$ACXP
Acurx Pharmaceuticals, Inc.

2022 Q4 Form 10-Q Financial Statement

#000155837022017408 Filed on November 10, 2022

View on sec.gov

Income Statement

Concept 2022 Q4 2022 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 $1.828M $1.951M $635.5K
YoY Change -4.34% -44.51%
% of Gross Profit
Research & Development $1.433M $1.591M $460.0K
YoY Change 100.03% 41.18%
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $3.261M $3.542M $1.093M
YoY Change 24.11% -23.71%
Operating Profit
YoY Change
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$3.261M -$3.542M -$1.093M
YoY Change 24.11% -23.71%
Income Tax
% Of Pretax Income
Net Earnings -$3.261M -$3.542M -$1.093M
YoY Change 24.11% -23.71%
Net Earnings / Revenue
Basic Earnings Per Share -$0.32
Diluted Earnings Per Share -$0.28 -$0.32 -$54.51K
COMMON SHARES
Basic Shares Outstanding 11.59M 11.42M
Diluted Shares Outstanding 11.15M

Balance Sheet

Concept 2022 Q4 2022 Q3 2020 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $9.112M $10.61M
YoY Change -29.69% -26.64%
Cash & Equivalents $9.112M $10.61M $3.175M
Short-Term Investments
Other Short-Term Assets $265.0K $337.8K
YoY Change -10.27% -36.33%
Inventory
Prepaid Expenses $265.0K $337.8K $48.61K
Receivables
Other Receivables
Total Short-Term Assets $9.377M $10.95M
YoY Change -29.25% -26.98%
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 -$4.00 $2.00
YoY Change -200.0%
TOTAL ASSETS
Total Short-Term Assets $9.377M $10.95M
Total Long-Term Assets -$4.00 $2.00
Total Assets $9.377M $10.95M $3.224M
YoY Change -29.25% -26.98%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $29.54K $5.940K
YoY Change -53.38% -51.07%
Accrued Expenses $2.032M $1.176M
YoY Change 160.35% 67.95%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $2.062M $1.182M $472.6K
YoY Change 144.3% 65.92%
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 $2.062M $1.182M $472.6K
Total Long-Term Liabilities $0.00 $0.00
Total Liabilities $2.062M $1.182M $522.4K
YoY Change 144.3% 65.92%
SHAREHOLDERS EQUITY
Retained Earnings -$38.64M -$35.38M -$13.80M
YoY Change 45.55% 47.9%
Common Stock $11.63K $11.59K
YoY Change 13.82% 14.48%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $7.315M $9.763M $2.702M
YoY Change
Total Liabilities & Shareholders Equity $9.377M $10.95M $3.224M
YoY Change -29.25% -26.98%

Cashflow Statement

Concept 2022 Q4 2022 Q3 2020 Q4
OPERATING ACTIVITIES
Net Income -$3.261M -$3.542M -$1.093M
YoY Change 24.11% -23.71%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities -$1.496M -$2.180M -$959.8K
YoY Change -0.31% -17.31%
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 3.695M 728.5K
YoY Change
NET CHANGE
Cash From Operating Activities -1.496M -2.180M -959.8K
Cash From Investing Activities
Cash From Financing Activities 0.000 3.695M 728.5K
Net Change In Cash -1.496M 1.515M -231.2K
YoY Change -0.31% -157.47%
FREE CASH FLOW
Cash From Operating Activities -$1.496M -$2.180M -$959.8K
Capital Expenditures
Free Cash Flow
YoY Change

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
dei Entity Central Index Key
EntityCentralIndexKey
0001736243
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2022
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q3
dei Amendment Flag
AmendmentFlag
false
CY2022Q3 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
11592609
CY2021Q4 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
10215792
CY2022Q3 us-gaap Commitments And Contingencies
CommitmentsAndContingencies
CY2021Q4 us-gaap Commitments And Contingencies
CommitmentsAndContingencies
CY2022Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.32
CY2021Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.46
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.84
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-1.27
CY2022Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
11148402
CY2021Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
10116403
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
10551503
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
7988563
CY2022Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.32
CY2021Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.46
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.84
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-1.27
CY2022Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
11148402
CY2021Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
10116403
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
10551503
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
7988563
dei Document Type
DocumentType
10-Q
dei Document Quarterly Report
DocumentQuarterlyReport
true
dei Document Period End Date
DocumentPeriodEndDate
2022-09-30
dei Document Transition Report
DocumentTransitionReport
false
dei Entity File Number
EntityFileNumber
001-40536
dei Entity Registrant Name
EntityRegistrantName
Acurx Pharmaceuticals, Inc.
dei Entity Incorporation State Country Code
EntityIncorporationStateCountryCode
DE
dei Entity Tax Identification Number
EntityTaxIdentificationNumber
82-3733567
dei Entity Address Address Line1
EntityAddressAddressLine1
259 Liberty Ave
dei Entity Address City Or Town
EntityAddressCityOrTown
Staten Island
dei Entity Address State Or Province
EntityAddressStateOrProvince
NY
dei Entity Address Postal Zip Code
EntityAddressPostalZipCode
10305
dei City Area Code
CityAreaCode
917
dei Local Phone Number
LocalPhoneNumber
533-1469
dei Security12b Title
Security12bTitle
Common Stock
dei Trading Symbol
TradingSymbol
ACXP
dei Security Exchange Name
SecurityExchangeName
NASDAQ
dei Entity Current Reporting Status
EntityCurrentReportingStatus
Yes
dei Entity Interactive Data Current
EntityInteractiveDataCurrent
Yes
dei Entity Filer Category
EntityFilerCategory
Non-accelerated Filer
dei Entity Small Business
EntitySmallBusiness
true
dei Entity Emerging Growth Company
EntityEmergingGrowthCompany
true
dei Entity Ex Transition Period
EntityExTransitionPeriod
false
dei Entity Shell Company
EntityShellCompany
false
CY2022Q4 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
11592609
CY2022Q3 us-gaap Cash
Cash
10607341
CY2021Q4 us-gaap Cash
Cash
12958846
CY2022Q3 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
337807
CY2021Q4 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
295304
CY2022Q3 us-gaap Assets Current
AssetsCurrent
10945148
CY2021Q4 us-gaap Assets Current
AssetsCurrent
13254150
CY2022Q3 us-gaap Accounts Payable And Accrued Liabilities Current
AccountsPayableAndAccruedLiabilitiesCurrent
1182080
CY2021Q1 us-gaap Stock Issued During Period Value Issued For Services
StockIssuedDuringPeriodValueIssuedForServices
135471
CY2021Q4 us-gaap Accounts Payable And Accrued Liabilities Current
AccountsPayableAndAccruedLiabilitiesCurrent
843909
CY2022Q3 us-gaap Liabilities Current
LiabilitiesCurrent
1182080
CY2021Q4 us-gaap Liabilities Current
LiabilitiesCurrent
843909
CY2022Q3 us-gaap Liabilities
Liabilities
1182080
CY2021Q4 us-gaap Liabilities
Liabilities
843909
CY2022Q3 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.001
CY2021Q4 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.001
CY2022Q3 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
200000000
CY2021Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
200000000
CY2022Q3 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
11592609
CY2021Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
10215792
CY2022Q3 us-gaap Common Stock Value
CommonStockValue
11593
CY2021Q4 us-gaap Common Stock Value
CommonStockValue
10216
CY2022Q3 us-gaap Additional Paid In Capital
AdditionalPaidInCapital
45132049
CY2021Q4 us-gaap Additional Paid In Capital
AdditionalPaidInCapital
38948334
CY2022Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-35380574
CY2021Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-26548309
CY2022Q3 us-gaap Stockholders Equity
StockholdersEquity
9763068
CY2021Q4 us-gaap Stockholders Equity
StockholdersEquity
12410241
CY2022Q3 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
10945148
CY2021Q4 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
13254150
CY2022Q3 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
1591043
CY2021Q3 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
1126972
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
3321623
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
1313954
CY2022Q3 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
1950551
CY2021Q3 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
3515250
us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
5510642
us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
8873160
CY2022Q3 us-gaap Operating Expenses
OperatingExpenses
3541594
CY2021Q3 us-gaap Operating Expenses
OperatingExpenses
4642222
us-gaap Operating Expenses
OperatingExpenses
8832265
us-gaap Operating Expenses
OperatingExpenses
10187114
us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
66503
CY2022Q3 us-gaap Net Income Loss
NetIncomeLoss
-3541594
CY2021Q3 us-gaap Net Income Loss
NetIncomeLoss
-4642222
us-gaap Net Income Loss
NetIncomeLoss
-8832265
us-gaap Net Income Loss
NetIncomeLoss
-10120611
CY2022Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.32
CY2021Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.46
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.84
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-1.27
CY2022Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
11148402
CY2021Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
10116403
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
10551503
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
7988563
CY2020Q4 us-gaap Stockholders Equity
StockholdersEquity
2701586
CY2021Q1 acxp Stock Units Issued During Period Value Executive Compensation Settled
StockUnitsIssuedDuringPeriodValueExecutiveCompensationSettled
916765
CY2021Q1 us-gaap Stock Granted During Period Value Sharebased Compensation
StockGrantedDuringPeriodValueSharebasedCompensation
191667
CY2021Q1 us-gaap Net Income Loss
NetIncomeLoss
-1474330
CY2021Q1 us-gaap Stockholders Equity
StockholdersEquity
2471159
CY2021Q2 us-gaap Stock Granted During Period Value Sharebased Compensation
StockGrantedDuringPeriodValueSharebasedCompensation
2219774
CY2021Q2 us-gaap Stock Issued During Period Value Issued For Services
StockIssuedDuringPeriodValueIssuedForServices
37500
CY2021Q2 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
14797132
CY2021Q2 us-gaap Net Income Loss
NetIncomeLoss
-4004059
CY2021Q2 us-gaap Stockholders Equity
StockholdersEquity
15521506
CY2021Q3 us-gaap Stock Granted During Period Value Sharebased Compensation
StockGrantedDuringPeriodValueSharebasedCompensation
2070637
CY2021Q3 us-gaap Stock Issued During Period Value Issued For Services
StockIssuedDuringPeriodValueIssuedForServices
1327270
CY2021Q3 us-gaap Net Income Loss
NetIncomeLoss
-4642222
CY2021Q3 us-gaap Stockholders Equity
StockholdersEquity
14277191
CY2021Q4 us-gaap Stockholders Equity
StockholdersEquity
12410241
CY2022Q1 us-gaap Stock Granted During Period Value Sharebased Compensation
StockGrantedDuringPeriodValueSharebasedCompensation
761069
CY2022Q1 us-gaap Stock Issued During Period Value Issued For Services
StockIssuedDuringPeriodValueIssuedForServices
188100
CY2022Q1 us-gaap Net Income Loss
NetIncomeLoss
-2670138
CY2022Q1 us-gaap Stockholders Equity
StockholdersEquity
10689272
CY2022Q2 us-gaap Stock Granted During Period Value Sharebased Compensation
StockGrantedDuringPeriodValueSharebasedCompensation
716682
CY2022Q2 us-gaap Net Income Loss
NetIncomeLoss
-2620533
CY2022Q2 us-gaap Stockholders Equity
StockholdersEquity
8785421
CY2022Q3 us-gaap Stock Granted During Period Value Sharebased Compensation
StockGrantedDuringPeriodValueSharebasedCompensation
696965
CY2022Q3 us-gaap Stock Issued During Period Value Issued For Services
StockIssuedDuringPeriodValueIssuedForServices
127080
CY2022Q3 us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
529805
CY2022Q3 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
3695183
CY2022Q3 acxp Warrant Exercise Pre Funded
WarrantExercisePreFunded
13
CY2022Q3 us-gaap Net Income Loss
NetIncomeLoss
-3541594
CY2022Q3 us-gaap Stockholders Equity
StockholdersEquity
9763068
us-gaap Profit Loss
ProfitLoss
-8832265
us-gaap Profit Loss
ProfitLoss
-10120611
us-gaap Share Based Compensation
ShareBasedCompensation
2174716
us-gaap Share Based Compensation
ShareBasedCompensation
4482078
acxp Share Based Payment To Vendors
ShareBasedPaymentToVendors
315180
acxp Share Based Payment To Vendors
ShareBasedPaymentToVendors
1500241
us-gaap Issuance Of Stock And Warrants For Services Or Claims
IssuanceOfStockAndWarrantsForServicesOrClaims
916765
us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
66503
us-gaap Increase Decrease In Prepaid Expense
IncreaseDecreaseInPrepaidExpense
42503
us-gaap Increase Decrease In Prepaid Expense
IncreaseDecreaseInPrepaidExpense
481973
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
338171
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
256506
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-6046701
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-3513497
us-gaap Proceeds From Issuance Initial Public Offering
ProceedsFromIssuanceInitialPublicOffering
14797132
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
3695183
us-gaap Proceeds From Issuance Of Warrants
ProceedsFromIssuanceOfWarrants
13
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
3695196
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
14797132
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-2351505
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
11283635
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
12958846
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
3175411
CY2022Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
10607341
CY2021Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
14459046
acxp Non Cash Financing Activities Of Warrants Issued In Connection With Offerings
NonCashFinancingActivitiesOfWarrantsIssuedInConnectionWithOfferings
171409
CY2021Q2 acxp Stock Issued During Period Value New Issues Before Offering Costs
StockIssuedDuringPeriodValueNewIssuesBeforeOfferingCosts
17300000
CY2022Q3 us-gaap Cash
Cash
10600000
acxp Stock Issuance Costs Incurred During Noncash Or Partial Noncash Transaction
StockIssuanceCostsIncurredDuringNoncashOrPartialNoncashTransaction
16847
us-gaap Nature Of Operations
NatureOfOperations
<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-color:#000000;text-decoration-line:underline;text-decoration-style:solid;">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;"><span style="font-style:italic;text-decoration-line:none;">Business</span></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 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.</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, 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.</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 C. 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 aside from organizational activities have included 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<span style="white-space:pre-wrap;"> million. On July 27, 2022, the Company completed a registered direct offering and a concurrent private placement, issuing </span>1,159,211 shares of common stock and 130,769 pre-funded warrants and series A warrants to purchase 1,289,980 shares of common stock and series B warrants to purchase 1,289,980 shares of common stock for gross proceeds of approximately $4.2<span style="white-space:pre-wrap;"> million. As of September 30, 2022, the Company had a cash balance of approximately </span>$10.6 million, which based on current estimates will be sufficient to meet its anticipated cash requirements for at least 12 months from the issuance of the condensed financial statements for the period ended September 30, 2022. 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 condensed 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>
CY2021Q2 us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
2875000
CY2021Q2 us-gaap Shares Issued Price Per Share
SharesIssuedPricePerShare
6.00
CY2022Q3 us-gaap Accounts Payable And Accrued Liabilities Current
AccountsPayableAndAccruedLiabilitiesCurrent
1182080
us-gaap Use Of Estimates
UseOfEstimates
<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;"><span style="font-style:italic;text-decoration-line:none;">Use of Estimates</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:0pt;margin:0pt 0pt 12pt 0pt;">The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting period. Actual results could differ from those estimates.</p>
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0
us-gaap Current Federal State And Local Tax Expense Benefit
CurrentFederalStateAndLocalTaxExpenseBenefit
0
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
CY2022Q3 us-gaap Cash
Cash
10600000
CY2022Q3 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
1591043
CY2021Q3 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
1126972
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
3321623
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
1313954
CY2021Q4 us-gaap Accounts Payable And Accrued Liabilities Current
AccountsPayableAndAccruedLiabilitiesCurrent
843909
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;"><span style="font-style:italic;text-decoration-line:none;">Major Vendor</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:0pt;margin:0pt;">The Company had a major vendor that accounted for approximately 66% and 52% of the research and development expenditures for the three months ended September 30, 2022 and 2021, respectively, and 50% and 45% for the nine months ended September 30, 2022 and 2021, respectively. The same vendor also accounted for approximately 55% and 5% of the total accounts payable and accrued expenses as of September 30, 2022 and December 31, 2021, respectively. The Company continues to maintain this vendor relationship and anticipates incurring significant expenses with this vendor over the next 12 months.</p>
CY2022Q3 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
296655
CY2021Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
508343
CY2022Q3 acxp Accrued Research And Development Current
AccruedResearchAndDevelopmentCurrent
764296
CY2021Q4 acxp Accrued Research And Development Current
AccruedResearchAndDevelopmentCurrent
229090
CY2022Q3 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
115189
CY2021Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
43102
CY2022Q3 us-gaap Accounts Payable And Other Accrued Liabilities Current
AccountsPayableAndOtherAccruedLiabilitiesCurrent
5940
CY2021Q4 us-gaap Accounts Payable And Other Accrued Liabilities Current
AccountsPayableAndOtherAccruedLiabilitiesCurrent
63374
CY2021Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
770000
CY2021Q2 acxp Number Of Executives Pursuant To New Employment Agreements
NumberOfExecutivesPursuantToNewEmploymentAgreements
3
CY2021Q2 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
200000000
CY2022Q3 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
11592609
CY2021Q2 us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
2875000
CY2021Q2 us-gaap Shares Issued Price Per Share
SharesIssuedPricePerShare
6.00
CY2021Q2 us-gaap Proceeds From Issuance Initial Public Offering
ProceedsFromIssuanceInitialPublicOffering
14800000
CY2021Q2 us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
2400000
CY2021Q4 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
1588477
acxp Class Of Warrant Or Right Issued
ClassOfWarrantOrRightIssued
2773747
acxp Class Of Warrant Or Right Exercised
ClassOfWarrantOrRightExercised
-147144
CY2022Q3 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
4215080
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P9Y
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.90
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0201
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
3.54
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
2357500
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
6.21
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
110000
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
4.26
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested Number Of Shares
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedNumberOfShares
1402792
acxp Share Based Compensation Arrangements By Share Based Payment Award Options Vested Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsVestedWeightedAverageExercisePrice
6.15
CY2022Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
1064708
CY2022Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
6.08
CY2022Q3 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Stock Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions
4940891
us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P1Y9M14D
CY2022Q3 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
P8Y9M10D
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested Weighted Average Grant Date Fair Value
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedWeightedAverageGrantDateFairValue
4.67

Files In Submission

Name View Source Status
0001558370-22-017408-index-headers.html Edgar Link pending
0001558370-22-017408-index.html Edgar Link pending
0001558370-22-017408.txt Edgar Link pending
0001558370-22-017408-xbrl.zip Edgar Link pending
acxp-20220930.xsd Edgar Link pending
acxp-20220930x10q.htm Edgar Link pending
acxp-20220930xex31d1.htm Edgar Link pending
acxp-20220930xex31d2.htm Edgar Link pending
acxp-20220930xex32d1.htm Edgar Link pending
acxp-20220930xex32d2.htm Edgar Link pending
Financial_Report.xlsx Edgar Link pending
MetaLinks.json Edgar Link pending
R1.htm Edgar Link pending
R10.htm Edgar Link pending
R11.htm Edgar Link pending
R12.htm Edgar Link pending
R13.htm Edgar Link pending
R14.htm Edgar Link pending
R15.htm Edgar Link pending
R16.htm Edgar Link pending
R17.htm Edgar Link pending
R18.htm Edgar Link pending
R19.htm Edgar Link pending
R2.htm Edgar Link pending
acxp-20220930_cal.xml Edgar Link unprocessable
acxp-20220930_def.xml Edgar Link unprocessable
acxp-20220930_lab.xml Edgar Link unprocessable
acxp-20220930_pre.xml Edgar Link unprocessable
FilingSummary.xml Edgar Link unprocessable
acxp-20220930x10q_htm.xml Edgar Link completed
R20.htm Edgar Link pending
R21.htm Edgar Link pending
R22.htm Edgar Link pending
R23.htm Edgar Link pending
R24.htm Edgar Link pending
R25.htm Edgar Link pending
R26.htm Edgar Link pending
R27.htm Edgar Link pending
R28.htm Edgar Link pending
R29.htm Edgar Link pending
R3.htm Edgar Link pending
R30.htm Edgar Link pending
R31.htm Edgar Link pending
R32.htm Edgar Link pending
R33.htm Edgar Link pending
R34.htm Edgar Link pending
R4.htm Edgar Link pending
R5.htm Edgar Link pending
R6.htm Edgar Link pending
R7.htm Edgar Link pending
R8.htm Edgar Link pending
R9.htm Edgar Link pending
report.css Edgar Link pending
Show.js Edgar Link pending