Full Press Release Details
Aclaris Therapeutics Reports Second Quarter 2022 Financial Results and Provides a Corporate Update
| Appointed Douglas Manion, M.D., FRCP (C), as President and COO | ||
| Initiated Phase 2a Study Activities for Psoriatic Arthritis |
WAYNE, Pa., Aug. 03, 2022 (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 second quarter of 2022 and provided a corporate update.
"It has been a busy first half of the year as we continue in our pursuit of becoming a leading development-stage immunology company," said Dr. Neal Walker, Chief Executive Officer of Aclaris. "We have strengthened our senior leadership team this year with the addition of a number of accomplished leaders, including James Loerop, Chief Business Officer, Gail Cawkwell, MD, PhD, Chief Medical Officer, and most recently, Doug Manion, MD, President and Chief Operating Officer. During the second quarter we also were able to raise additional capital, which extended our expected cash runway to the end of 2025. We look forward to continuing to advance our clinical and pre-clinical programs as we move through the second half of the year."
Research and Development Highlights:
Currently being developed as a potential treatment for immuno-inflammatory diseases
Currently being developing as a potential treatment for moderate to severe atopic dermatitis (AD)
Currently being developed as a potential treatment for T cell-mediated autoimmune diseases
Preclinical Programs
Currently being explored as a potential treatment for pancreatic cancer and metastatic breast cancer as well as in preventing bone loss in patients with metastatic breast cancer
Financial Highlights:
Liquidity and Capital Resources
As of June 30, 2022, Aclaris had aggregate cash, cash equivalents and marketable securities of $256 million compared to $226 million as of December 31, 2021. Aggregate cash, cash equivalents and marketable securities as of June 30, 2022 included $73 million of net proceeds from the sale of 4.8 million shares under its ATM facility in April 2022.
Aclaris continues to anticipate that its cash, cash equivalents and marketable securities as of June 30, 2022 will be sufficient to fund its operations through the end of 2025, without giving effect to any potential business development transactions or additional financing activities.
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 "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 the development of Aclaris' drug candidates, including the timing of its clinical trials and regulatory filings, and its belief that its existing cash, cash equivalents and marketable securities will be sufficient to fund its operations through the end of 2025. 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 COVID-19 pandemic 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, 2021, 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.
Condensed Consolidated Statements of Operations
(unaudited, in thousands, except share and per share data)
| Three Months Ended | Six Months Ended | |||||||||||
| June 30, | June 30, | |||||||||||
| 2022 | 2021 | 2022 | 2021 | |||||||||
| Revenues: | ||||||||||||
| Contract research | $ | 1,218 | $ | 1,606 | $ | 2,439 | $ | 3,141 | ||||
| Other revenue | 310 | 218 | 542 | 460 | ||||||||
| Total revenue | 1,528 | 1,824 | 2,981 | 3,601 | ||||||||
| Costs and expenses: | ||||||||||||
| Cost of revenue (1) | 1,068 | 1,263 | 2,223 | 2,465 | ||||||||
| Research and development (1) | 18,779 | 7,897 | 33,085 | 15,735 | ||||||||
| General and administrative (1) | 6,075 | 5,870 | 12,174 | 10,697 | ||||||||
| Revaluation of contingent consideration | (3,400) | 4,800 | (4,600) | 21,239 | ||||||||
| Total costs and expenses | 22,522 | 19,830 | 42,882 | 50,136 | ||||||||
| Loss from operations | (20,994) | (18,006) | (39,901) | (46,535) | ||||||||
| Other income (expense), net | 462 | (155) | 580 | (380) | ||||||||
| Net loss | $ | (20,532) | $ | (18,161) | $ | (39,321) | $ | (46,915) | ||||
| Net loss per share, basic and diluted | $ | (0.31) | $ | (0.34) | $ | (0.62) | $ | (0.90) | ||||
| Weighted average common shares outstanding, basic and diluted | 65,990,031 | 53,968,405 | 63,723,123 | 52,163,136 | ||||||||
| (1) Amounts include stock-based compensation expense as follows: | ||||||||||||
| Cost of revenue | $ | 302 | $ | 335 | $ | 530 | $ | 582 | ||||
| Research and development | 941 | 1,154 | 828 | 2,030 | ||||||||
| General and administrative | 2,449 | 2,343 | 4,680 | 3,895 | ||||||||
| Total stock-based compensation expense | $ | 3,692 | $ | 3,832 | $ | 6,038 | $ | 6,507 |
Aclaris Therapeutics, Inc.
Selected Consolidated Balance Sheet Data
(unaudited, in thousands, except share data)
| June 30, 2022 | December 31, 2021 | ||||||
| Cash, cash equivalents and marketable securities | $ | 255,824 | $ | 225,656 | |||
| Total assets | $ | 277,976 | $ | 251,211 | |||
| Total current liabilities | $ | 16,217 | $ | 22,931 | |||
| Total liabilities | $ | 42,224 | $ | 53,870 | |||
| Total stockholders' equity | $ | 235,752 | $ | 197,341 | |||
| Common stock outstanding | 66,667,580 | 61,228,446 |
Aclaris Therapeutics, Inc.
Selected Consolidated Cash Flow Data
(unaudited, in thousands)
| Six Months Ended June 30, 2022 | Six Months Ended June 30, 2021 | ||||||
| Net loss | $ | (39,321) | $ | (46,915) | |||
| Depreciation and amortization | 414 | 535 | |||||
| Stock-based compensation expense | 6,038 | 6,507 | |||||
| Revaluation of contingent consideration | (4,600) | 21,239 | |||||
| Changes in operating assets and liabilities | (3,166) | (5,819) | |||||
| Net cash used in operating activities | $ | (40,635) | $ | (24,453) |