Detailed financial statements for Aclaris Therapeutics, Inc. (ACRS): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year with up to 20 years of history.
Aclaris Therapeutics, Inc., a biopharmaceutical firm operating in the United States, is currently in the clinical development phase, focused on creating novel therapeutic agents for various immune-inflammatory conditions.
Analysis Summary
Aclaris Therapeutics, Inc. reported revenue of $7.8M in the most recent fiscal year, growing at a 5-year CAGR of 3.8%.
Trailing-twelve-month margins: gross margin 95.6%, operating margin -10.5%, net margin -9.2%.
At the current price of $5.32, ACRS has negative trailing earnings (P/E not meaningful) and an ROE of -61.65%. Market capitalisation stands at $743M.
Balance sheet quality for ACRS: current ratio of 5.3, net cash position of $88.6M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 0 | $1.7M | $10.1M | $4.2M | $6.5M | $6.8M | $29.8M | $31.2M | $18.7M | $7.8M |
| Cost of Revenue | $120000 | $1.2M | $6.8M | $4.1M | $5.1M | $4.7M | $12.0M | $18.1M | $2.8M | $2.1M |
| Gross Profit | -$120000 | $476000 | $3.2M | $172000 | $1.3M | $2.0M | $17.8M | $13.2M | $15.9M | $5.7M |
| Research & Development | $33.5M | $39.8M | $63.0M | $64.9M | $29.3M | $43.8M | $77.8M | $98.4M | $33.6M | $52.6M |
| Selling, General & Admin | $15.1M | $33.1M | $75.6M | $27.8M | $20.5M | $23.6M | $25.1M | $31.1M | $22.2M | $22.0M |
| Operating Expenses | $48.6M | $72.9M | $138.7M | $92.7M | $52.3M | $91.8M | $107.6M | $110.5M | $157.9M | $82.1M |
| Operating Income | -$48.6M | -$72.4M | -$135.4M | -$111.1M | -$50.9M | -$89.7M | -$89.9M | -$97.4M | -$141.9M | -$76.4M |
| EBITDA | -$48.6M | -$53.5M | -$80.8M | -$90.2M | -$47.2M | -$64.5M | -$84.4M | -$115.5M | -$51.7M | -$64.5M |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Pre-tax Income | -$48.1M | -$70.4M | -$132.7M | -$113.5M | -$51.3M | -$90.9M | -$86.9M | -$88.8M | -$132.1M | -$64.9M |
| Income Tax | -$120000 | -$1.8M | $2.7M | 0 | -$182000 | 0 | 0 | -$367000 | 0 | 0 |
| Net Income | -$48.1M | -$68.5M | -$132.7M | -$161.4M | -$51.0M | -$90.9M | -$86.9M | -$88.5M | -$132.1M | -$64.9M |
| EPS | $-2.25 | $-2.44 | $-4.03 | $-3.46 | $-1.20 | $-1.60 | $-1.33 | $-1.27 | $-1.71 | $-0.53 |
| EPS (Diluted) | $-2.25 | $-2.44 | $-4.03 | $-3.46 | $-1.20 | $-1.60 | $-1.33 | $-1.27 | $-1.71 | $-0.53 |
| Shares Outstanding (Diluted) | $21.4M | $28.1M | $32.9M | $41.3M | $42.5M | $56.7M | $65.2M | $69.8M | $77.3M | $122.7M |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $30.2M | $208.9M | $57.0M | $34.2M | $22.1M | $27.3M | $45.3M | $39.9M | $24.6M | $20.0M |
| Short-term Investments | $107.1M | 0 | $111.0M | $39.1M | $32.1M | $164.1M | $172.3M | $79.2M | $89.0M | $70.8M |
| Receivables | 0 | $481000 | $563000 | $704000 | $772000 | $623000 | $484000 | $298000 | $318000 | $5.6M |
| Inventory | 0 | -$6.4M | $791000 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | $174.1M | $208.9M | $179.5M | $83.8M | $57.5M | $205.0M | $231.6M | $128.9M | $126.0M | $151.4M |
| Property, Plant & Equipment | $481000 | $2.2M | $4.3M | $2.5M | $1.7M | $1.3M | $1.1M | $1.6M | $1.0M | 0 |
| Goodwill | 0 | $18.5M | $18.5M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | $7.3M | $73.0M | $7.2M | $7.1M | $7.0M | $7.0M | $269000 | 0 | 0 |
| Total Assets | $176.1M | $243.5M | $275.6M | $98.3M | $70.8M | $251.2M | $254.6M | $197.4M | $220.3M | $160.5M |
| Accounts Payable | $2.8M | $7.8M | $11.7M | $9.9M | $5.3M | $10.0M | $10.4M | $8.9M | $4.7M | $13.2M |
| Short-term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | $551000 |
| Total Current Liabilities | $6.2M | $12.8M | $27.3M | $22.4M | $14.9M | $22.9M | $21.9M | $31.0M | $31.6M | $28.6M |
| Long-term Debt | 0 | 0 | $29.9M | 0 | $10.7M | 0 | 0 | 0 | 0 | 0 |
| Total Liabilities | $6.6M | $18.2M | $60.4M | $28.4M | $33.1M | $53.9M | $57.0M | $40.2M | $64.8M | $57.4M |
| Retained Earnings | -$90.9M | -$159.4M | -$292.2M | -$453.5M | -$504.5M | -$595.4M | -$682.3M | -$770.8M | -$902.9M | -$967.8M |
| Total Equity | $169.5M | $225.3M | $215.1M | $69.9M | $37.6M | $197.3M | $197.6M | $157.2M | $155.6M | $103.1M |
| Total Debt | 0 | $142000 | $30.5M | $637000 | $11.3M | $693000 | $684000 | $426000 | 0 | $2.1M |
| Net Debt | -$174.1M | -$208.7M | -$137.5M | -$72.6M | -$42.9M | -$190.7M | -$216.9M | -$118.7M | -$113.6M | -$88.6M |
| Working Capital | $167.9M | $196.1M | $152.2M | $61.4M | $42.6M | $182.1M | $209.6M | $97.9M | $94.4M | $122.7M |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | -$48.1M | -$68.5M | -$132.7M | -$113.5M | -$51.0M | -$90.9M | -$86.9M | -$88.5M | -$132.1M | -$64.9M |
| Depreciation & Amortization | $120000 | $402000 | $1.9M | $1.6M | $1.3M | $923000 | $797000 | $863000 | $807000 | $454000 |
| Stock-based Compensation | $6.1M | $14.4M | $20.1M | 0 | $11.2M | $14.1M | $15.0M | $20.5M | $10.9M | $12.4M |
| Change in Working Capital | $4.3M | $865000 | $9.4M | -$2.7M | -$2.4M | -$1.3M | -$1.2M | $9.4M | $10.9M | $2.7M |
| Operating Cash Flow | -$34.6M | -$54.7M | -$100.8M | -$96.4M | -$38.6M | -$52.1M | -$67.6M | -$78.3M | -$20.1M | -$47.1M |
| Capital Expenditure | -$232000 | -$1.2M | -$1.4M | -$1.6M | -$453000 | -$308000 | -$605000 | -$1.3M | -$121000 | -$111000 |
| Acquisitions | 0 | -$9.6M | -$67.1M | 0 | 0 | $167.3M | -$13.2M | 0 | 0 | 0 |
| Stock Repurchased | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -$446000 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | -$34.8M | -$55.9M | -$102.2M | -$98.1M | -$39.1M | -$52.4M | -$68.2M | -$79.6M | -$20.2M | -$47.1M |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +499.6% | -58.1% | +53.3% | +4.3% | +340.1% | +5.0% | -40.1% | -58.2% | ||
| Net Income Growth (YoY) | -42.5% | -93.7% | -21.6% | +68.4% | -78.1% | +4.4% | -1.8% | -49.3% | +50.8% | |
| EPS Growth (YoY) | -8.4% | -65.2% | +14.1% | +65.3% | -33.3% | +16.9% | +4.5% | -34.6% | +69.0% | |
| Shares Change (YoY) | +31.2% | +17.1% | +25.6% | +2.9% | +33.4% | +15.0% | +7.0% | +10.7% | +58.7% | |
| FCF Growth (YoY) | -60.5% | -82.8% | +4.0% | +60.1% | -34.2% | -30.0% | -16.8% | +74.6% | -133.3% | |
| Gross Margin | 28.3% | 32.1% | 4.1% | 20.8% | 30.3% | 59.8% | 42.1% | 85.1% | 73.3% | |
| Operating Margin | -4303.2% | -1341.9% | -2627.3% | -785.4% | -1327.1% | -302.0% | -311.6% | -758.2% | -975.9% | |
| EBITDA Margin | -3176.1% | -800.5% | -2134.7% | -728.1% | -953.4% | -283.5% | -369.5% | -276.3% | -823.8% | |
| Net Margin | -4071.5% | -1315.4% | -3817.2% | -787.0% | -1344.0% | -292.1% | -283.1% | -705.5% | -829.6% | |
| FCF Margin | -3321.3% | -1012.5% | -2319.8% | -603.0% | -775.7% | -229.1% | -254.8% | -107.9% | -602.0% | |
| Effective Tax Rate | 0.2% | 2.6% | -2.0% | -0.0% | 0.4% | -0.0% | -0.0% | 0.4% | -0.0% | -0.0% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $-1.63 | $-1.99 | $-3.10 | $-2.37 | $-0.92 | $-0.92 | $-1.05 | $-1.14 | $-0.26 | $-0.38 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | $21.4M | $28.1M | $32.9M | $41.3M | $42.5M | $56.7M | $65.2M | $69.8M | $77.3M | $122.7M |
What to look at in Biotech
Most small biotechs lose money. Analysing them with P/E makes no sense — look at cash and pipeline.
- Cash Runway — Months of cash at current burn rate. <18 months = urgent dilution risk
- Annual cash burn — Rate at which they burn operating cash. Compare with cash position to project runway
- Total Debt — Biotech with no revenue + debt = recipe for bankruptcy
- R&D / Market cap — How much they invest in pipeline vs the company value — research-intensity indicator
- Market cap / Cash — If it trades near its cash, the market assigns ~0 value to the pipeline — opportunity or trap
Profitability
| Return on Equity | -61.65% |
| Return on Invested Capital | -56.99% |
| Return on Assets | -42.15% |
| Gross Margin | 95.61% |
| Operating Margin | -1050.16% |
| Net Margin | -921.50% |
Financial Health
| Debt / Equity | 0.00 |
| Current Ratio | 3.46 |
| Piotroski F-Score | 3 |
| Altman Z-Score | -5.19 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | -12.06 | -10.11 | -1.83 | -0.55 | -5.39 | -9.09 | -11.84 | -0.83 | -1.45 | -5.68 |
| P/B | 3.43 | 3.08 | 1.13 | 1.12 | 7.31 | 4.18 | 5.20 | 0.47 | 1.23 | 3.58 |
| P/S | 0.00 | 411.77 | 24.10 | 18.48 | 42.46 | 122.00 | 34.52 | 2.35 | 10.24 | 47.18 |
| Gross Margin | 0.0% | 28.3% | 32.1% | 4.1% | 20.8% | 30.3% | 59.8% | 42.1% | 85.1% | 73.3% |
| Operating Margin | 0.0% | -4303.2% | -1341.9% | -2627.3% | -785.4% | -1327.1% | -302.0% | -311.6% | -758.2% | -975.9% |
| Net Margin | 0.0% | -4071.5% | -1315.4% | -3817.2% | -787.0% | -1344.0% | -292.1% | -283.1% | -705.5% | -829.6% |
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