Delaware | 000-55764 | 81-5333008 |
(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
o | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
o | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
o | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
o | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Title of each class | Trading symbol(s) | Name of each exchange on which registered | ||
Common Stock, par value $0.0001 per share | XCUR | The Nasdaq Capital Market |
Date: November 7, 2019 | EXICURE, INC. | |
By: | /s/ David A. Giljohann | |
David A. Giljohann, Ph.D. | ||
Chief Executive Officer |
Exhibit 99.1 | |
• | AST-008 Phase 1b/2 clinical trial on track |
◦ | As of November 1, 2019, we have dosed 13 patients in the first four cohorts of the Phase 1b stage of the clinical trial; |
◦ | No treatment related adverse events or dose-limiting toxicity was observed; |
◦ | Expect to disclose preliminary results from the Phase 1b in December of 2019. |
• | Presented Positive Biomarker Results from Clinical Trial of XCUR17 |
◦ | Presentation at Oligonucleotide Therapeutics Society highlighted work by Dr. James Krueger at The Rockefeller University, in collaboration with Exicure, which examined the effects of XCUR17 on skin biopsies collected from patients in the Phase 1 trial; |
◦ | Clinical findings in the Phase 1 trial matched reductions in keratin 16 protein and epidermal thickness observed in the patient biopsies; |
◦ | Clinical findings were also shown to be correlated with downstream psoriasis-related inflammation markers including reductions in beta defensin 4A, interleukin 19, and interleukin 36A versus psoriatic skin at baseline. |
• | Enhanced Financial Resources |
◦ | Closed oversubscribed underwritten public offering of 31,625,000 shares of common stock at $2.00 per share for gross proceeds of $63.3 million with net proceeds of approximately of $58.8 million; |
◦ | Up-listed from the OTC to the Nasdaq Stock Market. |
September 30, 2019 | December 31, 2018 | ||||||
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 |
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 |
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