Exicure Inc. Common Stock (XCUR)

FairStock Score: 52/100 — MIXED

Key Financials

AI Analysis

AI-generated, general educational analysis — not personal investment advice.

I approach Exicure as Graham would: first ask whether there is a business, then whether it earns money, then what price is being paid. The answer is uncomfortable. The company does not have significant operations, employs one person, and its prior nucleic acid work is now largely a co-development agreement with Adbiotech to explore Burixafor (GPC-100) combinations. That is not a moat; it is an option on future research. Filed figures show no revenue in fiscal Q2 2026, the quarter ended 2026-06-30, or fiscal Q1 2026, the quarter ended 2026-03-31, and no revenue in FY2025, the period ended 2025-12-31, or FY2023, the period ended 2023-12-31. FY2024, the period ended 2024-12-31, showed only $500,000 of revenue. Losses have narrowed: FY2023 net loss was $16.9M, FY2024 was $9.7M, FY2025 was $4.9M, fiscal Q1 2026 was $1.8M, and fiscal Q2 2026 was $1.1M. But they remain losses. At the 2026-10-13 close of $1.15, FairStock calculations show a $7.5M market cap, negative P/E of -0.88, P/B of 3.48, ROE of -168.37%, ROCE of -30.32%, trailing free cash flow of -$6.4M, FCF yield of -84.8%, Piotroski F-Score of 0/9, and Altman Z-Score of -25.21. Debt is low at D/E 0.04, but cash burn is enormous relative to market value. The 52-week range of $0.94-$9.48 and beta of 3.62 say the market treats this as speculation. Without revenue, profits, or a durable competitive position, I cannot call it cheap. The computed Lynch category is none because of losses in each of the last four years.

In plain English: Exicure does not have significant operations now, but it used to work on nucleic acid therapies and has a co-development agreement with Adbiotech for Burixafor (GPC-100). It is tiny, with one employee, and has lost money in each of the last four years. At $1.15 on 2026-10-13, the price looks expensive compared with a business that has little revenue, loses money, and burns cash.

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Data as of 2026-10-13 close · note generated 2026-10-15 · model deepseek-flash

Sources (SEC EDGAR): fiscal Q2 2026 10-Q (period ended 2026-06-30) · fiscal Q1 2026 10-Q (period ended 2026-03-31) · fiscal Q3 2025 10-Q (period ended 2025-09-30) · fiscal Q2 2025 10-Q (period ended 2025-06-30) · FY2025 10-K (period ended 2025-12-31) · FY2024 10-K (period ended 2024-12-31) · FY2023 10-K (period ended 2023-12-31)

Fundamentals from company filings and market-data providers; prices are end-of-day, not real-time. AI-generated analysis is general and educational — not personal investment advice. Scoring methodology · Score test · Disclaimer