$XCUR
Exicure Inc

2018 Q3 Form 10-Q Financial Statement

#000169853018000044 Filed on August 06, 2018

View on sec.gov

Income Statement

Concept 2018 Q3 2018 Q2 2017 Q2
Revenue $57.00K $19.00K $2.695M
YoY Change -97.72% -99.29%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $1.920M $1.990M $2.110M
YoY Change 51.18% -5.69%
% of Gross Profit
Research & Development $4.001M $3.835M $3.301M
YoY Change 28.2% 16.18%
% of Gross Profit
Depreciation & Amortization $90.00K $90.00K $50.00K
YoY Change 28.57% 80.0%
% of Gross Profit
Operating Expenses $5.920M $5.823M $5.411M
YoY Change 34.82% 7.61%
Operating Profit -$5.863M -$5.804M -$2.716M
YoY Change 209.56% 113.7%
Interest Expense $170.0K $166.0K $211.0K
YoY Change -15.42% -21.33%
% of Operating Profit
Other Income/Expense, Net $539.0K -$1.021M -$268.0K
YoY Change -1518.42% 280.97%
Pretax Income -$5.320M -$6.830M -$2.980M
YoY Change 175.65% 129.19%
Income Tax $0.00 $0.00 $0.00
% Of Pretax Income
Net Earnings -$5.324M -$6.825M -$2.984M
YoY Change 175.57% 128.72%
Net Earnings / Revenue -9340.35% -35921.05% -110.72%
Basic Earnings Per Share
Diluted Earnings Per Share -$128.1K -$173.1K -$75.29K
COMMON SHARES
Basic Shares Outstanding 39.45M shares 39.45M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2018 Q3 2018 Q2 2017 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $32.40M $16.40M
YoY Change 41.48%
Cash & Equivalents $32.45M $16.38M $8.826M
Short-Term Investments
Other Short-Term Assets $1.900M $1.600M
YoY Change 72.73%
Inventory
Prepaid Expenses
Receivables $52.00K $22.00K
Other Receivables $0.00 $100.0K
Total Short-Term Assets $34.36M $18.07M
YoY Change 41.53%
LONG-TERM ASSETS
Property, Plant & Equipment $1.130M $1.206M
YoY Change 6.7%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $32.00K $64.00K
YoY Change 0.0%
Total Long-Term Assets $1.162M $1.270M
YoY Change 6.51%
TOTAL ASSETS
Total Short-Term Assets $34.36M $18.07M
Total Long-Term Assets $1.162M $1.270M
Total Assets $35.53M $19.34M
YoY Change 40.03%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.341M $1.045M
YoY Change -43.63%
Accrued Expenses $3.035M $1.652M
YoY Change 21.59%
Deferred Revenue $0.00 $0.00
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $4.926M $1.570M
YoY Change 93.1%
Total Short-Term Liabilities $9.302M $4.267M
YoY Change -11.65%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $3.333M
YoY Change -100.0%
Other Long-Term Liabilities $42.00K $275.0K
YoY Change -84.95%
Total Long-Term Liabilities $42.00K $3.608M
YoY Change -98.58%
TOTAL LIABILITIES
Total Short-Term Liabilities $9.302M $4.267M
Total Long-Term Liabilities $42.00K $3.608M
Total Liabilities $10.33M $9.441M
YoY Change -24.55%
SHAREHOLDERS EQUITY
Retained Earnings -$50.24M -$44.92M
YoY Change 59.28%
Common Stock $4.000K $4.000K
YoY Change 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $25.20M $9.902M
YoY Change
Total Liabilities & Shareholders Equity $35.53M $19.34M
YoY Change 40.03%

Cashflow Statement

Concept 2018 Q3 2018 Q2 2017 Q2
OPERATING ACTIVITIES
Net Income -$5.324M -$6.825M -$2.984M
YoY Change 175.57% 128.72%
Depreciation, Depletion And Amortization $90.00K $90.00K $50.00K
YoY Change 28.57% 80.0%
Cash From Operating Activities -$4.190M -$4.680M -$3.450M
YoY Change 4.75% 35.65%
INVESTING ACTIVITIES
Capital Expenditures -$10.00K -$60.00K -$140.0K
YoY Change -97.06% -57.14%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$10.00K -$60.00K -$140.0K
YoY Change -97.06% -57.14%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 20.26M 0.000 0.000
YoY Change 9.81%
NET CHANGE
Cash From Operating Activities -4.190M -4.680M -3.450M
Cash From Investing Activities -10.00K -60.00K -140.0K
Cash From Financing Activities 20.26M 0.000 0.000
Net Change In Cash 16.06M -4.740M -3.590M
YoY Change 13.82% 32.03%
FREE CASH FLOW
Cash From Operating Activities -$4.190M -$4.680M -$3.450M
Capital Expenditures -$10.00K -$60.00K -$140.0K
Free Cash Flow -$4.180M -$4.620M -$3.310M
YoY Change 14.21% 39.58%

Facts In Submission

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ResearchAndDevelopmentArrangementContractToPerformForOthersCostsIncurredGross
989000 USD
CY2017Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
3301000 USD
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
6789000 USD
CY2018Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
3835000 USD
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
7110000 USD
CY2017Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-33615000 USD
CY2018Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-44915000 USD
CY2017Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
2695000 USD
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
5127000 USD
CY2018Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
19000 USD
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
55000 USD
CY2017Q2 us-gaap Revenues
Revenues
2695000 USD
us-gaap Revenues
Revenues
5127000 USD
CY2018Q2 us-gaap Revenues
Revenues
19000 USD
us-gaap Revenues
Revenues
55000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
742000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
784000 USD
CY2017Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExercisePrice
4.21
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.00
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.00
CY2018Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
2810083 shares
CY2018Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
1.55
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
202000 USD
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
18000 USD
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
7600 shares
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
1140244 shares
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
2.92
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
2.27
CY2017Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
3672620 shares
CY2018Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
4796732 shares
CY2017Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
1.79
CY2018Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
2.15
CY2018Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableAggregateIntrinsicValue
16730000 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
CY2018Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingAggregateIntrinsicValue
17056000 USD
CY2018Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber
4671485 shares
CY2018Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageExercisePrice
2.12
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
0.86
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
1.03
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
3.00
CY2017Q2 us-gaap Share Price
SharePrice
4.21
CY2018Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
11664000 USD
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
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P7Y9M18D
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestExercisableWeightedAverageRemainingContractualTerm1
P7Y8M12D
us-gaap Stock Issued1
StockIssued1
0 USD
us-gaap Stock Issued1
StockIssued1
436000 USD
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
8532 shares
us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
436000 USD
us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
7000 USD
CY2017Q4 us-gaap Stockholders Equity
StockholdersEquity
19975000 USD
CY2018Q2 us-gaap Stockholders Equity
StockholdersEquity
9902000 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
CY2018Q2 us-gaap Unbilled Receivables Current
UnbilledReceivablesCurrent
2000 USD
CY2017Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
190084 shares
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
179995 shares
CY2018Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
39454821 shares
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
39406324 shares
CY2018Q2 xcur Common Stock Voting Rightsfor Each Share
CommonStockVotingRightsforEachShare
1 vote_per_share
CY2017Q4 xcur Common Stock Warrant Liability
CommonStockWarrantLiability
523000 USD
CY2018Q2 xcur Common Stock Warrant Liability
CommonStockWarrantLiability
1566000 USD
xcur Fair Value Assumptions Impact Of10 Percent Change In Expected Volatility Rate
FairValueAssumptionsImpactOf10PercentChangeInExpectedVolatilityRate
60000 USD
xcur Fair Value Assumptions Impact Of10 Percent Change In Fair Value Of Common Stock
FairValueAssumptionsImpactOf10PercentChangeInFairValueOfCommonStock
210000 USD
xcur Paymentsfor License Agreements
PaymentsforLicenseAgreements
3635000 USD
CY2018Q2 xcur Retained Earnings Accumulated Deficit Inceptionto Date
RetainedEarningsAccumulatedDeficitInceptiontoDate
-63752000 USD
xcur Sharebased Compensation Arrangementby Sharebased Payment Award Fair Value Assumptions Forfeiture Rate
SharebasedCompensationArrangementbySharebasedPaymentAwardFairValueAssumptionsForfeitureRate
0.05
xcur Sharebased Compensation Arrangementby Sharebased Payment Award Fair Value Assumptions Forfeiture Rate
SharebasedCompensationArrangementbySharebasedPaymentAwardFairValueAssumptionsForfeitureRate
0.05
xcur Stock Issuance Costs Incurred During Noncashor Partial Noncash Transaction
StockIssuanceCostsIncurredDuringNoncashorPartialNoncashTransaction
119000 USD
xcur Stock Issuance Costs Incurred During Noncashor Partial Noncash Transaction
StockIssuanceCostsIncurredDuringNoncashorPartialNoncashTransaction
0 USD
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 revised the financial statements to correct the immaterial errors, and the accompanying comparative financial statements reflect these corrections. </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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