Acurx Pharmaceuticals, Inc.

ACXPdata completeness 63%6 fiscal years on file

Data notes: no data for concept 'revenue'; no data for concept 'capex'; no data for concept 'totalDebt'; no data for concept 'interestExpense'; no data for concept 'pretaxIncome'

The thesis, from the filings

Acurx Pharmaceuticals, Inc. earns about -605% on equity, and has bought back 82% of its shares over 5 years. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own

Figure	FY 2021	FY 2022	FY 2023	FY 2024	FY 2025
Revenue	—	—	—	—	—
Net income	−$12.7M¹	−$12.1M²	−$14.6M³	−$14.1M⁴	−$7.97M⁴
Operating cash flow	−$5.01M⁵	−$7.54M⁶	−$9.8M⁷	−$10.4M⁸	−$6.79M⁸
Capital expenditure	—	—	—	—	—
Free cash flow (derived)	—	—	—	—	—
Total debt	—	—	—	—	—
Cash & equivalents	$13M⁹	$9.11M¹⁰	$7.47M¹¹	$3.71M¹¹	$7.56M¹¹
Diluted shares	8.5M	10.8M	12.7M	808,168	1.5M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal

If you owned

Net assets behind them

$35.15

your share of equity

Profit it earned you last year

−$53.15

Free cash flow it threw off

—

Debt you’d be carrying

—

10 shares is a claim on $35.15 of net worth that earned you −$53.15 last year.

iii. Is this a good business?

Moat signal · return on equity

-605% avg · 5y

FY21 -103%FY22 -165%FY23 -312%FY24 -2293%FY25 -151%

It earned an average -605% on equity over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →

Management signal · capital allocation

−82% shares · 5y

Share count is down 82% over 5 years — management has been buying back stock, quietly handing owners a bigger slice.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0

DCF · Growth Exit 10Y

not applicable

only 0 years of FCF (need ≥3) — model not applicable

DCF · Growth Exit 5Y

not applicable

only 0 years of FCF (need ≥3) — model not applicable

Earnings Power Value

not applicable

normalized (5y-median) earnings non-positive — EPV undefined

Graham Number

not applicable

diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts

10-K · period ending 2021-12-31 · accession 0001558370-23-003929 (NetIncomeLoss)
10-K · period ending 2022-12-31 · accession 0001558370-24-003401 (NetIncomeLoss)
10-K · period ending 2023-12-31 · accession 0001558370-25-003117 (NetIncomeLoss)
10-K · period ending 2024-12-31 · accession 0001104659-26-027052 (NetIncomeLoss)
10-K · period ending 2021-12-31 · accession 0001558370-23-003929 (NetCashProvidedByUsedInOperatingActivities)
10-K · period ending 2022-12-31 · accession 0001558370-24-003401 (NetCashProvidedByUsedInOperatingActivities)
10-K · period ending 2023-12-31 · accession 0001558370-25-003117 (NetCashProvidedByUsedInOperatingActivities)
10-K · period ending 2024-12-31 · accession 0001104659-26-027052 (NetCashProvidedByUsedInOperatingActivities)
10-K · period ending 2021-12-31 · accession 0001558370-24-003401 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
10-K · period ending 2022-12-31 · accession 0001558370-25-003117 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
10-K · period ending 2023-12-31 · accession 0001104659-26-027052 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)