---
schema_version: "secwatch.filing_event.v1"
accession: "0001698530-22-000103"
form_type: "8-K"
ticker: "XCUR"
cik: "0001698530"
company_name: "EXICURE, INC."
filed_at: "2022-12-30T23:59:59+00:00"
generated_at: "2026-06-20T21:30:42.471518+00:00"
event_type: "leadership"
sentiment: "negative"
materiality_score: 0.5
calibrated_materiality_score: 0.5
confidence: "high"
source: SEC EDGAR
---

# Exicure board shrinks from 5 to 4; two directors resign; new director appointed; audit committee non-compliant

## Summary
- James Sulat and Bali Muralidhar resigned from the Board effective December 30, 2022.
- Board size decreased from five to four directors.
- Jiyoung Hwang appointed to Board as lead purchaser designee from CBI USA.
- Audit Committee now has only two independent directors, breaching Nasdaq Listing Rule 5605(c)(2)(A).
- Company expects to regain compliance within one-year cure period or next annual meeting.

## SEC filing metadata
- accession: 0001698530-22-000103
- form_type: 8-K
- ticker: XCUR
- cik: 0001698530
- company_name: EXICURE, INC.
- filed_at: 2022-12-30T23:59:59+00:00
- event_type: leadership
- sentiment: negative
- materiality_score: 0.5
- calibrated_materiality_score: 0.5
- confidence: high
- sec_items: 5.02
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1698530/000169853022000103/0001698530-22-000103-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1698530/000169853022000103/xcur-20221230.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001698530-22-000103
- JSON: https://secwatch.observer/filing/0001698530-22-000103.json
- Plain text: https://secwatch.observer/filing/0001698530-22-000103.txt

## Key facts
- Executive change
  Jiyoung Hwang was appointed as Lead Purchaser Board Designee at EXICURE, INC..
  - Action: appointed
  - Role: Lead Purchaser Board Designee
  source text: Pursuant to the May 2022 Securities Purchase Agreement, the Board appointed Jiyoung Hwang to the Board as the Lead Purchaser Board Designee (as defined in the May 2022 Securities Purchase Agreement), effective December 30, 2022.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1698530/000169853022000103/0001698530-22-000103-index.htm
- Executive change
  Bali Muralidhar resigned as Director at EXICURE, INC..
  - Action: resigned
  - Role: Director
  source text: Effective December 30, 2022 (the “Resignation Date”), James Sulat and Bali Muralidhar, M.D., Ph.D. each resigned from the Board of Directors (the “Board”) of Exicure, Inc. (the “Company”).
  evidence_url: https://www.sec.gov/Archives/edgar/data/1698530/000169853022000103/0001698530-22-000103-index.htm
- Executive change
  James Sulat resigned as Director at EXICURE, INC..
  - Action: resigned
  - Role: Director
  source text: Effective December 30, 2022 (the “Resignation Date”), James Sulat and Bali Muralidhar, M.D., Ph.D. each resigned from the Board of Directors (the “Board”) of Exicure, Inc. (the “Company”).
  evidence_url: https://www.sec.gov/Archives/edgar/data/1698530/000169853022000103/0001698530-22-000103-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.