Revenue contracted 58.19% YoY to $1.6M in 2026Q2, while R&D expenses of $18.9M drove operating margin to -14.9%, reflecting negative operating leverage.
Aclaris Therapeutics, Inc. (ACRS) annual income statement — 13-year revenue, gross profit & net income history
| 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 |
|---|
| Sales/Revenue | 6.4M | 7.83M | 18.72M | 31.25M | 29.75M | 6.76M | 6.48M | 4.23M | 10.09M | 1.68M | 0 | 0 | 0 | 0 |
| Revenue Growth % | -59.34% | -58.19% | -40.09% | 5.03% | 340.05% | 4.3% | 53.35% | -58.11% | 499.58% | - | - | - | - | - |
| Cost of Goods Sold | 12K | 2.09M | 2.79M | 18.08M | 11.96M | 4.71M | 5.13M | 4.05M | 6.85M | 1.21M | 120K | 90K | 0 | 0 |
| COGS % of Revenue | - | 26.72% | 14.91% | 57.86% | 40.2% | 69.71% | 79.19% | 95.93% | 67.88% | 71.72% | - | - | - | - |
| Gross Profit | 6.39M | 5.74M | 15.93M | 13.17M | 17.79M | 2.05M | 1.35M | 172K | 3.24M | 476K | -120K | -90K | 0 | 0 |
| Gross Margin % | 99.81% | 73.28% | 85.09% | 42.14% | 59.8% | 30.29% | 20.81% | 4.07% | 32.12% | 28.28% | - | - | - | - |
| Gross Profit Growth % | - | -63.99% | 20.96% | -25.99% | 768.75% | 51.82% | 684.3% | -94.69% | 580.88% | 496.67% | -33.33% | - | - | - |
| Operating Expenses | 96.9M | 82.11M | 157.86M | 110.53M | 107.65M | 91.77M | 52.26M | 92.73M | 138.66M | 72.9M | 48.57M | 20.67M | 8.53M | 5.26M |
| OpEx % of Revenue | - | 1049.19% | 843.27% | 353.69% | 361.81% | 1357.36% | 806.25% | 2193.66% | 1374.05% | 4331.49% | - | - | - | - |
| Selling, General & Admin | 24.41M | 21.97M | 22.2M | 31.1M | 25.13M | 23.62M | 20.53M | 27.83M | 75.65M | 33.11M | 15.09M | 5.33M | 2.03M | 1.77M |
| SG&A % of Revenue | - | 280.76% | 118.61% | 99.52% | 84.47% | 349.34% | 316.72% | 658.32% | 749.64% | 1967.26% | - | - | - | - |
| Research & Development | 67.16M | 52.65M | 33.59M | 98.38M | 77.81M | 43.81M | 29.34M | 64.9M | 63.01M | 39.79M | 33.48M | 15.34M | 6.51M | 3.49M |
| R&D % of Revenue | - | 672.69% | 179.41% | 314.84% | 261.54% | 648.03% | 452.61% | 1535.34% | 624.41% | 2364.23% | - | - | - | - |
| Other Operating Expenses | 3.27M | 7.49M | 102.07M | -18.96M | 4.7M | 24.34M | 2.39M | 0 | 0 | 0 | 488K | 0 | 0 | 0 |
| Operating Income | -90.51M | -76.38M | -141.93M | -97.36M | -89.85M | -89.72M | -50.91M | -111.06M | -135.41M | -72.42M | -48.57M | -20.67M | -8.53M | -5.26M |
| Operating Margin % | -1413.97% | -975.91% | -758.18% | -311.55% | -302.01% | -1327.07% | -785.44% | -2627.35% | -1341.93% | -4303.21% | - | - | - | - |
| Operating Income Growth % | - | 46.19% | -45.79% | -8.35% | -0.15% | -76.23% | 54.16% | 17.99% | -86.98% | -49.12% | -135% | -142.2% | -62.32% | - |
| EBITDA | -90.2M | -75.92M | -141.13M | -96.49M | -89.06M | -88.8M | -49.59M | -109.47M | -134.09M | -72.02M | -48.45M | -20.58M | -8.52M | -5.25M |
| EBITDA Margin % | -1409.11% | -970.11% | -753.87% | -308.79% | -299.33% | -1313.42% | -765.01% | -2589.83% | -1328.82% | -4279.32% | - | - | - | - |
| EBITDA Growth % | 40.98% | 46.2% | -46.25% | -8.35% | -0.29% | -79.08% | 54.7% | 18.36% | -86.18% | -48.66% | -135.44% | -141.49% | -62.43% | - |
| D&A (Non-Cash Add-back) | 311K | 454K | 807K | 863K | 797K | 923K | 1.32M | 1.59M | 1.32M | 402K | 120K | 90K | 12K | 11K |
| EBIT | -61.12M | -64.92M | -52.53M | -116.31M | -85.15M | -65.38M | -48.52M | -91.82M | -84.78M | -53.36M | -48.35M | -20.56M | -8.53M | -5.26M |
| Net Interest Income | 4.91M | 7.64M | 7.95M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 6.76M | 7.64M | 7.95M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 104K | 16K | 21K |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | 10.87M | 11.45M | 9.87M | 8.51M | 2.95M | -1.14M | -424K | -2.48M | 2.68M | -15.99M | 488K | 104K | 16K | 21K |
| Pretax Income | -79.63M | -64.92M | -132.06M | -88.85M | -86.91M | -90.86M | -51.34M | -113.54M | -132.74M | -70.35M | -48.08M | -20.56M | -8.52M | -5.24M |
| Pretax Margin % | -1244.09% | -829.58% | -705.48% | -284.32% | -292.11% | -1343.96% | -791.98% | -2686.11% | -1315.41% | -4180.21% | - | - | - | - |
| Income Tax | 0 | 0 | 0 | -367K | 0 | 0 | -182K | 0 | 2.68M | -1.83M | -120K | -90K | 0 | 0 |
| Effective Tax Rate % | 0% | 0% | 0% | 0.41% | 0% | 0% | 0.35% | 0% | -2.02% | 2.6% | 0.25% | 0.44% | 0% | 0% |
| Net Income | -79.63M | -64.92M | -132.06M | -88.48M | -86.91M | -90.86M | -51.02M | -161.35M | -132.74M | -68.52M | -48.08M | -20.56M | -8.52M | -5.24M |
| Net Margin % | -1244.09% | -829.58% | -705.48% | -283.15% | -292.11% | -1343.96% | -787.03% | -3817.22% | -1315.41% | -4071.48% | - | - | - | - |
| Net Income Growth % | 43.79% | 50.84% | -49.26% | -1.81% | 4.35% | -78.11% | 68.38% | -21.56% | -93.71% | -42.52% | -133.81% | -141.43% | -62.66% | - |
| Net Income (Continuing) | -79.63M | -64.92M | -132.06M | -88.48M | -86.91M | -90.86M | -51.15M | -113.54M | -82.1M | -50.46M | -48.08M | -20.56M | -8.52M | -5.24M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 139K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.53 | -0.53 | -1.71 | -1.27 | -1.33 | -1.60 | -1.20 | -3.46 | -4.03 | -2.44 | -2.25 | -1.10 | -0.80 | -3.13 |
| EPS Growth % | 57.97% | 69.01% | -34.65% | 4.51% | 16.88% | -33.33% | 65.32% | 14.14% | -65.16% | -8.44% | -104.55% | -37.5% | 74.44% | - |
| EPS (Basic) | - | -0.53 | -1.71 | -1.27 | -1.33 | -1.60 | -1.20 | -3.46 | -4.03 | -2.44 | -2.25 | -1.10 | -0.80 | -3.13 |
| Diluted Shares Outstanding | 149.45M | 122.66M | 77.3M | 69.81M | 65.21M | 56.73M | 42.54M | 41.32M | 32.91M | 28.1M | 21.42M | 18.62M | 10.66M | 1.68M |
| Basic Shares Outstanding | 149.45M | 122.66M | 77.3M | 69.81M | 65.21M | 56.73M | 42.54M | 41.32M | 32.91M | 28.1M | 21.42M | 18.62M | 10.66M | 1.68M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying ACRS stock.
For fiscal year 2025, Aclaris Therapeutics, Inc. (ACRS) reported total revenue of $7.8M.
Aclaris Therapeutics, Inc. (ACRS) reported a net loss of $64.9M for the fiscal year ending 2025.
Aclaris Therapeutics, Inc. (ACRS) reported an operating income of $-76.4M, resulting in an operating profit margin of -975.9%. This margin reflects the operational efficiency of the business before interest and taxes.
Aclaris Therapeutics, Inc. (ACRS) generated $5.7M in gross profit for the year, representing a gross profit margin of 73.3%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Liquidity risk from cash burn
Metrics are mathematically derived from official filings.
Revenue Roll-Off Accelerates
ACRS's revenue contracted 58.19% year-over-year, with latest quarter at $1.6M, reflecting the expiration of legacy streams and no replacement growth, as per the income statement data.
The revenue decline is not a one-off but a persistent trend, with quarterly revenue oscillating between $1.3M and $3.3M over the past year, down from $9.2M in 2024Q4. This suggests the contract research segment is not scaling to offset the loss of licensing or milestone income. The absence of new partnership revenue implies the pipeline has yet to generate commercial traction, making the top-line trajectory dependent on binary clinical events.
Gross Margin Volatility Masks Underlying Burn
Gross margin swung from -4.1% in 2025Q2 to 162.0% in 2025Q4 due to negative COGS, but the underlying service segment appears efficient, as reported in the financial statements.
The extreme gross margin fluctuations are driven by accounting adjustments, not operational efficiency. The negative COGS in 2025Q4 likely reflects a credit or reversal, while the 73.28% average gross margin over the period suggests the contract research business is structurally profitable. However, this is immaterial to the bottom line given R&D expenses of $18.9M in 2026Q2, which are 12x gross profit. The margin profile is contracting as revenue falls, but the real issue is the fixed cost base.
Operating Leverage Absent as R&D Scales
Operating income deteriorated to -$24.2M in 2026Q2, with operating margin at -14.9%, as R&D spending outpaced revenue, indicating negative operating leverage, based on the income statement.
Despite a modest revenue uptick in 2026Q1, operating losses widened sequentially, driven by a 20% increase in R&D expenses. The company is investing heavily in its pipeline, but with no corresponding revenue growth, operating leverage is deeply negative. SG&A has remained relatively stable around $5-6M, suggesting management is controlling overhead, but the R&D engine is the primary cost driver and shows no signs of scaling back.
Losses Deepen with SBC and Tax Anomalies
Net losses reached -$21.5M in 2026Q2, with EPS at -$0.15, while stock-based compensation of $2.7M adds to cash burn, as per the income statement data.
The reported net income is of low quality, as it includes significant non-cash charges like SBC, which totaled $2.7M in 2026Q2, representing about 12% of the net loss. The tax rate appears anomalous, with 2024Q3 net margin at -174.6% versus operating margin of -2.4%, suggesting a large tax benefit or impairment that distorts the quarter. Investors should focus on cash burn rather than reported EPS, which is consistently negative and shows no sign of improvement.
R&D Burn Dominates Cost Structure
R&D expenses of $18.9M in 2026Q2 are the largest cost line, exceeding total revenue by over 11x, while SG&A remains stable, as reported in the income statement.
The cost structure is typical of a clinical-stage biotech, with R&D consuming the majority of cash. R&D spending has increased from $9.0M in 2024Q4 to $18.9M in 2026Q2, a 110% increase, indicating an acceleration in clinical trial activity. SG&A has been relatively flat, suggesting management is disciplined on overhead, but the R&D burn is unsustainable given the revenue base. The company's ability to manage costs will be critical to extending its cash runway.
2024Q4: A One-Time Impairment Distorts Trend
The most significant inflection occurred in 2024Q4, when operating loss spiked to -$99.7M and net loss to -$96.6M, likely due to an impairment, as per the income statement data.
The 2024Q4 quarter stands out as an anomaly, with operating loss nearly 10x the typical quarterly loss, and EPS of -$1.01. This likely reflects a write-down of intangible assets related to a failed clinical program, such as Zunsemetinib. The lasting impact is a depleted balance sheet and a reset of investor expectations, as subsequent quarters show a return to normalized losses of around $20M. This event underscores the binary risk inherent in the pipeline and the potential for future impairments.
Liquidity Crisis Looms Without Catalyst
With only $19.96M in cash and a quarterly burn of ~$20M, ACRS faces a funding gap within one quarter, as per the balance sheet data.
The most bearish case is that the company runs out of cash before any clinical catalyst materializes, forcing a dilutive equity raise or a fire-sale of assets. The revenue decline of 58% suggests the contract research segment is not a reliable cash source, and the R&D burn is accelerating. Even if management cuts costs, the runway is short, and the market may price in a high probability of bankruptcy. The lack of a reported EPS for the latest quarter adds uncertainty, and the maintained guidance may be overly optimistic.