Full Press Release Details
Aclaris Therapeutics Reports Third Quarter 2017 Financial Results
Management to Host Conference Call at 8:00 AM ET today
Malvern, PA November 7, 2017 (GLOBE NEWSWIRE) Aclaris Therapeutics, Inc. (NASDAQ: ACRS), a dermatologist-led biopharmaceutical company focused on identifying, developing, and commercializing innovative and differentiated therapies to address significant unmet needs in medical and aesthetic dermatology, today announced financial results for the third quarter of 2017 and provided an update on its clinical development programs.
The third quarter of 2017 has been a productive one for Aclaris. In August, we closed the acquisition of Confluence Life Sciences, Inc. ( Confluence ), and we continue to prepare for our December 24th PDUFA date for A-101 40% Topical Solution for the treatment of seborrheic keratosis, said Dr. Neal Walker, President and Chief Executive Officer of Aclaris.
Clinical Pipeline Update
Business Highlights and Recent Developments
Financial Highlights
Liquidity and Capital Resources
Third Quarter 2017 Financial Results
2017 Financial Outlook
Aclaris is updating its estimates for the following financial metrics for the full year 2017, which estimates now incorporate the acquisition of Confluence:
Company to Host Conference Call
Management will conduct a conference call at 8:00 AM 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 99295180 prior to the start of the call.
About Aclaris Therapeutics, Inc.
Aclaris Therapeutics, Inc. is a dermatologist-led biopharmaceutical company focused on identifying, developing and commercializing innovative and differentiated therapies to address significant unmet needs in medical and aesthetic dermatology. Aclaris is focused on large, underserved market segments with no FDA-approved medications or where treatment gaps exist. 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 its research and development and total operating expenses during 2017 and the clinical development of its product candidates, including the availability of data from its ongoing and planned clinical trials and timing for initiation of planned clinical trials, and its belief that its existing capital resources will be sufficient to fund its operations
into the second half of 2019. 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, Aclaris' Quarterly Report on Form 10-Q to be filed for the quarter ended September 30, 2017, 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 | Nine Months Ended | |||||||
| September 30, | September 30, | |||||||
| 2017 | 2016 | 2017 | 2016 | |||||
| Revenue | $ 684 | $ - | $ 684 | $ - | ||||
| Cost of revenue | 453 | 453 | ||||||
| Gross profit | 231 | 231 | ||||||
| Operating expenses: | ||||||||
| Research and development (1) | 10,864 | 7,162 | 26,601 | 26,533 | ||||
| General and administrative (1) | 8,123 | 3,650 | 20,611 | 10,407 | ||||
| Total operating expenses | 18,987 | 10,812 | 47,212 | 36,940 | ||||
| Loss from operations | (18,756) | (10,812) | (46,981) | (36,940) | ||||
| Other income, net | 564 | 118 | 1,392 | 336 | ||||
| Net loss | $ (18,192) | $ (10,694) | $ (45,589) | $ (36,604) | ||||
| Net loss per share, basic and diluted | $ (0.63) | $ (0.50) | $ (1.68) | $ (1.76) | ||||
| Weighted average common shares outstanding, basic and diluted | 28,834,808 | 21,415,871 | 27,180,244 | 20,752,590 | ||||
| (1) Amounts include stock-based compensation expense as follows: | ||||||||
| Cost of revenue | $ 130 | $ | $ 130 | $ | ||||
| Research and development | 1,332 | 623 | 3,853 | 1,577 | ||||
| General and administrative | 2,211 | 995 | 6,147 | 2,617 | ||||
| Total stock-based compensation expense | $ 3,673 | $ 1,618 | $ 10,130 | $ 4,194 |
Aclaris Therapeutics, Inc.
Selected Consolidated Balance Sheet Data
| September 30, 2017 | December 31, 2016 | ||||||
| Cash, cash equivalents and marketable securities | $ | 227,848 | $ | 174,134 | |||
| Total assets | 261,391 | 176,085 | |||||
| Total current liabilities | 9,993 | 6,223 | |||||
| Total liabilities | 17,132 | 6,595 | |||||
| Total stockholders' equity | 244,259 | 169,490 |
Vice President / Investor Relations