Executive Summary
Aclaris Therapeutics reported QQ2 2025 results characterized by modest topline revenue alongside a sizable R&D and G&A spend, resulting in a material quarterly net loss and negative EBITDA. Revenue for the quarter stood at $1.78 million, delivering a gross profit of $1.26 million on a gross margin of approximately 71.0%, but operating expenses of $19.67 million yielded an operating loss of $18.41 million and a net loss of $15.43 million (EPS -0.13). The company continues to operate as a pipeline-focused biotech with no current commercial products, maintaining a high R&D intensity ($11.45 million in QQ2) and leveraging CRO-related activities. Notably, liquidity remains robust with combined cash and short-term investments of about $99.8 million and a net cash position of roughly $25.4 million, providing runway to advance its early-stage programs. Management commentary in the QQ2 2025 filing is limited in this dataset (no transcript provided), but the 10-Q underscores ongoing investment in MK2 and JAK-family inhibitors, a GutBiased program for IBD, and ATI2231 in oncology indications, with potential for partnerships or licensing to monetize later-stage data. Absent a near-term revenue inflection, the investment thesis hinges on successful clinical readouts and strategic collaborations over the next 12–24 months.
Key Performance Indicators
QoQ: 22.13% | YoY:-35.76%
QoQ: -1.79% | YoY:-43.21%
QoQ: -2.28% | YoY:-40.44%
Key Insights
Revenue: USD 1.78M (YoY: -35.76%, QoQ: +22.13%)
Gross Profit: USD 1.26M (YoY: +47.26%, QoQ: +32.98%), Gross Margin ~71.02%
Operating Income: USD -18.41M (YoY: -43.21%, QoQ: -1.79%)
Net Income: USD -15.43M (YoY: -40.44%, QoQ: -2.28%)
EPS: USD -0.13 (YoY: +13.33%, QoQ: -8.33%)
R&D Expenses: USD 11.45M; SG&A: USD 5.39M; Total Operating Expenses: USD 19.67M
EBITDA: USD -18.41M; EBITDA Margin: -10.36%
Free Cash Flow: USD -10.01M
Cash, Equivalents & ST Investments: USD 99.81M total; Net De...
Financial Highlights
Revenue: USD 1.78M (YoY: -35.76%, QoQ: +22.13%)
Gross Profit: USD 1.26M (YoY: +47.26%, QoQ: +32.98%), Gross Margin ~71.02%
Operating Income: USD -18.41M (YoY: -43.21%, QoQ: -1.79%)
Net Income: USD -15.43M (YoY: -40.44%, QoQ: -2.28%)
EPS: USD -0.13 (YoY: +13.33%, QoQ: -8.33%)
R&D Expenses: USD 11.45M; SG&A: USD 5.39M; Total Operating Expenses: USD 19.67M
EBITDA: USD -18.41M; EBITDA Margin: -10.36%
Free Cash Flow: USD -10.01M
Cash, Equivalents & ST Investments: USD 99.81M total; Net Debt: USD -25.40M (net cash)
Total Assets: USD 189.15M; Total Liabilities: USD 57.41M; Total Stockholders’ Equity: USD 131.74M
Deferred Revenue: USD 9.33M; Working Capital (approximate): USD 77.36M (current assets less current liabilities)
Income Statement
| Metric |
Value |
YoY Change |
QoQ Change |
| Revenue |
1.78M |
-35.76% |
22.13% |
| Gross Profit |
1.26M |
47.26% |
32.98% |
| Operating Income |
-18.41M |
-43.21% |
-1.79% |
| Net Income |
-15.43M |
-40.44% |
-2.28% |
| EPS |
-0.13 |
13.33% |
-8.33% |
Management Commentary
Note: The QQ2 2025 earnings transcript is not provided in the data set. As a result, there are no management quotes or transcript-driven highlights to excerpt. The 10-Q filings indicate continued emphasis on advancing preclinical and early-stage programs (e.g., MK2 inhibitors, ATI1777, ATI2138, ATI2231) and leveraging CRO capabilities, but explicit forward-looking guidance or call-specific commentary is not captured here. Investors should seek the official transcript for verbatim quotes and thematic emphasis on milestones, partnerships, and guidance.
Forward Guidance
No explicit forward guidance was disclosed in the QQ2 2025 filing provided. Given the current revenue profile and ongoing R&D cadence, Aclaris faces a flexible runway dependent on pipeline milestones and potential collaborations. Our qualitative read suggests the following catalysts to watch: (1) any clinical readouts or interim data from MK2 inhibitors and related immuno-inflammatory programs (e.g., Zunsemetinib, ATI1777, ATI2138, ATI2231), (2) potential strategic partnerships or licensing agreements that monetize late-stage or mid-stage assets, and (3) CRO-related revenue opportunities if contract research activities scale. Balance sheet levers to monitor include management’s ability to extend the cash runway through efficiency gains or non-dilutive partnering. Key factors investors should monitor: readouts from pivotal or late-stage studies, any outsourcing or CRO contract expansion, corporate development updates, and changes in the competitive landscape for MK2 inhibitors and JAK-targeted therapies.