Exicure (XCUR) 10-Q 14 Nov 22 2022 Q3 Quarterly report Financial data

Cover Page

Cover Page - shares	9 Months Ended
	Sep. 30, 2022	Nov. 11, 2022
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2022
Document Transition Report	false
Entity File Number	001-39011
Entity Registrant Name	EXICURE, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	81-5333008
Entity Address, Address Line One	2430 N. Halsted St.
Entity Address, City or Town	Chicago
Entity Address, State or Province	IL
Entity Address, Postal Zip Code	60614
City Area Code	(847)
Local Phone Number	673-1700
Title of 12(b) Security	Common Stock, par value $0.0001 per share
Trading Symbol	XCUR
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	true
Entity Shell Company	false
Entity Common Stock, Shares Outstanding (in shares)		4,964,630
Entity Central Index Key	0001698530
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q3
Amendment Flag	false

UNAUDITED CONDENSED CONSOLIDATE

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 15,646	$ 34,644
Short-term investments	0	4,497
Prepaid expenses and other assets	1,552	4,525
Total current assets	17,198	43,666
Property and equipment, net	3,032	3,927
Right-of-use asset	7,435	7,950
Other noncurrent assets	1,277	9,325
Total assets	28,942	64,868
Current liabilities:
Current portion of long-term debt	0	6,873
Accounts payable	920	3,413
Accrued expenses and other current liabilities	3,016	6,464
Deferred revenue, current	21,774	17,317
Total current liabilities	25,710	34,067
Deferred revenue, noncurrent	0	11,509
Lease liability, noncurrent	6,935	7,404
Other noncurrent liabilities	0	656
Total liabilities	32,645	53,636
Stockholders’ (deficit) equity:
Preferred stock, $0.0001 par value per share; 10,000,000 shares authorized, no shares issued and outstanding, September 30, 2022 and December 31, 2021	0	0
Common stock, $0.0001 par value per share; 200,000,000 shares authorized, 4,964,313 issued and outstanding, September 30, 2022; 3,626,073 issued and outstanding, December 31, 2021	0	0
Additional paid-in capital	187,343	181,301
Accumulated other comprehensive loss	(1)	(2)
Accumulated deficit	(191,045)	(170,067)
Total stockholders' (deficit) equity	(3,703)	11,232
Total liabilities and stockholders’ (deficit) equity	$ 28,942	$ 64,868

UNAUDITED CONDENSED CONSOLIDA_2

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Sep. 30, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Preferred stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Preferred stock, shares authorized (in shares)	10,000,000	10,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	200,000,000	200,000,000
Common stock, shares issued (in shares)	4,964,313	3,626,073
Common stock, shares outstanding (in shares)	4,964,313	3,626,073

UNAUDITED CONDENSED CONSOLIDA_3

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Revenue:
Collaboration revenue	$ 2,016,000	$ (3,677,000)	$ 7,052,000	$ (2,601,000)
Total revenue	2,016,000	(3,677,000)	7,052,000	(2,601,000)
Operating expenses:
Research and development expense	4,805,000	16,457,000	18,694,000	37,562,000
General and administrative expense	2,416,000	2,947,000	8,783,000	8,937,000
Total operating expenses	7,221,000	19,404,000	27,477,000	46,499,000
Operating loss	(5,205,000)	(23,081,000)	(20,425,000)	(49,100,000)
Other income (expense), net:
Dividend income	41,000	2,000	59,000	5,000
Interest income	4,000	8,000	7,000	139,000
Interest expense	0	(455,000)	(595,000)	(1,314,000)
Other expense, net	0	(5,000)	(24,000)	(7,000)
Total other income (expense), net	45,000	(450,000)	(553,000)	(1,177,000)
Net loss before provision for income taxes	(5,160,000)	(23,531,000)	(20,978,000)	(50,277,000)
Provision for income taxes	0	0	0	0
Net loss	$ (5,160,000)	$ (23,531,000)	$ (20,978,000)	$ (50,277,000)
Basic loss per common share (USD per share)	$ (1.04)	$ (8.01)	$ (4.66)	$ (17.14)
Diluted loss per common share (USD per share)	$ (1.04)	$ (8.01)	$ (4.66)	$ (17.14)
Weighted-average basic common shares outstanding (in shares)	4,963,344	2,936,823	4,502,962	2,933,365
Weighted-average diluted common shares outstanding (in shares)	4,963,344	2,936,823	4,502,962	2,933,365

UNAUDITED CONDENSED CONSOLIDA_4

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Statement of Comprehensive Income [Abstract]
Net loss	$ (5,160)	$ (23,531)	$ (20,978)	$ (50,277)
Other comprehensive loss, net of taxes
Unrealized gain (loss) on available for sale securities, net of tax	4	(6)	1	(84)
Other comprehensive gain (loss)	4	(6)	1	(84)
Comprehensive loss	$ (5,156)	$ (23,537)	$ (20,977)	$ (50,361)

UNAUDITED CONDENSED CONSOLIDA_5

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ (DEFICIT) EQUITY - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in- Capital	Accumulated Deficit	Accumulated Other Comprehensive Loss
Beginning balance (in shares) at Dec. 31, 2020		2,921,684
Beginning balance at Dec. 31, 2020	$ 61,506	$ 0	$ 167,388	$ (105,965)	$ 83
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Equity-based compensation	517		517
Exercise of options (in shares)		11,408
Exercise of options	546		546
Other comprehensive income (loss), net	(51)				(51)
Net loss	(12,477)			(12,477)
Ending balance (in shares) at Mar. 31, 2021		2,933,092
Ending balance at Mar. 31, 2021	50,041	$ 0	168,451	(118,442)	32
Beginning balance (in shares) at Dec. 31, 2020		2,921,684
Beginning balance at Dec. 31, 2020	61,506	$ 0	167,388	(105,965)	83
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Other comprehensive income (loss), net	(84)
Net loss	(50,277)
Ending balance (in shares) at Sep. 30, 2021		2,936,922
Ending balance at Sep. 30, 2021	13,983	$ 0	170,226	(156,242)	(1)
Beginning balance (in shares) at Mar. 31, 2021		2,933,092
Beginning balance at Mar. 31, 2021	50,041	$ 0	168,451	(118,442)	32
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Equity-based compensation	764		764
Issuance of common stock-ESPP (in shares)		3,436
Issuance of common stock-ESPP	131		131
Other comprehensive income (loss), net	(27)				(27)
Net loss	(14,269)			(14,269)
Ending balance (in shares) at Jun. 30, 2021		2,936,528
Ending balance at Jun. 30, 2021	36,640	$ 0	169,346	(132,711)	5
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Equity-based compensation	889		889
Vesting of restricted stock units and related repurchases (in shares)		394
Vesting of restricted stock units and related repurchases	(9)		(9)
Other comprehensive income (loss), net	(6)				(6)
Net loss	(23,531)			(23,531)
Ending balance (in shares) at Sep. 30, 2021		2,936,922
Ending balance at Sep. 30, 2021	$ 13,983	$ 0	170,226	(156,242)	(1)
Beginning balance (in shares) at Dec. 31, 2021	3,626,073	3,626,073
Beginning balance at Dec. 31, 2021	$ 11,232	$ 0	181,301	(170,067)	(2)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Equity-based compensation	342		342
Exercise of common stock warrants (in shares)		466,666
Exercise of common stock warrants	14		14
Vesting of restricted stock units and related repurchases (in shares)		324
Vesting of restricted stock units and related repurchases	(1)		(1)
Other comprehensive income (loss), net	(3)				(3)
Net loss	(8,348)			(8,348)
Ending balance (in shares) at Mar. 31, 2022		4,093,063
Ending balance at Mar. 31, 2022	$ 3,236	$ 0	181,656	(178,415)	(5)
Beginning balance (in shares) at Dec. 31, 2021	3,626,073	3,626,073
Beginning balance at Dec. 31, 2021	$ 11,232	$ 0	181,301	(170,067)	(2)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of options (in shares)	124
Other comprehensive income (loss), net	$ 1
Net loss	$ (20,978)
Ending balance (in shares) at Sep. 30, 2022	4,964,313	4,964,313
Ending balance at Sep. 30, 2022	$ (3,703)		187,343	(191,045)	(1)
Beginning balance (in shares) at Mar. 31, 2022		4,093,063
Beginning balance at Mar. 31, 2022	3,236	$ 0	181,656	(178,415)	(5)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Equity-based compensation	507		507
Exercise of options (in shares)		124
Exercise of options	1		1
Vesting of restricted stock units and related repurchases (in shares)		324
Vesting of restricted stock units and related repurchases	(1)		(1)
Issuance of common stock-ESPP (in shares)		1,351
Issuance of common stock-ESPP	4		4
Issuance of common stock and warrants (in shares)		867,369
Issuance of common stock and warrants	4,886		4,886
Other comprehensive income (loss), net	0
Net loss	(7,470)			(7,470)
Ending balance (in shares) at Jun. 30, 2022		4,962,231
Ending balance at Jun. 30, 2022	1,163	$ 0	187,053	(185,885)	(5)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Equity-based compensation	292		292
Vesting of restricted stock units and related repurchases (in shares)		2,082
Vesting of restricted stock units and related repurchases	(2)		(2)
Other comprehensive income (loss), net	4				4
Net loss	$ (5,160)			(5,160)
Ending balance (in shares) at Sep. 30, 2022	4,964,313	4,964,313
Ending balance at Sep. 30, 2022	$ (3,703)		$ 187,343	$ (191,045)	$ (1)

UNAUDITED CONDENSED CONSOLIDA_6

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Cash flows from operating activities:
Net loss	$ (20,978)	$ (50,277)
Adjustments to reconcile net loss to cash used in operating activities:
Depreciation and amortization	882	829
Equity-based compensation	1,141	2,170
Amortization of long-term debt issuance costs and fees	477	213
Amortization of right-of-use asset	516	489
Amortization of investments	(2)	183
Other	23	6
Change in fair value of warrant liabilities	0	(15)
Changes in operating assets and liabilities:
Accounts receivable	0	11
Prepaid expenses and other current assets	2,973	922
Other noncurrent assets	48	(72)
Accounts payable	(2,493)	629
Accrued expenses	(3,448)	1,697
Deferred revenue	(7,052)	22,601
Other liabilities	(469)	(408)
Net cash used in operating activities	(28,382)	(21,022)
Cash flows from investing activities:
Purchase of available for sale securities	(1,499)	(6,497)
Proceeds from sale or maturity of available for sale securities	5,998	46,097
Capital expenditures	(10)	(623)
Net cash provided by investing activities	4,489	38,977
Cash flows from financing activities:
Repayment of long-term debt	(7,500)	0
Payment of long-term debt fees and issuance costs	(506)	0
Proceeds from common stock offering	5,040	0
Payment of common stock financing costs	(154)	0
Proceeds from issuance of employee stock purchase plan	4	131
Proceeds from exercise of common stock warrants	14	0
Proceeds from exercise of common stock options	1	546
Payments for minimum statutory tax withholding related to net share settlement of equity awards	(4)	(9)
Net cash (used in) provided by financing activities	(3,105)	668
Net (decrease) increase in cash, cash equivalents, and restricted cash	(26,998)	18,623
Cash, cash equivalents, and restricted cash - beginning of period	43,844	34,462
Cash, cash equivalents, and restricted cash - end of period	16,846	53,085
Non-cash investing activities:
Capital expenditures (accounts payable and accrued expenses)	$ 0	$ 303

UNAUDITED CONDENSED CONSOLIDA_7

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Statement of Cash Flows [Abstract]
Cash and cash equivalents	$ 15,646	$ 34,644
Restricted cash included in other noncurrent assets	1,200	9,200
Total cash, cash equivalents, and restricted cash shown in the unaudited condensed consolidated statements of cash flows	$ 16,846	$ 43,844

Description of Business and Bas

Description of Business and Basis of Presentation	9 Months Ended
	Sep. 30, 2022
Accounting Policies [Abstract]
Description of Business and Basis of Presentation	Description of Business and Basis of Presentation Description of Business Exicure, Inc. is an early-stage biotechnology company historically focused on developing nucleic acid therapies targeting ribonucleic acid against validated targets. The Company continues to explore out-licensing opportunities for cavrotolimod, its clinical-stage asset in immuno-oncology, as well as for its preclinical candidates, including the SCN9A program for neuropathic pain, and pursue all strategic alternatives with the goal of maximizing stockholder value. On September 26, 2022, the Company announced its commitment to a plan to wind down its existing preclinical programs, including the development of its SCN9A program, to suspend all of its research and development (“R&D”) activities, including suspension of all partnered programs, and to implement a reduction in force whereby the Company reduced approximately 66% of its then-existing workforce, as well as other cost-cutting measures (collectively, the “Plan”). The purpose of the Plan was to decrease expenses, thereby, extending the Company’s cash runway, and enable the Company to maintain a streamlined organization to support key corporate functions. Throughout these unaudited condensed consolidated financial statements, the terms the “Company,” and “Exicure” refer to Exicure, Inc. and where appropriate, its wholly owned subsidiary, Exicure Operating Company. Exicure Operating Company holds all material assets and conducts all business activities and operations of Exicure, Inc. Basis of Presentation The accompanying unaudited condensed consolidated financial statements as of September 30, 2022 and December 31, 2021, and for the nine months ended September 30, 2022 and 2021, have been presented in conformity with generally accepted accounting principles in the United States (“GAAP”). Principles of Consolidation The accompanying unaudited condensed consolidated financial statements include the accounts of Exicure and its wholly owned subsidiary, Exicure Operating Company. All intercompany transactions and accounts are eliminated in consolidation. Reverse Stock Split The Company effected a reverse stock split of its Common Stock at a ratio of 1-for-30 as of 5:00 p.m. Eastern Time on June 29, 2022. No fractional shares were issued in connection with the reverse stock split. Stockholders of record who would otherwise be entitled to receive a fractional share received a cash payment in lieu thereof. All information presented in the accompanying unaudited condensed consolidated financial statements, unless otherwise indicated herein, assumes a 1-for-30 reverse stock split of the Company’s outstanding shares of Common Stock, and unless otherwise indicated, all such amounts and corresponding conversion price or exercise price data set forth herein have been adjusted to give effect to such assumed reverse stock split. Significant Risks and Uncertainties Determining the estimate of total project hours used to recognize revenue for the Company’s collaboration agreements requires significant judgment and any changes to those estimates may have a significant impact on the amount and timing of revenue recognition for the Ipsen Collaboration Agreement or the AbbVie Collaboration Agreement (each, as defined in Note 3, Collaborative Research and License Agreements ) in future periods. For example, during 2021, revenue recognized under the AbbVie Collaboration Agreement for the year ended December 31, 2021 reflected the cumulative catchup adjustment (reduction) of revenue recorded in connection with a change in estimate that occurred during the third quarter of 2021. Due to uncertainties inherent in the estimation process, it is at least reasonably possible that estimated efforts required to complete the research services under the collaboration agreements will be further revised in the near-term which may result in additional adjustments in future periods. Going Concern At each reporting period, the Company evaluates whether there are conditions or events that raise substantial doubt about the Company’s ability to continue as a going concern for a period of one year after the date that the financial statements are issued. The Company is required to make certain additional disclosures if it concludes substantial doubt exists and it is not alleviated by the Company’s plans or when its plans alleviate substantial doubt about the Company’s ability to continue as a going concern. The accompanying unaudited condensed consolidated financial statements have been prepared assuming that the Company will continue as a going concern for a period of one year after the date that the financial statements are issued. As of September 30, 2022, the Company has generated an accumulated deficit of $209,882 since inception and expects to incur significant expenses and negative cash flows for the foreseeable future. As of September 30, 2022, the Company’s cash, cash equivalents, short-term investments, and restricted cash were $16,846. Management believes that, given the Company’s current cash position, operating plans and forecasted negative cash flows from operating activities over the next twelve months, there is substantial doubt about the Company’s ability to continue as a going concern within one year after the date these financial statements are issued. Substantial additional financing will be needed by the Company to fund its operations. Management believes that it will be able to obtain additional funding through equity or debt financings, licensing arrangements or other arrangements to fund its current operations and business strategy. However, there can be no assurance that such additional financing will be available and, if available, can be obtained on terms acceptable to the Company, if at all. If the Company is unable to raise additional capital, the Company will need to consider other various strategic alternatives, including a merger or sale, or be unable to continue operations. There is a significant likelihood that, without the consummation of the September 2022 PIPE (as defined in Note 9), the Company will need to seek bankruptcy protection in the near term, which may result in the Company’s stockholders receiving no or very little value in respect of their shares of the Company’s common stock. The accompanying unaudited condensed consolidated financial statements have been prepared as though the Company will continue as a going concern, which contemplates the realization of assets and satisfaction of liabilities in the normal course of business. The financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts or the amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern. Unaudited Interim Financial Information The accompanying interim condensed consolidated balance sheet as of September 30, 2022, the interim condensed consolidated statements of operations for the three and nine months ended September 30, 2022 and 2021, the interim condensed consolidated statements of comprehensive loss for the three and nine months ended September 30, 2022 and 2021, the interim condensed consolidated statements of changes in stockholders’ (deficit) equity for the three and nine months ended September 30, 2022 and 2021, and the interim condensed consolidated statements of cash flows for the nine months ended September 30, 2022 and 2021 are unaudited. The interim unaudited condensed consolidated financial statements have been prepared on the same basis as the annual audited financial statements; and in the opinion of management, reflect all adjustments, which include only normal recurring adjustments necessary for the fair statement of the Company’s financial position as of September 30, 2022, the results of its operations for the three and nine months ended September 30, 2022 and 2021, and the results of its cash flows for the three and nine months ended September 30, 2022 and 2021. The financial data and other information disclosed in these notes related to the three and nine months ended September 30, 2022 and 2021 are unaudited. The results for the three and nine months ended September 30, 2022 are not necessarily indicative of results to be expected for the year ending December 31, 2022, or any other interim periods, or any future year or period. Use of Estimates The preparation of the financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Management bases its estimates on certain assumptions which it believes are reasonable in the circumstances and while actual results could differ from those estimates, management does not believe that any change in those assumptions in the near term would have a significant effect on the Company’s financial position, results of operations or cash flows. Actual results in future periods could differ from those estimates.

Significant Accounting Policies

Significant Accounting Policies	9 Months Ended
	Sep. 30, 2022
Accounting Policies [Abstract]
Significant Accounting Policies	Significant Accounting Policies The Company’s significant accounting policies are disclosed in the audited consolidated financial statements and the notes thereto, which are included in the in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021 filed with the U.S. Securities and Exchange Commission (“SEC”) on March 25, 2022. Since the date of those audited consolidated financial statements, there have been no material changes to the Company’s significant accounting policies. Recent Accounting Pronouncements Not Yet Adopted Financial Instruments - Credit Losses In June 2016, the FASB issued ASU 2016-13, Measurement of Credit Losses on Financial Instruments (“ASU 2016-13). ASU 2016-13 is a new standard intended to improve reporting requirements specific to loans, receivables and other financial instruments. ASU 2016-13 requires that credit losses on financial assets measured at amortized cost be determined using an expected loss model, instead of the current incurred loss model, and requires that credit losses related to available-for-sale debt securities be recorded through an allowance for credit losses and limited to the amount by which carrying value exceeds fair value. ASU 2016-13 also requires enhanced disclosure of credit risk associated with financial assets. The effective date of ASU 2016-13 was deferred by ASU 2019-10, Financial Instruments—Credit Losses (Topic 326), Derivatives and Hedging (Topic 815), and Leases (Topic 842)—Effective Dates to the annual period beginning after December 15, 2022 for companies that (i) meet the definition of an SEC filer and (ii) are eligible as “smaller reporting companies” as such term is defined by the SEC, with early adoption permitted. The Company expects that the adoption of ASU 2016-13 will not have a material impact to the Company’s consolidated financial statements.

Collaborative Research and Lice

Collaborative Research and License Agreements	9 Months Ended
	Sep. 30, 2022
Research and Development [Abstract]
Collaborative Research and License Agreements	Collaborative Research and License Agreements Ipsen Collaboration Agreement On July 30, 2021, the Company entered into a Collaboration, Option and License Agreement with Ipsen (the “Ipsen Collaboration Agreement”). Pursuant to the Ipsen Collaboration Agreement, the Company granted to Ipsen exclusive access and options to license SNA-based therapeutics arising from two collaboration programs related to the treatment of Huntington’s disease and Angelman syndrome. During the three months ended September 30, 2022 and 2021, the Company recognized revenue under the Ipsen Collaboration Agreement of approximately $1,427 and $803, respectively. During the nine months ended September 30, 2022 and 2021, the Company recognized revenue under the Ipsen Collaboration Agreement of approximately $5,282 and $803, respectively. As of September 30, 2022, there was $12,409 of deferred revenue related to the Ipsen Collaboration Agreement, which is classified as current on the unaudited condensed consolidated balance sheet. AbbVie Collaboration Agreement On November 13, 2019, the Company entered into a Collaboration, Option and License Agreement (the “AbbVie Collaboration Agreement”), with a wholly-owned subsidiary of Allergan plc, Allergan. On May 8, 2020, Allergan plc, including Allergan was acquired by AbbVie. Pursuant to the AbbVie Collaboration Agreement, the Company granted to AbbVie exclusive access and options to license SNA-based therapeutics arising from two collaboration programs related to the treatment of hair loss disorders. During the three months ended September 30, 2022 and 2021, the Company recognized revenue under the AbbVie Collaboration Agreement of approximately $589 and $(4,480), respectively. During the nine months ended September 30, 2022 and 2021, the Company recognized revenue under the AbbVie Collaboration Agreement of approximately $1,770 and $(3,404), respectively. As of September 30, 2022, there was $9,365 of deferred revenue related to the AbbVie Collaboration Agreement, which is classified as current on the unaudited condensed consolidated balance sheet. Summary of Contract Liabilities Up-front payments are recorded as deferred revenue upon receipt or when due until such time as the Company satisfies its performance obligations under these arrangements. The following table presents changes in the balances of the Company’s contract liabilities (in thousands): Deferred Revenue Balance at Revenue Deferred Revenue Balance at Ipsen Collaboration Agreement $ 17,691 $ (5,282) $ 12,409 AbbVie Collaboration Agreement 11,135 (1,770) 9,365 Total $ 28,826 $ (7,052) $ 21,774

Supplemental Balance Sheet Info

Supplemental Balance Sheet Information	9 Months Ended
	Sep. 30, 2022
Supplemental Balance Sheet Information [Abstract]
Supplemental Balance Sheet Information	Supplemental Balance Sheet Information Prepaid expenses and other current assets September 30, 2022 December 31, 2021 Prepaid clinical, contract research and manufacturing costs $ 501 $ 2,484 Prepaid insurance 37 763 Other 1,014 1,278 Prepaid expenses and other current assets $ 1,552 $ 4,525 Other noncurrent assets September 30, 2022 December 31, 2021 Restricted cash $ 1,200 $ 9,200 Other 77 125 Other noncurrent assets $ 1,277 $ 9,325 Property and equipment, net September 30, 2022 December 31, 2021 Scientific equipment $ 6,481 $ 6,471 Computers and software 63 60 Furniture and fixtures 30 30 Construction in process — 33 Property and equipment, gross 6,574 6,594 Less: accumulated depreciation (3,542) (2,667) Property and equipment, net $ 3,032 $ 3,927 Depreciation and amortization expense was $289 and $283 for the three months ended September 30, 2022 and 2021, respectively, and $882 and $829 for the nine months ended September 30, 2022 and 2021, respectively. Accrued expenses and other current liabilities September 30, 2022 December 31, 2021 Accrued clinical, contract research and manufacturing costs $ 983 $ 3,689 Accrued restructuring costs 700 1,191 Lease liability, current 517 459 Accrued other expenses 816 1,125 Accrued expenses and other current liabilities $ 3,016 $ 6,464

Investments

Investments	9 Months Ended
	Sep. 30, 2022
Investments [Abstract]
Investments	Investments As of September 30, 2022 and December 31, 2021, the Company primarily invested its excess cash in debt instruments of corporations, financial institutions, and U.S. government agencies with strong credit ratings and an investment grade rating at or above a long-term rating of Aa3/AA- and a short-term rating of P1/A1. The Company has established guidelines relative to diversification and maturities that maintain safety and liquidity. The Company periodically reviews and modifies these guidelines to maximize trends in yields and interest rates without compromising safety and liquidity. The following table summarizes the contract maturity of the available-for-sale securities the Company held as of September 30, 2022: One year or less 100 % After one year but within two years — % Total 100 % All of the Company’s available-for-sale securities are available to the Company for use in its current operations. As a result, the Company categorizes all of these securities as current assets even though the stated maturity of some individual securities may be one year or more beyond the balance sheet date. The amortized cost, gross unrealized holding gains, gross unrealized holding losses and fair value of cash equivalents and available-for-sale securities by type of security at September 30, 2022 and December 31, 2021 were as follows: September 30, 2022 Amortized Costs Gross Unrealized Holding Gains Gross Unrealized Holding Losses Fair Value Commercial paper $ 1,998 $ — $ — $ 1,998 December 31, 2021 Amortized Costs Gross Unrealized Holding Gains Gross Unrealized Holding Losses Fair Value Commercial paper $ 10,498 $ — $ (2) $ 10,496

Debt

Debt	9 Months Ended
	Sep. 30, 2022
Debt Disclosure [Abstract]
Debt	Debt On March 15, 2022, pursuant to the terms of the Company’s Credit and Security Agreement, dated as of September 25, 2020, as amended on October 21, 2020, July 30, 2021, September 30, 2021, and December 10, 2021 with MidCap Financial Trust, as agent, and the lenders party thereto from time to time (as amended, the “MidCap Credit Agreement”), the Company repaid all remaining outstanding obligations under the MidCap Credit Agreement, including the outstanding principal balance of $7,500 and an exit fee of $506. The Company paid interest on the MidCap Credit Agreement of $194 and $1,041 during the nine months ended September 30, 2022 and 2021, respectively.

Leases

Leases	9 Months Ended
	Sep. 30, 2022
Leases [Abstract]
Leases	Leases The Company’s lease arrangements at September 30, 2022 consist of (i) a lease for office and laboratory space at its headquarters in Chicago, Illinois that commenced in July 2020 (the “Chicago Lease”) and (ii) leases for office equipment (the “Office Equipment Leases”). The Chicago Lease and the Office Equipment Leases are classified as operating leases. Chicago Lease The Company has approximately thirty thousand square feet of office and laboratory space in Chicago, Illinois. The original term (the “Original Term”) of the Chicago Lease is 10 years, commencing on July 1, 2020 (the “Commencement Date”), which is the date the premises were ready for occupancy under the terms of the Chicago Lease. The Company has options to extend the term of the Chicago Lease for two additional successive periods of five years each (the “Extension Periods”) at the then prevailing effective market rental rate. The initial annual base rent during the Original Term is approximately $1,113 for the first 12-month period of the Original Term, payable in monthly installments beginning on the Commencement Date. Base rent thereafter is subject to annual increases of 3%, for an aggregate amount of $12,761 over the Original Term. The Company must also pay its proportionate share of certain operating expenses and taxes for each calendar year during the term. During the first 12-month period of the Original Term, the base rent and the Company's proportionate share of operating expenses and taxes were subject to certain abatements. The following table summarizes lease costs in the Company’s unaudited condensed consolidated statement of operations: Three Months Ended Nine Months Ended 2022 2021 2022 2021 Operating lease costs $ 326 $ 326 $ 979 $ 980 Variable lease costs 341 231 1,187 803 Short term lease costs 2 32 17 94 Total lease costs $ 669 $ 589 $ 2,183 $ 1,877 The Company made cash payments for operating leases $2,364 and $1,721 during the nine months ended September 30, 2022 and 2021, respectively.

Restructuring

Restructuring	9 Months Ended
	Sep. 30, 2022
Restructuring and Related Activities [Abstract]
Restructuring	Restructuring On September 26, 2022, the Company announced its commitment to a plan to wind down the Company’s R&D activities (the “September 2022 Restructuring”). This plan resulted in a reduction in force where the Company reduced approximately 66% of the Company’s existing workforce in early fourth quarter of 2022. Notified employees were offered separation benefits, including severance payments and temporary healthcare coverage assistance, the majority of which were paid in October 2022 as a lump sum payment. All of the severance costs associated with the September 2022 Restructuring represented cash expenditures and were recorded within research and development expense within the accompanying unaudited condensed consolidated statement of operations. The accrued liability balance at September 30, 2022 associated with the September 2022 Restructuring is expected to be paid by November 2022. The accrued liability balance at September 30, 2022 associated with the strategic reduction in force announced in December 2021 (the “December 2021 Restructuring”) consists of separation benefits in the form of salary continuation pursuant to an employment agreement and is expected to be paid between October 2022 and January 2023. The following table presents changes in the accrued restructuring liability balance for the periods presented (in thousands): December 2021 Restructuring September 2022 Total Balance at December 31, 2021 $ 1,191 $ — $ 1,191 Payments (1,010) — (1,010) Additions — 488 488 Adjustments (non-cash) 31 — 31 Balance at September 30, 2022 $ 212 $ 488 $ 700

Stockholders' Equity

Stockholders' Equity	9 Months Ended
	Sep. 30, 2022
Equity [Abstract]
Stockholders' Equity	Stockholders’ Equity Preferred Stock As of September 30, 2022 and December 31, 2021, the Company had 10,000,000 shares of preferred stock, par value $0.0001 authorized and no shares issued and outstanding. Common Stock As of September 30, 2022 and December 31, 2021, the Company had authorized 200,000,000 shares of common stock, par value $0.0001. As of September 30, 2022 and December 31, 2021, the Company had 4,964,313 shares and 3,626,073 shares issued and outstanding, respectively. The holders of shares of the Company’s common stock are entitled to one vote per share on all matters to be voted upon by the Company’s stockholders and there are no cumulative rights. Subject to preferences that may be applicable to any outstanding preferred stock, the holders of shares of the Company’s common stock are entitled to receive ratably any dividends that may be declared from time to time by the Board of Directors (the “Board”) out of funds legally available for that purpose. In the event of the Company’s liquidation, dissolution or winding up, the holders of shares of the Company’s common stock are entitled to share ratably in all assets remaining after payment of liabilities, subject to prior distribution rights of preferred stock then outstanding. The Company’s common stock has no preemptive or conversion rights or other subscription rights. There are no redemption or sinking fund provisions applicable to the Company’s common stock. The outstanding shares of the Company’s common stock are fully paid and non-assessable. September 2022 PIPE Securities Purchase Agreement On September 26, 2022, the Company entered into a securities purchase agreement (the “September 2022 Securities Purchase Agreement”) with CBI USA, Inc. (“CBI USA”), pursuant to which the Company agreed to issue and sell to CBI USA in a private placement an aggregate of 3,400,000 shares (the “September 2022 PIPE Shares”) of its common stock, par value $0.0001 per share (the “Common Stock”), at a purchase price of $1.60 per share (the “September 2022 PIPE”). The September 2022 PIPE is expected to close in the fourth quarter of 2022 (the “September 2022 PIPE Closing Date”), subject to the satisfaction of certain closing conditions, including the Company’s stockholders voting in favor of the September 2022 PIPE. Immediately following the closing of the September 2022 PIPE, CBI USA will hold approximately 50.4% of the shares of the Company’s common stock. At closing of the September 2022 PIPE, the Company expects to receive aggregate gross proceeds of approximately $5,440, before deducting estimated offering expenses payable by the Company. The Company expects to use these net proceeds as working capital and to support general corporate purposes. The shares of Common Stock issued by the Company pursuant to the September 2022 Securities Purchase Agreement have not been registered under the Securities Act of 1933, as amended (the “Securities Act”), and may not be offered or sold in the United States absent effective registration or an applicable exemption from registration requirements. The Company is relying on the private placement exemption from registration provided by Section 4(a)(2) of the Securities Act and by Rule 506 of Registration D, promulgated thereunder and on similar exemptions under applicable state laws. Pursuant to the September 2022 Securities Purchase Agreement, in connection with the closing of the September 2022 PIPE, CBI USA will have the right to nominate the number of members to the Company’s Board equivalent to its proportional equity ownership of shares of the Company’s common stock from time to time, subject to the approval by the Board and compliance with any SEC or Nasdaq rules, including Nasdaq Listing Rule 5640. September 2022 Registration Rights Agreement Also, on September 26, 2022, the Company entered into a registration rights agreement (the “September 2022 Registration Rights Agreement”) with CBI USA, pursuant to which the Company agreed to register the resale of the September 2022 PIPE Shares. Under the September 2022 Registration Rights Agreement, the Company has agreed to file a registration statement covering the resale of the September 2022 PIPE Shares no later than the sixtieth (60th) day following the September 2022 PIPE Closing Date. The Company has agreed to use reasonable best efforts to cause such registration statement to become effective as promptly as practicable after the filing thereof but in any event on or prior to the Effectiveness Deadline (as defined in the September 2022 Registration Rights Agreement), and to keep such registration statement continuously effective until the earlier of (i) the date the September 2022 PIPE Shares covered by such registration statement have been sold or may be resold pursuant to Rule 144 without restriction, or (ii) the date that is two (2) years following the September 2022 PIPE Closing Date. The Company has also agreed, among other things, to pay all reasonable fees and expenses (excluding any underwriters’ discounts and commissions and all fees and expenses of legal counsel, accountants and other advisors for CBI USA except as specifically provided in the September 2022 Registration Rights Agreement) incident to the performance of or compliance with the September 2022 Registration Rights Agreement by the Company. In the event the registration statement has not been filed within 90 days following the September 2022 PIPE Closing Date, subject to certain limited exceptions, then the Company has agreed to make pro rata payments to CBI USA as liquidated damages in an amount equal to 0.5% of the aggregate amount invested by CBI USA in the September 2022 PIPE Shares per 30-day period or pro rata for any portion thereof for each such month during which such event continues, subject to certain caps set forth in the September 2022 Registration Rights Agreement. The Company has granted CBI USA customary indemnification rights in connection with the registration statement. CBI USA has also granted the Company customary indemnification rights in connection with the registration statement. May 2022 PIPE Securities Purchase Agreement On May 9, 2022, the Company entered into a securities purchase agreement (the “May 2022 Securities Purchase Agreement”) with certain accredited investors (the “Investors”), pursuant to which the Company agreed to issue and sell to the Investors in a private placement an aggregate of 867,369 shares (the “May 2022 PIPE Shares”) of the Company’s Common Stock, par value $0.0001 per share, at a purchase price of $5.81 per share (the “May 2022 PIPE”). The May 2022 PIPE closed on May 18, 2022 (the “May 2022 PIPE Closing Date”). The Company received aggregate net proceeds from the May 2022 PIPE of approximately $4,886 after deducting transaction-related expenses. Pursuant to the May 2022 Securities Purchase Agreement, in connection with the May 2022 PIPE, CBI USA will have the right to nominate a member to the Board, subject to the approval by the Board and provided such nominee qualifies as an “independent” director under Nasdaq Listing Rule 5605(a)(2), effective as of the May 2022 PIPE Closing Date. CBI USA will also have the right, effective as of the May 2022 PIPE Closing Date, to designate one individual to attend all meetings of the Board in a non-voting observer capacity. Registration Rights Agreement Also, on May 9, 2022, the Company entered into a registration rights agreement (the “May 2022 Registration Rights Agreement”) with the Investors, pursuant to which the Company agreed to register the resale of the May 2022 PIPE Shares. Under the May 2022 Registration Rights Agreement, the Company agreed to file a registration statement covering the resale of the Shares no later than July 18, 2022. On July 11, 2022, the Company filed a registration statement on Form S-3 with the SEC for the resale of the Shares and caused the registration statement to become effective on July 20, 2022. The Company has granted the Investors customary indemnification rights in connection with the registration statement. The Investors have also granted the Company customary indemnification rights in connection with the registration statement. Common Stock Warrants On January 4, 2022 and January 21, 2022, the holder of the pre-funded warrants that were acquired in a registered-direct offering transaction dated December 16, 2021 exercised the right to purchase 250,000 shares and 216,666 shares, respectively, of the Company’s common stock. As a result, 466,666 aggregate shares of the Company’s common stock were issued upon such exercises with aggregate proceeds totaling $14 from such exercises. As of September 30, 2022, there are no unexercised pre-funded warrants that are outstanding. As of September 30, 2022, warrants to purchase 576,261 shares of common stock at a price of $8.1031 per share that were acquired in the December 2021 registered-direct offering transaction remain outstanding. The warrants are classified as equity. Accumulated Other Comprehensive Income (Loss) The following table summarizes the changes in each component of accumulated other comprehensive loss, net of tax, for 2022: Unrealized losses on short-term investments Total Balance at December 31, 2021 $ (2) $ (2) Other comprehensive loss (3) (3) Net current period other comprehensive income (3) (3) Balance at March 31, 2022 $ (5) $ (5) Net current period other comprehensive income — — Balance at June 30, 2022 $ (5) $ (5) Other comprehensive income $ 4 $ 4 Net current period other comprehensive income 4 4 Balance at September 30, 2022 $ (1) $ (1) The following table summarizes the changes in each component of accumulated other comprehensive income (loss), net of tax, for 2021: Unrealized gains (losses) on short-term investments Total Balance at December 31, 2020 $ 83 $ 83 Other comprehensive loss (51) (51) Net current period other comprehensive loss (51) (51) Balance at March 31, 2021 $ 32 $ 32 Other comprehensive loss (27) (27) Net current period other comprehensive loss (27) (27) Balance at June 30, 2021 $ 5 $ 5 Other comprehensive loss (5) (5) Net losses reclassified from accumulated other comprehensive loss (1) (1) Net current period other comprehensive loss (6) (6) Balance at September 30, 2021 $ (1) $ (1)

Equity-Based Compensation

Equity-Based Compensation	9 Months Ended
	Sep. 30, 2022
Share-Based Payment Arrangement [Abstract]
Equity-Based Compensation	Equity-Based Compensation 2017 Equity Incentive Plan On September 22, 2017, the Company’s stockholders approved the Exicure, Inc. 2017 Equity Incentive Plan (the “2017 Plan”), which became effective on November 15, 2017. The 2017 Plan provides for the issuance of incentive awards of up to 194,750 shares of Exicure common stock, which includes 72,330 shares of Exicure common stock to be issued to officers, employees, consultants and directors, plus a number of shares not to exceed 122,793 that are subject to issued and outstanding awards under the Exicure OpCo 2015 Equity Incentive Plan (the “2015 Plan”) and were assumed in the merger transaction on September 26, 2017. Awards that may be awarded under the 2017 Equity Incentive Plan include non-qualified and incentive stock options, stock appreciation rights, bonus shares, restricted stock, restricted stock units, performance units and cash-based awards. The number of shares of common stock reserved for issuance under the 2017 Equity Incentive Plan automatically increases on January 1 of each year, beginning on January 1, 2020, by the lesser of (i) 153,333 shares, (ii) 5% of the total number of shares of its capital stock outstanding on December 31 of the preceding calendar year, or (iii) a lesser number of shares determined by the Compensation Committee of the Board (the “Compensation Committee”). No future awards will be made under the 2015 Plan upon the effectiveness of the 2017 Plan. On January 1, 2022, pursuant to the terms of the 2017 Plan, the number of awards that are reserved and may be awarded under the 2017 Plan was automatically increased by 153,333 awards. As of September 30, 2022, the aggregate number of equity awards available for grant under the 2017 Equity Incentive Plan was 140,261. Awards granted under the 2017 Plan are contingent on the participants’ continued employment or provision of non-employee services and are subject to forfeiture if employment or continued service terminates for any reason. The initial award granted to an employee or consultant generally vests 25% on the first 12-month anniversary of the grant date and vests 1/48th monthly thereafter until fully vested at the end of 48 months. Subsequent awards granted to employees or consultants generally vest 1/48th monthly until fully vested at the end of 48 months. The initial stock option grant to a non-employee director vests 1/36th monthly until fully vested at the end of 36 months. Subsequent stock option grants to a non-employee director vests 1/12th monthly until fully vested at the end of 12 months. The term of common stock option grants is 10 years unless terminated earlier as described above. Inducement Grant In May 2021, the Company granted stock options to purchase up to 20,000 shares of common stock as a material inducement to Brian C. Bock to enter into employment with the Company as the Company’s Chief Financial Officer (the “Inducement Grant”). The Inducement Grant, which was made pursuant to a stand-alone nonstatutory stock option agreement (the “Inducement Award Agreement”), was approved by the Compensation Committee, was awarded in accordance with Nasdaq Listing Rule 5635(c)(4) and outside of the Company’s 2017 Equity Incentive Plan and is subject to the terms and conditions of the Inducement Award Agreement. As such, any shares underlying the Inducement Grant are not, upon forfeiture, cancellation or expiration, returned to a pool of shares reserved for future issuance. In connection with Mr. Bock’s resignation from the Company on February 4, 2022, the stock options underlying the Inducement Grant were forfeited. Employee Stock Purchase Plan The 2017 Employee Stock Purchase Plan (the “ESPP”) was adopted by the Board in September 2017 and approved by the Company’s stockholders in September 2017. Through the ESPP, eligible employees may authorize payroll deductions of up to 15% of their compensation to purchase common stock. The maximum number of shares that an employee may purchase on any exercise date in an offer period will be the smaller of (i) 250 shares or (ii) such number of shares as has a fair market value (determined as of the offering date for such offer period) equal to $25,000 within one calendar year minus the fair market value of any other shares of common stock that are attributed to such calendar year. The purchase price per share at each purchase date is equal to 85% of the lower of (i) the closing market price per share of Exicure common stock on the employee’s offering date or (ii) the closing market price per share of Exicure common stock on the exercise date. Each offering period is approximately six-months in duration and the first offering period began on November 16, 2020 and ended on May 14, 2021. The ESPP provides that the number of shares reserved and available for issuance will automatically increase each January 1, beginning on January 1, 2018 and each January 1 thereafter through January 1, 2027, by the least of (i) 10,000 shares; (ii) 0.3% of the outstanding shares of common stock on the last day of the immediately preceding calendar year; or (iii) a lesser number of shares determined by the Board. On January 1, 2022, the number of shares of common stock available for issuance under the ESPP increased by 10,000 shares. As of September 30, 2022, there were 42,471 shares available for issuance under the ESPP. Equity-based compensation expense is classified in the statements of operations as follows: Three Months Ended Nine Months Ended 2022 2021 2022 2021 Research and development expense $ 118 $ 427 $ 448 $ 1,045 General and administrative expense 174 462 693 1,125 $ 292 $ 889 $ 1,141 $ 2,170 Unamortized equity-based compensation expense at September 30, 2022 was $2,604, which is expected to be amortized over a weighted-average period of 2.9 years. The Company utilizes the Black-Scholes option-pricing model to determine the fair value of common stock option grants. The Black-Scholes option-pricing model was developed for use in estimating the fair value of traded options that have no vesting restrictions and are fully transferable. The model also requires the input of highly subjective assumptions. The following table presents the assumptions used in the Black-Scholes option-pricing model for stock options granted during the nine months ended September 30, 2022 and 2021: Nine Months Ended Nine Months Ended 2022 2021 Expected term 5.3 to 6.1 years 5.0 to 6.1 years Risk-free interest rate 2.86% to 3.56%; weighted avg. 2.90% 0.36% to 1.12%; weighted avg. 1.05% Expected volatility 95.2% to 95.8%; weighted avg. 95.2% 81.7% to 83.6%; weighted avg. 82.6% Forfeiture rate 5 % 5 % Expected dividend yield — % — % The expected term is based upon the “simplified method” as described in Staff Accounting Bulletin Topic 14.D.2. Currently, the Company does not have sufficient experience to provide a reasonable estimate of an expected term of its common stock options. The Company will continue to use the “simplified method” until there is sufficient experience to provide a more reasonable estimate in conformance with ASC 718-10-30-25 through 30-26. The risk-free interest rate assumptions were based on the U.S. Treasury bond rate appropriate for the expected term in effect at the time of grant. For stock options granted after December 31, 2021, the expected volatility is based on the volatility of shares of the Company. For stock options granted prior to January 1, 2022, the expected volatility is based on calculated enterprise value volatilities for publicly traded companies in the same industry and general stage of development. The estimated forfeiture rates were based on historical experience for similar classes of employees. The dividend yield was based on expected dividends at the time of grant. The fair value of the underlying common stock and the exercise price for the common stock options granted during the nine months ended September 30, 2022 and 2021 are summarized in the table below: Common Stock Options Granted During Period Ended: Fair Value of Underlying Common Stock Exercise Price of Common Stock Option Nine months ended September 30, 2022 $3.46 to $5.51; weighted avg. $4.56 $3.46 to $5.51; weighted avg. $4.56 Nine months ended September 30, 2021 $34.50 to $77.10; weighted avg. $56.10 $34.50 to $77.10; weighted avg. $56.10 The weighted-average grant date fair value of common stock options granted in the nine months ended September 30, 2022 and 2021 was $2.52 and $39.00 per common stock option, respectively. A summary of common stock option activity as of the periods indicated is as follows: Options Weighted-Average Exercise Price (1) Weighted-Average Remaining Contractual Term (years) Aggregate Intrinsic Value (thousands) Outstanding - December 31, 2021 331,420 $ 61.82 7.0 $ — Granted 232,028 4.56 Exercised (124) 5.51 Forfeited (250,830) 61.89 Outstanding - September 30, 2022 312,494 $ 19.27 6.1 $ — Exercisable - September 30, 2022 167,424 $ 32.49 3.3 $ — Vested and Expected to Vest - 301,522 $ 19.83 6.0 $ — (1) On March 24, 2022, the Company’s Board of Directors unanimously approved the repricing of all outstanding and unexercised stock options granted under our 2015 Equity Incentive Plan and 2017 Equity Incentive Plan and held by its current employees, executive officers, and directors. Effective April 1, 2022, the exercise price of the eligible stock options was reduced to $5.51, the closing price of our common stock on April 1, 2022. See below section titled “Repricing of Outstanding and Unexercised Options” for more information. The aggregate intrinsic value of common stock options exercised during the nine months ended September 30, 2022 and 2021 was effectively zero and $243, respectively. A summary of restricted stock unit activity of the periods indicated is as follows: Restricted Stock Units Weighted-Average Grant Date Fair Value Unvested balance - December 31, 2021 10,109 $ 50.04 Granted 51,536 3.42 Settled (4,009) 23.68 Forfeited (5,816) 4.26 Unvested balance - September 30, 2022 51,820 $ 9.21 The grant date fair value of restricted stock units is based on the Company’s closing stock price at the date of grant. At vesting, each outstanding restricted stock unit will be exchanged for one share of the Company’s common stock. Restricted stock units generally vest evenly on a quarterly basis over a period of 4 years in exchange for continued service provided by the restricted stock unit recipient during that vesting period. A summary of performance-based restricted stock unit activity of the periods indicated is as follows: Performance-Based Restricted Stock Units Weighted-Average Grant Date Fair Value Unvested balance - December 31, 2021 — $ — Granted 97,643 3.45 Unvested balance - September 30, 2022 97,643 $ 3.45 The grant date fair value of performance-based restricted stock units is based on the Company’s closing stock price at the date of grant. At vesting, each outstanding restricted stock unit will be exchanged for one share of the Company’s common stock. Certain performance metrics must be met by the performance measurement date in 2023 in order for the performance-based restricted stock units granted during 2022 to vest as follows: one-third on May 16, 2023, one-third on May 16, 2024, and one-third on May 16, 2025, in exchange for continued service provided by the performance-based restricted stock unit recipient during that vesting period. Repricing of Outstanding and Unexercised Options On March 24, 2022, the Board unanimously approved the repricing of all outstanding and unexercised stock options granted under the 2015 Plan and 2017 Plan (the “Plans”) and held by current employees, executive officers, and directors of the Company (the “Eligible Stock Options”). Effective April 1, 2022, the exercise price of the eligible stock options was reduced to $5.51, the closing price of its common stock on April 1, 2022. Except for the modification to the exercise price of the Eligible Stock Options, all other terms and conditions of each of the Eligible Stock Options will remain in full force and effect. Pursuant to the Plans, the Board, as the administrator of the Plans, has discretionary authority, exercisable on such terms and conditions that it deems appropriate under the circumstances, to reduce the exercise price in effect for outstanding options under the Plans. In approving the repricing, the Board considered the impact of the current exercise prices of outstanding stock options on the incentives provided to employees and directors, the lack of retention value provided by the outstanding stock options to employees and directors, and the impact of such options on the capital structure of the Company. As of March 24, 2022, there were 233,224 stock options outstanding under the Plans, and all of the Company’s outstanding stock options had exercise prices in excess of the current fair market value of the Company’s common stock as of March 24, 2022, which is why the Board made the determination to deem all outstanding and unexercised stock options held by current employees, executive officers, and directors as Eligible Stock Options. Matthias Schroff, the Company’s Chief Executive Officer, and Elias Papadimas, the Company’s Chief Financial Officer, hold Eligible Stock Options exercisable into an aggregate of 29,373 and 12,513 shares of the Company’s common stock, respectively. Non-employee directors, Jeffrey Cleland, Elizabeth Garofalo, Bali Muralidhar and James Sulat, hold Eligible Stock Options exercisable into an aggregate of 3,835, 5,000, 3,835 and 3,112 shares of the Company’s common stock, respectively. The option repricing resulted in incremental stock-based compensation of $291, of which $193 was recorded as expense in the three months ended June 30, 2022, and $98 will be recognized as expense over the requisite service period in which the stock options vest.

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2022
Income Tax Disclosure [Abstract]
Income Taxes	Income TaxesThe Company incurred a pretax loss in each of the three and nine months ended September 30, 2022 and 2021, which consists entirely of loss in the United States and resulted in no provision for income tax expense during the periods then ended. The effective tax rate is 0% in each of the three and nine months ended September 30, 2022 and 2021 because the Company has generated tax losses and has provided a full valuation allowance against its deferred tax assets.

Loss Per Common Share

Loss Per Common Share	9 Months Ended
	Sep. 30, 2022
Earnings Per Share [Abstract]
Loss Per Common Share	Loss Per Common Share Basic loss per common share is calculated by dividing net loss by the weighted-average number of shares of common stock outstanding during the period. Diluted loss per common share is calculated using the treasury share method by giving effect to all potentially dilutive securities that were outstanding. Potentially dilutive options, restricted stock units and warrants to purchase common stock that were outstanding during the periods presented were excluded from the diluted loss per share calculation for the periods presented because such shares had an anti-dilutive effect due to the net loss reported in those periods. Therefore, basic and diluted loss per common share is the same for each of the three and nine months ended September 30, 2022 and 2021. The following is the computation of loss per common share for the three and nine months ended September 30, 2022 and 2021: Three Months Ended Nine Months Ended 2022 2021 2022 2021 Net loss $ (5,160) $ (23,531) $ (20,978) $ (50,277) Weighted-average basic and diluted common shares outstanding 4,963,344 2,936,823 4,502,962 2,933,365 Loss per share - basic and diluted $ (1.04) $ (8.01) $ (4.66) $ (17.14) The outstanding securities presented below were excluded from the calculation of loss per common share, for the periods presented, because such securities would have been anti-dilutive due to the Company’s loss per share during that period: As of September 30, 2022 2021 Options to purchase common stock 312,494 368,665 Restricted stock units 51,820 18,220 Performance stock units 97,643 — Warrants to purchase common stock 576,261 —

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 2022
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements ASC Topic 820, Fair Value Measurement , establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value, as follows: Level 1 Inputs - unadjusted quoted prices in active markets for identical assets or liabilities accessible to the reporting entity at the measurement date; Level 2 Inputs - other than quoted prices included in Level 1 inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the asset or liability; and Level 3 Inputs - unobservable inputs for the asset or liability used to measure fair value to the extent that observable inputs are not available, thereby allowing for situations in which there is little, if any, market activity for the asset or liability at measurement date. Assets measured at fair value on a recurring basis as of September 30, 2022 are as follows: Total Level 1 Level 2 Level 3 Assets Cash equivalents: Money market funds $ 3,594 $ 3,594 $ — $ — Commercial paper 1,998 — 1,998 — Total financial assets $ 5,592 $ 3,594 $ 1,998 $ — Assets and liabilities measured at fair value on a recurring basis as of December 31, 2021 are as follows: Total Level 1 Level 2 Level 3 Assets Cash equivalents: Money market funds $ 21,125 $ 21,125 $ — $ — Commercial paper 5,999 — 5,999 — Short-term investments: Commercial paper 4,497 — 4,497 — Total financial assets $ 31,621 $ 21,125 $ 10,496 $ — The Company uses the market approach and Level 1 and Level 2 inputs to value its cash equivalents and Level 2 inputs to value its short-term investments. The Company’s long-term debt bore interest at the prevailing market rates for instruments with similar characteristics and, accordingly, the carrying value for this instrument also approximates its fair value and the financial measurement is also classified within Level 2 of the fair value hierarchy.

Commitment and Contingencies

Commitment and Contingencies	9 Months Ended
	Sep. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Legal Proceedings On December 13, 2021, Mark Colwell filed a putative securities class action lawsuit against the Company, David A. Giljohann and Brian C. Bock in the United States District Court for the Northern District of Illinois, captioned Colwell v. Exicure, Inc. et al., Case No. 1:21-cv-0663. On February 4, 2021, plaintiff filed an amended putative securities class action complaint. The amended complaint alleges that Dr. Giljohann and Mr. Bock made materially false and/or misleading statements related to the Company’s clinical programs purportedly causing losses to investors who acquired Company securities between January 7, 2021 and December 10, 2021. The amended complaint does not quantify any alleged damages but, in addition to attorneys’ fees and costs, plaintiff seeks to recover damages on behalf of himself and others who acquired the Company’s stock during the putative class period at allegedly inflated prices and purportedly suffered financial harm as a result. On February 11, 2022, four members of the putative class moved for appointment as lead plaintiff in the action pursuant to the Private Securities Litigation Reform Act of 1995. Two of those motions were withdrawn on February 25, 2022, and two remain pending. On February 16, 2022, the court entered an order stating that defendants need not answer, or otherwise respond, until the court enters an order appointing lead plaintiff and lead counsel, after which the parties are to submit a schedule to the court governing the filing of a further amended complaint and the timing of defendants’ answer or response. On March 1, 2022, Kapil Puri filed a shareholder derivative lawsuit on behalf of the Company in the United States District Court for the Northern District of Illinois, against Dr. Giljohann and Mr. Bock, Jeffrey L. Cleland, Elizabeth Garofalo, Bosun Hau, Bali Muralidhar, Andrew Sassine, Matthias Schroff, James Sulat and Timothy Walbert, captioned Puri v. Giljohann, et al., Case No. 1:22-cv-01083. On March 8, 2022, Yixin Sim filed a similar shareholder derivative lawsuit in the same court against the same individuals, captioned Sim v. Giljohann, et al., Case No. 1:22-cv-01217. On April 25, 2022, Stourbridge Investments LLC filed a similar shareholder derivative lawsuit against the same individuals in the United States District Court for the District of Delaware, captioned Stourbridge Investments LLC v. Exicure, Inc. et al., Case No. 1:22-cv-00526. Based on similar factual allegations presented in the Colwell complaint, described above, the Puri, Sim, and Stourbridge complaints (collectively, the “Derivative Complaints”) allege that the defendants caused the Company to issue false and/or misleading statements in the proxy statement for its 2021 Annual Meeting of Stockholders regarding risk oversight, code of conduct, clinical program and compensation matters, among other things, in violation of federal securities law, and committed breaches of fiduciary duties. The Derivative Complaints also assert that Dr. Giljohann and Mr. Bock are liable for contribution under the federal securities laws. The Puri and Stourbridge complaints further assert state law claims for unjust enrichment, and the Puri complaint additionally asserts state law claims for abuse of control, gross mismanagement and corporate waste. The plaintiffs do not quantify any alleged damages in the Derivative Complaints, but seek restitution for damages to the Company, attorneys’ fees, costs, and expenses, as well as an order directing that certain proposals for strengthening board oversight be put to a vote of the Company’s shareholders. All of the Derivative Cases have been stayed pending a decision on any motion to dismiss that may be filed in the Puri case. In addition, the Stourbridge case has been administratively closed pending the decision on motion to dismiss that may be filed in the Puri case. Northwestern University License Agreements On December 12, 2011, (1) AuraSense, LLC, the Company’s former parent, assigned to the Company all of its worldwide rights and interests under AuraSense, LLC’s 2009 license agreement with Northwestern University (“NU”) in the field of the use of nanoparticles, nanotechnology, microtechnology or nanomaterial-based constructs as therapeutics or accompanying therapeutics as a means of delivery, but expressly excluding diagnostics (the “assigned field”); (2) in accordance with the terms and conditions of this assignment, the Company assumed all liabilities and obligations of AuraSense, LLC as set forth in its license agreement in the assigned field; and (3) in order to secure this assignment and the patent rights from NU, the Company agreed (i) to pay NU an annual license fee, which may be credited against any royalties due to NU in the same year, (ii) to reimburse NU for expenses associated with the prosecution and maintenance of the license patent rights, (iii) to pay NU royalties based on any net revenue generated by the Company’s sale or transfer of any licensed product, (iv) to pay NU, in the event the Company grants a sublicense under the licensed patent rights, the greater of a percentage of all sublicensee royalties or a percentage of any net revenue generated by a sublicensee’s sale or transfer of any licensed product, and (v) to pay NU a percentage of all other sublicense payments received by the Company. In August 2015, the Company entered into a restated license agreement with NU (the “Restated License Agreement”). In February 2016, the Company obtained exclusive license as to NU’s rights in certain SNA technology it jointly owns with NU (the “Co-owned Technology License”). The Company’s license to NU’s rights is limited to the assigned field, however the Company has no such limitation as to its own rights in this jointly owned technology. The Company’s rights and obligations in the Co-owned Technology License agreement is substantially the same as in the Restated License Agreement from August 2015 (collectively referred to as “the Northwestern University License Agreements”). As of September 30, 2022, the Company has paid to NU an aggregate of $11,474 in consideration of each of the obligations described above. Leases Refer to Note 7, Leases , for a discussion of the commitments associated with the Company’s lease agreements.

Related-Party Transactions

Related-Party Transactions	9 Months Ended
	Sep. 30, 2022
Related Party Transactions [Abstract]
Related-Party Transactions	Related-Party TransactionsThe Company received consulting services from, and paid fees to, one of its co-founders who is not an employee but, through April 30, 2021, served as a member of the Board. The Company recognized $75 as an expense in nine months ended September 30, 2021 in connection with these consulting services in the accompanying unaudited condensed consolidated statement of operations. The consulting agreement with this co-founder and former Board member expired on September 30, 2021 under the terms of the agreement and was not renewed.

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2022
Accounting Policies [Abstract]
Basis of Presentation	Basis of PresentationThe accompanying unaudited condensed consolidated financial statements as of September 30, 2022 and December 31, 2021, and for the nine months ended September 30, 2022 and 2021, have been presented in conformity with generally accepted accounting principles in the United States (“GAAP”).
Principles of Consolidation	Principles of Consolidation The accompanying unaudited condensed consolidated financial statements include the accounts of Exicure and its wholly owned subsidiary, Exicure Operating Company. All intercompany transactions and accounts are eliminated in consolidation.
Use of Estimates	Use of Estimates The preparation of the financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Management bases its estimates on certain assumptions which it believes are reasonable in the circumstances and while actual results could differ from those estimates, management does not believe that any change in those assumptions in the near term would have a significant effect on the Company’s financial position, results of operations or cash flows. Actual results in future periods could differ from those estimates.
Recent Accounting Pronouncements Not Yet Adopted	Recent Accounting Pronouncements Not Yet Adopted Financial Instruments - Credit Losses In June 2016, the FASB issued ASU 2016-13, Measurement of Credit Losses on Financial Instruments (“ASU 2016-13). ASU 2016-13 is a new standard intended to improve reporting requirements specific to loans, receivables and other financial instruments. ASU 2016-13 requires that credit losses on financial assets measured at amortized cost be determined using an expected loss model, instead of the current incurred loss model, and requires that credit losses related to available-for-sale debt securities be recorded through an allowance for credit losses and limited to the amount by which carrying value exceeds fair value. ASU 2016-13 also requires enhanced disclosure of credit risk associated with financial assets. The effective date of ASU 2016-13 was deferred by ASU 2019-10, Financial Instruments—Credit Losses (Topic 326), Derivatives and Hedging (Topic 815), and Leases (Topic 842)—Effective Dates to the annual period beginning after December 15, 2022 for companies that (i) meet the definition of an SEC filer and (ii) are eligible as “smaller reporting companies” as such term is defined by the SEC, with early adoption permitted. The Company expects that the adoption of ASU 2016-13 will not have a material impact to the Company’s consolidated financial statements.
Loss Per Common Share	Basic loss per common share is calculated by dividing net loss by the weighted-average number of shares of common stock outstanding during the period. Diluted loss per common share is calculated using the treasury share method by giving effect to all potentially dilutive securities that were outstanding. Potentially dilutive options, restricted stock units and warrants to purchase common stock that were outstanding during the periods presented were excluded from the diluted loss per share calculation for the periods presented because such shares had an anti-dilutive effect due to the net loss reported in those periods.

Collaborative Research and Li_2

Collaborative Research and License Agreements (Tables)	9 Months Ended
	Sep. 30, 2022
Research and Development [Abstract]
Schedule of Balance of the Company's Contract Liability	The following table presents changes in the balances of the Company’s contract liabilities (in thousands): Deferred Revenue Balance at Revenue Deferred Revenue Balance at Ipsen Collaboration Agreement $ 17,691 $ (5,282) $ 12,409 AbbVie Collaboration Agreement 11,135 (1,770) 9,365 Total $ 28,826 $ (7,052) $ 21,774

Supplemental Balance Sheet In_2

Supplemental Balance Sheet Information (Tables)	9 Months Ended
	Sep. 30, 2022
Supplemental Balance Sheet Information [Abstract]
Schedule of Prepaid and Other Current Assets	Prepaid expenses and other current assets September 30, 2022 December 31, 2021 Prepaid clinical, contract research and manufacturing costs $ 501 $ 2,484 Prepaid insurance 37 763 Other 1,014 1,278 Prepaid expenses and other current assets $ 1,552 $ 4,525
Schedule of Other Noncurrent Assets	Other noncurrent assets September 30, 2022 December 31, 2021 Restricted cash $ 1,200 $ 9,200 Other 77 125 Other noncurrent assets $ 1,277 $ 9,325
Schedule of Property and Equipment, Net	Property and equipment, net September 30, 2022 December 31, 2021 Scientific equipment $ 6,481 $ 6,471 Computers and software 63 60 Furniture and fixtures 30 30 Construction in process — 33 Property and equipment, gross 6,574 6,594 Less: accumulated depreciation (3,542) (2,667) Property and equipment, net $ 3,032 $ 3,927
Schedule of Accrued Liabilities	Accrued expenses and other current liabilities September 30, 2022 December 31, 2021 Accrued clinical, contract research and manufacturing costs $ 983 $ 3,689 Accrued restructuring costs 700 1,191 Lease liability, current 517 459 Accrued other expenses 816 1,125 Accrued expenses and other current liabilities $ 3,016 $ 6,464

Investments (Tables)

Investments (Tables)	9 Months Ended
	Sep. 30, 2022
Investments [Abstract]
Schedule of Investments	The following table summarizes the contract maturity of the available-for-sale securities the Company held as of September 30, 2022: One year or less 100 % After one year but within two years — % Total 100 %
Schedule of Debt Securities, Available-for-sale	The amortized cost, gross unrealized holding gains, gross unrealized holding losses and fair value of cash equivalents and available-for-sale securities by type of security at September 30, 2022 and December 31, 2021 were as follows: September 30, 2022 Amortized Costs Gross Unrealized Holding Gains Gross Unrealized Holding Losses Fair Value Commercial paper $ 1,998 $ — $ — $ 1,998 December 31, 2021 Amortized Costs Gross Unrealized Holding Gains Gross Unrealized Holding Losses Fair Value Commercial paper $ 10,498 $ — $ (2) $ 10,496

Leases (Tables)

Leases (Tables)	9 Months Ended
	Sep. 30, 2022
Leases [Abstract]
Schedule of Lease Costs	The following table summarizes lease costs in the Company’s unaudited condensed consolidated statement of operations: Three Months Ended Nine Months Ended 2022 2021 2022 2021 Operating lease costs $ 326 $ 326 $ 979 $ 980 Variable lease costs 341 231 1,187 803 Short term lease costs 2 32 17 94 Total lease costs $ 669 $ 589 $ 2,183 $ 1,877

Restructuring (Tables)

Restructuring (Tables)	9 Months Ended
	Sep. 30, 2022
Restructuring and Related Activities [Abstract]
Schedule of Restructuring and Related Costs	The following table presents changes in the accrued restructuring liability balance for the periods presented (in thousands): December 2021 Restructuring September 2022 Total Balance at December 31, 2021 $ 1,191 $ — $ 1,191 Payments (1,010) — (1,010) Additions — 488 488 Adjustments (non-cash) 31 — 31 Balance at September 30, 2022 $ 212 $ 488 $ 700

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	9 Months Ended
	Sep. 30, 2022
Equity [Abstract]
Schedule of Accumulated Other Comprehensive Income (Loss)	The following table summarizes the changes in each component of accumulated other comprehensive loss, net of tax, for 2022: Unrealized losses on short-term investments Total Balance at December 31, 2021 $ (2) $ (2) Other comprehensive loss (3) (3) Net current period other comprehensive income (3) (3) Balance at March 31, 2022 $ (5) $ (5) Net current period other comprehensive income — — Balance at June 30, 2022 $ (5) $ (5) Other comprehensive income $ 4 $ 4 Net current period other comprehensive income 4 4 Balance at September 30, 2022 $ (1) $ (1) The following table summarizes the changes in each component of accumulated other comprehensive income (loss), net of tax, for 2021: Unrealized gains (losses) on short-term investments Total Balance at December 31, 2020 $ 83 $ 83 Other comprehensive loss (51) (51) Net current period other comprehensive loss (51) (51) Balance at March 31, 2021 $ 32 $ 32 Other comprehensive loss (27) (27) Net current period other comprehensive loss (27) (27) Balance at June 30, 2021 $ 5 $ 5 Other comprehensive loss (5) (5) Net losses reclassified from accumulated other comprehensive loss (1) (1) Net current period other comprehensive loss (6) (6) Balance at September 30, 2021 $ (1) $ (1)

Equity-Based Compensation (Tabl

Equity-Based Compensation (Tables)	9 Months Ended
	Sep. 30, 2022
Share-Based Payment Arrangement [Abstract]
Schedule of Equity-Based Compensation Expense Classification in Statement of Operations	Equity-based compensation expense is classified in the statements of operations as follows: Three Months Ended Nine Months Ended 2022 2021 2022 2021 Research and development expense $ 118 $ 427 $ 448 $ 1,045 General and administrative expense 174 462 693 1,125 $ 292 $ 889 $ 1,141 $ 2,170
Schedule of Assumptions Used to Determine Fair Value of Common Stock Option Grants	The following table presents the assumptions used in the Black-Scholes option-pricing model for stock options granted during the nine months ended September 30, 2022 and 2021: Nine Months Ended Nine Months Ended 2022 2021 Expected term 5.3 to 6.1 years 5.0 to 6.1 years Risk-free interest rate 2.86% to 3.56%; weighted avg. 2.90% 0.36% to 1.12%; weighted avg. 1.05% Expected volatility 95.2% to 95.8%; weighted avg. 95.2% 81.7% to 83.6%; weighted avg. 82.6% Forfeiture rate 5 % 5 % Expected dividend yield — % — % The fair value of the underlying common stock and the exercise price for the common stock options granted during the nine months ended September 30, 2022 and 2021 are summarized in the table below: Common Stock Options Granted During Period Ended: Fair Value of Underlying Common Stock Exercise Price of Common Stock Option Nine months ended September 30, 2022 $3.46 to $5.51; weighted avg. $4.56 $3.46 to $5.51; weighted avg. $4.56 Nine months ended September 30, 2021 $34.50 to $77.10; weighted avg. $56.10 $34.50 to $77.10; weighted avg. $56.10
Schedule of Common Stock Option Activity	A summary of common stock option activity as of the periods indicated is as follows: Options Weighted-Average Exercise Price (1) Weighted-Average Remaining Contractual Term (years) Aggregate Intrinsic Value (thousands) Outstanding - December 31, 2021 331,420 $ 61.82 7.0 $ — Granted 232,028 4.56 Exercised (124) 5.51 Forfeited (250,830) 61.89 Outstanding - September 30, 2022 312,494 $ 19.27 6.1 $ — Exercisable - September 30, 2022 167,424 $ 32.49 3.3 $ — Vested and Expected to Vest - 301,522 $ 19.83 6.0 $ — (1) On March 24, 2022, the Company’s Board of Directors unanimously approved the repricing of all outstanding and unexercised stock options granted under our 2015 Equity Incentive Plan and 2017 Equity Incentive Plan and held by its current employees, executive officers, and directors. Effective April 1, 2022, the exercise price of the eligible stock options was reduced to $5.51, the closing price of our common stock on April 1, 2022. See below section titled “Repricing of Outstanding and Unexercised Options” for more information.
Schedule of Restricted Stock Unit Awards Activity	A summary of restricted stock unit activity of the periods indicated is as follows: Restricted Stock Units Weighted-Average Grant Date Fair Value Unvested balance - December 31, 2021 10,109 $ 50.04 Granted 51,536 3.42 Settled (4,009) 23.68 Forfeited (5,816) 4.26 Unvested balance - September 30, 2022 51,820 $ 9.21
Schedule of Performance-based Restricted Stock Unit Activity	A summary of performance-based restricted stock unit activity of the periods indicated is as follows: Performance-Based Restricted Stock Units Weighted-Average Grant Date Fair Value Unvested balance - December 31, 2021 — $ — Granted 97,643 3.45 Unvested balance - September 30, 2022 97,643 $ 3.45

Loss Per Common Share (Tables)

Loss Per Common Share (Tables)	9 Months Ended
	Sep. 30, 2022
Earnings Per Share [Abstract]
Schedule of Computation of loss per common share	The following is the computation of loss per common share for the three and nine months ended September 30, 2022 and 2021: Three Months Ended Nine Months Ended 2022 2021 2022 2021 Net loss $ (5,160) $ (23,531) $ (20,978) $ (50,277) Weighted-average basic and diluted common shares outstanding 4,963,344 2,936,823 4,502,962 2,933,365 Loss per share - basic and diluted $ (1.04) $ (8.01) $ (4.66) $ (17.14)
Schedule of Antidilutive Securities	The outstanding securities presented below were excluded from the calculation of loss per common share, for the periods presented, because such securities would have been anti-dilutive due to the Company’s loss per share during that period: As of September 30, 2022 2021 Options to purchase common stock 312,494 368,665 Restricted stock units 51,820 18,220 Performance stock units 97,643 — Warrants to purchase common stock 576,261 —

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2022
Fair Value Disclosures [Abstract]
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis	Assets measured at fair value on a recurring basis as of September 30, 2022 are as follows: Total Level 1 Level 2 Level 3 Assets Cash equivalents: Money market funds $ 3,594 $ 3,594 $ — $ — Commercial paper 1,998 — 1,998 — Total financial assets $ 5,592 $ 3,594 $ 1,998 $ — Assets and liabilities measured at fair value on a recurring basis as of December 31, 2021 are as follows: Total Level 1 Level 2 Level 3 Assets Cash equivalents: Money market funds $ 21,125 $ 21,125 $ — $ — Commercial paper 5,999 — 5,999 — Short-term investments: Commercial paper 4,497 — 4,497 — Total financial assets $ 31,621 $ 21,125 $ 10,496 $ —

Description of Business and B_2

Description of Business and Basis of Presentation (Details) $ in Thousands	Sep. 26, 2022	Jun. 29, 2022	Sep. 30, 2022 USD ($)
Restructuring Cost and Reserve [Line Items]
Stock split conversion ratio		0.0333
Accumulated deficit generated, since inception			$ 209,882
Cash, cash equivalents, short-term investments, and restricted cash			$ 16,846
September 2022 Restructuring
Restructuring Cost and Reserve [Line Items]
Reduction eliminated, percentage of existing workforce	66%

Collaborative Research and Li_3

Collaborative Research and License Agreements (Details) $ in Thousands			3 Months Ended		9 Months Ended
	Jul. 30, 2021 agreement	Nov. 13, 2019 agreement	Sep. 30, 2022 USD ($)	Sep. 30, 2021 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2021 USD ($)	Dec. 31, 2021 USD ($)
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Deferred revenue			$ 21,774		$ 21,774		$ 28,826
Ipsen Collaboration Agreement
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Deferred revenue			12,409		12,409		17,691
AbbVie Collaboration Agreement
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Deferred revenue			9,365		9,365		$ 11,135
Collaboration Arrangement | Ipsen Collaboration Agreement
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Number of collaboration programs | agreement	2
Collaboration revenue			1,427	$ 803	5,282	$ 803
Deferred revenue			12,409		12,409
Collaboration Arrangement | AbbVie Collaboration Agreement
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Number of collaboration programs | agreement		2
Collaboration revenue			589	$ (4,480)	1,770	$ (3,404)
Deferred revenue			$ 9,365		$ 9,365

Collaborative Research and Li_4

Collaborative Research and License Agreements - Other Current Liabilities (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2022 USD ($)
Movement in Deferred Revenue [Roll Forward]
Deferred Revenue Balance at December 31, 2021	$ 28,826
Revenue Recognized	(7,052)
Deferred Revenue Balance at September 30, 2022	21,774
Ipsen Collaboration Agreement
Movement in Deferred Revenue [Roll Forward]
Deferred Revenue Balance at December 31, 2021	17,691
Revenue Recognized	(5,282)
Deferred Revenue Balance at September 30, 2022	12,409
AbbVie Collaboration Agreement
Movement in Deferred Revenue [Roll Forward]
Deferred Revenue Balance at December 31, 2021	11,135
Revenue Recognized	(1,770)
Deferred Revenue Balance at September 30, 2022	$ 9,365

Supplemental Balance Sheet In_3

Supplemental Balance Sheet Information - Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Supplemental Balance Sheet Information [Abstract]
Prepaid clinical, contract research and manufacturing costs	$ 501	$ 2,484
Prepaid insurance	37	763
Other	1,014	1,278
Prepaid expenses and other current assets	$ 1,552	$ 4,525

Supplemental Balance Sheet In_4

Supplemental Balance Sheet Information - Other Noncurrent Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Supplemental Balance Sheet Information [Abstract]
Restricted cash	$ 1,200	$ 9,200
Other	77	125
Other noncurrent assets	$ 1,277	$ 9,325

Supplemental Balance Sheet In_5

Supplemental Balance Sheet Information - Property and Equipment, Net (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 6,574		$ 6,574		$ 6,594
Less: accumulated depreciation	(3,542)		(3,542)		(2,667)
Property and equipment, net	3,032		3,032		3,927
Depreciation and amortization	289	$ 283	882	$ 829
Scientific equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	6,481		6,481		6,471
Computers and software
Property, Plant and Equipment [Line Items]
Property and equipment, gross	63		63		60
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Property and equipment, gross	30		30		30
Construction in process
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 0		$ 0		$ 33

Supplemental Balance Sheet In_6

Supplemental Balance Sheet Information - Accrued Expense and Other Current Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Supplemental Balance Sheet Information [Abstract]
Accrued clinical, contract research and manufacturing costs	$ 983	$ 3,689
Accrued restructuring costs	700	1,191
Lease liability, current	517	459
Accrued other expenses	816	1,125
Accrued expenses and other current liabilities	$ 3,016	$ 6,464

Investments - Contract Maturity

Investments - Contract Maturity of The Available-for-sale Securities (Details)	9 Months Ended
	Sep. 30, 2022
Investments [Abstract]
One year or less	100%
After one year but within two years	0%
Total	100%

Investments - Available-for-sal

Investments - Available-for-sale Securities (Details) - Commercial paper - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Debt Securities, Available-for-sale [Line Items]
Amortized Costs	$ 1,998	$ 10,498
Gross Unrealized Holding Gains	0	0
Gross Unrealized Holding Losses	0	(2)
Fair Value	$ 1,998	$ 10,496

Debt - Narrative (Details)

Debt - Narrative (Details) - MidCap Credit Agreement - USD ($) $ in Thousands		9 Months Ended
	Mar. 15, 2022	Sep. 30, 2022	Sep. 30, 2021
Debt Instrument [Line Items]
Payment for debt extinguishment	$ 506
Interest paid on debt		$ 194	$ 1,041
Secured Debt
Debt Instrument [Line Items]
Repayments of debt	$ 7,500

Leases - Narrative (Details)

Leases - Narrative (Details) ft² in Thousands, $ in Thousands		9 Months Ended
	Jul. 01, 2020 USD ($) ft² extension_period	Sep. 30, 2022 USD ($)	Sep. 30, 2021 USD ($)
Lessee, Lease, Description [Line Items]
Operating lease, cash payments		$ 2,364	$ 1,721
Chicago
Lessee, Lease, Description [Line Items]
Operating lease area | ft²	30
Operating lease, contract term	10 years
Operating lease, number of extensions | extension_period	2
Operating lease, renewal term	5 years
Operating lease, annual rent payment	$ 1,113
Operating lease, base rent annual percentage increase	3%
Operating lease, estimated rental payment over lease term	$ 12,761

Leases - Lease Costs (Details)

Leases - Lease Costs (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Leases [Abstract]
Operating lease costs	$ 326	$ 326	$ 979	$ 980
Variable lease costs	341	231	1,187	803
Short term lease costs	2	32	17	94
Total lease costs	$ 669	$ 589	$ 2,183	$ 1,877

Restructuring - Narrative (Deta

Restructuring - Narrative (Details)	Sep. 26, 2022
September 2022 Restructuring
Restructuring Cost and Reserve [Line Items]
Reduction eliminated, percentage of existing workforce	66%

Restructuring - Accrued Restruc

Restructuring - Accrued Restructuring Liability (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2022 USD ($)
Restructuring Reserve [Roll Forward]
Accrued restructuring liability, beginning balance	$ 1,191
Payments	(1,010)
Additions	488
Adjustments (non-cash)	31
Accrued restructuring liability, ending balance	700
December 2021 Restructuring
Restructuring Reserve [Roll Forward]
Accrued restructuring liability, beginning balance	1,191
Payments	(1,010)
Additions	0
Adjustments (non-cash)	31
Accrued restructuring liability, ending balance	212
September 2022 Restructuring
Restructuring Reserve [Roll Forward]
Accrued restructuring liability, beginning balance	0
Payments	0
Additions	488
Adjustments (non-cash)	0
Accrued restructuring liability, ending balance	$ 488

Stockholders' Equity - Current

Stockholders' Equity - Current Capitalization (Details)	Sep. 30, 2022 vote $ / shares shares	Dec. 31, 2021 $ / shares shares
Equity [Abstract]
Preferred stock, shares authorized (in shares)	10,000,000	10,000,000
Preferred stock, par value (in dollars per share) | $ / shares	$ 0.0001	$ 0.0001
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, shares authorized (in shares)	200,000,000	200,000,000
Common stock, par value (in dollars per share) | $ / shares	$ 0.0001	$ 0.0001
Common stock, shares issued (in shares)	4,964,313	3,626,073
Common stock, shares outstanding (in shares)	4,964,313	3,626,073
Common stock, voting rights for each share | vote	1

Stockholders' Equity - Securiti

Stockholders' Equity - Securities Purchase Agreement (Details) - USD ($) $ / shares in Units, $ in Thousands	Sep. 26, 2022	May 09, 2022	Sep. 30, 2022	Dec. 31, 2021
Subsidiary, Sale of Stock [Line Items]
Common stock, par value (in dollars per share)			$ 0.0001	$ 0.0001
Registration rights agreement, required filing term	90 days
Registration rights agreement, liquidation damages payable if filed late, measurement term	30 days
Registration rights agreement, liquidation damages payable as a percent of amount invested, if filed late	0.50%
Private Placement
Subsidiary, Sale of Stock [Line Items]
Number of shares issued in transaction (in shares)	3,400,000	867,369
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Sales price of shares issued in transaction (in dollars per share)	$ 1.60	$ 5.81
Consideration for stock transaction	$ 5,440	$ 4,886
Private Placement | CBI USA, Inc
Subsidiary, Sale of Stock [Line Items]
Percentage of ownership after transaction	50.40%

Stockholders' Equity - Common S

Stockholders' Equity - Common Stock Warrants (Details) - USD ($) $ / shares in Units, $ in Thousands			1 Months Ended	9 Months Ended
	Jan. 21, 2022	Jan. 04, 2022	Jan. 21, 2022	Sep. 30, 2022	Sep. 30, 2021
Class of Warrant or Right [Line Items]
Proceeds from warrant exercises				$ 14	$ 0
Number of shares called by warrants (in shares)				576,261
Exercise price (in dollars per share)				$ 8.1031
Pre-Funded Warrants
Class of Warrant or Right [Line Items]
Warrants exercised (in shares)	216,666	250,000
Shares issued for exercise of warrants (in shares)			466,666
Proceeds from warrant exercises			$ 14

Stockholders' Equity - Accumula

Stockholders' Equity - Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2022	Sep. 30, 2021
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	$ 1,163	$ 3,236	$ 11,232	$ 36,640	$ 50,041	$ 61,506	$ 11,232	$ 61,506
Other comprehensive income (loss)	4		(3)	(5)	(27)	(51)
Net losses reclassified from accumulated other comprehensive loss				(1)
Other comprehensive gain (loss)	4	0	(3)	(6)	(27)	(51)	1	(84)
Ending balance	(3,703)	1,163	3,236	13,983	36,640	50,041	(3,703)	13,983
Unrealized gains (losses) on short-term investments
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(5)	(5)	(2)	5	32	83	(2)	83
Other comprehensive income (loss)	4		(3)	(5)	(27)	(51)
Net losses reclassified from accumulated other comprehensive loss				(1)
Other comprehensive gain (loss)	4	0	(3)	(6)	(27)	(51)
Ending balance	(1)	(5)	(5)	(1)	5	32	(1)	(1)
AOCI Attributable to Parent
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(5)	(5)	(2)	5	32	83	(2)	83
Other comprehensive gain (loss)	4		(3)	(6)	(27)	(51)
Ending balance	$ (1)	$ (5)	$ (5)	$ (1)	$ 5	$ 32	$ (1)	$ (1)

Equity-Based Compensation - Nar

Equity-Based Compensation - Narrative (Details) - USD ($)

1 Months Ended

3 Months Ended

9 Months Ended

12 Months Ended

Mar. 24, 2022

Jan. 01, 2022

May 31, 2021

Sep. 30, 2017

Sep. 30, 2022

Jun. 30, 2022

Sep. 30, 2021

Sep. 30, 2022

Sep. 30, 2021

Dec. 31, 2020

Apr. 01, 2022

Dec. 31, 2021

Sep. 22, 2017

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Granted (in shares)

232,028

Compensation cost not yet recognized

$ 2,604,000

$ 2,604,000

Compensation expense recognition period

2 years 10 months 24 days

Weighted-average grant date fair value (in dollars per share)

$ 2.52

$ 39

Aggregate intrinsic value, stock options, exercised

$ 0

$ 243,000

Stock option, exercise price (in dollars per share)

$ 5.51

Options outstanding (in shares)

233,224

312,494

312,494

331,420

Share-based compensation expense

$ 292,000

$ 889,000

$ 1,141,000

$ 2,170,000

Chief Financial Officer

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Granted (in shares)

20,000

Chief Financial Officer | Elias Papadimas

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Options outstanding (in shares)

12,513

Chief Executive Officer | Matthias Schroff

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Options outstanding (in shares)

29,373

Board of Directors | Jeffrey Cleland

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Options outstanding (in shares)

3,835

Board of Directors | Elizabeth Garofalo

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Options outstanding (in shares)

5,000

Board of Directors | Bali Muralidhar

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Options outstanding (in shares)

3,835

Board of Directors | James Sulat

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Options outstanding (in shares)

3,112

Employee Stock

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Number of shares available for grant (in shares)

42,471

42,471

Maximum ESPP contribution rate as a percentage of compensation

15%

Maximum number of shares per employee in purchase period (in shares)

250

Maximum contribution amount

$ 25,000

ESPP purchase price as a percentage of market price

85%

Offering period duration

6 months

Number of additional shares allowable annually under the plan (in shares)

10,000

Percentage of outstanding shares allowable as annual increase

0.30%

Increase in number of shares available for grant (in shares)

10,000

Restricted stock units

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Vesting period

4 years

Number of shares issued for each vested restricted stock unit (in shares)

1

1

Performance Based Restricted Stock | Period One

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Vesting percentage

33.333%

Performance Based Restricted Stock | Period Two

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Vesting percentage

33.333%

Performance Based Restricted Stock | Period Three

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Vesting percentage

33.333%

Exicure, Inc. 2017 Equity Incentive Plan

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Number of shares authorized (in shares)

194,750

Number of shares available for grant (in shares)

140,261

140,261

72,330

Number of additional shares authorized, potential maximum additional shares (in shares)

153,333

Number of additional shares authorized, percentage of common stock outstanding

5%

Exicure, Inc. 2017 Equity Incentive Plan | Options to purchase common stock

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Number of shares available for grant (in shares)

153,333

Expiration period

10 years

Exicure, Inc. 2017 Equity Incentive Plan | Initial Employee Stock Option

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Monthly vesting percentage

2.08%

Vesting period

48 months

Exicure, Inc. 2017 Equity Incentive Plan | Initial Employee Stock Option | Non-employee Director

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Monthly vesting percentage

2.78%

Vesting period

36 months

Exicure, Inc. 2017 Equity Incentive Plan | Initial Employee Stock Option | Period One

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Vesting percentage

25%

Exicure, Inc. 2017 Equity Incentive Plan | Subsequent Employee Stock Option

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Monthly vesting percentage

2.08%

Vesting period

48 months

Exicure, Inc. 2017 Equity Incentive Plan | Subsequent Employee Stock Option | Non-employee Director

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Monthly vesting percentage

8.33%

Vesting period

12 months

Exicure OpCo 2015 Equity Incentive Plan

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Number of shares available for grant (in shares)

122,793

Equity Incentive Plans, Option Repricing | Options to purchase common stock

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Compensation cost not yet recognized

$ 98,000

Stock-based compensation incremental

$ 291,000

Share-based compensation expense

$ 193,000

Equity-Based Compensation - Sch

Equity-Based Compensation - Schedule of Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 292	$ 889	$ 1,141	$ 2,170
Research and development expense
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	118	427	448	1,045
General and administrative expense
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 174	$ 462	$ 693	$ 1,125

Equity-Based Compensation - Ass

Equity-Based Compensation - Assumptions Used for Fair Value Measurement (Details)	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free interest rate, minimum	2.86%	0.36%
Risk-free interest rate, maximum	3.56%	1.12%
Expected volatility, minimum	95.20%	81.70%
Expected volatility, maximum	95.80%	83.60%
Expected volatility	95.20%	82.60%
Forfeiture rate	5%	5%
Expected dividend yield	0%	0%
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term	5 years 3 months 18 days	5 years
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term	6 years 1 month 6 days	6 years 1 month 6 days
Weighted Average
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free interest rate	2.90%	1.05%

Equity-Based Compensation - Fai

Equity-Based Compensation - Fair Value of Underlying Common Stock and Exercise Price of Stock Options (Details) - $ / shares	Sep. 30, 2022	Sep. 30, 2021
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value of underlying common stock (dollars per share)	$ 3.46	$ 34.50
Exercise price of common stock option (dollars per share)	3.46	34.50
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value of underlying common stock (dollars per share)	5.51	77.10
Exercise price of common stock option (dollars per share)	5.51	77.10
Weighted Average
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value of underlying common stock (dollars per share)	4.56	56.10
Exercise price of common stock option (dollars per share)	$ 4.56	$ 56.10

Equity-Based Compensation - S_2

Equity-Based Compensation - Schedule of Stock Options Rollforward (Details) - USD ($) $ / shares in Units, $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2022	Dec. 31, 2021	Apr. 01, 2022
Options
Outstanding beginning balance (in shares)	331,420
Granted (in shares)	232,028
Exercise of options (in shares)	(124)
Forfeited (in shares)	(250,830)
Outstanding ending balance (in shares)	312,494	331,420
Exercisable (in shares)	167,424
Vested and expected to vest (in shares)	301,522
Weighted-Average Exercise Price
Outstanding beginning balance (in dollars per share)	$ 61.82
Granted (in dollars per share)	4.56
Exercised (in dollars per share)	5.51
Forfeited (in dollars per share)	61.89
Outstanding ending balance (in dollars per share)	19.27	$ 61.82
Exercisable, weighted-average exercise price (in dollars per share)	32.49
Vested and expected to vest, weighted-average exercise price (in dollars per share)	$ 19.83
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract]
Weighted-Average Remaining Contractual Term (years)	6 years 1 month 6 days	7 years
Exercisable, weighted-average remaining contractual term	3 years 3 months 18 days
Weighted-Average Remaining Contractual Term (years)	6 years
Aggregate Intrinsic Value (thousands)	$ 0	$ 0
Exercisable, aggregate intrinsic value	0
Aggregate Intrinsic Value (thousands)	$ 0
Stock option, exercise price (in dollars per share)			$ 5.51

Equity-Based Compensation - RSU

Equity-Based Compensation - RSU Activity (Details) - Restricted stock units	9 Months Ended
	Sep. 30, 2022 $ / shares shares
Restricted Stock Units
Unvested balance - beginning of period (in shares) | shares	10,109
Granted (in shares) | shares	51,536
Settled (in shares) | shares	(4,009)
Forfeited (in shares) | shares	(5,816)
Unvested balance - end of period (in shares) | shares	51,820
Weighted-Average Grant Date Fair Value
Unvested balance - beginning of period (in dollars per share) | $ / shares	$ 50.04
Granted (in dollars per share) | $ / shares	3.42
Settled (in dollars per share) | $ / shares	23.68
Forfeited (in dollars per share) | $ / shares	4.26
Unvested balance - end of period (in dollars per share) | $ / shares	$ 9.21

Equity-Based Compensation - Per

Equity-Based Compensation - Performance-based Restricted Stock Unit Activity (Details) - Performance Based Restricted Stock	9 Months Ended
	Sep. 30, 2022 $ / shares shares
Performance-Based Restricted Stock Units
Unvested balance - beginning of period (in shares) | shares	0
Granted (in shares) | shares	97,643
Unvested balance - end of period (in shares) | shares	97,643
Weighted-Average Grant Date Fair Value
Unvested balance - beginning of period (in dollars per share) | $ / shares	$ 0
Granted (in dollars per share) | $ / shares	3.45
Unvested balance - end of period (in dollars per share) | $ / shares	$ 3.45

Income Taxes (Details)

Income Taxes (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Income Tax Disclosure [Abstract]
Provision for income taxes	$ 0	$ 0	$ 0	$ 0
Effective tax rate	0%	0%	0%	0%

Loss Per Common Share - Computa

Loss Per Common Share - Computation of Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2022	Sep. 30, 2021
Earnings Per Share [Abstract]
Net loss	$ (5,160)	$ (7,470)	$ (8,348)	$ (23,531)	$ (14,269)	$ (12,477)	$ (20,978)	$ (50,277)
Weighted-average basic common shares outstanding (in shares)	4,963,344			2,936,823			4,502,962	2,933,365
Weighted-average diluted common shares outstanding (in shares)	4,963,344			2,936,823			4,502,962	2,933,365
(Loss) earnings per basic common share (USD per share)	$ (1.04)			$ (8.01)			$ (4.66)	$ (17.14)
(Loss) earnings per diluted common share (USD per share)	$ (1.04)			$ (8.01)			$ (4.66)	$ (17.14)

Loss Per Common Share - Antidil

Loss Per Common Share - Antidilutive Securities (Details) - shares	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Options to purchase common stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially dilutive shares excluded from computation of weighted-average diluted common shares outstanding (in shares)	312,494	368,665
Restricted stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially dilutive shares excluded from computation of weighted-average diluted common shares outstanding (in shares)	51,820	18,220
Performance stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially dilutive shares excluded from computation of weighted-average diluted common shares outstanding (in shares)	97,643	0
Warrants to purchase common stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially dilutive shares excluded from computation of weighted-average diluted common shares outstanding (in shares)	576,261	0

Fair Value Measurements - Asset

Fair Value Measurements - Assets and Liabilities Measured at Fair Value (Details) - Fair Value, Recurring - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total financial assets	$ 5,592	$ 31,621
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total financial assets	3,594	21,125
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total financial assets	1,998	10,496
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total financial assets	0	0
Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments:		4,497
Commercial paper | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments:		0
Commercial paper | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments:		4,497
Commercial paper | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments:		0
Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents:	3,594	21,125
Money market funds | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents:	3,594	21,125
Money market funds | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents:	0	0
Money market funds | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents:	0	0
Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents:	1,998	5,999
Commercial paper | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents:	0	0
Commercial paper | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents:	1,998	5,999
Commercial paper | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents:	$ 0	$ 0

Commitment and Contingencies (D

Commitment and Contingencies (Details) $ in Thousands	Sep. 30, 2022 USD ($)	Feb. 25, 2022 plaintiff	Feb. 11, 2022 plaintiff
Commitments and Contingencies Disclosure [Abstract]
Number of plaintiffs requesting appointment as lead plaintiff		2	4
Number of plaintiffs that withdrew request for appointment as lead plaintiff		2
Aggregate consideration paid to NU for agreement obligations | $	$ 11,474

Related-Party Transactions (Det

Related-Party Transactions (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2021 USD ($)
Board of Directors | Consulting services
Related Party Transaction [Line Items]
Expenses from transactions with related party	$ 75