Aclaris Therapeutics reported a modest top-line with a material quarterly loss in QQ4 2024. Revenue for the quarter was USD 9.21 million, up 111.9% quarter-over-quarter from Q3 2024 (USD 4.35 million) but down 47.6% year-over-year versus Q4 2023 (USD 17.57 million). The quarter’s gross profit was essentially breakeven at USD -0.09 million, yielding a gross margin near -0.98%. The aggressive bottom-line deterioration is dominated by a large, line-item “other expenses” charge of USD 85.61 million, which UNCOVERS a core operating loss of roughly USD 14 million when excluded. Consequently, operating income stood at USD -99.68 million and net income at USD -96.55 million, or -$1.01 per share on a diluted basis.
The company’s cash flow profile shows a modest operating cash burn of USD 8.94 million for the quarter, and a free cash flow of USD -44.75 million. Financing activity contributed USD 74.58 million largely via common stock issuances, leaving the company with USD 24.57 million of cash and cash equivalents at period end and USD 113.59 million in total cash and short-term investments. The balance sheet reflects a liquid position with no debt, total assets of USD 220.33 million, and stockholders’ equity of USD 155.55 million; however, cumulative losses have driven negative retained earnings of USD -902.86 million. The company’s net debt position is modestly net cash (USD -24.57 million).
Looking ahead, management guidance was not provided in the data, which emphasizes that a significant portion of value remains contingent on pipeline progress and potential licensing or alliance opportunities. The near-term investment thesis hinges on clinical readouts, regulatory milestones, and the company’s ability to manage operating costs while advancing its MK2, JAK/ITK programs, and other immune-inflammatory initiatives. Given the current cash runway and lack of near-term debt obligations, the stock carries a high-risk, high-plex binary outcome typical of clinical-stage biotechnology.
Key Performance Indicators
Revenue
Decreasing
9.21M
QoQ: 111.94% | YoY: -47.58%
Gross Profit
Decreasing
-90.00K
-0.98% margin
QoQ: -104.64% | YoY: -100.81%
Operating Income
Decreasing
-99.68M
QoQ: -851.91% | YoY: -2 362.94%
Net Income
Decreasing
-96.55M
QoQ: -1 172.77% | YoY: -6 375.65%
EPS
Decreasing
-1.01
QoQ: -818.18% | YoY: -4 709.52%
Revenue Trend
Margin Analysis
Financial Highlights
Revenue: USD 9.21m in QQ4 2024; QoQ up ~111.9% from USD 4.35m in Q3 2024; YoY change -47.6% vs USD 17.57m in Q4 2023.
Gross Profit: USD -0.09m; Gross Margin: -0.98%.
Operating Expenses: USD 99.59m; R&D USD 9.03m; G&A USD 4.95m; Other Expenses USD 85.61m (one-time charge).
EBITDA: USD -13.93m; EBIT (Operating Income): USD -99.68m; EBITDAR: -1.51x.
Net Income: USD -96.55m; Net Margin: -10.48%; EPS (Diluted): -$1.01.
Cash Flow: Operating cash flow USD -8.94m; Free cash flow USD -44.75m; Net cash from financing USD +74.58m; Net change in cash USD -23.08m.
Balance Sheet: Cash & equivalents USD 24.57m; Short-term investments USD 89.02m; Total cash & investments USD 113.59m; Total assets USD 220.33m; Total liabilities USD 64.77m; Stockholders’ equity USD 155.55m; No debt; Retained earnings USD -902.86m.
Liquidity & Ratios: Current ratio 3.99; Quick ratio 3.99; Cash ratio 0.78; Asset turnover ~0.042; Receivables turnover ~29x; DSO ~3.11 days; DPO ~45.38 days; CCC ~ -42.3 days. P/S 24.83x; P/B 1.47x; EV/Sales negative; P/CF negative; FCF per share -0.0938; Cash per share 1.192.
Four-Quarters Trend: Q4 2024 revenue grew sequentially versus Q3 2024, but remained below prior-year levels; quarterly profitability remained negative as in prior periods.
Income Statement
Metric
Value
YoY Change
QoQ Change
Revenue
9.21M
-47.58%
111.94%
Gross Profit
-90.00K
-100.81%
-104.64%
Operating Income
-99.68M
-2 362.94%
-851.91%
Net Income
-96.55M
-6 375.65%
-1 172.77%
EPS
-1.01
-4 709.52%
-818.18%
Key Financial Ratios
Gross Profit Margin
Weak
-0.01%
Gross profit margin is below industry norms, profitability concerns
Operating Profit Margin
Weak
-1.53%
Operating margin is below industry norms, profitability concerns
Net Profit Margin
Weak
-10.48%
Net profit margin is below industry norms, profitability concerns
Return on Assets
Weak
-0.44%
Return on assets suggests inefficient capital allocation
Return on Equity
Weak
-0.62%
Return on equity suggests inefficient capital allocation
Current Ratio
Strong
3.99
Current ratio indicates excellent liquidity and financial flexibility
Debt to Equity
Conservative
0.02
Debt-to-equity shows conservative leverage and low financial risk
P/E Ratio
Negative
-0.59x
Negative earnings make P/E ratio not meaningful
Price to Book
Fair Value
1.47x
Price-to-book ratio reasonable for profitable companies
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