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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 |
“As the pandemic evolves, our team has continued to work hard to make the appropriate business adjustments, advance our pipeline and execute through these uncertain times,” said Dr. Neal Walker, President and CEO of Aclaris. “In the second quarter, we dosed the first subject in our Phase 2a trial of ATI-450 as a potential treatment for moderate to severe rheumatoid arthritis. We are also proud to be participating in the effort to find effective therapeutics for COVID-19 by supporting an investigator-initiated clinical trial of ATI-450 for cytokine release syndrome in hospitalized patients with COVID-19 and the first subject has been dosed in this trial. In addition, we are progressing with the first-in-human trial of ATI-1777 in patients with moderate to severe atopic dermatitis. We look forward to continuing to execute on our clinical development plans.”
R&D Highlights:The global outbreak of COVID-19 continues to rapidly evolve and has caused and may continue to cause Aclaris to experience disruptions that could impact the timing of its regulatory and research and development activities listed below.
Business Development Highlights:
Financial Highlights:
Liquidity and Capital Resources
As of June 30, 2020, Aclaris had aggregate cash, cash equivalents and marketable securities of $68.1 million compared to $75.0 million as of December 31, 2019. For the quarter and six months ended June 30, 2020, net cash used in operating activities was $10.8 million and $17.6 million, respectively. As of June 30, 2020, Aclaris had approximately 42.7 million shares of common stock outstanding.
Aclaris anticipates that its cash, cash equivalents and marketable securities as of June 30, 2020 will be sufficient to fund its operations through the first quarter of 2022, without giving effect to any potential business development transactions or financing activities.
Second Quarter 2020 and Year-to-Date Financial Results
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 and follow Aclaris on LinkedIn or Twitter @aclaristx.
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 clinical development of Aclaris’ drug candidates, including the availability of data from its clinical trials, timing for initiation of clinical trials and timing for regulatory filings, its plan to pursue strategic alternatives for its drug candidates and ESKATA, and its belief that its existing cash, cash equivalents and marketable securities will be sufficient to fund its operations through the first quarter of 2022. 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, 2019, Aclaris’ Quarterly Report on Form 10-Q for the quarter ended June 30, 2020, 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 | Six Months Ended | |||||||||||
June 30, | June 30, | |||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||
Revenues: | ||||||||||||
Contract research | $ | 1,853 | $ | 886 | $ | 3,042 | $ | 2,149 | ||||
Other revenue | 193 | — | 411 | — | ||||||||
Total revenues | 2,046 | 886 | 3,453 | 2,149 | ||||||||
Costs and expenses: | ||||||||||||
Cost of revenue (1) | 1,389 | 994 | 2,658 | 2,201 | ||||||||
Research and development (1) | 6,466 | 17,519 | 15,909 | 37,161 | ||||||||
General and administrative (1) | 5,572 | 7,469 | 11,773 | 14,926 | ||||||||
Goodwill impairment | — | 18,504 | — | 18,504 | ||||||||
Total costs and expenses | 13,427 | 44,486 | 30,340 | 72,792 | ||||||||
Loss from operations | (11,381) | (43,600) | (26,887) | (70,643) | ||||||||
Other expense, net | (189) | (85) | (11) | (315) | ||||||||
Loss from continuing operations | (11,570) | (43,685) | (26,898) | (70,958) | ||||||||
Loss from discontinued operations (1) | (27) | (6,191) | (285) | (16,483) | ||||||||
Net loss | $ | (11,597) | $ | (49,876) | $ | (27,183) | $ | (87,441) | ||||
Net loss per share, basic and diluted | $ | (0.28) | $ | (1.21) | $ | (0.65) | $ | (2.12) | ||||
Weighted average common shares outstanding, basic and diluted | 42,133,646 | 41,274,808 | 41,876,037 | 41,261,808 | ||||||||
(1) Amounts include stock-based compensation expense as follows: | ||||||||||||
Cost of revenue | $ | 252 | $ | 223 | $ | 512 | $ | 429 | ||||
Research and development | 939 | 1,721 | 1,755 | 3,315 | ||||||||
General and administrative | 2,118 | 2,654 | 4,495 | 5,126 | ||||||||
Loss from discontinued operations | — | 216 | — | 806 | ||||||||
Total stock-based compensation expense | $ | 3,309 | $ | 4,814 | $ | 6,762 | $ | 9,676 |
Aclaris Therapeutics, Inc.Selected Consolidated Balance Sheet Data(unaudited, in thousands)
June 30, 2020 | December 31, 2019 | |||||
Cash, cash equivalents, and marketable securities | $ | 68,115 | $ | 75,015 | ||
Total assets | 84,999 | 98,297 | ||||
Total current liabilities | 17,745 | 22,432 | ||||
Total liabilities | 35,633 | 28,385 | ||||
Total stockholders' equity | 49,366 | 69,912 |
Aclaris Contactinvestors@aclaristx.com
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