Innovation and Northwestern University Phone 847-467-2097 Northwestern |INVO New Ventures Office 1800 Sherman Ave, Suite 504 invo.northwestern.edu Innovation and New Ventures Evanston, IL 60201

Exhibit 10.23

Innovation and	Northwestern University	Phone 000-000-0000	Northwestern |INVO
New Ventures Office	0000 Xxxxxxx Xxx, Xxxxx 000	xxxx.xxxxxxxxxxxx.xxx	Innovation and New Ventures
	Xxxxxxxx, XX 00000

January 1, 2019

Xxxxx X Xxxxxxxxx, Ph.D.

Chief Executive Officer

Exicure, Inc.

0000 Xxxxx Xxx.

Xxxxxx, XX 00000

Re: Amendment Three to the Restated License Agreement with an effective date of December 12, 2011 between Exicure, Inc. ("Exicure") and Northwestern University ("Northwestern") as previously amended on November 30, 2017, and on September 27, 2016 (collectively the "Agreement".)

Dear Xxxxx:

This letter agreement memorializes the understanding reached between Northwestern and Exicure regarding the third amendment to the Agreement ("Amendment Three"). Unless otherwise defined in this Amendment Three, capitalized terms shall have the meaning assigned to them in the Agreement.

Subject to the terms and conditions of the Agreement and Exicure's compliance therewith, the parties hereby agree as follows:

1.Exhibit A of the Agreement is amended and incorporated herein by reference.

2.Section 9.2 shall be replaced in its entirety with the following:

Licensee shall obtain and carry in full force and effect commercial, general liability insurance which shall protect Licensee and Northwestern with respect to events covered by Section 9.1 above. Such insurance shall be written by a reputable insurance company authorized to do business in the State of Illinois, naming Northwestern as an additional insured thereunder, shall be endorsed to include product liability coverage and shall require thirty (30) days written notice to be given to Northwestern prior to any cancellation or material change thereof. By the time of commencement of human clinical trials of any Licensed Product, the limits of such insurance shall not be less than Three Million Dollars ($3,000,000) per occurrence with an aggregate of Three Million Dollars ($3,000,000) for personal injury or death, and property damage insurance coverage in such amounts as is reasonable at the time for similarly situated companies engaged in similar business. Licensee shall provide Northwestern with Certificates of Insurance evidencing the same.

3.All other terms and conditions of the Agreement shall remain in full force and effect as amended hereby.

By signing below, the parties hereby execute this valid and binding agreement effective as of the date listed above.

NORTHWESTERN UNIVERSITY		EXICURE, INC.
/s/ Xxxxxx Xxxxxxx, Ph.D.		/s/ Xxxxx X. Xxxxxxxxx, Ph.D.
Xxxxxx Xxxxxxx, Ph.D.		Xxxxx X. Xxxxxxxxx, Ph.D.
Associate Vice President for Research		Chief Executive Officer
and Executive Director, INVO

THE COMPANY HAS REQUESTED AN ORDER FROM THE SECURITIES AND EXCHANGE COMMISSION (THE “COMMISSION”) PURSUANT TO RULE 406 UNDER THE SECURITIES ACT OF 1933, AS AMENDED, GRANTING CONFIDENTIAL TREATMENT TO SELECTED PORTIONS. ACCORDINGLY, THE CONFIDENTIAL PORTIONS HAVE BEEN OMITTED FROM THIS EXHIBIT, AND HAVE BEEN FILED SEPARATELY WITH THE COMMISSION. OMITTED PORTIONS ARE INDICATED IN THIS EXHIBIT WITH “*****”.

Innovation and	Northwestern University	Phone 000-000-0000	Northwestern |INVO
New Ventures Office	0000 Xxxxxxx Xxx, Xxxxx 000	xxxx.xxxxxxxxxxxx.xxx	Innovation and New Ventures
	Xxxxxxxx, XX 00000

Exhibit A:

NU ID	Filing Date	Application Number	Patent Number	Type	Country	Status	Title
*****	*****	*****	*****	*****	*****	*****	*****
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*****	*****	*****	*****	*****	*****	*****	*****

THE COMPANY HAS REQUESTED AN ORDER FROM THE SECURITIES AND EXCHANGE COMMISSION (THE “COMMISSION”) PURSUANT TO RULE 406 UNDER THE SECURITIES ACT OF 1933, AS AMENDED, GRANTING CONFIDENTIAL TREATMENT TO SELECTED PORTIONS. ACCORDINGLY, THE CONFIDENTIAL PORTIONS HAVE BEEN OMITTED FROM THIS EXHIBIT, AND HAVE BEEN FILED SEPARATELY WITH THE COMMISSION. OMITTED PORTIONS ARE INDICATED IN THIS EXHIBIT WITH “*****”.

Innovation and	Northwestern University	Phone 000-000-0000	Northwestern |INVO
New Ventures Office	0000 Xxxxxxx Xxx, Xxxxx 000	xxxx.xxxxxxxxxxxx.xxx	Innovation and New Ventures
	Xxxxxxxx, XX 00000

NU ID	Filing Date	Application Number	Patent Number	Type	Country	Status	Title
*****	*****	*****	*****	*****	*****	*****	*****
*****	*****	*****	*****	*****	*****	*****	*****
*****	*****	*****	*****	*****	*****	*****	*****
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*****	*****	*****	*****	*****	*****	*****	*****
*****	*****	*****	*****	*****	*****	*****	*****

THE COMPANY HAS REQUESTED AN ORDER FROM THE SECURITIES AND EXCHANGE COMMISSION (THE “COMMISSION”) PURSUANT TO RULE 406 UNDER THE SECURITIES ACT OF 1933, AS AMENDED, GRANTING CONFIDENTIAL TREATMENT TO SELECTED PORTIONS. ACCORDINGLY, THE CONFIDENTIAL PORTIONS HAVE BEEN OMITTED FROM THIS EXHIBIT, AND HAVE BEEN FILED SEPARATELY WITH THE COMMISSION. OMITTED PORTIONS ARE INDICATED IN THIS EXHIBIT WITH “*****”.

Innovation and	Northwestern University	Phone 000-000-0000	Northwestern |INVO
New Ventures Office	0000 Xxxxxxx Xxx, Xxxxx 000	xxxx.xxxxxxxxxxxx.xxx	Innovation and New Ventures
	Xxxxxxxx, XX 00000

NU ID	Filing Date	Application Number	Patent Number	Type	Country	Status	Title
*****	*****	*****	*****	*****	*****	*****	*****
*****	*****	*****	*****	*****	*****	*****	*****
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THE COMPANY HAS REQUESTED AN ORDER FROM THE SECURITIES AND EXCHANGE COMMISSION (THE “COMMISSION”) PURSUANT TO RULE 406 UNDER THE SECURITIES ACT OF 1933, AS AMENDED, GRANTING CONFIDENTIAL TREATMENT TO SELECTED PORTIONS. ACCORDINGLY, THE CONFIDENTIAL PORTIONS HAVE BEEN OMITTED FROM THIS EXHIBIT, AND HAVE BEEN FILED SEPARATELY WITH THE COMMISSION. OMITTED PORTIONS ARE INDICATED IN THIS EXHIBIT WITH “*****”.

Innovation and	Northwestern University	Phone 000-000-0000	Northwestern |INVO
New Ventures Office	0000 Xxxxxxx Xxx, Xxxxx 000	xxxx.xxxxxxxxxxxx.xxx	Innovation and New Ventures
	Xxxxxxxx, XX 00000

NU ID	Filing Date	Application Number	Patent Number	Type	Country	Status	Title
*****	*****	*****	*****	*****	*****	*****	*****
*****	*****	*****	*****	*****	*****	*****	*****
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*****	*****	*****	*****	*****	*****	*****	*****
*****	*****	*****	*****	*****	*****	*****	*****
*****	*****	*****	*****	*****	*****	*****	*****

THE COMPANY HAS REQUESTED AN ORDER FROM THE SECURITIES AND EXCHANGE COMMISSION (THE “COMMISSION”) PURSUANT TO RULE 406 UNDER THE SECURITIES ACT OF 1933, AS AMENDED, GRANTING CONFIDENTIAL TREATMENT TO SELECTED PORTIONS. ACCORDINGLY, THE CONFIDENTIAL PORTIONS HAVE BEEN OMITTED FROM THIS EXHIBIT, AND HAVE BEEN FILED SEPARATELY WITH THE COMMISSION. OMITTED PORTIONS ARE INDICATED IN THIS EXHIBIT WITH “*****”.