Persistent negative free cash flow, which reached an outflow of $1.4 million in 2026Q1, confirms that the firm's liquidity is being rapidly consumed by clinical development activities.
Acurx Pharmaceuticals, Inc. (ACXP) cash flow statement — 7-year operating, investing & financing cash flows
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 |
|---|
| Cash from Operations | -6.18M | -6.79B | -10.38M | -9.8M | -7.54M | -5.01M | -3.35M | -3.99M |
| Operating CF Margin % | - | - | - | - | - | - | - | - |
| Operating CF Growth % | 90.49% | -65271.28% | -5.94% | -29.95% | -50.43% | -49.59% | 15.9% | - |
| Net Income | -7.51M | -7.97B | -14.1M | -14.58M | -12.09M | -12.75M | -4.6M | -5.93M |
| Depreciation & Amortization | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Stock-Based Compensation | 715.65K | 1.25B | 3.44M | 3.77M | 3.3M | 6.74M | 1.27M | 900.43K |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 600.82K | -68.25M | 0 | 0 | 0 | 850.26K | 781.7K | 0 |
| Working Capital Changes | 6.56K | -390.96K | 284.09K | 1.01M | 1.25M | 141.28K | -801.17K | 1.05M |
| Change in Receivables | -55.1K | 2.71K | 78.03K | -129.16K | 0 | 0 | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Capital Expenditures | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| CapEx % of Revenue | - | - | - | - | - | - | - | - |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Financing | 10.78M | 10.64B | 6.62M | 8.16M | 3.7M | 14.8M | 4.04M | 4.46M |
| Debt Issued (Net) | 0 | 0 | 0 | 0 | 0 | 0 | 66.5K | 0 |
| Equity Issued (Net) | 10.78M | 10.64M | 6.41M | 5.94M | 3.7M | 14.8M | 3.98M | 4.46M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -1.04K | 10.63B | 210.2K | 2.22M | 13 | 0 | 0 | 0 |
| Net Change in Cash | 4.59M | 3.85B | -3.77M | -1.64M | -3.85M | 9.78M | 692.09K | 470.17K |
| Free Cash Flow | -6.18M | -6.79B | -10.38M | -9.8M | -7.54M | -5.01M | -3.35M | -3.99M |
| FCF Margin % | - | - | - | - | - | - | - | - |
| FCF Growth % | 24.25% | -65271.28% | -5.94% | -29.95% | -50.43% | -49.59% | 15.9% | - |
| FCF per Share | -1.45 | -4528.21 | -12.19 | -15.47 | -13.95 | -9.82 | -6.76 | -8.35 |
| FCF Conversion (FCF/Net Income) | 0.82x | 852.04x | 0.74x | 0.67x | 0.62x | 0.39x | 0.73x | 0.67x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Quick answers to the most common questions about buying ACXP stock.
Acurx Pharmaceuticals, Inc. (ACXP) generated $-6787.8M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Acurx Pharmaceuticals, Inc. (ACXP) reported negative free cash flow of $6.79B in 2025, indicating capital requirements exceeded cash from operations.
Acurx Pharmaceuticals, Inc. (ACXP) spent $0.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
Key Metrics
Top Statement Risk
Binary clinical trial failure
Metrics are mathematically derived from official filings.
Operating Cash Flow Deficit Persistence
According to the provided financial data, ACXP consistently reports operating cash flow deficits that track closely with net losses, with the OCF/NI ratio fluctuating between 0.70 and 0.95, indicating that the company's cash burn is almost entirely driven by its ongoing clinical research and development activities.
The tight correlation between net income and operating cash flow suggests that the company lacks significant non-cash expenses or working capital adjustments that would otherwise mask the underlying cash burn. Investors should interpret this as a pure-play clinical development model where every dollar of loss translates directly into a reduction of the firm's liquidity runway.
Negative Free Cash Flow Trend
As reported in financial statements, ACXP has maintained a persistent negative free cash flow trajectory, with quarterly outflows ranging from $1.2 million to $4.2 million, reflecting the heavy capital requirements necessary to advance its lead candidate through the rigorous FDA clinical trial process without any offsetting revenue.
The narrowing of the cash burn from $4.2 million in 2023Q4 to $1.4 million in 2026Q1 may suggest improved cost management or the completion of specific high-cost clinical phases. However, without a commercial product, this trend remains highly sensitive to the timing of trial-related expenditures and potential future capital raises.
Stock-Based Compensation Distorts Burn
Based on reported figures, stock-based compensation has historically accounted for a meaningful portion of the company's expense structure, peaking at $1.2 million per quarter in 2024, which effectively masks the true cash-based operational burn required to sustain the firm's clinical development and administrative overhead.
The reliance on equity-based incentives suggests that management is attempting to preserve cash by compensating personnel with shares rather than liquid capital. Analysts should monitor whether this trend continues, as a reduction in SBC could lead to a sudden increase in cash-based operating expenses.
Minimal Working Capital Impact
As indicated by the quarterly cash flow statements, working capital changes have remained negligible, with fluctuations between -$346,000 and $165,300, confirming that the company's cash position is not currently influenced by significant shifts in accounts receivable, inventory, or payables management during this pre-revenue stage.
The lack of meaningful working capital movement is expected for a clinical-stage entity that has yet to establish a commercial supply chain or customer base. This stability implies that the cash flow statement is a clean reflection of R&D spending rather than operational inefficiencies in the balance sheet.