Exicure, Inc. (XCUR): Business Model Canvas [Dec-2025 Updated]

You're digging into Exicure, Inc.'s business model, and frankly, it's a story defined by a massive pivot following the GPCR USA acquisition. My analysis, built on two decades watching these turnarounds, shows this entire structure is now a high-stakes race to fund the late-stage hematology asset, burixafor. Here's the quick math: they are operating on just $4.4 million in cash as of September 30, 2025, while burning through about $2.4 million per quarter on R&D and G&A combined in Q3 2025. The next partnership or financing round isn't optional; it's the entire business model. See below how every block of their canvas reflects this urgent need to secure capital and deliver on their clinical promise.

Exicure, Inc. (XCUR) - Canvas Business Model: Key Partnerships

GPCR Therapeutics Inc. (Korean parent) for GPC-100 licensing and collaboration.

Clinical Research Organizations (CROs) to run the burixafor Phase 2/3 trials.

• Phase 2 trial (NCT05561751) is open-label, multicenter.
• Phase 2 primary endpoint met in 10/10 evaluable patients for CD34+ mobilization.
• Preparing for potential Phase 3 planning.
• A previous Phase 2 study (NCT02104427) data is under peer review.

Investment banks and advisors for exploring strategic alternatives and financing.

Exicure, Inc. was exploring strategic alternatives to maximize stockholder value as of late 2024, continuing this effort into 2025 following the acquisition of GPCR Therapeutics USA Inc. on January 19, 2025.

Academic and clinical investigators for investigator-sponsored trials (e.g., sickle cell).

• Expansion into Sickle Cell Disease is based on investigator-sponsored trial discussions.
• Planning a Phase 1 AML chemosensitization study.
• Dr. Jack Khouri, Cleveland Clinic Lerner College of Medicine, Case Western Reserve University, is the study lead investigator for the burixafor Phase 2 trial.
• Preclinical data supporting AML indication was published by Dr. Pam Becker at City of Hope in collaboration with GPCR Therapeutics USA.

Exicure, Inc. (XCUR) - Canvas Business Model: Key Activities

For Exicure, Inc. as of late 2025, the Key Activities are sharply focused on clinical advancement, financial survival, and corporate restructuring to maximize remaining value. The company's operational tempo is dictated by the burixafor data readout and its immediate need for capital.

Advancing burixafor (GPC-100) through Phase 2/3 clinical development remains a primary activity, especially following the acquisition of the program from GPCR Therapeutics USA in January 2025. The core effort centers on the Phase 2 study (NCT05561751) evaluating burixafor, a CXCR4 antagonist, for stem cell mobilization in multiple myeloma patients undergoing autologous stem cell transplant (ASCT).

• Completed the last patient, last visit in the Phase 2 study as of August 1, 2025.
• Locked the clinical database as of August 2025.
• Targeting topline data release in the fourth quarter of 2025.
• Preparing for a potential Phase 3 trial based on data outcomes.
• Planning expansion into Sickle Cell Disease via an investigator-sponsored trial.
• Planning a Phase 1 study for Acute Myeloid Leukemia (AML) chemosensitization.

Here's a quick look at the key clinical and financial data points driving this activity:

Executing a strategic review to maximize stockholder value is an ongoing, critical activity. This review was initiated after a recent restructuring and suspension of some clinical and development activities, signaling a pivot from pure R&D to value realization from existing assets, primarily burixafor.

Securing substantial additional financing to fund operations is an existential activity. Management has repeatedly stated that current cash reserves are insufficient to continue funding operations, creating substantial doubt about the company's ability to continue as a going concern absent new capital. The company has indicated it expects to seek financing through equity offerings.

The company has also been managing its capital structure, for instance, by redeeming 4.5 billion KRW (approximately $3.125 million) principal amount of convertible bonds issued by its subsidiary on April 30, 2025, funded via internal cash transfers.

Managing regulatory filings and compliance saw a recent success. Exicure, Inc. regained compliance with Nasdaq's listing requirements as of July 1, 2025, following the filing of its Form 10-Q for the fiscal quarter ended March 31, 2025. This resolved the non-compliance notice received on May 21, 2025, under Listing Rule 5250(c)(1). The company reported a net income of $3.0 million for Q1 2025, largely driven by a $6 million gain from an early lease termination in Chicago, which offset operating expenses before the GPCR USA acquisition impact was fully realized in later quarters.

Finance: draft 13-week cash view by Friday.

Exicure, Inc. (XCUR) - Canvas Business Model: Key Resources

You're looking at the core assets Exicure, Inc. (XCUR) relies on to drive its current strategy, which is heavily centered on the asset acquired from GPCR Therapeutics USA Inc. These resources are lean, focused on a single clinical asset, and backed by a small operational team.

Burixafor (GPC-100) clinical asset for hematologic diseases

The primary tangible resource is Burixafor (GPC-100), a highly selective small molecule antagonist of CXCR4. This receptor plays a key role in keeping hematopoietic stem cells in the bone marrow niche. By blocking CXCR4, Burixafor aims to enhance the mobilization of these cells into the peripheral blood for collection and use in autologous stem cell transplant (ASCT) procedures.

The asset is currently being evaluated across several indications:

• Phase 2 study in Multiple Myeloma (MM) achieved the primary endpoint in all evaluable patients, which was 10/10 for CD34+ stem cell mobilization.
• Topline data from this Phase 2 study is expected in the fourth quarter of 2025.
• Exicure, Inc. is preparing for potential Phase 3 planning and expanding development into Sickle Cell Disease.
• A Phase 1 chemosensitization study in Acute Myeloid Leukemia (AML) is also being planned.

Exclusive license to GPCR Therapeutics Inc.'s GPC-100 intellectual property

Exicure, Inc.'s access to Burixafor (GPC-100) is secured through the acquisition of GPCR Therapeutics USA Inc. in January 2025. This transaction brought the intellectual property for GPC-100 into Exicure, Inc.'s pipeline, effectively making the asset its lead program. The therapeutic approach is protected by an expanded patent portfolio granted in jurisdictions including the United States, Japan, Australia, and Taiwan.

Financial and Human Capital Snapshot

The financial runway is tight, demanding near-term financing, but the operational structure is highly specialized to manage the clinical development of Burixafor.

Here's a quick look at the key figures as of late 2025:

Small, focused team of 8 employees managing the new pipeline

The team size is small, reported at 8 total employees as of March 30, 2025, following the acquisition activity. This contrasts with the 7 employees reported at the end of 2024. The focus is clearly on clinical execution, supported by the announcement of new senior drug-development hires to support clinical and translational execution for Burixafor.

The operational expenses reflect this focus:

• R&D expenses were $0.9 million for the third quarter of 2025, compared to $0 for the same period in 2024, due to incurring expenses post-acquisition.
• General and Administrative (G&A) expenses were $1.5 million for the third quarter of 2025.

Exicure, Inc. (XCUR) - Canvas Business Model: Value Propositions

You're looking at the core value Exicure, Inc. (XCUR) offers, especially given their recent financial position-cash and cash equivalents stood at $4.4 million as of September 30, 2025, following a net loss of $2.4 million in that quarter alone.

The primary value proposition centers on the lead asset, burixafor (GPC-100), a small molecule CXCR4 antagonist, which is designed to improve the process of autologous hematopoietic cell transplantation (AHCT) for multiple myeloma patients.

• Improving stem cell mobilization for multiple myeloma patients undergoing transplant.
• Potential for new therapeutic options in high-unmet-need areas like sickle cell disease.
• A late-stage clinical asset (burixafor) for potential strategic partners.
• Access to the historical Spherical Nucleic Acid (SNA) IP for the 2024 asset purchaser.

For multiple myeloma patients, the value is in efficiency and success. Interim results from the Phase 2 trial (NCT05561751) showed that 100% of patients (10/10) achieved the primary endpoint of successful CD34+ stem cell mobilization, even in those previously treated with daratumumab. Furthermore, 18/19 patients who opted for transplant proceeded to AHCT. This mobilization is fast; the drug needed administration just 45 minutes before stem cell collection in one noted instance, which is a significant convenience improvement over FDA-approved agents requiring overnight pre-treatment.

The late-stage nature of burixafor in this indication provides a clear near-term value driver for potential partners. The Phase 2 trial completed its last patient visit, with topline data anticipated in the fourth quarter of 2025. This positions the asset for potential Phase 3 planning and partnership discussions.

The pipeline expansion offers future value, as burixafor is also being considered for sickle cell disease and as a chemosensitizing agent in acute myeloid leukemia (AML).

The historical value proposition relates to the restructuring completed in 2024. The sale of the historical Spherical Nucleic Acid (SNA) IP, research programs, and clinical assets generated revenue of $1.5 million from the Asset Purchase Agreement recognized in the third quarter of 2024.

Here's a quick look at the key clinical and financial markers as of late 2025:

The company's Q3 2025 R&D expense was $0.9 million, reflecting post-acquisition research activity, while the cumulative net loss for the first three quarters of 2025 narrowed 18.73% year-over-year to $2.05 million.

Finance: draft 13-week cash view by Friday.

Exicure, Inc. (XCUR) - Canvas Business Model: Customer Relationships

You're managing relationships in a high-stakes environment where every data point and filing deadline matters for survival. Here is the breakdown of how Exicure, Inc. (XCUR) manages its key customer and stakeholder interactions as of late 2025.

Direct, high-stakes engagement with potential strategic acquirers or licensors

Engagement centers on maximizing stockholder value through strategic alternatives, especially after the January 19, 2025, acquisition of GPCR Therapeutics USA Inc. This acquisition brought in new assets and a collaboration structure that dictates future deal terms. The relationship with the previous licensor, GPCR Therapeutics Inc., is formalized by a License and Collaboration Agreement (L&C Agreement).

The terms of this agreement set the stage for any potential future transaction value:

• Recurring royalty payment based on at least 10% of net sales.
• A specific milestone payment of $30 million tied to the first annual net sales that exceed $400 million.

The Board fully supports the CEO's efforts to lead the continuing evaluation of strategic transaction alternatives, which includes exploring growth through transactions with potential partners seeing opportunity in joining the existing, publicly-traded organization.

Intensive, professional management of clinical trial sites and investigators

Customer management here is focused on the clinical sites running the ongoing trials for GPC-100, particularly the Phase 2 study in multiple myeloma (MM) patients undergoing autologous stem cell transplant (ASCT; NCT05561751). The relationship is managed through incurred operational expenses.

Here's a look at the investment in these relationships through the first three quarters of 2025:

Topline results for the MM study are expected in Q4 2025, which will be a critical data point for engaging future partners or acquirers.

Investor relations focused on communicating progress and urgent need for capital

Investor relations is dominated by communicating financial sustainability and the urgent need for external funding, especially given the cash burn post-acquisition. Management explicitly stated that current cash reserves are insufficient to fund ongoing operations, requiring substantial additional financing in the short term.

The financial narrative for investors in 2025 looked like this:

• Cash and equivalents as of March 31, 2025: $10.4 million.
• Cash and equivalents as of June 30, 2025: $7.9 million.
• Cash and equivalents as of September 30, 2025: $4.4 million.
• Cash and equivalents as of December 31, 2024: $12.5 million.
• Net Loss for Q3 2025: $2.4 million.
• Net Income for Q1 2025: $3.0 million.

The company's market perception is reflected in its trading metrics as of early August 2025, with a Current Market Cap of $43.5M and an Average Trading Volume of 103,932.

Maintaining compliance with Nasdaq listing requirements

A primary focus for investor confidence was resolving the late filing issue. Exicure, Inc. successfully regained compliance with Nasdaq's periodic filing requirements.

Key compliance dates and figures:

• Notice of non-compliance received on May 21, 2025, for failing to file Form 10-Q by the May 20, 2025 deadline.
• The company regained compliance as of July 1, 2025.
• Compliance was confirmed based on the filing of the Form 10-Q for the fiscal quarter ended March 31, 2025.

This resolution removed the immediate threat of delisting, which could have extended to November 17, 2025, had the compliance plan not been accepted.

Exicure, Inc. (XCUR) - Canvas Business Model: Channels

Direct outreach to large pharmaceutical and biotech companies for business development is channeled through formal agreements following strategic acquisitions, such as the one executed on January 19, 2025, to acquire GPCR Therapeutics USA Inc.. This relationship is governed by a License and Collaboration Agreement (L&C Agreement) which outlines future financial interactions.

The structure of potential future commercialization channels is defined by contractual obligations:

• Recurring royalty payment based on at least 10% of net sales.
• A specific milestone payment of $30 million for the first annual net sales that exceed $400 million.

Clinical trial sites and key opinion leaders (KOLs) in hematology/oncology serve as critical channels for validating the lead asset, GPC-100 (burixafor). The ongoing Phase 2 trial (NCT05561751) in multiple myeloma achieved its primary endpoint in 10/10 evaluable patients, representing 100% success for CD34+ mobilization.

Key clinical engagement points include:

SEC filings and press releases are the formal channels for communicating financial and clinical updates to the market and regulators. Exicure, Inc. regained compliance with Nasdaq filing requirements as of July 1, 2025, following the filing of its Form 10-Q for the quarter ended March 31, 2025.

Recent financial reporting channels show a significant shift in the cash position:

Financing activities also utilize formal debt redemption channels. On November 10, 2025, Exicure, Inc. redeemed in full 4.5 billion KRW (approximately $3.125 million) of Convertible Bonds due 2028.

Investment banking and legal networks are the implicit channels for strategic activities, such as the January 2025 acquisition and the exploration of strategic alternatives. The Q1 2025 results showed a one-time financial benefit channeled through lease termination:

• Gain recognized on early termination of Chicago lease as of January 31, 2025: $6 million.

The company's cash position as of March 31, 2025, was $10.4 million.

Exicure, Inc. (XCUR) - Canvas Business Model: Customer Segments

You're looking at the core groups Exicure, Inc. needs to engage to move burixafor from clinical data readout to commercial success, given their current financial standing as of late 2025.

Large pharmaceutical/biotech companies seeking late-stage hematology assets.

These entities represent potential partners for Phase 3 development or acquisition, especially following positive data from the burixafor Phase 2 trial. The company's market capitalization as of early November 2025 was reported at $35.31 million, which positions burixafor as an attractive late-stage asset for a larger player seeking to bolster a hematology portfolio.

Institutional and accredited investors for near-term financing rounds.

Exicure, Inc. has a clear need for capital, as management stated that existing cash is not sufficient to fund operations, indicating an urgent need for financing to continue operations and progress programs. The company reported cash and cash equivalents of $4.4 million as of September 30, 2025. Previous financing activity involved securing $2 million from institutional investors in late 2024 and an approved $8.7 million equity financing from HiTron Systems Inc. in late 2024, which brought HiTron's total investment to $10 million.

Here's a quick look at the ownership structure as of early November 2025:

The company is actively exploring strategic alternatives, which includes seeking equity financing.

Oncologists and hematologists who will prescribe burixafor post-approval.

These are the specialized physicians who manage patients requiring autologous stem cell transplant (ASCT) and those with AML or SCD. The Phase 2 trial for multiple myeloma (MM) involved oncologists and hematologists like the primary investigator, Jack Khouri, MD, FACP, at Cleveland Clinic.

• Physicians treating Multiple Myeloma patients undergoing ASCT.
• Hematologists managing Sickle Cell Disease patients requiring stem cell mobilization/gene therapy.
• Oncologists involved in relapsed or refractory Acute Myeloid Leukemia (AML) treatment protocols.

Burixafor's potential differentiation point is its same-day administration kinetics, which contrasts with FDA-approved agents requiring overnight pre-treatment.

Patients with hematologic diseases, primarily multiple myeloma and potentially AML/sickle cell.

The current clinical focus is on patients where efficient stem cell mobilization is critical for successful transplantation. Inadequate mobilization can lead to delayed transplant, multiple rounds of apheresis, and increased costs, which increases the burden on patients.

• Multiple Myeloma patients undergoing Autologous Stem Cell Transplant (ASCT). Interim Phase 2 data showed 100% (10/10) patients achieved the primary endpoint of successful CD34+ stem cell mobilization in this cohort.
• Patients with Sickle Cell Disease, targeted for an investigator-sponsored trial to improve stem cell mobilization for gene editing and autologous transplant.
• Patients with relapsed or refractory Acute Myeloid Leukemia (AML), targeted for a planned Phase 1 chemosensitization study. A previous Phase 1 study by Taigen involved 15 patients with relapsed or refractory AML.

The topline data for the MM study is expected in the fourth quarter of 2025.

Exicure, Inc. (XCUR) - Canvas Business Model: Cost Structure

You're looking at the cost base for Exicure, Inc. following the GPCR USA acquisition, which clearly shifted the expense profile from the prior, more dormant structure. The costs are now centered on the acquired R&D activities and the necessary overhead to support them, all while managing a tight liquidity situation.

The dominant costs are clearly in the operational areas required to advance the pipeline, particularly the research inherited from GPCR USA. For the third quarter ended September 30, 2025, Research and Development (R&D) expenses hit $0.9 million. This marks a significant change, as Exicure, Inc. recorded $0 in R&D expenses for the same quarter in 2024, reflecting the new research activity post-acquisition. Honestly, this R&D spend is the engine now, even if the company is still burning cash.

General and Administrative (G&A) expenses were $1.5 million for Q3 2025. This figure includes the ongoing legal and professional services needed for corporate operations, which saw a slight increase of $0.1 million compared to Q3 2024, largely due to the additional expenses incurred from the GPCR USA acquisition.

Here's a quick look at the key operating expenses for the quarter:

The cost structure also carries specific, non-recurring or contingent items tied to the recent corporate activity. You have to factor in the costs associated with exploring strategic alternatives and the subsequent need for capital raising, as management has reiterated a going-concern risk due to cash levels falling to $4.4 million as of September 30, 2025. This exploration and financing effort itself drives professional and advisory costs within G&A.

Furthermore, the GPCR USA acquisition introduced specific liability accounting impacts:

• Loss recognized related to the change in fair value of its contingent liability: $246,000.
• Loss recognized from GPCR USA's sale of fixed assets: $4,000.
• A gain of $155,000 was recorded in Q3 2025 related to satisfying the self-insured retainer for legal matters.

The License and Collaboration Agreement with GPCR also establishes future contingent costs, which aren't current period expenses but are a structural cost commitment. These include milestone payments and a recurring royalty payment based on at least 10% of net sales. For instance, a payment of $30 million is due if first annual net sales exceed $400 million.

Finance: draft 13-week cash view by Friday.

Exicure, Inc. (XCUR) - Canvas Business Model: Revenue Streams

You're looking at the current state of Exicure, Inc.'s (XCUR) revenue generation as of late 2025. It's a picture dominated by pre-commercial potential, which is typical for a clinical-stage biotech after a major acquisition.

Reported Operating Revenue:

• Currently $0 in reported revenue for Q2 2025.
• Quarterly revenue for Q3 2025 ending September 30, 2025, was $0.0.

The current revenue profile reflects the company's transition phase post-acquisition, with operating expenses being covered by non-operating sources for now. Cash and cash equivalents stood at $4.4M as of September 30, 2025.

Future Potential Revenue Streams:

Management has explicitly stated that the existing cash position is insufficient to fund operations, indicating that securing substantial additional financing is an urgent requirement in the short term.

The potential for milestone and royalty revenue is directly tied to the clinical success of burixafor (GPC-100), which completed its Phase 2 trial patient visits, with topline results expected in Q4 2025.

• The Phase 2 trial showed 100% (10/10) of evaluable patients achieved the primary endpoint of successful CD34+ stem cell mobilization.
• The company is preparing for potential Phase 3 planning.

Finance: draft 13-week cash view by Friday.