7Baggers

Exicure
(NASDAQ:XCUR) 

XCUR stock logo

Exicure, Inc., a clinical-stage biotechnology company, develops therapeutics for neurology, immuno-oncology, inflammatory diseases, and genetic disorders based on its proprietary spherical nucleic acid (SNA) technology. Its drug candidate includes cavrotolimod (AST-008) that is in a Phase 1b/2 clini...

Founded: 2011
CEO: David Giljohann  
Sector: Healthcare
Industry: Biotechnology
Healthcare
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At a glance:
Bull Thesis:
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Income Statements:
Quarterly
Annual
    Unit: USD2026-03-31 2025-12-31 2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30 2024-06-30 2024-03-31 2023-12-31 2023-09-30 2023-06-30 2023-03-31 2022-12-31 2022-09-30 2022-06-30 2022-03-31 2021-12-31 2021-09-30 2021-06-30 2021-03-31 2020-12-31 2020-09-30 2020-06-30 2020-03-31 2019-12-31 2019-09-30 2019-06-30 2019-03-31 2018-12-31 2018-09-30 2018-06-30 2018-03-31 2017-12-31 2017-09-30 2017-08-31 2017-05-31 
                                         
      revenue:
    		                                     
      revenue
    		        500,000                             
      yoy
    		NaN%  NaN% NaN% NaN%                                 
      qoq
    		  NaN% NaN%   NaN% NaN%                              
      total revenue
    		        500,000     21,774,000 2,016,000 2,471,000 2,565,000 2,118,000 -3,677,000 79,000 997,000 140,000 2,443,000 4,847,000 9,183,000 310,000 527,000 434,000 25,000 6,000 57,000 19,000 36,000 2,095,000 2,497,000   
      operating expenses:
    		                                     
      research and development expense
    		312,000 655,000 888,000 935,000 808,000       921,000 1,981,000 1,073,000 4,805,000 6,749,000 7,140,000 11,417,000 16,457,000 10,843,000 10,262,000 9,872,000 9,139,000 7,008,000 6,075,000 8,267,000 4,245,000 3,433,000 3,395,000 3,008,000 4,001,000 3,835,000 3,275,000 2,829,000 3,502,000   
      general and administrative expense
    		1,291,000 1,601,000 1,499,000 1,514,000 2,217,000 1,444,000 1,434,000 1,235,000 1,336,000 1,498,000 2,397,000 4,721,000 2,558,000 2,107,000 2,416,000 3,205,000 3,162,000 4,150,000 2,947,000 3,098,000 2,892,000 2,728,000 2,424,000 2,229,000 2,574,000 2,152,000 2,228,000 1,985,000 2,208,000 1,866,000 1,919,000 1,988,000 2,045,000 2,240,000 1,270,000   
      loss on disposal of assets
    		37,000                                     
      gain on early lease termination
    		    -5,974,000                                 
      total operating expenses
    		1,640,000 2,256,000 2,391,000 2,509,000 -2,949,000 7,589,000 2,572,000 1,235,000 1,336,000 1,498,000 3,317,000 5,642,000 4,539,000 3,180,000 7,221,000 9,954,000 10,302,000 15,567,000 19,404,000 13,941,000 13,154,000 12,600,000 11,563,000 9,237,000 8,649,000 10,419,000 6,473,000 5,418,000 5,603,000 4,874,000 5,920,000 5,823,000 5,320,000 5,069,000 4,772,000   
      operating income
    		-1,640,000 -2,256,000 -2,391,000 -2,509,000 2,949,000 -7,589,000 -2,572,000 -1,235,000 -836,000 -1,498,000 -3,317,000 -5,642,000 -4,539,000 18,594,000 -5,205,000 -7,483,000 -7,737,000 -13,449,000 -23,081,000 -13,862,000 -12,157,000 -12,460,000 -9,120,000 -4,390,000 534,000 -10,109,000 -5,946,000 -4,984,000 -5,578,000 -4,868,000 -5,863,000 -5,804,000 -5,284,000 -2,974,000 -2,275,000   
      yoy
    		-155.61% -70.27% -7.04% 103.16% -452.75% 406.61% -22.46% -78.11% -81.58% -108.06% -36.27% -24.60% -41.33% -238.26% -77.45% -46.02% -36.36% 7.94% 153.08% 215.76% -2376.59% 23.26% 53.38% -11.92% -109.57% 107.66% 1.42% -14.13% 5.56% 63.69% 157.71%       
      qoq
    		-27.30% -5.65% -4.70% -185.08% -138.86% 195.06% 108.26% 47.73% -44.19% -54.84% -41.21% 24.30% -124.41% -457.23% -30.44% -3.28% -42.47% -41.73% 66.51% 14.02% -2.43% 36.62% 107.74% -922.10% -105.28% 70.01% 19.30% -10.65% 14.59% -16.97% 1.02% 9.84% 77.67% 30.73%    
      operating margin %
    		NaN% -Infinity% NaN% NaN% NaN% -Infinity% NaN% NaN% -167.20% -Infinity% -Infinity% -Infinity% -Infinity% Infinity% -Infinity% -Infinity% -Infinity% -Infinity% -Infinity% -Infinity% -Infinity% -Infinity% -Infinity% -Infinity% Infinity% -Infinity% -Infinity% -Infinity% -Infinity% -Infinity% -Infinity% -Infinity% -Infinity% -Infinity% -Infinity% NaN% NaN% 
      other income, net:
    		                                     
      dividend income
    		 1,000 27,000 52,000 27,000   1,000 4,000 7,000 13,000 15,000 17,000 19,000 41,000 16,000 2,000 3,000 2,000 2,000 1,000 2,000 2,000 4,000 39,000             
      interest income
    		 -9,000 29,000 4,000 5,000 1,000 1,000 3,000 3,000 4,000 4,000 13,000 11,000 8,000 4,000 1,000 2,000 2,000 8,000 43,000 88,000 140,000 205,000 267,000 360,000             
      gain on settlement of accounts payables
    		  155,000  191,000                                 
      change in fair value of contingent liability
    		-188,000 -1,012,000 -246,000 -159,000 -136,000                                 
      total other income
    		-188,000 -1,276,000 -46,000 -112,000 61,000 408,000 1,489,000 635,000 7,000 -482,250 -1,939,000 -122,000 132,000 -138,250 45,000 13,000  -376,000 -450,000 -407,000 -320,000 -225,000 298,000 79,000 616,000 128,000 130,000 -236,000 292,000 113,000 539,000 -1,021,000 -225,000 -128,000 -38,000   
      net income before provision for income taxes
    		-1,828,000   -2,621,000 3,010,000                -12,477,000                 
      provision for income taxes
    		     16,000 -8,000                               
      net income
    		-1,828,000 -2,898,000 -2,437,000 -2,621,000 3,010,000 -7,181,000 -1,091,000 -600,000 -829,000 -1,487,000 -5,256,000 -5,764,000 -4,407,000 18,396,000 -5,160,000 -7,470,000 -8,348,000 -13,825,000 -23,531,000 -14,269,000 -12,477,000 -12,685,000 -8,822,000 -4,311,000 1,150,000 -9,981,000 -5,816,000 -5,220,000 -5,286,000 -4,755,000 -5,324,000 -6,825,000 -5,509,000 -3,102,000 -2,313,000 -12,275 -18,047 
      yoy
    		-160.73% -59.64% 123.37% 336.83% -463.09% 382.92% -79.24% -89.59% -81.19% -108.08% 1.86% -22.84% -47.21% -233.06% -78.07% -47.65% -33.09% 8.99% 166.73% 230.99% -1184.96% 27.09% 51.69% -17.41% -121.76% 109.91% 9.24% -23.52% -4.05% 53.29% 130.18% 55500.81% 30425.85%     
      qoq
    		-36.92% 18.92% -7.02% -187.08% -141.92% 558.20% 81.83% -27.62% -44.25% -71.71% -8.81% 30.79% -123.96% -456.51% -30.92% -10.52% -39.62% -41.25% 64.91% 14.36% -1.64% 43.79% 104.64% -474.87% -111.52% 71.61% 11.42% -1.25% 11.17% -10.69% -21.99% 23.89% 77.60% 34.11% 18743.18% -31.98%  
      net income margin %
    		NaN% -Infinity% NaN% NaN% NaN% -Infinity% NaN% NaN% -165.80% -Infinity% -Infinity% -Infinity% -Infinity% Infinity% -Infinity% -Infinity% -Infinity% -Infinity% -Infinity% -Infinity% -Infinity% -Infinity% -Infinity% -Infinity% Infinity% -Infinity% -Infinity% -Infinity% -Infinity% -Infinity% -Infinity% -Infinity% -Infinity% -Infinity% -Infinity% -Infinity% -Infinity% 
      net income per common share:
    		                                     
      basic
    		-290   -410 490                                 
      diluted
    		-290   -410 490                                 
      weighted-average common shares outstanding:
    		                                     
      basic
    		6,373,903,000   6,317,744,000 6,172,268,000                                 
      diluted
    		6,373,903,000   6,317,744,000 6,182,679,000                                 
      litigation legal expense
    		     424,000 1,138,000                               
      loss from sale or disposal of property and equipment
    		 22,500 4,000 60,000                                  
      interest expense
    		      -12,000 -6,000         -595,000 -377,000 -455,000 -450,000 -409,000 -418,000 -27,000  -128,000 -197,000 -203,000 -203,000 -183,000 -175,000 -170,000 -166,000 -161,000 -179,000 -201,000 377 215 
      other income
    		 -255,000 -11,000 -9,000   1,500,000 637,000  -500 44,000 -150,000 104,000     -4,000 -5,000 -2,000  51,000 118,000 -192,000 345,000 -396,000 333,000 -33,000 475,000 288,000 709,000 -855,000 -64,000 51,000 163,000   
      net loss before provision for income taxes
    		 -3,532,000 -2,437,000   -7,181,000 -1,083,000 -600,000 -829,000 -1,487,000 -5,256,000 -5,764,000 -4,407,000 18,605,000 -5,160,000 -7,470,000 -8,348,000 -13,825,000 -23,531,000 -14,269,000                  
      basic and diluted loss per common share
    		 -460 -390     -70 -100 -130 -610 -680 -700 4,100 -1,040 -1,660 -70 -150 -270 -160  -140 -100 -50  -140 -90 -120 -120 -100 -130 -170 -140 47,540 -1,340   
      weighted-average basic and diluted common shares outstanding
    		 6,297,094,000 6,322,078,000     8,651,078,000 8,650,878,000 8,013,840,000 8,650,402,000 8,432,394,000 6,288,952,000 4,619,471,000 4,963,344,000 4,503,983,000 120,939,957,000 88,617,332,000 88,105,066,000 88,043,447,000  87,203,588,000 87,227,136,000 87,174,533,000              
      net income per common share: *
    		                                     
      basic
    		-290   -410 490                                 
      diluted
    		-290   -410 490                                 
      other expense
    		    -26,000         -16,000  -4,000 -20,000                     
      loss from sale of property and equipment
    		          920,000                           
      changes in fair value of investment in convertible notes receivable
    		          -2,000,000                           
      basic and diluted loss per common share *
    		     -3,390 -570                               
      weighted-average basic and diluted common shares outstanding *
    		     2,043,278,000 1,899,412,000                               
      collaboration revenue
    		             21,774,000 2,016,000 2,471,000 2,565,000 2,118,000 -3,677,000 79,000 997,000 140,000 2,443,000 4,847,000 9,183,000 310,000 527,000 434,000 25,000 6,000 57,000 19,000 36,000 2,095,000 2,497,000   
      total other expense
    		                -611,000                     
      basic earnings per common share
    		                    -140    10             
      diluted earnings per common share
    		                    -140    10             
      weighted-average basic common shares outstanding
    		                    87,852,378,000    87,079,160,000             
      weighted-average diluted common shares outstanding
    		                    87,852,378,000    88,244,632,000             
      basic and diluted weighted-average common shares outstanding
    		                         57,671,734,000 64,651,040,000 44,368,174,000 44,358,000,000 41,189,177,000 41,527,922,000 39,454,821,000 39,357,289,000 10,119,569,000 1,725,906,000   
      grant income
    		                                     
      general and administrative expenses
    		                                   11,898 17,832 
      income from operations
    		                                   -11,898 -17,832 
      loss per common share - basic and dilutive
    		                                   -0.01  
      weighted-average number of common shares outstanding - basic and dilutive
    		                                   1,209,239 1,000,000 
      loss per common shares - basic and dilutive net loss
    		                                    -0.02 
    Balance Sheets:
    Quarterly
    Annual
      Unit: USD2026-03-31 2025-12-31 2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30 2024-06-30 2024-03-31 2023-12-31 2023-09-30 2023-06-30 2023-03-31 2022-12-31 2022-09-30 2022-06-30 2022-03-31 2021-12-31 2021-09-30 2021-06-30 2021-03-31 2020-12-31 2020-09-30 2020-06-30 2020-03-31 2019-12-31 2019-09-30 2019-06-30 2019-03-31 2018-12-31 2018-09-30 2018-06-30 2018-03-31 2017-12-31 2017-09-30 2017-08-31 2017-05-31 
                                           
        assets
      		                                     
        current assets:
      		                                     
        cash and cash equivalents
      		2,604,000  4,438,000 7,858,000 10,420,000  343,000 528,000 366,000 816,000 922,000 2,335,000 9,960,000 8,577,000 15,646,000 21,198,000 23,890,000 34,644,000 51,885,000 42,587,000 34,296,000 33,262,000 31,459,000 17,198,000 24,577,000 48,460,000 70,392,000 17,175,000 22,196,000 26,268,000 32,446,000 16,380,000 21,124,000 25,764,000 22,936,000   
        other receivable
      		60,000 58,000 55,000 77,000 172,000 521,000 1,350,000 559,000 1,000 15,000                            
        prepaid expenses and other current assets
      		868,000 820,000 946,000 711,000 713,000 644,000 907,000 992,000 1,096,000 1,193,000                            
        total current assets
      		3,532,000 4,624,000 5,439,000 8,646,000 11,305,000 13,673,000 2,600,000 2,079,000 1,463,000 2,024,000 3,090,000 3,664,000 11,277,000 10,051,000 17,198,000 24,721,000 29,182,000 43,666,000 64,147,000 60,647,000 73,987,000 86,322,000 96,829,000 89,389,000 101,744,000 112,776,000 71,753,000 18,760,000 23,616,000 27,663,000 34,364,000 18,073,000 23,047,000 26,706,000 24,280,000 1,545 7,193 
        other noncurrent assets
      		821,000 928,000 1,888,000 1,992,000 1,449,000 1,357,000 2,072,000 2,443,000 2,878,000 2,985,000 3,092,000 5,202,000 3,310,000 3,490,000 1,277,000 1,300,000 1,321,000 9,325,000 1,465,000 1,437,000 1,426,000 1,393,000 1,414,000 2,266,000 1,487,000 388,000 456,000 533,000 591,000 32,000 32,000 64,000 32,000 32,000 32,000   
        property and equipment
      		219,000 306,000 527,000 712,000 565,000 26,000 33,000 40,000 47,000 54,000 61,000 1,796,000 2,279,000 2,530,000 3,032,000 3,325,000 3,612,000 3,927,000 4,171,000 4,102,000 4,092,000 4,123,000 4,269,000 4,464,000 2,298,000 2,099,000 1,597,000 963,000 977,000 1,061,000 1,130,000 1,206,000 1,275,000 1,317,000 1,059,000   
        goodwill
      		4,399,000 4,399,000 3,340,000 3,340,000 3,340,000                                 
        intangible asset
      		3,784,000 3,784,000 3,784,000 3,784,000 3,784,000                                 
        total assets
      		12,755,000 14,041,000 15,267,000 18,738,000 20,680,000 15,056,000 10,631,000 10,688,000 10,711,000 11,580,000 12,950,000 17,555,000 23,943,000 23,328,000 28,942,000 36,955,000 41,896,000 64,868,000 77,900,000 74,467,000 87,948,000 100,444,000 111,280,000 96,119,000 105,529,000 115,263,000 73,806,000 20,256,000 25,184,000 28,756,000 35,526,000 19,343,000 24,354,000 28,055,000 25,371,000 1,545 7,193 
        liabilities and stockholders’ equity
      		                                     
        current liabilities:
      		                                     
        accounts payable
      		2,445,000 1,690,000 1,307,000 1,838,000 1,210,000 1,031,000 1,337,000 1,585,000 1,825,000 1,631,000 865,000 343,000 452,000 361,000 920,000 1,593,000 1,918,000 3,413,000 2,485,000 2,250,000 2,976,000 1,866,000 2,006,000 1,540,000 3,392,000 1,814,000 1,110,000 917,000 848,000 500,000 1,341,000 1,045,000 974,000 1,049,000 2,379,000   
        accrued expenses and other current liabilities
      		2,015,000 2,198,000 1,462,000 2,731,000 2,679,000 2,040,000 2,318,000 846,000 836,000 879,000 1,356,000 1,088,000 1,477,000 1,278,000 3,016,000 3,308,000 3,227,000 6,464,000 5,480,000 3,228,000 2,441,000 3,525,000 2,124,000 1,947,000 1,268,000 2,435,000 2,237,000 1,781,000 1,591,000 1,543,000 3,035,000 1,652,000 1,265,000 1,369,000 2,496,000   
        total current liabilities
      		4,460,000 3,888,000 2,769,000 4,569,000 3,889,000 3,071,000 3,655,000 3,431,000 2,661,000 2,510,000 2,221,000 1,431,000 2,729,000 1,639,000 25,710,000 19,656,000 21,361,000 34,067,000 21,980,000 12,745,000 12,763,000 13,734,000 12,609,000 14,367,000 20,373,000 31,087,000 8,273,000 8,098,000 8,221,000 2,043,000 9,302,000 4,267,000 3,015,000 3,452,000 10,529,000 27,702 27,325 
        contingent consideration
      		5,774,000 5,804,000 5,545,000 5,306,000 5,382,000                                 
        deferred tax liability
      		423,000 423,000                                    
        total liabilities
      		10,657,000 10,115,000 8,340,000 9,875,000 9,298,000 8,284,000 9,086,000 9,075,000 8,504,000 8,549,000 8,452,000 7,850,000 9,324,000 8,406,000 32,645,000 35,792,000 38,660,000 53,636,000 63,917,000 37,827,000 37,907,000 38,938,000 37,852,000 14,367,000 20,415,000 34,516,000 8,854,000 8,865,000 9,029,000 7,804,000 10,328,000 9,441,000 8,046,000 9,108,000 13,689,000 27,702 27,325 
        commitments and contingencies
      		                                     
        stockholders’ equity:
      		                                     
        preferred stock, 0.0001 par value per share...
      		                                     
        common stock, 0.0001 par value per share...
      		1,000 1,000 1,000 1,000 1,000 1,000  1,000 1,000 1,000 1,000 1,000 1,000    12,000 11,000 9,000 9,000 9,000 9,000 9,000 9,000 9,000 9,000 8,000 4,000 4,000 4,000 4,000 4,000 4,000 4,000 4,000   
        additional paid-in capital
      		208,137,000 208,137,000 208,136,000 207,636,000 207,635,000 206,035,000 193,628,000 192,604,000 192,598,000 192,593,000 192,573,000 192,524,000 191,674,000 187,571,000 187,343,000 187,053,000 181,644,000 181,290,000 170,217,000 169,337,000 168,442,000 167,379,000 166,499,000 165,863,000 165,269,000 162,062,000 136,260,000 76,887,000 76,431,000 75,942,000 75,433,000 54,813,000 54,394,000 53,586,000 43,219,000 31,125 24,900 
        accumulated other comprehensive loss
      		-2,000 -2,000             -1,000 -5,000 -5,000        -17,000 -27,000            
        accumulated deficit
      		-206,038,000 -204,210,000 -201,312,000 -198,875,000 -196,254,000 -199,264,000 -192,083,000 -190,992,000 -190,392,000 -189,563,000 -188,076,000 -182,820,000 -177,056,000 -172,649,000 -191,045,000 -185,885,000 -178,415,000 -170,067,000 -156,242,000 -132,711,000 -118,442,000 -105,965,000 -93,280,000 -84,458,000 -80,147,000 -81,297,000 -71,316,000 -65,500,000 -60,280,000 -54,994,000 -50,239,000 -44,915,000 -38,090,000 -34,643,000 -31,541,000 -57,407 -45,132 
        total stockholders’ equity
      		2,098,000 3,926,000 6,927,000 8,863,000 11,382,000  1,545,000 1,613,000 2,207,000  4,498,000 9,705,000 14,619,000                     18,947,000    
        total liabilities and stockholders’ equity
      		12,755,000 14,041,000 15,267,000 18,738,000 20,680,000 15,056,000 10,631,000 10,688,000 10,711,000 11,580,000 12,950,000 17,555,000 23,943,000 23,328,000  36,955,000 41,896,000 64,868,000 77,900,000 74,467,000 87,948,000 100,444,000 111,280,000 96,119,000 105,529,000 115,263,000 73,806,000 20,256,000 25,184,000 28,756,000 35,526,000 19,343,000 24,354,000 28,055,000    
        cash, cash equivalents and restricted cash
      		 3,746,000    12,508,000                                
        lease liability, noncurrent
      		    27,000 5,213,000 5,431,000 5,644,000 5,843,000 6,039,000 6,231,000 6,419,000 6,595,000 6,767,000 6,935,000 7,101,000 7,254,000 7,404,000 7,551,000 7,696,000 7,829,000 7,959,000 8,087,000               
        right-of-use asset
      		  289,000 264,000 237,000  5,926,000 6,126,000 6,323,000 6,517,000 6,707,000 6,893,000 7,077,000 7,257,000 7,435,000 7,609,000 7,781,000 7,950,000 8,117,000 8,281,000 8,443,000 8,606,000 8,768,000               
        financing lease liability, noncurrent
      		  26,000                                   
        operating lease liability, noncurrent
      		                                     
        accumulated other comprehensive income
      		  102,000 101,000              -2,000 -1,000 5,000 32,000 83,000 200,000 338,000              
        total stockholders' equity
      		     6,772,000    3,031,000    14,922,000  1,163,000 3,236,000 11,232,000 13,983,000 36,640,000 50,041,000 61,506,000 73,428,000 81,752,000 85,114,000 80,747,000 64,952,000 11,391,000 16,155,000 20,952,000 25,198,000 9,902,000 16,308,000  11,682,000   
        short-term debt
      		       1,000,000                              
        other receivable, from sale of property and equipment
      		          711,000                           
        prepaid expenses and other assets
      		          1,457,000 1,329,000 1,317,000 1,474,000 1,552,000 2,526,000 2,798,000 4,525,000 3,309,000 4,588,000 6,551,000 4,231,000 2,684,000 3,588,000 2,906,000 1,955,000 1,345,000 1,574,000 1,414,000 1,382,000 1,855,000 1,623,000 1,897,000 912,000 1,130,000   
        contingencies
      		                                     
        common stock warrant liability
      		            800,000            42,000 414,000 437,000 541,000 428,000 797,000 984,000 1,566,000 651,000 523,000 211,000   
        short-term investments
      		               997,000 2,494,000 4,497,000 8,953,000 13,472,000 33,140,000 48,818,000 62,621,000 68,579,000 74,223,000 62,326,000            
        current portion of long-term debt
      		                 6,873,000        4,965,000 4,912,000 4,859,000 4,807,000  4,926,000 1,570,000 776,000  2,551,000   
        deferred revenue, current
      		              21,774,000 14,755,000 16,216,000 17,317,000 14,015,000 7,267,000 7,346,000 8,343,000 8,479,000               
        deferred revenue, noncurrent
      		               9,035,000 10,045,000 11,509,000 16,929,000                   
        other noncurrent liabilities
      		                 656,000 656,000 656,000 656,000 656,000 656,000   59,000 144,000 226,000 380,000 39,000 42,000 275,000 277,000 278,000 279,000   
        liabilities and stockholders’ (deficit) equity
      		                                     
        stockholders’ (deficit) equity:
      		                                     
        total stockholders' (deficit) equity
      		              -3,703,000                       
        total liabilities and stockholders’ (deficit) equity
      		              28,942,000                       
        accounts receivable
      		                     11,000 59,000 21,000 27,000 16,000   3,000  52,000 22,000      
        long-term debt
      		                  16,801,000 16,730,000 16,659,000 16,589,000 16,500,000       4,925,000  3,333,000 4,103,000 4,855,000 2,670,000   
        unbilled revenue receivable
      		                      6,000 3,000 11,000 19,000    3,000 7,000 2,000 5,000 13,000 201,000   
        common stock warrant liability, noncurrent
      		                                     
        current portion of deferred revenue
      		                       10,880,000 15,713,000 21,873,000 14,000 541,000 975,000     1,034,000 3,103,000   
        deferred revenue non-current
      		                         2,956,000            
        receivable from related party
      		                          16,000 11,000 3,000 10,000 4,000 46,000 21,000 17,000 13,000   
        preferred stock warrant liability
      		                                     
        deferred revenue, net of current portion
      		                                     
        stockholders’ equity
      		                                     
        non-redeemable preferred stock
      		                                     
        series c: 0.00001 par value per share...
      		                                     
        series b-2: 0.00001 par value per share...
      		                                     
        series b-1: 0.00001 par value per share...
      		                                     
        series a: 0.00001 par value per share...
      		                                     
        liabilities and stockholders' equity
      		                                     
        stockholders' equity
      		                                     
        total liabilities and stockholders' equity
      		                                  25,371,000   
        current assets
      		                                     
        cash
      		                                   1,545 7,193 
        prepaid expenses
      		                                     
        liabilities and stockholders' deficit
      		                                     
        current liabilities
      		                                     
        accounts payable and accrued expenses
      		                                   3,102 2,725 
        note payable - stockholder
      		                                   24,600  
        stockholders' deficit
      		                                     
        preferred stock, .0001 par value...
      		                                     
        common stock, .0001 par value...
      		                                   125 100 
        total stockholders' deficit
      		                                   -26,157  
        total liabilities and stockholders' deficit
      		                                   1,545 7,193 
        due to related parties
      		                                    24,600 
        total stockholders’ deficit
      		                                    -20,132 
      Cashflow Statements:
      Quarterly
      Annual
        Unit: USD2026-03-31 2025-12-31 2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30 2024-06-30 2024-03-31 2023-12-31 2023-09-30 2023-06-30 2023-03-31 2022-12-31 2022-09-30 2022-06-30 2022-03-31 2021-12-31 2021-09-30 2021-06-30 2021-03-31 2020-12-31 2020-09-30 2020-06-30 2020-03-31 2019-12-31 2019-09-30 2019-06-30 2019-03-31 2018-12-31 2018-09-30 2018-06-30 2018-03-31 2017-12-31 
                                          
          cash flows from operating activities:
        		                                  
          net income
        		-1,828,000   -2,621,000 3,010,000                -12,477,000    1,150,000          
          adjustments to reconcile net loss to cash from operating activities:
        		                                  
          depreciation and amortization
        		49,000 28,000 82,000 71,000 61,000 7,000 7,000 7,000 7,000 7,000 148,000 228,000 251,000 281,000 289,000 291,000 302,000 294,000 283,000 283,000 263,000 272,000 159,000 187,000 148,000 127,000 91,000 87,000 87,000 92,000 90,000 90,000 86,000 73,000 
          amortization of right-of-use asset
        		57,000 129,000 -15,000 57,000 47,000 205,000 201,000 196,000 194,000 190,000 187,000 184,000 180,000 177,000 175,000 172,000 169,000 167,000 164,000 163,000 162,000 163,000             
          change in fair value of contingent consideration
        		188,000 1,012,000 246,000 159,000 136,000                              
          gain on early lease termination
        		 0 0 0 -5,974,000                              
          gain on settlement of accounts payables
        		 0 -155,000 0 -191,000                              
          loss on disposal of assets
        		37,000    26,000                              
          changes in operating assets and liabilities:
        		                                  
          other receivable
        		-2,000  23,000 95,000 1,339,000  -791,000                            
          prepaid expenses and other current assets
        		2,000 -3,000 -127,000 110,000 59,000 370,000 192,000 197,000 218,000 609,000 -21,000 -12,000 157,000 78,000 974,000 272,000 1,727,000 -1,217,000 1,279,000 1,963,000 -2,320,000 -1,729,000 280,000 -640,000 -911,000 -603,000 228,000 -187,000 -69,000 363,000 -341,000 165,000 311,000 218,000 
          accounts payable
        		755,000 404,000 -530,000 730,000 -427,000 100,000 -247,000 -240,000 194,000 766,000 522,000 -109,000 91,000 -559,000 -673,000 -325,000 -1,495,000 953,000 214,000 -688,000 1,103,000 -171,000 513,000 -1,785,000 1,807,000 171,000 215,000 49,000 354,000 -835,000 281,000 117,000 -120,000 -1,166,000 
          accrued expenses
        		-400,000 -22,000 -698,000 -210,000 316,000 -277,000 1,489,000 11,000 -43,000 -477,000 268,000 -389,000 199,000 -1,738,000 -292,000 81,000 -3,237,000 1,114,000 1,977,000 804,000 -1,084,000              
          net cash from operating activities
        		-1,142,000 -1,147,000 -3,528,000 -2,282,000 -1,598,000 -845,000 -449,000 -1,166,000 -450,000 -816,000 -1,412,000 -4,811,000 -3,318,000 -7,276,000 -6,548,000 -9,078,000 -12,756,000 -13,797,000 4,863,000 -11,076,000 -14,809,000 -11,807,000 -8,649,000 -10,967,000 -7,847,000 15,330,000 -5,017,000 -4,984,000 -4,012,000 -5,963,000 -4,193,000 -4,684,000 -4,647,000 -5,342,000 
          cash flows from investing activities:
        		                                  
          acquisition of gpcr therapeutics usa inc.
        		 0 0 0 -2,090,000                              
          net cash from investing activities
        		  108,000 -280,000 -2,090,000     711,000 0 -1,895,000 106,000 207,000 998,000 1,496,000 1,995,000 4,108,000 4,444,000 19,236,000 15,297,000 13,472,000 5,635,000 3,538,000 -12,503,000 -62,970,000 -400,000 -54,000 -8,000 -29,000 -5,000   -200,000 
          cash flows from financing activities:
        		                                  
          proceeds from common stock offering
        		  0 0 1,600,000     0 0 0 5,440,000 0 -14,000       0 0 0 2,973,000 27,500,000    0    11,211,000 
          net cash from provided by financing activities
        		  0 0 1,600,000  0    -1,000 -919,000 4,595,000                      
          net decrease in cash and cash equivalents
        		-1,142,000                           -5,021,000 -4,072,000      
          cash and cash equivalents - beginning of period
        		3,746,000                         0 0 0 26,268,000 0 0 0 25,764,000 0 
          cash and cash equivalents - end of period
        		2,604,000                         -21,932,000 53,217,000 -5,021,000 22,196,000 -6,178,000 16,066,000 -4,744,000 21,124,000 2,828,000 
          net loss
        		 -2,898,000    -7,181,000 -1,091,000 -600,000 -829,000 -1,487,000 -5,256,000 -5,764,000 -4,407,000 18,396,000 -5,160,000 -7,470,000 -8,348,000 -13,825,000 -23,531,000   -12,685,000 -8,822,000   -9,981,000 -5,816,000 -5,220,000 -5,286,000 -4,755,000 -5,324,000 -6,825,000 -5,509,000 -3,102,000 
          equity-based compensation
        		 1,000 0   6,000 5,000 6,000 5,000 21,000 50,000 969,000 308,000 228,000 292,000 507,000 342,000 769,000 889,000 764,000 517,000 581,000 618,000 544,000 441,000 401,000 511,000 439,000 489,000 509,000 516,000 419,000 365,000 358,000 
          right-of-use asset impairment loss
        		                                  
          loss on disposal/sale of subsidiary
        		                                  
          loss from sale of property and equipment
        		         0                         
          income tax benefit
        		                                  
          accounts receivable
        		                 0 0 0 11,000              
          other noncurrent assets
        		 853,000 79,000       -253,000 3,000 108,000 180,000 -2,213,000 24,000 20,000 4,000 140,000 -28,000 -11,000 -33,000 20,000 853,000 -1,064,000 30,000   671,000 -559,000      
          other liabilities
        		     -218,000 -214,000 -199,000 -196,000 -192,000 -189,000 -175,000 -172,000 -168,000 -166,000 -153,000 -150,000 -147,000 -145,000 -133,000 -130,000              
          capital expenditures
        		0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -4,000 -6,000 -345,000 -59,000 -339,000 -225,000 -97,000 -78,000 -2,419,000 -577,000 -620,000 -400,000 -54,000 -8,000 -29,000 -5,000 0 0 -200,000 
          free cash flows
        		-1,142,000 -1,147,000 -3,528,000 -2,282,000 -1,598,000 -845,000 -449,000 -1,166,000 -450,000 -816,000 -1,412,000 -4,811,000 -3,318,000 -7,276,000 -6,548,000 -9,082,000 -12,762,000 -14,142,000 4,804,000 -11,415,000 -15,034,000 -11,904,000 -8,727,000 -13,386,000 -8,424,000 14,710,000 -5,417,000 -5,038,000 -4,020,000 -5,992,000 -4,198,000 -4,684,000 -4,647,000 -5,542,000 
          proceeds from sale of fixed assets
        		 0 2,000                                
          proceeds from sale of subsidiary
        		                                  
          cash removed from the sale of kcc
        		                                  
          net cash from by investing activities
        		                                  
          proceeds from sale of common stock
        		                                  
          proceeds from short term debt
        		                                  
          net cash from financing activities
        		             0 -2,000 4,890,000 -7,993,000 448,000 -9,000 131,000 546,000 138,000 17,275,000 50,000 -2,333,000 25,708,000 58,634,000 17,000 -52,000 -186,000 20,264,000 0 7,000 8,370,000 
          net (decrease) in cash, cash equivalents, and restricted cash
        		     11,557,000 -449,000                            
          cash, cash equivalents, and restricted cash - beginning of year
        		                                  
          cash, cash equivalents, and restricted cash - end of year
        		                                  
          loss from sale or disposal of property and equipment
        		  4,000                                
          property and equipment
        		  106,000                                
          proceeds from short-term borrowing
        		      0                            
          net decrease in cash, cash equivalents, and restricted cash
        		  -3,420,000 -2,562,000 -2,088,000                   -7,379,000 -22,683,000          
          cash, cash equivalents, and restricted cash - beginning of period
        		  0 0 12,508,000  0 0 2,016,000  0 0 9,777,000 0 0 0 43,844,000 0 0 0 34,462,000 0 0 0 48,460,000          
          cash, cash equivalents, and restricted cash - end of period
        		  -3,420,000 -2,562,000 10,420,000  -449,000 -166,000 1,566,000  -1,413,000 -7,625,000 11,160,000 -7,069,000 -5,552,000 -2,692,000 25,090,000 -9,241,000 9,298,000 8,291,000 35,496,000 1,803,000 14,261,000 -7,379,000 25,777,000          
          adjustments to reconcile net income to cash from operating activities:
        		                                  
          changes in fair value of investment in convertible notes receivable
        		         0                         
          purchase of available-for-sale securities
        		         0                         
          proceeds from sale of property and equipment
        		         711,000                         
          payment of common stock financing costs
        		         0 0 0 -843,000 0 0       0 0 0 -207,000 -1,851,000    -160,000    -2,435,000 
          payment of exercise of common stock warrants
        		         0 0                        
          payments for minimum statutory tax withholding related to net share settlement of equity awards
        		         -1,000 -1,000 -119,000 -2,000 0 -2,000 -1,000 -1,000 -5,000                 
          other
        		           149,000 -105,000 16,000 5,000 -1,000 19,000 1,000 0   1,000 -289,000 272,000 84,000 0 0 0 36,000 109,000 109,000 109,000 73,000  
          net increase in cash, cash equivalents, and restricted cash
        		        -450,000    1,383,000 -7,069,000 -5,552,000 -2,692,000 -18,754,000 -9,241,000 9,298,000 8,291,000 1,034,000 1,803,000             
          amortization of long-term debt issuance costs and fees
        		             0 0 0 477,000 71,000 72,000 71,000 70,000 72,000 4,000 0 35,000 53,000 53,000 52,000 34,000 25,000 24,000 23,000 24,000 39,000 
          amortization of investments
        		             0 0 -1,000 -1,000 1,000 12,000 63,000 108,000              
          deferred revenue
        		             -21,774,000 -2,016,000 -2,471,000 -2,565,000 -2,118,000 23,677,000 -79,000 -997,000 -135,000 -2,402,000 -4,833,000 -9,116,000 24,815,000 -527,000 -434,000 975,000     -2,069,000 
          proceeds from sale or maturity of available-for-sale securities
        		                                  
          payment of long-term debt fees and issuance costs
        		             0 0 0 -506,000     -160,000 -244,000 0 -100,000 1,000 -232,000 0 -52,000      
          repayment of long-term debt
        		             0 0 0 -7,500,000     0 0 0 -4,999,000         -406,000 
          proceeds from issuance of employee stock purchase plan
        		             1,000 0   78,000 0                
          proceeds from exercise of common stock warrants
        		             0 13,000 -13,000 14,000                  
          proceeds from exercise of common stock options
        		                 0 0 0 546,000 298,000 19,000   58,000 0   0 34,000 0 7,000 0 
          purchase of available for sale securities
        		             0 0 0 -1,499,000 0 -4,497,000   -9,291,000 -9,277,000 -16,146,000 -21,926,000          
          purchase of held to maturity securities
        		                                  
          proceeds from sale or maturity of available for sale securities
        		             2,000 998,000 1,500,000 3,500,000 4,453,000 9,000,000 21,575,000 15,522,000 22,860,000 14,990,000 22,103,000 10,000,000          
          proceeds from sale of capital assets
        		           105,000 106,000                      
          change in fair value of warrant liabilities
        		                 0 0 -13,000 -2,000 -56,000 -186,000 189,000 -346,000 -23,000 -104,000 113,000 -369,000 -187,000 -581,000 914,000 128,000 -13,000 
          proceeds from long-term borrowing
        		                     0             
          unbilled revenue receivable and accounts receivable
        		                     34,000 -21,000 13,000 -2,000 -35,000 0   56,000 -35,000 -19,000 8,000 188,000 
          accrued expenses and other current liabilities
        		                      186,000 461,000 -1,108,000 402,000 242,000 -14,000 -52,000 -1,332,000 1,228,000 382,000 -8,000 137,000 
          other noncurrent liabilities
        		                      -60,000 0 -59,000 -86,000 -42,000 -535,000 341,000 -2,000 -233,000 -3,000 -1,000 -1,000 
          amortization of operating lease asset
        		                         83,000         
          net increase in cash and cash equivalents
        		                         -21,932,000    -6,178,000    2,828,000 
          supplemental disclosure of cash flow information
        		                                  
          non-cash financing activities:
        		                                  
          issuance of common stock for professional services
        		                             0 0 0 436,000  
          debt fees
        		                         0 0 0 100,000      
          common stock issuance costs
        		                                 -1,559,000 
          non-cash investing activities:
        		                                  
          receivable from related party
        		                          -5,000 -8,000 7,000 -6,000 41,000 -24,000 -4,000 -4,000 
          issuance of common stock warrants
        		                                 325,000 
          net increase decrease in cash and cash equivalents
        		                               -4,744,000 -4,640,000  
          deferred offering costs
        		                                  
          proceeds from preferred stock offering
        		                                  
          payment of preferred stock financing costs
        		                                  
          issuance of preferred stock warrants
        		                                  
          debt issuance costs
        		                                  
          non-cash investing activities (capital expenditures) included in other accrued expenses