Aclaris Therapeutics(ACRS) - 2024 Q4 - Annual Results

Financial Performance - Aclaris reported a net loss of $96.6 million for Q4 2024, compared to a net loss of $1.5 million in Q4 2023, and a total net loss of $132.1 million for the full year 2024, up from $88.5 million in 2023 [7][18]. - Total revenue for Q4 2024 was $9.2 million, down from $17.6 million in Q4 2023, with full-year revenue of $18.7 million compared to $31.2 million in 2023 [8][18]. - Net loss for the year ended December 31, 2024, was $132,065,000, compared to a net loss of $88,481,000 in 2023, indicating a decline of 49.2% [22]. - In-process research and development expense significantly increased to $86,905,000 in 2024 from $6,629,000 in 2023, marking a rise of 1,313.5% [22]. - Stock-based compensation expense decreased to $10,856,000 in 2024 from $20,542,000 in 2023, a reduction of 47.3% [22]. Cash and Assets - Aclaris had cash, cash equivalents, and marketable securities of $203.9 million as of December 31, 2024, an increase from $181.9 million at the end of 2023, providing a cash runway expected into 2028 [6]. - Cash, cash equivalents, and marketable securities increased to $203,896,000 as of December 31, 2024, up from $181,877,000 in 2023, representing an increase of 12.4% [20]. - Total assets rose to $220,327,000 in 2024, compared to $197,405,000 in 2023, reflecting an increase of 11.6% [20]. - Total liabilities increased to $64,773,000 in 2024 from $40,226,000 in 2023, which is an increase of 61.0% [20]. - Total stockholders' equity decreased slightly to $155,554,000 in 2024 from $157,179,000 in 2023, a decline of 1.0% [20]. - Common stock outstanding rose significantly to 107,850,124 shares in 2024 from 70,894,889 shares in 2023, an increase of 51.9% [20]. Expenses - Research and development expenses decreased to $9.0 million in Q4 2024 from $26.6 million in Q4 2023, with full-year R&D expenses at $33.6 million compared to $98.4 million in 2023 [9][18]. - General and administrative expenses were $5.0 million for Q4 2024, down from $8.2 million in Q4 2023, with full-year G&A expenses at $22.2 million compared to $32.4 million in 2023 [10][18]. - Net cash used in operating activities improved to $20,075,000 in 2024 from $78,325,000 in 2023, a reduction of 74.4% [22]. - Changes in operating assets and liabilities resulted in a positive cash flow of $10,922,000 in 2024, compared to $9,389,000 in 2023, an increase of 16.3% [22]. Research and Development Plans - Aclaris expects Phase 2 data for bosakitug in severe asthma and chronic rhinosinusitis with nasal polyps in the first half of 2025, which will inform internal development programs [3][4]. - The company plans to initiate a Phase 2b trial for bosakitug in atopic dermatitis in the first half of 2025 [4][6]. - Aclaris announced a plan to file an Investigational New Drug (IND) application for ATI-052 in Q1 2025, with a Phase 1 clinical trial to follow [8][18]. Financing Activities - Aclaris completed an $80 million private placement in November 2024 to strengthen its cash position [10].