STATEN ISLAND, N.Y., March 18, 2025 /PRNewswire/ — Acurx Pharmaceuticals, Inc. (NASDAQ: ACXP) (“Acurx” or the “Company”), a clinical stage biopharmaceutical company developing a new class of antibiotics for difficult-to-treat bacterial infections, announced today certain financial and operational results for the fourth quarter and full year ended December 31, 2024.
Highlights of the fourth quarter ended December 31, 2024, or in some cases shortly thereafter, include:
Fourth Quarter and Full Year 2024 Financial Results
Cash Position:
The Company ended the year with cash totaling $3.7 million, compared to $7.5 million as of December 31, 2023. The Company raised a total of $6.6 million of gross proceeds under its ATM financing program for the year ended December 31, 2024.
R&D Expenses:
Research and development expenses for the three months ended December 31, 2024 were $0.8 million compared to $1.9 million for the three months ended December 31, 2023, a decrease of $1.1 million. The decrease was due primarily to a decrease in consulting related costs of $1.2 million, offset by an increase in manufacturing costs of $0.1 million. For the year ended December 31, 2024 research & development expenses were $5.4 million compared to $6.0 million for the year ended December 31, 2023, a decrease of $0.6 million. The decrease was primarily due to a $1.6 million decrease in consulting related costs, offset by a $1.0 million increase in manufacturing related costs.
G&A Expenses:
General and administrative expenses for the three months ended December 31, 2024 were $2.0 million compared to $3.2 million for the three months ended December 31, 2023, a decrease of $1.2 million. The decrease was primarily due to $0.5 million decrease in professional fees, a $0.5 million decrease in share-based compensation costs, and a $0.2 million decrease in employee compensation costs. For the year ended December 31, 2024, general and administrative expenses were $8.7 million compared to $8.5 million for the year ended December 31, 2023, an increase of $0.2 million. The increase was primarily due to $0.7 million increase in professional fees, a $0.3 million increase in legal fees, offset by a $0.6 million decrease in share-based compensation costs and a $0.2 million decrease in insurance costs.
Net Income/Loss:
The Company reported a net loss of $2.8 million or $0.16 per diluted share for the three months ended December 31, 2024 compared to a net loss of $5.1 million or $0.37 per diluted share for the three months ended December 31, 2023, and a net loss of $14.1 million or $0.87 per share for the year ended December 31, 2024, compared to a net loss of $14.6 million or $1.15 per share for the year ended December 31, 2023 for the reasons previously mentioned.
The Company had 17,030,686 shares outstanding as of December 31, 2024.
Conference Call
As previously announced, David P. Luci, President and Chief Executive Officer, and Robert G. Shawah, Chief Financial Officer, will host a conference call to discuss the results and provide a business update as follows:
Date:
Tuesday, March 18, 2025
Time:
8:00 a.m. ET
Toll free (U.S.):
1-877-790-1503; Conference ID: 13752142
International:
Click here for participant international Toll-Free access numbers
https://www.incommconferencing.com/international-dial-in
About Ibezapolstat
Ibezapolstat is the Company’s lead antibiotic candidate advancing to international Phase 3 clinical trials to treat patients with C. difficile Infection (CDI). Ibezapolstat is a novel, orally administered antibiotic being developed as a Gram-Positive Selective Spectrum (GPSS®) antibacterial. It is the first of a new class of DNA polymerase IIIC inhibitors under development by Acurx to treat bacterial infections. Ibezapolstat’s unique spectrum of activity, which includes C. difficile but spares other Firmicutes and the important Actinobacteria phyla, appears to contribute to the maintenance of a healthy gut microbiome. In June 2018, ibezapolstat was designated by the U.S. Food and Drug Administration (FDA) as a Qualified Infectious Disease Product (QIDP) for the treatment of patients with CDI and will be eligible to benefit from the incentives for the development of new antibiotics established under the Generating New Antibiotic Incentives Now (GAIN) Act. In January 2019, FDA granted “Fast Track” designation to ibezapolstat for the treatment of patients with CDI. The CDC has designated C. difficile as an urgent threat highlighting the need for new antibiotics to treat CDI.
About Acurx Pharmaceuticals, Inc.
Acurx Pharmaceuticals is a late-stage biopharmaceutical company focused on developing a new class of small molecule antibiotics for difficult-to-treat bacterial infections. The Company’s approach is to develop antibiotic candidates with a Gram-positive selective spectrum (GPSS®) that blocks the active site of the Gram-positive specific bacterial enzyme DNA polymerase IIIC (pol IIIC), inhibiting DNA replication and leading to Gram-positive bacterial cell death. Its R&D pipeline includes antibiotic product candidates that target Gram-positive bacteria, including Clostridioides difficile, methicillin- resistant Staphylococcus aureus (MRSA), vancomycin resistant Enterococcus (VRE), drug- resistant Streptococcus pneumoniae (DRSP) and B. anthracis (anthrax; a Bioterrorism Category A Threat-Level pathogen). Acurx’s lead product candidate, ibezapolstat, for the treatment of C. difficile Infection is Phase 3 ready with plans in progress to begin international clinical trials next year. The Company’s preclinical pipeline includes development of an oral product candidate for treatment of ABSSSI (Acute Bacterial Skin and Skin Structure Infections), upon which a development program for treatment of inhaled anthrax is being planned in parallel.
To learn more about Acurx Pharmaceuticals and its product pipeline, please visit www.acurxpharma.com.
Forward-Looking Statements
Any statements in this press release about our future expectations, plans and prospects, including statements regarding our strategy, future operations, prospects, plans and objectives, and other statements containing the words “believes,” “anticipates,” “plans,” “expects,” and similar expressions, constitute forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors, including: whether ibezapolstat will benefit from the QIDP designation; whether ibezapolstat will advance through the clinical trial process on a timely basis; whether the results of the clinical trials of ibezapolstat will warrant the submission of applications for marketing approval, and if so, whether ibezapolstat will receive approval from the FDA or equivalent foreign regulatory agencies where approval is sought; whether, if ibezapolstat obtains approval, it will be successfully distributed and marketed; and other risks and uncertainties described in the Company’s annual report filed with the Securities and Exchange Commission on Form 10-K for the year ended December 31, 2024, and in the Company’s subsequent filings with the Securities and Exchange Commission. Such forward- looking statements speak only as of the date of this press release, and Acurx disclaims any intent or obligation to update these forward-looking statements to reflect events or circumstances after the date of such statements, except as may be required by law.
Investor Contact:
Acurx Pharmaceuticals, Inc.
David P. Luci, President & Chief Executive Officer
Tel: 917-533-1469
Email: davidluci@acurxpharma.com
ACURX PHARMACEUTICALS, INC.
BALANCE SHEETS
AS OF DECEMBER 31, 2024 and 2023
December 31,
December 31,
2024
2023
ASSETS
CURRENT ASSETS
Cash
$
3,706,713
$
7,474,188
Other Receivable
51,127
129,159
Prepaid Expenses
100,123
105,776
TOTAL ASSETS
$
3,857,963
$
7,709,123
LIABILITIES AND SHAREHOLDERS’ EQUITY
CURRENT LIABILITIES
Accounts Payable and Accrued Expenses
$
3,242,842
$
3,042,438
TOTAL CURRENT LIABILITIES
3,242,842
3,042,438
TOTAL LIABILITIES
3,242,842
3,042,438
COMMITMENTS AND CONTINGENCIES
SHAREHOLDERS’ EQUITY
Common Stock; $.001 par value, 200,000,000 shares authorized,
17,030,686 and 14,468,229 shares issued and outstanding at
December 31, 2024 and December 31, 2023, respectively
17,031
14,468
Additional Paid-In Capital
67,920,046
57,871,070
Accumulated Deficit
(67,321,956)
(53,218,853)
TOTAL SHAREHOLDERS’ EQUITY
615,121
4,666,685
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY
$
3,857,963
$
7,709,123
ACURX PHARMACEUTICALS, INC.
STATEMENTS OF OPERATIONS
YEARS ENDED DECEMBER 31, 2024 AND 2023
Years Ended
December 31,
2024
2023
OPERATING EXPENSES
Research and Development
$
5,403,836
$
6,043,597
General and Administrative
8,699,267
8,534,171
TOTAL OPERATING EXPENSES
14,103,103
14,577,768
NET LOSS
$
(14,103,103)
$
(14,577,768)
LOSS PER SHARE
Basic and diluted net loss per common share
$
(0.87)
$
(1.15)
Weighted average common shares outstanding, basic and diluted
16,163,366
12,671,572
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SOURCE Acurx Pharmaceuticals, Inc.
