Acurx Pharmaceuticals, Inc. (NASDAQ: ACXP) (“Acurx” or the “Company”), a late-stage biopharmaceutical company developing a new class of antibiotics for difficult-to-treat bacterial infections, announced today certain financial and operational results for the second quarter ended June 30, 2025.
Highlights of the second quarter ended June 30, 2025, or in some cases shortly thereafter, include:
- In April, we announced that the Indian Patent Office granted a new patent for our DNA polymerase IIIC inhibitors which expires in December 2039, subject to extension. This constitutes another significant building block for our ongoing preclinical antibiotic development program of ACX-375C which targets the treatment of infections caused by MRSA, VRE, DRSP and Anthrax;
- In May, we closed an equity line of credit with Lincoln Park Capital for up to $12 million of additional funding;
- In June, the Company entered into a warrant inducement agreement with certain of its existing warrant holders for the exercise of warrants to purchase an aggregate of 222,272 shares of its common stock having a current exercise price of (i) series A warrants to purchase 61,538 shares of the Company’s common stock at $65.00 per share (ii) series B warrants to purchase 27,400 shares of Common Stock at $65.00 per share (iii) series C warrants to purchase 66,667 shares of Common Stock at $65.20 per share and (iv) series D warrants to purchase 66,667 shares of Common Stock at $65.20 per share, originally issued in July 2022 and May 2023, at a reduced exercise price of $12.00 per share, in consideration for the Company’s agreement to issue (i) new series G-1 warrants to purchase up to an aggregate of 311,180 shares of Common Stock with a term of 5 years and (ii) new series G-2 warrants to purchase up to an aggregate of 133,363 shares of Common Stock with a term of 5 years from shareholder approval each at an exercise price of $8.50 per share;
The gross proceeds to the Company from the exercise of the existing warrants were approximately $2.7 million with net proceeds of $2.5 million after deducting fees and transaction expenses payable by the Company. The warrant inducement transaction closed on June 20, 2025. The Company will continue its “multi-step approach” to raising capital through customary financings, warrant inducements and public-private partnership opportunities going forward; and
- In June, we announced the publication of our Phase 2b clinical trial data for ibezapolstat in C. Difficile infection in Lancet Microbe, the world-leading microbiology research journal. This publication is available on our website at www.acurxpharma.com ;
- Also in June, we announced results from our collaboration with Leiden University Medical Center of its study of the mechanism of action of our polymerase IIIC platform of inhibitors with data presented at The Federation of American Societies for Experimental Biology Scientific Conference convened in the Netherlands on May 21. 2025. A scientific presentation was provided by Mia Urem, Ph.D., from Leiden University Medical Center entitled: “A Unique Inhibitor Conformation Selectively Targets the DNA Polymerase PolC of Gram-Positive Priority Pathogens;” and
- In August, we implemented a 1 for 20 reverse stock split in an effort to comply with Nasdaq Listing Maintenance requirements.
Second Quarter 2025 Financial Results
Cash Position:
The Company ended the quarter with cash totaling $6.1 million, compared to $3.7 million as of December 31, 2024. During the second quarter, the Company raised a total of approximately $3.4 million of gross proceeds through purchases under the Equity Line of Credit and a Warrant Inducement agreement.
R&D Expenses:
Research and development expenses for the three months ended June 30, 2025 were $0.5 million compared to $1.8 million for the three months ended June 30, 2024, a decrease of $1.3 million. The decrease was due primarily to a decrease in manufacturing costs of $0.3 million, and a decrease in consulting costs of $1.0 million as a result of the prior year trial related expenses. For the six months ended June 30, 2025, research & development expenses were $1.1 million versus $3.4 million for the six months ended June 30, 2024. The decrease of $2.3 million was primarily due to a reduction of $0.6 million in manufacturing costs, and a $1.7 million decrease in consulting costs due to higher trial related costs in the prior year.
G&A Expenses:
General and administrative expenses for the three months ended June 30, 2025 were $1.7 million compared to $2.3 million for the three months ended June 30, 2024, a decrease of $0.6 million. The decrease was primarily due to $0.7 million decrease in share-based compensation offset by a $0.1 million increase in professional fees. For the six months ended June 30, 2025, general & administrative expenses were $3.3 million versus $5.1 million for the six months ended June 30, 2024, a decrease of $1.8 million. The decrease was primarily due to a $0.6 million decrease in professional fees and a $1.2 million decrease in share-based compensation.
Net Income/Loss:
The Company reported a net loss of $2.2 million or $1.89 per diluted share for the three months ended June 30, 2025 compared to a net loss of $4.1 million or $5.21 per diluted share for the three months ended June 30, 2024, and a net loss of $4.4 million or $4.01 per diluted share for the six months ended June 30, 2025, compared to a net loss of $8.5 million or $10.84 per share for the six months ended June 30, 2024, all for the reasons previously mentioned.
The Company had a reverse split adjusted 1,470,352 shares outstanding as of June 30, 2025.
