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Acura Pharma warns of bankruptcy without new funding

ACURA PHARMACEUTICALS, INC.

Filing Impact
(Very High)
Filing Sentiment
(Neutral)
Form Type
8-K

Rhea-AI Filing Summary

ACURA PHARMACEUTICALS, INC. (ACUR) reported that on August 14, 2026 it received a new $200,000 loan from Abuse Deterrent Pharma, LLC under an Amended, Consolidated and Restated Secured Promissory Note. Including this advance and prior loans, the Note’s principal balance is $11,094,279 with approximately $1,290,000 of accrued interest as of August 14, 2026, bearing interest at 5.25% and increasing to 7.5% on overdue amounts after any applicable grace period.

The loan proceeds were used to fund day-to-day operations, and Acura states there can be no assurance of obtaining additional financing. Without new funding by late‑September 2026, Acura indicates it would need to scale back operations, furlough or lay off employees, or potentially terminate operations and/or seek bankruptcy protection, which could result in a complete loss of shareholder value. The Note includes customary events of default, and Acura also references a requirement to obtain FDA acceptance of a New Drug Application for LTX‑03 and to repay the secured note and accrued interest by December 31, 2026, both of which it may seek to renegotiate.

Positive

  • None.

Negative

  • Total debt to Abuse Deterrent Pharma has risen to $11,094,279 principal plus about $1,290,000 accrued interest, increasing financial leverage and obligations.
  • Acura warns that without additional financing by late‑September 2026 it may need to scale back or terminate operations or seek bankruptcy protection, risking a complete loss of shareholder value.
  • The secured promissory note and accrued interest are currently due by December 31, 2026, creating a significant near‑term refinancing or repayment requirement with no assured funding source.
Item 1.01 Entry into a Material Definitive Agreement Business
The company signed a significant contract such as a merger agreement, credit facility, or major partnership.
Item 2.01 Completion of Acquisition or Disposition of Assets Financial
The company completed a significant acquisition or sale of business assets.
Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement Financial
The company incurred a new significant debt or off-balance-sheet obligation.
Item 9.01 Financial Statements and Exhibits Exhibits
Financial statements, pro forma financial information, or exhibit attachments filed with this report.
New loan amount $200,000 Loan from Abuse Deterrent Pharma, LLC on August 14, 2026
Total principal balance $11,094,279 Principal outstanding under the secured promissory note as of August 14, 2026
Accrued interest $1,290,000 Approximate accrued interest on the note as of August 14, 2026
Base interest rate 5.25% per annum Standard interest rate on the secured promissory note
Default interest rate 7.5% per annum Interest rate on overdue amounts after applicable grace periods
Original note principal $2,319,279 Principal of the original secured promissory note dated November 10, 2022
Loan count through 12/31/2025 Loans #1–#50 total $7,075,000 Additional loans included in the note between 12/22/2022 and 12/31/2025
Latest loan number Loan #64 $200,000 Loan on August 14, 2026 bringing aggregated principal to $11,094,279
Secured Promissory Note financial
"Amended, Consolidated and Restated Secured Promissory Note with Abuse Deterrent Pharma, LLC"
A secured promissory note is a written promise to repay borrowed money that is backed by specific assets pledged as collateral; if the borrower fails to pay, the lender can seize those assets to recover losses. Investors care because the collateral reduces the lender’s risk and can make the loan safer and more likely to be repaid, similar to a pawnshop loan where an item lowers the lender’s exposure if the borrower defaults.
Events of default financial
"The Events of default under the Note include, among other items, bankruptcy events"
Events of default are specific breaches or failures listed in a loan, bond, or credit agreement that give lenders the right to act, such as demanding immediate repayment, raising interest rates, or taking secured assets. They matter to investors because triggering one is like setting off a financial alarm: it raises the chance of foreclosure, restructuring, or bankruptcy and can sharply reduce the value of a company’s stock or bonds and increase borrowing costs.
forward-looking statements regulatory
"Statements in this constitute forward-looking statements within the meaning of the"
Forward-looking statements are predictions or plans that companies share about what they expect to happen in the future, like estimating sales or profits. They matter because they help investors understand a company's outlook, but since they are based on guesses and assumptions, they can sometimes be wrong.
New Drug Application medical
"whether we can successfully submit a New Drug Application for LTX-03"
A new drug application is a formal request submitted to government regulators seeking approval to market a new medicine. It is like a detailed proposal that shows the drug has been tested for safety and effectiveness. For investors, receiving approval signals that the drug may soon become available for sale, potentially leading to revenue growth and impacting the company's value.
OTC Monograph regulatory
"the sufficiency of our development process to meet over-the-counter (“OTC”) Monograph standards"
secured promissory note financial
"pay off the secured promissory note and accrued interest to Abuse Deterrent Pharma, LLC"
A secured promissory note is a written promise to repay borrowed money that is backed by specific assets pledged as collateral; if the borrower fails to pay, the lender can seize those assets to recover losses. Investors care because the collateral reduces the lender’s risk and can make the loan safer and more likely to be repaid, similar to a pawnshop loan where an item lowers the lender’s exposure if the borrower defaults.

FAQ

What new financing did ACUR report receiving from Abuse Deterrent Pharma, LLC?
Acura Pharmaceuticals received a $200,000 loan from Abuse Deterrent Pharma, LLC on August 14, 2026. This advance was added to an existing secured promissory note and used to support day‑to‑day operating activities.

What is Acura Pharmaceuticals’ total debt outstanding under the secured promissory note?
As of August 14, 2026, the secured promissory note with Abuse Deterrent Pharma, LLC carries $11,094,279 in principal and approximately $1,290,000 in accrued interest. Both figures reflect multiple loans consolidated into a single obligation.

What interest rates apply to ACUR’s secured promissory note?
The secured promissory note bears interest at 5.25% per year under normal conditions. Any overdue amounts after applicable grace periods accrue interest at a higher default rate of 7.5% per year until fully paid.

What financing risk did ACUR disclose regarding operations in 2026?
Acura stated that without additional financing by late‑September 2026, it may need to scale back operations, furlough or lay off employees, or terminate operations and/or seek bankruptcy protection, which could mean a complete loss of shareholder value.

When must ACUR’s secured promissory note and an NDA for LTX-03 be addressed under current agreements?
Acura referenced a requirement to obtain FDA acceptance of an NDA for LTX‑03 by December 31, 2026 and to pay off the secured promissory note and accrued interest by the same date, both subject to potential renegotiation.

How reliant is ACUR on Abuse Deterrent Pharma, LLC for funding?
Acura highlighted its need to obtain funding from Abuse Deterrent Pharma, LLC or other parties for ongoing operations and product development. The large consolidated note and repeated loans underscore significant financing dependence on this counterparty.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D. C. 20549

 

FORM 8-K

 

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act Of 1934

 

Date of Report (Date of earliest event reported): August 14, 2026

 

 

 

ACURA PHARMACEUTICALS, INC.

(Exact Name of Registrant as specified in its Charter)

 

 

  

New York 1-10113 11-0853640
(State or other jurisdiction of
incorporation or organization)		 (Commission File Number) (I.R.S. Employer
Identification Number)

 

616 N. North Court, Suite 120

Palatine, Illinois 60067

(Address of principal executive offices) (Zip code)

 

(847) 705-7709

(Registrant’s telephone number, including area code)

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of Each Class Trading Symbol(s) Name of Each Exchange on Which Registered
Common Stock, $0.01 par value per share ACUR OTC Market – OTC Expert Market

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

¨Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

¨Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

¨Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17CFR240.14d-2(b))

 

¨Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17CFR 240.13e-4(c))

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

 

Emerging Growth Company ¨

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

 

 

 

 

 

 

Item 1.01 - Entry into a Material Definitive Agreement.

 

On August 14, 2026, we received a $200,000 loan from Abuse Deterrent Pharma, LLC ("AD Pharma"). This loan combined with previous loans made to the Company and combined with the $2,319,279 under the November 10, 2022 Amended Consolidated and Restated Secured Promissory Note, now has a principal balance of $11,094,279 with accrued interest of approximately $1,290,000 as of August 14, 2026 and bears interest at 5.25% ("Note"). The Events of default under the Note include, among other items, bankruptcy events, failure to pay interest and principal when due and such failure continues for 5 days, and if Acura is generally not, or is unable to, or admits in writing its inability to, pay its debts as those debts become due. If any amount payable hereunder is not paid when due (without regard to any applicable grace periods), whether at stated maturity, by acceleration, or otherwise, including upon an event of default, such overdue amount shall bear interest at the rate per annum of 7.5% from the date of such non - payment until such amount is paid in full.

 

The funding provided by AD Pharma was used to meet day - to - day operation activity. There can be no assurance we will be successful in receiving additional financing. In the absence of the receipt of additional financing by late - September 2026, we will be required to scale back our operations, including the furlough and lay - off of employees, or to terminate operations and/or seek protection under applicable bankruptcy laws. This could result in a complete loss of shareholder value in the Company. Even assuming we are successful in securing additional sources of financing to fund continued operations, there can be no assurance that the proceeds of such financing will be sufficient to fund operations until such time, if at all, that we generate sufficient revenue from our products and product candidates to sustain and grow our operation.

 

The inclusion of a description of the Note under Item 1.01 of this Current Report on Form 8-K shall not be deemed an acknowledgement that the Note is a material agreement not made, or deemed not to be made, in the ordinary course of our business.

 

Item 2.01 – Completion of Acquisition or Disposition of Assets

 

The contents of all Items 1.01 are incorporated herein by reference.

 

Item 2.03 - Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant

 

The contents of all Items 1.01 are incorporated herein by reference.

 

Acura Forward-Looking Statements

 

Statements in this Current Report constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and these forward-looking statements are made in reliance on the safe harbor provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements to be materially different from any future results, performance, or achievements expressed or implied by such forward-looking statements.

 

Forward-looking statements may include, but are not limited to:

 

●whether the FDA will agree with or accept the results of our studies for our product candidates;
●the ability to fulfill the FDA requirements for approving our product candidates for commercial manufacturing and distribution in the United States, including, without limitation, the adequacy of the results of the laboratory and clinical studies completed to date, the results of laboratory and clinical studies we may complete in the future to support FDA approval of our product candidates and the sufficiency of our development process to meet over-the-counter (“OTC”) Monograph standards, as applicable;
●whether we can successfully submit a New Drug Application for LTX-03, request a priority review and whether such filings and requests will be accepted by the FDA;
●our ability to obtain funding from Abuse Deterrent Pharma, LLC or other parties for our continuing operations, including the development of our products utilizing our LIMITx™ and Impede® technologies;
●whether we can renegotiate the date by which we are required to obtain FDA acceptance, currently December 31, 2026, for an NDA for LTX-03 by our agreement with Abuse Deterrent Pharma, LLC on which we depend to finance operations;
●whether we can renegotiate the date by which we are required to pay off the secured promissory note and accrued interest to Abuse Deterrent Pharma, LLC, currently December 31, 2026;
●whether our licensing partners will develop any additional products and utilize Acura for such development;
●the expected results of clinical studies relating to LTX-03, a LIMITx hydrocodone bitartrate and acetaminophen combination product, or any successor product candidate, the date by which such studies will be complete and the results will be available and whether LTX-03 will ultimately receive FDA approval;
●our business could be adversely affected by health epidemics in regions where third parties for which we rely, as in CROs or CMOs, have concentrations of clinical trial sites or other business operations, and could cause significant disruption in the operations of third-party manufacturers and CROs upon whom we rely;

 

2

 

 

●whether LIMITx will retard the release of opioid active ingredients as dose levels increase;
●whether the extent to which products formulated with the LIMITx Technology reduce respiratory depression will be determined sufficient by the FDA to support approval or labelling describing safety features;
●our and our licensee’s ability to successfully launch and commercialize our products and technologies;
●the results and timing of our development of our LIMITx Technology, including, but not limited to, the submission of a NDA and/or FDA filing acceptance;
●our or our licensees’ ability to obtain necessary regulatory approvals and commercialize products utilizing our technologies;
●the market acceptance of, timing of commercial launch and competitive environment for any of our products;
●expectations regarding potential market share for our products;
●our ability to develop and enter into additional license agreements for our product candidates using our technologies;
●our exposure to product liability and other lawsuits in connection with the commercialization of our products;
●the increasing cost of insurance and the availability of product liability insurance coverage;
●the ability to avoid infringement of patents, trademarks and other proprietary rights of third parties;
●the ability of our patents to protect our products from generic competition and our ability to protect and enforce our patent rights in any paragraph IV patent infringement litigation;
●the adequacy of the development program for our product candidates, including whether additional clinical studies will be required to support FDA approval of our product candidates;
●changes in regulatory requirements;
●adverse safety findings relating to our commercialized products or product candidates in development;
●whether the FDA will agree with our analysis of our clinical and laboratory studies;
●whether or when we are able to obtain FDA approval of labeling for our product candidates for the proposed indications and whether we will be able to promote the features of our technologies; and
●whether our product candidates will ultimately perform as intended in commercial settings.

 

In some cases, you can identify forward-looking statements by terms such as “aim”, "anticipate", "believe", "could", "design", "estimate", "expect", "forecast", "goal", "guidance", "imply", “indicate”, "intend", "may", "objective", "opportunity", "outlook", "plan", "position", "potential", "predict", "project", "prospective", "pursue", "seek", "should", "strategy", "target", "would", "will", and other words of similar meaning, expressions, derivations of such words and the use of future dates intended to identify forward-looking statements. These statements reflect our current views with respect to future events and are based on assumptions and subject to risks and uncertainties. Given these uncertainties, you should not place undue reliance on these forward-looking statements. We discuss many of these risks in greater detail in Acura’s Annual Report on Form 10-K and Quarterly Reports on Form 10-Q filed with the U.S. Securities and Exchange Commission ("SEC") and in other filings Acura makes with the SEC from time to time. Investors and potential investors are urged not to place undue reliance on forward-looking statements in this communication, which speak only as of this date of the Current Report and are based on the Company’s current beliefs, assumptions, and expectations. While Acura may elect to update these forward-looking statements at some point in the future, it specifically disclaims any obligation to update or revise any forward-looking statements contained in this Current Report whether as a result of new information or future events, except as may be required by applicable law.

 

Item 9.01 - Financial Statements and Exhibits

  

Exhibit Number Description
99.1 Amended Loan Schedule dated August 17, 2026 to the November 10, 2022 Amended, Consolidated and Restated Secured Promissory Note with Abuse Deterrent Pharma, LLC
104 Cover Page Interactive Data File (embedded within Inline XBRL document)

 

3

 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

 

  ACURA PHARMACEUTICALS, INC.
   
  By: /s/ Robert A. Seiser
    Robert A. Seiser
    Senior Vice President & Chief Financial Officer

 

Date: August 20, 2026

 

4

 

Exhibit 99.1

 

Amended Loan Schedule to Secured Promissory Note dated November 10, 2022
between Acura Pharmaceuticals, Inc. and Abuse Deterrent Pharma, LLC

 

   Date   Principal   Aggregated
Principal		 
Original Secured Promissory Note   11/10/2022   $2,319,279   $2,319,279 
Additional Loans to be included:               
Loans #1 dated 12/22/2022 through Loans #50 dated 12/31/2025       $7,075,000   $9,394,279 
Loan #51   1/02/2026   $100,000   $9,494,279 
Loan #52   1/16/2026   $100,000   $9,594,279 
Loan #53   2/06/2026   $100,000   $9,694,279 
Loan #54   2/13/2026   $100,000   $9,794,279 
Loan #55   3/09/2026   $100,000   $9,894,279 
Loan #56   3/30/2026   $100,000   $9,994,279 
Loan #57   4/03/2026   $100,000   $10,094,279 
Loan #58   4/20/2026   $100,000   $10,194,279 
Loan #59   5/05/2026   $100,000   $10,294,279 
Loan #60   5/15/2026   $100,000   $10,394,279 
Loan #61   5/29/2026   $100,000   $10,494,279 
Loan #62   6/24/2026   $200,000   $10,694,279 
Loan #63   7/17/2026   $200,000   $10,894,279 
Loan #64    8/14/2026    $200,000   $11,094,279 

 

ACURA PHARMACEUTICALS, INC.  
   
By: /s/ Robert A. Seiser                                         
Robert A. Seiser  
Senior Vice President & CFO  
Date: August 20, 2026  

 

 

Source: View Original Filing on SEC EDGAR

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