Exicure is effectively a shell company with no active operations, using its existing Nasdaq listing as a vehicle to pursue acquisitions or partnerships. Exicure originally developed nucleic acid therapies using its proprietary Spherical Nucleic Acid technology, but halted all R&D in September 2022 and subsequently sold substantially all of its legacy biotech IP and assets to Flashpoint Therapeutics. Today, Exicure's only substantive activity is exploring strategic alternatives, with its management and board oriented toward Korean biotech and other Asian opportunities. In January 2025, Exicure acquired GPCR Therapeutics USA, a California subsidiary of a Korean biotech, and entered into a License and Collaboration Agreement with the Korean parent, gaining rights to a Phase 2 clinical trial combining GPC-100 and propranolol for stem cell mobilization in Multiple Myeloma patients. HiTron, a Korean entity, purchased roughly 25% of Exicure's outstanding shares in late 2024 for $10M, becoming the company's largest stockholder and appearing to shape its strategic direction toward Asia. Exicure generates no recurring revenue, and its recent cash inflows have been one-time items. The company is burning cash supporting eight employees focused on finance and general management while it pursues acquisitions and partnerships, and will need to raise additional capital to sustain operations.