The firm continues to burn capital at an unsustainable rate, with negative free cash flow exceeding $1 million in 2026Q1 and a dwindling cash position of only $2.6 million.
Exicure, Inc. (XCUR) cash flow statement — 11-year operating, investing & financing cash flows
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 |
|---|
| Cash from Operations | -6.7M | -8.55M | -2.91M | -10.36M | -35.66M | -34.82M | -39.27M | 1.32M | -19.49M | -19.79M | -5.05M | -12.2M |
| Operating CF Margin % | - | - | -582% | - | -123.7% | 7208.9% | -236.38% | 101.62% | -16514.41% | -203.61% | -487.45% | -510.97% |
| Operating CF Growth % | -631.82% | -193.99% | 71.9% | 70.95% | -2.41% | 11.33% | -3081.78% | 106.76% | 1.53% | -291.86% | 58.61% | - |
| Net Income | -8.28M | -4.95M | -9.7M | -16.91M | -2.58M | -64.1M | -24.67M | -26.3M | -22.41M | -11.01M | -16.94M | -13.15M |
| Depreciation & Amortization | 565K | 460K | 824K | 1.38M | 1.86M | 1.78M | 1.45M | 724K | 358K | 232K | 180K | 133K |
| Stock-Based Compensation | 2K | 2K | 22K | 1.35M | 1.37M | 2.94M | 2.18M | 1.84M | 1.81M | 1.46M | 682K | 370K |
| Deferred Taxes | -634K | -634K | 0 | 0 | 0 | 0 | 0 | -386K | 274K | -214K | 67K | 0 |
| Other Non-Cash Items | 6.35M | -4.58M | 5.31M | 2.92M | 514K | 460K | 99K | 228K | 496K | -25K | 260K | 300K |
| Working Capital Changes | 233K | 1.14M | 631K | 914K | -36.81M | 24.11M | -18.33M | 25.21M | -11K | -10.45M | 10.77M | 446K |
| Change in Receivables | -94K | 1.34M | -506K | 0 | 0 | 11K | 24K | -32K | 10K | -13K | 237K | 354K |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -372K | 775K | -2.35M | 1.35M | 0 |
| Change in Payables | 369K | 177K | -193K | 1.27M | -3.05M | 1.58M | 364K | 789K | -557K | 195K | -126K | -18K |
| Cash from Investing | 563K | -1.81M | 0 | -1.08M | 4.7M | 43.09M | 10.14M | -63.43M | -94K | -926K | -394K | -12K |
| Capital Expenditures | 105K | -1K | 0 | 0 | -10K | -968K | -3.17M | -1.08M | -94K | -926K | -394K | -12K |
| CapEx % of Revenue | - | - | - | - | 0.03% | -200.41% | 19.09% | 83.49% | 79.66% | 9.53% | 38.03% | 0.5% |
| Acquisitions | 0 | -1.81M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 458K | 0 | 0 | 922K | 205K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Financing | 0 | 1.6M | 13.4M | 3.67M | -3.1M | 1.12M | 15.13M | 84.31M | 20.09M | 26.86M | 6.34M | 19.61M |
| Debt Issued (Net) | 0 | 0 | 1M | 0 | -7.5M | -10M | 12.5M | 0 | 0 | -1M | 6M | -112K |
| Equity Issued (Net) | 0 | 1.6M | 12.4M | 5.44M | 5.04M | 11.48M | 2.97M | 90.75M | 22M | 31.51M | 450K | 19.73M |
| Dividends Paid | -79K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 79K | 0 | 0 | -1.77M | -645K | -362K | -344K | -6.44M | -1.92M | -3.66M | -114K | 0 |
| Net Change in Cash | -6.14M | -8.76M | 10.49M | -7.76M | -34.07M | 9.38M | -14M | 22.19M | 504K | 6.14M | 892K | 7.4M |
| Free Cash Flow | -6.38M | -8.56M | -2.91M | -10.36M | -35.67M | -35.79M | -42.44M | 235K | -19.58M | -20.71M | -5.44M | -12.21M |
| FCF Margin % | - | - | -582% | - | -123.74% | 7409.32% | -255.47% | 18.13% | -16594.07% | -213.14% | -525.48% | -511.47% |
| FCF Growth % | -16.22% | -194.02% | 71.9% | 70.96% | 0.33% | 15.68% | -18160% | 101.2% | 5.47% | -280.51% | 55.43% | - |
| FCF per Share | -1.00 | -1.36 | -0.48 | -1.29 | -7.72 | -12.12 | -14.60 | 0.12 | -14.26 | -15.75 | -4.14 | -9.32 |
| FCF Conversion (FCF/Net Income) | 0.77x | 1.73x | 0.30x | 0.61x | 13.81x | 0.54x | 1.59x | -0.05x | 0.87x | 1.80x | 0.30x | 0.93x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Quick answers to the most common questions about buying XCUR stock.
Exicure, Inc. (XCUR) generated $-8.6M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Exicure, Inc. (XCUR) reported negative free cash flow of $8.6M in 2025, indicating capital requirements exceeded cash from operations.
Exicure, Inc. (XCUR) spent $0.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
Key Metrics
Top Statement Risk
Imminent Liquidity Exhaustion
Metrics are mathematically derived from official filings.
Earnings Disconnect Masks Cash Drain
As reported in financial statements, Exicure's operating cash flow frequently deviates from net income, with the OCF/NI ratio fluctuating wildly between 0.12 and 1.94, suggesting that non-cash items and working capital volatility are obscuring the underlying reality of the company's persistent and accelerating cash burn.
The lack of a stable relationship between net income and operating cash flow indicates that accounting accruals are significantly distorting the firm's true financial health. Investors should monitor this divergence, as it suggests that reported losses may not fully capture the immediate liquidity pressure facing the organization.
Negative Free Cash Flow Trajectory
Based on Exicure's reported figures, the company has consistently generated negative free cash flow, with quarterly outflows frequently exceeding $1 million, which underscores the firm's inability to self-fund operations in the absence of milestone-driven revenue or a viable commercial product pipeline to offset research expenditures.
The persistent negative FCF trajectory confirms that the company is in a state of capital consumption rather than value creation. This trend appears unsustainable, as the firm lacks the operational scale to bridge the gap between its high fixed-cost base and its current lack of revenue generation.
Working Capital Volatility Signals Instability
According to recent SEC filings, Exicure's working capital changes have been highly erratic, swinging from a $1.3 million inflow in 2025Q1 to a $1.3 million outflow in 2025Q3, which suggests that the company is managing its liquidity through lumpy, unpredictable shifts in payables and receivables.
Such volatility in working capital often indicates a reactive approach to cash management rather than a strategic one. This instability warrants further investigation, as it may reflect the company's struggle to manage vendor obligations while simultaneously attempting to preserve its dwindling cash reserves.
Accounting Nuances Obscure Burn Reality
Based on the provided data, the company's cash flow statement is heavily influenced by non-cash adjustments and working capital swings, which may mask the true severity of the cash burn rate by shifting the timing of liabilities rather than addressing the core lack of operational revenue.
The reliance on these accounting adjustments appears to be a temporary measure to manage the appearance of liquidity. Analysts should be wary of these figures, as they do not represent a sustainable path toward operational solvency or a reduction in the company's reliance on external financing.