EXICURE, INC.
For the period ended Jun 30, 2026. Filed Aug 14, 2026.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2026 · Filed Aug 14, 2026
XCUR$0.95+6.7%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2026-03-31; filed 2026-05-29.
0001698530-26-000057
Item 2. Results of OperationsSignaturesCurrent report: 10-Q
Period ended 2026-06-30; filed 2026-08-14.
0001193125-26-352011
Item 2. Management's Discussion and Analysis and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 69 previous paragraphs and 77 current paragraphs.
25 unchanged; 12 reworded; 36 added; 32 removed; 0 previous and 4 current paragraphs rearranged.
Tables are not compared: 6 previous and 7 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (36)
Current report
Item 2. Manage ment’s Discussion and Analysis of Financial Condition and Results of Operations.
Current report
The following information should be read in conjunction with our unaudited condensed consolidated financial statements and the notes thereto included in this Quarterly Report on Form 10-Q and the audited financial information and the notes thereto included in our Annual Report on Form 10-K (the “Annual Report”) for the year ended December 31, 2025, which was filed with the Securities and Exchange Commission, or SEC, on March 25, 2026. This Quarterly Report on Form 10-Q contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, or the Securities Act, and Section 21E of the Exchange Act, that involve significant risks and uncertainties. Our actual results, performance or experience could differ materially from what is indicated by any forward-looking statement due to various important factors, risks, uncertainties, assumptions and other factors including, but not limited to, those identified in this Quarterly Report on Form 10-Q and in our other SEC filings.
Current report
Overview
Current report
Historically, we have been an early-stage biotechnology company focused on developing nucleic acid therapies targeting ribonucleic acid against validated targets. Following the acquisition of GPCR USA in January 2025 and changes in our ownership, board composition and management team, our activities have primarily focused on supporting GPCR USA’s clinical development programs, evaluating strategic alternatives strategic alternatives and preserving capital.
Current report
We continue to evaluate a board range of strategic alternatives intended to maximize stockholder value, including private company acquisitions, additional capital raising transactions, business combination opportunities and other strategic transactions. No assurance can be given that any such evaluation process will result in the consummation of a transaction.
Current report
On January 19, 2025, we entered into a share purchase agreement (the “Share Purchase Agreement”) with GPCR Therapeutics Inc, a Korean corporation, (“GPCR”), pursuant to which we acquired from GPCR all of the issued and outstanding equity securities of its then-subsidiary, GPCR Therapeutics USA Inc., a California corporation (“GPCR USA”). In connection with the closing of the Share Purchase Agreement, the Company and GPCR entered into a License and Collaboration Agreement to further develop and commercialize GPCR’s technologies related to certain intellectual property and patents. The License and Collaboration Agreement requires us to make milestone payments to GPCR upon the achievement of specific milestone events relating to clinical trials, marketing authorizations, and net sales, as well as for us to pay a recurring royalty payments, as set forth in the agreement.
Current report
GPCR USA completed its Phase 2 clinical trial in January 2026 that focused on blood cancer patients, particularly those eligible for hematopoietic stem cell transplantation, commonly referred to as bone marrow transplant. Its current clinical trial involves the combined administration of GPC-100 (a small molecule antagonist with a high binding affinity to a chemokine receptor) and propranolol (a beta-blocker drug that affects the heart and circulation) for mobilization of stem cells in Multiple Myeloma patients. In accordance with the terms of the License and Collaboration Agreement, the first milestone payment of $1,000,000 became payable the second quarter of 2026. Due to the Company’s limited cash resources, the payment terms were amended and the milestone obligation is expected to be satisfied through the issuance of shares of the Company’s common stock
Current report
The Company previously formed KC Creation Co., Ltd. a wholly-owned South Korean subsidiary, which was subsequently disposed of on November 24, 2025 and dose not represent and ongoing operations of the Company.
Current report
Operating, financing, and cash flow considerations
Current report
Since our inception in 2011, we have primarily funded our operations through sales of our securities, loans and collaborations.
Current report
As of June 30, 2026, our cash and cash equivalents were approximately $1.7 million, compared to approximately $3.7 million as of December 31, 2025. The decrease primarily reflects cash utilized to fund operating activities, support GPCR USA’s clinical development activities and satisfy public company compliance obligations. Our current liquidity may not be sufficient to fund operations for the next 12 months. As a result, there is substantial doubt about our ability to continue as a going concern. Additional financing will be needed to fund our ongoing operations and exploration of strategic alternatives and pursue any alternatives that we identify. Management continues to evaluate potential equity financings, strategic transactions, partnering opportunities and other
Current report
We expect to seek financing through equity offerings. However, it may be difficult to obtain financing given our current condition and uncertainty over its future direction. Therefore, we may be unable to raise capital at all or on favorable terms. Our failure to raise capital or enter into such other arrangements as and when needed would have a negative impact on our financial condition and our ability to continue operations.
Current report
Recent Developments
Current report
Nasdaq Listing Requirements Deficiency Notices
Current report
As previously disclosed, we have received numerous deficiency notices with respect to various Nasdaq listing requirements in the past year. Most recently, On May 28, 2026, the Company received a notice from Nasdaq indicating that the Company was not in compliance with Nasdaq Listing Rules as a result of the delayed filing of its Quarterly Report on Form 10-Q for the period March 31, 2026. On May 29, 2026, the Company filed its Form 10-Q for the period ended March 31, 2026, and on June 5, 2026, the Company received a formal notice from Nasdaq confirming that the Company had regained compliance with the applicable listing requirement and that this matter was officially closed.
Current report
In addition, on June 5, 2026, the Company received a deficiency notification from Nasdaq stating that the Company’s Stockholders' Equity reported in its Form 10-Q for the period ended March 31, 2026 ($2.098 million) had fallen below Nasdaq's minimum requirement of $2.5 million. On July 30, 2026, the Company submitted a formal Plan of Compliance to Nasdaq to address the equity shortfall. The Company is currently awaiting Nasdaq’s review and approval of its plan. If accepted, Nasdaq may grant an extension period of up to 180 days for the Company to regain compliance.
Current report
There can be no assurance that we will remain in compliance with Nasdaq’s requirements and will not be delisted in the future.
Current report
Critical Accounting Estimates
Current report
We prepare our condensed consolidated financial statements in accordance with accounting principles generally accepted in the United States of America, which require our management to make estimates that affect the reported amounts of assets, liabilities and disclosures of contingent assets and liabilities at the balance sheet dates, as well as the reported amounts of revenues and expenses during the reporting periods. To the extent that there are material differences between these estimates and actual results, our financial condition or results of operations would be affected. We base our estimates on our own historical experience and other assumptions that we believe are reasonable after taking account of our circumstances and expectations for the future based on available information. We evaluate these estimates on an ongoing basis.
Current report
We consider an accounting estimate to be critical if: (1) the accounting estimate requires us to make assumptions about matters that were highly uncertain at the time the accounting estimate was made, and (2) changes in the estimate that are reasonably likely to occur from period to period, or use of different estimates that we reasonably could have used in the current period, would have a material impact on our financial condition or results of operations. There are items within our condensed consolidated financial statements that require estimation but are not deemed critical, as defined above.
Current report
Management has discussed the development and selection of these critical accounting estimates with the Audit Committee of our Board of Directors. Changes in estimates used in these and other items could have a material impact on our condensed consolidated financial statements. This includes estimates where the nature of the estimate is material due to the levels of subjectivity and judgment necessary to account for highly uncertain matters or the susceptibility of such matters to change, and the impact of the estimate on financial condition or operating performance is material.
Current report
Business Combinations
Current report
We follow the acquisition method of accounting to record identifiable assets acquired and liabilities assumed or recognized in connection with acquired businesses at their estimated fair value as of the date of acquisition. Identifiable intangible assets from business combinations are recognized at their estimated fair values as of the date of acquisition and consist of in-process research and development (“IPR&D”). Determination of the estimated fair value of identifiable intangible assets requires judgment. The fair value of intangible assets is estimated using the Multi-Period Excess Earnings Method (MPEEM) for the acquired IPR&D. The fair value methods are income-based valuation approaches, which require judgment to estimate appropriate discount rates, probability of success rates related to the drug under development, projected revenue, gross margins, operating costs, and growth rates.
Current report
The contingent consideration liability, associated with our business combination, is estimated based on the discounted cash flow method to determine the probability of achieving certain milestones. In order to perform the fair value calculations the following estimates are considered: probability of achieving certain milestones, discount period, and discount rates.
Current report
We believe our assumptions, estimates, and judgements to be reasonable, but which are inherently uncertain and unpredictable and, as a result, actual results may differ from estimates. Estimates associated with the accounting for acquisitions may change as additional information becomes available regarding the assets acquired and liabilities assumed.
Current report
Contingent Consideration
Current report
The contingent consideration liability associated with the GPCR USA acquisition is measured at fair value using significant unobservable inputs and is therefore classified as a Level 3 liability under ASC 820. The valuation incorporates management’s estimates regarding the probability and timing of achieving specified clinical, regulatory and commercial milestones, as well as appropriate discount rates. Changes in these assumptions could result in material changes in the fair value of the contingent consideration liability and corresponding gains or losses in future reporting periods.
Current report
Results of Operations
Current report
We did not generate revenue during the three or six months ended June 30, 2026 or the comparable periods in 2025. Accordingly, period-to-period changes in operating results are primarily attributable to changes in research and development activities, general and administrative expenses and non-cash valuation adjustments.
Current report
General and administrative expense was $0.09 million for the three months ended June 30, 2026, representing a decrease of $0.63 million or 41%, from $1.51 million for the three months ended June 30, 2025. The decrease for the three months ended June 30, 2026 was primarily attributable to reduced headcount, lower payroll-related costs and reduced expenditures on professional services and corporate administration activities.
Current report
Comparison of the Six Months Ended June 30, 2026 and 2025
Current report
Research and development expense
Current report
General and administrative expense
Current report
Other income and expense
Current report
For the six months ended June 30, 2026, the Company did not have any dividend income and had interest income of $11,000, whereas the Company reported dividend income of $79,000 and interest income of $9,000 for the six months ended June 30, 2025.
Current report
Based on our current cash position and operating forecasts, we will require additional capital to continue operations, satisfy existing obligations and execute our strategic objectives. There can be no assurance that such financing will be available when needed or on acceptable terms.
Removed paragraphs (32)
Previous report
Loss from sale or disposal of property and equipment
Previous report
As a smaller reporting company, as defined by Rule 12b-2 of the Exchange Act and in Item 10(f)(1) of Regulation S-K, we are electing scaled disclosure reporting obligations and therefore are not required to provide the information requested by this Item.
Previous report
Limitations on Effectiveness of Controls
Previous report
In designing and evaluating our disclosure controls and procedures, management recognizes that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives. In addition, the design of disclosure controls and procedures must reflect the fact that there are resource constraints and that management is required to apply judgment in evaluating the benefits of possible controls and procedures relative to their costs.
Previous report
Evaluation of Disclosure Controls and Procedures
Previous report
We maintain “disclosure controls and procedures” as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act, that are designed to ensure that information required to be disclosed in our periodic and current reports that we file with the SEC under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to our management, including our principal executive officer and principal financial officer, as appropriate, to allow timely decisions regarding required disclosure. Management recognizes that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving their objectives and management necessarily applies its judgment in evaluating the cost-benefit relationship of possible controls and procedures.
Previous report
Our management, with the participation of our principal executive officer and our principal financial officer, evaluated the effectiveness of our disclosure controls and procedures as of March 31, 2026. Based on the evaluation of our disclosure controls and procedures as of March 31, 2026, our principal executive officer and principal financial officer concluded that, as of such date, our disclosure controls and procedures were not effective at the reasonable assurance level due to the material weakness described below.
Previous report
Material Weakness in Internal Control Over Financial Reporting
Previous report
A material weakness is a deficiency, or combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the annual or interim financial statements will not be prevented or detected on a timely basis.
Previous report
Management identified material weaknesses in the Company’s internal control over financial reporting related to the following:
Previous report
Management’s review of the accounting treatment of non-routine activities.
Previous report
The Company failed to design and implement controls around all accounting and information technology processes and procedures.
Previous report
These matters have been reviewed with our Audit Committee.
Previous report
We are evaluating the material weakness and are developing a plan of remediation to strengthen the effectiveness of the design and operation of our internal control environment. The remediation plan will include enhancing our review procedures within our accounting department, implementing additional review procedures with respect to accumulation and evaluation of information that is known or knowable to the Company at the time, and applying that information to the applicable accounting guidance. Subject to our ability to obtain additional financing and the results of our review of strategic alternatives, we will also consider whether additional personnel are necessary.
Previous report
Changes in Internal Control over Financial Reporting
Previous report
Other than described above, there were no changes in our internal control over financial reporting during the fiscal quarter ended March 31, 2026 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
Previous report
On March 3, 2026, the Company received a Three Day Notice to Pay Rent or Quit from Dren Bio demanding payment of unpaid rent payments of approximately $0.7 million in connection with the sublease of its facilities situated in Redwood City or in the alternative quit and deliver up possession of the premises. Following receipt of such notice, the Company did not remit a payment and on March 9, 2026, Dren Bio filed a Complaint for Unlawful Detainer against GPCR USA in the Superior Court of California, County of San Mateo, seeking restitution of possession of the premises and forfeiture of the sublease and the unpaid rent payments of approximately $0.7 million, damages and attorney’s fees. The Company vacated the facility in Redwood City as of April 15, 2026. The Company is continuing to review the complaint and evaluate its next steps.
Previous report
The Company and certain of its current and former officers and directors were defendants in Colwell v. Exicure, Inc. et al., a securities class action in the United States District Court for the Northern District of Illinois (Case No. 1:21-cv-06637) (the “Securities Class Action”). On May 26, 2023, plaintiffs filed a second amended complaint generally alleging that the defendants made false statements about the results of experiments concerning the drug XCUR-FXN and asserting claims for violations of federal securities laws under Section 10(b) and Section 20(a) of the Exchange Act and Rule 10b-5 thereunder. On October 8, 2024, the court granted preliminary approval of the settlement in the Securities Class Action and set a schedule for final approval proceedings, including a final approval hearing on January 13, 2025. On January 13, 2025, the court entered final judgment approving a settlement of this litigation, which settlement included a $5.625 million payment.
Previous report
The settlement described above will be fully covered by insurance. However, the settlement includes a reservation of rights by the insurers against the Company for the unsatisfied portion of its self-insured retainer. As a result, the Company recorded an accrual as of September 30, 2024 for the amount of the unsatisfied retainer of approximately $1.1 million needed to bridge the $2.5 million retainer that the Company is liable for under its self- insured retention. On July 29, 2025, the Company entered into an agreement with the insurer to remit $1.0 million in order to satisfy the remaining balance of its self-insured retention obligation and paid this on August 13, 2025.
Previous report
Three related stockholder derivative lawsuits were filed against certain of the Company’s current and former officers and directors and against the Company as a nominal defendant between March and April 2022 in the United States District Court for the Northern District of Illinois (Puri v. Giljohann, et al. (Case No. 1:22-cv-01083); Sim v. Giljohann, et al. (Case No. 1:22-cv-01217)), and the United States District Court for the District of Delaware (Stourbridge Investments LLC v. Exicure, Inc. et al. (Case No. 1:22-cv-00526)) (collectively, the “Derivative Complaints”).
Previous report
On March 18, 2022, James McNabb, through counsel, sent a written demand to the Company (the “Demand Letter”) demanding that the Board investigate certain allegations and commence proceedings on the Company’s behalf against certain of the Company’s officers and directors for alleged breaches of fiduciary duties and corporate waste. The Derivative Complaints and the Demand Letter are currently stayed. On or around July 22, 2025, the parties informed the courts in which the Derivative Complaints are pending that they have reached an agreement in principle for global resolutions of the Derivative Complaints and Demand Letter. The agreement in principle remains subject to being memorialized in a formal agreement and subject to court approval. On March 18, 2026, the parties executed a formal settlement agreement. Also on March 18, 2026, the plaintiffs filed a motion for preliminary approval of the settlement in the United States District Court for the Northern District of Illinois. On March 19, 2026, that court granted preliminary approval of the settlement. The court also set a hearing on final approval of the settlement for June 2, 2026.
Previous report
On October 3, 2023, a former employee filed a complaint against the Company and various of its former executives in the United States District Court for the District of New Jersey. The complaint is primarily a breach of contract claim relating to the former employee’s separation from the Company, as well as a claim for unpaid wages under the Illinois Wage Payment and Collection Act (“IWPCA”). The matter remains pending and settlement efforts have proven unsuccessful. The parties completed discovery depositions in December 2025. Based on information discovered in the plaintiff’s deposition, the Company’s legal counsel believes that the Company will not be successful in its breach of contract defense and that it will likely settle for no less than $250,000 to $300,000. As a result, the Company accrued $250,000 for this legal settlement as of December 31, 2025. The court scheduled a settlement conference on February 5, 2026, where the parties could not agree on a settlement amount because plaintiff is now taking the position that the settlement should reflect, not just payment for the breach of contract claim, but also damages under the IWPCA, which includes 5% in monthly interest that continues to accrue without limitation. Factoring in the IWPCA claims, plaintiff contends the damages are significantly higher. The court then scheduled an ex parte conference for February 24, 2026, prior to which the parties were directed to conduct research regarding the applicability of the IWPCA. Since the parties once again could not agree on a settlement amount, the court scheduled the parties for an in-person Final Pretrial Conference on June 3, 2026. Once the Pretrial Order is finalized, the Company intends to move for partial summary judgment on the IWPCA claims. If that motion is successful, the liability will likely remain in the amount referenced above. If that motion is not successful, the liability under the IWPCA could be significantly higher.
Previous report
We may also be a party to litigation and subject to claims incident to the ordinary course of business. Although the results of litigation and claims cannot be predicted with certainty, we currently believe that the final outcome of these ordinary course matters will not have a material adverse effect on our business. Regardless of the outcome, litigation can have an adverse impact on us because of defense and settlement costs, diversion of management resources and other factors.
Previous report
Not applicable to smaller reporting companies
Previous report
** The certification attached as Exhibit 32.1 that accompanies this Quarterly Report on Form 10-Q is not deemed filed with the SEC and is not to be incorporated by reference into any filing of Exicure, Inc. under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended (whether made before or after the date of such Form 10-Q), irrespective of any general incorporation language contained in such filing.
Previous report
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 thereunto duly authorized.
Reworded paragraphs (12)
Previous wording
Research and development expense was $0.3 million for the three months ended March 31, 2026, reflecting a decrease of $0.5 million, or 61% from research and development expense of $0.8 million for three months ended March 31, 2025. The Company incurred research and development expense in 2025 after the acquisition of GPCR USA; however, the Company significantly reduced its operating expenses, including research and development expense, during the three months ended March 31, 2026 pending the Company’s restructuring and reorganization.
Current wording
Research and development expense was $0.17 million for the three months ended June 30, 2026, reflecting a decrease of $0.76 million, or 81% from research and development expense of $0.93 million for three months ended June 30, 2025. The Company incurred research and development expense in 2025 after the acquisition of GPCR USA; however, the Company temporarily deferred certain operating expenses, including research and development expense, during the three months ended June 30, 2026 pending the Company’s restructuring and reorganization.
Previous wording
The Company recognized a loss of $188,000 related to the change in the fair value of its contingent liability for the three months ended March 31, 2026, compared to $136,000 in the comparative period in 2025.
Current wording
The Company recognized a loss of $52,000 related to the change in the fair value of its contingent liability for the three months ended June 30, 2026, compared to $159,000 in the comparative period in 2025.
Previous wording
For the three months ended March 31, 2026, the Company did not have any dividend and interest income, whereas the Company reported dividend income of $27,000 and interest income of $5,000 for the three months ended March 31, 2025. In addition, the Company recognized a gain on settlement of accounts payable of $191,000 for the three months ended March 31, 2025.
Current wording
For the three months ended June 30, 2026, the Company did not have any dividend and interest income, and had interest income of $11,000, whereas the Company reported dividend income of $52,000 and interest income of $4,000 for the three months ended June 30, 2025.
Previous wording
General and administrative expense was $1.3 million for the three months ended March 31, 2026, representing a decrease of $0.9 million or 42%, from $2.2 million for the three months ended March 31, 2025. The decrease for the three months ended March 31, 2026 was due to the decreased number of full time employees and professional services compared to the same prior-year quarter.
Current wording
General and administrative expense was $2.2 million for the six months ended June 30, 2026, representing a decrease of $1.56 million or 42%, from $3.7 million for the six months ended June 30, 2025. The decrease for the three months ended June 30, 2026was due to the decreased number of full time employees and professional services compared to the same prior-year quarter.
Previous wording
Due to the early termination of the Chicago Lease as of January 31, 2025, the Company recognized a $6 million gain resulting from the reversal of the remaining liability related to this lease for the three months ended March 31, 2025.
Current wording
Due to the early termination of the Chicago Lease as of January 31, 2025, the Company recognized a $6 milliongain resulting from the reversal of the remaining liability related to this lease for the six months ended June 30, 2025. Accordingly, period-to-period comparisons of operating results are significantly affected by this one-time, non-recurring gain. Excluding the lease termination gain, operating losses improved primarily as a result of reductions in headcount, professional services costs and clinical development expenditures.
Previous wording
The Company recognized a $37,000 loss from the disposal of GPCR USA’s fixed assets for the three months ended March 31, 2026, compared to $26,000 in the comparative period in 2025.
Current wording
The Company recognized a loss of $240,000 related to the change in the fair value of its contingent liability for the six months ended June 30, 2026, compared to $295,000 in the comparative period in 2025.
Previous wording
Since our inception, we have incurred significant operating losses. We generated limited revenue from our collaboration agreements, which have since been terminated. We have funded our operations to date with proceeds received from equity financings and payments received in connection with collaboration agreements, which have since been terminated. Currently we are exploring strategic alternatives and generating limited revenue. As of March 31, 2026, our cash and cash equivalents were $2.6 million.
Current wording
Since our inception, we have incurred significant operating losses. We generated limited revenue from our collaboration agreements, which have since been terminated. We have funded our operations to date with proceeds received from equity financings and payments received in connection with collaboration agreements, which have since been terminated. Currently we are evaluating strategic alternatives and did not generate revenue during the six months ended June 30, 2026. As of June 30, 2026, our cash and cash equivalents were $1.7 million.
Previous wording
We incurred net loss of approximately $1.8 million for the three months ended March 31, 2026 and net income of $3.0 million for the three months ended March 31, 2025. We expect to incur significant expenses and negative cash flows for the foreseeable future.
Current wording
We incurred net loss of approximately $2.9 million for the six months ended June 30, 2026 and net income of $0.4 million for the six months ended June 30, 2025. We expect to incur significant expenses and negative cash flows for the foreseeable future.
Previous wording
The following table shows a summary of our cash flows for the three months ended March 31, 2026 and 2025:
Current wording
The following table shows a summary of our cash flows for the six months ended June 30, 2026 and 2025:
Previous wording
Net cash used in operating activities was $1.1 million and $1.6 million for the three months ended March 31, 2026 and 2025, respectively. The decrease in cash used in operating activities for the three months ended March 31, 2026 of $0.5 million was due to the Company’s reduced spending and reduced number of employees, to conserve cash during the restructuring and reorganization.
Current wording
Net cash used in operating activities was $1.1 million and $1.6 million for the six months ended June 30, 2026 and 2025, respectively. The decrease in cash used in operating activities for the six months ended June 30, 2026of $0.5 million was due to the Company’s reduced spending and reduced number of employees, to conserve cash during the restructuring and reorganization.
Previous wording
Net cash used in investing activities was $0.0 million and $2.1 million for the three months ended March 31, 2026 and 2025, respectively. The cash used by investing activities of $2.1 million for the prior year was due to the purchase of GPCR USA. The Company did not have any investing activities for the current year.
Current wording
Net cash used in investing activities was $0.0 million and $2.1 million for the six months ended June 30, 2026 and 2025, respectively. The cash used by investing activities of $2.1 million for the prior year was due to the purchase of GPCR USA. The Company did not have any investing activities for the current year.
Previous wording
Net cash provided by financing activities was $0.0 million and $1.6 million for three months ended March 31, 2026 and 2025, respectively. The $1.6 million provided by financing activities in the prior year is due to the funds received from the common stock purchase agreements during the three months ended March 31, 2025. The Company did not have any financing activities during the three months ended March 31, 2026.
Current wording
Net cash provided by financing activities was $0.0 million and $1.6 million for six months ended June 30, 2026 and 2025, respectively. The $1.6 million provided by financing activities in the prior year is due to the funds received from the common stock purchase agreements during the six months ended June 30, 2025. The Company did not have any financing activities during the six months ended June 30, 2026.
Rearranged current paragraphs (4)
Current report — wording carried from elsewhere
capital-raising alternatives. If we are unable to raise capital, the Company could seek bankruptcy protection and/or cease operations, which may result in our stockholders receiving no or very little value in respect of their shares of our common stock.
Current report — wording carried from elsewhere
The following table summarizes the results of our operations for the six months ended June 30, 2026 and 2025:
Current report — wording carried from elsewhere
The following table summarizes our research and development expenses incurred during the periods indicated:
Current report — wording carried from elsewhere
Research and development expense was $0.49 million for the six months ended June 30, 2026, reflecting a decrease of $1.26 million, or 72% from research and development expense of $1.74 million for six months ended June 30, 2025. The Company incurred research and development expense in 2025 after the acquisition of GPCR USA; however, the Company temporarily deferred certain operating expenses, including research and development expense, during the six months ended June 30, 2026 pending the Company’s restructuring and reorganization.