Financial stability is increasingly compromised as total equity has contracted significantly from $11.4 million in 2025Q1 to $2.1 million in 2026Q1, while $4.4 million in goodwill remains on the books.
| Total Current Assets | 3.53M | 4.62M | 13.67M | 2.02M | 10.05M | 43.67M | 86.32M | 112.78M | 27.66M | 27.64M | 20.04M | 19.2M |
| Cash & Short-Term Investments | 2.6M | 3.75M | 12.51M | 816K | 8.58M | 39.14M | 82.08M | 110.79M | 26.27M | 25.76M | 19.62M | 18.73M |
| Cash Only | 2.6M | 3.75M | 12.51M | 816K | 8.58M | 34.64M | 33.26M | 48.46M | 26.27M | 25.76M | 19.62M | 18.73M |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 4.5M | 48.82M | 62.33M | 0 | 0 | 0 | 0 |
| Accounts Receivable | 60K | 58K | 521K | 250K | 0 | 0 | 11K | 35K | 3K | 30K | 15K | 294K |
| Days Sales Outstanding | - | - | 380.33 | - | - | - | 0.24 | 9.86 | 9.28 | 1.13 | 5.28 | 44.94 |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 646K | 0 | 0 | 0 |
| Days Inventory Outstanding | - | - | - | - | - | - | - | - | 16.7 | - | - | - |
| Other Current Assets | 868K | 820K | 69K | 24K | 853K | 1.28M | 1.2M | 0 | 746K | 0 | 0 | 179K |
| Total Non-Current Assets | 9.22M | 9.42M | 1.38M | 9.56M | 13.28M | 21.2M | 14.12M | 2.49M | 1.09M | 1.35M | 535K | 417K |
| Property, Plant & Equipment | 219K | 306K | 26K | 6.57M | 9.79M | 11.88M | 12.73M | 2.46M | 1.06M | 1.32M | 503K | 385K |
| Fixed Asset Turnover | 0.00x | - | 19.23x | - | 2.95x | -0.04x | 1.31x | 0.53x | 0.11x | 7.38x | 2.06x | 6.20x |
| Goodwill | 4.4M | 4.4M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 3.78M | 3.78M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 0 | 0 | 0 | 1.2M | 1.2M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 821K | 928K | 1.36M | 1.78M | 2.29M | 9.32M | 1.39M | 32K | 32K | 32K | 32K | 32K |
| Total Assets | 12.76M | 14.04M | 15.06M | 11.58M | 23.33M | 64.87M | 100.44M | 115.26M | 28.76M | 28.99M | 20.58M | 19.62M |
| Asset Turnover | 0.00x | - | 0.03x | - | 1.24x | -0.01x | 0.17x | 0.01x | 0.00x | 0.34x | 0.05x | 0.12x |
| Asset Growth % | 73.86% | -6.74% | 30.02% | -50.36% | -64.04% | -35.42% | -12.86% | 300.83% | -0.8% | 40.88% | 4.87% | - |
| Total Current Liabilities | 4.46M | 3.89M | 3.07M | 2.51M | 1.64M | 34.07M | 13.73M | 31.09M | 2.04M | 3.36M | 12.16M | 1.34M |
| Accounts Payable | 2.44M | 1.69M | 1.03M | 1.63M | 361K | 3.41M | 1.87M | 1.81M | 500K | 1.05M | 509K | 635K |
| Days Payables Outstanding | 2.53K | 1.34K | - | 418.35 | 70.99 | - | 21.22 | - | 12.93 | 29.27 | 13.6 | 22.89 |
| Short-Term Debt | 22K | 176K | 0 | 0 | 539K | 6.87M | 0 | 4.96M | 0 | 0 | 1.21M | 0 |
| Deferred Revenue (Current) | 0 | 0 | 0 | 0 | 0 | 17.32M | 0 | 21.87M | 0 | 1.03M | 8.28M | 0 |
| Other Current Liabilities | 1.99M | 2.02M | 0 | 0 | 707K | 0 | 8.34M | 1.22M | 0 | 0 | 0 | 209K |
| Current Ratio | 0.79x | 1.19x | 4.45x | 0.81x | 6.13x | 1.28x | 6.29x | 3.63x | 13.54x | 8.24x | 1.65x | 14.30x |
| Quick Ratio | 0.79x | 1.19x | 4.45x | 0.81x | 6.13x | 1.28x | 6.29x | 3.63x | 13.22x | 8.24x | 1.65x | 14.30x |
| Cash Conversion Cycle | - | - | - | - | - | - | - | - | 13.05 | - | - | - |
| Total Non-Current Liabilities | 6.2M | 6.23M | 5.21M | 6.04M | 6.77M | 19.57M | 25.2M | 3.43M | 5.76M | 5.66M | 5.97M | 48K |
| Long-Term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 16.59M | 0 | 4.92M | 4.86M | 4.45M | 0 |
| Capital Lease Obligations | 26K | 0 | 5.21M | 6.04M | 6.77M | 7.4M | 7.96M | 59K | 0 | 0 | -201K | 0 |
| Deferred Tax Liabilities | 846K | 423K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 201K | 0 |
| Other Non-Current Liabilities | 5.77M | 5.8M | 0 | 0 | 0 | 656K | 656K | 414K | 836K | 801K | 281K | 48K |
| Total Liabilities | 10.66M | 10.12M | 8.28M | 8.55M | 8.41M | 53.64M | 38.94M | 34.52M | 7.8M | 9.01M | 18.13M | 1.39M |
| Total Debt | 22K | 176K | 5.93M | 6.67M | 7.31M | 14.74M | 24.77M | 5.32M | 4.92M | 4.86M | 5.67M | 0 |
| Net Debt | -2.58M | -3.57M | -6.57M | 5.85M | -1.27M | -19.91M | -8.49M | -43.14M | -21.34M | -20.91M | -13.96M | -18.73M |
| Debt / Equity | 0.01x | 0.04x | 0.88x | 2.20x | 0.49x | 1.31x | 0.40x | 0.07x | 0.24x | 0.24x | 2.31x | - |
| Debt / EBITDA | -0.00x | - | - | - | 292.24x | - | - | - | - | - | - | - |
| Net Debt / EBITDA | 0.31x | - | - | - | -50.84x | - | - | - | - | - | - | - |
| Interest Coverage | -8745.00x | -10117.00x | -537.50x | - | -2.99x | -36.91x | -42.05x | -32.46x | -32.35x | -12.85x | -22.40x | - |
| Total Equity | 2.1M | 3.93M | 6.77M | 3.03M | 14.92M | 11.23M | 61.51M | 80.75M | 20.95M | 19.98M | 2.45M | 18.23M |
| Equity Growth % | 674.23% | -42.03% | 123.42% | -79.69% | 32.85% | -81.74% | -23.83% | 285.39% | 4.89% | 715.97% | -86.57% | - |
| Book Value per Share | 0.33 | 0.62 | 1.11 | 0.38 | 3.23 | 3.80 | 21.16 | 42.00 | 15.26 | 15.19 | 1.86 | 13.92 |
| Total Shareholders' Equity | 2.1M | 3.93M | 6.77M | 3.03M | 14.92M | 11.23M | 61.51M | 80.75M | 20.95M | 19.98M | 2.45M | 18.23M |
| Common Stock | 1K | 1K | 1K | 0 | 0 | 11K | 9K | 9K | 4K | 4K | 17.58M | 18.29M |
| Retained Earnings | -206.04M | -204.21M | -199.26M | -189.56M | -172.65M | -170.07M | -105.97M | -81.3M | -54.99M | -33.62M | -22.6M | -5.66M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | -2K | -2K | 0 | 0 | 0 | -2K | 83K | -27K | 0 | 0 | -17.58M | -18.29M |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Imminent Liquidity Exhaustion
As reported in recent financial statements, Exicure's cash position has dwindled to $3.7 million as of 2025Q4, representing a significant decline from the $12.5 million held in 2024Q4, which suggests the company is rapidly approaching a critical liquidity threshold that may necessitate immediate external financing.
The current ratio of 1.19 indicates that the company possesses barely enough liquid assets to cover its short-term obligations, leaving almost no margin for operational error. This precarious liquidity profile suggests that the firm is highly susceptible to any further delays in research milestones or unexpected increases in operating costs.
Based on the provided quarterly data, total assets have contracted from $20.7 million in 2025Q1 to $14.0 million by 2025Q4, a trend that underscores the company's deteriorating financial health as it consumes its remaining capital to sustain non-revenue-generating research and development activities.
The consistent decline in total assets, coupled with the persistent accumulation of a $204.2 million deficit in retained earnings, suggests that the business model is currently failing to create long-term value. Investors should monitor whether the company can stabilize its asset base before the current cash reserves are fully exhausted.
According to the balance sheet, equity has shrunk from $11.4 million in 2025Q1 to $3.9 million in 2025Q4, a contraction driven by the relentless accumulation of losses that suggests the company's book value is being rapidly eroded by ongoing operational expenditures.
The significant negative retained earnings balance indicates that historical capital allocation has not yielded sustainable commercial success, leaving shareholders with a diminishing claim on the firm's assets. This trend suggests that future equity financing, if pursued, would likely result in substantial dilution for existing investors.
As indicated by the 2026Q1 balance sheet, the company carries $4.4 million in goodwill, which represents a substantial portion of its $12.8 million in total assets and warrants further investigation regarding potential impairment risks given the company's current distressed operational status.
The presence of significant intangible assets on a balance sheet for a company with no revenue and minimal cash suggests that the reported asset value may be disconnected from the firm's actual liquidation value. If the underlying technology fails to attract new partnerships, this goodwill could be subject to a material write-down, further weakening the equity position.
Quick answers to the most common questions about buying XCUR stock.
As of 2025, Exicure, Inc. (XCUR) had total assets of $14.0M including $4.6M in current assets.
Exicure, Inc. (XCUR) carries total debt of $0.2M, offset by $3.7M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Exicure, Inc. (XCUR) has total shareholders' equity (book value) of $3.9M ($0.62 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Exicure, Inc. (XCUR) reported a current ratio of 1.19x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.