$ACRS
Aclaris Therapeutics, Inc.

2024 Q3 Form 10-Q Financial Statement

#000155837024011376 Filed on August 07, 2024

View on sec.gov

Income Statement

Concept 2024 Q3 2024 Q2
Revenue $4.346M $2.766M
YoY Change -53.18% 47.99%
Cost Of Revenue $654.0K $624.0K
YoY Change -22.88% -40.12%
Gross Profit $3.692M $2.142M
YoY Change -56.22% 159.01%
Gross Profit Margin 84.95% 77.44%
Selling, General & Admin $5.653M $4.752M
YoY Change -20.27% -42.86%
% of Gross Profit 153.11% 221.85%
Research & Development $5.956M $8.759M
YoY Change -75.05% -65.35%
% of Gross Profit 161.32% 408.92%
Depreciation & Amortization $200.0K $200.0K
YoY Change 0.0% 0.0%
% of Gross Profit 5.42% 9.34%
Operating Expenses $5.956M $8.759M
YoY Change -75.05% -65.35%
Operating Profit -$10.47M -$12.85M
YoY Change -66.84% -59.6%
Interest Expense $1.991M
YoY Change
% of Operating Profit
Other Income/Expense, Net $2.885M $1.868M
YoY Change 24.57% -16.83%
Pretax Income -$7.586M -$10.99M
YoY Change -74.07% -62.85%
Income Tax
% Of Pretax Income
Net Earnings -$7.586M -$10.99M
YoY Change -74.07% -62.85%
Net Earnings / Revenue -174.55% -397.18%
Basic Earnings Per Share -$0.11 -$0.15
Diluted Earnings Per Share -$0.11 -$0.15
COMMON SHARES
Basic Shares Outstanding 71.34M 71.26M
Diluted Shares Outstanding 71.38M 71.29M

Balance Sheet

Concept 2024 Q3 2024 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $127.7M $111.1M
YoY Change 23.94% -7.25%
Cash & Equivalents $47.65M $22.83M
Short-Term Investments $80.07M $88.26M
Other Short-Term Assets $4.265M $6.217M
YoY Change -78.35% -51.16%
Inventory
Prepaid Expenses
Receivables $343.0K $325.0K
Other Receivables $0.00 $0.00
Total Short-Term Assets $132.3M $117.6M
YoY Change 7.53% -11.51%
LONG-TERM ASSETS
Property, Plant & Equipment $1.133M $1.293M
YoY Change -35.77% -31.91%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $45.71M $38.78M
YoY Change -45.51% -57.38%
Other Assets $3.217M $3.365M
YoY Change 20.89% 16.52%
Total Long-Term Assets $50.06M $43.44M
YoY Change -47.46% -57.71%
TOTAL ASSETS
Total Short-Term Assets $132.3M $117.6M
Total Long-Term Assets $50.06M $43.44M
Total Assets $182.4M $161.1M
YoY Change -16.47% -31.65%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $7.662M $7.269M
YoY Change -20.58% -36.38%
Accrued Expenses $4.722M $5.762M
YoY Change -68.85% -34.1%
Deferred Revenue $3.765M
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $18.82M $15.68M
YoY Change -31.13% -31.31%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $2.245M $2.367M
YoY Change 22.41% 24.38%
Total Long-Term Liabilities $2.245M $2.367M
YoY Change 22.41% 24.38%
TOTAL LIABILITIES
Total Short-Term Liabilities $18.82M $15.68M
Total Long-Term Liabilities $2.245M $2.367M
Total Liabilities $52.24M $27.25M
YoY Change -15.77% -51.25%
SHAREHOLDERS EQUITY
Retained Earnings -$806.3M -$798.7M
YoY Change 4.81% 7.93%
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 $130.2M $133.8M
YoY Change
Total Liabilities & Shareholders Equity $182.4M $161.1M
YoY Change -16.47% -31.65%

Cashflow Statement

Concept 2024 Q3 2024 Q2
OPERATING ACTIVITIES
Net Income -$7.586M -$10.99M
YoY Change -74.07% -62.85%
Depreciation, Depletion And Amortization $200.0K $200.0K
YoY Change 0.0% 0.0%
Cash From Operating Activities $22.00M -$12.32M
YoY Change -189.61% -40.34%
INVESTING ACTIVITIES
Capital Expenditures $0.00 -$14.00K
YoY Change -100.0% -106.06%
Acquisitions
YoY Change
Other Investing Activities $2.795M -$688.0K
YoY Change -91.43% -96.46%
Cash From Investing Activities $2.795M -$674.0K
YoY Change -91.41% -96.57%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 22.00K -11.00K
YoY Change -127.5% -100.04%
NET CHANGE
Cash From Operating Activities 22.00M -12.32M
Cash From Investing Activities 2.795M -674.0K
Cash From Financing Activities 22.00K -11.00K
Net Change In Cash 24.82M -13.01M
YoY Change 214.14% -4.16%
FREE CASH FLOW
Cash From Operating Activities $22.00M -$12.32M
Capital Expenditures $0.00 -$14.00K
Free Cash Flow $22.00M -$12.31M
YoY Change -189.29% -41.07%

Facts In Submission

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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. Aclaris Therapeutics, Inc. and its wholly owned subsidiaries are referred to collectively as the “Company.” </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:36pt;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 is a clinical-stage biopharmaceutical company focused on developing novel drug candidates for immuno-inflammatory diseases. The Company’s proprietary KINect<span style="color:#1c1917;background:#ffffff;"> drug discovery platform</span> combined with its preclinical development capabilities <span style="color:#1c1917;background:#ffffff;">allows the Company to identify and advance potential drug candidates that it may develop independently or in collaboration with third parties. </span><span style="background:#ffffff;">In addition to identifying and 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. </span>The Company also provides contract research services to third parties enabled by its <span style="background:#ffffff;">early-stage research and development </span>expertise. </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, 2024, the Company had cash, cash equivalents and marketable securities of $149.9 million and an accumulated deficit of $798.7 million. Since inception, the Company has incurred net losses and negative cash flows from its operations. 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 develop its drug candidates 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 potentially worsening global economic conditions caused by a variety of factors including geopolitical tensions, heightened interest rates, 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 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><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:36pt;margin:0pt;"><span style="visibility:hidden;">​</span></p>
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us-gaap Federal Income Tax Expense Benefit Continuing Operations
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CY2023Q2 us-gaap Federal Income Tax Expense Benefit Continuing Operations
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us-gaap Federal Income Tax Expense Benefit Continuing Operations
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CY2024Q2 us-gaap Federal 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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us-gaap Business Combination Contingent Consideration Arrangements Change In Amount Of Contingent Consideration Liability1
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acrs Cost Of Revenue Excluding Restructuring Expense
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CY2024Q2 ecd Rule10b51 Arr Adopted Flag
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CY2024Q2 ecd Rule10b51 Arr Trmntd Flag
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CY2024Q2 ecd Non Rule10b51 Arr Trmntd Flag
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false

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