$ACXP
Acurx Pharmaceuticals Inc

2024 Q1 Form 10-K Financial Statement

#000155837024003401 Filed on March 15, 2024

View on sec.gov

Income Statement

Concept 2024 Q1 2023 Q4 2023
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $2.823M $3.172M $8.534M
YoY Change 49.57% 73.53% 16.29%
% of Gross Profit
Research & Development $1.555M $1.943M $6.044M
YoY Change 53.12% 35.6% 27.12%
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $4.378M $5.115M $14.58M
YoY Change 50.81% 56.86% 20.55%
Operating Profit
YoY Change
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$4.378M -$5.115M -$14.58M
YoY Change 50.81% 56.86% 20.55%
Income Tax
% Of Pretax Income
Net Earnings -$4.378M -$5.115M -$14.58M
YoY Change 50.81% 56.86% 20.55%
Net Earnings / Revenue
Basic Earnings Per Share -$0.28 -$1.15
Diluted Earnings Per Share -$0.28 -$0.37 -$1.15
COMMON SHARES
Basic Shares Outstanding 15.76M 13.77M 12.67M
Diluted Shares Outstanding 15.47M 12.67M

Balance Sheet

Concept 2024 Q1 2023 Q4 2023
SHORT-TERM ASSETS
Cash & Short-Term Investments $8.921M $7.474M $7.474M
YoY Change 24.27% -17.97% -17.97%
Cash & Equivalents $8.921M $7.474M
Short-Term Investments
Other Short-Term Assets $187.9K $105.8K $105.8K
YoY Change -9.05% -60.08% -60.08%
Inventory
Prepaid Expenses $187.9K $105.8K
Receivables
Other Receivables
Total Short-Term Assets $9.109M $7.709M $7.709M
YoY Change 23.34% -17.78% -17.78%
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 $3.00 $0.00
YoY Change -500.0% -175.0%
TOTAL ASSETS
Total Short-Term Assets $9.109M $7.709M $7.709M
Total Long-Term Assets $4.00 $3.00 $0.00
Total Assets $9.109M $7.709M $7.709M
YoY Change 23.34% -17.78% -17.78%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $9.200K $3.810K $3.810K
YoY Change -50.03% -87.1% -87.1%
Accrued Expenses $3.101M $3.039M $3.039M
YoY Change 50.86% 49.53% 49.53%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $3.110M $3.042M $3.042M
YoY Change 49.96% 47.57% 47.57%
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 $3.110M $3.042M $3.042M
Total Long-Term Liabilities $0.00 $0.00 $0.00
Total Liabilities $3.110M $3.042M $3.042M
YoY Change 49.96% 47.57% 47.57%
SHAREHOLDERS EQUITY
Retained Earnings -$57.60M -$53.22M
YoY Change 38.64% 37.73%
Common Stock $15.76K $14.47K
YoY Change 35.0% 24.42%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $5.999M $4.667M $4.667M
YoY Change
Total Liabilities & Shareholders Equity $9.109M $7.709M $7.709M
YoY Change 23.34% -17.78% -17.78%

Cashflow Statement

Concept 2024 Q1 2023 Q4 2023
OPERATING ACTIVITIES
Net Income -$4.378M -$5.115M -$14.58M
YoY Change 50.81% 56.86% 20.55%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities -$3.063M -$4.198M -$9.801M
YoY Change 58.46% 180.68% 29.95%
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 4.510M 4.620M 8.163M
YoY Change 120.92%
NET CHANGE
Cash From Operating Activities -3.063M -4.198M -9.801M
Cash From Investing Activities
Cash From Financing Activities 4.510M 4.620M 8.163M
Net Change In Cash 1.447M 421.9K -1.638M
YoY Change -174.85% -128.21% -57.43%
FREE CASH FLOW
Cash From Operating Activities -$3.063M -$4.198M -$9.801M
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-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;"><b style="font-weight:bold;text-decoration-color:#000000;text-decoration-line:underline;text-decoration-style:solid;">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 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 <i style="font-style:italic;">C. difficile</i> 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 million. On July 27, 2022, the Company completed a registered direct offering and a concurrent private placement, issuing 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. 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. On November 15, 2023, the Company entered into a Sales Agreement and established an “At-the-Market” offering (the “ATM Program”), pursuant to which the Company may offer and sell, from time to time through A.G.P/Alliance Global Partners, as sales agent, shares of its common stock having an aggregate offering price of up to </span>$17.0<span style="white-space:pre-wrap;"> million. Under the ATM Program, the Company sold </span>698,121 shares of common stock for gross proceeds of approximately $2.6<span style="white-space:pre-wrap;"> million. As of December 31, 2023, the Company had a cash balance of approximately </span>$7.5 million, which based on current estimates will not be sufficient to meet our anticipated cash requirements for at least 12 months from the issuance of the </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;">financial statements for the year ended December <span style="white-space:pre-wrap;">31, 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 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</span>.</p>
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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;">Major Vendor</b></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 63% and 55% of the research and development expenditures for the years ended December 31, 2023 and 2022, respectively. The same vendor also accounted for approximately 53% and 56% of the total accounts payable and accrued expenses as of December 31, 2023 and 2022, respectively.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:0pt;margin:0pt 0pt 12pt 0pt;"><span style="visibility:hidden;">​</span></p>
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