$XCUR
Exicure Inc

2018 Q2 Form 10-Q Financial Statement

#000169853018000021 Filed on May 15, 2018

View on sec.gov

Income Statement

Concept 2018 Q2 2018 Q1 2017 Q1
Revenue $19.00K $36.00K $2.432M
YoY Change -99.29% -98.52%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $1.990M $2.050M $1.430M
YoY Change -5.69% 43.36%
% of Gross Profit
Research & Development $3.835M $3.275M $3.488M
YoY Change 16.18% -6.11%
% of Gross Profit
Depreciation & Amortization $90.00K $90.00K $40.00K
YoY Change 80.0% 125.0%
% of Gross Profit
Operating Expenses $5.823M $5.320M $4.914M
YoY Change 7.61% 8.26%
Operating Profit -$5.804M -$5.284M -$2.482M
YoY Change 113.7% 112.89%
Interest Expense $166.0K $161.0K $204.0K
YoY Change -21.33% -21.08%
% of Operating Profit
Other Income/Expense, Net -$1.021M -$225.0K -$170.0K
YoY Change 280.97% 32.35%
Pretax Income -$6.830M -$5.510M -$2.650M
YoY Change 129.19% 107.92%
Income Tax $0.00 $0.00 $0.00
% Of Pretax Income
Net Earnings -$6.825M -$5.509M -$2.652M
YoY Change 128.72% 107.73%
Net Earnings / Revenue -35921.05% -15302.78% -109.05%
Basic Earnings Per Share
Diluted Earnings Per Share -$173.1K -$140.0K -$67.17K
COMMON SHARES
Basic Shares Outstanding 39.45M shares 39.45M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2018 Q2 2018 Q1 2017 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $16.40M $21.10M
YoY Change
Cash & Equivalents $16.38M $21.12M $12.42M
Short-Term Investments
Other Short-Term Assets $1.600M $1.900M
YoY Change
Inventory
Prepaid Expenses
Receivables $22.00K $0.00
Other Receivables $100.0K $0.00
Total Short-Term Assets $18.07M $23.05M
YoY Change
LONG-TERM ASSETS
Property, Plant & Equipment $1.206M $1.275M
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $64.00K $32.00K
YoY Change
Total Long-Term Assets $1.270M $1.307M
YoY Change
TOTAL ASSETS
Total Short-Term Assets $18.07M $23.05M
Total Long-Term Assets $1.270M $1.307M
Total Assets $19.34M $24.35M
YoY Change
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.045M $974.0K
YoY Change
Accrued Expenses $1.652M $1.265M
YoY Change
Deferred Revenue $0.00
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $1.570M $776.0K
YoY Change
Total Short-Term Liabilities $4.267M $3.015M
YoY Change
LONG-TERM LIABILITIES
Long-Term Debt $3.333M $4.103M
YoY Change
Other Long-Term Liabilities $275.0K $277.0K
YoY Change
Total Long-Term Liabilities $3.608M $4.380M
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $4.267M $3.015M
Total Long-Term Liabilities $3.608M $4.380M
Total Liabilities $9.441M $8.046M
YoY Change
SHAREHOLDERS EQUITY
Retained Earnings -$44.92M -$38.09M
YoY Change
Common Stock $4.000K $4.000K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $9.902M $16.31M
YoY Change
Total Liabilities & Shareholders Equity $19.34M $24.35M
YoY Change

Cashflow Statement

Concept 2018 Q2 2018 Q1 2017 Q1
OPERATING ACTIVITIES
Net Income -$6.825M -$5.509M -$2.652M
YoY Change 128.72% 107.73%
Depreciation, Depletion And Amortization $90.00K $90.00K $40.00K
YoY Change 80.0% 125.0%
Cash From Operating Activities -$4.680M -$4.647M -$6.997M
YoY Change 35.65% -33.59%
INVESTING ACTIVITIES
Capital Expenditures -$60.00K $0.00 $245.0K
YoY Change -57.14% -100.0%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$60.00K $0.00 -$245.0K
YoY Change -57.14% -100.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 0.000 $7.000K $43.00K
YoY Change -83.72%
NET CHANGE
Cash From Operating Activities -4.680M -$4.647M -$6.997M
Cash From Investing Activities -60.00K $0.00 -$245.0K
Cash From Financing Activities 0.000 $7.000K $43.00K
Net Change In Cash -4.740M -$4.640M -$7.199M
YoY Change 32.03% -35.55%
FREE CASH FLOW
Cash From Operating Activities -$4.680M -$4.647M -$6.997M
Capital Expenditures -$60.00K $0.00 $245.0K
Free Cash Flow -$4.620M -$4.647M -$7.242M
YoY Change 39.58% -35.83%

Facts In Submission

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202000 USD
CY2018Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
18000 USD
CY2018Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
2638 shares
CY2018Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
674279 shares
CY2017Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
2.92
CY2018Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
2.13
CY2017Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
3672620 shares
CY2018Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
4335729 shares
CY2017Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
1.79
CY2018Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
1.98
CY2018Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableAggregateIntrinsicValue
5190000 USD
CY2017Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingAggregateIntrinsicValue
5221000 USD
CY2018Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingAggregateIntrinsicValue
5221000 USD
CY2018Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber
3916640 shares
CY2018Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageExercisePrice
2.11
CY2018Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
0.86
CY2018Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
1.03
CY2018Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
3.00
CY2017Q1 us-gaap Share Price
SharePrice
4.21
CY2018Q1 us-gaap Share Price
SharePrice
3.00
CY2018Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
4245000 USD
CY2018Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P7Y
CY2017 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P7Y6M
CY2018Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P7Y6M
CY2018Q1 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
8532 shares
CY2018Q1 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
436000 USD
CY2018Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestExercisableWeightedAverageRemainingContractualTerm1
P7Y6M
CY2017Q1 us-gaap Stock Issued1
StockIssued1
0 USD
CY2018Q1 us-gaap Stock Issued1
StockIssued1
436000 USD
CY2018Q1 us-gaap Stockholders Equity
StockholdersEquity
16308000 USD
CY2018Q1 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
7000 USD
CY2017Q4 us-gaap Stockholders Equity
StockholdersEquity
19975000 USD
CY2017Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest Adjusted Balance1
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance1
21009000 USD
CY2017Q4 us-gaap Unbilled Receivables Current
UnbilledReceivablesCurrent
13000 USD
CY2018Q1 us-gaap Unbilled Receivables Current
UnbilledReceivablesCurrent
5000 USD
CY2017Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
169794 shares
CY2018Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
39357289 shares
CY2017Q1 xcur Collaboration Agreement Revenue
CollaborationAgreementRevenue
2432000 USD
CY2018Q1 xcur Collaboration Agreement Revenue
CollaborationAgreementRevenue
36000 USD
CY2018Q1 xcur Common Stock Voting Rightsfor Each Share
CommonStockVotingRightsforEachShare
1 vote_per_share
CY2017Q4 xcur Common Stock Warrant Liability
CommonStockWarrantLiability
523000 USD
CY2018Q1 xcur Common Stock Warrant Liability
CommonStockWarrantLiability
651000 USD
CY2018Q1 xcur Fair Value Assumptions Impact Of10 Percent Change In Expected Volatility Rate
FairValueAssumptionsImpactOf10PercentChangeInExpectedVolatilityRate
50000 USD
CY2018Q1 xcur Fair Value Assumptions Impact Of10 Percent Change In Fair Value Of Common Stock
FairValueAssumptionsImpactOf10PercentChangeInFairValueOfCommonStock
94000 USD
xcur Paymentsfor License Agreements
PaymentsforLicenseAgreements
3419000 USD
CY2018Q1 xcur Retained Earnings Accumulated Deficit Inceptionto Date
RetainedEarningsAccumulatedDeficitInceptiontoDate
-56927000 USD
CY2017Q1 xcur Sharebased Compensation Arrangementby Sharebased Payment Award Fair Value Assumptions Forfeiture Rate
SharebasedCompensationArrangementbySharebasedPaymentAwardFairValueAssumptionsForfeitureRate
0.05
CY2018Q1 xcur Sharebased Compensation Arrangementby Sharebased Payment Award Fair Value Assumptions Forfeiture Rate
SharebasedCompensationArrangementbySharebasedPaymentAwardFairValueAssumptionsForfeitureRate
0.05
CY2017Q1 xcur Stock Issuance Costs Incurred During Noncashor Partial Noncash Transaction
StockIssuanceCostsIncurredDuringNoncashorPartialNoncashTransaction
733000 USD
CY2018Q1 xcur Stock Issuance Costs Incurred During Noncashor Partial Noncash Transaction
StockIssuanceCostsIncurredDuringNoncashorPartialNoncashTransaction
0 USD
CY2018Q1 us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:12px;text-align:left;text-indent:24px;font-size:10pt;"><font style="font-family:Times New Roman;font-size:10pt;color:#000000;font-style:italic;font-weight:bold;text-decoration:none;">Use of Estimates</font></div><div style="line-height:120%;padding-bottom:12px;text-align:left;text-indent:24px;font-size:10pt;"><font style="font-family:Times New Roman;font-size:10pt;color:#000000;">The preparation of the financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Management bases its estimates on certain assumptions which it believes are reasonable in the circumstance and while actual results could differ from those estimates, management does not believe that any change in those assumptions in the near term would have a significant effect on the Company&#8217;s financial position, results of operations or cash flows. Actual results in future periods could differ from those estimates.</font></div><div style="line-height:120%;padding-bottom:12px;text-align:left;text-indent:24px;font-size:10pt;"><font style="font-family:Times New Roman;font-size:10pt;color:#000000;font-style:italic;font-weight:bold;">Revision of Prior Period Financial Statements</font></div><div style="line-height:120%;padding-bottom:12px;text-align:left;text-indent:24px;font-size:10pt;"><font style="font-family:Times New Roman;font-size:10pt;color:#000000;">In connection with preparing our condensed consolidated interim financial information for the three months ended March 31, 2018, we identified errors that affected prior interim and annual periods related to the timing of recognition of research and development expense related to a contract for the clinical trial of one of our therapeutic candidates. We evaluated whether our previously issued consolidated financial statements were materially misstated and concluded that the errors individually and in the aggregate were not material to any of our previously issued financial statements. We have revised the accompanying comparative financial statements to correct the immaterial errors. </font><font style="font-family:Times New Roman;font-size:10pt;color:#000000;">The correction of the errors increased prepaid expense and other current assets by </font><font style="font-family:Times New Roman;font-size:10pt;color:#000000;">$933</font><font style="font-family:Times New Roman;font-size:10pt;color:#000000;">, decreased accrued expenses by </font><font style="font-family:Times New Roman;font-size:10pt;color:#000000;">$96</font><font style="font-family:Times New Roman;font-size:10pt;color:#000000;">, and decreased accumulated deficit by </font><font style="font-family:Times New Roman;font-size:10pt;color:#000000;">$1,028</font><font style="font-family:Times New Roman;font-size:10pt;color:#000000;"> at December 31, 2017. </font></div></div>

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