The following is a summary of the Acurx Pharmaceuticals, Inc. (ACXP) Q1 2024 Earnings Call Transcript:
Financial Performance:
Acurx Pharmaceuticals ended Q1 2024 with a cash balance of $8.9 million, up from $7.5 million at end of December 2023.
The ATM Financing Program generated gross proceeds of approximately $4.4 million through an additional sale of 1,121,793 shares.
Research and Development (R&D) expenses for the quarter totaled $1.6 million, increasing from $1 million from the same period last year due to a rise in manufacturing related costs.
General and administrative expenses were at $2.8 million, compared to $1.9 million for Q1 2023, largely due to a $0.7 million increase in professional fees and a $0.2 million increase in non-cash share-based compensation.
Q1 2024 saw a net loss of $4.4 million, or $0.28 per diluted share, an increase from a net loss of $2.9 million, or $0.25 per diluted share from the prior year period.
Business Progress:
Acurx Pharmaceuticals shared positive comparative microbiology and microbiome data for ibezapolstat, their premier antibiotic candidate, indicating its superiority to the standard treatment, vancomycin.
After securing robust preclinical, clinical, and manufacturing data, the company has been approved by the FDA to proceed to Phase 3 trials and follow the regulatory pathway for a new drug application filing for marketing approval in the U.S.
The company also received approval from the European Medicines Agency for their SME recognition application in Europe.
Planning for two Phase 3 trials is set to begin in Q4 2024, with estimated total enrollments of 900 Modified Intent-to-Treat (MITT) patients.
A strategic transaction, possibly including a partnership for further development and potential commercialization of ibezapolstat, is being actively sought by the company.
The continuation of a blinded trial and discussions on the PASTEUR Act, which if approved, could unlock additional funding for late-stage clinical trials, are notable undertakings by the company.
More details: Acurx Pharmaceuticals IR
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