8-K
filed December 10, 2021, 6:59 PM ET
ticker XCUR
CIK 0001698530
other material
confidence high
sentiment negative
materiality 0.90
Exicure to cut 50% workforce, wind down two programs, repay $10M debt after data misconduct investigation
EXICURE, INC.
- Exicure entered Amendment No. 4 with MidCap to prepay $10.0M of its senior secured term loan, leaving $7.5M outstanding, and placed $8.0M in a blocked account.
- Company to wind down cavrotolimod (AST-008) and XCUR-FXN programs, cutting ~50% of workforce by Jan 2022 with $1.2M in severance costs.
- Brian C. Bock appointed CEO and board member, replacing David Giljohann who becomes CTO through Jan 2022; Matthias Schroff named CSO; Douglas Feltner to depart.
- Internal investigation found former researcher Grant Corbett misreported XCUR-FXN efficacy data from autumn 2020 to Feb 2021, acting alone; no material financial impact.
- Company expects ~$6.0M in employee cost savings in 2022 from restructuring, and will focus on SCN9A pain program and partnered programs.
Key facts
Extracted from this filing and checked against the source text.
Executive change
SEC 8-K Item 5.02
confidence 0.95
Brian C. Bock was appointed as member of the Board at EXICURE, INC..
- Action
- appointed
- Role
- member of the Board
Exact text from the filing
Mr. Bock was appointed as a member of the Board, effective December 10, 2021, to fill the vacancy created by Dr. Giljohann.
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Matthias Schroff was appointed as Chief Scientific Officer at EXICURE, INC..
- Action
- appointed
- Role
- Chief Scientific Officer
Exact text from the filing
The Board appointed Matthias Schroff, the Company’s Chief Operating Officer, to the position of Chief Scientific Officer of the Company effective December 10, 2021.
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
David Giljohann was appointed as Chief Technology Officer at EXICURE, INC..
- Action
- appointed
- Role
- Chief Technology Officer
Exact text from the filing
The Board appointed Dr. Giljohann to the position of Chief Technology Officer of the Company effective December 10, 2021.
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
David Giljohann resigned as member of the Board at EXICURE, INC..
- Action
- resigned
- Role
- member of the Board
Exact text from the filing
In connection with his transition to the position of Chief Technology Officer, Dr. Giljohann resigned as a member of the Board, effective December 10, 2021.
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Brian C. Bock was appointed as Chief Executive Officer at EXICURE, INC..
- Action
- appointed
- Role
- Chief Executive Officer
Exact text from the filing
The Board of Directors of the Company (the “Board”) appointed Brian C. Bock, the Company’s Chief Financial Officer, as the Company’s Chief Executive Officer, replacing David Giljohann, effective December 10, 2021.
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
David Giljohann departed as Chief Technology Officer at EXICURE, INC..
- Action
- separated
- Role
- Chief Technology Officer
Exact text from the filing
Dr. Giljohann will serve as Chief Technology Officer of the Company through January 30, 2022, at which time he will separate from the Company.
View on SEC.gov
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