Aclaris Therapeutics, Inc.
ACRSHealthcare|Biotechnology|US
$3.90
+0.29 (+8.03%)
Tangible Book / Share
$1.12
Cash / Share
$0.76
Financials
Financial Snapshot
Market Cap
$574.1M
Enterprise Value
$553.7M
Revenue (TTM)
$6.4M
Net Income (TTM)
-$79.6M
Cash & Investments
$114.3M
Net Cash
$114.3M
Free Cash Flow (TTM)
-$75.2M
Operating CF (TTM)
-$75.2M
Debt/Equity
0.00
Cash Runway & Burn Rate
Cash on Hand
$114.3M
Quarterly Burn
$18.8M
Monthly Burn
$6.3M
Est. Runway
~6.1 quarters
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Investments | $174.1M | $208.9M | $168.0M | $73.3M | $54.1M | $191.4M | $217.6M | $119.1M | $113.6M | $90.8M | $114.3M | |
| Operating Cash Flow | -$34.6M | -$54.7M | -$100.8M | -$96.4M | -$38.6M | -$52.1M | -$67.6M | -$78.3M | -$20.1M | -$47.1M | -$75.2M | |
| Free Cash Flow | -$34.8M | -$55.9M | -$102.2M | -$98.1M | -$39.1M | -$52.4M | -$68.2M | -$79.6M | -$20.2M | -$47.1M | -$75.2M | |
| Capital Expenditure | -$232.0K | -$1.2M | -$1.4M | -$1.6M | -$453.0K | -$308.0K | -$605.0K | -$1.3M | -$121.0K | -$111.0K | -$24.0K | |
| Financing Cash Flow | $116.8M | $100.4M | $128.3M | -$30.3M | $18.4M | $225.1M | $72.9M | $26.7M | $74.5M | -$5.9M | $113.9M |
R&D Spending
R&D (TTM)
$67.2M
R&D Intensity
1049.2%
R&D Growth vs Prior
+27.6%
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $0.00 | $1.7M | $10.1M | $4.2M | $6.5M | $6.8M | $29.8M | $31.2M | $18.7M | $7.8M | $6.4M | |
| R&D Expense | $33.5M | $39.8M | $63.0M | $64.9M | $29.3M | $43.8M | $77.8M | $98.4M | $33.6M | $52.6M | $67.2M | |
| R&D % of Revenue | — | 2364.2% | 624.4% | 1535.3% | 452.6% | 648.0% | 261.5% | 314.8% | 179.4% | 672.7% | 1049.2% | |
| SG&A | $15.1M | $33.1M | $75.6M | $27.8M | $20.5M | $23.6M | $25.1M | $31.1M | $22.2M | $22.0M | $24.4M |
Income Statement
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $0.00 | $1.7M | $10.1M | $4.2M | $6.5M | $6.8M | $29.8M | $31.2M | $18.7M | $7.8M | $6.4M | |
| Cost of Revenue | $120.0K | $1.2M | $6.8M | $4.1M | $5.1M | $4.7M | $12.0M | $18.1M | $2.8M | $2.1M | $12.0K | |
| Gross Profit | -$120.0K | $476.0K | $3.2M | $172.0K | $1.3M | $2.0M | $17.8M | $13.2M | $15.9M | $5.7M | $6.4M | |
| R&D | $33.5M | $39.8M | $63.0M | $64.9M | $29.3M | $43.8M | $77.8M | $98.4M | $33.6M | $52.6M | $67.2M | |
| SG&A | $15.1M | $33.1M | $75.6M | $27.8M | $20.5M | $23.6M | $25.1M | $31.1M | $22.2M | $22.0M | $24.4M | |
| Operating Income | -$48.6M | -$72.4M | -$135.4M | -$111.1M | -$50.9M | -$89.7M | -$89.9M | -$97.4M | -$141.9M | -$76.4M | -$90.5M | |
| Interest Expense | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Pretax Income | -$48.1M | -$70.4M | -$132.7M | -$113.5M | -$51.3M | -$90.9M | -$86.9M | -$88.8M | -$132.1M | -$64.9M | -$79.6M | |
| Net Income | -$48.1M | -$68.5M | -$132.7M | -$161.4M | -$51.0M | -$90.9M | -$86.9M | -$88.5M | -$132.1M | -$64.9M | -$79.6M | |
| EPS (Diluted) | -2.25 | -2.44 | -4.03 | -3.46 | -1.20 | -1.60 | -1.33 | -1.27 | -1.71 | -0.53 | -0.58 | |
| EBITDA | -$48.6M | -$53.5M | -$83.5M | -$90.2M | -$47.2M | -$64.5M | -$84.4M | -$115.5M | -$51.7M | -$64.5M | -$82.2M | |
| Shares Out. (M) | 21.42 | 28.10 | 32.91 | 41.32 | 42.54 | 56.73 | 65.21 | 69.81 | 77.30 | 122.66 | 149.45 |
Balance Sheet
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $30.2M | $208.9M | $57.0M | $34.2M | $22.1M | $27.3M | $45.3M | $39.9M | $24.6M | $20.0M | $20.4M | |
| Short-Term Investments | $107.1M | $0.00 | $111.0M | $39.1M | $32.1M | $164.1M | $172.3M | $79.2M | $89.0M | $70.8M | $93.9M | |
| Total Current Assets | $174.1M | $208.9M | $179.5M | $83.8M | $57.5M | $205.0M | $231.6M | $128.9M | $126.0M | $151.4M | $123.2M | |
| Total Assets | $176.1M | $243.5M | $275.6M | $98.3M | $70.8M | $251.2M | $254.6M | $197.4M | $220.3M | $160.5M | $216.2M | |
| Total Current Liabilities | $6.2M | $12.8M | $27.3M | $22.4M | $14.9M | $22.9M | $21.9M | $31.0M | $31.6M | $28.6M | $24.2M | |
| Long-Term Debt | $0.00 | $0.00 | $29.9M | $0.00 | $10.7M | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Total Liabilities | $6.6M | $18.2M | $60.4M | $28.4M | $33.1M | $53.9M | $57.0M | $40.2M | $64.8M | $57.4M | $49.4M | |
| Stockholders' Equity | $169.5M | $225.3M | $215.1M | $69.9M | $37.6M | $197.3M | $197.6M | $157.2M | $155.6M | $103.1M | $166.8M | |
| Retained Earnings | -$90.9M | -$159.4M | -$292.2M | -$453.5M | -$504.5M | -$595.4M | -$682.3M | -$770.8M | -$902.9M | -$967.8M | -$1.03B |
Cash Flow Statement
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$34.6M | -$54.7M | -$100.8M | -$96.4M | -$38.6M | -$52.1M | -$67.6M | -$78.3M | -$20.1M | -$47.1M | -$75.2M | |
| Capital Expenditure | -$232.0K | -$1.2M | -$1.4M | -$1.6M | -$453.0K | -$308.0K | -$605.0K | -$1.3M | -$121.0K | -$111.0K | -$24.0K | |
| Free Cash Flow | -$34.8M | -$55.9M | -$102.2M | -$98.1M | -$39.1M | -$52.4M | -$68.2M | -$79.6M | -$20.2M | -$47.1M | -$75.2M | |
| Investing Cash Flow | -$61.9M | -$55.7M | $9.4M | $105.7M | $6.4M | -$167.6M | $12.6M | $46.2M | -$69.8M | $48.4M | -$43.5M | |
| Financing Cash Flow | $116.8M | $100.4M | $128.3M | -$30.3M | $18.4M | $225.1M | $72.9M | $26.7M | $74.5M | -$5.9M | $113.9M | |
| Issuance of Stock | $116.7M | $100.2M | $100.2M | $207.0K | $7.7M | $238.2M | $72.7M | $26.7M | $74.9M | $0.00 | $0.00 | |
| Repurchase of Stock | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | -$446.0K | -$162.0K | |
| Net Debt Issuance | $0.00 | -$78.0K | $29.3M | -$30.5M | $10.8M | -$11.5M | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Stock Based Comp. | $6.1M | $14.4M | $20.1M | $0.00 | $11.2M | $14.1M | $15.0M | $20.5M | $10.9M | $12.4M | $11.8M | |
| Net Change in Cash | $20.3M | -$10.0M | $36.8M | -$21.1M | -$13.9M | $5.3M | $17.9M | -$5.4M | -$15.3M | -$4.6M | -$4.9M |
Dilution Tracker
Shares outstanding grew 188.4% over 5 years — significant dilution
Shares Outstanding
147M
5-Year Share Growth
+188.4%
Stock Issuance (TTM)
$0.00
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Shares Out. (M) | 21.42 | 28.10 | 32.91 | 41.32 | 42.54 | 56.73 | 65.21 | 69.81 | 77.30 | 122.66 | 149.45 | |
| Change vs Prior % | — | 31.2% | 17.1% | 25.6% | 2.9% | 33.4% | 15.0% | 7.0% | 10.7% | 58.7% | 21.8% | |
| Stock Issuance | $116.7M | $100.2M | $100.2M | $207.0K | $7.7M | $238.2M | $72.7M | $26.7M | $74.9M | $0.00 | $0.00 | |
| Stock Repurchase | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | -$446.0K | -$162.0K | |
| Stock Based Comp. | $6.1M | $14.4M | $20.1M | $0.00 | $11.2M | $14.1M | $15.0M | $20.5M | $10.9M | $12.4M | $11.8M |
Margins & Profitability
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin % | — | 28.3% | 32.1% | 4.1% | 20.8% | 30.3% | 59.8% | 42.1% | 85.1% | 73.3% | 99.8% | |
| Operating Margin % | — | -4303.2% | -1341.9% | -2627.3% | -785.4% | -1327.1% | -302.0% | -311.6% | -758.2% | -975.9% | -1414.0% | |
| Net Margin % | — | -4071.5% | -1315.4% | -3817.2% | -787.0% | -1344.0% | -292.1% | -283.1% | -705.5% | -829.6% | -1244.1% | |
| EBITDA Margin % | — | -3176.1% | -827.0% | -2134.7% | -728.1% | -953.4% | -283.5% | -369.5% | -276.3% | -823.8% | -1283.5% | |
| FCF Margin % | — | -3321.3% | -1012.5% | -2319.8% | -603.0% | -775.7% | -229.1% | -254.8% | -107.9% | -602.0% | -1175.3% | |
| ROE % | -28.4% | -30.4% | -61.7% | -230.8% | -135.5% | -46.0% | -44.0% | -56.3% | -84.9% | -63.0% | -59.2% | |
| ROA % | -27.3% | -28.1% | -48.2% | -164.1% | -72.1% | -36.2% | -34.1% | -44.8% | -59.9% | -40.5% | -36.8% | |
| ROIC % | -28.5% | -30.6% | -54.5% | -145.2% | -89.8% | -39.2% | -38.5% | -58.1% | -75.2% | -57.7% | -47.2% | |
| R&D / Revenue % | — | 2364.2% | 624.4% | 1535.3% | 452.6% | 648.0% | 261.5% | 314.8% | 179.4% | 672.7% | 1049.2% |
Growth (Year over Year)
Fiscal years. Rising share count growth means dilution.
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 0.0% | 0.0% | 499.6% | -58.1% | 53.3% | 4.3% | 340.1% | 5.0% | -40.1% | -58.2% | |
| Gross Profit | -33.3% | 496.7% | 580.9% | -94.7% | 684.3% | 51.8% | 768.8% | -26.0% | 21.0% | -64.0% | |
| Operating Income | -135.0% | -49.1% | -87.0% | 18.0% | 54.2% | -76.2% | -0.1% | -8.4% | -45.8% | 46.2% | |
| Net Income | -133.8% | -42.5% | -93.7% | -21.6% | 68.4% | -78.1% | 4.4% | -1.8% | -49.3% | 50.8% | |
| EPS (Diluted) | -104.5% | -8.4% | -65.2% | 14.1% | 65.3% | -33.3% | 16.9% | 4.5% | -34.6% | 69.0% | |
| Operating Cash Flow | -69.9% | -58.0% | -84.4% | 4.3% | 59.9% | -34.9% | -29.6% | -15.9% | 74.4% | -134.7% | |
| Free Cash Flow | -66.9% | -60.5% | -82.8% | 4.0% | 60.1% | -34.2% | -30.0% | -16.8% | 74.6% | -133.3% | |
| R&D Expense | 118.2% | 18.9% | 58.4% | 3.0% | -54.8% | 49.3% | 77.6% | 26.4% | -65.9% | 56.7% | |
| SG&A Expense | 183.2% | 119.4% | 128.5% | -63.2% | -26.2% | 15.0% | 6.4% | 23.7% | -28.6% | -1.0% | |
| Total Assets | 87.2% | 38.3% | 13.2% | -64.3% | -28.0% | 254.9% | 1.3% | -22.5% | 11.6% | -27.2% | |
| Book Value / Share | 59.3% | 1.3% | -18.5% | -74.1% | -47.7% | 293.0% | -12.9% | -25.7% | -10.6% | -58.2% | |
| Debt | 0.0% | 0.0% | 21389.4% | -97.9% | 1667.0% | -93.8% | -1.3% | -37.7% | -100.0% | 0.0% | |
| Diluted Shares | 15.0% | 31.2% | 17.1% | 25.6% | 2.9% | 33.4% | 15.0% | 7.0% | 10.7% | 58.7% |
Valuation
P/E (TTM)At Loss
P/S89.69
10Y Low / Med / High2.35 / 34.52 / 411.77
P/B3.49
10Y Low / Med / High0.47 / 3.43 / 7.31
EV/EBITDAAt Loss
EV/Revenue86.50
10Y Low / Med / High1.08 / 33.02 / 287.76
P/FCFAt Loss
Intrinsic Value Models (per share)
Tangible Book / Share
$1.12
Net Current Assets / Share
$0.50
Graham Net-Net
$0.43
Cash / Share
$0.76
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| P/E Ratio | -12.06 | -10.11 | -1.83 | -0.55 | -5.39 | -9.09 | -11.84 | -0.83 | -1.45 | -5.68 | -6.72 | |
| P/S Ratio | 0.00 | 411.77 | 24.10 | 18.48 | 42.46 | 122.00 | 34.52 | 2.35 | 10.24 | 47.18 | 89.69 | |
| P/B Ratio | 3.43 | 3.08 | 1.13 | 1.12 | 7.31 | 4.18 | 5.20 | 0.47 | 1.23 | 3.58 | 3.49 | |
| EV/EBITDA | -11.35 | -9.06 | -2.60 | -0.49 | -5.60 | -12.38 | -11.65 | -0.29 | -3.23 | -5.45 | -6.74 | |
| EV/Revenue | 0.00 | 287.76 | 21.47 | 10.54 | 40.79 | 118.06 | 33.02 | 1.08 | 8.93 | 44.90 | 86.50 |
Analyst Estimates & Quality
Altman Z-Score
-0.36
Distress
Piotroski F-Score
3
Weak
Forward Estimates (consensus)
| Metric | FY2026 | FY2027 | FY2028 |
|---|---|---|---|
| Revenue | $6.2M | $5.3M | $6.6M |
| Net Income | -$81.2M | -$85.9M | -$86.9M |
| EPS | $-0.64 | $-0.72 | $-0.78 |
| # Analysts (EPS) | 8 | 9 | 7 |
Revenue Segments
By Product
| Segment | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| Product | $424.0K | — | — | — | — | — |
| Rhofade Product | $424.0K | — | — | — | — | — |
| Contract research | — | $5.8M | $4.4M | $3.0M | $2.5M | $1.9M |
| Other revenue | — | $931.0K | — | — | — | — |
| License and Service | — | — | $25.1M | $28.2M | $16.2M | $6.0M |
| Other | — | — | $257.0K | — | — | — |