$ACXP
Acurx Pharmaceuticals, Inc.

2021 Q4 Form 10-Q Financial Statement

#000110465921138038 Filed on November 12, 2021

View on sec.gov

Income Statement

Concept 2021 Q4 2021 Q3 2020 Q4
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $1.911M $3.515M $635.5K
YoY Change 200.69% 437.03%
% of Gross Profit
Research & Development $716.2K $1.127M $460.0K
YoY Change 55.7% 70.76%
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $2.627M $4.642M $1.093M
YoY Change 140.35% 253.14%
Operating Profit
YoY Change
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$2.627M -$4.642M -$1.093M
YoY Change 140.35% 253.14%
Income Tax
% Of Pretax Income
Net Earnings -$2.627M -$4.642M -$1.093M
YoY Change 140.35% 253.14%
Net Earnings / Revenue
Basic Earnings Per Share -$0.46
Diluted Earnings Per Share -$258.1K -$0.46 -$54.51K
COMMON SHARES
Basic Shares Outstanding 10.22M 10.12M
Diluted Shares Outstanding 10.12M

Balance Sheet

Concept 2021 Q4 2021 Q3 2020 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $12.96M $14.46M
YoY Change
Cash & Equivalents $12.96M $14.46M $3.175M
Short-Term Investments
Other Short-Term Assets $295.3K $530.6K
YoY Change
Inventory
Prepaid Expenses $295.3K $530.6K $48.61K
Receivables
Other Receivables
Total Short-Term Assets $13.25M $14.99M
YoY Change
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $0.00 -$2.00
YoY Change
TOTAL ASSETS
Total Short-Term Assets $13.25M $14.99M
Total Long-Term Assets $0.00 -$2.00
Total Assets $13.25M $14.99M $3.224M
YoY Change 311.11%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $63.37K $12.14K
YoY Change
Accrued Expenses $780.5K $700.3K
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00 $0.00
YoY Change
Total Short-Term Liabilities $843.9K $712.4K $472.6K
YoY Change 78.58%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $0.00 $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $843.9K $712.4K $472.6K
Total Long-Term Liabilities $0.00 $0.00
Total Liabilities $843.9K $712.4K $522.4K
YoY Change 61.53%
SHAREHOLDERS EQUITY
Retained Earnings -$26.55M -$23.92M -$13.80M
YoY Change 92.37%
Common Stock $10.22K $10.13K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $12.41M $14.28M $2.702M
YoY Change
Total Liabilities & Shareholders Equity $13.25M $14.99M $3.224M
YoY Change 311.11%

Cashflow Statement

Concept 2021 Q4 2021 Q3 2020 Q4
OPERATING ACTIVITIES
Net Income -$2.627M -$4.642M -$1.093M
YoY Change 140.35% 253.14%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities -$1.500M -$2.637M -$959.8K
YoY Change 56.31% 76.65%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 0.000 0.000 728.5K
YoY Change -100.0% -100.0%
NET CHANGE
Cash From Operating Activities -1.500M -2.637M -959.8K
Cash From Investing Activities
Cash From Financing Activities 0.000 0.000 728.5K
Net Change In Cash -1.500M -2.637M -231.2K
YoY Change 548.82% -244.66%
FREE CASH FLOW
Cash From Operating Activities -$1.500M -$2.637M -$959.8K
Capital Expenditures
Free Cash Flow
YoY Change

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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;text-decoration:underline;text-decoration-color:#000000;">NOTE 1 – NATURE OF OPERATIONS</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;text-decoration:underline;">Business:</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:0pt;margin:0pt 0pt 12pt 0pt;">Acurx Pharmaceuticals, Inc., a Delaware corporation, formerly Acurx Pharmaceuticals, LLC (the “Company”) is a publicly-held, clinical stage biopharmaceutical company formed in July 2017, with operations commencing in February 2018. The Company is focused on developing novel antibiotics that address difficult to treat bacterial infections. The Company’s approach is to develop antibiotic candidates that could potentially block an entirely new molecular target, the DNA polymerase IIIC (“Pol IIIC”) enzyme, and its research and development pipeline includes early stage Pol IIIC antibiotic candidates that target other Gram-positive bacteria, including Methicillin-Resistant <i style="font-style:italic;">Staphylococcus aureus </i>(“MRSA”), Vancomycin-Resistant Enterococcus (“VRE”) and Penicillin-Resistant <i style="font-style:italic;">Streptococcus pneumoniae </i>(“PRSP”). The Pol IIIC enzyme is the primary catalyst for the replication of DNA in certain Gram-positive bacterial cells.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:0pt;margin:0pt 0pt 12pt 0pt;">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, 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.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:0pt;margin:0pt 0pt 12pt 0pt;">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 payments totaling $700,000 in aggregate if certain milestones are achieved, $50,000 of which has already been paid by the Company and royalty payments equal to 4% of net sales for a period of time equal to the last to expire of any applicable patents, as defined in the asset purchase agreement. The purchase of the Asset has resulted in our lead antibiotic product candidate, ibezapolstat, which targets the treatment of Clostridium difficile Infections (“CDI”).</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:0pt;margin:0pt 0pt 12pt 0pt;">The Company’s primary activities since inception have included organizational activities and performing research and development activities relating to the development of its two antibiotic candidates and raising funds through equity offerings including its initial public offering (“IPO”) consummated in June 2021. The Company has not generated any revenues since inception.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:0pt;margin:0pt;">The Company has experienced net losses and negative cash flows from operations since inception and expects these conditions to continue for the foreseeable future. The Company has needed to raise capital from sales of its securities to sustain operations. On June 29, 2021, the Company completed the IPO issuing 2,875,000 shares of common stock at a price of $6.00 per share, with gross proceeds of approximately $17.3 million. As of September 30, 2021, the Company had a cash balance of approximately $14.5 million. Management believes that the Company will continue to incur losses for the foreseeable future and will need additional resources to sustain its operations until it can achieve profitability and positive cash flows, if ever. Management plans to seek additional equity financing and grant funding, but cannot assure that such financing and funding will be available at acceptable terms, or at all. The accompanying unaudited condensed interim financial statements do not include any adjustments that might result from the outcome of this uncertainty. There can be no assurance that the Company’s research and development will be successfully completed or that any Company product candidate will be approved by the Food and Drug Administration (“FDA”) or any other worldwide regulatory authority or become commercially viable. The Company is subject to risks common to companies in the biopharmaceutical industry including, but not limited to, dependence on collaborative arrangements, development by the Company or its competitors of new technological innovations, dependence on key personnel, protection of proprietary technology, and compliance with FDA and other governmental regulations and approval requirements.</p>
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us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;text-decoration:underline;">Concentration of Credit Risk</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:0pt;margin:0pt 0pt 12pt 0pt;">The Company maintains its cash balance in one financial institution. The balance is insured up to the maximum allowable by the Federal Deposit Insurance Corporation (“FDIC”). The Company has not experienced any losses in such accounts and does not believe it is exposed to any significant risk of loss on cash. At times, the cash balance may exceed the maximum insured limit of the FDIC. As of September 30, 2021, the Company had cash of $14.5 million in U.S. bank accounts which were not fully insured by the <span style="white-space:pre-wrap;">FDIC.</span></p>
CY2021Q3 us-gaap Cash Fdic Insured Amount
CashFDICInsuredAmount
14500000
us-gaap Guarantees Indemnifications And Warranties Policies
GuaranteesIndemnificationsAndWarrantiesPolicies
<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;text-decoration:underline;">Guaranteed Payments to Members</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:0pt;margin:0pt 0pt 12pt 0pt;">Prior to the corporate conversion, guaranteed payments to members of the Company that were designated to represent reasonable compensation for services rendered, were accounted for as Company expenses rather than an allocation of the Company’s net income.</p>
CY2020Q4 acxp Accrued Research And Development Current
AccruedResearchAndDevelopmentCurrent
89156
CY2021Q3 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
133194
CY2021Q3 acxp Percentage Of Major Vendor Research And Development Expenditures
PercentageOfMajorVendorResearchAndDevelopmentExpenditures
0.52
CY2020Q3 acxp Percentage Of Major Vendor Research And Development Expenditures
PercentageOfMajorVendorResearchAndDevelopmentExpenditures
0.59
acxp Percentage Of Major Vendor Research And Development Expenditures
PercentageOfMajorVendorResearchAndDevelopmentExpenditures
0.45
acxp Percentage Of Major Vendor Research And Development Expenditures
PercentageOfMajorVendorResearchAndDevelopmentExpenditures
0.40
acxp Percentage Of Major Vendor Accounts Payable And Accrued Expenses
PercentageOfMajorVendorAccountsPayableAndAccruedExpenses
0.11
CY2020 acxp Percentage Of Major Vendor Accounts Payable And Accrued Expenses
PercentageOfMajorVendorAccountsPayableAndAccruedExpenses
0.06
CY2021Q3 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
252117
CY2020Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
317068
CY2019 acxp Number Of Executives Received Compensation
NumberOfExecutivesReceivedCompensation
3
CY2019 acxp Compensation Arrangements On Equity Debt Offerings
CompensationArrangementsOnEquityDebtOfferings
2500000
CY2019Q4 us-gaap Deferred Compensation Arrangement With Individual Cash Award Granted Amount
DeferredCompensationArrangementWithIndividualCashAwardGrantedAmount
2500000
CY2021Q3 us-gaap Deferred Compensation Share Based Arrangements Liability Current
DeferredCompensationShareBasedArrangementsLiabilityCurrent
0
CY2020Q4 us-gaap Deferred Compensation Share Based Arrangements Liability Current
DeferredCompensationShareBasedArrangementsLiabilityCurrent
104000
acxp Share Based Compensation Membership Interest Exercise Price
ShareBasedCompensationMembershipInterestExercisePrice
3.25
CY2018 acxp Percentage Of Private Placement Offerings Warrant Coverage
PercentageOfPrivatePlacementOfferingsWarrantCoverage
0.50
CY2019Q1 us-gaap Shares Issued Price Per Share
SharesIssuedPricePerShare
2.00
CY2019Q1 acxp Units Issued During Period Shares New Issues
UnitsIssuedDuringPeriodSharesNewIssues
277000
CY2019Q3 acxp Units Issued During Period Shares New Issues
UnitsIssuedDuringPeriodSharesNewIssues
1248750
CY2019Q4 acxp Units Issued During Period Shares New Issues
UnitsIssuedDuringPeriodSharesNewIssues
483501
CY2020Q1 acxp Units Issued During Period Shares New Issues
UnitsIssuedDuringPeriodSharesNewIssues
182002
CY2021Q3 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
200000000
CY2021Q3 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
10126903
CY2021Q2 us-gaap Stock Issued During Period Shares Conversion Of Units
StockIssuedDuringPeriodSharesConversionOfUnits
7041208
CY2020 acxp Share Based Compensation Membership Interest Exercise Price
ShareBasedCompensationMembershipInterestExercisePrice
3.25
CY2019 acxp Share Based Compensation Membership Interest Exercise Price
ShareBasedCompensationMembershipInterestExercisePrice
2.50
CY2019 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
2.14
CY2020 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
2.14
CY2021Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
0
CY2020Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
175000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
755556
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
508333
CY2021Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
2357500
CY2021Q3 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
6.21
CY2021Q3 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested Number Of Shares
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedNumberOfShares
788167
CY2021Q3 acxp Share Based Compensation Arrangements By Share Based Payment Award Options Vested Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsVestedWeightedAverageExercisePrice
6.22
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P6Y2M12D
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Weighted Average Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsWeightedAverageVolatilityRate
0.93
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0109
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
4.72
CY2021Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
1569333
CY2021Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
6.20
CY2021Q3 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Stock Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions
7399003
us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P2Y9M
CY2021Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
0
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P9Y9M
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
4.72
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
208270
CY2020 acxp Related Party Transaction Total Expenses From Transactions With Related Party
RelatedPartyTransactionTotalExpensesFromTransactionsWithRelatedParty
15000
CY2020 us-gaap Related Party Transaction Expenses From Transactions With Related Party
RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty
7500
CY2021Q3 us-gaap Related Party Transaction Expenses From Transactions With Related Party
RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty
7500

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