Acurx Pharmaceuticals Q3 2024 Update

TL;DR

ACXP Q3 2024: Assets $16.77M, Liabilities $14.47M. Watch retained earnings.

AI Summary

Acurx Pharmaceuticals, Inc. filed its quarterly report for the period ending September 30, 2024. The company reported total assets of $16,770,378 and total liabilities of $14,468,229. Key financial figures include retained earnings and additional paid-in capital as of various dates throughout 2023 and 2024.

Why It Matters

This filing provides a snapshot of Acurx Pharmaceuticals' financial health and capital structure as of Q3 2024, which is crucial for investors assessing the company's stability and growth potential.

Risk Assessment

Risk Level: medium — The company has significant liabilities relative to its assets, and the filing does not detail operational performance or revenue generation, indicating potential financial risk.

Key Numbers

• $16.77B — Total Assets (As of September 30, 2024)
• $14.47B — Total Liabilities (As of September 30, 2024)

Key Players & Entities

• Acurx Pharmaceuticals, Inc. (company) — Filer of the 10-Q report
• 2024-09-30 (date) — End of the reporting period
• $16,770,378 (dollar_amount) — Total assets as of September 30, 2024
• $14,468,229 (dollar_amount) — Total liabilities as of September 30, 2024

FAQ

Key Financial Figures

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

Filing Documents

• acxp-20240930x10q.htm (10-Q) — 1333KB
• acxp-20240930xex31d1.htm (EX-31.1) — 12KB
• acxp-20240930xex31d2.htm (EX-31.2) — 12KB
• acxp-20240930xex32d1.htm (EX-32.1) — 5KB
• acxp-20240930xex32d2.htm (EX-32.2) — 5KB
• 0001558370-24-015310.txt ( ) — 4325KB
• acxp-20240930.xsd (EX-101.SCH) — 29KB
• acxp-20240930_cal.xml (EX-101.CAL) — 17KB
• acxp-20240930_def.xml (EX-101.DEF) — 113KB
• acxp-20240930_lab.xml (EX-101.LAB) — 260KB
• acxp-20240930_pre.xml (EX-101.PRE) — 199KB
• acxp-20240930x10q_htm.xml (XML) — 471KB

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 16 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 Item 1A.

Risk Factors

Risk Factors 26 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 59 Item 3. Defaults Upon Senior Securities 59 Item 4. Mine Safety Disclosure 59 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 September 30, December 31, 2024 2023 (unaudited) (Note 2) ASSETS CURRENT ASSETS Cash $ 5,762,564 $ 7,474,188 Other Receivable 97,373 129,159 Prepaid Expenses 122,822 105,776 TOTAL ASSETS $ 5,982,759 $ 7,709,123 LIABILITIES AND SHAREHOLDERS' EQUITY CURRENT LIABILITIES Accounts Payable and Accrued Expenses $ 3,318,765 $ 3,042,438 TOTAL CURRENT LIABILITIES 3,318,765 3,042,438 TOTAL LIABILITIES 3,318,765 3,042,438 COMMITMENTS AND CONTINGENCIES SHAREHOLDERS' EQUITY Common Stock; $ .001 par value, 200,000,000 shares authorized, 16,770,378 and 14,468,229 shares issued and outstanding at September 30, 2024 and December 31, 2023, respectively 16,770 14,468 Additional Paid-In Capital 67,187,389 57,871,070 Accumulated Deficit ( 64,540,165 ) ( 53,218,853 ) TOTAL SHAREHOLDERS' EQUITY 2,663,994 4,666,685 TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 5,982,759 $ 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 Nine Months Ended September 30, September 30, 2024 2023 2024 2023 (unaudited) (unaudited) (unaudited) (unaudited) OPERATING EXPENSES Research and Development $ 1,198,184 $ 1,348,985 $ 4,578,777 $ 4,100,954 General and Administrative 1,623,413 1,765,996 6,742,535 5,362,224 TOTAL OPERATING EXPENSES 2,821,597 3,114,981 11,321,312 9,463,178 NET LOSS $ ( 2,821,597 ) $ ( 3,114,981 ) $ ( 11,321,312 ) $ ( 9,463,178 ) LOSS PER SHARE Basic and diluted net loss per common share $ ( 0.17 ) $ ( 0.24 ) $ ( 0.71 ) $ ( 0.77 ) Weighted average common shares outstanding, basic and diluted 16,363,473 13,005,128 15,907,778 12,282,004 See accompanying notes to condensed inter

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. Previously, the Company's clinical trial operations were directly and indirectly adversely impacted, and could continue to be directly and indirectly adversely impacted, by the COVID-19 pandemic. 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 e

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View this 10-Q filing on SEC EDGAR