Aclaris Therapeutics, Inc 10-Q for FY2025 Q2

Aclaris Therapeutics, Inc. (ACRS)

10-Q 2025-08-07 For: 2025-06-30

Added on April 08, 2026

About this 10-Q

Aclaris Therapeutics, Inc filed this 10-Q on August 7, 2025, covering the quarter ended June 30, 2025 (FY2025 Q2).

Headline figures

Quarter ended June 30, 2025, as reported in this filing, compared with the same period a year earlier where the filing states it.

Revenue: $1.78M; down 35.8% from $2.77M a year earlier
Net loss: $15.43M; compared with a net loss of $10.99M a year earlier
Diluted EPS: -$0.13; compared with -$0.15 a year earlier

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(Mark one)
☒	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2025
OR
☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Delaware (State or Other Jurisdiction of Incorporation or Organization)	46-0571712 (I.R.S. Employer Identification No.)
701 Lee Road, Suite 103 Wayne, PA (Address of principal executive offices)	19087 (Zip Code)


Title of Each Class:	Trading Symbol(s)	Name of Each Exchange on which Registered
Common Stock, $0.00001 par value	ACRS	The Nasdaq Stock Market, LLC


Large accelerated filer ☐		Accelerated filer ☐

Non-accelerated filer ☒		Smaller reporting company ☒

		Emerging growth company ☐

		PAGE

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements		2

Unaudited Condensed Consolidated Balance Sheets as of June 30, 2025 and December 31, 2024		2

Unaudited Condensed Consolidated Statements of Operations and Comprehensive Loss for the three and six months ended June 30, 2025 and 2024		3

Unaudited Condensed Consolidated Statements of Stockholders’ Equity for the three and six months ended June 30, 2025 and 2024		4

Unaudited Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2025 and 2024		5

Notes to Unaudited Condensed Consolidated Financial Statements		6

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations		22

Item 3. Quantitative and Qualitative Disclosures about Market Risk		37

Item 4. Controls and Procedures		37

PART II. OTHER INFORMATION

Item 1. Legal Proceedings		37

Item 1A. Risk Factors		37

Item 5. Other Information		38

Item 6. Exhibits		39

Signatures		41


	June 30,		December 31,
	2025		2024

Assets
Current assets:
Cash and cash equivalents	$	25,402	$	24,570
Short-term marketable securities		74,404		89,024
Accounts receivable, net		194		318
Prepaid expenses and other current assets		4,202		12,039
Total current assets		104,202		125,951
Marketable securities		81,084		90,302
Property and equipment, net		868		1,008
Other assets		2,993		3,066
Total assets	$	189,147	$	220,327
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable	$	8,797	$	4,690
Accrued expenses		11,411		20,333
Deferred income		3,914		3,890
Other current liabilities		2,717		2,683
Total current liabilities		26,839		31,596
Other liabilities		1,851		4,439
Deferred income, net of current portion		18,218		20,038
Contingent consideration		10,500		8,700
Total liabilities		57,408		64,773
Stockholders’ Equity:
Preferred stock, $0.00001 par value; 10,000,000 shares authorized and no shares issued or outstanding at June 30, 2025 and December 31, 2024		—		—
Common stock, $0.00001 par value; 400,000,000 and 200,000,000 shares authorized at June 30, 2025 and December 31, 2024, respectively; 108,328,794 and 107,850,124 shares issued and outstanding at June 30, 2025 and December 31, 2024, respectively		1		1
Additional paid‑in capital		1,064,631		1,058,317
Accumulated other comprehensive income		482		97
Accumulated deficit		(933,375)		(902,861)
Total stockholders’ equity		131,739		155,554
Total liabilities and stockholders’ equity	$	189,147	$	220,327


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2025		2024		2025		2024
Revenues:
Contract research	$	442	$	625	$	887	$	1,281
Licensing		1,335		2,141		2,345		3,882
Total revenue		1,777		2,766		3,232		5,163

Costs and expenses:
Cost of revenue		515		624		1,021		1,433
Research and development		11,449		8,759		23,033		18,604
General and administrative		5,386		4,752		11,525		11,596
Licensing		1,335		1,285		2,345		2,316
Revaluation of contingent consideration		1,500		200		1,800		3,000
Total costs and expenses		20,185		15,620		39,724		36,949
Loss from operations		(18,408)		(12,854)		(36,492)		(31,786)

Other income:
Interest income		2,018		1,868		4,184		3,859
Non-cash royalty income		961		—		1,794		—
Total other income		2,979		1,868		5,978		3,859
Net loss	$	(15,429)	$	(10,986)	$	(30,514)	$	(27,927)

Net loss per share, basic and diluted	$	(0.13)	$	(0.15)	$	(0.25)	$	(0.39)
Weighted average common shares outstanding, basic and diluted		122,580,967		71,291,400		122,486,162		71,183,129

Other comprehensive income:
Unrealized gain (loss) on marketable securities, net of tax of $0	$	48	$	(99)	$	385	$	(357)
Total other comprehensive income (loss)		48		(99)		385		(357)
Comprehensive loss	$	(15,381)	$	(11,085)	$	(30,129)	$	(28,284)


						Accumulated
	Common Stock			Additional		Other				Total
		Par		Paid‑in		Comprehensive		Accumulated		Stockholders’
	Shares	Value		Capital		Income		Deficit		Equity
Balance at December 31, 2024	107,850,124	$	1	$	1,058,317		97		(902,861)	$	155,554
Issuance of common stock in connection with vesting of restricted stock units	415,405		—		(275)		—		—		(275)
Unrealized gain on marketable securities	—		—		—		337		—		337
Stock-based compensation expense	—		—		3,535		—		—		3,535
Net loss	—		—		—		—		(15,085)		(15,085)
Balance at March 31, 2025	108,265,529	$	1	$	1,061,577	$	434	$	(917,946)	$	144,066
Issuance of common stock in connection with vesting of restricted stock units	63,265		—		(9)		—		—		(9)
Unrealized gain on marketable securities	—		—		—		48		—		48
Stock-based compensation expense	—		—		3,063		—		—		3,063
Net loss	—		—		—		—		(15,429)		(15,429)
Balance at June 30, 2025	108,328,794	$	1	$	1,064,631	$	482	$	(933,375)	$	131,739


	June 30, 2025
(In thousands)	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents	$	21,831	$	—	$	—	$	21,831
Marketable securities		—		155,488		—		155,488
Total assets	$	21,831	$	155,488	$	—	$	177,319

Liabilities:
Contingent consideration	$	—	$	—	$	10,500	$	10,500
Total liabilities	$	—	$	—	$	10,500	$	10,500


	December 31, 2024
(In thousands)	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents	$	22,245	$	—	$	—	$	22,245
Marketable securities		—		179,326		—		179,326
Total assets	$	22,245	$	179,326	$	—	$	201,571

Liabilities:
Contingent consideration	$	—	$	—	$	8,700	$	8,700
Total liabilities	$	—	$	—	$	8,700	$	8,700


	June 30, 2025
			Gross		Gross
	Book		Unrealized		Unrealized		Fair
(In thousands)	Value		Gain		Loss		Value
Marketable securities:
Corporate debt securities⁽¹⁾	$	95,360	$	332	$	(33)	$	95,659
Commercial paper		4,828		—		—		4,828
U.S. government debt securities⁽²⁾		54,818		191		(8)		55,001
Total marketable securities	$	155,006	$	523	$	(41)	$	155,488


				Weighted
		Weighted		Average
		Average		Remaining	Aggregate
	Number	Exercise		Contractual	Intrinsic
(In thousands, except share and per share data and years)	of Shares	Price		Term	Value
				(in years)
Outstanding as of December 31, 2024	6,721,967	$	11.12	6.8	$	2,968
Granted	4,653,495		2.24
Forfeited and cancelled	(30,500)		9.68
Outstanding as of June 30, 2025	11,344,962	$	7.54	7.8	$	506
Options vested and expected to vest as of June 30, 2025	11,344,962	$	7.54	7.8	$	506
Options exercisable as of June 30, 2025	4,513,154	$	13.77	5.6	$	263


		Weighted
		Average
		Grant Date		Aggregate
	Number	Fair Value		Intrinsic
(In thousands, except share and per share data)	of Shares	Per Share		Value
Outstanding as of December 31, 2024	2,276,151	$	5.12
Granted	1,916,880		2.29
Vested	(595,035)		8.33	$	1,332
Forfeited and cancelled	(12,375)		11.38
Outstanding as of June 30, 2025	3,585,621	$	3.05


(In thousands)			Contract		Intersegment
Three Months Ended June 30, 2025	Therapeutics		Research		Elimination		Total
Revenue from external customers	$	1,335	$	442	$	—	$	1,777
Intercompany revenue		—		3,520		(3,520)		—
Cost of revenue		—		3,812		(3,297)		515
Research and development:
Bosakitug		2,847		—		—		2,847
ATI-2138		1,118		—		—		1,118
ATI-052		1,418		—		—		1,418
Zunsemetinib		105		—		—		105
Discovery		1,620		—		—		1,620
Total Research and development project expenses		7,108		—		—		7,108
Personnel		2,984		—		—		2,984
Other research and development expense⁽¹⁾		1,580		—		—		1,580
Total research and development		11,672		—		(223)		11,449
General and administrative		—		622		—		622
Licensing		1,335		—		—		1,335
Revaluation of contingent consideration		1,500		—		—		1,500
Segment operating loss	$	(13,172)	$	(472)	$	—	$	(13,644)
Non-segment general and administrative								4,764
Other income								2,979
Loss before income taxes							$	(15,429)

(In thousands)			Contract		Intersegment
Three Months Ended June 30, 2024	Therapeutics		Research		Elimination		Total
Revenue from external customers	$	2,141	$	625	$	—	$	2,766
Intercompany revenue		—		3,422		(3,422)		—
Cost of revenue		—		3,832		(3,208)		624
Research and development:
ATI-2138		753		—		—		753
Lepzacitinib		296		—		—		296
Zunsemetinib		2,490		—		—		2,490
Discovery		1,605		—		—		1,605
Total Research and development project expenses		5,144		—		—		5,144
Personnel		2,329		—		—		2,329
Other research and development expense⁽¹⁾		1,500		—		—		1,500
Total research and development		8,973		—		(214)		8,759
General and administrative		—		1,020		—		1,020
Licensing		1,285		—		—		1,285
Revaluation of contingent consideration		200		—		—		200
Segment operating loss	$	(8,317)	$	(805)	$	—	$	(9,122)
Non-segment general and administrative								3,732
Other income								1,868
Loss before income taxes							$	(10,986)


	Three Months Ended June 30,						Six Months Ended June 30,
(In thousands)	2025		2024		Change		2025		2024		Change
Revenues:
Contract research	$	442	$	625	$	(183)	$	887	$	1,281	$	(394)
Licensing		1,335		2,141		(806)		2,345		3,882		(1,537)
Total revenue		1,777		2,766		(989)		3,232		5,163		(1,931)

Costs and expenses:
Cost of revenue		515		624		(109)		1,021		1,433		(412)
Research and development		11,449		8,759		2,690		23,033		18,604		4,429
General and administrative		5,386		4,752		634		11,525		11,596		(71)
Licensing		1,335		1,285		50		2,345		2,316		29
Revaluation of contingent consideration		1,500		200		1,300		1,800		3,000		(1,200)
Total costs and expenses		20,185		15,620		4,565		39,724		36,949		2,775
Loss from operations		(18,408)		(12,854)		(5,554)		(36,492)		(31,786)		(4,706)

Other income:
Interest income		2,018		1,868		150		4,184		3,859		325
Non-cash royalty income		961		—		961		1,794		—		1,794
Total other income		2,979		1,868		1,111		5,978		3,859		2,119
Net loss	$	(15,429)	$	(10,986)	$	(4,443)	$	(30,514)	$	(27,927)	$	(2,587)


	Six Months Ended
	June 30,
	2025		2024
Cash flows from operating activities:
Net loss	$	(30,514)	$	(27,927)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization		242		485
Stock-based compensation expense		6,598		4,992
Revaluation of contingent consideration		1,800		3,000
Changes in operating assets and liabilities:
Accounts receivable		124		(27)
Prepaid expenses and other assets		7,031		2,317
Accounts payable		4,107		(1,609)
Accrued expenses and other liabilities		(10,643)		(14,368)
Deferred income		(1,795)		—
Net cash used in operating activities		(23,050)		(33,137)
Cash flows from investing activities:
Purchases of property and equipment		(64)		(121)
Purchases of marketable securities		(29,926)		(35,218)
Proceeds from sales and maturities of marketable securities		54,989		51,498
Payment of deferred transaction consideration for in-licensed assets		(833)		—
Net cash provided by investing activities		24,166		16,159
Cash flows from financing activities:
Payments of employee withholding taxes related to restricted stock unit award vesting		(284)		(66)
Net cash used in financing activities		(284)		(66)
Net increase (decrease) in cash and cash equivalents		832		(17,044)
Cash and cash equivalents at beginning of period		24,570		39,878
Cash and cash equivalents at end of period	$	25,402	$	22,834


	June 30,		December 31,
(In thousands)	2025		2024
Computer equipment	$	1,263	$	1,198
Lab equipment		3,137		3,137
Furniture and fixtures		661		661
Leasehold improvements		817		817
Property and equipment, gross		5,878		5,813
Accumulated depreciation		(5,010)		(4,805)
Property and equipment, net	$	868	$	1,008


	Six Months Ended
	June 30,
	2025		2024
Risk-free interest rate	4.32	%	3.85	%
Expected term (in years)	6.2		6.0
Expected volatility	82.71	%	81.95	%
Expected dividend yield	0	%	0	%


Exhibit No.		Document
3.1		Amended and Restated Certificate of Incorporation of the Registrant (incorporated herein by reference to Exhibit 3.1 to the Registrant’s Current Report on Form 8-K (File No. 001-37581), filed with the SEC on October 13, 2015).

3.2		Certificate of Amendment to the Amended and Restated Certificate of Incorporation of the Registrant (incorporated herein by reference to Exhibit 3.2 to the Registrant’s Quarterly Report on Form 10-Q (File No. 001-37581), filed with the SEC on August 7, 2023).

3.3		Certificate of Amendment to the Amended and Restated Certificate of Incorporation of the Registrant (incorporated herein by reference to Exhibit 3.1 to the Registrant’s Current Report on Form 8-K (File No. 001-37581), filed with the SEC on June 5, 2025).

3.4		Amended and Restated Bylaws of the Registrant (incorporated herein by reference to Exhibit 3.1 to the Registrant’s Current Report on Form 8-K (File No. 001-37581), filed with the SEC on June 24, 2020).

10.1+		Aclaris Therapeutics, Inc. 2025 Equity Incentive Plan (incorporated herein by reference to Exhibit 10.1 to the Registrant’s Current Report on Form 8-K (File No. 001-37581), filed with the SEC on June 5, 2025).

10.2+		Form of Stock Option Grant Notice and Option Agreement used in connection with the Aclaris Therapeutics, Inc. 2025 Equity Incentive Plan (incorporated herein by reference to Exhibit 10.2 to the Registrant’s Current Report on Form 8-K (File No. 001-37581), filed with the SEC on June 5, 2025).

10.3+		Form of Restricted Stock Unit Grant Notice and Restricted Stock Unit Award Agreement used in connection with the Aclaris Therapeutics, Inc. 2025 Equity Incentive Plan (incorporated herein by reference to Exhibit 10.3 to the Registrant’s Current Report on Form 8-K (File No. 001-37581), filed with the SEC on June 5, 2025).

10.4+		Employment Agreement, dated as of April 28, 2025, by and between the Registrant and Jesse Hall (incorporated herein by reference to Exhibit 10.3 to the Registrant’s Quarterly Report on Form 10-Q (File No. 001-37581), filed with the SEC on May 8, 2025).

10.5+		Tenth Amended and Restated Non-Employee Director Compensation Policy (incorporated herein by reference to Exhibit 10.4 to the Registrant’s Quarterly Report on Form 10-Q (File No. 001-37581), filed with the SEC on May 8, 2025).

31.1*		Certification of Principal Executive Officer under Section 302 of the Sarbanes-Oxley Act.

31.2*		Certification of Principal Financial Officer under Section 302 of the Sarbanes-Oxley Act.

32.1**		Certifications of Principal Executive Officer and Principal Financial Officer under Section 906 of the Sarbanes-Oxley Act.

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101.SCH		Inline XBRL Taxonomy Extension Schema Document

101.CAL		Inline XBRL Taxonomy Extension Calculation Linkbase Document

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101.PRE		Inline XBRL Taxonomy Extension Presentation Linkbase Document

104		Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)


	ACLARIS THERAPEUTICS, INC.

Date: August 7, 2025	By:	/s/ Neal Walker
		Neal Walker
		Chief Executive Officer
		(On behalf of the Registrant)


Date: August 7, 2025	By:	/s/ Kevin Balthaser
		Kevin Balthaser
		Chief Financial Officer
		(Principal Financial Officer)