$ACRS
Aclaris Therapeutics, Inc.

2022 Q1 Form 10-Q Financial Statement

#000155837022007972 Filed on May 10, 2022

View on sec.gov

Income Statement

Concept 2022 Q1 2021 Q1
Revenue $1.453M $1.777M
YoY Change -18.23% 26.3%
Cost Of Revenue $1.155M $1.202M
YoY Change -3.91% -5.28%
Gross Profit $298.0K $575.0K
YoY Change -48.17% 316.67%
Gross Profit Margin 20.51% 32.36%
Selling, General & Admin $6.099M $4.830M
YoY Change 26.27% -22.1%
% of Gross Profit 2046.64% 840.0%
Research & Development $14.31M $7.838M
YoY Change 82.52% 2.1%
% of Gross Profit 4800.67% 1363.13%
Depreciation & Amortization $208.0K $288.0K
YoY Change -27.78% -50.0%
% of Gross Profit 69.8% 50.09%
Operating Expenses $14.31M $7.838M
YoY Change 82.52% 2.1%
Operating Profit -$18.91M -$28.53M
YoY Change -33.73% 83.99%
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net $118.0K -$225.0K
YoY Change -152.44% -226.4%
Pretax Income -$18.79M -$28.75M
YoY Change -34.65% 87.54%
Income Tax
% Of Pretax Income
Net Earnings -$18.79M -$28.75M
YoY Change -34.66% 84.49%
Net Earnings / Revenue -1293.12% -1618.12%
Basic Earnings Per Share -$0.31 -$0.57
Diluted Earnings Per Share -$0.31 -$0.57
COMMON SHARES
Basic Shares Outstanding 61.43M 50.34M
Diluted Shares Outstanding 61.43M 50.34M

Balance Sheet

Concept 2022 Q1 2021 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $179.6M $128.3M
YoY Change 40.01% 62.4%
Cash & Equivalents $36.34M $35.27M
Short-Term Investments $143.3M $93.03M
Other Short-Term Assets $10.63M $5.400M
YoY Change 96.78% 92.86%
Inventory
Prepaid Expenses
Receivables $633.0K $817.0K
Other Receivables $0.00 $0.00
Total Short-Term Assets $190.9M $134.5M
YoY Change 41.92% 62.64%
LONG-TERM ASSETS
Property, Plant & Equipment $1.277M $1.424M
YoY Change -10.32% -79.06%
Goodwill
YoY Change
Intangibles $7.030M $7.105M
YoY Change -1.06%
Long-Term Investments $23.96M $14.40M
YoY Change 66.35%
Other Assets $3.384M $4.007M
YoY Change -15.55% 1903.5%
Total Long-Term Assets $35.65M $26.90M
YoY Change 32.52% 90.77%
TOTAL ASSETS
Total Short-Term Assets $190.9M $134.5M
Total Long-Term Assets $35.65M $26.90M
Total Assets $226.5M $161.4M
YoY Change 40.35% 66.73%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $8.121M $7.292M
YoY Change 11.37% 5.68%
Accrued Expenses $5.687M $3.599M
YoY Change 58.02% 71.38%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $16.73M $14.51M
YoY Change 15.31% -29.59%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $10.70M
YoY Change -100.0% 0.94%
Other Long-Term Liabilities $2.035M $3.041M
YoY Change -33.08% -55.93%
Total Long-Term Liabilities $2.035M $3.041M
YoY Change -33.08% -82.62%
TOTAL LIABILITIES
Total Short-Term Liabilities $16.73M $14.51M
Total Long-Term Liabilities $2.035M $3.041M
Total Liabilities $46.33M $49.11M
YoY Change -5.66% 27.22%
SHAREHOLDERS EQUITY
Retained Earnings -$614.2M -$533.3M
YoY Change 15.17%
Common Stock $1.000K $0.00
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $180.2M $112.3M
YoY Change
Total Liabilities & Shareholders Equity $226.5M $161.4M
YoY Change 40.35% 66.73%

Cashflow Statement

Concept 2022 Q1 2021 Q1
OPERATING ACTIVITIES
Net Income -$18.79M -$28.75M
YoY Change -34.66% 84.49%
Depreciation, Depletion And Amortization $208.0K $288.0K
YoY Change -27.78% -50.0%
Cash From Operating Activities -$20.97M -$12.23M
YoY Change 71.43% 79.75%
INVESTING ACTIVITIES
Capital Expenditures $164.0K $0.00
YoY Change -100.0%
Acquisitions
YoY Change
Other Investing Activities $30.10M -$75.31M
YoY Change -139.96% -635.25%
Cash From Investing Activities $29.93M -$75.31M
YoY Change -139.74% -640.2%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 30.00K 100.8M
YoY Change -99.97% 822.79%
NET CHANGE
Cash From Operating Activities -20.97M -12.23M
Cash From Investing Activities 29.93M -75.31M
Cash From Financing Activities 30.00K 100.8M
Net Change In Cash 8.993M 13.20M
YoY Change -31.89% -26.87%
FREE CASH FLOW
Cash From Operating Activities -$20.97M -$12.23M
Capital Expenditures $164.0K $0.00
Free Cash Flow -$21.13M -$12.23M
YoY Change 72.77% 76.53%

Facts In Submission

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CY2022Q1 us-gaap Nature Of Operations
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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">1. Organization and Nature of Business</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:36pt;margin:0pt;"><b style="font-weight:bold;">Overview</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:36pt;margin:0pt;">Aclaris Therapeutics, Inc. was incorporated under the laws of the State of Delaware in 2012.  In July 2015, Aclaris Therapeutics International Limited (“ATIL”) was established under the laws of the United Kingdom as a wholly-owned subsidiary of Aclaris Therapeutics, Inc. In August 2017, Confluence Life Sciences, Inc. (now known as Aclaris Life Sciences, Inc.) (“Confluence”) was acquired by Aclaris Therapeutics, Inc. and became a wholly-owned subsidiary thereof.  Aclaris Therapeutics, Inc., ATIL and Confluence are referred to collectively as the “Company.”  The Company is a clinical-stage biopharmaceutical company focused on developing novel drug candidates for immuno-inflammatory diseases.  In addition to developing its novel drug candidates, the Company is pursuing strategic alternatives, including identifying and consummating transactions with third-party partners, to further develop, obtain marketing approval for and/or commercialize its novel drug candidates.  </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt;"><b style="font-weight:bold;">Liquidity</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:36pt;margin:0pt;">The Company’s condensed consolidated financial statements have been prepared on the basis of continuity of operations, realization of assets and the satisfaction of liabilities in the ordinary course of business.  As of March 31, 2022, the Company had cash, cash equivalents and marketable securities of $203.6 million and an accumulated deficit of $614.2 million.  Since inception, the Company has incurred net losses and negative cash flows from its operations.  Prior to the acquisition of Confluence in August 2017, the Company had never generated revenue.  There can be no assurance that profitable operations will ever be achieved, and, if achieved, will be sustained on a continuing basis.  In addition, development activities, including clinical and preclinical testing of the Company’s drug candidates, will require significant additional financing.  The future viability of the Company is dependent on its ability to successfully develop its drug candidates and to generate revenue from identifying and consummating transactions with third-party partners to further develop, obtain marketing approval for and/or commercialize its development assets or to raise additional capital to finance its operations.  The Company will require additional capital to complete the clinical development of zunsemetinib (ATI-450), ATI-1777 and ATI-2138, to develop its preclinical compounds, and to support its discovery efforts.  </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:36pt;margin:0pt;">Additional funds may not be available on a timely basis, on commercially acceptable terms, or at all, and such funds, if raised, may not be sufficient to enable the Company to continue to implement its long-term business strategy.  The Company’s ability to raise additional capital may be adversely impacted by potential worsening global economic conditions and the recent disruptions to, and volatility in, the credit and financial markets in the United States and worldwide resulting from the ongoing COVID-19 pandemic.  If the Company is unable to raise sufficient additional capital or generate revenue from transactions with potential third-party partners for the development and/or commercialization of its drug candidates, it may need to substantially curtail planned operations. The Company’s failure to raise capital as and when needed could have a negative impact on its financial condition and ability to pursue its business strategies.  </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:36pt;margin:0pt;">In accordance with Accounting Standards Update (“ASU”) 2014-15, Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern (Subtopic 205-40), the Company evaluated whether there are conditions and events, considered in the aggregate, that raise substantial doubt about the Company’s ability to continue as a going concern within one year after the date that its condensed consolidated financial statements are issued.  As of the report date, the Company does not believe that substantial doubt exists about its ability to continue as a going concern.  The Company believes its existing cash, cash equivalents and marketable securities are sufficient to fund its operating and capital expenditure requirements for a period greater than 12 months from the date of issuance of these condensed consolidated financial statements.</p>
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6099000
CY2022Q1 us-gaap Business Combination Contingent Consideration Arrangements Change In Amount Of Contingent Consideration Liability1
BusinessCombinationContingentConsiderationArrangementsChangeInAmountOfContingentConsiderationLiability1
-1200000
CY2022Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
-18907000
CY2021Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
1777000
CY2021Q1 us-gaap Cost Of Revenue
CostOfRevenue
1202000
CY2021Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
7838000
CY2021Q1 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
4827000
CY2021Q1 us-gaap Business Combination Contingent Consideration Arrangements Change In Amount Of Contingent Consideration Liability1
BusinessCombinationContingentConsiderationArrangementsChangeInAmountOfContingentConsiderationLiability1
16439000
CY2021Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
-28529000

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