Full Press Release Details
Aclaris Therapeutics Reports Fourth Quarter and Full Year 2015 Operating and Financial Results
Management to Host Conference Call at 4:30 p.m. ET today
Malvern, PA March 23, 2016 (GLOBE NEWSWIRE) Aclaris Therapeutics, Inc. (NASDAQ: ACRS), a clinical-stage specialty pharmaceutical company, today announced financial results for the fourth quarter and year ended December 31, 2015 and provided an update on its clinical development programs.
It has been an exciting time for Aclaris since our IPO in October of last year as we have made significant progress with the advancement of our development pipeline. With our lead drug candidate, A-101, in the clinic for two indications (seborrheic keratosis and common warts), we look forward to seeing the results which we anticipate later this year. We also continue to expand our pipeline by adding novel compounds to our clinical program such as our JAK (Janus Kinase) inhibitor compounds for the treatment of alopecia areata and other dermatological conditions. We continue to build a commercial infrastructure and have now assembled a senior management team with over 120 combined years of directly relevant experience in dermatology, said Dr. Neal Walker, President and Chief Executive Officer of Aclaris.
Business Highlights and Recent Developments
Financial Highlights
Liquidity and Capital Resources
Fourth Quarter 2015 Financial Results
Full Year 2015 Financial Results
Company to Host Conference Call
Management will conduct a conference call at 4:30 p.m. ET today to discuss the Company's 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 Company's 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 50890341 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 seborrheic keratosis and for common warts and its JAK inhibitor drug candidates for the treatment of alopecia areata and other dermatological conditions, and our beliefs that our capital resources will be sufficient to meet our 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' Quarterly Report on Form 10-Q for the quarter ended September 30, 2015, filed with the Securities and Exchange Commission (SEC) on November 18, 2015, 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.
| Aclaris Therapeutics, Inc. | ||||||||||||
| Consolidated Statements of Operations | ||||||||||||
| (in thousands, except share and per share data) | ||||||||||||
| Three Months Ended | Year Ended | |||||||||||
| December 31, | December 31, | |||||||||||
| 2015 | 2014 | 2015 | 2014 | |||||||||
| Revenue | $ | - | $ | - | $ | - | $ | - | ||||
| Operating expenses: | ||||||||||||
| Research and development | 2,402 | 2,054 | 15,339 | 6,507 | ||||||||
| General and administrative | 2,400 | 548 | 5,328 | 2,026 | ||||||||
| Total operating expenses | 4,802 | 2,602 | 20,667 | 8,533 | ||||||||
| Loss from operations | (4,802) | (2,602) | (20,667) | (8,533) | ||||||||
| Interest income | 88 | 5 | 104 | 16 | ||||||||
| Net loss | (4,714) | (2,597) | (20,563) | (8,517) | ||||||||
| Accretion of convertible preferred stock | (213) | (660) | (2,566) | (2,054) | ||||||||
| Net loss attributable to common stockholders | $ | (4,927) | $ | (3,257) | $ | (23,129) | $ | (10,571) | ||||
| Net loss per share attributable to common stockholders, basic and diluted | $ | (0.28) | $ | (1.76) | $ | (3.79) | $ | (6.15) | ||||
| Weighted average common shares outstanding, basic and diluted | 17,832,264 | 1,850,961 | 6,107,042 | 1,720,082 |
| Aclaris Therapeutics, Inc. | ||||||
| Selected Consolidated Balance Sheet Data | ||||||
| (in thousands) | ||||||
| December 31, 2015 | December 31, 2014 | |||||
| Cash, cash equivalents and investments | $ | 92,038 | $ | 16,648 | ||
| Total assets | 94,076 | 17,377 | ||||
| Total current liabilities | 1,555 | 1,451 | ||||
| Total liabilities | 1,555 | 1,455 | ||||
| Total stockholders' equity (deficit) | 92,521 | (20,755) |
| Contact: |
| Aclaris Contact |
| Frank Ruffo |
| Chief Financial Officer |
| 484-324-7933 |
| investors@aclaristx.com |
| Investor Contact |
| Patricia L. Bank |
| Westwicke Partners |
| Managing Director |
| 415-513-1284 |
| patti.bank@westwicke.com |
| Media Contact |
| Mike Beyer |
| Sam Brown, Inc. |
| 312-961-2502 |
| mikebeyer@sambrown.com |