Exicure, Inc. (XCUR), a clinical-stage biotechnology company, has slid 14.34% in aftermarket trading session. As a result, XCUR stock is trading at $0.39 at the time of the writing. On Friday, XCUR closed the day at $0.46 after declining 2.53% during regular trading hours. The consistent decline could be attributed to the ongoing investigations against the company.
Why XCUR in Decline?
In recent days, numerous law firms have been investigating the potential claims of federal securities law violations by XCUR. On the 15th of November, XCUR filed a form 2b-25 with the U.S. Securities and Exchange Commission (SEC). The form stated that the company could not file its quarterly results on time, i.e. 30th September 2021. The company said that it had retained external counsel to conduct an internal investigation about a claim about alleged improprieties that the researcher claims to have committed concerning the Company’s XCUR-FXN preclinical program for the treatment of Friedreich’s ataxia. As soon as the news came out, the share price fell 27% on November 16th.
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Q2 2021 Operational Results
In early August, XCUR released the operational results for the second quarter of the fiscal year 2021. The quarter ended on 30th June. The company generated total revenue of $79,000 during the quarter against $4.8 million for the same period of 2020. The total operating expenses bore by the company during the period were $13.9 million against $9.2 million for the same period of 2020. The net loss suffered by the company during the three months stood at $14.2 million (or $0.16 per basic and diluted share) against $4.3 million (or $0.05 per basic and diluted share) for the same period of 2020.
Dr. David Giljohann, Chief Executive Officer of XCUR, while commenting on the results said that the company continues to drive toward several key value inflection points across its platforms and programs. The company believes that its momentum in neurology is strong on the heels of the recently announced collaboration with Ipsen for Huntington’s disease and Angelman syndrome. The company has made some impressive progress in the preclinical neurology pipeline and would continue to do so in the future.
Future Outlook for XCUR
The last three months have seen XCUR stock decline by more than 60%. Looking toward the future, the stock expects to make gigantic leaps forward based on the innovative strategy adopted by the company. Hence, potential investors should keep a close eye on the performance of the stock.