$XCUR
Exicure Inc

2019 Q1 Form 10-K Financial Statement

#000169853020000013 Filed on March 10, 2020

View on sec.gov

Income Statement

Concept 2019 Q1 2018 Q4 2018 Q3
Revenue $25.00K $6.000K $57.00K
YoY Change -30.56% -99.71% -97.72%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $2.210M $1.870M $1.920M
YoY Change 7.8% -16.52% 51.18%
% of Gross Profit
Research & Development $3.395M $3.010M $4.001M
YoY Change 3.66% 6.36% 28.2%
% of Gross Profit
Depreciation & Amortization $90.00K $90.00K $90.00K
YoY Change 0.0% 28.57% 28.57%
% of Gross Profit
Operating Expenses $5.603M $4.870M $5.920M
YoY Change 5.32% -3.94% 34.82%
Operating Profit -$5.578M -$5.863M
YoY Change 5.56% 209.56%
Interest Expense $183.0K -$180.0K $170.0K
YoY Change 13.66% 0.0% -15.42%
% of Operating Profit
Other Income/Expense, Net $292.0K $290.0K $539.0K
YoY Change -229.78% 480.0% -1518.42%
Pretax Income -$5.290M -$4.760M -$5.320M
YoY Change -3.99% 53.55% 175.65%
Income Tax $0.00 $0.00 $0.00
% Of Pretax Income
Net Earnings -$5.286M -$4.755M -$5.324M
YoY Change -4.05% 38.11% 175.57%
Net Earnings / Revenue -21144.0% -79250.0% -9340.35%
Basic Earnings Per Share -$0.12
Diluted Earnings Per Share -$0.12 -$107.2K -$128.1K
COMMON SHARES
Basic Shares Outstanding 44.36M shares 44.36M shares 39.45M shares
Diluted Shares Outstanding 44.36M shares

Balance Sheet

Concept 2019 Q1 2018 Q4 2018 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $22.20M $26.30M $32.40M
YoY Change 5.21% 1.94% 41.48%
Cash & Equivalents $22.20M $26.27M $32.45M
Short-Term Investments
Other Short-Term Assets $1.400M $1.400M $1.900M
YoY Change -26.32% -22.22% 72.73%
Inventory
Prepaid Expenses $559.0K $293.0K
Receivables $3.000K $0.00 $52.00K
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $23.62M $27.66M $34.36M
YoY Change 2.47% 0.09% 41.53%
LONG-TERM ASSETS
Property, Plant & Equipment $977.0K $1.061M $1.130M
YoY Change -23.37% -19.44% 6.7%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $645.0K $32.00K $32.00K
YoY Change 1915.63% 0.0% 0.0%
Total Long-Term Assets $1.568M $1.093M $1.162M
YoY Change 19.97% -18.98% 6.51%
TOTAL ASSETS
Total Short-Term Assets $23.62M $27.66M $34.36M
Total Long-Term Assets $1.568M $1.093M $1.162M
Total Assets $25.18M $28.76M $35.53M
YoY Change 3.41% -0.8% 40.03%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $848.0K $500.0K $1.341M
YoY Change -12.94% -52.34% -43.63%
Accrued Expenses $1.786M $1.543M $3.035M
YoY Change 41.19% 21.21% 21.59%
Deferred Revenue $975.0K $0.00 $0.00
YoY Change -100.0%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $4.807M $0.00 $4.926M
YoY Change 519.46% 93.1%
Total Short-Term Liabilities $8.221M $2.043M $9.302M
YoY Change 172.67% -39.12% -11.65%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $4.925M $0.00
YoY Change -100.0% 1.44% -100.0%
Other Long-Term Liabilities $381.0K $39.00K $42.00K
YoY Change 37.55% -85.97% -84.95%
Total Long-Term Liabilities $381.0K $4.964M $42.00K
YoY Change -91.3% -3.29% -98.58%
TOTAL LIABILITIES
Total Short-Term Liabilities $8.221M $2.043M $9.302M
Total Long-Term Liabilities $381.0K $4.964M $42.00K
Total Liabilities $9.029M $7.804M $10.33M
YoY Change 12.22% -13.4% -24.55%
SHAREHOLDERS EQUITY
Retained Earnings -$60.28M -$54.99M -$50.24M
YoY Change 58.26% 63.6% 59.28%
Common Stock $4.000K $4.000K $4.000K
YoY Change 0.0% 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $16.16M $20.95M $25.20M
YoY Change
Total Liabilities & Shareholders Equity $25.18M $28.76M $35.53M
YoY Change 3.41% -0.8% 40.03%

Cashflow Statement

Concept 2019 Q1 2018 Q4 2018 Q3
OPERATING ACTIVITIES
Net Income -$5.286M -$4.755M -$5.324M
YoY Change -4.05% 38.11% 175.57%
Depreciation, Depletion And Amortization $90.00K $90.00K $90.00K
YoY Change 0.0% 28.57% 28.57%
Cash From Operating Activities -$4.012M -$5.970M -$4.190M
YoY Change -13.66% 11.8% 4.75%
INVESTING ACTIVITIES
Capital Expenditures $8.000K -$20.00K -$10.00K
YoY Change -90.0% -97.06%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$8.000K -$20.00K -$10.00K
YoY Change -90.0% -97.06%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00
YoY Change
Debt Paid & Issued, Net $0.00
YoY Change
Cash From Financing Activities -$52.00K -180.0K 20.26M
YoY Change -842.86% -102.15% 9.81%
NET CHANGE
Cash From Operating Activities -$4.012M -5.970M -4.190M
Cash From Investing Activities -$8.000K -20.00K -10.00K
Cash From Financing Activities -$52.00K -180.0K 20.26M
Net Change In Cash -$4.072M -6.170M 16.06M
YoY Change -12.24% -318.02% 13.82%
FREE CASH FLOW
Cash From Operating Activities -$4.012M -$5.970M -$4.190M
Capital Expenditures $8.000K -$20.00K -$10.00K
Free Cash Flow -$4.020M -$5.950M -$4.180M
YoY Change -13.49% 15.76% 14.21%

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32000 USD
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7804000 USD
CY2019Q4 us-gaap Liabilities
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34516000 USD
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28756000 USD
CY2019Q4 us-gaap Liabilities And Stockholders Equity
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115263000 USD
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2043000 USD
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31087000 USD
CY2019Q4 us-gaap Long Term Debt Noncurrent
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0 USD
CY2018Q4 us-gaap Long Term Debt
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4925000 USD
CY2019Q4 us-gaap Long Term Debt
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4965000 USD
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0 USD
CY2019Q4 us-gaap Long Term Debt Current
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4965000 USD
CY2019Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
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5000000 USD
CY2018Q4 us-gaap Long Term Debt Noncurrent
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4925000 USD
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20085000 USD
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84307000 USD
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1317000 USD
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CY2019 us-gaap Nonoperating Income Expense
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314000 USD
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1 segment
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1 segment
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21937000 USD
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27913000 USD
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336000 USD
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351000 USD
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292000 USD
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59000 USD
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847000 USD
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356000 USD
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0.161
CY2019Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
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P1Y2M
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759000 USD
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347000 USD
CY2019Q4 us-gaap Operating Leases Future Minimum Payments Due In Three Years
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59000 USD
CY2019Q4 us-gaap Operating Leases Future Minimum Payments Due In Two Years
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353000 USD
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298000 USD
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332000 USD
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630000 USD
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353000 USD
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454000 USD
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39000 USD
CY2019Q4 us-gaap Other Accrued Liabilities Noncurrent
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0 USD
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32000 USD
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32000 USD
CY2018Q4 us-gaap Other Assets Noncurrent
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32000 USD
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388000 USD
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645000 USD
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0 USD
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0 USD
CY2019 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
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39000 USD
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59000 USD
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381000 USD
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379000 USD
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400000 USD
CY2019 us-gaap Other Operating Activities Cash Flow Statement
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36000 USD
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746000 USD
CY2019Q4 us-gaap Other Prepaid Expense Current
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705000 USD
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26000 USD
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283000 USD
CY2018 us-gaap Payments To Acquire Available For Sale Securities Debt
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0 USD
CY2019 us-gaap Payments To Acquire Available For Sale Securities Debt
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62350000 USD
CY2018 us-gaap Payments To Acquire Property Plant And Equipment
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94000 USD
CY2019 us-gaap Payments To Acquire Property Plant And Equipment
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1082000 USD
CY2018Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
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0.0001
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0.0001
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10000000 shares
CY2019Q4 us-gaap Preferred Stock Shares Authorized
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10000000 shares
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0 shares
CY2019Q4 us-gaap Preferred Stock Shares Issued
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0 shares
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0 shares
CY2019Q4 us-gaap Preferred Stock Shares Outstanding
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0 shares
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1392000 USD
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1955000 USD
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1364000 USD
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293000 USD
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481000 USD
CY2018Q4 us-gaap Prepaid Insurance
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353000 USD
CY2019Q4 us-gaap Prepaid Insurance
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533000 USD
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22001000 USD
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90750000 USD
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41000 USD
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75000 USD
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2250000 USD
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3416000 USD
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1061000 USD
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2099000 USD
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14119000 USD
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19340000 USD
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36000 USD
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19000 USD
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57000 USD
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6000 USD
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118000 USD
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25000 USD
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434000 USD
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527000 USD
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310000 USD
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1296000 USD
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1809000 USD
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1840000 USD
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0.00
CY2019 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
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0.00
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3972087 shares
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2.01
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44000 USD
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172000 USD
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351620 shares
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1244009 shares
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2.40
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2.01
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4891588 shares
CY2019Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
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5697714 shares
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2.22
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2.34
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4620000 USD
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7330000 USD
CY2019Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Aggregate Intrinsic Value
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4625000 USD
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2.32
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0.87
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2.90
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2.86
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4550000 USD
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SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P5Y8M12D
CY2018 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P7Y3M
CY2019 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P6Y8M12D
CY2019 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestExercisableWeightedAverageRemainingContractualTerm1
P6Y8M12D
CY2018Q4 us-gaap Short Term Investments
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0 USD
CY2019Q4 us-gaap Short Term Investments
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62326000 USD
CY2019 us-gaap Short Term Lease Cost
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100000 USD
CY2018 us-gaap Stock Issued1
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436000 USD
CY2019 us-gaap Stock Issued1
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0 USD
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145466 shares
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86263 shares
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436000 USD
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20070000 USD
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41000 USD
CY2019 us-gaap Stock Issued During Period Value Stock Options Exercised
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75000 USD
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19975000 USD
CY2018Q4 us-gaap Stockholders Equity
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20952000 USD
CY2019Q4 us-gaap Stockholders Equity
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80747000 USD
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21009000 USD
us-gaap Tangible Asset Impairment Charges
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0 USD
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3000 USD
CY2019Q4 us-gaap Unbilled Receivables Current
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19000 USD
CY2018Q4 us-gaap Unrecognized Tax Benefits
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0 USD
CY2019Q4 us-gaap Unrecognized Tax Benefits
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0 USD
CY2019 us-gaap Variable Lease Cost
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344000 USD
CY2018 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
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41189177 shares
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57671734 shares
CY2018Q4 xcur Accrued Clinical Contract Research And Manufacturing Costs Current
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102000 USD
CY2019Q4 xcur Accrued Clinical Contract Research And Manufacturing Costs Current
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515000 USD
CY2018 xcur Amortization Of Operating Lease Assets
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0 USD
CY2019 xcur Amortization Of Operating Lease Assets
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332000 USD
CY2019Q4 xcur Common Stock Voting Rightsfor Each Share
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1 vote_per_share
CY2018Q4 xcur Common Stock Warrant Liability
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797000 USD
CY2019Q4 xcur Common Stock Warrant Liability
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414000 USD
CY2019 xcur Debt Securities Available For Sale Current Percent
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0.57
CY2019 xcur Debt Securities Available For Sale Noncurrent Percent
DebtSecuritiesAvailableForSaleNoncurrentPercent
0.43
CY2019 xcur Debt Securities Availablefor Sale Percent
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1.00
CY2018Q4 xcur Deferred Tax Assets Operating Lease Liabilities
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0 USD
CY2019Q4 xcur Deferred Tax Assets Operating Lease Liabilities
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108000 USD
CY2018Q4 xcur Deferred Tax Liabilities Fixed Assets And Other
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60000 USD
CY2019Q4 xcur Deferred Tax Liabilities Fixed Assets And Other
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57000 USD
CY2018Q4 xcur Deferred Tax Liabilities Operating Lease Asset
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0 USD
CY2019Q4 xcur Deferred Tax Liabilities Operating Lease Asset
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101000 USD
CY2019 xcur Fair Value Assumptions Impact Of10 Percent Change In Expected Volatility Rate
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39000 USD
CY2019 xcur Fair Value Assumptions Impact Of10 Percent Change In Fair Value Of Common Stock
FairValueAssumptionsImpactOf10PercentChangeInFairValueOfCommonStock
81000 USD
CY2018 xcur Increase Decreasein Debt Fees Accrued Expenses
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0 USD
CY2019 xcur Increase Decreasein Debt Fees Accrued Expenses
IncreaseDecreaseinDebtFeesAccruedExpenses
100000 USD
CY2018 xcur Payments Of Common Stock Financing Costs
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1931000 USD
CY2019 xcur Payments Of Common Stock Financing Costs
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6235000 USD
CY2019 xcur Paymentsfor License Agreements
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8179000 USD
CY2019Q4 xcur Retained Earnings Accumulated Deficit Inceptionto Date
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-100134000 USD
CY2018 xcur Sharebased Compensation Arrangementby Sharebased Payment Award Fair Value Assumptions Forfeiture Rate
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0.05
CY2019 xcur Sharebased Compensation Arrangementby Sharebased Payment Award Fair Value Assumptions Forfeiture Rate
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0.05
CY2018 xcur Stock Issuance Costs Incurred During Noncashor Partial Noncash Transaction
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0 USD
CY2019 xcur Stock Issuance Costs Incurred During Noncashor Partial Noncash Transaction
StockIssuanceCostsIncurredDuringNoncashorPartialNoncashTransaction
305000 USD
CY2019 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<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;">Concentrations of credit risk and other risks and uncertainties</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;">Financial instruments that potentially expose the Company to concentrations of credit risk consist primarily of cash, cash equivalents, short-term investments, and accounts receivable. The Company places its cash, cash equivalents, and short-term investments with reputable financial institutions. The Company primarily invests its excess cash in debt instruments of corporations, the U.S. Treasury, financial institutions, and U.S. government agencies with strong credit ratings and an investment grade rating at or above a long-term rating of Aa3/AA- and a short-term rating of P1/A1. The Company has established guidelines relative to diversification and maturities that maintain safety and liquidity. The Company periodically reviews and modifies these guidelines to maximize trends in yields and interest rates without compromising safety and liquidity. The Company has not experienced any credit losses in such accounts and does not believe it is exposed to any significant credit risk on these funds. The Company has no financial instruments with off-balance sheet risk of loss.</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;">As of December 31, 2019, the Company's receivables primarily relate to amounts reimbursed under its collaboration agreement with Dermelix. For the year ended December 31, 2019, the Company&#8217;s revenue was generated from its collaborations with Dermelix and Allergan.</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 Company is currently not profitable and no assurance can be provided that it will ever be profitable. The Company&#8217;s research and development activities have required significant investment since inception and operations are expected to continue to require cash investment in excess of its revenues. See also Note 1, </font><font style="font-family:Times New Roman;font-size:10pt;color:#000000;font-style:italic;">Liquidity Risk</font><font style="font-family:Times New Roman;font-size:10pt;color:#000000;">, for more information.</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 Company is subject to risks common in therapeutic development including, but not limited to, therapeutic candidates that appear promising in the early phases of development often fail because they prove to be inefficacious or unsafe, clinical trial results are unsuccessful, regulatory bodies may not approve the therapeutic or the therapeutic may not be economical in production or distribution. The Company is also subject to risks common to biotechnology firms including, but not limited to new and disruptive technological innovations, dependence on key personnel, protection of proprietary technology, the validity of and continued access to its owned and licensed intellectual property, limitations on the supply of critical materials, compliance with governmental regulations and market acceptance.</font></div></div>
CY2019 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:normal;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>

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