ACURA PHARMACEUTICALS, INC 8-K

What Happened
Acura Pharmaceuticals (ACUR) filed an 8‑K disclosing that it received three $100,000 loans from Abuse Deterrent Pharma, LLC on Nov 12, 2025, Nov 21, 2025 and Dec 12, 2025. Combined with prior borrowings (including $2,319,279 under a Nov 10, 2022 secured promissory note), Acura reports a principal balance of $9,294,279 and accrued interest of about $940,000 as of Dec 22, 2025. The loan arrangement bears interest at 5.25% (rising to 7.5% on overdue amounts) and contains events of default including bankruptcy, failure to pay interest or principal (continuing for 5 days), and insolvency. Acura says the funds were used for day‑to‑day operations and warns that, without additional financing by the end of December 2025, it may need to scale back operations, furlough or lay off employees, or seek bankruptcy protection.

Key Details

• New loans: three $100,000 advances from Abuse Deterrent Pharma, LLC on 11/12/2025, 11/21/2025 and 12/12/2025.
• Total secured debt: principal $9,294,279 plus approximately $940,000 accrued interest (as of 12/22/2025).
• Interest & default terms: 5.25% interest; overdue amounts accrue 7.5% per annum from date of non‑payment. Defaults include bankruptcy, non‑payment (5‑day cure), and inability to pay debts.
• Risk and deadlines: funding used for operations; filing notes potential need to reduce or halt operations without more financing and references deadlines (including an agreement milestone and pay‑off date of June 30, 2026) in related agreements.

Why It Matters
This filing signals that Acura is relying on related‑party financing to fund operations and has a substantial secured debt load relative to its resources. The company explicitly warns that failure to obtain additional financing could force major cuts, layoffs, or bankruptcy — outcomes that could severely harm or eliminate shareholder value. Investors should note the increased leverage, the stricter interest on missed payments, and near‑term financing and contract deadlines that could materially affect the company’s ability to continue as a going concern.