Aclaris Therapeutics, Inc.
ACRS · Pharmaceutical Preparations · 139.7M shares · +17%/yr ↑ dilution · EDGAR filings ↗
Reference price $4.53 · est. market cap ~$633M — last insider sale, 2026-04-23 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
D48Cash-rich partnering-model biopharma with a long runway but deep losses and a mixed, partner-dependent pipeline.
Strengths
- Exceptional runway (18 quarters, ~88th pct) on $212M cash
- Positive ATI-1777 Phase 2a atopic dermatitis readout and approved legacy assets (A-101/Eskata)
- Bosakitug (ATI-045) in-license adds a differentiated asset
Risks
- Deeply negative returns (ROE -63%, ROA -40%) and ~$968M accumulated deficit
- Multiple clinical failures (ATI-450 HS; several alopecia/vitiligo programs missed or terminated)
- Revenue depends on consummating third-party partnerships; FCF margin -6% (~28th pct)
Notable findings
- Chronic dilutionShare count +17%/yr over 4y (dilution, book value/share -72%)
- Net lossNet loss (net margin -829.6%)
- Cash burnNegative free cash flow (-47.2M)
- Fund exitedNotable fund(s) exited this quarter: VANGUARD GROUP INC
- Strong balance sheetStrong balance sheet — $212M cash & investments, ~18 quarters of runway
- Insider sellingInsider selling — 1 open-market sale(s) by 1 insider(s) (~$1M, last 6mo) Form 4 ↗
- Trial readout soonUpcoming trial readout ~2026-08 — PHASE2 · Atopic Dermatitis
- Notable holderHeld by 5 notable fund(s): CITADEL ADVISORS LLC, STATE STREET CORP, GOLDMAN SACHS GROUP INC +2 more (as of 2026-03-31)
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Gross margin
73.3%
Operating margin
-975.9%
Net margin
-829.6%
Return on equity
-63.0%
Return on assets
-40.5%
Revenue growth (QoQ)
54.1%
Current ratio
3.4×
Free cash flow
-$47M
EBITDA
-$76M
Tangible book value
$103M
Cash & investments
$212M
Cash runway
18q
Stock comp / revenue
158.2%
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-06-05 | Molineaux Christopher P. | Option exercise | 12K | — |
| 2026-06-05 | Humphries William D. | Option exercise | 12K | — |
| 2026-06-05 | Mehra Anand | Option exercise | 12K | — |
| 2026-06-05 | GOWEN MAXINE | Option exercise | 12K | — |
| 2026-06-05 | MILANO VINCENT | Option exercise | 12K | — |
| 2026-06-05 | SCHIFF ANDREW N | Option exercise | 12K | — |
| 2026-05-01 | Hall Jesse Wayne | Option exercise | 36K | — |
| 2026-05-01 | Hall Jesse Wayne | Tax withheld | 9.3K | $4.41 |
| 2026-04-23 | Leonard Braden Michael | Sell | 300K | $4.53 |
| 2026-03-01 | Balthaser Kevin | Option exercise | 2.4K | — |
| 2026-03-01 | Balthaser Kevin | Tax withheld | 677 | $2.87 |
| 2026-02-03 | Balthaser Kevin | Option exercise | 22K | — |
| 2026-02-03 | Davis Hugh M. | Option exercise | 19K | — |
| 2026-02-03 | Balthaser Kevin | Tax withheld | 6.4K | $3.47 |
| 2026-02-03 | Loerop James | Option exercise | 21K | — |
| 2026-02-03 | Loerop James | Tax withheld | 5.9K | $3.47 |
| 2026-02-03 | Walker Neal | Option exercise | 63K | — |
| 2026-02-03 | Walker Neal | Tax withheld | 19K | $3.47 |
| 2026-02-01 | Loerop James | Option exercise | 15K | — |
| 2026-02-01 | Loerop James | Tax withheld | 11K | $3.51 |
| 2026-02-01 | Balthaser Kevin | Option exercise | 15K | — |
| 2026-02-01 | Balthaser Kevin | Tax withheld | 5.0K | $3.51 |
| 2026-02-01 | Loerop James | Option exercise | 11K | — |
| 2026-02-01 | Loerop James | Option exercise | 7.5K | — |
| 2026-01-02 | Walker Neal | Option exercise | 29K | — |
| 2026-01-02 | Balthaser Kevin | Option exercise | 13K | — |
| 2026-01-02 | Balthaser Kevin | Tax withheld | 4.5K | $2.88 |
| 2026-01-02 | Loerop James | Option exercise | 18K | — |
| 2026-01-02 | Loerop James | Tax withheld | 6.2K | $2.88 |
| 2026-01-02 | Walker Neal | Tax withheld | 10.0K | $2.88 |
| 2026-01-01 | Balthaser Kevin | Tax withheld | 2.2K | $3.01 |
| 2026-01-01 | Balthaser Kevin | Option exercise | 7.5K | — |
| 2025-12-31 | Loerop James | Option exercise | 74K | — |
| 2025-12-31 | Balthaser Kevin | Tax withheld | 20K | $3.01 |
| 2025-12-31 | Balthaser Kevin | Option exercise | 74K | — |
| 2025-12-31 | Loerop James | Tax withheld | 34K | $3.01 |
| 2025-12-02 | Davis Hugh M. | Option exercise | 27K | — |
| 2025-06-06 | GOWEN MAXINE | Option exercise | 4.8K | — |
| 2025-06-06 | SCHIFF ANDREW N | Option exercise | 4.8K | — |
| 2025-06-06 | MILANO VINCENT | Option exercise | 4.8K | — |
| 2025-06-06 | Mehra Anand | Option exercise | 4.8K | — |
| 2025-06-06 | Humphries William D. | Option exercise | 4.8K | — |
| 2025-06-06 | Molineaux Christopher P. | Option exercise | 4.8K | — |
| 2025-05-01 | Walker Neal | Option exercise | 9.5K | — |
| 2025-05-01 | Walker Neal | Tax withheld | 3.0K | $1.38 |
| 2025-04-01 | Walker Neal | Option exercise | 9.5K | — |
| 2025-04-01 | Walker Neal | Tax withheld | 3.0K | $1.48 |
| 2025-03-01 | Monahan Joseph | Option exercise | 50K | — |
| 2025-03-01 | Monahan Joseph | Option exercise | 11K | — |
| 2025-03-01 | Monahan Joseph | Tax withheld | 27K | $1.99 |
| 2025-03-01 | Balthaser Kevin | Option exercise | 2.4K | — |
| 2025-03-01 | Balthaser Kevin | Option exercise | 1.1K | — |
| 2025-03-01 | Balthaser Kevin | Tax withheld | 727 | $1.99 |
| 2025-03-01 | Walker Neal | Option exercise | 9.5K | — |
| 2025-03-01 | Walker Neal | Tax withheld | 3.3K | $1.99 |
| 2025-02-01 | Monahan Joseph | Option exercise | 7.5K | — |
| 2025-02-01 | Walker Neal | Option exercise | 9.5K | — |
| 2025-02-01 | Walker Neal | Tax withheld | 3.6K | $2.48 |
| 2025-02-01 | Loerop James | Tax withheld | 16K | $2.48 |
| 2025-02-01 | Monahan Joseph | Option exercise | 15K | — |
| 2025-02-01 | Monahan Joseph | Tax withheld | 11K | $2.48 |
| 2025-02-01 | Balthaser Kevin | Option exercise | 15K | — |
| 2025-02-01 | Balthaser Kevin | Tax withheld | 5.8K | $2.48 |
| 2025-02-01 | Loerop James | Option exercise | 11K | — |
| 2025-02-01 | Loerop James | Option exercise | 7.5K | — |
| 2025-02-01 | Loerop James | Option exercise | 15K | — |
| 2025-02-01 | Loerop James | Tax withheld | 15K | $2.48 |
| 2025-02-01 | Loerop James | Tax withheld | 16K | $2.48 |
| 2025-01-02 | Monahan Joseph | Option exercise | 17K | — |
| 2025-01-02 | Balthaser Kevin | Option exercise | 13K | — |
| 2025-01-02 | Balthaser Kevin | Tax withheld | 5.1K | $2.48 |
| 2025-01-02 | Monahan Joseph | Tax withheld | 8.9K | — |
| 2025-01-02 | Walker Neal | Option exercise | 29K | — |
| 2025-01-02 | Loerop James | Option exercise | 18K | — |
| 2025-01-02 | Walker Neal | Tax withheld | 14K | $2.48 |
| 2025-01-02 | Loerop James | Tax withheld | 8.6K | $2.48 |
| 2025-01-01 | Walker Neal | Tax withheld | 3.9K | $2.48 |
| 2025-01-01 | Balthaser Kevin | Option exercise | 7.5K | — |
| 2025-01-01 | Balthaser Kevin | Tax withheld | 2.4K | $2.48 |
| 2025-01-01 | Walker Neal | Option exercise | 9.5K | — |
| 2024-12-31 | Loerop James | Tax withheld | 32K | $2.48 |
| 2024-12-31 | Balthaser Kevin | Tax withheld | 31K | $2.48 |
| 2024-12-31 | Balthaser Kevin | Option exercise | 74K | — |
| 2024-12-31 | Monahan Joseph | Tax withheld | 33K | — |
| 2024-12-31 | Monahan Joseph | Option exercise | 74K | — |
| 2024-12-31 | Loerop James | Option exercise | 74K | — |
All non-derivative Form 4 activity (SEC), newest first.
Clinical trials
| Trial | Title | Phase | Status | Primary completion |
|---|---|---|---|---|
| NCT07011706 ↗ | ATI-045 Versus Placebo in Patients With Moderate-to-Severe Atopic Dermatitis Atopic Dermatitis, Atopic | PHASE2 | Active Not Recruiting | 2026-08-01 |
| NCT06585202 ↗ | Study of ATI-2138 in Adult Participants With Moderate to Severe Atopic Dermatitis Atopic Dermatitis | PHASE2 | Completed | 2025-03-13 |
| NCT05511519 ↗ | Study of ATI-450 vs Placebo in Patients With Moderate to Severe Psoriatic Arthritis Psoriatic Arthritis | PHASE2 | Terminated | 2023-12-06 |
| NCT05432596 ↗ | Study of ATI-1777 in Patients 12 to 65 Years Old With Mild to Severe Atopic Dermatitis Atopic Dermatitis | PHASE2 | Completed | 2023-10-26 |
| NCT05279417 ↗ | ATI-450 Plus Methotrexate (MTX) Versus Placebo Plus MTX in Participants With Moderate to Severe Active Rheumatoid Arthritis (RA) Rheumatoid Arthritis | PHASE2 | Completed | 2023-09-05 |
| NCT05216224 ↗ | ATI-450 vs Placebo in Participants With Moderate to Severe Hidradenitis Suppurativa (HS) Hidradenitis Suppurativa | PHASE2 | Completed | 2022-12-23 |
| NCT04598269 ↗ | Study of ATI-1777 in Adult Patients With Moderate or Severe Atopic Dermatitis Atopic Dermatitis | PHASE2 | Completed | 2021-04-08 |
| NCT04524858 ↗ | Study of ATI-450 in Patients With Cryopyrin-Associated Periodic Syndrome (CAPS) Cryopyrin-Associated Periodic Syndrome | PHASE2 | Terminated | 2021-02-25 |
| NCT04247815 ↗ | Study of ATI-450 Plus Methotrexate (MTX) vs MTX Alone in Patients With Moderate to Severe RA Rheumatoid Arthritis | PHASE2 | Completed | 2021-02-04 |
| NCT03812510 ↗ | Safety Study of A-101 Topical Solution for the Treatment of Common Warts Common Wart | PHASE3 | Completed | 2019-11-27 |
| NCT03468855 ↗ | A Study of ATI-50002 Topical Solution for the Treatment of Vitiligo Vitiligo | PHASE2 | Completed | 2019-10-16 |
| NCT03495817 ↗ | A Study in Male and Female Subjects With Androgenetic Alopecia Treated With ATI-50002 Topical Solution Androgenetic Alopecia | PHASE2 | Completed | 2019-10-15 |
| NCT03759340 ↗ | ATI-502 Topical Solution for the Treatment of Alopecia Areata (AA), Alopecia Universalis (AU) and Alopecia Totalis (AT) Alopecia Areata, Alopecia Universalis | PHASE2 | Terminated | 2019-09-11 |
| NCT03687372 ↗ | Study of A-101 Topical Solution for the Treatment of Common Warts Common Wart | PHASE3 | Completed | 2019-06-20 |
| NCT03315689 ↗ | Safety and Pharmacokinetic Study of ATI-50002 in Subjects With Alopecia Universalis (AU) and Alopecia Totalis (AT) Alopecia Universalis (AU), Alopecia Totalis (AT) | PHASE2 | Completed | 2019-06-20 |
| NCT03594227 ↗ | ATI-501 Oral Suspension Compared to Placebo in Subjects With Alopecia Areata, Alopecia Universalis or Alopecia Totalis Alopecia | PHASE2 | Completed | 2019-06-06 |
| NCT03585296 ↗ | A Study of ATI-502 Topical Solution for the Treatment of Atopic Dermatitis Atopic Dermatitis | PHASE2 | Completed | 2019-04-25 |
| NCT03691831 ↗ | A Study of A-101 Topical Solution for the Treatment of Common Warts Common Wart | PHASE3 | Completed | 2019-04-21 |
| NCT03354637 ↗ | A Study of ATI-50002 Topical Solution for the Treatment of Alopecia Areata Alopecia Areata | PHASE2 | Terminated | 2019-04-18 |
| NCT03224598 ↗ | A Study of A-101 Topical Solution in Subjects With Dermatosis Papulosa Nigra Dermatosis Papulosa Nigra | PHASE2 | Completed | 2019-01-08 |
Source: ClinicalTrials.gov (U.S. NIH) · active studies first.
Notable events (8-K)
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-06-04 | 2026-06-04 | 0001104659-26-070494 ↗ |
| 8-K | 2026-05-07 | 2026-05-07 | 0001104659-26-056669 ↗ |
| 10-Q | 2026-05-07 | 2026-03-31 | 0001104659-26-057202 ↗ |
| 8-K | 2026-04-28 | 2026-04-28 | 0001104659-26-049733 ↗ |
| 8-K | 2026-03-11 | 2026-03-10 | 0001104659-26-026407 ↗ |
| 8-K | 2026-03-10 | 2026-03-09 | 0001104659-26-025420 ↗ |
| 10-K | 2026-02-26 | 2025-12-31 | 0001104659-26-020540 ↗ |
| 8-K | 2026-02-26 | 2026-02-26 | 0001104659-26-020070 ↗ |
| 8-K | 2026-01-12 | 2026-01-12 | 0001104659-26-002694 ↗ |
| 8-K | 2026-01-06 | 2026-01-06 | 0001104659-26-001076 ↗ |
| 8-K | 2025-11-06 | 2025-11-06 | 0001104659-25-107353 ↗ |
| 10-Q | 2025-11-06 | 2025-09-30 | 0001104659-25-107788 ↗ |