The firm exhibits a structural free cash flow deficit, burning through $18.1M in 2026Q1, which highlights a critical inability to fund operations through internal cash generation.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 |
|---|
| Cash from Operations | -52.2M | -47.11M | -20.07M | -78.33M | -67.57M | -52.13M | -38.63M | -96.44M | -100.81M | -54.66M | -34.6M | -20.37M | -7.64M | -4.92M |
| Operating CF Margin % | - | -602.01% | -107.24% | -250.65% | -227.1% | -771.1% | -596% | -2281.64% | -999.02% | -3247.95% | - | - | - | - |
| Operating CF Growth % | -216.7% | -134.68% | 74.37% | -15.92% | -29.6% | -34.95% | 59.94% | 4.33% | -84.42% | -57.97% | -69.88% | -166.75% | -55.2% | - |
| Net Income | -69.66M | -64.92M | -132.06M | -88.48M | -86.91M | -90.86M | -51.02M | -113.54M | -132.74M | -68.52M | -48.08M | -20.56M | -8.52M | -5.24M |
| Depreciation & Amortization | 528K | 454K | 807K | 863K | 797K | 923K | 1.32M | 1.59M | 1.88M | 402K | 120K | 90K | 12K | 11K |
| Stock-Based Compensation | 9.19M | 12.38M | 10.86M | 20.54M | 15.04M | 14.06M | 11.21M | 0 | 20.05M | 14.43M | 6.1M | 891K | 27K | 0 |
| Deferred Taxes | 0 | 0 | 0 | -367K | 0 | 752K | -182K | 0 | 0 | -1.84M | 216K | 289K | 0 | 0 |
| Other Non-Cash Items | 4.76M | 2.3M | 89.41M | -20.27M | 4.7M | 24.34M | 2.39M | 18.21M | 555K | 10.67M | 2.78M | -5K | 1K | 3K |
| Working Capital Changes | 2.98M | 2.67M | 10.92M | 9.39M | -1.2M | -1.34M | -2.36M | -2.7M | 9.44M | 865K | 4.25M | -1.07M | 841K | 302K |
| Change in Receivables | 7.48M | 6.14M | -20K | 186K | 139K | 149K | 4.9M | -809K | -4.38M | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 605K | 102K | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 8.3M | 8.45M | -4.19M | -1.47M | 368K | 3.65M | -5.22M | -3.16M | 6.96M | 4.56M | 1.81M | -359K | 819K | 303K |
| Cash from Investing | -1.69M | 48.37M | -69.77M | 46.22M | 12.63M | -167.63M | 6.39M | 105.68M | 9.37M | -55.69M | -61.9M | -76.95M | -1.78M | -4.54M |
| Capital Expenditures | -81K | -111K | -121K | -1.31M | -605K | -308K | -453K | -1.61M | -1.36M | -1.24M | -232K | -507K | -417K | 0 |
| CapEx % of Revenue | 0.97% | 1.42% | 0.65% | 4.19% | 2.03% | 4.56% | 6.99% | 38.16% | 13.44% | 73.38% | - | - | - | - |
| Acquisitions | 0 | 0 | 0 | 0 | -13.23M | 167.32M | 0 | 0 | -67.12M | -9.65M | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | -833K | -35.81M | 0 | 13.23M | -167.32M | 0 | 34.19M | 77.84M | -44.81M | -61.67M | -76.44M | -1.36M | -4.54M |
| Cash from Financing | 52.19M | -5.86M | 74.54M | 26.71M | 72.87M | 225.05M | 18.37M | -30.32M | 128.26M | 100.39M | 116.83M | 96.41M | 10.58M | 0 |
| Debt Issued (Net) | 0 | 0 | 0 | 0 | 0 | -11.48M | 10.78M | -30.52M | 29.26M | -78K | 0 | 0 | 0 | 0 |
| Equity Issued (Net) | 58.02M | 0 | 74.91M | 26.71M | 72.74M | 238.2M | 7.74M | 207K | 100.2M | 100.23M | 116.7M | 96.41M | 10.58M | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -9K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -5.83M | -5.86M | -377K | -8K | 123K | -1.67M | -141K | 0 | -1.21M | 235K | 121K | 0 | 0 | 0 |
| Net Change in Cash | -1.7M | -4.61M | -15.31M | -5.4M | 17.93M | 5.29M | -13.87M | -21.08M | 36.82M | -9.97M | 20.32M | -906K | 1.17M | -9.46M |
| Free Cash Flow | -52.27M | -47.11M | -20.2M | -79.63M | -68.17M | -52.44M | -39.09M | -98.06M | -102.17M | -55.9M | -34.84M | -20.88M | -8.05M | -4.92M |
| FCF Margin % | -624.75% | -602.01% | -107.88% | -254.84% | -229.13% | -775.65% | -602.99% | -2319.8% | -1012.46% | -3321.33% | - | - | - | - |
| FCF Growth % | -8.55% | -133.28% | 74.64% | -16.81% | -30% | -34.17% | 60.14% | 4.02% | -82.77% | -60.47% | -66.87% | -159.23% | -63.68% | - |
| FCF per Share | -0.41 | -0.38 | -0.26 | -1.14 | -1.05 | -0.92 | -0.92 | -2.37 | -3.10 | -1.99 | -1.63 | -1.12 | -0.76 | -2.94 |
| FCF Conversion (FCF/Net Income) | 0.75x | 0.73x | 0.15x | 0.89x | 0.78x | 0.57x | 0.76x | 0.60x | 0.76x | 0.80x | 0.72x | 0.99x | 0.90x | 0.94x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Imminent liquidity and insolvency
As reported in recent financial statements, Aclaris Therapeutics exhibits a highly inconsistent relationship between net income and operating cash flow, with OCF/NI ratios fluctuating wildly from 0.09 to 4.53, suggesting that accruals and non-recurring items significantly distort the underlying cash-generating capability of the business.
The extreme variance in the OCF/NI ratio indicates that the company's reported net income is a poor proxy for actual cash movement. Investors should monitor the frequent disconnect between accounting losses and cash outflows, which appears driven by the timing of milestone payments and working capital swings rather than core operational performance.
Based on the company's reported figures, the free cash flow trajectory remains deeply negative, with the firm burning through $18.1M in 2026Q1 alone, highlighting a structural inability to fund its R&D-heavy pipeline through internal operations without continuous reliance on external capital markets.
The consistent negative FCF margins underscore the company's status as a cash-burning entity where operational expenses far outpace revenue generation. This trend suggests that the current business model is unsustainable without a major strategic pivot or a significant infusion of non-dilutive capital to extend the runway.
According to quarterly cash flow data, working capital changes have been highly erratic, swinging from a $25.6M inflow in 2024Q3 to a $1.9M outflow in 2025Q1, which complicates the assessment of the company's true underlying cash burn rate and operational efficiency.
These large, non-linear swings in working capital appear to be the primary driver of short-term cash fluctuations rather than organic growth or cost management. Analysts should interpret these movements as evidence of the company's reliance on lumpy, transactional revenue streams that provide little predictability for long-term liquidity.
Financial disclosures reveal that stock-based compensation, reaching $3.5M in 2025Q1, consistently offsets a portion of the reported net loss, effectively masking the true economic cost of talent retention while the company simultaneously struggles to maintain a viable cash position for its clinical programs.
The reliance on equity-based incentives suggests that the company is attempting to preserve cash by substituting salary with stock, which may lead to further dilution for existing shareholders. This practice warrants further investigation into the total cost of operations, as the cash flow statement may understate the true burden of human capital expenses.
Quick answers to the most common questions about buying ACRS stock.
Aclaris Therapeutics, Inc. (ACRS) generated $-47.1M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Aclaris Therapeutics, Inc. (ACRS) reported negative free cash flow of $47.1M in 2025, indicating capital requirements exceeded cash from operations.
Aclaris Therapeutics, Inc. (ACRS) spent $0.1M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.