Summary by Moomoo AI
Exicure, a biotechnology company, reported a challenging financial performance in its latest quarterly report. The company's revenue plummeted to $0 for the quarter ended June 30, 2023, a 100% decrease from the $2.5 million reported in the same period in 2022. Operating expenses decreased by 43% to $5.6 million, down from $9.9 million, primarily due to the suspension of research and development activities. Consequently, the operating loss improved by 25% to $5.6 million, compared to a loss of $7.5 million in the previous year. The net loss also saw a reduction of 23% year-on-year, standing at $5.8 million. Exicure's cash position weakened, with cash, cash equivalents, and restricted cash totaling $3.5 million as of June 30, 2023, down from $9.8 million at the end of 2022. The company raised $5.4 million in gross proceeds from a...Show More