CHICAGO - Exicure , Inc. (NASDAQ:XCUR), a biotechnology firm, has been notified by the Listing Qualifications Department of The Nasdaq Stock Market LLC that its common stock faces suspension and delisting.
The company failed to file its annual report for the year ended December 31, 2023, and its first-quarter report for 2024 by the extended deadline of May 20, 2024. Moreover, Exicure has not held its 2023 Annual Meeting of Stockholders, further contributing to the delisting notice.
The suspension of trading on The Nasdaq Capital Market is set to commence on May 30, 2024, if Exicure does not appeal by May 28, 2024. An appeal would stay the suspension for 15 days from the request date, and the company plans to seek an extended stay during the hearings process. However, there is no guarantee that an extension will be granted.
Exicure's management is actively working to complete and file the overdue Form 10-K and the Q1 Form 10-Q as soon as possible. The company has previously focused on developing nucleic acid therapies and is now considering strategic alternatives to enhance stockholder value, given the suspension of its clinical and development activities.
The information for this report is based on a press release statement from Exicure, Inc.
InvestingPro Insights
As Exicure, Inc. (NASDAQ:XCUR) faces potential delisting from The Nasdaq Capital Market, investors are closely monitoring the company's financial health and market performance. According to InvestingPro data, Exicure's market capitalization has been adjusted to a modest 3.83 million USD.
Despite the challenges, the company has shown a remarkable revenue growth rate of 137.45% over the last twelve months as of Q3 2023, suggesting a significant increase in sales. However, the stock's performance tells a different story, with a 1-week price total return showing a decline of 10.39%.
Among the InvestingPro Tips for Exicure, two particularly stand out in the context of the current situation. Firstly, Exicure is operating with a significant debt burden, which could be a factor in its failure to meet Nasdaq's filing requirements.
Secondly, the company is quickly burning through cash, which could impact its ability to sustain operations and appeal the delisting notice effectively. With a P/E ratio of just 1.03 as of the last twelve months ending Q3 2023, the company is trading at a low revenue valuation multiple, indicating that the market may have concerns about its future profitability.
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