Exicure, Inc. (XCUR) Stock

Exicure, Inc. (XCUR) is a Healthcare stock trading at $2.85 (as of 2026-06-11), with a market capitalization of $8.18M. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.

Exicure, Inc., a biotechnology company, develops therapies for neurological disorders and hair loss based on its proprietary spherical nucleic acid (SNA) technology. Its lead program candidate includes SCN9A that is in preclinical studies for neuropathic and chronic pain. The company has a collaboration, option, and license agreement with AbbVie Inc. to develop SNA-based treatments for hair loss disorders; and collaboration agreement with Ipsen S.A. to research, develop, and commercialize novel spherical nucleic acids for Huntington's disease and Angelman syndrome. Exicure, Inc. was founded in 2011 and is headquartered in Chicago, Illinois.

Understand Exicure, Inc.: how it makes money

Exicure, Inc. develops spherical nucleic acid (SNA) therapies for neurological disorders and hair loss, and it makes money through collaboration, option, and license agreements, plus revenue from its asset purchase agreement.

Exicure's current revenue model is deal-driven (asset purchase and agreements) rather than commercial product sales, while the core upside depends on progressing its SNA therapy pipeline that is still in preclinical studies.

Revenue by segment (latest quarter)
Asset Purchase	$0.0B

Business quality (Weak): Limited, deal-focused disclosures for the quarter, with no operating metrics beyond asset-purchase-related revenue and a preclinical-stage pipeline.

Bull case

Partnership-backed development: Exicure has a collaboration, option, and license agreement with AbbVie for SNA-based treatments for hair loss disorders, and a collaboration agreement with Ipsen to research, develop, and commercialize SNA for Huntington's disease and Angelman syndrome.
Platform and early pipeline focus: The company is developing therapies for neurological disorders and hair loss using its proprietary spherical nucleic acid (SNA) technology, with SCN9A in preclinical studies for neuropathic and chronic pain.

Bear case

No recent revenue signal from core operations: In the latest reported period (2024-03-31), revenue is 0.0B and the only segment shown is Revenue from Asset Purchase Agreement at 0.0B.
Very negative operating performance: Operating margin for the latest period is -167.2%.
Preclinical development risk: The lead program candidate is in preclinical studies, which increases uncertainty around timing and outcomes needed to generate meaningful product revenue.

Valuation — source: SEC EDGAR (first-party)
Price	$2.85
Market Cap	$8.18M
EV / EBITDA	-0.9
Price / Book	8.38
FCF Yield	-78.0%

Profitability & Growth — source: SEC EDGAR
Revenue (TTM)	$0.00
Return on Equity	-847.9%
Current Ratio	0.56
Revenue Growth (YoY)	-100.0%
EPS Growth (YoY)	-83.4%
FCF Growth (YoY)	194.0%

Financial Health — source: SEC EDGAR
Altman Z-Score	-20.22 (distress)

Valuation vs Sector & Industry
Sector P/E (Healthcare)	21.7
Industry P/E (Pharmaceutical Products)	17.2

Smart-Money Activity — SEC Form 4 / 13F / Congressional disclosures
Top Institutional Holder	Carlyle Group Inc. ($239647.00)
Institutional Holders Tracked	10

Company
Sector	Healthcare
Industry	Pharmaceutical Products
CEO	Josephine Cardarelli
Employees	7
Country	US
IPO Date	2018-05-22

Related Companies (Business model: Biotech (Clinical / Commercial-Stage); 8 closest by market cap; US-domiciled)

Data as of 2026-06-11.

Figures sourced from U.S. Securities and Exchange Commission (SEC EDGAR) filings and market data. Not personalized investment advice.