$ACRS
Aclaris Therapeutics, Inc.

2023 Q3 Form 10-Q Financial Statement

#000155837023013491 Filed on August 07, 2023

View on sec.gov

Income Statement

Concept 2023 Q3 2023 Q2
Revenue $9.282M $1.869M
YoY Change -51.19% 22.32%
Cost Of Revenue $848.0K $1.042M
YoY Change -8.13% -2.43%
Gross Profit $8.434M $827.0K
YoY Change -53.39% 79.78%
Gross Profit Margin 90.86% 44.25%
Selling, General & Admin $7.090M $8.317M
YoY Change 21.97% 36.91%
% of Gross Profit 84.06% 1005.68%
Research & Development $23.88M $25.28M
YoY Change 0.93% 34.59%
% of Gross Profit 283.09% 3056.23%
Depreciation & Amortization $200.0K $200.0K
YoY Change 0.0% 0.0%
% of Gross Profit 2.37% 24.18%
Operating Expenses $23.88M $25.28M
YoY Change 0.93% 34.59%
Operating Profit -$31.58M -$31.82M
YoY Change 51.27% 51.54%
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net $2.316M $2.246M
YoY Change 151.19% 386.15%
Pretax Income -$29.26M -$29.57M
YoY Change 46.65% 44.01%
Income Tax
% Of Pretax Income
Net Earnings -$29.26M -$29.57M
YoY Change 46.66% 44.01%
Net Earnings / Revenue -315.24% -1582.08%
Basic Earnings Per Share -$0.41 -$0.42
Diluted Earnings Per Share -$0.41 -$0.42
COMMON SHARES
Basic Shares Outstanding 70.79M 70.68M
Diluted Shares Outstanding 70.81M 70.63M

Balance Sheet

Concept 2023 Q3 2023 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $103.1M $119.8M
YoY Change -58.46% -51.82%
Cash & Equivalents $39.04M $31.15M
Short-Term Investments $64.01M $88.63M
Other Short-Term Assets $19.70M $12.73M
YoY Change 148.93% 25.86%
Inventory
Prepaid Expenses
Receivables $346.0K $431.0K
Other Receivables $0.00 $0.00
Total Short-Term Assets $123.1M $132.9M
YoY Change -52.03% -48.74%
LONG-TERM ASSETS
Property, Plant & Equipment $1.764M $1.899M
YoY Change 54.06% 48.82%
Goodwill
YoY Change
Intangibles $6.917M $6.935M
YoY Change -1.07% -1.08%
Long-Term Investments $83.90M $90.99M
YoY Change 1160.1%
Other Assets $2.661M $2.888M
YoY Change -8.93% -7.26%
Total Long-Term Assets $95.29M $102.7M
YoY Change 761.61% 451.57%
TOTAL ASSETS
Total Short-Term Assets $123.1M $132.9M
Total Long-Term Assets $95.29M $102.7M
Total Assets $218.4M $235.6M
YoY Change -18.41% -15.23%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $9.648M $11.43M
YoY Change 25.84% 100.33%
Accrued Expenses $15.16M $8.744M
YoY Change 65.61% 15.49%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $27.32M $22.83M
YoY Change 38.06% 40.77%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $1.834M $1.903M
YoY Change 11.97% 3.42%
Total Long-Term Liabilities $1.834M $1.903M
YoY Change 11.97% 3.42%
TOTAL LIABILITIES
Total Short-Term Liabilities $27.32M $22.83M
Total Long-Term Liabilities $1.834M $1.903M
Total Liabilities $62.02M $55.90M
YoY Change 29.77% 32.39%
SHAREHOLDERS EQUITY
Retained Earnings -$769.3M -$740.0M
YoY Change 17.5% 16.59%
Common Stock $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 $156.3M $179.8M
YoY Change
Total Liabilities & Shareholders Equity $218.4M $235.6M
YoY Change -18.41% -15.23%

Cashflow Statement

Concept 2023 Q3 2023 Q2
OPERATING ACTIVITIES
Net Income -$29.26M -$29.57M
YoY Change 46.66% 44.01%
Depreciation, Depletion And Amortization $200.0K $200.0K
YoY Change 0.0% 0.0%
Cash From Operating Activities -$24.55M -$20.65M
YoY Change 214.06% 5.02%
INVESTING ACTIVITIES
Capital Expenditures $90.00K $231.0K
YoY Change -160.0% -224.19%
Acquisitions
YoY Change
Other Investing Activities $32.62M -$19.43M
YoY Change 2286.25% -7.63%
Cash From Investing Activities $32.53M -$19.66M
YoY Change 2572.97% -7.36%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -80.00K 26.74M
YoY Change 627.27% -63.27%
NET CHANGE
Cash From Operating Activities -24.55M -20.65M
Cash From Investing Activities 32.53M -19.66M
Cash From Financing Activities -80.00K 26.74M
Net Change In Cash 7.900M -13.57M
YoY Change -219.5% -142.52%
FREE CASH FLOW
Cash From Operating Activities -$24.55M -$20.65M
Capital Expenditures $90.00K $231.0K
Free Cash Flow -$24.64M -$20.88M
YoY Change 221.38% 7.21%

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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 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. and its wholly owned subsidiaries 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, 2023, the Company had cash, cash equivalents and marketable securities of $210.8 million and an accumulated deficit of $740.0 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, ATI-2138 and ATI-2231, 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;margin:0pt;"><span style="display:inline-block;text-align:left;text-indent:0pt;width:36pt;"></span><span style="background:#ffffff;">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 caused by a variety of factors including geopolitical tensions, rising interest rates, the closure of financial institutions and inflationary pressures. 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. </span></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 Codification (“ASC”) Subtopic 205-40, Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern, the Company has 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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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt;"><b style="font-weight:bold;">Use of Estimates</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 preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting periods. Significant estimates and assumptions reflected in these financial statements include, but are not limited to, contingent consideration and the valuation of stock-based awards. Estimates are periodically reviewed in light of changes in circumstances, facts and experience.  As of the date of issuance of these financial statements, the Company is not aware of any specific event or circumstance that would require an update to its estimates, assumptions and judgments or revise the carrying value of its assets or liabilities. Actual results could differ from the Company’s estimates.</p>
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<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;">Reclassifications</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:36pt;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:36pt;margin:0pt;">Certain prior year amounts have been reclassified to conform to the current year’s financial statement presentation.</p>
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CY2023Q2 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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us-gaap Earnings Per Share Basic
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CY2023Q2 us-gaap General And Administrative Expense
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CY2022Q2 us-gaap Allocated Share Based Compensation Expense
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us-gaap Allocated Share Based Compensation Expense
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us-gaap Allocated Share Based Compensation Expense
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CY2023Q2 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Stock Options
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CY2023Q2 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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us-gaap Net Income Loss
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us-gaap Net Income Loss
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CY2023Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
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us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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CY2023Q2 us-gaap Net Rentable Area
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CY2020Q4 acrs Area Of Property Sub Subleased
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CY2023Q2 us-gaap Operating Lease Liability Noncurrent
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CY2022Q4 us-gaap Operating Lease Liability Noncurrent
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CY2023Q2 us-gaap Operating Lease Liability
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CY2022Q4 us-gaap Operating Lease Liability
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CY2023Q2 acrs Operating Leases Amortization Expense
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CY2023Q2 us-gaap Business Combination Contingent Consideration Liability Noncurrent
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us-gaap State And Local Income Tax Expense Benefit Continuing Operations
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CY2022Q2 us-gaap State And Local Income Tax Expense Benefit Continuing Operations
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us-gaap State And Local Income Tax Expense Benefit Continuing Operations
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CY2023Q2 us-gaap State And Local Income Tax Expense Benefit Continuing Operations
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us-gaap Number Of Reportable Segments
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CY2023Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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CY2023Q2 us-gaap Business Combination Contingent Consideration Arrangements Change In Amount Of Contingent Consideration Liability1
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CY2023Q2 us-gaap Operating Income Loss
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CY2022Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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CY2022Q2 us-gaap Cost Of Revenue
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CY2022Q2 us-gaap General And Administrative Expense
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CY2022Q2 us-gaap Business Combination Contingent Consideration Arrangements Change In Amount Of Contingent Consideration Liability1
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acrs Licensing Expenses
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us-gaap Business Combination Contingent Consideration Arrangements Change In Amount Of Contingent Consideration Liability1
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us-gaap Business Combination Contingent Consideration Arrangements Change In Amount Of Contingent Consideration Liability1
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CY2023Q2 ecd Rule10b51 Arr Adopted Flag
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CY2023Q2 ecd Non Rule10b51 Arr Trmntd Flag
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false

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