As of December 9, 2025
Exicure, Inc. (NASDAQ: XCUR) has suddenly moved from obscure micro‑cap to front‑page biotech story. After the company reported positive topline Phase 2 data for its lead drug candidate burixafor in multiple myeloma at the 2025 ASH Annual Meeting on December 8, the stock exploded higher in after‑hours and pre‑market trading. [1]
Below is a comprehensive look at the latest trial results, recent financials, analyst and algorithmic forecasts, and the key risks around Exicure stock as of December 9, 2025.
Exicure (XCUR) Stock Today: Price, Volume and Recent Performance
Exicure shares have been extraordinarily volatile going into and following the ASH data.
- Closing price (Dec 8, 2025): Around $5.33, up 8.78% on the day. [2]
- Pre‑market (early Dec 9): Trading indications showed XCUR up more than 100%, with quotes around $10.84 in pre‑market action. [3]
- After‑hours reaction: Investing.com reported that Exicure stock “soared 140% in after-hours trading Monday” following the topline Phase 2 announcement. [4]
- Overnight indication: RTTNews noted shares trading at about $8.69, up more than 65% in overnight trading. [5]
Even after this spike, Exicure is still a tiny company:
- At a price around the mid‑single digits, XCUR’s market capitalization is roughly $30–40 million, based on about 6.3 million shares outstanding. [6]
And the rally builds on earlier momentum:
- A December 5 analysis from Trefis highlighted a 6‑day winning streak with a 76% cumulative return, noting XCUR was still ~50.7% below its end‑2024 level even after the run. [7]
In other words: this is still a deeply depressed micro‑cap stock that has just undergone a violent re‑rating on a single clinical catalyst.
The Burixafor Phase 2 Data: The Catalyst Behind the Surge
The immediate driver of the move is the Phase 2 trial of burixafor (GPC‑100) in multiple myeloma patients undergoing autologous hematopoietic cell transplantation (AHCT).
Key topline results from ASH 2025
According to Exicure’s December 8, 2025 press release and ASH oral presentation: [8]
- The Phase 2 trial (NCT05561751) tested burixafor + propranolol + G‑CSF for stem cell mobilization.
- 17 of 19 participants (89.5%) achieved the primary endpoint: collecting ≥2 × 10⁶ CD34+ cells/kg within two leukapheresis sessions.
- The remaining two patients reached target collection with an additional session.
- Among those who proceeded to transplant:
- Median neutrophil engraftment:13 days
- Median platelet engraftment:17.5 days
- Safety: Burixafor combination therapy was well tolerated; no drug‑related adverse events above Grade 2 were reported.
- Speed: Peak CD34+ levels occurred within one hour of administration, enabling same‑day dosing and apheresis, in contrast to overnight pre‑treatment needed with existing CXCR4 inhibitors.
The dataset is particularly notable because:
- 84.2% (16/19) of patients had prior exposure to daratumumab, a widely used myeloma therapy associated with more difficult stem cell mobilization.
- Despite this, 14 of those 16 patients (87.5%) still hit the primary endpoint, including 12 of 14 (85.7%) who had received both daratumumab and lenalidomide. [9]
Taken together, the data support the narrative Exicure has been building since October: that burixafor may offer a faster, same‑day mobilization option with competitive efficacy in a clinically challenging population. [10]
Where Burixafor Fits in the Competitive Landscape
Burixafor is a selective CXCR4 antagonist. CXCR4 inhibitors help “shake loose” hematopoietic progenitor cells (HPCs) from the bone marrow so they can be collected from the blood for transplant.
Existing CXCR4‑targeting agents used for mobilization include:
- Plerixafor (Mozobil)
- Motixafortide (Aphexda)
In its October 6 “Recent Achievements and Near‑term Strategic Priorities” update, Exicure stressed that burixafor’s rapid, same‑day kinetics and safety profile could differentiate it from these incumbents, which generally require overnight pre‑treatment before collection. [11]
Exicure also laid out a broader strategy for burixafor:
- Expand into sickle cell disease and other conditions requiring autologous transplant.
- Explore use as a chemosensitizer in acute myeloid leukemia (AML) by mobilizing malignant cells out of their protective bone marrow niches into the bloodstream, where chemotherapy may be more effective. [12]
That October roadmap framed burixafor as a platform asset rather than a single‑indication play, which is now being validated by the ASH data.
Pipeline, Strategy and Corporate Transformation
Until recently, Exicure was known primarily as a nucleic acid therapeutics company focused on spherical nucleic acid (SNA) technology for neurology and hair‑loss indications. [13]
A series of setbacks, restructurings and strategic reviews led to a major pivot:
- The company suspended its original clinical and development activities and began exploring strategic alternatives to maximize shareholder value. [14]
- In January 2025, Exicure acquired GPCR Therapeutics USA, bringing in burixafor and a hematology‑focused pipeline. [15]
Since that acquisition:
- Exicure now describes itself as a clinical‑stage biotech focused on hematologic diseases, with burixafor as the lead program. [16]
- The October 6 update also highlighted new leadership hires with deep drug development and regulatory expertise, positioning the company for a potential Phase 3 program if the data support it. [17]
At the same time, third‑party descriptions (such as ETF Channel) still emphasize that Exicure is actively exploring strategic alternatives, including possible transactions in industries unrelated to its historical operations – a reminder that management continues to keep the door open to reverse mergers or other transformative deals. [18]
Financial Health: Cash Runway, Losses and “Going Concern” Language
The bullish clinical story sits on top of a very fragile balance sheet.
Q3 2025 (reported November 7, 2025)
From the Q3 2025 results: [19]
- Cash and cash equivalents:
- $4.4 million as of September 30, 2025 (down from $12.5 million on December 31, 2024).
- R&D expense:
- $0.9 million for the quarter (vs. $0 in Q3 2024), reflecting renewed development after the GPCR USA acquisition.
- G&A expense:
- $1.5 million (vs. $1.4 million in Q3 2024).
- Net loss:
- $2.4 million (vs. $1.1 million a year earlier).
Most importantly, management explicitly warned:
The company’s existing cash is not sufficient to continue to fund operations, it has already made “significant cost reductions,” and substantial additional financing is needed in the short term. [20]
Q2 and Q1 2025: Same message, bigger cash balance
Earlier in the year, the financials told the same story with a thicker cash cushion:
- Q2 2025 (June 30):
- Cash and cash equivalents: $7.9 million.
- Net loss: $2.6 million for the quarter.
- Management again stated that existing cash was insufficient to fund operations and that additional financing was urgently needed. [21]
- Q1 2025 (March 31):
- Cash and equivalents: $10.4 million.
- A one‑time gain related to lease termination produced a reported net income of ~$3.0 million, but this was not reflective of ongoing profitability. [22]
The overall pattern:
- Cash declined from $12.5M → $10.4M → $7.9M → $4.4M over four quarters. [23]
- Revenue remains effectively zero, aside from a small amount reported in 2024. [24]
This is the classic profile of a pre‑revenue, high‑burn biotech whose fate depends on:
- Its ability to raise dilutive or non‑dilutive capital; and
- The commercial value and partnering potential of its pipeline — now largely embodied in burixafor.
Nasdaq Listing Status and Regulatory Backdrop
Exicure’s financial stress has been reflected in its interactions with Nasdaq and the SEC.
Delinquency and filing issues in 2024–2025
- In May 2024, Exicure received a Nasdaq delisting determination due to non‑compliance with listing rules. [25]
- The company appealed; an SEC filing in mid‑2024 noted that Nasdaq’s Hearings Panel allowed Exicure to continue its listing, subject to regaining full compliance by September 16, 2024. [26]
- In May 2025, Exicure disclosed a Nasdaq delinquency notice for late filing of its Form 10‑Q. [27]
By August 4, 2025, the company announced it had regained compliance with Nasdaq filing requirements, a point repeated by multiple outlets including Reuters, GuruFocus and Barchart. [28]
SEC filings and status
Exicure continues to file regular reports with the SEC, including a Form 10‑K for 2024 and a proxy statement for the 2025 annual meeting scheduled for November 6, 2025. [29]
Those filings emphasize:
- The exploration of strategic alternatives.
- Significant going concern risk tied to limited cash and the need for rapid financing. [30]
Investors should treat the listing status and SEC commentary as dynamic risk factors: while Exicure is currently listed on Nasdaq, its financial position means listing compliance and regulatory status are not guaranteed over the medium term.
Legal Overhang: Halper Sadeh Investigation
On October 22, 2025, investor rights law firm Halper Sadeh LLC announced an investigation into whether certain officers and directors of Exicure breached their fiduciary duties to shareholders. [31]
- The firm is soliciting Exicure shareholders to discuss their rights and potential remedies.
- No lawsuit or settlement has been publicly announced as of December 9, 2025, but such investigations sometimes precede litigation over mergers, capital raises or governance decisions.
This doesn’t guarantee any adverse outcome, but it adds to the governance and headline risk around XCUR.
How Analysts and Algorithms Currently View Exicure Stock
Coverage of Exicure is fragmented and, in many cases, outdated.
Street analyst ratings
Most traditional analyst coverage dates from 2020–2021, when Exicure was still primarily an RNA‑therapeutics story:
- StockAnalysis and other aggregators show old “Strong Buy” or “Buy” ratings with eye‑watering price targets in the hundreds of dollars — levels distorted by later reverse stock splits and no longer meaningful. [32]
More recent snapshots are less flattering — and also thin:
- Barchart’s rating page shows that three months ago, the average rating was a “Moderate Buy” (4.0/5) based on 2 analysts.
- The current entry is labeled “Strong Sell (0.00) based on 0 analysts”, effectively meaning there is no active analyst coverage, not that there is an actual Strong Sell recommendation today. [33]
MarketBeat’s forecast page lists a consensus rating of “Sell”, but that appears to be driven by the same small set of legacy ratings and provides no updated numeric price targets for 2025–2026. [34]
In practice: Wall Street has largely stepped away from regularly updating fundamental coverage on XCUR.
Quant and retail‑facing models
In the absence of fresh analyst models, algorithmic and retail‑facing tools have stepped in.
- Intellectia AI, which uses price action and technical factors, recently labeled Exicure a “Strong Buy candidate” after the stock’s 8.78% daily gain, citing momentum and low short interest (short ratio around 0.08). [35]
- Its near‑term price projections (days to weeks) point to modest upside from recent levels.
- However, paradoxically, the same model’s long‑term forecasts (2026 and 2030) trend toward $0.00, essentially encoding a high probability of catastrophic downside over time. [36]
ETF Channel, using data from Zacks, lists Exicure with an average broker recommendation equivalent to “Buy (3.0 out of 4)”, ranked in a high percentile — again reflecting how slow‑moving data can lag reality for micro‑caps undergoing rapid change. [37]
The takeaway: numerical ratings on XCUR are noisy and internally inconsistent. They capture:
- Short‑term trading momentum (after positive data),
- The memory of old bullish coverage from the SNA era, and
- The statistical truth that many early‑stage biotechs ultimately go to zero.
None of these should be treated as precise guidance.
What the Rally Does — and Does Not — Change
The ASH 2025 data meaningfully de‑risks burixafor in multiple myeloma, at least at the Phase 2 level:
- The trial met its primary endpoint in nearly 90% of patients.
- Safety looks clean, and the rapid mobilization profile is commercially attractive. [38]
However, several core facts remain unchanged:
- The company is still pre‑revenue.
- All 2025 quarters to date show zero revenue. [39]
- Cash is limited.
- With only $4.4M in cash at the end of Q3 and ongoing operating losses, Exicure has openly stated it needs substantial additional financing in the near term. [40]
- Dilution risk is high.
- Equity financing, licensing deals or other strategic transactions are all on the table. Existing shareholders could see their stakes diluted, even if the business survives and grows.
- Strategic alternatives are still being evaluated.
- The company continues to explore transactions, including outside its historical areas, which could result in a reverse merger, asset sale or other outcome that materially changes the nature of the company. [41]
- Regulatory and legal overhangs haven’t disappeared.
- Past Nasdaq delisting threats and the current investor‑rights investigation show that governance and compliance risks are non‑trivial. [42]
The price action reflects new optimism about the asset, not a sudden transformation into a financially secure, de‑risked company.
Key Factors to Watch in 2026
For anyone tracking Exicure (whether as a trader, long‑term investor, or just a biotech watcher), the next 12–18 months revolve around a few critical questions:
- Can Exicure secure financing on survivable terms?
- Equity raises at depressed levels could be highly dilutive.
- A strategic partnership or non‑dilutive deal around burixafor would be more favorable but harder to achieve for a micro‑cap.
- Will a Phase 3 program in multiple myeloma be launched — and with whom?
- Partnered vs. unpartnered development will say a lot about how major players view the asset’s competitiveness.
- How fast will expansion into sickle cell disease and AML move?
- Exicure has telegraphed its interest in these indications, but clinical timelines, trial design and regulatory feedback will determine whether burixafor truly becomes a multi‑indication platform. [43]
- What happens with strategic alternatives and the Halper Sadeh investigation?
- A merger, sale, or restructuring could unlock value — or crystallize losses — depending on the terms.
- Can the company maintain its Nasdaq listing?
- With a history of listing‑rule issues and a volatile share price, continued compliance is a non‑negligible risk factor. [44]
Conclusion: A High‑Risk Binary Story With New Momentum
As of December 9, 2025, Exicure is a classic high‑risk biotech binary:
- On the positive side:
- Burixafor delivered strong, clinically meaningful Phase 2 data in a real‑world‑like, daratumumab‑exposed multiple myeloma population. [45]
- The same‑day mobilization profile is commercially attractive and could differentiate it from incumbent CXCR4 antagonists.
- The rally has finally attracted broader market attention to a previously ignored micro‑cap.
- On the negative side:
- The balance sheet is weak, with explicit “going concern” warnings and an urgent need for capital. [46]
- Traditional analyst coverage is thin and stale, while algorithmic forecasts are contradictory and rely heavily on recent price momentum. [47]
- Legal and listing‑status uncertainties add additional layers of risk. [48]
For traders, XCUR is likely to remain highly volatile, driven by headlines, financing news and sentiment around small‑cap biotech. For long‑term investors, the story hinges on whether Exicure can:
- Turn promising clinical data into a viable Phase 3 path and eventual product, and
- Navigate financing and strategic decisions without wiping out existing equity.
References
1. investors.exicuretx.com, 2. stockanalysis.com, 3. stockanalysis.com, 4. www.investing.com, 5. www.nasdaq.com, 6. www.biospace.com, 7. www.trefis.com, 8. investors.exicuretx.com, 9. investors.exicuretx.com, 10. investors.exicuretx.com, 11. investors.exicuretx.com, 12. investors.exicuretx.com, 13. investors.exicuretx.com, 14. www.sec.gov, 15. investors.exicuretx.com, 16. investors.exicuretx.com, 17. investors.exicuretx.com, 18. www.etfchannel.com, 19. www.biospace.com, 20. www.biospace.com, 21. investors.exicuretx.com, 22. www.businesswire.com, 23. investors.exicuretx.com, 24. www.biospace.com, 25. investors.exicuretx.com, 26. www.sec.gov, 27. www.businesswire.com, 28. www.nasdaq.com, 29. www.sec.gov, 30. www.sec.gov, 31. www.businesswire.com, 32. stockanalysis.com, 33. www.barchart.com, 34. www.marketbeat.com, 35. intellectia.ai, 36. intellectia.ai, 37. www.etfchannel.com, 38. investors.exicuretx.com, 39. www.biospace.com, 40. www.biospace.com, 41. www.sec.gov, 42. www.sec.gov, 43. investors.exicuretx.com, 44. www.sec.gov, 45. investors.exicuretx.com, 46. www.biospace.com, 47. www.barchart.com, 48. www.sec.gov
