Aclaris Therapeutics Inc (ACRS) Reports Q3 2023 Financial Results
Aclaris Therapeutics Inc (NASDAQ:ACRS) reported Q3 2023 financial results with total revenue of $9.28 million.
The company's cash, cash equivalents and marketable securities as of September 30, 2023, were $187.0 million, down from $229.8 million as of December 31, 2022.
Net loss for the quarter stood at $29.26 million, or $0.41 per share.
ACRS anticipates its current financial resources to be sufficient to fund operations through the end of 2025.
On November 6, 2023, Aclaris Therapeutics Inc (NASDAQ:ACRS), a clinical-stage biopharmaceutical company, announced its financial results for the third quarter of 2023. The company is focused on developing novel drug candidates for immuno-inflammatory diseases.
Financial Performance
For the third quarter of 2023, ACRS reported total revenue of $9.28 million, which included $705,000 from contract research and $8.57 million from licensing. The company's net loss for the quarter was $29.26 million, or $0.41 per share, compared to a net loss of $19.95 million, or $0.30 per share, for the same period in 2022.
Balance Sheet and Cash Flow
As of September 30, 2023, ACRS had aggregate cash, cash equivalents and marketable securities of $187.0 million, a decrease from $229.8 million as of December 31, 2022. The company used $71.56 million in operating activities for the nine months ended September 30, 2023.
Future Outlook
ACRS continues to anticipate that its current financial resources will be sufficient to fund its operations through the end of 2025, without considering any potential business development transactions or financing activities. The company is awaiting topline data from its two most advanced clinical programs, zunsemetinib in rheumatoid arthritis and ATI-1777 in atopic dermatitis.
CEO's Commentary
Throughout the first three quarters of this year, I believe our company has performed remarkably well in terms of executing across our clinical development programs," stated Doug Manion, M.D., Chief Executive Officer of Aclaris. "Most importantly, we are rapidly approaching the topline data read-outs for our two most advanced clinical programs, zunsemetinib in rheumatoid arthritis this month and ATI-1777 in atopic dermatitis around the end of this year."
Explore the complete 8-K earnings release (here) from Aclaris Therapeutics Inc for further details.
This article first appeared on GuruFocus.
