$ACXP
Acurx Pharmaceuticals, Inc.

2023 Q4 Form 10-Q Financial Statement

#000155837023018824 Filed on November 13, 2023

View on sec.gov

Income Statement

Concept 2023 Q4 2023 Q3 2021 Q2
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $3.172M $1.770M $3.975M
YoY Change 73.53% -9.26% 679.51%
% of Gross Profit
Research & Development $1.943M $1.349M $95.07K
YoY Change 35.6% -15.21% -76.28%
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $5.115M $3.115M $4.071M
YoY Change 56.86% -12.05% 345.67%
Operating Profit
YoY Change
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$5.115M -$3.110M -$4.004M
YoY Change 56.86% -12.19% 340.01%
Income Tax
% Of Pretax Income
Net Earnings -$5.115M -$3.115M -$4.004M
YoY Change 56.86% -12.05% 338.39%
Net Earnings / Revenue
Basic Earnings Per Share -$0.24 -$0.57
Diluted Earnings Per Share -$0.37 -$0.24 -$0.57
COMMON SHARES
Basic Shares Outstanding 13.77M 13.01M 6.968M
Diluted Shares Outstanding 13.01M 6.968M

Balance Sheet

Concept 2023 Q4 2023 Q3 2021 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $7.474M $7.050M $17.10M
YoY Change -17.97% -33.54%
Cash & Equivalents $7.474M $7.052M $17.10M
Short-Term Investments
Other Short-Term Assets $105.8K $110.0K $344.6K
YoY Change -60.08% -67.44%
Inventory
Prepaid Expenses $105.8K $105.7K $344.5K
Receivables
Other Receivables
Total Short-Term Assets $7.709M $7.158M $17.44M
YoY Change -17.78% -34.6%
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 $3.00 $1.949K -$5.00
YoY Change -175.0% 97350.0%
TOTAL ASSETS
Total Short-Term Assets $7.709M $7.158M $17.44M
Total Long-Term Assets $3.00 $1.949K -$5.00
Total Assets $7.709M $7.160M $17.44M
YoY Change -17.78% -34.58%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.810K $10.00K $97.01K
YoY Change -87.1% 68.35%
Accrued Expenses $3.039M $3.210M $1.822M
YoY Change 49.53% 172.93%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00
YoY Change
Total Short-Term Liabilities $3.042M $3.223M $1.919M
YoY Change 47.57% 172.69%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $0.00 $0.00 $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $3.042M $3.223M $1.919M
Total Long-Term Liabilities $0.00 $0.00 $0.00
Total Liabilities $3.042M $3.223M $1.919M
YoY Change 47.57% 172.69%
SHAREHOLDERS EQUITY
Retained Earnings -$53.22M -$48.10M -$19.28M
YoY Change 37.73% 35.96%
Common Stock $14.47K $13.01K $9.916K
YoY Change 24.42% 12.18%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $4.667M $3.935M $15.52M
YoY Change
Total Liabilities & Shareholders Equity $7.709M $7.158M $17.44M
YoY Change -17.78% -34.6%

Cashflow Statement

Concept 2023 Q4 2023 Q3 2021 Q2
OPERATING ACTIVITIES
Net Income -$5.115M -$3.115M -$4.004M
YoY Change 56.86% -12.05% 338.39%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities -$4.198M -$2.090M -$329.8K
YoY Change 180.68% -4.13% -54.82%
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 4.620M 0.000 14.80M
YoY Change -100.0% 1221.17%
NET CHANGE
Cash From Operating Activities -4.198M -2.090M -329.8K
Cash From Investing Activities
Cash From Financing Activities 4.620M 0.000 14.80M
Net Change In Cash 421.9K -2.090M 14.47M
YoY Change -128.21% -237.94% 3609.57%
FREE CASH FLOW
Cash From Operating Activities -$4.198M -$2.090M -$329.8K
Capital Expenditures
Free Cash Flow
YoY Change

Facts In Submission

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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-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 September 30, 2023, the Company had a cash balance of approximately </span>$7.1<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 September 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><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">​</span></p>
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CY2022Q3 us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
1159211
CY2022Q3 acxp Warrant Exercise Pre Funded Shares
WarrantExercisePreFundedShares
130769
CY2022Q3 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
4200000
CY2023Q2 us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
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CY2023Q2 acxp Warrant Exercise Pre Funded Shares
WarrantExercisePreFundedShares
731482
CY2023Q2 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
4000000.0
CY2023Q3 us-gaap Cash
Cash
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us-gaap Use Of Estimates
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<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
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0
us-gaap Current Federal State And Local Tax Expense Benefit
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0
CY2023Q3 us-gaap Cash
Cash
7100000
CY2023Q3 us-gaap Research And Development Expense
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1348985
CY2022Q3 us-gaap Research And Development Expense
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1591043
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
4100954
us-gaap Research And Development Expense
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CY2022Q3 us-gaap Stock Issued During Period Shares New Issues
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us-gaap Concentration Risk Credit Risk
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<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 59% and 66% of the research and development expenditures for the three months ended September 30, 2023 and 2022, respectively, and 66% and 50% for the nine months ended September 30, 2023 and 2022, respectively. The same vendor also accounted for approximately 82% and 56% of the total accounts payable and accrued expenses as of September 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>
CY2023Q3 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
206812
CY2022Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
542895
CY2023Q3 acxp Accrued Research And Development Current
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CY2022Q4 acxp Accrued Research And Development Current
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CY2023Q3 us-gaap Accrued Professional Fees Current
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CY2022Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
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CY2023Q3 us-gaap Accounts Payable And Other Accrued Liabilities Current
AccountsPayableAndOtherAccruedLiabilitiesCurrent
11722
CY2022Q4 us-gaap Accounts Payable And Other Accrued Liabilities Current
AccountsPayableAndOtherAccruedLiabilitiesCurrent
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CY2023Q3 us-gaap Accounts Payable And Accrued Liabilities Current
AccountsPayableAndAccruedLiabilitiesCurrent
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CY2022Q4 us-gaap Accounts Payable And Accrued Liabilities Current
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CY2021Q2 us-gaap Common Stock Shares Authorized
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CY2023Q3 us-gaap Common Stock Shares Outstanding
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CY2021Q2 us-gaap Stock Issued During Period Shares New Issues
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CY2021Q2 us-gaap Shares Issued Price Per Share
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6.00
CY2021Q2 us-gaap Proceeds From Issuance Initial Public Offering
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14800000
CY2021Q2 us-gaap Payments Of Stock Issuance Costs
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2400000
CY2021Q2 us-gaap Conversion Of Stock Shares Converted1
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CY2021Q2 us-gaap Stock Issued During Period Shares Conversion Of Units
StockIssuedDuringPeriodSharesConversionOfUnits
7041208
CY2022Q3 acxp Warrant Exercise Pre Funded Shares
WarrantExercisePreFundedShares
130769
CY2022Q3 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
4200000
CY2022Q3 us-gaap Sale Of Stock Consideration Received On Transaction
SaleOfStockConsiderationReceivedOnTransaction
3700000
CY2022Q3 us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
287874
CY2022Q3 us-gaap Class Of Warrant Or Right Number Of Securities Called By Warrants Or Rights
ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights
63018
CY2022Q3 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
3.60
CY2022Q3 acxp Percentage Of Weighted Average Public Offering Price Of Aggregate Number Of Shares Of Common Stock Sold
PercentageOfWeightedAveragePublicOfferingPriceOfAggregateNumberOfSharesOfCommonStockSold
1.10
CY2022Q3 us-gaap Warrants Not Settleable In Cash Fair Value Disclosure
WarrantsNotSettleableInCashFairValueDisclosure
171409
CY2023Q2 us-gaap Stock Issued During Period Shares New Issues
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601851
CY2023Q2 us-gaap Shares Issued Price Per Share
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3.00
CY2023Q2 us-gaap Class Of Warrant Or Right Number Of Securities Called By Warrants Or Rights
ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights
731482
CY2023Q2 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
2.9999
CY2023Q2 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
4000000.0
CY2023Q2 us-gaap Sale Of Stock Consideration Received On Transaction
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3500000
CY2023Q2 us-gaap Fair Value Adjustment Of Warrants
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2000000.0
CY2022Q4 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
4217809
acxp Class Of Warrant Or Right Issued
ClassOfWarrantOrRightIssued
3398148
acxp Class Of Warrant Or Right Exercised
ClassOfWarrantOrRightExercised
-731482
CY2023Q3 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
6884475
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
CY2023Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
2985000
CY2023Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
5.64
CY2023Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
2091861
CY2023Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
6.02
CY2023Q3 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Stock Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions
3292136
us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P1Y5M15D
CY2023Q3 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
P8Y21D

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