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) Beneish M-score
Exicure, Inc.'s Beneish M-score for fiscal 2024 cannot be worked out: no comparable prior fiscal year (a missing year or a changed year end).
Beneish M-score, annual
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Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2020 | 19.50 | 13.21 |
| FY2019 | 6.29 | 18.99 |
| FY2018 | −12.70 | (18.70) |
| FY2017 | 6.01 | — |
How fiscal 2024’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | — | — | n/a | — |
| Gross margin index | — | — | n/a | — |
| Asset quality index Asset quality not computable — index set to 1 | 1.00 | — | Set to 1 | 0.40 |
| Sales growth index | — | — | n/a | — |
| Depreciation index Depreciation not reported — index set to 1 | 1.00 | — | Set to 1 | 0.12 |
| SG&A index SG&A not reported — index set to 1 | 1.00 | — | Set to 1 | −0.17 |
| Total accruals to total assets | (0.45) | — | −2.11 | |
| Leverage index | — | — | n/a | — |
| Beneish M-score | n/a — no comparable prior fiscal year (a missing year or a changed year end) | — | ||
How the Beneish M-score works
M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.
| below −2.22 | Low — no pattern the model associates with manipulation |
|---|---|
| −2.22 to −1.78 | Elevated |
| above −1.78 | Flagged by the model |
−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.
When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.
Beneish M-score against peers
| Company | Beneish M-score |
|---|---|
| CLGN CollPlant Biotechnologies Ltd. Sponsored ADR compare | −3.2× |
| NIKI Niki BioSolutions, Inc. compare | −1.4× |
| XCUR Exicure, Inc. | — |
| SNGX Soligenix Inc. compare | — |
| 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 Beneish M-score is
The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.
−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI