Acurx Pharmaceuticals, Inc., a clinical-stage biopharmaceutical company focused on developing novel antibiotics, reported significant financial developments in its 10-Q filing for the quarter ending September 30, 2024. The company continues to operate without generating revenue, maintaining a cash balance of approximately $5.8 million, down from $7.5 million at the end of 2023. Total assets also decreased to $5.98 million from $7.71 million, while total shareholders' equity fell to $2.66 million from $4.67 million.

For the three months ended September 30, 2024, Acurx reported total operating expenses of $2.82 million, a 9% decrease from $3.11 million in the same period of 2023. The net loss for this quarter was $2.82 million, down from $3.11 million year-over-year. Basic and diluted net loss per share improved to $(0.17) from $(0.24) in the prior year. However, for the nine months ended September 30, 2024, total operating expenses increased by 20% to $11.32 million compared to $9.46 million in 2023, with a net loss of $11.32 million, up from $9.46 million in the same period last year.

Research and development expenses for the three months ended September 30, 2024, were $1.20 million, down from $1.30 million in 2023. General and administrative expenses also decreased to $1.60 million from $1.80 million. However, for the nine-month period, research and development expenses rose to $4.60 million from $4.10 million, while general and administrative expenses increased to $6.70 million from $5.40 million.

The company has been actively raising funds, with net cash provided by financing activities totaling $6.42 million for the nine months ended September 30, 2024, compared to $3.54 million in the same period of 2023. This increase was primarily driven by the company's At-the-Market (ATM) program, which raised approximately $8.6 million since its establishment in November 2023.

Acurx's lead product candidate, Ibezapolstat, is in late-stage clinical development for treating C. difficile infections. The company is preparing for Phase 3 trials and has reported positive results from earlier trials, including a 94% clinical cure rate in the Phase 2b segment. Despite these advancements, the company faces substantial doubt about its ability to continue as a going concern, as it anticipates ongoing losses and requires additional resources to sustain operations.