Full Press Release Details
Aclaris Therapeutics Reports Fourth Quarter and Full Year 2023 Financial Results and Provides a Corporate Update
WAYNE, Pa., Feb. 27, 2024 (GLOBE NEWSWIRE) -- Aclaris Therapeutics, Inc. (NASDAQ: ACRS), a clinical-stage biopharmaceutical company focused on developing novel drug candidates for immuno-inflammatory diseases, today announced its financial results for the fourth quarter and full year of 2023 and provided a corporate update.
"As we enter 2024, we are financially strong, focused and motivated," stated Dr. Neal Walker, co-founder and Interim Chief Executive Officer & President of Aclaris. "Returning to the CEO role, I look forward to building on our strong foundation and deep expertise in kinase discovery and development as we look to shape the future of Aclaris."
Research and Development Highlights:
Financial Highlights:
Liquidity and Capital Resources
As of December 31, 2023, Aclaris had aggregate cash, cash equivalents and marketable securities of $181.9 million compared to $229.8 million as of December 31, 2022.
About Aclaris Therapeutics, Inc.
Aclaris Therapeutics, Inc. is a clinical-stage biopharmaceutical company developing a pipeline of novel drug candidates to address the needs of patients with immuno-inflammatory diseases who lack satisfactory treatment options. The company has a multi-stage portfolio of drug candidates powered by a robust R&D engine exploring protein kinase regulation. For additional information, please visit 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 "anticipate," "believe," "expect," "intend," "may," "plan," "potential," "will," and similar expressions, and are based on Aclaris' current beliefs and expectations. These forward-looking statements include expectations regarding its development plans for its development programs, including its plans to seek a development and commercialization partner for ATI-1777 and its strategic review of its business. 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, Aclaris' ability to enter into strategic partnerships on commercially reasonable terms, the uncertainty regarding the macroeconomic environment 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, 2023, and other filings Aclaris makes with the U.S. Securities and Exchange Commission from time to time. These documents are available under the "SEC Filings" page of the "Investors" section of Aclaris' website at 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
(unaudited, in thousands, except share and per share data)
| Three Months Ended | Year Ended | ||||||||||||
| December 31, | December 31, | ||||||||||||
| 2023 | 2022 | 2023 | 2022 | ||||||||||
| Revenues: | |||||||||||||
| Contract research | $ | 566 | $ | 866 | $ | 3,035 | $ | 4,395 | |||||
| Licensing | 17,004 | 6,722 | 28,214 | 25,100 | |||||||||
| Other | - | 165 | - | 257 | |||||||||
| Total revenue | 17,570 | 7,753 | 31,249 | 29,752 | |||||||||
| Costs and expenses: | |||||||||||||
| Cost of revenue (1) | 725 | 877 | 3,423 | 4,023 | |||||||||
| Research and development (1) | 26,646 | 21,072 | 98,384 | 77,813 | |||||||||
| General and administrative (1) | 8,214 | 7,146 | 32,412 | 25,133 | |||||||||
| Licensing | 5,703 | 637 | 14,658 | 7,937 | |||||||||
| Revaluation of contingent consideration | (26,300) | 7,100 | (26,900) | 4,700 | |||||||||
| Intangible asset impairment | 6,629 | - | 6,629 | - | |||||||||
| Total costs and expenses | 21,617 | 36,832 | 128,606 | 119,606 | |||||||||
| Loss from operations | (4,047) | (29,079) | (97,357) | (89,854) | |||||||||
| Other income, net | 2,189 | 1,444 | 8,509 | 2,946 | |||||||||
| Loss before income taxes | (1,858) | (27,635) | (88,848) | (86,908) | |||||||||
| Income tax benefit | (367) | - | (367) | - | |||||||||
| Net loss | $ | (1,491) | $ | (27,635) | $ | (88,481) | $ | (86,908) | |||||
| Net loss per share, basic and diluted | $ | (0.02) | $ | (0.41) | $ | (1.27) | $ | (1.33) | |||||
| Weighted average common shares outstanding, basic and diluted | 70,866,315 | 66,685,580 | 69,808,855 | 65,213,944 | |||||||||
| (1) Amounts include stock-based compensation expense as follows: | |||||||||||||
| Cost of revenue | $ | 337 | $ | 314 | $ | 1,456 | $ | 1,151 | |||||
| Research and development | (2,367) | 1,517 | 6,801 | 3,745 | |||||||||
| General and administrative | 3,296 | 2,982 | 12,285 | 10,143 | |||||||||
| Total stock-based compensation expense | $ | 1,266 | $ | 4,813 | $ | 20,542 | $ | 15,039 |
Aclaris Therapeutics, Inc.
Selected Consolidated Balance Sheet Data
(unaudited, in thousands, except share data)
| December 31, 2023 | December 31, 2022 | ||||||
| Cash, cash equivalents and marketable securities | $ | 181,877 | $ | 229,813 | |||
| Total assets | $ | 197,405 | $ | 254,596 | |||
| Total current liabilities | $ | 30,952 | $ | 21,938 | |||
| Total liabilities | $ | 40,226 | $ | 56,975 | |||
| Total stockholders' equity | $ | 157,179 | $ | 197,621 | |||
| Common stock outstanding | 70,894,889 | 66,688,647 |
Aclaris Therapeutics, Inc.
Selected Consolidated Cash Flow Data
(unaudited, in thousands)
| Year Ended | Year Ended | ||||||
| December 31, 2023 | December 31, 2022 | ||||||
| Net loss | $ | (88,481) | $ | (86,908) | |||
| Depreciation and amortization | 863 | 797 | |||||
| Stock-based compensation expense | 20,542 | 15,039 | |||||
| Revaluation of contingent consideration | (26,900) | 4,700 | |||||
| Intangible asset impairment charge | 6,629 | - | |||||
| Deferred taxes | (367) | - | |||||
| Changes in operating assets and liabilities | 9,389 | (1,195) | |||||
| Net cash used in operating activities | $ | (78,325) | $ | (67,567) |
Aclaris Therapeutics Contact: