Latest Ratios: P/E Ratio -2.4x · EV/EBITDA N/A · ROE -92.5%. (2015–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $12M | $34M | $83M | $23M | $27M | $90M | $772M | $825M | $729M | — | — |
| Enterprise Value | $9M | $31M | $77M | $29M | $25M | $70M | $763M | $782M | $708M | — | — |
| P/E Ratio → | -2.41 | — | — | — | — | — | — | — | — | — | — |
| P/S Ratio | — | — | 166.90 | — | 0.92 | — | 46.45 | 636.35 | 6178.37 | — | — |
| P/B Ratio | 3.05 | 8.69 | 12.32 | 7.67 | 1.78 | 7.97 | 12.55 | 10.21 | 34.80 | — | — |
| P/FCF | — | — | — | — | — | — | — | 3509.39 | — | — | — |
| P/OCF | — | — | — | — | — | — | — | 626.20 | — | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | — | 153.76 | — | 0.88 | — | 45.94 | 603.06 | 5997.50 | — | — |
| EV / EBITDA | — | — | — | — | 1011.64 | — | — | — | — | — | — |
| EV / EBIT | — | — | — | — | — | — | — | — | — | — | — |
| EV / FCF | — | — | — | — | — | — | — | 3325.79 | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | — | — | 100.0% | — | 93.6% | 100.0% | -93.2% | 100.0% | -11865.3% | -34.6% | -1218.4% |
| Operating Margin | — | — | -2446.4% | — | -6.4% | 12950.1% | -153.1% | -2053.8% | -18490.7% | -107.1% | -1560.0% |
| Net Profit Margin | — | — | -1940.2% | — | -9.0% | 13271.6% | -148.5% | -2029.6% | -18994.1% | -113.3% | -1635.2% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -92.5% | -92.5% | -197.9% | -188.4% | -19.7% | -176.3% | -34.7% | -51.7% | -109.5% | -98.2% | -163.9% |
| ROA | -34.0% | -34.0% | -72.8% | -96.9% | -5.9% | -77.6% | -22.9% | -36.5% | -77.6% | -44.4% | -84.3% |
| ROIC | -2734.3% | -2734.3% | -202.1% | -99.8% | -55.2% | -211.6% | -42.1% | -107.3% | — | — | — |
| ROCE | -91.4% | -91.4% | -116.2% | -97.5% | -7.0% | -106.5% | -29.8% | -48.0% | -83.4% | -61.1% | -121.1% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.04 | 0.04 | 0.88 | 2.20 | 0.49 | 1.31 | 0.40 | 0.07 | 0.24 | 0.24 | 2.31 |
| Debt / EBITDA | — | — | — | — | 292.24 | — | — | — | — | — | — |
| Net Debt / Equity | — | -0.91 | -0.97 | 1.93 | -0.09 | -1.77 | -0.14 | -0.53 | -1.02 | -1.05 | -5.70 |
| Net Debt / EBITDA | — | — | — | — | -50.84 | — | — | — | — | — | — |
| Debt / FCF | — | — | — | — | — | — | — | -183.59 | — | — | — |
| Interest Coverage | -10117.00 | -10117.00 | -537.50 | — | -2.99 | -36.91 | -42.05 | -32.46 | -32.35 | -12.85 | -22.40 |
Net cash position: cash ($4M) exceeds total debt ($176000)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.19 | 1.19 | 4.45 | 0.81 | 6.13 | 1.28 | 6.29 | 3.63 | 13.54 | 8.24 | 1.65 |
| Quick Ratio | 1.19 | 1.19 | 4.45 | 0.81 | 6.13 | 1.28 | 6.29 | 3.63 | 13.22 | 8.24 | 1.65 |
| Cash Ratio | 0.96 | 0.96 | 4.07 | 0.33 | 5.23 | 1.15 | 5.98 | 3.56 | 12.86 | 7.68 | 1.61 |
| Asset Turnover | — | — | 0.03 | — | 1.24 | -0.01 | 0.17 | 0.01 | 0.00 | 0.34 | 0.05 |
| Inventory Turnover | — | — | — | — | — | — | — | — | 21.86 | — | — |
| Days Sales Outstanding | — | — | 380.33 | — | — | — | 0.24 | 9.86 | 9.28 | 1.13 | 5.28 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | — | — | — | — | — | — |
| FCF Yield | — | — | — | — | — | — | — | 0.0% | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — | — |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — | — |
| Shares Outstanding | — | $6M | $6M | $8M | $5M | $3M | $3M | $2M | $1M | $1M | $1M |
Imminent Liquidity Exhaustion
As reported in financial statements, Exicure's P/B ratio of 4.01 suggests that the market continues to assign a premium to the company's intellectual property despite the total cessation of revenue, indicating that investors are pricing the firm as a speculative distressed asset rather than a functional biotech.
The negative P/E ratio of -3.16 confirms the absence of earnings, rendering traditional valuation multiples largely irrelevant for assessing the company's fundamental worth. Investors should monitor whether the current valuation is supported by the residual value of the SNA patent portfolio or if it represents a speculative bubble awaiting further dilution.
Based on the provided quarterly data, the ROIC has consistently remained in deep negative territory, reaching -105.4% in 2025Q4, which highlights the company's inability to generate any return on its invested capital while it continues to consume resources for non-revenue-generating research and development activities.
The persistent decay in ROIC suggests that the firm's capital allocation strategy has failed to achieve proof-of-concept for its SNA platform. This trend warrants further investigation into whether the company's remaining assets can be pivoted toward a more efficient model or if the current trajectory will lead to total capital erosion.
According to recent SEC filings, the company's quick ratio has fluctuated significantly, dropping to 0.79 in 2026Q1, which indicates that Exicure's ability to cover its immediate liabilities is becoming increasingly strained as cash reserves are depleted by ongoing operational expenses and the lack of incoming milestone payments.
The decline in the quick ratio suggests that the company is approaching a critical liquidity threshold where it may struggle to meet its short-term obligations. This vulnerability implies that the firm is highly dependent on external financing or a strategic transaction to avoid insolvency in the near term.
As indicated by the company's financial trajectory, the P/B ratio is the most commonly misapplied metric for Exicure, as it obscures the reality that the firm's book value is heavily comprised of intangible assets and goodwill that may be subject to significant impairment in a liquidation scenario.
Analysts should instead focus on the cash burn rate and the remaining runway, as these metrics provide a more accurate assessment of the company's survival probability. Relying on book value in a pre-revenue, distressed biotech context may lead to a dangerous underestimation of the risk of total capital loss.
Includes 30+ ratios · 11 years · Updated daily
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Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying XCUR stock.
Exicure, Inc.'s current P/E ratio is -2.4x. This places it at the 50th percentile of its historical range.
Exicure, Inc.'s return on equity (ROE) is -92.5%. The historical average is -109.5%.
Based on historical data, Exicure, Inc. is trading at a P/E of -2.4x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.