Detailed financial statements for Acurx Pharmaceuticals, Inc. (ACXP): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year with up to 20 years of history.
Acurx Pharmaceuticals, Inc. functions as a clinical-stage biopharmaceutical firm focused on developing innovative antibiotic treatments for bacterial infections. The company's primary drug candidate is ibezapolstat, an antibiotic that utilizes a novel mechanism of action by targeting the polymerase IIIC enzyme. Ibezapolstat has successfully completed Phase II clinical trials for addressing Clostridium difficile infections.
Analysis Summary
Trailing-twelve-month margins: gross margin 0.0%, operating margin 0.0%, net margin 0.0%.
At the current price of $1.38, ACXP has negative trailing earnings (P/E not meaningful) and an ROE of -124.74%. Market capitalisation stands at $6M.
Balance sheet quality for ACXP: current ratio of 3.2. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Income Statement (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cost of Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Gross Profit | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Research & Development | $3.5M | $2.2M | $2.0M | $4.8M | $6.0M | $5.4M | $1.83B |
| Selling, General & Admin | $2.4M | $2.4M | $10.8M | $7.3M | $8.5M | $8.7M | $6.26B |
| Operating Expenses | $5.9M | $4.6M | $12.8M | $12.1M | $14.6M | $14.1M | $8.1M |
| Operating Income | -$5.9M | -$4.6M | -$12.8M | -$12.1M | -$14.6M | -$14.1M | -$8.1M |
| EBITDA | 0 | 0 | -$12.7M | -$12.1M | -$14.6M | 0 | -$8.0M |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Pre-tax Income | -$5.9M | -$4.6M | -$12.7M | -$12.1M | -$14.6M | -$14.1M | -$8.0M |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Income | -$5.9M | -$4.6M | -$12.7M | -$12.1M | -$14.6M | -$14.1M | -$8.0M |
| EPS | $-12.00 | $-9.28 | $-24.96 | $-22.36 | $-23.01 | $-17.59 | $-5.32 |
| EPS (Diluted) | $-12.00 | $-9.28 | $-24.96 | $-22.36 | $-23.01 | $-17.59 | $-5.32 |
| Shares Outstanding (Diluted) | $477050 | $495800 | $510800 | $540800 | $633600 | $851550 | $1.5M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Revenue | 0 | 0 | 0 | 0 |
| Gross Profit | 0 | 0 | 0 | 0 |
| Operating Income | -$2.0M | -$1.6M | -$1.7M | -$2.3M |
| EBITDA | -$2.0M | -$1.6M | -$1.7M | -$2.3M |
| Net Income | -$2.0M | -$1.6M | -$1.7M | -$2.3M |
| EPS | $-1.23 | $-0.67 | $-1.12 | $-0.53 |
| EPS (Diluted) | $-1.23 | $-0.67 | $-1.12 | $-0.53 |
Balance Sheet (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Cash & Equivalents | $2.5M | $3.2M | $13.0M | $9.1M | $7.5M | $3.7M | $7.6M |
| Short-term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Receivables | 0 | 0 | 0 | 0 | $129159 | $51127 | $48417 |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | $2.5M | $3.2M | $13.3M | $9.4M | $7.7M | $3.9M | $7.7M |
| Property, Plant & Equipment | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Assets | $2.5M | $3.2M | $13.3M | $9.4M | $7.7M | $3.9M | $7.7M |
| Accounts Payable | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Short-term Debt | 0 | $16625 | 0 | 0 | 0 | 0 | 0 |
| Total Current Liabilities | $1.7M | $472556 | $843909 | $2.1M | $3.0M | $3.2M | $2.4M |
| Long-term Debt | 0 | $49878 | 0 | 0 | 0 | 0 | 0 |
| Total Liabilities | $1.7M | $522434 | $843909 | $2.1M | $3.0M | $3.2M | $2.4M |
| Retained Earnings | -$9.2M | -$13.8M | -$26.5M | -$38.6M | -$53.2M | -$67.3M | -$75.3M |
| Total Equity | $819854 | $2.7M | $12.4M | $7.3M | $4.7M | $615121 | $5.3M |
| Total Debt | 0 | $66503 | 0 | 0 | 0 | 0 | 0 |
| Net Debt | -$2.5M | -$3.1M | -$13.0M | -$9.1M | -$7.5M | -$3.7M | -$7.6M |
| Working Capital | $819854 | $2.8M | $12.4M | $7.3M | $4.7M | $615121 | $5.3M |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Cash & Equivalents | $5.9M | $7.6M | $9.3M | $10.7M |
| Total Assets | $6.1M | $7.7M | $9.5M | $11.0M |
| Total Liabilities | $2.5M | $2.4M | $2.5M | $2.8M |
| Total Equity | $3.6M | $5.3M | $7.0M | $8.2M |
| Total Debt | 0 | 0 | 0 | 0 |
Cash Flow (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Net Income | -$5.9M | -$4.6M | -$12.7M | -$12.1M | -$14.6M | -$14.1M | -$8.0M |
| Depreciation & Amortization | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Stock-based Compensation | $900431 | $1.3M | $6.7M | $3.3M | $3.8M | $3.4M | $1.6M |
| Change in Working Capital | $1.0M | -$801166 | $141283 | $1.2M | $1.0M | $284089 | -$390964 |
| Operating Cash Flow | -$4.0M | -$3.4M | -$5.0M | -$7.5M | -$9.8M | -$10.4M | -$6.8M |
| Capital Expenditure | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Stock Repurchased | 0 | 0 | 0 | 0 | 0 | 0 | -$1040 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | -$4.0M | -$3.4M | -$5.0M | -$7.5M | -$9.8M | -$10.4M | -$6.8M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Operating Cash Flow | -$1.9M | -$1.2M | -$1.4M | -$1.7M |
| Capital Expenditure | 0 | 0 | 0 | 0 |
| Free Cash Flow | -$1.9M | -$1.2M | -$1.4M | -$1.7M |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | $339852 | $375794 | $319287 | 0 |
Growth & Margins (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Net Income Growth (YoY) | | +22.4% | -177.1% | +5.1% | -20.5% | +3.3% | +43.5% |
| EPS Growth (YoY) | | +22.7% | -169.0% | +10.4% | -2.9% | +23.6% | +69.8% |
| Shares Change (YoY) | | +3.9% | +3.0% | +5.9% | +17.2% | +34.4% | +76.0% |
| FCF Growth (YoY) | | +15.9% | -49.6% | -50.4% | -29.9% | -5.9% | +34.6% |
| Effective Tax Rate | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% |
Per-Share Data (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF Per Share | $-8.35 | $-6.76 | $-9.82 | $-13.95 | $-15.47 | $-12.19 | $-4.53 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | $375100 | $495800 | $510800 | $540800 | $633600 | $851550 | $1.5M |
What to look at in Biotech
Most small biotechs lose money. Analysing them with P/E makes no sense — look at cash and pipeline.
- Cash Runway — Months of cash at current burn rate. <18 months = urgent dilution risk
- Annual cash burn — Rate at which they burn operating cash. Compare with cash position to project runway
- Total Debt — Biotech with no revenue + debt = recipe for bankruptcy
- R&D / Market cap — How much they invest in pipeline vs the company value — research-intensity indicator
- Market cap / Cash — If it trades near its cash, the market assigns ~0 value to the pipeline — opportunity or trap
Profitability
| Return on Equity | -124.74% |
| Return on Invested Capital | -94.08% |
| Return on Assets | -68.33% |
| Gross Margin | 0.00% |
| Operating Margin | 0.00% |
| Net Margin | 0.00% |
Financial Health
| Debt / Equity | 0.00 |
| Current Ratio | 3.88 |
Key Ratios (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | -13.15 | -17.00 | -3.46 | -3.56 | -3.33 | -0.93 | -0.47 |
| P/B | 72.20 | 28.96 | 3.56 | 5.88 | 10.40 | 22.54 | 0.71 |
| P/S | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Gross Margin | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Operating Margin | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Net Margin | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |