Acurx Pharmaceuticals reported a Q3 2025 net loss of $2.0 million, or $1.23 per diluted share, a $0.58 million improvement over the $2.8 million loss recorded in the same quarter of 2024. The earnings beat the consensus estimate of $1.61 per share, reflecting tighter cost control and a lower mix of high‑expense research activities. Cash and cash equivalents increased to $5.9 million at September 30, up from $3.7 million at the end of 2024, largely driven by $1.7 million raised through an equity line of credit and an additional $1.4 million from a warrant exercise after the quarter. The company also completed a 1‑for‑20 reverse stock split on August 4, 2025, to maintain compliance with Nasdaq’s minimum bid‑price requirement.
Operating expenses fell to $2.0 million, with research and development costs dropping to $0.4 million from $1.2 million in Q3 2024, while general and administrative expenses remained steady at $1.6 million. The reduction in R&D spending is attributed to a shift in focus toward the Phase 3 development of ibezapolstat, allowing the company to allocate resources more efficiently. The company’s monthly cash burn is estimated at roughly $400,000, a figure that aligns with the $2.0 million net loss over the quarter.
The company’s flagship candidate, ibezapolstat, is positioned to enter Phase 3 trials. Positive regulatory feedback from the FDA and EMA has reinforced the company’s confidence in the program’s readiness. Management emphasized that the drug’s unique DNA polymerase IIIC inhibition mechanism could preserve the gut microbiome, offering a competitive advantage in the C. difficile market. The company’s intellectual property portfolio, covering multiple jurisdictions, further supports its strategic positioning.
A critical disclosure in the 10‑Q filing notes that management has expressed “substantial doubt” about the company’s ability to continue as a going concern. This risk stems from the need to fund the upcoming Phase 3 trials and the limited cash runway, even with the recent financing. Management reiterated that additional capital will be required to sustain operations through the trial period and to support future development milestones.
Investor reaction has been cautious, with market participants weighing the EPS beat against the going‑concern warning. The company’s ability to secure further financing and to progress ibezapolstat through Phase 3 will be pivotal in shaping future sentiment. The earnings report underscores the dual narrative of improved financial discipline and persistent funding challenges that define Acurx’s near‑term outlook.
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