ITEM 1.01 ENTRY INTO A DEFINITIVE MATERIAL AGREEMENT

On May 16, 2023, Exicure, Inc. (the "Company") entered into a subscription agreement (the "Subscription Agreement") with Cyworld Z Co., Ltd., ("Cyworld Z"). Pursuant to the Subscription Agreement, the Company purchased non-guaranteed private placement convertible bonds (the "Bonds") of Cyworld Z for a subscription amount of USD $1 million. The Bonds mature on May 15, 2026 and the yield to maturity is 4.5% per annum.

The Company will also have the put option to request Cyworld Z 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 above description is only a summary of the terms of the Subscription Agreement, does not purport to be a complete description of the Subscription Agreement, and is qualified in its entirety by reference to the Subscription Agreement, a copy of which is filed as Exhibit 10.1 to this Form 8-K and is incorporated in this Item 1.01 by reference.

Item 9.01 Financial Statements and Exhibits.



(d) Exhibits:

   Exhibit
     No.                                              Description
10.1                  Convertible Bond Subscription Agreement, dated May 16, 2023, among Cyworld Z
                    Co., Ltd. and Exicure, Inc.
104                 Cover Page Interactive Data File (embedded within the Inline XBRL document).

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