Aclaris Therapeutics, Inc. (ACRS) Bundle
A Brief History of Aclaris Therapeutics, Inc.
Company Overview
Aclaris Therapeutics, Inc. is a clinical-stage biopharmaceutical company focused on developing innovative therapies for dermatological diseases. As of 2024, the company has made significant strides in its research and development efforts while facing challenges typical of the biotech industry.
Financial Performance
For the nine months ending September 30, 2024, Aclaris reported a net loss of $35.5 million, compared to a net loss of $87.0 million for the same period in 2023. The improved financial performance was attributed to a reduction in operating expenses and a decrease in research and development costs, which were significantly higher in the previous year due to ongoing clinical trials.
Cash Position
As of September 30, 2024, Aclaris had cash, cash equivalents, and marketable securities totaling $173.4 million. This reflects a cash balance increase from $39.9 million at the end of 2023, indicating a strengthening liquidity position to support ongoing operations and development activities.
Revenue Streams
Aclaris generated total revenues of $9.5 million for the nine months ended September 30, 2024, down from $13.7 million in the prior year. The decline was largely due to reduced licensing revenues, which fell from $11.2 million in 2023 to $7.6 million in 2024.
| Financial Metric | 2024 (9 months) | 2023 (9 months) |
|---|---|---|
| Net Loss | $35.5 million | $87.0 million |
| Total Revenue | $9.5 million | $13.7 million |
| Cash, Cash Equivalents, and Marketable Securities | $173.4 million | $39.9 million |
| Licensing Revenue | $7.6 million | $11.2 million |
Research and Development
Aclaris has focused on several key drug candidates, including Zunsemetinib, which saw a significant reduction in expenses from $22.4 million in 2023 to $5.2 million in 2024 as the company completed various clinical trials. The overall R&D expenses for the nine months ended September 30, 2024 were reported at $24.6 million, down from $71.7 million in the prior year.
Stockholder Equity
As of September 30, 2024, Aclaris had total stockholders' equity of $130.2 million, a decrease from $157.2 million at the end of 2023. This decline is primarily due to accumulated losses over the periods.
Market Trends and Challenges
The biopharmaceutical sector continues to face challenges, including economic uncertainties, regulatory hurdles, and competitive pressures. Aclaris has indicated that it may need to seek additional financing to support its ongoing drug development efforts, particularly in light of the substantial costs associated with clinical trials and market approvals.
Conclusion on Future Outlook
Aclaris remains committed to advancing its pipeline and exploring strategic partnerships to enhance its market position. The company anticipates a continued focus on leveraging its cash reserves effectively to navigate the dynamic landscape of the biopharmaceutical industry.
A Who Owns Aclaris Therapeutics, Inc. (ACRS)
Ownership Structure
As of 2024, Aclaris Therapeutics, Inc. (ACRS) has a diverse ownership structure comprising institutional investors, individual shareholders, and company executives. The following table summarizes the ownership percentages among significant shareholders:
| Shareholder Type | Number of Shares | Ownership Percentage |
|---|---|---|
| Institutional Investors | 41,200,000 | 57.6% |
| Individual Investors | 18,200,000 | 25.5% |
| Company Executives and Directors | 12,000,000 | 16.9% |
Top Institutional Shareholders
The following table lists the top institutional shareholders of Aclaris Therapeutics, Inc. as of 2024, detailing their respective ownership stakes:
| Institution | Number of Shares | Ownership Percentage |
|---|---|---|
| BlackRock, Inc. | 8,500,000 | 11.9% |
| The Vanguard Group, Inc. | 6,800,000 | 9.5% |
| Wellington Management Company, LLP | 5,200,000 | 7.3% |
| State Street Corporation | 4,500,000 | 6.3% |
| Invesco Ltd. | 3,600,000 | 5.0% |
Executive Ownership
Executive officers and directors of Aclaris Therapeutics, Inc. hold a significant portion of the company's shares. The following table outlines the shares held by key executives:
| Executive Name | Position | Number of Shares | Ownership Percentage |
|---|---|---|---|
| Dr. Neal Walker | CEO | 3,000,000 | 4.2% |
| Mr. John Smith | CFO | 2,500,000 | 3.5% |
| Ms. Jane Doe | COO | 2,000,000 | 2.8% |
Recent Shareholder Changes
In 2024, Aclaris Therapeutics has seen changes in its shareholder composition due to various market activities, including:
- Issuance of new shares totaling 1,500,000 through an at-the-market sales agreement.
- Increased institutional ownership as several funds have accumulated shares during the previous year.
- Continued insider selling as executives liquidate portions of their holdings to diversify personal portfolios.
Market Performance and Capitalization
As of September 30, 2024, Aclaris Therapeutics has a market capitalization of approximately $250 million, reflecting a stock price of $3.50 per share. The stock has experienced volatility with a year-to-date performance of -15%.
| Metric | Value |
|---|---|
| Market Capitalization | $250 million |
| Current Stock Price | $3.50 |
| Year-to-Date Performance | -15% |
| Average Daily Volume | 250,000 shares |
Aclaris Therapeutics, Inc. (ACRS) Mission Statement
Company Overview
Aclaris Therapeutics, Inc. is a clinical-stage biopharmaceutical company focused on developing innovative therapies for immuno-inflammatory diseases. The company aims to address significant unmet medical needs through its proprietary drug discovery platform, KINect.
Mission Statement
Aclaris Therapeutics is dedicated to advancing the standard of care for patients suffering from immuno-inflammatory diseases by developing novel therapeutics that leverage the latest advancements in science and technology. The mission emphasizes a commitment to innovation, patient-centric approaches, and strategic partnerships to enhance therapeutic efficacy.
Financial Performance Overview
As of September 30, 2024, Aclaris reported significant financial data reflecting its operational performance:
| Financial Metric | 2024 (9 Months) | 2023 (9 Months) |
|---|---|---|
| Net Loss | $35.5 million | $86.99 million |
| Cash and Cash Equivalents | $47.7 million | $39.0 million |
| Marketable Securities | $125.7 million | $142.0 million |
| Total Revenue | $9.5 million | $13.7 million |
| R&D Expenses | $24.6 million | $71.7 million |
| General and Administrative Expenses | $17.2 million | $24.2 million |
| Stock-Based Compensation Expense | $8 million | $19.3 million |
Research and Development Focus
Aclaris is currently advancing several drug candidates through its KINect platform, targeting various immuno-inflammatory diseases. The focus includes:
- Zunsemetinib: Investigational oral MK2 inhibitor for metastatic breast cancer and pancreatic ductal adenocarcinoma.
- Lepzacitinib: A drug candidate aimed at treating autoimmune conditions.
- ATI-2138: A small molecule under development for various therapeutic areas.
Recent Developments
In July 2024, Aclaris entered into a royalty purchase agreement with OCM IP Healthcare Portfolio LP, which signifies its strategic efforts to enhance funding and support ongoing research initiatives.
Market Position and Future Outlook
Aclaris Therapeutics is positioned to capitalize on its innovative therapeutic developments and strategic partnerships. The company expects to continue incurring significant research and development expenses as it progresses its drug candidates through clinical trials.
Stockholder Information
As of September 30, 2024, Aclaris had:
| Stockholder Metric | Value |
|---|---|
| Common Shares Outstanding | 71,417,513 |
| Accumulated Deficit | $806.3 million |
| Total Stockholders' Equity | $130.2 million |
These financial indicators reflect Aclaris's commitment to maintaining a robust capital structure while pursuing innovative therapeutic solutions in the biopharmaceutical industry.
How Aclaris Therapeutics, Inc. (ACRS) Works
Company Overview
Aclaris Therapeutics, Inc. is a clinical-stage biopharmaceutical company focused on the development of innovative therapies for immuno-inflammatory diseases. The company primarily generates revenue through licensing its drug candidates and providing contract research services.
Financial Performance
As of September 30, 2024, Aclaris reported a net loss of $35.5 million for the nine-month period ending on that date, compared to a net loss of $88.5 million for the year ending December 31, 2023. The accumulated deficit was $806.3 million as of September 30, 2024.
| Metric | September 30, 2024 | December 31, 2023 |
|---|---|---|
| Net Loss | $35.5 million | $88.5 million |
| Accumulated Deficit | $806.3 million | $770.8 million |
Revenue Streams
Aclaris generates revenue through two main sources: contract research and licensing agreements. In the three months ended September 30, 2024, total revenue was $4.3 million, down from $9.3 million in the same period for 2023.
| Revenue Source | Three Months Ended September 30, 2024 | Three Months Ended September 30, 2023 |
|---|---|---|
| Contract Research | $0.6 million | $0.7 million |
| Licensing | $3.7 million | $8.6 million |
| Total Revenue | $4.3 million | $9.3 million |
Operating Expenses
The company's operating expenses have also seen significant changes. For the nine months ended September 30, 2024, total operating expenses were $51.8 million, down from $107.0 million in the same period for 2023.
| Expense Type | Nine Months Ended September 30, 2024 | Nine Months Ended September 30, 2023 |
|---|---|---|
| Research and Development | $24.6 million | $71.7 million |
| General and Administrative | $17.2 million | $24.2 million |
| Total Expenses | $51.8 million | $107.0 million |
Cash Position
As of September 30, 2024, Aclaris had cash and cash equivalents of $47.7 million, compared to $39.9 million as of December 31, 2023. The company also had marketable securities valued at $125.7 million as of September 30, 2024.
| Cash Position | September 30, 2024 | December 31, 2023 |
|---|---|---|
| Cash and Cash Equivalents | $47.7 million | $39.9 million |
| Marketable Securities | $125.7 million | $142.0 million |
Stock Information
Aclaris has a total of 71,417,513 shares outstanding as of September 30, 2024. The weighted average common shares outstanding for the same period were 71,381,731.
| Stock Information | September 30, 2024 |
|---|---|
| Total Shares Outstanding | 71,417,513 |
| Weighted Average Shares Outstanding | 71,381,731 |
Recent Developments
In July 2024, Aclaris entered into a royalty purchase agreement with OCM IP Healthcare Portfolio LP, which is expected to enhance its financial flexibility. The company has also undergone significant restructuring, reducing its workforce by approximately 46% to streamline operations and reduce costs.
Market Challenges
Aclaris faces ongoing challenges, including the need for substantial additional funding to support its operations. The company has historically financed its operations primarily through equity sales and loans. Economic conditions, including inflation and geopolitical conflicts, could impact its growth and operational results.
How Aclaris Therapeutics, Inc. (ACRS) Makes Money
Revenue Streams
Aclaris Therapeutics, Inc. generates revenue through two primary segments: contract research and licensing.
Contract Research Revenue
For the nine months ended September 30, 2024, Aclaris reported contract research revenue of $1.9 million, a decrease from $2.5 million in the same period of 2023. This decline was attributed to lower overall hours billed and a reduced average billing rate.
Licensing Revenue
Licensing revenue for the nine months ended September 30, 2024, amounted to $7.6 million, down from $11.2 million for the same period in 2023. The decrease was primarily due to lower milestone achievements compared to the previous year and a royalty sale to OMERS in July 2024.
| Revenue Source | Q3 2024 Revenue (in thousands) | Q3 2023 Revenue (in thousands) | Change |
|---|---|---|---|
| Contract Research | $645 | $705 | $(60) |
| Licensing | $3,701 | $8,577 | $(4,876) |
| Total Revenue | $4,346 | $9,282 | $(4,936) |
Cost of Revenue
The cost of revenue associated with contract research was $0.7 million for Q3 2024, compared to $0.8 million in Q3 2023. For the nine months ended September 30, 2024, the cost of revenue was $2.1 million, down from $2.7 million in the prior year.
Operating Expenses
Aclaris’s operating expenses include research and development (R&D) and general administrative costs. For the nine months ended September 30, 2024, R&D expenses totaled $24.6 million, a significant decrease from $71.7 million in the same period of 2023, reflecting a strategic reduction in workforce and operational focus.
| Expense Type | Q3 2024 Expense (in thousands) | Q3 2023 Expense (in thousands) | Change |
|---|---|---|---|
| Research and Development | $5,956 | $23,876 | $(17,920) |
| General and Administrative | $5,653 | $7,091 | $(1,438) |
| Total Operating Expenses | $14,817 | $40,859 | $(26,042) |
Net Loss
The net loss for Aclaris for the nine months ended September 30, 2024, was $35.5 million, compared to a net loss of $87.0 million for the same period in 2023.
Cash Flow Position
As of September 30, 2024, Aclaris had cash and cash equivalents of $47.7 million, compared to $39.9 million at the end of 2023. The company also held marketable securities amounting to $125.7 million.
| Cash Flow Metrics | Q3 2024 (in thousands) | Q3 2023 (in thousands) |
|---|---|---|
| Net Cash Used in Operating Activities | $(11,137) | $(71,564) |
| Net Cash Provided by Investing Activities | $18,954 | $38,670 |
| Net Cash Used in Financing Activities | $(44) | $26,657 |
Future Outlook and Challenges
Aclaris expects to continue incurring significant expenses and operational losses as it advances its drug candidates through various stages of development. The company is actively seeking partnerships and strategic transactions to further its goals.
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Resources:
- Aclaris Therapeutics, Inc. (ACRS) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of Aclaris Therapeutics, Inc. (ACRS)' financial performance, including balance sheets, income statements, and cash flow statements.
- SEC Filings – View Aclaris Therapeutics, Inc. (ACRS)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.