$ACXP
Acurx Pharmaceuticals, Inc.

2023 Q3 Form 10-Q Financial Statement

#000155837023014645 Filed on August 11, 2023

View on sec.gov

Income Statement

Concept 2023 Q3 2023 Q2
Revenue $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $1.770M $1.709M
YoY Change -9.26%
% of Gross Profit
Research & Development $1.349M $1.736M
YoY Change -15.21% 90.46%
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $3.115M $3.445M
YoY Change -12.05% 31.47%
Operating Profit
YoY Change
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$3.110M -$3.445M
YoY Change -12.19% 31.47%
Income Tax
% Of Pretax Income
Net Earnings -$3.115M -$3.445M
YoY Change -12.05% 31.47%
Net Earnings / Revenue
Basic Earnings Per Share -$0.24 -$0.28
Diluted Earnings Per Share -$0.24 -$0.28
COMMON SHARES
Basic Shares Outstanding 13.01M 11.67M
Diluted Shares Outstanding 13.01M 12.19M

Balance Sheet

Concept 2023 Q3 2023 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $7.050M $9.146M
YoY Change -33.54% 0.59%
Cash & Equivalents $7.052M $9.146M
Short-Term Investments
Other Short-Term Assets $110.0K $89.94K
YoY Change -67.44% -23.04%
Inventory
Prepaid Expenses $105.7K $89.94K
Receivables
Other Receivables
Total Short-Term Assets $7.158M $9.236M
YoY Change -34.6% 0.29%
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 $1.949K $3.00
YoY Change 97350.0% -99.99%
TOTAL ASSETS
Total Short-Term Assets $7.158M $9.236M
Total Long-Term Assets $1.949K $3.00
Total Assets $7.160M $9.236M
YoY Change -34.58% -0.25%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $10.00K $12.88K
YoY Change 68.35% 123.61%
Accrued Expenses $3.210M $3.007M
YoY Change 172.93% 542.26%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $3.223M $3.019M
YoY Change 172.69% 537.17%
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 $3.223M $3.019M
Total Long-Term Liabilities $0.00 $0.00
Total Liabilities $3.223M $3.019M
YoY Change 172.69% 537.17%
SHAREHOLDERS EQUITY
Retained Earnings -$48.10M -$44.99M
YoY Change 35.96% 41.3%
Common Stock $13.01K $13.01K
YoY Change 12.18% 26.72%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $3.935M $6.216M
YoY Change
Total Liabilities & Shareholders Equity $7.158M $9.236M
YoY Change -34.6% -0.25%

Cashflow Statement

Concept 2023 Q3 2023 Q2
OPERATING ACTIVITIES
Net Income -$3.115M -$3.445M
YoY Change -12.05% 31.47%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities -$2.090M -$1.577M
YoY Change -4.13% -20.8%
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 3.544M
YoY Change -100.0%
NET CHANGE
Cash From Operating Activities -2.090M -1.577M
Cash From Investing Activities
Cash From Financing Activities 0.000 3.544M
Net Change In Cash -2.090M 1.967M
YoY Change -237.94% -198.81%
FREE CASH FLOW
Cash From Operating Activities -$2.090M -$1.577M
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
2023
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q2
dei Amendment Flag
AmendmentFlag
false
CY2023Q2 us-gaap Commitments And Contingencies
CommitmentsAndContingencies
CY2022Q4 us-gaap Commitments And Contingencies
CommitmentsAndContingencies
CY2023Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.28
CY2022Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.26
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.53
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.52
CY2023Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
12186481
CY2022Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
10263202
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
11914449
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
10248107
CY2023Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.28
CY2022Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.26
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.53
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.52
CY2023Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
12186481
CY2022Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
10263202
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
11914449
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
10248107
CY2022Q4 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
11627609
CY2023Q2 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
13005128
dei Document Type
DocumentType
10-Q
dei Document Quarterly Report
DocumentQuarterlyReport
true
dei Document Period End Date
DocumentPeriodEndDate
2023-06-30
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, $0.001 par value per share
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
CY2023Q3 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
13005128
CY2023Q2 us-gaap Cash
Cash
9145835
CY2022Q4 us-gaap Cash
Cash
9111751
CY2023Q2 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
89942
CY2022Q4 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
264955
CY2023Q2 us-gaap Assets Current
AssetsCurrent
9235777
CY2022Q4 us-gaap Assets Current
AssetsCurrent
9376706
CY2023Q2 us-gaap Accounts Payable And Accrued Liabilities Current
AccountsPayableAndAccruedLiabilitiesCurrent
3019408
CY2022Q4 us-gaap Accounts Payable And Accrued Liabilities Current
AccountsPayableAndAccruedLiabilitiesCurrent
2061685
CY2023Q2 us-gaap Liabilities Current
LiabilitiesCurrent
3019408
CY2022Q4 us-gaap Liabilities Current
LiabilitiesCurrent
2061685
CY2023Q2 us-gaap Liabilities
Liabilities
3019408
CY2022Q4 us-gaap Liabilities
Liabilities
2061685
CY2023Q2 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.001
CY2022Q4 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.001
CY2023Q2 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
200000000
CY2022Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
200000000
CY2023Q2 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
13005128
CY2022Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
11627609
CY2023Q2 us-gaap Common Stock Value
CommonStockValue
13005
CY2022Q4 us-gaap Common Stock Value
CommonStockValue
11628
CY2023Q2 us-gaap Additional Paid In Capital
AdditionalPaidInCapital
51192646
CY2022Q4 us-gaap Additional Paid In Capital
AdditionalPaidInCapital
45944478
CY2023Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-44989282
CY2022Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-38641085
CY2023Q2 us-gaap Stockholders Equity
StockholdersEquity
6216369
CY2022Q4 us-gaap Stockholders Equity
StockholdersEquity
7315021
CY2023Q2 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
9235777
CY2022Q4 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
9376706
CY2023Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
1736386
CY2022Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
911692
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
2751969
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
1730580
CY2023Q2 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
1708854
CY2022Q2 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
1708841
us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
3596228
us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
3560090
CY2023Q2 us-gaap Operating Expenses
OperatingExpenses
3445240
CY2022Q2 us-gaap Operating Expenses
OperatingExpenses
2620533
us-gaap Operating Expenses
OperatingExpenses
6348197
us-gaap Operating Expenses
OperatingExpenses
5290670
CY2023Q2 us-gaap Net Income Loss
NetIncomeLoss
-3445240
CY2022Q2 us-gaap Net Income Loss
NetIncomeLoss
-2620533
us-gaap Net Income Loss
NetIncomeLoss
-6348197
us-gaap Net Income Loss
NetIncomeLoss
-5290670
CY2023Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.28
CY2022Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.26
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.53
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.52
CY2023Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
12186481
CY2022Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
10263202
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
11914449
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
10248107
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
CY2022Q4 us-gaap Stockholders Equity
StockholdersEquity
7315021
CY2023Q1 us-gaap Stock Granted During Period Value Sharebased Compensation
StockGrantedDuringPeriodValueSharebasedCompensation
733472
CY2023Q1 us-gaap Stock Issued During Period Value Issued For Services
StockIssuedDuringPeriodValueIssuedForServices
165903
CY2023Q1 us-gaap Net Income Loss
NetIncomeLoss
-2902957
CY2023Q1 us-gaap Stockholders Equity
StockholdersEquity
5311439
CY2023Q2 us-gaap Stock Granted During Period Value Sharebased Compensation
StockGrantedDuringPeriodValueSharebasedCompensation
806485
CY2023Q2 us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
456314
CY2023Q2 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
3543612
CY2023Q2 acxp Warrant Exercise Pre Funded
WarrantExercisePreFunded
73
CY2023Q2 us-gaap Net Income Loss
NetIncomeLoss
-3445240
CY2023Q2 us-gaap Stockholders Equity
StockholdersEquity
6216369
us-gaap Profit Loss
ProfitLoss
-6348197
us-gaap Profit Loss
ProfitLoss
-5290670
us-gaap Share Based Compensation
ShareBasedCompensation
1539957
us-gaap Share Based Compensation
ShareBasedCompensation
1477751
acxp Share Based Payment To Vendors
ShareBasedPaymentToVendors
165903
acxp Share Based Payment To Vendors
ShareBasedPaymentToVendors
188100
us-gaap Increase Decrease In Prepaid Expense
IncreaseDecreaseInPrepaidExpense
-175013
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 0pt 12pt 0pt;">The Company had a major vendor that accounted for approximately 75% and 25% of the research and development expenditures for the three months ended June 30, 2023 and 2022, respectively, and 70% and 36% for the six months ended June 30, 2023 and 2022, respectively. The same vendor also accounted for approximately 88% and 56% of the total accounts payable and accrued expenses as of June 30, 2023 and December 31, 2022, respectively. The Company continues to maintain this vendor relationship and anticipates incurring significant expenses with this vendor over the next 12 months.</p>
us-gaap Increase Decrease In Prepaid Expense
IncreaseDecreaseInPrepaidExpense
-178448
us-gaap Increase Decrease In Deferred Charges
IncreaseDecreaseInDeferredCharges
50247
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
957723
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
-370031
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-3509601
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-3866649
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
3543612
us-gaap Proceeds From Issuance Of Warrants
ProceedsFromIssuanceOfWarrants
73
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
3543685
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
34084
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-3866649
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
9111751
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
12958846
CY2023Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
9145835
CY2022Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
9092197
acxp Share Offering Costs Incurred But Not Yet Paid
ShareOfferingCostsIncurredButNotYetPaid
54058
acxp Stock Issuance Costs Incurred During Noncash Or Partial Noncash Transaction
StockIssuanceCostsIncurredDuringNoncashOrPartialNoncashTransaction
1990153
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 and post-pandemic behavioral patterns continue 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 and registered direct offerings consummated in July 2022 and May 2023. 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, 130,769 pre-funded warrants, 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. On May 18, 2023, the Company completed a registered direct offering and a concurrent private placement, issuing </span>601,851 shares of common stock, 731,482 pre-funded warrants, series C warrants to purchase 1,333,333 shares of common stock and series D warrants to purchase 1,333,333 shares of common stock for gross proceeds of approximately $4.0<span style="white-space:pre-wrap;"> million. As of June 30, 2023, the Company had a cash balance of approximately </span>$9.1<span style="white-space:pre-wrap;"> million, which based on current estimates will not 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 June 30, 2023. 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. These matters raise substantial doubt about the Company’s ability to continue as a going concern. 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, </span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="white-space:pre-wrap;">dependence on key personnel, protection of proprietary technology, and compliance with FDA and other governmental regulations and approval requirements.</span></p>
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 Sale Of Stock Consideration Received On Transaction
SaleOfStockConsiderationReceivedOnTransaction
17300000
CY2022Q3 us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
1159211
CY2022Q3 acxp Warrant Exercise Pre Funded Shares
WarrantExercisePreFundedShares
130769
CY2022Q3 us-gaap Sale Of Stock Consideration Received On Transaction
SaleOfStockConsiderationReceivedOnTransaction
4200000
CY2023Q2 us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
601851
CY2023Q2 acxp Warrant Exercise Pre Funded Shares
WarrantExercisePreFundedShares
731482
CY2023Q2 us-gaap Sale Of Stock Consideration Received On Transaction
SaleOfStockConsiderationReceivedOnTransaction
4000000.0
CY2023Q2 us-gaap Cash
Cash
9100000
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;"><span style="white-space:pre-wrap;">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.</span></p>
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0
us-gaap Current Federal State And Local Tax Expense Benefit
CurrentFederalStateAndLocalTaxExpenseBenefit
0
CY2023Q2 us-gaap Cash
Cash
9100000
CY2023Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
1736386
CY2022Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
911692
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
2751969
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
1730580
acxp Class Of Warrant Or Right Exercised
ClassOfWarrantOrRightExercised
-731482
CY2023Q2 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
6884475
CY2023Q2 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
35887
CY2022Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
542895
CY2023Q2 acxp Accrued Research And Development Current
AccruedResearchAndDevelopmentCurrent
2881561
CY2022Q4 acxp Accrued Research And Development Current
AccruedResearchAndDevelopmentCurrent
1405536
CY2023Q2 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
89081
CY2022Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
83715
CY2023Q2 us-gaap Accounts Payable And Other Accrued Liabilities Current
AccountsPayableAndOtherAccruedLiabilitiesCurrent
12879
CY2022Q4 us-gaap Accounts Payable And Other Accrued Liabilities Current
AccountsPayableAndOtherAccruedLiabilitiesCurrent
29539
CY2023Q2 us-gaap Accounts Payable And Accrued Liabilities Current
AccountsPayableAndAccruedLiabilitiesCurrent
3019408
CY2022Q4 us-gaap Accounts Payable And Accrued Liabilities Current
AccountsPayableAndAccruedLiabilitiesCurrent
2061685
CY2021Q2 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
200000000
CY2023Q2 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
13005128
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
CY2022Q3 us-gaap Sale Of Stock Consideration Received On Transaction
SaleOfStockConsiderationReceivedOnTransaction
4200000
CY2022Q3 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
3700000
CY2023Q2 us-gaap Sale Of Stock Consideration Received On Transaction
SaleOfStockConsiderationReceivedOnTransaction
4000000.0
CY2023Q2 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
3500000
CY2022Q4 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
4217809
acxp Class Of Warrant Or Right Issued
ClassOfWarrantOrRightIssued
3398148
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P6Y10M24D
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.98
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0385
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
2.75
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
2467500
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
6.12
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
517500
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
3.35
CY2023Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
2985000
CY2023Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
5.64
CY2023Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
1903361
CY2023Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
6.07
CY2023Q2 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Stock Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions
4125421
us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P1Y7M20D
CY2023Q2 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
P8Y3M21D

Files In Submission

Name View Source Status
0001558370-23-014645-index-headers.html Edgar Link pending
0001558370-23-014645-index.html Edgar Link pending
0001558370-23-014645.txt Edgar Link pending
0001558370-23-014645-xbrl.zip Edgar Link pending
acxp-20230630.xsd Edgar Link pending
acxp-20230630x10q.htm Edgar Link pending
acxp-20230630xex10d1.htm Edgar Link pending
acxp-20230630xex31d1.htm Edgar Link pending
acxp-20230630xex31d2.htm Edgar Link pending
acxp-20230630xex32d1.htm Edgar Link pending
acxp-20230630xex32d2.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
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
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
acxp-20230630_def.xml Edgar Link unprocessable
acxp-20230630_lab.xml Edgar Link unprocessable
acxp-20230630_pre.xml Edgar Link unprocessable
FilingSummary.xml Edgar Link unprocessable
acxp-20230630x10q_htm.xml Edgar Link completed
acxp-20230630_cal.xml Edgar Link unprocessable