Executive Summary
Q3 2024 for Aclaris Therapeutics (0H8T.L) shows a modest sequential revenue uptick amid ongoing R&D intensity and a persistent net loss, underscoring a pipeline-driven business model typical of clinical-stage biopharma. Revenue of $4.346 million rose 57.1% QoQ from Q2 2024, but gross profit was only $1.938 million (gross margin ~44.6%), reflecting early-stage commercialization and ongoing development costs. The company posted an operating loss of $10.471 million and a net loss of $7.586 million for the quarter, with EBITDA of -$9.492 million and an EBITDA margin of -2.18x. Despite negative near-term profitability, Aclaris delivered positive operating cash flow of $22.0 million and generated free cash flow of $22.0 million, supported by favorable working capital dynamics and investing activity. Cash and short-term investments totaled approximately $127.7 million at quarter-end, yielding a net cash position of about $47.7 million, with total assets of $182.4 million and total stockholders’ equity of $130.2 million. The balance sheet exhibits solid liquidity metrics (current ratio ~7.03) and a conservative leverage profile (no material debt noted). Management commentary for QQ3 2024 is not included in the transcript data provided, limiting the ability to quote direct management guidance or sentiment. The pipeline remains the focal point for value creation, with R&D activity and potential catalysts in MK2/JAK inhibitor programs and broader immunology indications.
Key Performance Indicators
QoQ: 57.12% | YoY:-53.18%
QoQ: 126.14% | YoY:-77.02%
Key Insights
Revenue: $4.346M (YoY -53.18%, QoQ +57.12%)
Gross Profit: $1.938M (YoY -77.02%, QoQ +126.14%)
Operating Income: -$10.471M (YoY improvement implied by margin data, QoQ improvement of ~18.5%)
EBITDA: -$9.492M (margin -2.18x)
Net Income: -$7.586M (YoY +74.07%, QoQ +30.95%)
EPS: -$0.11 (YoY +73.17%, QoQ +26.67%)
Cash Flow: Operating cash flow $22.0M; Free cash flow $22.0M; Net change in cash +$24.817M; Cash at end of period $47.651M
Balance Sheet: Total assets $182.394M; Cash & equivalents $47.6...
Financial Highlights
Revenue: $4.346M (YoY -53.18%, QoQ +57.12%)
Gross Profit: $1.938M (YoY -77.02%, QoQ +126.14%)
Operating Income: -$10.471M (YoY improvement implied by margin data, QoQ improvement of ~18.5%)
EBITDA: -$9.492M (margin -2.18x)
Net Income: -$7.586M (YoY +74.07%, QoQ +30.95%)
EPS: -$0.11 (YoY +73.17%, QoQ +26.67%)
Cash Flow: Operating cash flow $22.0M; Free cash flow $22.0M; Net change in cash +$24.817M; Cash at end of period $47.651M
Balance Sheet: Total assets $182.394M; Cash & equivalents $47.651M; Short-term investments $80.071M; Total current assets $132.33M; Total current liabilities $18.816M; Total liabilities $52.243M; Total stockholders’ equity $130.151M; Net cash position ~$47.651M
Liquidity/Leverage: Current ratio 7.03; Debt-free balance sheet with net cash position; No stated long-term debt in the data provided
Valuation/Market Metrics: Price-to-book ~0.63; Price-to-sales ~18.89; Enterprise value negative (-$5.03x); Shares outstanding ~71.38M (weighted average)
Income Statement
| Metric |
Value |
YoY Change |
QoQ Change |
| Revenue |
4.35M |
-53.18% |
57.12% |
| Gross Profit |
1.94M |
-77.02% |
126.14% |
| Operating Income |
-10.47M |
66.84% |
18.54% |
| Net Income |
-7.59M |
74.07% |
30.95% |
| EPS |
-0.11 |
73.17% |
26.67% |
Key Financial Ratios
operatingProfitMargin
-223%
operatingCashFlowPerShare
$0.31
freeCashFlowPerShare
$0.31
Management Commentary
No QQ3 2024 earnings call transcript data provided. Consequently, there are no management quotes to cite or thematic highlights to extract from the transcript. The analysis is based on the disclosed quarterly financials and accompanying ratios.
Forward Guidance
There is no formal forward guidance disclosed for QQ4 2024 or full-year 2024 in the provided data. Given the company’s clinical-stage profile, near-term catalysts will likely hinge on pipeline milestones, regulatory updates, and potential partnering/commercialization decisions related to ATI program assets (e.g., MK2 inhibitors, JAK/ITK inhibitors) and CRO services trajectory. The liquidity position is solid enough to support ongoing R&D through a number of quarters, but sustained profitability remains contingent on successful pipeline progression and potential value-creating events (clinical readouts, regulatory milestones, or partnering agreements). Investors should monitor: (1) pipeline advancement timelines and any interim readouts, (2) changes in R&D intensity or cost structure, (3) working capital efficiency and potential financing needs, and (4) anyStrategic partnerships or licensing deals that could de-risk development costs or accelerate timelines.