Full Press Release Details
Aclaris Therapeutics Reports First Quarter 2016 Financial Results
Management to Host Conference Call at 8:30 a.m. ET today
Malvern, PA May 11, 2016 (GLOBE NEWSWIRE) Aclaris Therapeutics, Inc. (NASDAQ: ACRS), a clinical-stage specialty pharmaceutical company, today announced financial results for the first quarter ended March 31, 2016 and provided an update on its clinical development programs.
The start of 2016 has been a busy one for Aclaris and we are pleased that the momentum from last year has continued into the first quarter of this year, commented Dr. Neal Walker, President and Chief Executive Officer of Aclaris. In late March, we announced an agreement to acquire all of the stock of Vixen Pharmaceuticals, Inc. This transaction expands our focus in hair loss to include androgenetic alopecia (commonly referred to as female or male pattern baldness), which is consistent with our goal of developing and commercializing self-pay aesthetic and medical dermatology products that represent whitespace opportunities and provide patients and physicians with effective solutions. We view the relationship between JAK inhibition and hair loss as an exciting opportunity, added Dr. Walker.
Business Highlights and Recent Developments
Financial Highlights
Liquidity and Capital Resources
First Quarter 2016 Financial Results
Company to Host Conference Call
Management will conduct a conference call at 8:30 a.m. ET today to discuss Aclaris' financial results and provide a general business update. The conference will be webcast live over the Internet and can be accessed by logging on to the Investors page of the Aclaris Therapeutics website, www.aclaristx.com, prior to the event. A replay of the webcast will be archived on the Aclaris Therapeutics website for 30 days following the call.
To participate on the live call, please dial (877) 481-7177 (domestic) or (262) 558-6167 (international), and reference conference ID 86658591 prior to the start of the call.
About Aclaris Therapeutics, Inc.
Aclaris Therapeutics, Inc. is a clinical-stage specialty pharmaceutical company focused on identifying, developing, and commercializing innovative and differentiated drugs to address significant unmet needs in dermatology. Aclaris Therapeutics, Inc. is based in Malvern, Pennsylvania and more information can be found by visiting the company's website at www.aclaristx.com.
Cautionary Note Regarding Forward-Looking Statements
Any statements contained in this press release that do not describe historical facts may constitute forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. These statements may be identified by words such as believe , expect , may , plan, potential, will, and similar expressions, and are based on Aclaris' current beliefs and expectations. These forward-looking statements include expectations regarding the clinical development of Aclaris' A-101 drug candidate for the treatment of SK and for common warts and its JAK inhibitor drug candidates for the treatment of alopecia areata and other dermatological conditions, and Aclaris' beliefs that its capital resources will be sufficient to meet its anticipated cash requirements through at least the third quarter of 2017. These statements involve risks and uncertainties that could cause actual results to differ materially from those reflected in such statements. Risks and uncertainties that may cause actual results to differ materially include uncertainties inherent in the conduct of clinical trials, Aclaris' reliance on third parties over which it may not always have full control, and other risks and uncertainties that are described in the Risk Factors section of Aclaris' Annual Report on Form 10-K for the year ended December 31, 2015, filed with the Securities and Exchange Commission (SEC) on March 23, 2016, and other filings Aclaris makes with the SEC from time to time. These documents are available under the Financial Information section of the Investors page of Aclaris' website at http://www.aclaristx.com. Any forward-looking statements speak only as of the date of this press release and are based on information available to Aclaris as of the date of this release, and Aclaris assumes no obligation to, and does not intend to, update any forward-looking statements, whether as a result of new information, future events or otherwise.
Aclarics Therapeutics, Inc.
Consolidated Statements of Operations
(in thousands, except share and per share data)
| Three Months Ended | |||||||
| March 31, | |||||||
| 2016 | 2015 | ||||||
| Revenue | $ | $ | |||||
| Operating Expenses: | |||||||
| Research and development | 9,535 | 1,737 | |||||
| General and administrative | 3,604 | 892 | |||||
| Total operatin expenses | 13,139 | 2,629 | |||||
| Loss from operations | (13,139) | (2,629) | |||||
| Other income, net | 100 | 6 | |||||
| Net loss | (13,039) | (2,623) | |||||
| Accretion of convertible preferred stock | (657) | ||||||
| Net loss attributable to common stockholders | $ | (13,039) | $ | (3,280) | |||
| Net loss per share attritbutable to common stockholders, basic and diluted | $ | (0.65) | $ | (1.61) | |||
| Weighted average common shares outstanding, basic and diluted | 20,171,518 | 2,034,850 |
Aclarics Therapeutics, Inc.
Selected Consolidated Balance Sheet Data
| March 31, 2016 | December 31, 2015 | ||||||
| Cash, cash equivalents and investments | $ | 85,246 | $ | 92,038 | |||
| Total assets | 87,270 | 94,076 | |||||
| Total current liabilities | 3,729 | 1,555 | |||||
| Total liabilities | 4,059 | 1,555 | |||||
| Total stockholders' equity | 83,211 | 92,521 |
Chief Financial Officer