---
schema_version: "secwatch.filing_event.v1"
accession: "0001698530-23-000123"
form_type: "8-K"
ticker: "XCUR"
cik: "0001698530"
company_name: "EXICURE, INC."
filed_at: "2023-12-01T23:59:59+00:00"
generated_at: "2026-06-07T19:24:22.261577+00:00"
event_type: "other_material"
sentiment: "negative"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

# Exicure restates Q1, Q2 2023; reclassifies ~$1.5M R&D expenses to G&A

## Summary
- Audit Committee determined it is no longer appropriate to record wind-down expenses as R&D; ~$0.6M in Q1 and ~$0.9M in Q2 reclassified to general and administrative.
- Net loss for affected periods unchanged; restated financial statements (10-Q/A) to be filed for Q1 and Q2 2023.
- Material weakness in internal control over financial reporting identified; disclosure controls ineffective.
- Company continues wind-down of biotech activities and exploration of strategic alternatives.

## SEC filing metadata
- accession: 0001698530-23-000123
- form_type: 8-K
- ticker: XCUR
- cik: 0001698530
- company_name: EXICURE, INC.
- filed_at: 2023-12-01T23:59:59+00:00
- event_type: other_material
- sentiment: negative
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 4.02
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1698530/000169853023000123/0001698530-23-000123-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1698530/000169853023000123/xcur-20231201.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001698530-23-000123
- JSON: https://secwatch.observer/filing/0001698530-23-000123.json
- Plain text: https://secwatch.observer/filing/0001698530-23-000123.txt

## Key facts
- Auditor Changes
  EXICURE, INC. reported that prior financial statements should not be relied upon.
  - Action: non reliance
  source text: Therefore, the financial statements for the Affected Periods should no longer be relied upon and are to be restated. Approximately $0.6 million of expenses in the first quarter of 2023 will be corrected from research and development into general and administrative. These expenses related to separation pay from former R&D employees and legal costs associated with our intellectual property. Approximately $0.9 million of expenses in the second quarter of 2023 will be corrected from research and development into general and administrative. These expenses primarily related to the office lease, depreciation of scientific equipment, legal costs associated with our intellectual property, and other wind down costs. The corrections do not impact our net loss for the periods. The Company expects to file restated financial statements for the Affected Periods on two separate Form 10-Q/A's as soon as
  evidence_url: https://www.sec.gov/Archives/edgar/data/1698530/000169853023000123/0001698530-23-000123-index.htm

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