Acurx Pharmaceuticals Files Q2 2024 10-Q

TL;DR

**ACXP Q2 10-Q FILED: Financials & Ops Update**

AI Summary

Acurx Pharmaceuticals, Inc. filed its 10-Q for the period ending June 30, 2024. The filing details financial performance and operational updates for the second quarter. Key financial figures and business developments are outlined within the report.

Why It Matters

This filing provides investors with the latest financial health and strategic direction of Acurx Pharmaceuticals, Inc. as of mid-2024.

Risk Assessment

Risk Level: medium — As a pharmaceutical company, Acurx faces inherent risks related to drug development, regulatory approvals, and market competition.

Key Numbers

• 14468229 — Total Assets (Financial position as of June 30, 2024)
• 15996168 — Total Liabilities (Financial position as of June 30, 2024)

Key Players & Entities

• Acurx Pharmaceuticals, Inc. (company) — Filer of the 10-Q
• 20240630 (date) — End of the reporting period
• 20240808 (date) — Date of filing
• 2834 (number) — Standard Industrial Classification for Pharmaceutical Preparations
• 001-40536 (number) — SEC File Number

FAQ

Key Financial Figures

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

Filing Documents

• acxp-20240630x10q.htm (10-Q) — 1297KB
• acxp-20240630xex31d1.htm (EX-31.1) — 12KB
• acxp-20240630xex31d2.htm (EX-31.2) — 12KB
• acxp-20240630xex32d1.htm (EX-32.1) — 5KB
• acxp-20240630xex32d2.htm (EX-32.2) — 5KB
• 0001558370-24-011587.txt ( ) — 4514KB
• acxp-20240630.xsd (EX-101.SCH) — 31KB
• acxp-20240630_cal.xml (EX-101.CAL) — 17KB
• acxp-20240630_def.xml (EX-101.DEF) — 130KB
• acxp-20240630_lab.xml (EX-101.LAB) — 283KB
• acxp-20240630_pre.xml (EX-101.PRE) — 222KB
• acxp-20240630x10q_htm.xml (XML) — 501KB

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 26 Item 4.

Controls and Procedures

Controls and Procedures 26 PART II - OTHER INFORMATION 27 Item 1.

Legal Proceedings

Legal Proceedings 27 Item1A.

Risk Factors

Risk Factors 27 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 60 Item 3. Defaults Upon Senior Securities 60 Item 4. Mine Safety Disclosure 60 Item 5. Other Information 60 Item 6. Exhibits 61

Signatures

Signatures 62 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 June 30, December 31, 2024 2023 (unaudited) (Note 2) ASSETS CURRENT ASSETS Cash $ 6,360,858 $ 7,474,188 Other Receivable 51,127 129,159 Prepaid Expenses 168,407 105,776 TOTAL ASSETS $ 6,580,392 $ 7,709,123 LIABILITIES AND SHAREHOLDERS' EQUITY CURRENT LIABILITIES Accounts Payable and Accrued Expenses $ 3,152,917 $ 3,042,438 TOTAL CURRENT LIABILITIES 3,152,917 3,042,438 TOTAL LIABILITIES 3,152,917 3,042,438 COMMITMENTS AND CONTINGENCIES SHAREHOLDERS' EQUITY Common Stock; $ .001 par value, 200,000,000 shares authorized, 15,996,168 and 14,468,229 shares issued and outstanding at June 30, 2024 and December 31, 2023, respectively 15,996 14,468 Additional Paid-In Capital 65,130,047 57,871,070 Accumulated Deficit ( 61,718,568 ) ( 53,218,853 ) TOTAL SHAREHOLDERS' EQUITY 3,427,475 4,666,685 TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 6,580,392 $ 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 Six Months Ended June 30, June 30, 2024 2023 2024 2023 (unaudited) (unaudited) (unaudited) (unaudited) OPERATING EXPENSES Research and Development $ 1,825,582 $ 1,736,386 $ 3,380,593 $ 2,751,969 General and Administrative 2,296,244 1,708,854 5,119,122 3,596,228 TOTAL OPERATING EXPENSES 4,121,826 3,445,240 8,499,715 6,348,197 NET LOSS $ ( 4,121,826 ) $ ( 3,445,240 ) $ ( 8,499,715 ) $ ( 6,348,197 ) LOSS PER SHARE Basic and diluted net loss per common share $ ( 0.26 ) $ ( 0.28 ) $ ( 0.54 ) $ ( 0.53 ) Weighted average common shares outstanding, basic and diluted 15,824,654 12,186,481 15,677,426 11,914,449 See accompanying notes to condensed interim financial statements

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

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View this 10-Q filing on SEC EDGAR