Full Press Release Details
Aclaris Therapeutics Reports First Quarter 2017 Financial Results
Management to Host Conference Call at 4:30 PM ET today
Malvern, PA May 9, 2017 (GLOBE NEWSWIRE) Aclaris Therapeutics, Inc. (NASDAQ: ACRS), a dermatologist-led biotechnology company, today announced financial results for the first quarter of 2017 and provided an update on its clinical development programs.
The start of 2017 has been a busy one for Aclaris and we are pleased 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. Our New Drug Application (NDA) for A-101 40% Topical Solution (A-101 40%) for the treatment of seborrheic keratosis (SK) was accepted for review by the U.S. Food and Drug Administration (FDA). We continue to advance our pipeline and broaden our intellectual property estate as we focus our efforts on developing innovative treatments for patients.
Clinical Pipeline Update
Business Highlights and Recent Developments
Financial Highlights
Liquidity and Capital Resources
First Quarter 2017 Financial Results
2017 Financial Outlook
Aclaris reiterates the following financial guidance:
Company to Host Conference Call
Management will conduct a conference call at 4:30 PM 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 (844) 776-7782 (domestic) or (661) 378-9535 (international), and reference conference ID 5101760 prior to the start of the call.
About Aclaris Therapeutics, Inc.
Aclaris Therapeutics, Inc. is a dermatologist-led biotechnology company focused on identifying, developing and commercializing innovative and differentiated therapies to address significant unmet needs in medical and aesthetic dermatology. Aclaris is based in Malvern, Pennsylvania and more information can be found by visiting the Aclaris 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 Aclaris' use of cash and research and development and total operating expenses during 2017, development programs in skin and hair conditions, and the clinical development of JAK inhibitors. 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, 2016, and other filings Aclaris makes with the U.S. Securities and Exchange Commission 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.
Aclaris Therapeutics, Inc.
Consolidated Statements of Operations
(in thousands, except share and per share data)
| Three Months Ended | Three Months Ended | |||||||
| December 31, | March 31, | |||||||
| 2017 | 2016 | 2017 | 2016 | |||||
| Revenue | $ - | $ - | $ - | $ - | ||||
| Operating expenses: | ||||||||
| Research and development (1) | 7,772 | 9,535 | ||||||
| General and administrative (1) | 5,158 | 3,604 | ||||||
| Total operating expenses | 12,930 | 13,139 | ||||||
| Loss from operations | (12,930) | (13,139) | ||||||
| Other income, net | 371 | 100 | ||||||
| Net loss | $ | $ (12,559) | $ (13,039) | |||||
| Net loss per share, basic and diluted | $ | $ | $ (0.48) | $ (0.65) | ||||
| Weighted average common shares outstanding, basic and diluted | 26,080,806 | 20,171,518 | ||||||
| (1) Amounts include stock-based compensation expense as follows: | ||||||||
| Research and development | $ | $ | $ 1,217 | $ 421 | ||||
| General and administrative | 1,936 | 801 | ||||||
| Total stock-based compensation expense | $ | $ | $ 3,153 | $ 1,222 |
Aclaris Therapeutics, Inc.
Selected Consolidated Balance Sheet Data
| March 31, 2017 | December 31, 2016 | ||||||
| Cash, cash equivalents and investments | $ | 161,437 | $ | 174,134 | |||
| Total assets | 166,210 | 176,085 | |||||
| Total current liabilities | 5,637 | 6,223 | |||||
| Total liabilities | 5,921 | 6,595 | |||||
| Total stockholders' equity | 160,289 | 169,490 |
Vice President / Investor Relations