$ACRS
Aclaris Therapeutics, Inc.

2022 Q3 Form 10-Q Financial Statement

#000155837022011757 Filed on August 03, 2022

View on sec.gov

Income Statement

Concept 2022 Q3 2022 Q2 2022 Q1
Revenue $19.02M $1.528M $1.453M
YoY Change 1046.35% -16.23% -18.23%
Cost Of Revenue $923.0K $1.068M $1.155M
YoY Change -16.01% -15.44% -3.91%
Gross Profit $18.10M $460.0K $298.0K
YoY Change 3131.25% -18.0% -48.17%
Gross Profit Margin 95.15% 30.1% 20.51%
Selling, General & Admin $5.813M $6.075M $6.099M
YoY Change -2.78% 3.49% 26.27%
% of Gross Profit 32.12% 1320.65% 2046.64%
Research & Development $23.66M $18.78M $14.31M
YoY Change 69.26% 137.8% 82.52%
% of Gross Profit 130.73% 4082.39% 4800.67%
Depreciation & Amortization $200.0K $200.0K $208.0K
YoY Change 0.0% 0.0% -27.78%
% of Gross Profit 1.11% 43.48% 69.8%
Operating Expenses $23.66M $18.78M $14.31M
YoY Change 69.26% 137.8% 82.52%
Operating Profit -$20.87M -$20.99M -$18.91M
YoY Change 2.85% 16.59% -33.73%
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net $922.0K $462.0K $118.0K
YoY Change -208.34% -398.06% -152.44%
Pretax Income -$19.95M -$20.53M -$18.79M
YoY Change -5.65% 13.06% -34.65%
Income Tax
% Of Pretax Income
Net Earnings -$19.95M -$20.53M -$18.79M
YoY Change -5.65% 13.06% -34.66%
Net Earnings / Revenue -104.91% -1343.72% -1293.12%
Basic Earnings Per Share -$0.30 -$0.31 -$0.31
Diluted Earnings Per Share -$0.30 -$0.31 -$0.31
COMMON SHARES
Basic Shares Outstanding 66.67M 65.99M 61.43M
Diluted Shares Outstanding 66.68M 65.99M 61.43M

Balance Sheet

Concept 2022 Q3 2022 Q2 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $248.1M $248.6M $179.6M
YoY Change 25.36% 7.31% 40.01%
Cash & Equivalents $61.65M $68.26M $36.34M
Short-Term Investments $186.4M $180.3M $143.3M
Other Short-Term Assets $7.914M $10.11M $10.63M
YoY Change 11.64% 16.95% 96.78%
Inventory
Prepaid Expenses
Receivables $597.0K $637.0K $633.0K
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $256.6M $259.4M $190.9M
YoY Change 24.68% 7.5% 41.92%
LONG-TERM ASSETS
Property, Plant & Equipment $1.145M $1.276M $1.277M
YoY Change -2.14% -0.85% -10.32%
Goodwill
YoY Change
Intangibles $6.992M $7.011M $7.030M
YoY Change -1.06% -1.06% -1.06%
Long-Term Investments $0.00 $7.221M $23.96M
YoY Change -100.0% -79.07% 66.35%
Other Assets $2.922M $3.114M $3.384M
YoY Change -21.87% -20.34% -15.55%
Total Long-Term Assets $11.06M $18.62M $35.65M
YoY Change -80.84% -60.2% 32.52%
TOTAL ASSETS
Total Short-Term Assets $256.6M $259.4M $190.9M
Total Long-Term Assets $11.06M $18.62M $35.65M
Total Assets $267.6M $278.0M $226.5M
YoY Change 1.57% -3.5% 40.35%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $7.667M $5.703M $8.121M
YoY Change 1.36% 34.38% 11.37%
Accrued Expenses $9.154M $7.571M $5.687M
YoY Change 23.57% 9.23% 58.02%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $19.79M $16.22M $16.73M
YoY Change 10.93% 8.72% 15.31%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change -100.0% -100.0%
Other Long-Term Liabilities $1.638M $1.840M $2.035M
YoY Change -34.66% -36.92% -33.08%
Total Long-Term Liabilities $1.638M $1.840M $2.035M
YoY Change -34.66% -36.92% -33.08%
TOTAL LIABILITIES
Total Short-Term Liabilities $19.79M $16.22M $16.73M
Total Long-Term Liabilities $1.638M $1.840M $2.035M
Total Liabilities $47.79M $42.22M $46.33M
YoY Change 1.88% -22.14% -5.66%
SHAREHOLDERS EQUITY
Retained Earnings -$654.7M -$634.7M -$614.2M
YoY Change 14.34% 15.09% 15.17%
Common Stock $1.000K $1.000K $1.000K
YoY Change 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $219.8M $235.8M $180.2M
YoY Change
Total Liabilities & Shareholders Equity $267.6M $278.0M $226.5M
YoY Change 1.57% -3.5% 40.35%

Cashflow Statement

Concept 2022 Q3 2022 Q2 2022 Q1
OPERATING ACTIVITIES
Net Income -$19.95M -$20.53M -$18.79M
YoY Change -5.65% 13.06% -34.66%
Depreciation, Depletion And Amortization $200.0K $200.0K $208.0K
YoY Change 0.0% 0.0% -27.78%
Cash From Operating Activities -$7.817M -$19.67M -$20.97M
YoY Change -26.3% 60.89% 71.43%
INVESTING ACTIVITIES
Capital Expenditures -$150.0K -$186.0K $164.0K
YoY Change 167.86% 257.69%
Acquisitions
YoY Change
Other Investing Activities $1.367M -$21.04M $30.10M
YoY Change -103.63% -53.69% -139.96%
Cash From Investing Activities $1.217M -$21.22M $29.93M
YoY Change -103.23% -53.33% -139.74%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -11.00K 72.81M 30.00K
YoY Change -99.9% -46.41% -99.97%
NET CHANGE
Cash From Operating Activities -7.817M -19.67M -20.97M
Cash From Investing Activities 1.217M -21.22M 29.93M
Cash From Financing Activities -11.00K 72.81M 30.00K
Net Change In Cash -6.611M 31.92M 8.993M
YoY Change -88.95% -59.17% -31.89%
FREE CASH FLOW
Cash From Operating Activities -$7.817M -$19.67M -$20.97M
Capital Expenditures -$150.0K -$186.0K $164.0K
Free Cash Flow -$7.667M -$19.48M -$21.13M
YoY Change -27.33% 60.05% 72.77%

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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 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 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 June 30, 2022, the Company had cash, cash equivalents and marketable securities of $255.8 million and an accumulated deficit of $634.7 million.  Since inception, the Company has incurred net losses and negative cash flows from its operations.  Prior to the acquisition of Confluence, 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 the potential worsening of global economic conditions, including inflationary pressure, and the recent disruptions to, and volatility in, the credit and financial markets in the United States and worldwide resulting from the COVID-19 pandemic and geopolitical tensions.  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;">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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CY2022Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Aggregate Intrinsic Value
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us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
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CY2021Q1 us-gaap Allocated Share Based Compensation Expense
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CY2022Q2 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Stock Options
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CY2022Q2 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Share Based Awards Other Than Options
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CY2022Q2 us-gaap Business Combination Contingent Consideration Arrangements Change In Amount Of Contingent Consideration Liability1
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