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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Aclaris Therapeutics Inc | NASDAQ:ACRS | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.07 | 5.34% | 1.38 | 1.33 | 5.49 | 1.40 | 1.31 | 1.31 | 690,119 | 05:00:01 |
“We have continued to progress our clinical programs, including activating multiple clinical sites in our Phase 2b trial of ATI-1777 in subjects with moderate to severe atopic dermatitis,” said Dr. Neal Walker, President and CEO of Aclaris. “We look forward to advancing all of our clinical and preclinical programs.”
Research and Development Highlights:
Clinical Programs
Preclinical Programs
Discovery Programs
Other Highlights
Aclaris continues to expand its senior R&D team and recently appointed Ian Anderson, Ph.D., as Executive Vice President, Translational Research & Development, and Rob Ortmann, M.D., as Vice President, Clinical Development. Dr. Anderson brings more than 30 years of immunology research experience in drug development, from discovery through Phase 2. He previously held senior scientific leadership roles at Flame Biosciences, Janssen Pharmaceutical, MedImmune and Cambridge Antibody Technology. Dr. Ortmann is a board-certified rheumatologist with more than 10 years of clinical research experience in autoimmune-related therapeutic areas. He previously held clinical development positions at Horizon Therapeutics and Eli Lilly and Company.
Financial Highlights:
Liquidity and Capital Resources
As of March 31, 2022, Aclaris had aggregate cash, cash equivalents and marketable securities of $204 million compared to $226 million as of December 31, 2021. Additionally, in April 2022, Aclaris sold approximately 4.8 million shares under its ATM facility for aggregate net proceeds of $73 million.
Aclaris now anticipates that its cash, cash equivalents and marketable securities as of March 31, 2022 in combination with the $73 million in net proceeds from the April 2022 ATM sale will be sufficient to fund its operations through the end of 2025, without giving effect to any additional potential business development transactions or financing activities.
Financial Results
First Quarter 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 “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 | |||||||
March 31, | |||||||
2022 | 2021 | ||||||
Revenues: | |||||||
Contract research | $ | 1,221 | $ | 1,535 | |||
Other revenue | 232 | 242 | |||||
Total revenue | 1,453 | 1,777 | |||||
Costs and expenses: | |||||||
Cost of revenue(1) | 1,155 | 1,202 | |||||
Research and development(1) | 14,306 | 7,838 | |||||
General and administrative(1) | 6,099 | 4,827 | |||||
Revaluation of contingent consideration | (1,200 | ) | 16,439 | ||||
Total costs and expenses | 20,360 | 30,306 | |||||
Loss from operations | (18,907 | ) | (28,529 | ) | |||
Other income (expense), net | 118 | (225 | ) | ||||
Net loss | $ | (18,789 | ) | $ | (28,754 | ) | |
Net loss per share, basic and diluted | $ | (0.31 | ) | $ | (0.57 | ) | |
Weighted average common shares outstanding, basic and diluted | 61,431,026 | 50,337,807 | |||||
(1) Amounts include stock-based compensation expense as follows: | |||||||
Cost of revenue | $ | 228 | $ | 247 | |||
Research and development | (113 | ) | 876 | ||||
General and administrative | 2,231 | 1,552 | |||||
Total stock-based compensation expense | $ | 2,346 | $ | 2,675 |
Aclaris Therapeutics, Inc.Selected Consolidated Balance Sheet Data(unaudited, in thousands, except share data)
March 31, 2022 | December 31, 2021 | ||||||
Cash, cash equivalents and marketable securities | $ | 203,577 | $ | 225,656 | |||
Total assets | $ | 226,527 | $ | 251,211 | |||
Total current liabilities | $ | 16,726 | $ | 22,931 | |||
Total liabilities | $ | 46,328 | $ | 53,870 | |||
Total stockholders' equity | $ | 180,199 | $ | 197,341 | |||
Common stock outstanding | 61,737,483 | 61,228,446 |
Aclaris Therapeutics, Inc.Selected Consolidated Cash Flow Data(unaudited, in thousands)
March 31, 2022 | March 31, 2021 | ||||||
Net loss | $ | (18,789 | ) | $ | (28,754 | ) | |
Depreciation and amortization | 208 | 288 | |||||
Stock-based compensation expense | 2,346 | 2,675 | |||||
Revaluation of contingent consideration | (1,200 | ) | 16,439 | ||||
Changes in operating assets and liabilities | (3,534 | ) | (2,880 | ) | |||
Net cash used in operating activities | $ | (20,969 | ) | $ | (12,232 | ) |
Aclaris Contact
investors@aclaristx.com
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