Exicure (XCUR) 10-Q/A 6 Jun 24 2023 Q2 Quarterly report (amended) Financial data

Cover Page

Cover Page - shares	6 Months Ended
	Jun. 30, 2023	Aug. 09, 2023
Cover [Abstract]
Document Type	10-Q/A
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2023
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)		8,648,307
Entity Central Index Key	0001698530
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
Amendment Flag	false

UNAUDITED CONDENSED CONSOLIDATE

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 2,335	$ 8,577
Prepaid expenses and other assets	1,329	1,474
Total current assets	3,664	10,051
Property and equipment, net	1,796	2,530
Right-of-use asset	6,893	7,257
Investment in convertible notes receivable	2,000	0
Other noncurrent assets	3,202	3,490
Total assets	17,555	23,328
Current liabilities:
Accounts payable	343	361
Accrued expenses and other current liabilities	1,088	1,278
Total current liabilities	1,431	1,639
Lease liability, noncurrent	6,419	6,767
Total liabilities	7,850	8,406
Contingencies (Note 11)
Stockholders’ equity:
Preferred stock, $0.0001 par value per share; 10,000,000 shares authorized, no shares issued and outstanding, June 30, 2023 and December 31, 2022	0	0
Common stock, $0.0001 par value per share; 200,000,000 shares authorized, 8,648,307 issued and outstanding, June 30, 2023; 4,965,901 issued and outstanding, December 31, 2022	1	0
Additional paid-in capital	192,524	187,571
Accumulated deficit	(182,820)	(172,649)
Total stockholders’ equity	9,705	14,922
Total liabilities and stockholders’ equity	$ 17,555	$ 23,328

UNAUDITED CONDENSED CONSOLIDA_2

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Jun. 30, 2023	Dec. 31, 2022
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)	8,648,307	4,965,901
Common stock, shares outstanding (in shares)	8,648,307	4,965,901

UNAUDITED CONDENSED CONSOLIDA_3

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Revenue:
Collaboration revenue	$ 0	$ 2,471,000	$ 0	$ 5,036,000
Total revenue	0	2,471,000	0	5,036,000
Operating expenses:
Research and development expense	0	6,749,000	1,423,000	13,889,000
General and administrative expense	5,642,000	3,205,000	8,758,000	6,367,000
Total operating expenses	5,642,000	9,954,000	10,181,000	20,256,000
Operating loss	(5,642,000)	(7,483,000)	(10,181,000)	(15,220,000)
Other income (expense), net:
Dividend income	15,000	16,000	32,000	18,000
Interest income	13,000	1,000	24,000	3,000
Interest expense	0	0	0	(595,000)
Other income (expense), net	(150,000)	(4,000)	(46,000)	(24,000)
Total other income (expense), net	(122,000)	13,000	10,000	(598,000)
Net loss before provision for income taxes	(5,764,000)	(7,470,000)	(10,171,000)	(15,818,000)
Provision for income taxes	0	0	0	0
Net loss	$ (5,764,000)	$ (7,470,000)	$ (10,171,000)	$ (15,818,000)
Basic loss per common share (in dollars per share)	$ (0.68)	$ (1.66)	$ (1.38)	$ (3.71)
Diluted loss per common share (in dollars per share)	$ (0.68)	$ (1.66)	$ (1.38)	$ (3.71)
Weighted-average basic common shares outstanding (in shares)	8,432,394	4,503,983	7,366,594	4,268,955
Weighted-average diluted common shares outstanding (in shares)	8,432,394	4,503,983	7,366,594	4,268,955

UNAUDITED CONDENSED CONSOLIDA_4

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Statement of Comprehensive Income [Abstract]
Net loss	$ (5,764)	$ (7,470)	$ (10,171)	$ (15,818)
Other comprehensive (loss), net of taxes
Unrealized (loss) on available-for-sale securities, net of tax	0	0	0	(3)
Other comprehensive (loss)	0	0	0	(3)
Comprehensive loss	$ (5,764)	$ (7,470)	$ (10,171)	$ (15,821)

UNAUDITED CONDENSED CONSOLIDA_5

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in- Capital	Accumulated Deficit	Accumulated Other Comprehensive Income (Loss)
Beginning balance (in shares) at Dec. 31, 2021		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 common stock warrants (in shares)		466,666
Exercise of common stock warrants	14		14
Equity-based compensation	342		342
Vesting of restricted stock units and related repurchases (in shares)		324
Vesting of restricted stock units and related repurchases	(1)		(1)
Other comprehensive 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
Beginning balance at Dec. 31, 2021	11,232	$ 0	181,301	(170,067)	(2)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Other comprehensive loss, net	(3)
Net loss	(15,818)
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)
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]
Exercise of options (in shares)		124
Exercise of options	1		1
Equity-based compensation	507		507
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, net (in shares)		867,369
Issuance of common stock, net	4,886		4,886
Other comprehensive 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)
Beginning balance (in shares) at Dec. 31, 2022	4,965,901	4,965,901
Beginning balance at Dec. 31, 2022	$ 14,922	$ 0	187,571	(172,649)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Equity-based compensation	308		308
Reclassification of common stock warrants to liability	(800)		(800)
Vesting of restricted stock units and related repurchases (in shares)		5,561
Vesting of restricted stock units and related repurchases	(1)	$ 1	(2)
Issuance of common stock, net (in shares)		3,400,000
Issuance of common stock, net	4,597		4,597
Net loss	(4,407)			(4,407)
Ending balance (in shares) at Mar. 31, 2023		8,371,462
Ending balance at Mar. 31, 2023	$ 14,619	$ 1	191,674	(177,056)
Beginning balance (in shares) at Dec. 31, 2022	4,965,901	4,965,901
Beginning balance at Dec. 31, 2022	$ 14,922	$ 0	187,571	(172,649)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of options (in shares)	0
Other comprehensive loss, net	$ 0
Net loss	$ (10,171)
Ending balance (in shares) at Jun. 30, 2023	8,648,307	8,648,307
Ending balance at Jun. 30, 2023	$ 9,705	$ 1	192,524	(182,820)
Beginning balance (in shares) at Mar. 31, 2023		8,371,462
Beginning balance at Mar. 31, 2023	14,619	$ 1	191,674	(177,056)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Equity-based compensation	969		969
Vesting of restricted stock units and related repurchases (in shares)		276,845
Vesting of restricted stock units and related repurchases	(119)		(119)
Other comprehensive loss, net	0
Net loss	$ (5,764)			(5,764)
Ending balance (in shares) at Jun. 30, 2023	8,648,307	8,648,307
Ending balance at Jun. 30, 2023	$ 9,705	$ 1	$ 192,524	$ (182,820)

UNAUDITED CONDENSED CONSOLIDA_6

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Cash flows from operating activities:
Net loss	$ (10,171)	$ (15,818)
Adjustments to reconcile net loss to cash used in operating activities:
Depreciation and amortization	479	593
Equity-based compensation	1,277	849
Amortization of long-term debt issuance costs and fees	0	477
Amortization of right-of-use asset	364	341
Amortization of investments	0	(2)
Other	44	18
Changes in operating assets and liabilities:
Prepaid expenses and other current assets	145	1,999
Other noncurrent assets	288	24
Accounts payable	(18)	(1,820)
Accrued expenses	(190)	(3,156)
Deferred revenue	0	(5,036)
Other liabilities	(347)	(303)
Net cash used in operating activities	(8,129)	(21,834)
Cash flows from investing activities:
Purchase of available-for-sale securities	(2,000)	(1,499)
Proceeds from sale or maturity of available-for-sale securities	0	5,000
Capital expenditures	0	(10)
Proceeds from sale of capital assets	211	0
Net cash (used in) provided by investing activities	(1,789)	3,491
Cash flows from financing activities:
Repayment of long-term debt	0	(7,500)
Payment of long-term debt fees and issuance costs	0	(506)
Proceeds from common stock offering	5,440	5,054
Payment of common stock financing costs	(843)	(154)
Payment of exercise of common stock warrants	(800)	0
Proceeds from issuance of employee stock purchase plan	0	4
Proceeds from exercise of common stock warrants	0	1
Payments for minimum statutory tax withholding related to net share settlement of equity awards	(121)	(2)
Net cash provided by (used in) provided by financing activities	3,676	(3,103)
Net (decrease) in cash, cash equivalents, and restricted cash	(6,242)	(21,446)
Cash, cash equivalents, and restricted cash - beginning of period	9,777	43,844
Cash, cash equivalents, and restricted cash - end of period	$ 3,535	$ 22,398

UNAUDITED CONDENSED CONSOLIDA_7

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Statement of Cash Flows [Abstract]
Cash and cash equivalents	$ 2,335	$ 8,577
Restricted cash included in other noncurrent assets	1,200	1,200
Total cash, cash equivalents, and restricted cash shown in the unaudited condensed consolidated statements of cash flows	$ 3,535	$ 9,777

Description of Business, Basis

Description of Business, Basis of Presentation, Going Concern and Restatement of Financial Statement	6 Months Ended
	Jun. 30, 2023
Accounting Policies [Abstract]
Description of Business, Basis of Presentation, Going Concern and Restatement of Financial Statement	Description of Business, Basis of Presentation, Going Concern and Restatement of Financial Statement Description of Business Exicure, Inc. has historically been an early-stage biotechnology company focused on developing nucleic acid therapies targeting ribonucleic acid against validated targets. In September 2022, the Company announced a significant reduction in force, suspension of preclinical activities and halting of all research and development, and that the Company was exploring strategic alternatives to maximize stockholder value. While the foregoing efforts are continuing, the Company does not expect they will generate significant value for stockholders, at least in the near term. Therefore, the Company is engaging in a broader exploration of strategic alternatives. This effort involves exploring growth through transactions with potential partners that see opportunity in joining an existing, publicly-traded organization. The Company is exploring transactions in industries unrelated to its historical operations. 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 June 30, 2023 and December 31, 2022, and for the three and six months ended June 30, 2023 and 2022, have been presented in conformity with accounting principles generally accepted in the United States of America (“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. Unaudited Interim Financial Information The accompanying interim condensed consolidated balance sheet as of June 30, 2023, the interim condensed consolidated statements of operations for the three and six months ended June 30, 2023 and 2022, the interim condensed consolidated statements of comprehensive loss for the three and six months ended June 30, 2023 and 2022, the interim condensed consolidated statements of changes in stockholders’ equity for the three and six months ended June 30, 2023 and 2022, and the interim condensed consolidated statements of cash flows for the six months ended June 30, 2023 and 2022 are unaudited. The interim unaudited condensed consolidated financial statements have been prepared on the same basis as the annual audited financial statements and with instructions to Form 10-Q and Article 10 of Regulation S-X under the Securities Exchange Act of 1934, as amended; 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 June 30, 2023, the results of its operations for the three and six months ended June 30, 2023 and 2022, and the results of its cash flows for the six months ended June 30, 2023 and 2022. The financial data and other information disclosed in these notes related to the six months ended June 30, 2023 and 2022 are unaudited. The results for the six months ended June 30, 2023 are not necessarily indicative of results to be expected for the year ending December 31, 2023, or any other interim periods, or any future year or period. 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 June 30, 2023, the Company has generated an accumulated deficit of $201,657 since inception and expects to incur significant expenses and negative cash flows for the foreseeable future. As of June 30, 2023, the Company’s cash, and cash equivalents were $2,335. 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 the Company’s existing cash and cash equivalents will fund its operating expenses into the fourth quarter of 2023. However, this estimate is based on assumptions about how the Company can limit spending that may prove to be wrong. It is very difficult to project the Company’s current cash burn rate given the transitional status of the Company and this estimate may prove inaccurate. Depending on the direction of the Company’s review of strategic alternatives, the Company may use available resources sooner than management currently expects. The Company has already engaged in significant cost reductions, so our ability to further cut costs and extend the Company’s operating runway is limited. As a result, substantial additional financing will be needed by the Company within the next few months to pay expenses, fund the ongoing exploration of strategic alternatives and pursue any alternatives that may be identified. The Company seeks to raise capital in the third quarter of 2023 to fund its operations through 2024. There can be no assurance that such additional financing will be available and, if available, can be obtained on acceptable terms. 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. Restatement The Company is restating its previously issued condensed consolidated financial statements and related notes as of and for the three and six months ended June 30, 2023. The Company identified errors related to the incorrect classification of certain expenses as research and development expenses on the condensed consolidated statements of operations. The Company also incorrectly classified its investment in convertible notes receivable as held-to-maturity instead of as available-for-sale (“AFS”) and incorrectly did not record such investment at fair value on the condensed consolidated balance sheet as of June 30, 2023. The following table illustrates the effects of the error corrections on the balance sheet: As of June 30, 2023 Previously Reported Adjustments Restated ASSETS Total current assets $ 3,664 $ — $ 3,664 Property and equipment, net 1,796 — 1,796 Right-of-use asset 6,893 — 6,893 Investment in convertible notes receivable — 2,000 2,000 Other noncurrent assets 5,202 (2,000) 3,202 Total assets $ 17,555 $ — $ 17,555 LIABILITIES AND STOCKHOLDERS’ EQUITY Total liabilities 7,850 — 7,850 Contingencies (Note 11) Stockholders’ equity: Preferred stock, $0.0001 par value per share; 10,000,000 shares authorized, no shares issued and outstanding, June 30, 2023 and December 31, 2022 — — — Common stock, $0.0001 par value per share; 200,000,000 shares authorized, 8,648,307 issued and outstanding, June 30, 2023; 4,965,901 issued and outstanding, December 31, 2022 1 — 1 Additional paid-in capital 192,524 — 192,524 Accumulated deficit (182,820) — (182,820) Total stockholders’ equity 9,705 — 9,705 Total liabilities and stockholders’ equity $ 17,555 $ — $ 17,555 The following table illustrates the effects of the error corrections to operating expenses: For the three months ended June 30, 2023 Previously Reported Adjustments Restated Research and development expense $ 921 $ (921) $ — General and administrative expense 4,721 921 5,642 Total operating expenses $ 5,642 $ — $ 5,642 For the six months ended June 30, 2023 Previously Reported Adjustments Restated Research and development expense $ 2,902 $ (1,479) $ 1,423 General and administrative expense 7,279 1,479 8,758 Total operating expenses $ 10,181 $ — $ 10,181

Significant Accounting Policies

Significant Accounting Policies	6 Months Ended
	Jun. 30, 2023
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, 2022 filed with the U.S. Securities and Exchange Commission (“SEC”) on March 27, 2023, as amended by Amendment No. 1 filed with the SEC on May 1, 2023 (the “Annual Report”). Since the date of those audited consolidated financial statements, there have been no material changes to the Company’s significant accounting policies. 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. Investment in Convertible Notes Receivable Securities are classified as current or noncurrent based on the remaining contractual maturities of the securities. Securities are designated by the Company at the point of investment, as either trading, AFS, or held to maturity. Under ASC 825, Financial Instruments, the Company elected the fair value option for all outstanding convertible notes receivable. Management evaluates the performance of the securities on a fair value basis. Under the fair value option, the notes receivable are measured at each reporting period based upon their exit value in an orderly transaction and unrealized gains or losses from changes in fair value are recorded in the Condensed Consolidated Statements of Operations. Investment in convertible notes receivable at fair value totaled $2,000 as of June 30, 2023. As of June 30, 2023, the aggregate cost of the investment in convertible notes receivable accounted for under the fair value option was $2,000, which included principal balances of $2,000. The principal balance of the investment in convertible notes receivable equaled fair value as of June 30, 2023. Recent Accounting Pronouncements Adopted Financial Instruments - Credit Losses In June 2016, the FASB issued ASU 2016-13, Measurement of Credit Losses on Financial Instruments (Topic 326) (“ASU 2016-13”). This ASU changes how entities will measure credit losses for most financial assets and certain other instruments that are not measured at fair value through net income. The standard replaces the “incurred loss” approach with an “expected loss” model. The new model, referred to as the current expected credit loss (“CECL”) model, will apply to: (1) financial assets subject to credit losses and measured at amortized cost, and (2) certain off-balance sheet credit exposures. ASU 2016-13 also expands the disclosure requirements regarding an entity’s assumptions, models, and methods for estimating the allowance for credit losses. ASU No. 2016-13 was effective for the Company beginning on January 1, 2020. The Company adopted this ASU in January 2023. There was no material impact on the condensed consolidated financial statements.

Supplemental Balance Sheet Info

Supplemental Balance Sheet Information	6 Months Ended
	Jun. 30, 2023
Supplemental Balance Sheet Information [Abstract]
Supplemental Balance Sheet Information	Supplemental Balance Sheet Information Prepaid expenses and other current assets June 30, 2023 December 31, 2022 Prepaid clinical, contract research and manufacturing costs $ — $ 213 Prepaid insurance 628 408 Other 701 853 Prepaid expenses and other current assets $ 1,329 $ 1,474 Other noncurrent assets June 30, 2023 (Restated) December 31, 2022 Restricted cash $ 1,200 $ 1,200 Prepaid insurance 1,999 2,252 Other 3 38 Other noncurrent assets $ 3,202 $ 3,490 Property and equipment, net June 30, 2023 December 31, 2022 Scientific equipment $ 5,265 $ 6,087 Computers and software 63 63 Furniture and fixtures 30 30 Property and equipment, gross 5,358 6,180 Less: accumulated depreciation and amortization (3,562) (3,650) Property and equipment, net $ 1,796 $ 2,530 Depreciation and amortization expense was $479 and $593 for the six months ended June 30, 2023 and 2022, respectively. During the six months ended June 30, 2023, the Company sold scientific equipment with a net book value of $255 and recognized a loss of $44 included in other income (expense) in the accompanying statement of operations for the six months ended June 30, 2023. Accrued expenses and other current liabilities June 30, 2023 December 31, 2022 Accrued clinical, contract research and manufacturing costs $ — $ 48 Accrued restructuring costs — 48 Lease liability 580 539 Accrued payroll-related expenses 16 32 Accrued federal and state tax payable — 209 Accrued other expenses 492 402 Accrued expenses and other current liabilities $ 1,088 $ 1,278

Leases

Leases	6 Months Ended
	Jun. 30, 2023
Leases [Abstract]
Leases	Leases The Company’s lease arrangements at June 30, 2023 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) a lease for office equipment (the “Office Equipment Lease”). The Chicago Lease and the Office Equipment Lease 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 Six Months Ended 2023 2022 2023 2022 Operating lease costs $ 326 $ 326 $ 652 $ 652 Variable lease costs (19) 505 313 846 Short term lease costs — 1 — 15 Total lease costs $ 307 $ 832 $ 965 $ 1,513 The Company made cash payments for operating leases $860 and $1,703 during the six months ended June 30, 2023 and 2022, respectively. Sublease of Office Space The Company entered into a sublease agreement with Cyclopure, Inc. (the “Subtenant”) to sublease approximately 57% of its office space pursuant to that certain sublease agreement (the “Sublease Agreement”), dated as of May 4, 2023. The term of the Sublease Agreement began on May 15, 2023 and ends on June 30, 2030, the expiration date of the Chicago Lease. The first three months under the Sublease Agreement are rent free. Beginning August 15, 2023, the Company will charge the Subtenant for 57% of the base rent under the Chicago Lease, and the subtenant is responsible for its pro rata share of operating expenses and taxes payable.

Investment in Convertible Notes

Investment in Convertible Notes Receivable	6 Months Ended
	Jun. 30, 2023
Investments, Debt and Equity Securities [Abstract]
Investment in Convertible Notes Receivable	Investment in Convertible Notes Receivable In May 2023, the Company entered into two subscription agreements to purchase non-guaranteed private placement convertible bonds (the “Bonds”) for a subscription amount of $1 million each. The Bonds mature in May 2026 and the yield to maturity is 4.5% per annum. The Company has the option to redeem part or the entire principal amount of the Bonds on the first anniversary after the issue date and every three months thereafter before the maturity date. The conversion ratio will be one hundred percent (100%) of the Bond’s face value. The Company also has the ability to convert the debt into shares based on the number of shares computed by dividing the face value of each security by a calculated conversion price, which is subject to adjustment provisions, determined at the time of issuance. The securities may be converted from May 3, 2024, the first anniversary of the issue date of the first agreement, to April 15, 2026, one month prior to the maturity date to the second agreement. The Company’s debt securities are classified as AFS pursuant to ASC 320 - Investments - Debt Securities. AFS securities are recorded at fair value. The Company held no AFS securities as of December 31, 2022.

Stockholders' Equity

Stockholders' Equity	6 Months Ended
	Jun. 30, 2023
Equity [Abstract]
Stockholders' Equity	Stockholders’ Equity Preferred Stock As of June 30, 2023 and December 31, 2022, 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 June 30, 2023 and December 31, 2022, the Company had authorized 200,000,000 shares of common stock, par value $0.0001. As of June 30, 2023 and December 31, 2022, the Company had 8,648,307 shares and 4,965,901 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 (Private Investment in Public Equity) 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 closed on February 24, 2023 (the “September 2022 PIPE Closing Date”). As a result of the closing of the September 2022 PIPE, CBI USA is the beneficial owner of approximately 50.4% of the Company’s outstanding shares. Pursuant to the board designation rights of CBI USA, CBI USA designated three members to the Company’s board of directors. In February 2023, the Company received gross proceeds of $5,440 from the September 2022 PIPE (or net proceeds of $4,597 after transaction expenses). September 2022 Registration Rights Agreement In connection with the September 2022 PIPE, 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. Pursuant to the 2022 Registration Rights Agreement, the Company paid a pro rata payment of $27 to CBI USA in the second quarter of 2023 as liquidated damages in an amount equal to 0.5% of the aggregate amount invested by CBI USA in the September 2022 PIPE Shares for failure to file a registration statement within 90 days following the September 2022 PIPE Closing Date. Additionally, payments may be required 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. Registered Direct Offering On December 16, 2021, the Company completed a securities purchase agreement (the “Purchase Agreement”) with certain institutional purchasers (the “Purchasers”) entered into on December 14, 2021, pursuant to which the Company offered to the Purchasers, in a registered direct offering priced at-the-market consistent with the rules of Nasdaq (the “Registered Direct Offering”), (i) an aggregate of 433,553 shares (the “Shares”) of the Company’s common stock, $0.0001 par value per share, (ii) pre-funded warrants to purchase up to an aggregate of 718,981 shares of Common Stock (the “Pre-Funded Warrants”), and (iii) warrants to purchase up to 576,261 shares of Common Stock (the “Warrants”). The combined purchase price of each share of Common Stock and accompanying Warrant is $9.9780 per share. The combined purchase price of each Pre-Funded Warrant and accompanying Warrant is $9.9480 (equal to the combined purchase price per share of Common Stock and accompanying Warrant, minus $0.03). The per share exercise price for the Warrants is $8.1031, the closing bid price of the Company’s Common Stock on December 13, 2021 (and as adjusted for the reverse stock split referenced in Note 1). The Warrants will be exercisable immediately from the closing December 16, 2021, and will expire on the five-year anniversary of the date of issuance, or December 16, 2026. The Pre-Funded Warrants and Warrants, which met equity classification, were recognized as a component of permanent stockholders’ equity within additional paid-in-capital together with the net proceeds from the Registered Direct Offering. The gross proceeds to the Company from the Registered Direct Offering (excluding effect of subsequent exercises of pre-funded warrants) were $11,478 and net proceeds after deducting the placement agent’s fees and other offering expenses paid or payable by the Company were $10,226. The securities were offered by the Company pursuant to an effective shelf registration statement on Form S-3 (File No. 333-251555) previously filed with the Securities and Exchange Commission (the “SEC”) on December 21, 2020, and which was declared effective by the SEC on January 7, 2021 (the “Registration Statement”). Each Warrant is exercisable for one share of Common Stock at an exercise price of $8.1031 per share. The Warrants are immediately exercisable as of the date of issuance of December 16, 2021 and will expire on the five-year anniversary of the date of issuance, or December 16, 2026. The Pre-Funded Warrants were offered in lieu of shares of Common Stock to one of the Purchasers whose purchase of shares of Common Stock in the Registered Direct Offering would otherwise result in said Purchaser, together with its affiliates and certain related parties, beneficially owning more than 4.99% (or, at the election of the Purchaser, 9.99%) of the Company’s outstanding Common Stock immediately following the consummation of the Registered Direct Offering. Each Pre-Funded Warrant is exercisable for one share of Common Stock at an exercise price of $0.030 per share. The Pre-Funded Warrants are immediately exercisable and may be exercised at any time until all of the Pre-Funded Warrants are exercised in full. A holder (together with its affiliates) of the Warrant or Pre-Funded Warrant may not exercise any portion of the Warrant or Pre-Funded Warrant, as applicable, to the extent that the holder would own more than 4.99% (or, at the holder’s option upon issuance, 9.99%) of the Company’s outstanding Common Stock immediately after exercise, as such percentage ownership is determined in accordance with the terms of the Warrant or Pre-Funded Warrant, as applicable. In lieu of making the cash payment otherwise contemplated to be made to the Company upon exercise of a Warrant in payment of the aggregate exercise price, the holder may elect instead to receive upon such exercise (either in whole or in part) the net number of shares of Common Stock determined according to a formula set forth in the Warrants, provided that such cashless exercise shall only be permitted if the Registration Statement is not effective at the time of such exercise or if the prospectus to which the Registration Statement is a part is not available for the issuance of shares of Common Stock to the Warrant holder. In lieu of making the cash payment otherwise contemplated to be made to the Company upon exercise of a Pre-Funded Warrant in payment of the aggregate exercise price, the holder may elect instead to receive upon such exercise (either in whole or in part) the net number of shares of Common Stock determined according to a formula set forth in the Pre-Funded Warrants. Common Stock Warrants In January 2022, Pre-Funded Warrants were exercised for a total exercise price of $14, resulting in the issuance of 466,666 shares of common stock. As of June 30, 2023, there are no unexercised pre-funded warrants that are outstanding. Warrants to purchase 576,261 shares of common stock at a price of $8.1031 per share were acquired in the December 2021 registered-direct offering transaction. The warrants were classified as equity. As a result of the closing of the September 2022 PIPE, a warrant holder elected to exercise their option within 30 days of the closing of the September 2022 PIPE (February 24, 2023) to receive a cash payout for the outstanding warrants in the amount of the Black-Scholes value of each warrant as prescribed in the warrant agreement. The Company paid $800 to this warrant holder on June 23, 2023 and 526,151 were settled as a result. As of June 30, 2023, warrants to purchase 50,110 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.

Equity-Based Compensation

Equity-Based Compensation	6 Months Ended
	Jun. 30, 2023
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, 2023, 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 June 30, 2023, the aggregate number of equity awards available for grant under the 2017 Equity Incentive Plan was 574,302. 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. 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. 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, 2023, the number of shares of common stock available for issuance under the ESPP increased by 10,000 shares. As of June 30, 2023, there were 51,971 shares available for issuance under the ESPP. Equity-based compensation expense is classified in the statements of operations as follows: Three Months Ended Six Months Ended 2023 (Restated) 2022 2023 (Restated) 2022 Research and development expense $ — $ 171 $ 154 $ 330 General and administrative expense 969 336 1,123 519 $ 969 $ 507 $ 1,277 $ 849 Unamortized equity-based compensation expense at June 30, 2023 was $532, which is expected to be amortized over a weighted-average period of 1.8 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 six months ended June 30, 2023 and 2022: Six Months Ended Six Months Ended 2023 2022 Expected term 5.8 to 5.8 years 5.3 to 6.1 years Risk-free interest rate 3.83% to 3.83%; weighted avg. 3.83% 2.86% to 3.56%; weighted avg. 2.91% Expected volatility 100.9% to 100.9%; weighted avg. 100.9% 95.2% to 95.8%; weighted avg. 95.2% 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 six months ended June 30, 2023 and 2022 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 Six months ended June 30, 2023 $1.58; weighted avg. $1.58 $1.58; weighted avg. $1.58 Six months ended June 30, 2022 $3.46 to $5.51; weighted avg. $4.56 $3.46 to $5.51; weighted avg. $4.56 The weighted-average grant date fair value of common stock options granted in the six months ended June 30, 2023 was $1.26 per common stock option. 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, 2022 222,833 $ 4.74 7.5 $ — Granted 10,000 1.58 Exercised — — Forfeited (65,927) 5.40 Outstanding - June 30, 2023 166,906 $ 4.28 6.1 $ — Exercisable - June 30, 2023 161,763 $ 4.26 6.1 $ — Vested and Expected to Vest - 166,671 $ 4.28 6.1 $ — (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. 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, 2022 20,885 $ 12.65 Granted 295,992 1.02 Settled (305,569) 1.91 Forfeited (3,608) 14.58 Unvested balance - June 30, 2023 7,700 $ 10.41 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, 2022 97,643 $ 3.45 Granted — — Settled (97,643) 1.91 Unvested balance - June 30, 2023 — $ — 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.

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2023
Income Tax Disclosure [Abstract]
Income Taxes	Income TaxesThe Company incurred a pretax loss in each of the six months ended June 30, 2023 and 2022, 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 six months ended June 30, 2023 and 2022 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	6 Months Ended
	Jun. 30, 2023
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 six months ended June 30, 2023 and 2022. The following is the computation of loss per common share for the six months ended June 30, 2023 and 2022: Three Months Ended Six Months Ended 2023 2022 2023 2022 Net loss $ (5,764) $ (7,470) $ (10,171) $ (15,818) Weighted-average basic and diluted common shares outstanding 8,432,394 4,503,983 7,366,594 4,268,955 Loss per share - basic and diluted $ (0.68) $ (1.66) $ (1.38) $ (3.71) 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 June 30, 2023 2022 Options to purchase common stock 166,906 317,262 Restricted stock units 7,700 49,411 Performance stock units — 97,643 Warrants to purchase common stock 50,110 576,261

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2023
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 June 30, 2023 are as follows: Total Level 1 Level 2 Level 3 Assets Cash equivalents: Money market funds $ 1,148 $ 1,148 $ — $ — Short-term investments: Investment in convertible notes receivable 2,000 — — 2,000 Total financial assets $ 3,148 $ 1,148 $ — $ 2,000 Assets measured at fair value on a recurring basis as of December 31, 2022 are as follows: Total Level 1 Level 2 Level 3 Assets Cash equivalents: Money market funds $ 1,612 $ 1,612 $ — $ — Total financial assets $ 1,612 $ 1,612 $ — $ — 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 uses the market approach and Level 3 inputs to value its liabilities. There were no liabilities measured at fair value on a recurring basis as of December 31, 2022. Warrant Liability A summary of the warrant liability activity for the six months ended June 30, 2023, is as follows: Warrants Outstanding Fair Value Per Share Fair Value (in thousands, except per share data) Balance at December 31, 2022 — $ — $ — Option to exercise 526 $ 1.52 $ 800 Payment to warrant holder (526) $ 1.52 $ (800) Balance at June 30, 2023 — 0 $ — — Investment in Convertible Notes Receivable A summary of the AFS activity for the six months ended June 30, 2023, is as follows: Fair Value Balance at December 31, 2022 $ — Investment in convertible notes receivable 2,000 Balance at June 30, 2023 $ 2,000 Fair value as of June 30, 2023 approximated the purchase price as there were no significant changes in fair value between purchase in May and June 30, 2023.

Commitment and Contingencies

Commitment and Contingencies	6 Months Ended
	Jun. 30, 2023
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. On March 20, 2023, the court entered an order appointing James Mathew as lead plaintiff and Bleichmar Fonti & Auld LLP as lead counsel in the action pursuant to the Private Securities Litigation Reform Act of 1995. On May 26, 2023, lead plaintiff filed a second amended complaint against the Company, Dr. Giljohann, Mr. Bock, and Grant Corbett. The second amended complaint alleges that Dr. Giljohann, Mr. Bock, and Dr. Corbett 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 second amended complaint does not quantify any alleged damages but, in addition to attorneys’ fees and costs, lead 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. The Company intends to move to dismiss the second amended complaint. 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. On March 18, 2022, James McNabb, through counsel, sent a written demand to the Company (the “Demand Letter”) demanding that the Board of Directors investigate certain allegations and commence proceedings on the Company’s behalf against certain of the Company’s current officers and directors for alleged breaches of fiduciary duties and corporate waste. All of the Derivative Cases have been stayed pending a decision on any motion to dismiss that may be filed in the Colwell case. In addition, the Stourbridge case has been administratively closed pending the decision on motion to dismiss that may be filed in the Colwell case. Further, pursuant to agreement, the Demand Letter is being held in abeyance and any related statute of limitations tolled pending such motion and decision. In June 2023, a director of the Company designated by CBI USA served a demand on the Company to access certain books and records pursuant to Section 220(d) of the Delaware General Corporation Law. The Company served its response and is working with the director to resolve this demand amicably and in accordance with the Company’s obligations under Delaware law. 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 June 30, 2023, the Company has paid to NU an aggregate of $11,550 in consideration of each of the obligations described above. On August 3, 2023, the company received a notice letter (the “Letter”) from counsel for NU alleging the Company breached the Northwestern University License Agreements. The Letter alleges that a lack of development required under the Northwestern University License Agreements is a breach. The Company is currently evaluating the letter and expects to have discussions with NU regarding the matters set forth in the Letter. At this time, the Company cannot determine the outcome of any such discussions. Leases Refer to Note 4, Leases , for a discussion of the commitments associated with the Company’s lease agreements.

Related-Party Transactions

Related-Party Transactions	6 Months Ended
	Jun. 30, 2023
Related Party Transactions [Abstract]
Related-Party Transactions	Related-Party Transactions Pursuant to a Consulting Agreement, effective as of September 25, 2022, between the Company and Alta Companies LTD (“Alta”), the Company paid Alta $218 on February 27, 2023 for a consulting fee earned as a result of the September 2022 PIPE closing. Paul Kang, a director of the Company since February 2023, is the President of Alta.

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2023
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation
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.
Investment in Convertible Notes Receivable	Investment in Convertible Notes Receivable
Recent Accounting Pronouncements Adopted	Recent Accounting Pronouncements Adopted Financial Instruments - Credit Losses In June 2016, the FASB issued ASU 2016-13, Measurement of Credit Losses on Financial Instruments (Topic 326) (“ASU 2016-13”). This ASU changes how entities will measure credit losses for most financial assets and certain other instruments that are not measured at fair value through net income. The standard replaces the “incurred loss” approach with an “expected loss” model. The new model, referred to as the current expected credit loss (“CECL”) model, will apply to: (1) financial assets subject to credit losses and measured at amortized cost, and (2) certain off-balance sheet credit exposures. ASU 2016-13 also expands the disclosure requirements regarding an entity’s assumptions, models, and methods for estimating the allowance for credit losses. ASU No. 2016-13 was effective for the Company beginning on January 1, 2020. The Company adopted this ASU in January 2023. There was no material impact on the condensed 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.

Description of Business, Basi_2

Description of Business, Basis of Presentation, Going Concern and Restatement of Financial Statement (Tables)	6 Months Ended
	Jun. 30, 2023
Accounting Policies [Abstract]
Schedule of Error Corrections and Prior Period Adjustments	The following table illustrates the effects of the error corrections on the balance sheet: As of June 30, 2023 Previously Reported Adjustments Restated ASSETS Total current assets $ 3,664 $ — $ 3,664 Property and equipment, net 1,796 — 1,796 Right-of-use asset 6,893 — 6,893 Investment in convertible notes receivable — 2,000 2,000 Other noncurrent assets 5,202 (2,000) 3,202 Total assets $ 17,555 $ — $ 17,555 LIABILITIES AND STOCKHOLDERS’ EQUITY Total liabilities 7,850 — 7,850 Contingencies (Note 11) Stockholders’ equity: Preferred stock, $0.0001 par value per share; 10,000,000 shares authorized, no shares issued and outstanding, June 30, 2023 and December 31, 2022 — — — Common stock, $0.0001 par value per share; 200,000,000 shares authorized, 8,648,307 issued and outstanding, June 30, 2023; 4,965,901 issued and outstanding, December 31, 2022 1 — 1 Additional paid-in capital 192,524 — 192,524 Accumulated deficit (182,820) — (182,820) Total stockholders’ equity 9,705 — 9,705 Total liabilities and stockholders’ equity $ 17,555 $ — $ 17,555 The following table illustrates the effects of the error corrections to operating expenses: For the three months ended June 30, 2023 Previously Reported Adjustments Restated Research and development expense $ 921 $ (921) $ — General and administrative expense 4,721 921 5,642 Total operating expenses $ 5,642 $ — $ 5,642 For the six months ended June 30, 2023 Previously Reported Adjustments Restated Research and development expense $ 2,902 $ (1,479) $ 1,423 General and administrative expense 7,279 1,479 8,758 Total operating expenses $ 10,181 $ — $ 10,181

Supplemental Balance Sheet In_2

Supplemental Balance Sheet Information (Tables)	6 Months Ended
	Jun. 30, 2023
Supplemental Balance Sheet Information [Abstract]
Schedule of Prepaid and Other Current Assets	Prepaid expenses and other current assets June 30, 2023 December 31, 2022 Prepaid clinical, contract research and manufacturing costs $ — $ 213 Prepaid insurance 628 408 Other 701 853 Prepaid expenses and other current assets $ 1,329 $ 1,474
Schedule of Other Noncurrent Assets	Other noncurrent assets June 30, 2023 (Restated) December 31, 2022 Restricted cash $ 1,200 $ 1,200 Prepaid insurance 1,999 2,252 Other 3 38 Other noncurrent assets $ 3,202 $ 3,490
Schedule of Property and Equipment, Net	Property and equipment, net June 30, 2023 December 31, 2022 Scientific equipment $ 5,265 $ 6,087 Computers and software 63 63 Furniture and fixtures 30 30 Property and equipment, gross 5,358 6,180 Less: accumulated depreciation and amortization (3,562) (3,650) Property and equipment, net $ 1,796 $ 2,530
Schedule of Accrued Liabilities	Accrued expenses and other current liabilities June 30, 2023 December 31, 2022 Accrued clinical, contract research and manufacturing costs $ — $ 48 Accrued restructuring costs — 48 Lease liability 580 539 Accrued payroll-related expenses 16 32 Accrued federal and state tax payable — 209 Accrued other expenses 492 402 Accrued expenses and other current liabilities $ 1,088 $ 1,278

Leases (Tables)

Leases (Tables)	6 Months Ended
	Jun. 30, 2023
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 Six Months Ended 2023 2022 2023 2022 Operating lease costs $ 326 $ 326 $ 652 $ 652 Variable lease costs (19) 505 313 846 Short term lease costs — 1 — 15 Total lease costs $ 307 $ 832 $ 965 $ 1,513

Equity-Based Compensation (Tabl

Equity-Based Compensation (Tables)	6 Months Ended
	Jun. 30, 2023
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 Six Months Ended 2023 (Restated) 2022 2023 (Restated) 2022 Research and development expense $ — $ 171 $ 154 $ 330 General and administrative expense 969 336 1,123 519 $ 969 $ 507 $ 1,277 $ 849
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 six months ended June 30, 2023 and 2022: Six Months Ended Six Months Ended 2023 2022 Expected term 5.8 to 5.8 years 5.3 to 6.1 years Risk-free interest rate 3.83% to 3.83%; weighted avg. 3.83% 2.86% to 3.56%; weighted avg. 2.91% Expected volatility 100.9% to 100.9%; weighted avg. 100.9% 95.2% to 95.8%; weighted avg. 95.2% 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 six months ended June 30, 2023 and 2022 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 Six months ended June 30, 2023 $1.58; weighted avg. $1.58 $1.58; weighted avg. $1.58 Six months ended June 30, 2022 $3.46 to $5.51; weighted avg. $4.56 $3.46 to $5.51; weighted avg. $4.56
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, 2022 222,833 $ 4.74 7.5 $ — Granted 10,000 1.58 Exercised — — Forfeited (65,927) 5.40 Outstanding - June 30, 2023 166,906 $ 4.28 6.1 $ — Exercisable - June 30, 2023 161,763 $ 4.26 6.1 $ — Vested and Expected to Vest - 166,671 $ 4.28 6.1 $ — (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, 2022 20,885 $ 12.65 Granted 295,992 1.02 Settled (305,569) 1.91 Forfeited (3,608) 14.58 Unvested balance - June 30, 2023 7,700 $ 10.41
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, 2022 97,643 $ 3.45 Granted — — Settled (97,643) 1.91 Unvested balance - June 30, 2023 — $ —

Loss Per Common Share (Tables)

Loss Per Common Share (Tables)	6 Months Ended
	Jun. 30, 2023
Earnings Per Share [Abstract]
Schedule of Computation of loss per common share	The following is the computation of loss per common share for the six months ended June 30, 2023 and 2022: Three Months Ended Six Months Ended 2023 2022 2023 2022 Net loss $ (5,764) $ (7,470) $ (10,171) $ (15,818) Weighted-average basic and diluted common shares outstanding 8,432,394 4,503,983 7,366,594 4,268,955 Loss per share - basic and diluted $ (0.68) $ (1.66) $ (1.38) $ (3.71)
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 June 30, 2023 2022 Options to purchase common stock 166,906 317,262 Restricted stock units 7,700 49,411 Performance stock units — 97,643 Warrants to purchase common stock 50,110 576,261

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2023
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 June 30, 2023 are as follows: Total Level 1 Level 2 Level 3 Assets Cash equivalents: Money market funds $ 1,148 $ 1,148 $ — $ — Short-term investments: Investment in convertible notes receivable 2,000 — — 2,000 Total financial assets $ 3,148 $ 1,148 $ — $ 2,000 Assets measured at fair value on a recurring basis as of December 31, 2022 are as follows: Total Level 1 Level 2 Level 3 Assets Cash equivalents: Money market funds $ 1,612 $ 1,612 $ — $ — Total financial assets $ 1,612 $ 1,612 $ — $ —
Schedule of Warrant Liability Activity	A summary of the warrant liability activity for the six months ended June 30, 2023, is as follows: Warrants Outstanding Fair Value Per Share Fair Value (in thousands, except per share data) Balance at December 31, 2022 — $ — $ — Option to exercise 526 $ 1.52 $ 800 Payment to warrant holder (526) $ 1.52 $ (800) Balance at June 30, 2023 — 0 $ — —
Summary of Available for Sale Securities	A summary of the AFS activity for the six months ended June 30, 2023, is as follows: Fair Value Balance at December 31, 2022 $ — Investment in convertible notes receivable 2,000 Balance at June 30, 2023 $ 2,000

Description of Business, Basi_3

Description of Business, Basis of Presentation, Going Concern and Restatement of Financial Statement (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Accounting Policies [Abstract]
Accumulated deficit generated, since inception	$ 201,657
Cash and cash equivalents	$ 2,335	$ 8,577

Description of Business, Basi_4

Description of Business, Basis of Presentation, Going Concern and Restatement of Financial Statement - Schedule of Balance Sheet Error Corrections (Details) - USD ($) $ / shares in Units, $ in Thousands	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021
Error Corrections and Prior Period Adjustments
Total current assets	$ 3,664		$ 10,051
Property and equipment, net	1,796		2,530
Right-of-use asset	6,893		7,257
Investment in convertible notes receivable	2,000		0
Other noncurrent assets	3,202		3,490
Total assets	17,555		23,328
Liabilities	$ 7,850		$ 8,406
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
Preferred stock, $0.0001 par value per share; 10,000,000 shares authorized, no shares issued and outstanding, June 30, 2023 and December 31, 2022	$ 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)	8,648,307		4,965,901
Common stock, shares outstanding (in shares)	8,648,307		4,965,901
Common stock, $0.0001 par value per share; 200,000,000 shares authorized, 8,648,307 issued and outstanding, June 30, 2023; 4,965,901 issued and outstanding, December 31, 2022	$ 1		$ 0
Additional paid-in capital	192,524		187,571
Accumulated deficit	(182,820)		(172,649)
Total stockholders’ equity	9,705	$ 14,619	14,922	$ 1,163	$ 3,236	$ 11,232
Total liabilities and stockholders’ equity	17,555		$ 23,328
Previously Reported
Error Corrections and Prior Period Adjustments
Total current assets	3,664
Property and equipment, net	1,796
Right-of-use asset	6,893
Investment in convertible notes receivable	0
Other noncurrent assets	5,202
Total assets	17,555
Liabilities	7,850
Preferred stock, $0.0001 par value per share; 10,000,000 shares authorized, no shares issued and outstanding, June 30, 2023 and December 31, 2022	0
Common stock, $0.0001 par value per share; 200,000,000 shares authorized, 8,648,307 issued and outstanding, June 30, 2023; 4,965,901 issued and outstanding, December 31, 2022	1
Additional paid-in capital	192,524
Accumulated deficit	(182,820)
Total stockholders’ equity	9,705
Total liabilities and stockholders’ equity	17,555
Adjustments
Error Corrections and Prior Period Adjustments
Total current assets	0
Property and equipment, net	0
Right-of-use asset	0
Investment in convertible notes receivable	2,000
Other noncurrent assets	(2,000)
Total assets	0
Liabilities	0
Preferred stock, $0.0001 par value per share; 10,000,000 shares authorized, no shares issued and outstanding, June 30, 2023 and December 31, 2022	0
Common stock, $0.0001 par value per share; 200,000,000 shares authorized, 8,648,307 issued and outstanding, June 30, 2023; 4,965,901 issued and outstanding, December 31, 2022	0
Additional paid-in capital	0
Accumulated deficit	0
Total stockholders’ equity	0
Total liabilities and stockholders’ equity	$ 0

Description of Business, Basi_5

Description of Business, Basis of Presentation, Going Concern and Restatement of Financial Statement - Schedule of Operations Statement Error Corrections (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Error Corrections and Prior Period Adjustments
Research and development expense	$ 0	$ 6,749	$ 1,423	$ 13,889
General and administrative expense	5,642	3,205	8,758	6,367
Total operating expenses	5,642	$ 9,954	10,181	$ 20,256
Previously Reported
Error Corrections and Prior Period Adjustments
Research and development expense	921		2,902
General and administrative expense	4,721		7,279
Total operating expenses	5,642		10,181
Adjustments
Error Corrections and Prior Period Adjustments
Research and development expense	(921)		(1,479)
General and administrative expense	921		1,479
Total operating expenses	$ 0		$ 0

Significant Accounting Polici_3

Significant Accounting Policies (Details) - USD ($)	Jun. 30, 2023	Dec. 31, 2022
Accounting Policies [Abstract]
Investment in convertible notes receivable	$ 2,000,000	$ 0
Aggregate cost	2,000,000
Principal balance	$ 2,000,000

Supplemental Balance Sheet In_3

Supplemental Balance Sheet Information - Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Supplemental Balance Sheet Information [Abstract]
Prepaid clinical, contract research and manufacturing costs	$ 0	$ 213
Prepaid insurance	628	408
Other	701	853
Prepaid expenses and other current assets	$ 1,329	$ 1,474

Supplemental Balance Sheet In_4

Supplemental Balance Sheet Information - Other Noncurrent Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Supplemental Balance Sheet Information [Abstract]
Restricted cash	$ 1,200	$ 1,200
Prepaid insurance	1,999	2,252
Other	3	38
Other noncurrent assets	$ 3,202	$ 3,490

Supplemental Balance Sheet In_5

Supplemental Balance Sheet Information - Property and Equipment, Net (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 5,358	$ 6,180
Less: accumulated depreciation and amortization	(3,562)	(3,650)
Property and equipment, net	1,796	2,530
Scientific equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	5,265	6,087
Computers and software
Property, Plant and Equipment [Line Items]
Property and equipment, gross	63	63
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 30	$ 30

Supplemental Balance Sheet In_6

Supplemental Balance Sheet Information - Narrative (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Property, Plant and Equipment [Line Items]
Depreciation and amortization	$ 479	$ 593
Scientific equipment
Property, Plant and Equipment [Line Items]
Sale of scientific equipment	255
Loss on disposition of property plant equipment	$ 44

Supplemental Balance Sheet In_7

Supplemental Balance Sheet Information - Accrued Expense and Other Current Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Supplemental Balance Sheet Information [Abstract]
Accrued clinical, contract research and manufacturing costs	$ 0	$ 48
Accrued restructuring costs	0	48
Lease liability	580	539
Accrued payroll-related expenses	16	32
Accrued federal and state tax payable	0	209
Accrued other expenses	492	402
Accrued expenses and other current liabilities	$ 1,088	$ 1,278

Leases - Narrative (Details)

Leases - Narrative (Details) ft² in Thousands, $ in Thousands			6 Months Ended
	May 04, 2023	Jul. 01, 2020 USD ($) ft² extension_period	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)
Lessee, Lease, Description [Line Items]
Operating lease, cash payments			$ 860	$ 1,703
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
Sublease percentage of office space subtenant	57%
Period of no rental cost	3 months

Leases - Lease Costs (Details)

Leases - Lease Costs (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Leases [Abstract]
Operating lease costs	$ 326	$ 326	$ 652	$ 652
Variable lease costs	(19)	505	313	846
Short term lease costs	0	1	0	15
Total lease costs	$ 307	$ 832	$ 965	$ 1,513

Investment in Convertible Not_2

Investment in Convertible Notes Receivable - Narrative (Details)	1 Months Ended
	May 31, 2023 USD ($) agreement	Jun. 30, 2023 USD ($)	Dec. 31, 2022 USD ($)
Debt Securities, Available-for-sale [Line Items]
Investment in convertible notes receivable		$ 2,000,000	$ 0
Convertible Bonds
Debt Securities, Available-for-sale [Line Items]
Number of subscription agreements entered into | agreement	2
Stated yied	4.50%
Period in between reoccurring put option	3 months
Face value conversion percentage	100%
Convertible Bonds, One
Debt Securities, Available-for-sale [Line Items]
Investment in convertible notes receivable	$ 1,000,000
Convertible Bonds, Two
Debt Securities, Available-for-sale [Line Items]
Investment in convertible notes receivable	$ 1,000,000

Stockholders' Equity - Current

Stockholders' Equity - Current Capitalization (Details)	Jun. 30, 2023 vote $ / shares shares	Dec. 31, 2022 $ / 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)	8,648,307	4,965,901
Common stock, shares outstanding (in shares)	8,648,307	4,965,901
Common stock, voting rights for each share | vote	1

Stockholders' Equity - Securiti

Stockholders' Equity - Securities Purchase Agreement (Details) $ / shares in Units, $ in Thousands					1 Months Ended	3 Months Ended
	Feb. 24, 2023 member	Sep. 26, 2022 $ / shares shares	May 09, 2022 USD ($) $ / shares shares	Dec. 16, 2021 USD ($) $ / shares shares	Feb. 28, 2023 USD ($)	Jun. 30, 2023 USD ($) $ / shares	Dec. 31, 2022 $ / shares	Dec. 31, 2021 $ / shares
Subsidiary, Sale of Stock [Line Items]
Common stock, par value (in dollars per share)						$ 0.0001	$ 0.0001
Number of members designated to board | member	3
Pro rata payment | $						$ 27
Registration rights agreement, liquidation damages payable as a percent of amount invested, if filed late		0.50%
Registration rights agreement, required filing term		90 days
Registration rights agreement, liquidation damages payable if filed late, measurement term		30 days
Exercise price (in dollars per share)						$ 8.1031		$ 8.1031
Warrant liability, measurement input, term				5 years
Gross proceeds | $				$ 11,478
Net proceeds | $				$ 10,226
Ownership percentage limitation				4.99%
Ownership percentage limitation at election of purchaser				9.99%
Pre-Funded Warrants
Subsidiary, Sale of Stock [Line Items]
Warrants issued in sale of stock (in shares) | shares				718,981
Exercise price (in dollars per share)				$ 0.030
Number of shares exercisable for each warrant (in shares) | shares				1
Warrant
Subsidiary, Sale of Stock [Line Items]
Warrants issued in sale of stock (in shares) | shares				576,261
Exercise price (in dollars per share)				$ 8.1031
Number of shares exercisable for each warrant (in shares) | shares				1
Common Stock And Accompanying Warrant
Subsidiary, Sale of Stock [Line Items]
Purchase price (in dollars per share)				$ 9.9780
Pre-Funded Warrants And Accompanying Warrant
Subsidiary, Sale of Stock [Line Items]
Purchase price (in dollars per share)				$ 9.9480
Common Stock
Subsidiary, Sale of Stock [Line Items]
Number of shares issued in transaction (in shares) | shares				433,553
Common stock, par value (in dollars per share)				$ 0.0001
Private Placement
Subsidiary, Sale of Stock [Line Items]
Number of shares issued in transaction (in shares) | 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 received, gross | $					$ 5,440
Consideration for stock transaction | $			$ 4,886		$ 4,597
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	6 Months Ended
	Jun. 23, 2023	Jan. 31, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2021	Dec. 16, 2021
Class of Warrant or Right [Line Items]
Proceeds from warrant exercises			$ 0	$ 1
Number of shares called by warrants (in shares)			50,110		576,261
Exercise price (in dollars per share)			$ 8.1031		$ 8.1031
Payment for warrant liability	$ 800
Warrants settled (in shares)	526,151
Pre-Funded Warrants
Class of Warrant or Right [Line Items]
Proceeds from warrant exercises		$ 14
Shares issued for exercise of warrants (in shares)		466,666
Exercise price (in dollars per share)						$ 0.030

Equity-Based Compensation - Nar

Equity-Based Compensation - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands		1 Months Ended	6 Months Ended
	Jan. 01, 2023	Sep. 30, 2017	Jun. 30, 2023	Sep. 22, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation cost not yet recognized			$ 532
Compensation expense recognition period			1 year 9 months 18 days
Weighted-average grant date fair value (in dollars per share)			$ 1.26
Employee Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares available for grant (in shares)			51,971
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
ESPP purchase price as a percentage of market price		85%
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
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 Three
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%
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)			574,302	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 | Share-based Payment Arrangement, Option
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-Based Compensation - Sch

Equity-Based Compensation - Schedule of Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 969	$ 507	$ 1,277	$ 849
Research and development expense
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	0	171	154	330
General and administrative expense
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 969	$ 336	$ 1,123	$ 519

Equity-Based Compensation - Ass

Equity-Based Compensation - Assumptions Used for Fair Value Measurement (Details)	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free interest rate, minimum	3.83%	2.86%
Risk-free interest rate, maximum	3.83%	3.56%
Expected volatility, minimum	100.90%	95.20%
Expected volatility, maximum	100.90%	95.80%
Expected volatility	100.90%	95.20%
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 9 months 18 days	5 years 3 months 18 days
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term	5 years 9 months 18 days	6 years 1 month 6 days
Weighted Average
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free interest rate	3.83%	2.91%

Equity-Based Compensation - Fai

Equity-Based Compensation - Fair Value of Underlying Common Stock and Exercise Price of Stock Options (Details) - $ / shares	Jun. 30, 2023	Jun. 30, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value of underlying common stock (in dollars per share)	$ 1.58
Exercise price of common stock option (in dollars per share)	1.58
Weighted Average
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value of underlying common stock (in dollars per share)	1.58	$ 4.56
Exercise price of common stock option (in dollars per share)	$ 1.58	4.56
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value of underlying common stock (in dollars per share)		3.46
Exercise price of common stock option (in dollars per share)		3.46
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value of underlying common stock (in dollars per share)		5.51
Exercise price of common stock option (in dollars per share)		$ 5.51

Equity-Based Compensation - S_2

Equity-Based Compensation - Schedule of Stock Options Rollforward (Details) - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2022	Apr. 01, 2022
Options
Shares outstanding, beginning period (in shares)	222,833
Granted (in shares)	10,000
Exercise (in shares)	0
Forfeited (in shares)	(65,927)
Shares outstanding, ending period (in shares)	166,906	222,833
Exercisable (in shares)	161,763
Vested and expected to vest (in shares)	166,671
Weighted-Average Exercise Price
Outstanding beginning balance (in dollars per share)	$ 4.74
Granted (in dollars per share)	1.58
Exercised (in dollars per share)	0
Forfeited (in dollars per share)	5.40
Outstanding ending balance (in dollars per share)	4.28	$ 4.74
Exercisable, weighted-average exercise price (in dollars per share)	4.26
Vested and expected to vest, weighted-average exercise price (in dollars per share)	$ 4.28
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 6 months
Exercisable, weighted-average remaining contractual term	6 years 1 month 6 days
Vested and expected to vest, weighted average remaining contractual term	6 years 1 month 6 days
Aggregate Intrinsic Value (thousands)	$ 0	$ 0
Exercisable, aggregate intrinsic value	0
Vested and expected to vest, aggregate intrinsic value	$ 0
Stock option, exercise price (in dollars per share)			$ 5.51

Equity-Based Compensation - RSU

Equity-Based Compensation - RSU Activity (Details) - Restricted stock units	6 Months Ended
	Jun. 30, 2023 $ / shares shares
Restricted Stock Units
Unvested balance - beginning of period (in shares) | shares	20,885
Granted (in shares) | shares	295,992
Settled (in shares) | shares	(305,569)
Forfeited (in shares) | shares	(3,608)
Unvested balance - end of period (in shares) | shares	7,700
Weighted-Average Grant Date Fair Value
Unvested balance - beginning of period (in dollars per share) | $ / shares	$ 12.65
Granted (in dollars per share) | $ / shares	1.02
Settled (in dollars per share) | $ / shares	1.91
Forfeited (in dollars per share) | $ / shares	14.58
Unvested balance - end of period (in dollars per share) | $ / shares	$ 10.41

Equity-Based Compensation - Per

Equity-Based Compensation - Performance-based Restricted Stock Unit Activity (Details) - Performance Based Restricted Stock	6 Months Ended
	Jun. 30, 2023 $ / shares shares
Performance-Based Restricted Stock Units
Unvested balance - beginning of period (in shares) | shares	97,643
Granted (in shares) | shares	0
Settled (in shares) | shares	(97,643)
Unvested balance - end of period (in shares) | shares	0
Weighted-Average Grant Date Fair Value
Unvested balance - beginning of period (in dollars per share) | $ / shares	$ 3.45
Granted (in dollars per share) | $ / shares	0
Settled (in dollars per share) | $ / shares	1.91
Unvested balance - end of period (in dollars per share) | $ / shares	$ 0

Income Taxes (Details)

Income Taxes (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Income Tax Disclosure [Abstract]
Provision for income taxes	$ 0	$ 0	$ 0	$ 0
Effective tax rate			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				6 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2023	Jun. 30, 2022
Earnings Per Share [Abstract]
Net loss	$ (5,764)	$ (4,407)	$ (7,470)	$ (8,348)	$ (10,171)	$ (15,818)
Weighted-average basic common shares outstanding (in shares)	8,432,394		4,503,983		7,366,594	4,268,955
Weighted-average diluted common shares outstanding (in shares)	8,432,394		4,503,983		7,366,594	4,268,955
Loss per share - basic (in dollars per share)	$ (0.68)		$ (1.66)		$ (1.38)	$ (3.71)
Loss per share - diluted (in dollars per share)	$ (0.68)		$ (1.66)		$ (1.38)	$ (3.71)

Loss Per Common Share - Antidil

Loss Per Common Share - Antidilutive Securities (Details) - shares	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
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)	166,906	317,262
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)	7,700	49,411
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)	0	97,643
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)	50,110	576,261

Fair Value Measurements - Asset

Fair Value Measurements - Assets and Liabilities Measured at Fair Value (Details) - USD ($)	Jun. 30, 2023	Dec. 31, 2022
Assets
Investment in convertible notes receivable	$ 2,000,000	$ 0
Fair Value, Recurring
Assets
Total financial assets	3,148,000	1,612,000
Fair Value, Recurring | Convertible Bonds
Assets
Investment in convertible notes receivable	2,000,000
Fair Value, Recurring | Level 1
Assets
Total financial assets	1,148,000	1,612,000
Fair Value, Recurring | Level 1 | Convertible Bonds
Assets
Investment in convertible notes receivable	0
Fair Value, Recurring | Level 2
Assets
Total financial assets	0	0
Fair Value, Recurring | Level 2 | Convertible Bonds
Assets
Investment in convertible notes receivable	0
Fair Value, Recurring | Level 3
Assets
Total financial assets	2,000,000	0
Fair Value, Recurring | Level 3 | Convertible Bonds
Assets
Investment in convertible notes receivable	2,000,000
Money market funds | Fair Value, Recurring
Assets
Cash equivalents:	1,148,000	1,612,000
Money market funds | Fair Value, Recurring | Level 1
Assets
Cash equivalents:	1,148,000	1,612,000
Money market funds | Fair Value, Recurring | Level 2
Assets
Cash equivalents:	0	0
Money market funds | Fair Value, Recurring | Level 3
Assets
Cash equivalents:	$ 0	$ 0

Fair Value Measurements - Warra

Fair Value Measurements - Warrant Liability Activity (Details) $ / shares in Units, shares in Thousands, $ in Thousands	6 Months Ended
	Jun. 30, 2023 USD ($) $ / shares shares
Warrants Outstanding
Beginning balance (in shares) | shares	0
Option to exercise (in shares) | shares	526
Payment to warrant holder (in shares) | shares	(526)
Ending balance (in shares) | shares	0
Fair Value Per Share
Beginning balance (in usd per share) | $ / shares	$ 0
Option to exercise (in usd per share) | $ / shares	1.52
Payment to warrant holder (in usd per share) | $ / shares	1.52
Ending balance (in usd per share) | $ / shares	$ 0
Warrants And Rights Outstanding [Roll Forward]
Balance at December 31, 2022 | $	$ 0
Option to exercise | $	800
Payment to warrant holder | $	(800)
Balance at June 30, 2023 | $	$ 0

Fair Value Measurements - Summa

Fair Value Measurements - Summary of Available for Sale Securities (Details)	6 Months Ended
	Jun. 30, 2023 USD ($)
Debt Securities, Available-for-Sale [Roll Forward]
Balance at December 31, 2022	$ 0
Investment in convertible notes receivable	2,000,000
Balance at June 30, 2023	$ 2,000,000

Commitment and Contingencies (D

Commitment and Contingencies (Details) $ in Thousands	Jun. 30, 2023 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Aggregate consideration paid to NU for agreement obligations	$ 11,550

Related-Party Transactions-Narr

Related-Party Transactions-Narrative (Details) $ in Thousands	Feb. 27, 2023 USD ($)
Related Party
Related Party Transaction [Line Items]
Amount of transaction	$ 218