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Exicure, Inc. Reports Net Loss of $4.4 Million in First Quarter 2023
Revenue for Exicure, Inc. Stands at $0 in Q1 2023
Exicure, Inc.,(XCUR) a clinical-stage biotechnology company, released its unaudited condensed consolidated financial statements for the first quarter of 2023. The company reported a net loss of $4.4 million during the period, while its revenue remained at $0. The financial statements provide a comprehensive overview of Exicure's assets, liabilities, and stockholders' equity as of March 31, 2023.
Financial Statements:
Exicure's unaudited condensed consolidated balance sheets show the following:
- Current assets increased to $11.3 million as of March 31, 2023, compared to $10.1 million as of December 31, 2022. Cash and cash equivalents rose to $9.96 million from $8.58 million during the same period.
- Property and equipment decreased to $2.28 million, while the right-of-use asset stood at $7.08 million.
- Other noncurrent assets were reported at $3.31 million as of March 31, 2023.
The unaudited condensed consolidated statements of operations for the three months ended March 31, 2023, revealed the following:
- Collaboration revenue for the quarter was $0, down from $2.57 million in the same period last year.
- Research and development expenses amounted to $1.98 million, while general and administrative expenses reached $2.56 million.
- Exicure reported an operating loss of $4.54 million during the first quarter of 2023.
Subheading: Analysis of Financial Data:
Despite recording no revenue during the first quarter of 2023, Exicure's net loss improved to $4.4 million compared to a net loss of $8.35 million in the same period last year. The company's operating expenses decreased significantly from $10.30 million in Q1 2022 to $4.54 million in Q1 2023. This reduction in expenses contributed to the improvement in the net loss.
Subheading: Stockholders' Equity and Cash Flow:
Exicure's unaudited condensed consolidated statements of changes in stockholders' equity as of March 31, 2023, showed that the total stockholders' equity stood at $14.62 million, down slightly from $14.92 million as of December 31, 2022.In terms of cash flow, Exicure reported net cash used in operating activities of $3.32 million during the first quarter of 2023. The company's cash, cash equivalents, and restricted cash increased to $11.16 million as of March 31, 2023, compared to $9.78 million at the end of 2022.
These financial statements indicate Exicure's ongoing commitment to advancing its clinical programs while carefully managing expenses and cash flow.
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