Acurx Pharmaceuticals Files 2023 Annual Report on Form 10-K

Ticker: ACXP · Form: 10-K · Filed: Mar 15, 2024 · CIK: 1736243

Sentiment: neutral

Topics: 10-K, Annual Report, Acurx Pharmaceuticals, Financials, SEC Filing

TL;DR

<b>Acurx Pharmaceuticals, Inc. has filed its 2023 annual report (10-K) detailing financial performance and key dates.</b>

AI Summary

Acurx Pharmaceuticals, Inc. (ACXP) filed a Annual Report (10-K) with the SEC on March 15, 2024. Acurx Pharmaceuticals, Inc. filed its 10-K report for the fiscal year ending December 31, 2023. The company's principal business address is 259 Liberty Avenue, Staten Island, NY 10305. The filing includes financial data for the fiscal years ending December 31, 2023, 2022, and 2021. Key dates mentioned include the IPO on June 29, 2021, and various share-based payment arrangement grant dates throughout 2021, 2022, and 2023. The report details financial inputs such as share price, risk-free interest rate, price volatility, and expected term, with specific dates in 2021 and 2022.

Why It Matters

For investors and stakeholders tracking Acurx Pharmaceuticals, Inc., this filing contains several important signals. This 10-K filing provides a comprehensive overview of Acurx Pharmaceuticals' financial health and operational activities for the fiscal year 2023, crucial for investors to assess the company's performance and future prospects. The detailed financial data and specific dates related to equity offerings and share-based payments offer insights into the company's capital structure and compensation strategies.

Risk Assessment

Risk Level: low — Acurx Pharmaceuticals, Inc. shows low risk based on this filing. The filing is a standard annual report (10-K) and does not contain immediate red flags, indicating a routine disclosure of financial information.

Analyst Insight

Review the detailed financial statements and risk factors within the 10-K to understand Acurx Pharmaceuticals' financial position and potential challenges.

Key Numbers

Key Players & Entities

FAQ

When did Acurx Pharmaceuticals, Inc. file this 10-K?

Acurx Pharmaceuticals, Inc. filed this Annual Report (10-K) with the SEC on March 15, 2024.

What is a 10-K filing?

A 10-K is a comprehensive annual financial report required by the SEC, covering audited financials, business operations, risk factors, and management discussion. This particular 10-K was filed by Acurx Pharmaceuticals, Inc. (ACXP).

Where can I read the original 10-K filing from Acurx Pharmaceuticals, Inc.?

You can access the original filing directly on the SEC's EDGAR system. The filing is publicly available and includes all exhibits and attachments submitted by Acurx Pharmaceuticals, Inc..

What are the key takeaways from Acurx Pharmaceuticals, Inc.'s 10-K?

Acurx Pharmaceuticals, Inc. filed this 10-K on March 15, 2024. Key takeaways: Acurx Pharmaceuticals, Inc. filed its 10-K report for the fiscal year ending December 31, 2023.. The company's principal business address is 259 Liberty Avenue, Staten Island, NY 10305.. The filing includes financial data for the fiscal years ending December 31, 2023, 2022, and 2021..

Is Acurx Pharmaceuticals, Inc. a risky investment based on this filing?

Based on this 10-K, Acurx Pharmaceuticals, Inc. presents a relatively low-risk profile. The filing is a standard annual report (10-K) and does not contain immediate red flags, indicating a routine disclosure of financial information.

What should investors do after reading Acurx Pharmaceuticals, Inc.'s 10-K?

Review the detailed financial statements and risk factors within the 10-K to understand Acurx Pharmaceuticals' financial position and potential challenges. The overall sentiment from this filing is neutral.

Key Dates

Filing Stats: 4,455 words · 18 min read · ~15 pages · Grade level 14.7 · Accepted 2024-03-15 16:05:53

Key Financial Figures

Filing Documents

Business

Item 1. Business. 3

Risk Factors

Item 1A. Risk Factors. 33

Unresolved Staff Comments

Item 1B. Unresolved Staff Comments. 68

Cybersecurity

Item 1C. Cybersecurity 68

Properties

Item 2. Properties. 70

Legal Proceedings

Item 3. Legal Proceedings. 70

Mine Safety Disclosures

Item 4. Mine Safety Disclosures. 70 PART II 71

Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities. 71

Selected Financial Data

Item 6. Selected Financial Data. 71

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations. 71

Quantitative and Qualitative Disclosures About Market Risk

Item 7A. Quantitative and Qualitative Disclosures About Market Risk. 81

Financial Statements and Supplementary Data

Item 8. Financial Statements and Supplementary Data. 81

Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure. 81

Controls and Procedures

Item 9A. Controls and Procedures. 81

Other Information

Item 9B. Other Information. 82

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections. 82 PART III 83

Directors, Executive Officers and Corporate Governance

Item 10. Directors, Executive Officers and Corporate Governance. 83

Executive Compensation

Item 11. Executive Compensation. 89

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters. 94

Certain Relationships and Related Transactions, and Director Independence

Item 13. Certain Relationships and Related Transactions, and Director Independence. 96

Principal Accounting Fees and Services

Item 14. Principal Accounting Fees and Services. 97 PART IV 99

Exhibits, Financial Statement Schedules

Item 15. Exhibits, Financial Statement Schedules. 99

Form 10-K Summary

Item 16. Form 10-K Summary. 101 Table of Contents SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS This Annual Report on Form 10-K (this "Form 10-K") contains forward-looking statements that involve risks and uncertainties. All statements other than statements of historical facts contained in this Form 10-K are forward-looking statements. In some cases, you can identify forward-looking statements by words such as "anticipate," "believe," "contemplate," "continue," "could," "estimate," "expect," "intend," "may," "plan," "potential," "predict," "project," "seek," "should," "target," "will," "would," or the negative of these words or other comparable terminology. These forward-looking statements include, but are not limited to, statements about: our ability to obtain and maintain regulatory approval of ibezapolstat and/or our other product candidates; our ability to successfully commercialize and market ibezapolstat and/or our other product candidates, if approved; our ability to contract with third-party suppliers, manufacturers and other service providers and their ability to perform adequately; the potential market size, opportunity and growth potential for ibezapolstat and/or our other product candidates, if approved; our ability to build our own sales and marketing capabilities, or seek collaborative partners, to commercialize ibezapolstat and/or our other product candidates, if approved; our ability to obtain funding for our operations; the initiation, timing, progress and results of our preclinical studies and clinical trials, and our research and development programs; the timing of anticipated regulatory filings; the timing of availability of data from our clinical trials; the impact of the ongoing COVID-19 pandemic and our response to it; the accuracy of our estimates regarding expenses, capital requirements and needs for additional financing; our ability to retain the continued service of our key professionals and to identify, hire and reta

Business

Item 1. Business. Overview Acurx Pharmaceuticals is a late-stage biopharmaceutical company focused on developing a new class of small molecule antibiotics for difficult-to-treat bacterial infections. Our approach is to develop antibiotic candidates with a Gram-positive selective spectrum ("GPSS") that block the active site of the Gram positive specific bacterial enzyme deoxyribonucleic acid ("DNA") polymerase IIIC ("pol IIIC"), inhibiting DNA replication and leading to Gram-positive bacterial cell death. Our research and development ("R&D") pipeline includes antibiotic product candidates that target Gram-positive bacteria, including Clostridioides difficile ("C. difficile"), methicillin-resistant Staphylococcus aureus ("MRSA"), vancomycin resistant Enterococcus ("VRE") and drug-resistant Streptococcus pneumoniae ("DRSP"). These bacterial targets are listed as priority pathogens by the World Health Organization ("WHO"), the United States ("U.S.") Centers for Disease Control and Prevention ("CDC") and the U.S. Food and Drug Administration ("FDA"). Priority pathogens are those which require new antibiotics to address the worldwide crisis of antimicrobial resistance ("AMR") as identified by the WHO, CDC and FDA. The CDC estimates that, in the U.S., antibiotic-resistant pathogens infect one individual every 11 seconds and result in one death every 15 minutes. The WHO recently stated that growing antimicrobial resistance is equally as dangerous as the recent COVID-19 pandemic, threatens to unwind a century of medical progress and may leave us defenseless against infections that today can be treated easily. According to the WHO, the current clinical development pipeline remains insufficient to tackle the challenge of the increasing emergence and spread of antimicrobial resistance. We believe we are developing the first DNA pol IIIC inhibitor to enter Phase 3 clinical trials and have clinically validated the efficacy of our lead pol IIIC antibiotic candidate in a Phas

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