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.
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.
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.
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.