SCHEDULE: Exicure HiTron Reduces Exicure Stake to 25.1%

Exicure HiTron Inc. has reduced its beneficial ownership in Exicure, Inc. by transferring 258,367 shares for $1.16 million for liquidity purposes.

Summary

• Exicure HiTron Inc., a South Korean corporation, filed Amendment No. 5 to its Schedule 13D regarding its beneficial ownership of Exicure, Inc. common stock.
• On January 21, 2026, Exicure HiTron Inc. completed the transfer of 258,367 shares of Exicure, Inc. common stock.
• The shares were transferred at a price of $4.50 per share, totaling $1,162,651.5 in aggregate proceeds.
• The transferee of these shares was Jeon Sungchan.
• The stated purpose for the share transfer was for liquidity purposes.
• Following this transaction, Exicure HiTron Inc. beneficially owns 1,598,947 shares of Exicure, Inc. common stock.
• This represents approximately 25.1% of Exicure, Inc.'s outstanding common stock, based on 6,373,869 shares reported outstanding as of November 3, 2025.

Sentiment

Score: 3

Explanation: The sentiment is moderately negative as a significant shareholder has reduced its stake for 'liquidity purposes,' which can be interpreted as a lack of conviction or a need for cash, potentially signaling concerns to the market.

Negatives

• A significant shareholder, Exicure HiTron Inc., reduced its stake in Exicure, Inc. from approximately 29.1% to 25.1%.
• The reason for the share transfer was stated as 'liquidity purposes,' which can sometimes signal a lack of confidence or a need for capital by the selling entity.

Risks

• The reduction in beneficial ownership by a major shareholder could be perceived negatively by the market, potentially impacting investor sentiment and the company's stock price.

Future Outlook

This filing does not contain any forward-looking statements or guidance from Exicure, Inc. or Exicure HiTron Inc. regarding the issuer's future performance or strategic direction.

Industry Context

This filing primarily details a change in beneficial ownership by a significant shareholder and does not provide broader industry context or trends. It reflects a specific transaction by an institutional investor in the issuer's stock.

Stakeholder Impact

• Shareholders: May view the reduction in stake by a major holder as a negative signal, potentially leading to downward pressure on the stock price.
• Company Management: Could face questions regarding the reasons behind the major shareholder's decision to reduce its stake.

Key Dates

Recommendation

A significant shareholder reducing their stake for 'liquidity purposes' often signals a lack of confidence in the company's near-term prospects or a perceived better use of capital elsewhere. While the specific reasons for the liquidity need are not disclosed, such a move by a major holder can create negative market sentiment and potentially lead to further selling pressure. Investors should consider this as a potential red flag and evaluate their position, with a 'sell' recommendation reflecting the cautious stance warranted by this action.

Keywords

Exicure, HiTron, Schedule 13D, beneficial ownership, share transfer, stock sale, institutional investor, equity, liquidity