.56x
Total Equity+	18.23M	2.45M	19.98M	20.95M	80.75M	61.51M	11.23M	14.92M	3.03M	6.77M
Equity Growth %	-	-0.87%	7.16%	0.05%	2.85%	-0.24%	-0.82%	0.33%	-0.8%	1.23%
Book Value per Share	13.92	1.86	15.19	15.26	42.00	21.16	3.80	3.23	0.38	1.11
Total Shareholders' Equity	18.23M	2.45M	19.98M	20.95M	80.75M	61.51M	11.23M	14.92M	3.03M	6.77M
Common Stock	18.29M	17.58M	4K	4K	9K	9K	11K	0	0	1K
Retained Earnings	-5.66M	-22.6M	-33.62M	-54.99M	-81.3M	-105.97M	-170.07M	-172.65M	-189.56M	-199.26M
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	-18.29M	-17.58M	0	0	-27K	83K	-2K	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	-12.2M	-5.05M	-19.79M	-19.49M	1.32M	-39.27M	-34.82M	-35.66M	-10.36M	-2.91M
Operating CF Margin %	-5.11%	-4.87%	-2.04%	-165.14%	1.02%	-2.36%	72.09%	-1.24%	-	-5.82%
Operating CF Growth %	-	0.59%	-2.92%	0.02%	1.07%	-30.82%	0.11%	-0.02%	0.71%	0.72%
Net Income	-13.15M	-16.94M	-11.01M	-22.41M	-26.3M	-24.67M	-64.1M	-2.58M	-16.91M	-9.7M
Depreciation & Amortization	133K	180K	232K	358K	724K	1.45M	1.78M	1.86M	1.38M	824K
Stock-Based Compensation	370K	682K	1.46M	1.81M	1.84M	2.18M	2.94M	1.37M	1.35M	22K
Deferred Taxes	0	67K	-214K	274K	-386K	0	0	0	0	0
Other Non-Cash Items	300K	260K	-25K	496K	228K	99K	460K	514K	2.92M	5.31M
Working Capital Changes	446K	10.77M	-10.45M	-11K	25.21M	-18.33M	24.11M	-36.81M	914K	631K
Change in Receivables	354K	237K	-13K	10K	-32K	24K	11K	0	0	-506K
Change in Inventory	0	1.35M	-2.35M	775K	-372K	0	0	0	0	0
Change in Payables	-18K	-126K	195K	-557K	789K	364K	1.58M	-3.05M	1.27M	-193K
Cash from Investing+	-12K	-394K	-926K	-94K	-63.43M	10.14M	43.09M	4.7M	-1.08M	0
Capital Expenditures	-12K	-394K	-926K	-94K	-1.08M	-3.17M	-968K	-10K	0	0
CapEx % of Revenue	0.01%	0.38%	0.1%	0.8%	0.83%	0.19%	-2%	0%	-	-
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	0	0	0	0	0	0	0	205K	922K	0
Cash from Financing+	19.61M	6.34M	26.86M	20.09M	84.31M	15.13M	1.12M	-3.1M	3.67M	13.4M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	0	-114K	-3.66M	-1.92M	-6.44M	-344K	-362K	-645K	-1.77M	0
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	-12.21M	-5.44M	-20.71M	-19.58M	235K	-42.44M	-35.79M	-35.67M	-10.36M	-2.91M
FCF Margin %	-5.11%	-5.25%	-2.13%	-165.94%	0.18%	-2.55%	74.09%	-1.24%	-	-5.82%
FCF Growth %	-	0.55%	-2.81%	0.05%	1.01%	-181.6%	0.16%	0%	0.71%	0.72%
FCF per Share	-9.32	-4.14	-15.75	-14.26	0.12	-14.60	-12.12	-7.72	-1.29	-0.48
FCF Conversion (FCF/Net Income)	0.93x	0.30x	1.80x	0.87x	-0.05x	1.59x	0.54x	13.81x	0.61x	0.30x
Interest Paid	0	0	0	0	0	0	0	0	0	0
Taxes Paid	0	0	0	0	0	0	0	0	0	0

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	-72.14%	-163.86%	-98.21%	-109.53%	-51.73%	-34.68%	-176.25%	-19.74%	-188.43%	-197.92%
Return on Invested Capital (ROIC)	-	-	-	-	-107.29%	-42.1%	-211.6%	-55.21%	-99.84%	-202.09%
Gross Margin	-323.95%	-1218.44%	-34.58%	-11865.25%	100%	-93.19%	100%	93.56%	-	100%
Net Margin	-550.71%	-1635.23%	-113.29%	-18994.07%	-2029.55%	-148.49%	13271.64%	-8.96%	-	-1940.2%
Debt / Equity	-	2.31x	0.24x	0.24x	0.07x	0.40x	1.31x	0.49x	2.20x	0.88x
Interest Coverage	-	-22.32x	-13.09x	-32.47x	-33.86x	-44.39x	-36.99x	-3.08x	-	-679.56x
FCF Conversion	0.93x	0.30x	1.80x	0.87x	-0.05x	1.59x	0.54x	13.81x	0.61x	0.30x
Revenue Growth	-	-56.62%	838.13%	-98.79%	998.31%	1181.87%	-102.91%	6068.12%	-100%	-

Frequently Asked Questions

Growth & Financials

Exicure, Inc. (XCUR) reported $0.5M in revenue for fiscal year 2024. This represents a 79% decrease from $2.4M in 2015.

Exicure, Inc. (XCUR) grew revenue by 0.0% over the past year. Growth has been modest.

Exicure, Inc. (XCUR) reported a net loss of $9.2M for fiscal year 2024.

Dividend & Returns

Exicure, Inc. (XCUR) has a return on equity (ROE) of -197.9%. Negative ROE indicates the company is unprofitable.

Exicure, Inc. (XCUR) had negative free cash flow of $5.0M in fiscal year 2024, likely due to heavy capital investments.