0001698530 2025-01-01 2025-12-31 0001698530 2024-01-01 2024-12-31 0001698530 2023-01-01 2023-12-31 0001698530 ecd:PeoMember xcur:SchroffMember 2025-01-01 2025-12-31 0001698530 ecd:EqtyAwrdsInSummryCompstnTblForAplblYrMember ecd:PeoMember xcur:SchroffMember 2025-01-01 2025-12-31 0001698530 xcur:KimMember 2024-01-01 2024-12-31 0001698530 xcur:SchroffMember 2024-01-01 2024-12-31 0001698530 xcur:YooMember 2024-01-01 2024-12-31 0001698530 xcur:KangMember 2024-01-01 2024-12-31 0001698530 xcur:YooMember 2023-01-01 2023-12-31 0001698530 xcur:KangMember 2023-01-01 2023-12-31 0001698530 xcur:KimMember 2023-01-01 2023-12-31 0001698530 xcur:SchroffMember 2023-01-01 2023-12-31 iso4217:USD PRE 14A false 0001698530 Exicure, Inc. true <div style="margin-top:18pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;font-weight:bold">Equity Grant Practices </div><div style="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Compensation Committee does not take material nonpublic information into account when determining the timing and terms of equity awards, and we do not time the disclosure of such material nonpublic information for purposes of affecting the exercise price of such awards or the value of executive compensation. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In addition, we do not grant equity awards during the four business days prior to or the one business day following the filing of a periodic report on Form <span style="white-space:nowrap;display:inline;">10-Q</span> or Form <span style="white-space:nowrap;display:inline;">10-K,</span> or the filing or furnishing of a Form <span style="white-space:nowrap;display:inline;">8-K</span> that discloses material nonpublic information. During fiscal year 2025, we did not grant equity awards to the named executive officers. </div> false false In addition, we do not grant equity awards during the four business days prior to or the one business day following the filing of a periodic report on Form <span style="white-space:nowrap;display:inline;">10-Q</span> or Form <span style="white-space:nowrap;display:inline;">10-K,</span> or the filing or furnishing of a Form <span style="white-space:nowrap;display:inline;">8-K</span> that discloses material nonpublic information. <div style="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;font-weight:bold">Pay Versus Performance </div><div style="font-size:12pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt;width:100%;border-spacing:0;margin:0 auto"> <tr> <td style="width:31%"></td> <td style="vertical-align:bottom;width:2%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:2%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:2%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:2%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:2%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:2%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:2%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:2%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:2%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:2%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:2%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:2%"></td> <td></td> <td></td> <td></td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt"> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td colspan="2" style="border-bottom:1.00pt solid #000000;vertical-align:bottom;text-align:center">SCT<span style="font-size:75%; vertical-align:top;display:inline;font-size:6.6px">(a)<br/></span>Total for<br/>PEO<span style="font-size:75%; vertical-align:top;display:inline;font-size:6.6px">(1)</span></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td colspan="2" style="border-bottom:1.00pt solid #000000;vertical-align:bottom;text-align:center">SCT<br/>Total for<br/>Former<br/>PEO<br/>(Kang)<span style="font-size:75%; vertical-align:top;display:inline;font-size:6.6px">(2)</span></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td colspan="2" style="border-bottom:1.00pt solid #000000;vertical-align:bottom;text-align:center">SCT<br/>Total for<br/>Former<br/>PEO<br/>(Kim)<span style="font-size:75%; vertical-align:top;display:inline;font-size:6.6px">(2)</span></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td colspan="2" style="border-bottom:1.00pt solid #000000;vertical-align:bottom;text-align:center">SCT<br/>Total for<br/>Former<br/>PEO<br/>(Schroff)<span style="font-size:75%; vertical-align:top;display:inline;font-size:6.6px">(3)</span></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td colspan="2" style="border-bottom:1.00pt solid #000000;vertical-align:bottom;text-align:center">CAP<span style="font-size:75%; vertical-align:top;display:inline;font-size:6.6px">(b)</span> to<br/>PEO<span style="font-size:75%; vertical-align:top;display:inline;font-size:6.6px">(1) (5)</span></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td colspan="2" style="border-bottom:1.00pt solid #000000;vertical-align:bottom;text-align:center">CAP to<br/>Former<br/>PEO <span style="font-size:75%; vertical-align:top;display:inline;font-size:6.6px">(2) (5)<br/></span>(Kang)</td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td colspan="2" style="border-bottom:1.00pt solid #000000;vertical-align:bottom;text-align:center">CAP to<br/>Former<br/>PEO <span style="font-size:75%; vertical-align:top;display:inline;font-size:6.6px">(3) (5)<br/></span>(Kim)</td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td colspan="2" style="border-bottom:1.00pt solid #000000;vertical-align:bottom;text-align:center">CAP to<br/>Former<br/>PEO<span style="font-size:75%; vertical-align:top;display:inline;font-size:6.6px">(4)<br/></span>(Schroff)</td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td colspan="2" style="border-bottom:1.00pt solid #000000;vertical-align:bottom;text-align:center">Average<br/>SCT<br/>Total for<br/><span style="white-space:nowrap;display:inline;">Non-PEO</span><br/>NEOs<span style="font-size:75%; vertical-align:top;display:inline;font-size:6.6px">(6)</span></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td colspan="2" style="border-bottom:1.00pt solid #000000;vertical-align:bottom;text-align:center">Average<br/>CAP for<br/><span style="white-space:nowrap;display:inline;">Non-PEO</span><br/>NEOs<span style="font-size:75%; vertical-align:top;display:inline;font-size:6.6px">(6)</span></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td colspan="2" style="border-bottom:1.00pt solid #000000;vertical-align:bottom;text-align:center">Value of<br/>fixed $100<br/>investment<br/>based on<br/>TSR<span style="font-size:75%; vertical-align:top;display:inline;font-size:6.6px">(c)</span></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td colspan="2" style="border-bottom:1.00pt solid #000000;vertical-align:bottom;text-align:center">Net (loss)<br/>(in 000’s)</td> <td style="vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman">2025</div></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman">2024</div></td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom">$</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">27,167</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom">$</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">374,000</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom">$</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">0</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom">$</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">0</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom">$</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">27,167</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom">$</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">374,000</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom">$</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">0</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom">$</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">0</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom">$</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">87,889</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom">$</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">87,889</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom">$</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">53.27</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom">$</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">(9,701</td> <td style="white-space:nowrap;vertical-align:bottom">) </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman">2023</div></td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">— </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">66,994</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">90,938</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">797,471</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">— </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">50,000</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">90,938</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">1,093,241</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">511,250</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">518,110</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">9.57</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">(16,914</td> <td style="white-space:nowrap;vertical-align:bottom">) </td></tr></table> 27167 374000 0 0 27167 374000 0 0 87889 87889 53.27 -9701000 0 66994 90938 797471 0 50000 90938 1093241 511250 518110 9.57 -16914000 <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt;border-spacing:0;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:4%;vertical-align:top;text-align:left">(a)</td> <td style="vertical-align:top;text-align:left"><div style=" margin-top:0pt ; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman;text-align:left">Summary Compensation Table (SCT) </div></td></tr></table> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt;border-spacing:0;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:4%;vertical-align:top;text-align:left">(b)</td> <td style="vertical-align:top;text-align:left"><div style=" margin-top:0pt ; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman;text-align:left">Compensation Actually Paid (CAP) </div></td></tr></table> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt;border-spacing:0;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:4%;vertical-align:top;text-align:left">(c)</td> <td style="vertical-align:top;text-align:left"><div style=" margin-top:0pt ; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman;text-align:left">Total Shareholder Return (TSR) as of the applicable year end, assuming an initial investment of $100 on December 31, 2021. </div></td></tr></table> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt;border-spacing:0;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:4%;vertical-align:top;text-align:left">(1)</td> <td style="vertical-align:top;text-align:left"><div style=" margin-top:0pt ; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman;text-align:left">Refers to former CEO Andy Yoo. </div></td></tr></table> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt;border-spacing:0;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:4%;vertical-align:top;text-align:left">(2)</td> <td style="vertical-align:top;text-align:left"><div style=" margin-top:0pt ; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman;text-align:left">Refers to Paul Kang, who served as <span style="white-space:nowrap;display:inline;">co-Chief</span> Executive Officer until February 27, 2025. </div></td></tr></table> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt;border-spacing:0;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:4%;vertical-align:top;text-align:left">(3)</td> <td style="vertical-align:top;text-align:left"><div style=" margin-top:0pt ; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman;text-align:left">Refers to former CEO Jung Sang (Michael) Kim. </div></td></tr></table> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt;border-spacing:0;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:4%;vertical-align:top;text-align:left">(4)</td> <td style="vertical-align:top;text-align:left"><div style=" margin-top:0pt ; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman;text-align:left">Refers to former CEO Matthias G. Schroff. </div></td></tr></table> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt;border-spacing:0;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:4%;vertical-align:top;text-align:left">(6)</td> <td style="vertical-align:top;text-align:left"><div style=" margin-top:0pt ; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman;text-align:left">For 2025, includes Seung Ik Baik and Jiyoung Hwang, subject to final determination of named executive officer status. For 2024, includes Seung Ik Baik and Jiyoung Hwang. For 2023, includes Elias Papadimas and Sarah Longoria. </div></td></tr></table> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt;border-spacing:0;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:4%;vertical-align:top;text-align:left">(5)</td> <td style="vertical-align:top;text-align:left"><div style=" margin-top:0pt ; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman;text-align:left">No adjustments made for Mr. Yoo, Mr. Kang, or Mr. Kim because they were not granted any equity awards. </div></td></tr></table><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">No adjustments to the total compensation reported in the Summary Compensation Table for 2025 were required as no equity awards were granted during 2024 and no equity awards vested or were forfeited during 2025. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Adjustments for Dr. Schroff in 2023 from total compensation reported in the SCT totaled $295,770, made up of an addition of $301,912 representing the fair value of equity awards as of the date of his separation, and a subtraction of $6,142 representing the fair value as of the end of 2022 of equity awards that were forfeited in connection with his separation. Adjustments for the average of <span style="white-space:nowrap;display:inline;">non-PEO</span> named executive officers in 2023 from total compensation reported in the SCT totaled $6,860, made up of an addition of $9,057 representing the average fair value of equity awards as of the date of the separations of the former named executive officers, and a subtraction of $2,197 representing the average fair average as of the end of 2022 of equity awards that were forfeited in connection with the separations. </div> <div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">No adjustments to the total compensation reported in the Summary Compensation Table for 2025 were required as no equity awards were granted during 2024 and no equity awards vested or were forfeited during 2025. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Adjustments for Dr. Schroff in 2023 from total compensation reported in the SCT totaled $295,770, made up of an addition of $301,912 representing the fair value of equity awards as of the date of his separation, and a subtraction of $6,142 representing the fair value as of the end of 2022 of equity awards that were forfeited in connection with his separation. Adjustments for the average of <span style="white-space:nowrap;display:inline;">non-PEO</span> named executive officers in 2023 from total compensation reported in the SCT totaled $6,860, made up of an addition of $9,057 representing the average fair value of equity awards as of the date of the separations of the former named executive officers, and a subtraction of $2,197 representing the average fair average as of the end of 2022 of equity awards that were forfeited in connection with the separations. </div> 295770 301912 <div style="margin-top:18pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><span style="font-style:italic;display:inline;">Compensation Actually Paid versus Company Total Shareholder Return </span></div><div style="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Compensation actually paid (“CAP”) to our former PEOs (Mr. Kang, Mr. Kim, and Dr. Schroff) and the <span style="white-space:nowrap;display:inline;">non-PEO</span> named executive officers decreased from 2024 to 2023. The Company’s stock price increased at the end of 2024 as a result of the common stock purchase agreements, causing a significant increase in TSR. There is no relationship between the stock price increase and CAP decrease. The CAP of our former CEO, and immediately preceding former PEO, bear no relation to TSR as they received fixed salaries. </div> <div style="margin-top:18pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><span style="font-style:italic;display:inline;">Compensation Actually Paid versus Company Net Income (Loss) </span></div><div style="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">CAP to our former PEOs (Mr. Kang, Mr. Kim, and Dr. Schroff) and the <span style="white-space:nowrap;display:inline;">non-PEO</span> named executive officers decreased from 2024 to 2023. The Company’s net loss decreased substantially from 2024 to 2023. This decrease was due to higher costs in 2023 from separation pay of these former executives and related stock based compensation expense, payroll and related benefits, legal and consulting fees, facility and lease costs as a result of the transitional state of our business. The CAP of our current CEO, and immediately preceding former PEO, bear limited relation to net income (loss) as they received fixed salaries. </div>