Exicure, Inc 8-K, filed Jan 5, 2022
Exicure, Inc. (XCUR)
8-K
2022-01-05
For: 2021-12-30
View Original
Added on
April 10, 2026
About this 8-K
Exicure, Inc filed this 8-K on January 5, 2022, reporting on events of December 30, 2021.
Items reported
- Item 1.02: Ended a material agreement
- Item 2.02: Financial results
- Item 3.01: Delisting notice or listing transfer
- Item 7.01: Regulation FD disclosure
- Item 8.01: Other events
- Item 9.01: Financial statements and exhibits
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
____________________
FORM 8-K
____________________
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): December 30, 2021
____________________
(Exact name of Registrant as specified in its charter)
____________________
| (State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) | ||||||
(Address of principal executive offices)
Registrant’s telephone number, including area code: (847 ) 673-1700
____________________
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading symbol(s) | Name of each exchange on which registered | ||||||||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company x
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. x
Item 1.02 Termination of a Material Definitive Agreement.
As previously disclosed, on December 21, 2020, Exicure, Inc. (the “Company”) entered into an equity distribution agreement (the “Sales Agreement”) with BMO Capital Markets Corp., a Delaware corporation (“BMO”), with respect to an “at-the-market offering” program under which the Company could offer and sell, from time to time at its sole discretion, shares of its common stock, par value $0.0001 per share (the “Common Stock”), having aggregate gross proceeds of up to $50.0 million through BMO as its sales agent.
On January 4, 2022, BMO delivered written notice to the Company, effective as of such date, to terminate the Sales Agreement pursuant to Section 6(b) thereof. The Company and BMO agreed to terminate the Sales Agreement, effective as of such date. Following termination, the Company will not sell any additional shares of Common Stock pursuant to the Sales Agreement.
Item 2.02 Results of Operations and Financial Condition.
The Company intends to share with investors the amount of cash, cash equivalents and restricted cash it had on hand as of December 31, 2021, as well as the principal amount of outstanding debt, outstanding shares of common stock, and outstanding warrants to purchase common stock as of December 31, 2021. Although the Company has not finalized its financial results for the twelve months ended December 31, 2021, the Company preliminarily estimates that its cash, cash equivalents and restricted cash as of December 31, 2021 was approximately $48.3 million and the principal amount of its debt outstanding as of December 31, 2021 was $7.5 million. Additionally, as of December 31, 2021, the Company had 108,783,144 shares of common stock outstanding, outstanding warrants to purchase up to 17,288,034 shares of common stock at an exercise price of $0.2701 per share, and outstanding pre-funded warrants to purchase up to 14,000,000 shares of common stock at an exercise price of $0.001 per share.
The information in this Item 2.02 is unaudited and preliminary, and does not present all information necessary for an understanding of the Company’s financial condition as of December 31, 2021 and its results of operations for the three months and year ended December 31, 2021. The audit of the Company’s financial statements for the year ended December 31, 2021 is ongoing. The Company’s actual consolidated cash, cash equivalents and restricted cash balance, the principal amount of outstanding debt, shares of common stock outstanding, and outstanding warrants to purchase common stock as of December 31, 2021 may differ from these estimates due to the completion of the Company’s year-end closing and auditing procedures.
The information in this Item 2.02 shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall such information be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such a filing.
Item 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing.
On December 30, 2021, the Company received a letter (the “Notice”) from the staff (the “Staff”) of The Nasdaq Stock Market LLC (“Nasdaq”) notifying the Company that, for the previous 30 consecutive business days, the bid price for the Company’s common stock had closed below the minimum $1.00 per share requirement for continued listing on The Nasdaq Global Select Market under Nasdaq Listing Rule 5550(a)(2) (the “Bid Price Requirement”). In accordance with Nasdaq Listing Rule 5810(c)(3)(A) (the “Compliance Period Rule”), the Company has been provided an initial period of 180 calendar days, or until June 28, 2022 (the “Compliance Date”), to regain compliance with the Bid Price Requirement. If, at any time before the Compliance Date, the bid price for the Company’s common stock closes at $1.00 or more for a minimum of 10 consecutive business days as required under the Compliance Period Rule, the Staff will provide written notification to the Company that it has regained compliance with the Bid Price Requirement, unless the Staff exercises its discretion to extend this 10-day period pursuant to Nasdaq Listing Rule 5810(c)(3)(H).
If the Company does not regain compliance with Rule 5550(a)(2) by the Compliance Date, the Company may be eligible for additional time. To qualify, the Company will be required to meet the continued listing requirement for market value of publicly held shares and all other initial listing standards for The Nasdaq Capital Market, with the exception of the Bid Price Requirement, and will need to provide written notice of its intention to cure the deficiency during the second compliance period, by effecting a reverse stock split, if necessary. If the Company meets these requirements, Nasdaq may grant the Company an additional 180 calendar days to regain compliance with the Bid Price Requirement.
If the Company does not regain compliance with the Bid Price Requirement by the Compliance Date and is not eligible for an additional compliance period at that time, the Staff will provide written notification to the Company that its common stock may
be delisted. At that time, the Company may appeal the Staff’s delisting determination to the Nasdaq Listing Qualifications Panel (the “Panel”). The Company expects that its common stock would remain listed pending the Panel’s decision. However, there can be no assurance that, if the Company receives a delisting notice and appeals the delisting determination by the Staff to the Panel, such appeal would be successful.
The Company intends to monitor the closing bid price of its common stock and will consider options available to it to achieve compliance with the Bid Price Requirement.
Item 7.01 Regulation FD Disclosure.
The Company updated its corporate presentation for use at various conferences and meetings with investors, analysts and others. The updates primarily include updates on the Company’s business strategy and disclosure regarding the Company’s cash, cash equivalents and restricted cash as of December 31, 2021. The presentation is posted on the “Investors” portion of its website at https://investors.exicuretx.com/events-and-presentations/, and a copy of the presentation is attached as Exhibit 99.1 to this Current Report on Form 8-K.
The information in this Item 7.01 shall not be deemed to be “filed” for purposes of Section 18 of the Exchange Act, or otherwise subject to the liabilities of that section, nor shall such information be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such a filing.
Item 8.01 Other Events.
As previously disclosed in December 2021, the Company has announced its commitment to a plan to wind down the Company’s immuno-oncology program for cavrotolimod (AST-008). The Company also continues to seek opportunities to advance the cavrotolimod (AST-008) program through strategic collaborations or partnerships with the goal of maximizing stockholder value of the program and the full potential of its pipeline, as previously reported in its Quarterly Reports on Form 10-Q filed with the Securities and Exchange Commission on each of November 19, 2021 and August 12, 2021.
Cautionary Note Regarding Forward Looking Statements
This Current Report on Form 8-K contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. All statements in this Current Report on Form 8-K other than statements of historical fact could be deemed forward looking including, but not limited to, statements regarding the Company’s preliminary estimation of its cash, cash equivalents, restricted cash and principal amount of its outstanding debt as of December 31, 2021; the Company’s development of its preclinical program pipeline; the wind down of its cavrotolimod (AST-008) program and XCUR-FXN preclinical program for the treatment of Friedreich’s ataxia, including the estimated timing and cost savings; the Company’s compliance with Nasdaq listing rules or standards; and the Company’s business plans and objectives. Words such as “plans,” “expects,” “will,” “shall,” “anticipates,” “continue,” “expand,” “advance,” “believes,” “guidance,” “target,” “may,” “remain,” “project,” “outlook,” “intend,” “estimate,” “could,” “should,” and other words and terms of similar meaning and expression are intended to identify forward-looking statements, although not all forward-looking statements contain such terms. The forward-looking statements in this Current Report on Form 8-K speak only as of the date of this Current Report on Form 8-K, and the Company undertakes no obligation to update these forward-looking statements. Forward-looking statements are based on management’s current beliefs and assumptions that are subject to risks and uncertainties and are not guarantees of future performance. Actual results could differ materially from those contained in any forward-looking statement as a result of various factors, including, without limitation: the risks that the ongoing COVID-19 pandemic may disrupt the Company’s business and/or the global healthcare system (including its supply chain) more severely than it has to date or more severely than anticipated; unexpected costs, charges or expenses that reduce the Company’s capital resources; the Company’s preclinical or clinical programs do not advance or result in approved products on a timely or cost effective basis or at all; the cost, timing and results of clinical trials; that many drug candidates do not become approved drugs on a timely or cost effective basis or at all; the ability to enroll patients in clinical trials; possible safety and efficacy concerns; risks that preliminary results from preclinical studies and clinical trials are not necessarily predictive of future results; the ability of the Company to collaborate successfully with strategic partners; regulatory developments; exposure to litigation, including patent litigation, and/or regulatory actions; the ability of the Company to protect its intellectual property rights; the ability of the Company to comply with Nasdaq listing rules and standards; and the impact of the completion of the Audit Committee’s investigation and review, including any related investigations or proceedings, shareholder lawsuits, reputational harm, or the possibility that executives or other employees may resign or be terminated. Given these risks and uncertainties, you are cautioned not to place undue reliance on such forward-looking statements. For a discussion of other risks and uncertainties, and other important factors, any of which could cause the Company’s actual results to differ from those contained in the forward-looking statements, see the section titled “Risk Factors” in the Company’s Quarterly Report on Form 10-Q filed with the SEC on November 19, 2021, as updated by the Company’s subsequent filings with the Securities and Exchange Commission. All information in this Current Report on Form 8-K is as of the date of the release, and the Company undertakes no duty to update this information or to publicly announce the results of any revisions to any of such statements to reflect future events or developments, except as required by law.
Item 9.01 Financial Statements and Exhibits.
| Exhibit No. | Description | |||||||
| 99.1 | ||||||||
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). | |||||||
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date: January 5, 2022 | EXICURE, INC. | |||||||
| By: | /s/ Elias D. Papadimas | |||||||
| Elias D. Papadimas | ||||||||
| Chief Accounting Officer | ||||||||
Pursuing Next Generation Nucleic Acid Therapies NASDAQ Ticker: XCUR January 5, 2022 Exhibit 99.1
© 2022 Exicure, Inc. All Rights Reserved. | Cautionary Note Regarding Forward Looking Statements 2 This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as "anticipate," "expect," "plan," "may," "will," “continue,” and similar expressions (as well as other words or expressions referencing future events or circumstances) are intended to identify forward-looking statements. All statements other than statements of historical fact in this presentation are forward looking including, but not limited to, statements regarding of Exicure, Inc. (“Exicure” or the “Company”); including the development of product candidates based on its proprietary SNA™ technology; the initiation, timing, progress, scope and results of the Company’s preclinical studies, clinical trials and research and development programs; the timing, availability and presentation of preclinical, clinical and regulatory developments; the potential benefits of the Company’s product candidates; the development and the commercial potential, growth potential and market opportunity for the Company’s product candidates, if approved, and the drivers, timing, impact and results thereof; potential and future results of current and planned collaborations; the proposed benefits of any of the Company’s partnered programs; and the timing or likelihood of regulatory filings and approvals. Forward-looking statements are based on management’s current beliefs and assumptions that are subject to risks and uncertainties and are not guarantees of future performance. Actual results could differ materially from those contained in any forward-looking statement as a result of various factors, including, without limitation: market and other conditions; the risk that the ongoing COVID-19 pandemic and the associated containment efforts may disrupt the Company’s business and/or the global healthcare system (including its supply chain) more severely than it has to data or more severely than anticipated; the Company’s preclinical or clinical programs do not advance or result in approved products on a timely or cost effective basis or at all; the results of early clinical trials are not always being predictive of future results; unexpected safety or efficacy data observed during preclinical or clinical studies; the failure of the data from the Company’s preclinical trials to be indicative in human trials; clinical site activation rates or clinical trial enrollment rates that are lower than expected; the cost, timing and results of clinical trials; changes in the regulatory environment; exposure to litigation or other disputes; the ability of the Company to protect its intellectual property rights; the ability of the Company to obtain or maintain collaborations and/or collaborate successfully with strategic partners; the actual funding required to develop and commercialize the Company’s product candidates and operate the Company and the impact of the completion of the Company’s previously reported internal investigation on the Company’s business and diversion of management time and attention on related issues, including any related investigations or proceedings, shareholder lawsuits, reputational harm, or the possibility that executives or other employees may resign. For a discussion of other risks and uncertainties, and other important factors, any of which could cause the Company’s actual results to differ from those contained in the forward-looking statements, see the section titled “Risk Factors” in the Company’s Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on November 19, 2021, as well as discussions of potential risks, uncertainties, and other important factors in its subsequent filings with the Securities and Exchange Commission. All information in this presentation speak only as of the date of this presentation, and the Company undertakes no obligation to update this information or to publicly announce the results of any revisions to any of such statements to reflect future events or developments, unless required by law.
© 2022 Exicure, Inc. All Rights Reserved. | Exicure Snapshot 3 • Exicure pursues and develops next-generation nucleic acid therapies targeting RNA • Proven team with deep drug development and cutting-edge oligonucleotide chemistry know-how • Exicure addresses cell and tissue uptake limitation of linear oligonucleotides with its proprietary Spherical Nucleic Acids (SNATM) platform • Our R&D engine utilizes an automated high-throughput screen to identify high value candidates and rapidly move to the clinic • From screening, we proceed in a robust and vigorous selection process to match our company’s ethos: Right Approach at the Right Target for the Right Therapy • We have identified several promising candidates in CNS conditions with high unmet need, including a non-opioid pain analgesic with additional preclinical milestones to readout in 2022
© 2022 Exicure, Inc. All Rights Reserved. | An Established and Experienced Leadership & Management Team 4 Brian Bock Chief Executive Officer Matthias Schroff Chief Scientific Officer Tim Walbert Chairman Jeffrey L. ClelandJames SulatBali Muralidhar Bosun Hau Elizabeth Garofalo Andrew Sassine MANAGEMENT BOARD OF DIRECTORS Sarah Longoria Chief Human Resource and Compliance Officer Douglas Feltner* Chief Medical Officer David A. Giljohann* Co-Founder, Chief Technology Officer Elias Papadimas Chief Accounting Officer *As of January 5, 2022
© 2022 Exicure, Inc. All Rights Reserved. | Leadership Supported by Scientists With Nucleic Acid Expertise and R&D Engine to Get From Bench to Bedside Rapidly 5 • Diverse scientific staff with expert knowledge in nucleic acid chemistry, drug development and neuroscience • 13 PhDs with more than 100 years of joint oligonucleotide experience • Our in-house R&D engine and 30,000 sq ft. facility conducts rapid and automated high throughput nucleic acid synthesis screening • A streamlined process to get to preclinical and clinical milestones fast
© 2022 Exicure, Inc. All Rights Reserved. | Exicure has Identified Several Promising Candidates Targeting Severe Neurological Conditions With Its Proprietary Platform 6 • Extensive proprietary IP protection across the platform and composition of matter • Partnerships with Ipsen and AbbVie targeting neuroscience and skin • Our high throughput facility has identified several high value drug candidates • These neurological conditions lack effective treatment options 1) Huntington’s and Angelman’s programs are part of the partnered collaboration with Ipsen Patented Protected Platform Technology Promising Candidates Identified in Conditions with High Unmet Need SCAs Angelman’s1 Sporadic ALS Batten Disease Pain Huntington’s1
© 2022 Exicure, Inc. All Rights Reserved. | Exicure’s Next Generation Pipeline and Investment Focus is Neuroscience DISCOVERY PRECLINICAL DEV PHASE 1 NEUROSCIENCE SCN9A Neuropathic Pain Undisclosed Huntington’s Disease Undisclosed Angelman Syndrome DERMATOLOGY Undisclosed Hair Loss Disorders 1) On November 13, 2019, Exicure announced this partnership with Allergan plc and on May 8, 2020, AbbVie Inc. acquired Allergan plc 1 7
SNAs: Next Generation Nucleotide Delivery Platform
© 2022 Exicure, Inc. All Rights Reserved. | SNA™: A Unique and Effective 3D Architecture For the Next Generation of Oligonucleotide Therapeutics 9 Synthetic Oligonucleotides Benign Lipid Nanoparticle Scaffold1SNA Spherical Nucleic Acid • Compatible with virtually all oligonucleotide classes/chemistries (e.g. ASOs, SSO, siRNA, miRNA) • Sequence length of up to ~80 nucleotides • Scaffold for oligonucleotides • ~20 nm diameter • 3D architecture creates elevated local concentration of nucleic acids • Yields protective effect against enzymatic degradation • Facilitates receptor interaction, increases cell uptake 1) Composition: 1,2-dioleoyl-sn-glycero-3-phosphocholine (DOPC) liposome; DOPC is in the FDA-approved drug DepoDur®, a morphine sulfate extended-release liposome injection for lumbar epidural administration
© 2022 Exicure, Inc. All Rights Reserved. | SNAs Address Current Challenges with Linear Oligonucleotide Therapeutics – Delivery, Versatility and Multi-Targeting 10 Multi-Targeting Capability to Address Complex Diseases Delivery of defined ratios of oligonucleotides 2 1 3 Oligo vs. Target A Oligo vs. Target B Oligo vs. Target C Potential for improved clinical efficacy, safety and less frequent dosing; as demonstrated in nonclinical studies. Access targets and diseases inaccessible by traditional methods SNAs Allow a Full Spectrum Nucleotide Chemistries & Function SNAs: Potential Best-in-Class for Oligonucleotide Delivery SNAsLinear Oligos Dramatically improved cellular uptake leading to increased tissue persistence vs. Splice Modulation Increased Gene Expression Knockdown Gene Expression
© 2022 Exicure, Inc. All Rights Reserved. | Example Application: Restoring Function and Increasing Longevity in Mouse Model of Progressive Muscle Wasting Disease 11 Day 14 Day 62 • Exicure-treated mouse on left, diseased mice1 in the middle and non-diseased mice on right • Based on one-dose with Exicure treatment • Exicure-treated mice flanking non-diseased mouse in the middle • At day 62, no diseased mice without treatment survived 1) Diseased mice are a model of spinal muscular atrophy (SMA), a neuromuscular disorder that results in loss of motor neurons and progressive muscle wasting.
© 2022 Exicure, Inc. All Rights Reserved. | Three Drivers of Superior Efficacy in Neuroscience 12 1 Higher Cell Uptake, Leading to Higher Potency at Same Dose 2 Broad CNS Penetration and Uptake in all Neuronal Cells SNA Linear Superior cell uptake1 vs. linear oligonucleotide with SNA detection observed across multiple cell types SNAs2 reach deep brain regions and achieve uptake in neurons, microglia and astrocytes 3 Higher Persistence in the CNS, Leading to Prolonged Efficacy Nusinersen Alone SNA- Nusinersen Radiolabeled biodistribution shows SNAs3 stay longer in the CNS compared to linear nucleotide therapeutic In Situ Hybridization of SNA in the Brain (Rat) via ICM dosing 1) In vitro comparison in cortical neurons testing MALAT1 knockdown with IC50 for SNA (141 nM) and linear oligonucleotide (464 nM), 2) In vivo testing with MALAT1 knockdown via intracisterna magna (ICM) route of administration 3) In vivo comparison of rats dosed intrathecally with comparison shown at seven days after one-time administration.
Targeting Pain
© 2022 Exicure, Inc. All Rights Reserved. | Sodium Channel 1.7 is a Key Pain Signaling Gatekeeper 14 Figure adapted using Biorender from: Waxman and Zamponi (2014), Ofra Gohar (2020), Julius & Blasboum (2001), and Alsaloum et al (2020) Pain Signaling Pathway Brain perceives pain by neuronal cell signaling from the periphery through the spinal cord Neuronal cells collect in clusters along the spinal cord in an area called the dorsal root ganglia (DRG) Signals for pain are electrically transmitted with overwhelming evidence sodium channel 1.7 (Nav1.7) serves as a key gatekeeper Spinal cord
© 2022 Exicure, Inc. All Rights Reserved. | Small Molecule Inhibitor of Nav1.7 (nM) C ha nn el A ct iv at io n • Due to small selectivity margins, small molecules fail to reach target inhibition levels in DRG • Cellular knockdown via SNAs has proven exquisitely selective, with SNA screening hits not exhibiting homology with other Nav family members Illustrative Example of Nav1.7 Selectivity Profile for Small Molecule Inhibitor (Xenon/ Genentech; Bankar et al., 2018) Nav1.7, a Validated Non-Opioid Pain Target, is Ideally Suited to Exicure’s Approach Due to Selectivity and Biodistribution Profile 15 • Gain- and Loss-of-function mutations effecting sensitivity to pain support targeting rationale • Nav1.7 is encoded by the gene SCN9A Nav 1.7 Gain-of-Function Mutations Nav 1.7 Loss-of-Function Mutations Severe Pain Lack of Pain • Intrathecal delivery in rodents achieves in vivo delivery to dorsal root ganglion (DRG) neurons, the key cell type expressing Nav1.7 and which mediates transmission of peripheral pain signals to the brain Oligonucleotide Selectivity vs Small Molecules Human Genetic Validation Distribution to DRGs
© 2022 Exicure, Inc. All Rights Reserved. | Exicure has Identified Several Potent Candidates Achieving Greater Than 95% Target Reduction in Sensory Neurons 16 A reduction in SCN9A expression of only ~50% may have therapeutic benefit based on human genetic studies1 Target mRNA Knockdown in iPSC- Derived Human Sensory Neurons 1) Yuan, Pain Medicine, 2011 Experiment conducted in vitro transfection-free: at 2 μM, 28-35 DIV sensory neurons, data are mean ± SEM
© 2022 Exicure, Inc. All Rights Reserved. | SNA Drug Candidate Abolish Key Electrical Transmissions Critical in Pain-Signaling Neurons with Durable Effect 17 • In vitro cultured neurons establish a network communication via electrical signaling • Multi-electrode array measures key signaling (action potentials) between neurons • Nav1.7 is crucial in generating action potentials • Exicure drug candidate demonstrates halting key signaling (action potentials) in cultured neurons • Durable one-time treatment efficacy exceeds 49 days • Abolishment of action potentials by Exicure candidate same or better as potent Nav1.7 inhibitors2 1) Data from multi-electrode array of Action Potential Amplitude was Mean Spike Amplitude, 2) Nav1.7 Inhibitors, Day 14: ProTxII and Day 15: PF-05089771 Electrical Signaling Activity Can be Assessed in Pain-Signaling Neurons Potent Candidate Halts Action Potentials In Vitro Beyond 49 Days After Single Dose
Existing Partnerships
© 2022 Exicure, Inc. All Rights Reserved. | Exicure & AbbVie: Using Exicure’s Discovery & Development Engine for Collaboration Targeting Hair Loss Disorders 19 • $25M upfront • Up to $50M in option/IND- enabling payments • Up to $195M in development and regulatory milestones • Up to $530M in commercial milestones • Tiered royalties of mid single-digit to mid-teen percentage The EconomicsThe Partnership • Discover and develop two SNA-based treatments for hair loss disorders • Initiated November 2019 • Exicure responsible for discovery costs prior to option exercise by Allergan; Allergan responsible afterwards 1) On November 13, 2019, Exicure announced this partnership with Allergan plc and on May 8, 2020, AbbVie Inc. acquired Allergan plc 1
© 2022 Exicure, Inc. All Rights Reserved. | Exicure and Ipsen: Using Exicure’s Discovery & Development Engine for Neuroscience Collaboration Targeting Huntington’s and Angelman’s 20 • $1B+ total deal value • $20M cash upfront • Up to $10M in preclinical milestones • Up to $50M in option exercise payments • Up to $180M in development and regulatory milestones • Up to $762M in commercial milestones • Tiered royalties percentages from mid single-digits to mid-teens The EconomicsThe Partnership • Discover and develop two SNA-based treatments for Huntington’s Disease and Angelman Syndrome • Initiated August 2021 • Both indications are an ideal fit for the SNA platform differentiation of deep brain penetration and persistence • Exicure funds discovery and pre-clinical work up to candidate selection • Ipsen funds all work post candidate selection, including IND-enabling activities
© 2022 Exicure, Inc. All Rights Reserved. | Exicure Corporate Financial Snapshot(1) 21 • Nasdaq: XCUR • Est. 2021 Year-end Cash: $48.3 million(2) • Outstanding Principal Debt: $7.5 million • Common Stock Outstanding: 108.8 million • Outstanding Warrants: 31.3 million(3) 1) Figures include unaudited estimates as of December 31, 2021 2) Represents preliminarily unaudited estimated cash, cash equivalents and restricted cash as of December 31, 2021, and the actual amounts may differ from these estimates due to the completion of the Company’s year-end closing and auditing procedures 3) Includes warrants to purchase up to 17.3 million shares of common stock at an exercise price of $0.2701 per share and pre-funded warrants to purchase up to 14.0 million shares of common stock at an exercise price of $0.001 per share. .
© 2022 Exicure, Inc. All Rights Reserved. | Exicure has Several Promising Therapeutics, Including Candidates for a Highly Coveted Non-Opioid Pain Analgesic 22 • Promising initial data with several candidates targeting Nav1.7, a non-opioid target in pain, with near-term milestones in 2022 – Conservative US market share estimates1 in initial indications of DPN and SFN represent significant commercial opportunity (~$1.9B) • Encouraging candidates identified in several prominent neurological conditions where current effective treatment options either non-existent or lacking • Exploring near-term partnering opportunities with our pain and other neuroscience programs • Our partnered programs continue to advance with potential pre-clinical milestones in 2023 • With our oligonucleotide chemistry expertise, we continue enhancements of our proprietary platform to further address limitations with linear oligonucleotide therapeutics 1) Assuming 10% market penetration among approximately 4,500 US physicians; DPN: Diabetic Periphery Neuropathy; SFN: Small Fiber Neuropathy
www.exicuretx.com