Acurx Pharmaceuticals, Inc. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Acurx Pharmaceuticals, Inc. filed its Q1 2024 10-Q report, detailing financial performance and equity-related information.</b>

AI Summary

Acurx Pharmaceuticals, Inc. (ACXP) filed a Quarterly Report (10-Q) with the SEC on May 14, 2024. Acurx Pharmaceuticals, Inc. filed a 10-Q report for the period ending March 31, 2024. The filing includes financial data for Q1 2024 and comparative periods. Key financial metrics such as revenue and net income are detailed. Information regarding share-based payment arrangements and equity incentive plans is provided. The company is incorporated in Delaware and operates in the Pharmaceutical Preparations industry.

Why It Matters

For investors and stakeholders tracking Acurx Pharmaceuticals, Inc., this filing contains several important signals. This filing provides investors with the latest financial health and operational updates for Acurx Pharmaceuticals, Inc. Understanding the Q1 2024 results is crucial for assessing the company's current trajectory and future prospects in the pharmaceutical sector.

Risk Assessment

Risk Level: low — Acurx Pharmaceuticals, Inc. shows low risk based on this filing. The filing is a standard 10-Q, providing routine financial disclosures without immediate significant positive or negative indicators.

Analyst Insight

Monitor future filings for updates on revenue growth, net income, and any new developments in their pharmaceutical pipeline.

Key Numbers

• 20240331 — Period End Date (Conformed period of report)
• 20240514 — Filing Date (Filed as of date)
• 15472507 — Value 1 (Financial data for 2024 Q1)
• 11639395 — Value 2 (Financial data for 2024 Q1)
• 0.28 — Value 3 (Financial data for 2024 Q1)
• 0.25 — Value 4 (Financial data for 2024 Q1)

Key Players & Entities

• Acurx Pharmaceuticals, Inc. (company) — Filer name
• 2024-03-31 (date) — Conformed period of report
• 2024-05-14 (date) — Filed as of date
• 0001558370-24-008130 (filing_id) — Accession number
• 2834 (industry_code) — Standard Industrial Classification
• DE (state) — State of incorporation
• 10-Q (form_type) — Form type
• 001-40536 (sec_file_number) — SEC file number

FAQ

Industry Context

Acurx Pharmaceuticals operates within the pharmaceutical preparations industry, focusing on the development and commercialization of pharmaceutical products.

Regulatory Implications

The company is subject to standard SEC regulations for public companies, including the requirement to file quarterly reports (10-Q) detailing financial performance and business operations.

What Investors Should Do

1. Review the detailed financial statements in the 10-Q for revenue, expenses, and cash flow.
2. Analyze any disclosures related to the company's product pipeline or clinical trials.
3. Compare the Q1 2024 results to previous periods to identify trends in financial performance.

Key Dates

• 2024-03-31: Period End Date — End of the first quarter of 2024
• 2024-05-14: Filing Date — Date the 10-Q report was filed with the SEC

Year-Over-Year Comparison

This filing represents the quarterly update for the period ending March 31, 2024, providing the latest financial and operational information since the previous filing.

Key Financial Figures

• $0.001 — nge on which registered Common Stock, $0.001 par value per share ACXP The Nasdaq

Filing Documents

• acxp-20240331x10q.htm (10-Q) — 1092KB
• acxp-20240331xex31d1.htm (EX-31.1) — 12KB
• acxp-20240331xex31d2.htm (EX-31.2) — 12KB
• acxp-20240331xex32d1.htm (EX-32.1) — 5KB
• acxp-20240331xex32d2.htm (EX-32.2) — 5KB
• 0001558370-24-008130.txt (&nbsp;) — 4000KB
• acxp-20240331.xsd (EX-101.SCH) — 30KB
• acxp-20240331_cal.xml (EX-101.CAL) — 17KB
• acxp-20240331_def.xml (EX-101.DEF) — 110KB
• acxp-20240331_lab.xml (EX-101.LAB) — 267KB
• acxp-20240331_pre.xml (EX-101.PRE) — 206KB
• acxp-20240331x10q_htm.xml (XML) — 426KB

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 17 Item 3.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 25 Item 4.

Controls and Procedures

Controls and Procedures 25 PART II - OTHER INFORMATION 26 Item 1.

Legal Proceedings

Legal Proceedings 26 Item1A.

Risk Factors

Risk Factors 26 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 58 Item 3. Defaults Upon Senior Securities 58 Item 4. Mine Safety Disclosure 58 Item 5. Other Information 59 Item 6. Exhibits 60

Signatures

Signatures 61 Certificates 2 Table of Contents SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS This Quarterly Report on Form 10-Q ("Quarterly Report") and certain information incorporated herein by reference contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). In this Quarterly Report, we refer to Acurx Pharmaceuticals, Inc., together with its subsidiary, as the "Company," "we," "our" or "us." All statements other than statements of historical facts contained herein, including statements regarding our future results of operations and financial position, strategy and plans, and our expectations for future operations, are forward-looking statements. The words "believe," "may," "will," "estimate," "continue," "anticipate," "design," "intend," "expect" or the negative version of these words and similar expressions are intended to identify forward-looking statements. We have based these forward-looking statements on our current expectations and projections about future events and trends that we believe may affect our financial condition, results of operations, strategy, short- and long-term business operations and objectives, and financial needs. These forward-looking statements are subject to a number of risks, uncertainties and assumptions, including those described in Part II, Item 1A "Risk Factors." In light of these risks, uncertainties and assumptions, the forward-looking events and circumstances included herein may not occur, and actual results could differ materially and adversely from those anticipated or implied in the forward-looking statements. Given these uncertainties, you should not place undue reliance on these forward-looking statements. Forward-looking statements include, but are not limited to, statements about: our ability to obtain and maintain regulatory approval of ibe

—FINANCIAL INFORMATION

PART I—FINANCIAL INFORMATION

CONDENSED INTERIM FINANCIAL STATEMENTS

ITEM 1. CONDENSED INTERIM FINANCIAL STATEMENTS. ACURX PHARMACEUTICALS, INC. CONDENSED INTERIM BALANCE SHEETS March 31, December 31, 2024 2023 (unaudited) (Note 2) ASSETS CURRENT ASSETS Cash $ 8,920,926 $ 7,474,188 Other Receivable — 129,159 Prepaid Expenses 187,908 105,776 TOTAL ASSETS $ 9,108,834 $ 7,709,123 LIABILITIES AND SHAREHOLDERS' EQUITY CURRENT LIABILITIES Accounts Payable and Accrued Expenses $ 3,110,242 $ 3,042,438 TOTAL CURRENT LIABILITIES 3,110,242 3,042,438 TOTAL LIABILITIES 3,110,242 3,042,438 COMMITMENTS AND CONTINGENCIES SHAREHOLDERS' EQUITY Common Stock; $ .001 par value, 200,000,000 shares authorized, 15,757,102 and 14,468,229 shares issued and outstanding at March 31, 2024 and December 31, 2023, respectively 15,757 14,468 Additional Paid-In Capital 63,579,577 57,871,070 Accumulated Deficit ( 57,596,742 ) ( 53,218,853 ) TOTAL SHAREHOLDERS' EQUITY 5,998,592 4,666,685 TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 9,108,834 $ 7,709,123 See accompanying notes to condensed interim financial statements. 5 Table of Contents ACURX PHARMACEUTICALS, INC. CONDENSED INTERIM STATEMENTS OF OPERATIONS Three Months Ended March 31, 2024 2023 (unaudited) (unaudited) OPERATING EXPENSES Research and Development $ 1,555,011 $ 1,015,583 General and Administrative 2,822,878 1,887,374 TOTAL OPERATING EXPENSES 4,377,889 2,902,957 NET LOSS $ ( 4,377,889 ) $ ( 2,902,957 ) LOSS PER SHARE Basic and diluted net loss per common share $ ( 0.28 ) $ ( 0.25 ) Weighted average common shares outstanding, basic and diluted 15,472,507 11,639,395 See accompanying notes to condensed interim financial statements. 6 Table of Contents ACURX PHARMACEUTICALS, INC. CONDENSED INTERIM STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (unaudited) Common Stock Additional Total Paid-In Accumulated Shareholders' Shares Amount Capital Deficit Eq

Business

Business Acurx Pharmaceuticals, Inc., a Delaware corporation, formerly Acurx Pharmaceuticals, LLC (the "Company") is a clinical stage biopharmaceutical company formed in July 2017, with operations commencing in February 2018. The Company is focused on developing a novel class of antibiotics that address serious or life-threatening bacterial infections. In March 2020, the World Health Organization declared the outbreak of COVID-19, a novel strain of coronavirus, a global pandemic. This outbreak caused major disruptions to businesses and markets worldwide as the virus continued to spread. The COVID- 19 pandemic has disrupted, and the Company expects it will continue to disrupt, its operations. The extent of the effect on the Company's operational and financial performance will depend on future developments, including the duration, spread and intensity of the pandemic, and governmental, regulatory and private sector responses, direct and indirect economic effects as a result of inflation, supply chain disruptions and labor shortages all of which are uncertain and difficult to predict. Although the Company is unable to estimate the financial effect of the pandemic, at this time, if the pandemic continues over a long period of time, it could have a material adverse effect on the Company's business, results of operations, financial condition, and cash flows. The financial statements do not reflect any adjustments as a result of the pandemic. In February 2018, the Company purchased the active pharmaceutical ingredient, the intellectual property and other rights to an antibiotic product candidate known as GLS362E (renamed ACX-362E and now approved for non-proprietary name, ibezapolstat) (the "Asset") from GLSynthesis, Inc. The Company paid $ 110,174 in cash, along with granting 100,000 Class B Membership Interests, profits interests as defined in the operating agreement, with an exercise price of $ 0.10 per share. The Company was also required to make certain milestone

View Full Filing

View this 10-Q filing on SEC EDGAR