Exicure, Inc.
XCUR Healthcare Biotechnology
Exicure, Inc.’s revenue for fiscal 2024 (year ended December 2024) was $500,000.00, down 98.3% from fiscal 2022. In the quarter to June 2026, EPS grew 56.1% and free cash flow grew 65.4%, each against the same quarter a year earlier.
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Exicure, Inc. (XCUR) Altman Z-score
Exicure, Inc.'s Altman Z-score for fiscal 2024 is −18.31, in the distress zone (below 1.81).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2024 | −18.31 | (9.74) |
| FY2022 | −8.57 | (2.09) |
| FY2021 | −6.48 | (7.58) |
| FY2020 | 1.10 | (0.88) |
| FY2019 | 1.98 | (5.11) |
| FY2018 | 7.09 | — |
How fiscal 2024’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.70 | — | 0.85 | |
| Retained earnings / total assets | (13.23) | — | −18.53 | |
| EBIT / total assets | (0.81) | — | −2.68 | |
| Market value of equity / total liabilities | 3.37 | — | 2.02 | |
| Sales / total assets | 0.03 | — | 0.03 | |
| Altman Z-score | Distress zone | −18.31 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Distress zone | −43.13 | ||
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| NIKI Niki BioSolutions, Inc. compare | −5.0× |
| CLGN CollPlant Biotechnologies Ltd. Sponsored ADR compare | −16.9× |
| XCUR Exicure, Inc. | −18.3× |
| SNGX Soligenix Inc. compare | −38.9× |
| MBRX Moleculin Biotech, Inc. compare | — |
| BCLI Brainstorm Cell Therapeutics Inc. compare | — |
| SKYE Skye Bioscience, Inc. compare | — |
| CALC CalciMedica Inc. compare | — |
| CURX Curanex Pharmaceuticals Inc compare | — |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets