What Management Said
Read the full Q3 2025 transcript ↗Joining me today is Dave Luci, President and CEO of Acurx, who will give a corporate update and outlook. Also presented were new colonic microbiome data from a state-of-the-art mouse infection model showing a potential microbiome-sparing class effect of representative compounds from our DNA polymerase IIIC inhibitor preclinical pipeline. Garry further stated, 'These data indicate a low probability for DNA polymerase IIIC inhibitors to increase the risk of causing a C.
During the quarter, the company raised a total of approximately $1.7 million of gross proceeds through purchases under the equity line of credit. In addition, after quarter end, the company raised an additional $1.4 million from a warrant exercise by one institutional investor. The expenses remained relatively consistent from the prior year, as a $0.2 million decrease in compensation-related costs were offset by a $0.1 million increase in legal fees.
I would expect both of those will continue to be under consideration when normalcy returns to the capital. I would be surprised if on the next earnings call, there hasn't been some major news for the company.
- Regained full compliance with all Nasdaq continued-listing requirements after the August 2025 reverse split, meeting both the $1.00 minimum bid price (August 26) and the $2.5 million minimum stockholders' equity threshold.
- Kept operating spend low, holding the quarterly net loss to $2.0 million (from $2.8 million) with R&D of just $0.4 million and flat G&A of $1.6 million.
- Expanded its patent estate with a new Australian patent (including composition of matter) covering the DNA polymerase IIIC inhibitor / ACX-375C program, bringing the portfolio to multiple U.S. and international patents.
- Generated strong scientific visibility, including a Nature Communications publication (with Leiden University Medical Center) showing ibezapolstat bound to its target for the first time, and new IDWeek data suggesting the microbiome-sparing effect is a class effect across its pol IIIC inhibitors.
- Cash stood at only $5.9 million at September 30, 2025 (about $7 million including a post-quarter $1.4 million warrant exercise), still short of what is needed to fund a Phase 3 program without a partner.
- A partnership or public-private (BARDA-type) funding remained unsigned, with management unable to commit to timing amid a U.S. government shutdown and uncertainty over fiscal-2026 appropriations.
- Management confirmed it cannot seek approval on the Phase 2 data alone because the FDA requires a larger safety database from Phase 3 trials.
Guidance Changes
| Metric | Period | Current guidance |
|---|---|---|
| Cash position | As of Sept 30, 2025 | $5.9M in cash; ~$7M including a post-quarter $1.4M warrant exercise |
| Equity line of credit availability | Q3 2025 | ~$9M remaining on the ELOC to bide time while pursuing a partnership or M&A |
| Nasdaq listing | Q3 2025 | Regained full compliance with all continued-listing standards |
| Salvage / secondary-market CDI trial | ASAP | Planned 20-patient take-all-comers trial in patients with 3+ prior CDI episodes |
| Partnership / financing catalyst | By next call | CEO said he would be surprised if there were not major news by the next earnings call |
Performance Breakdown
| Metric | YoY | Note |
|---|---|---|
| Research & development expense (Q3) | $0.4M (vs $1.2M) | $0.1M lower manufacturing and $0.7M lower consulting as prior-year trial activity ended. |
| General & administrative expense (Q3) | $1.6M (vs $1.6M) | Roughly flat; a $0.2M drop in compensation offset by $0.1M higher legal fees. |
| Net loss (Q3) | $2.0M (vs $2.8M) | Continued low operating spend. |
| Diluted net loss per share (Q3) | $(1.23) (vs $(3.45)) | Smaller loss on ~1.80M shares outstanding. |
| Cash, equivalents & investments | $5.9M | ~$1.7M ELOC proceeds in the quarter plus a $1.4M post-quarter warrant exercise. |
Earnings Call Themes & Trends
| Topic | Previous mention | Current period | Trend |
|---|---|---|---|
| Nasdaq listing status | At risk (bid price/equity) | Full compliance regained | Up |
| Scientific / IP momentum | Phase 2 + Lancet Microbe | Nature Communications structural data; Australian patent; class-effect microbiome data | Up |
| Non-dilutive funding / partnership | In discussions | Delayed by U.S. shutdown; ~$7M cash + $9M ELOC to bridge | Steady |
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