Revenue has experienced a fundamental contraction, falling to $2.0M in 2026Q1 while operating margins remain deeply negative at -11.1%.
| 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 | 8.37M | 7.83M | 18.72M | 31.25M | 29.75M | 6.76M | 6.48M | 4.23M | 10.09M | 1.68M | 0 | 0 | 0 | 0 |
| Revenue Growth % | -52.94% | -58.19% | -40.09% | 5.03% | 340.05% | 4.3% | 53.35% | -58.11% | 499.58% | - | - | - | - | - |
| Cost of Goods Sold | 1.98M | 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 % | 76.34% | 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 | 86.87M | 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 | 22.58M | 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 | 56.72M | 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 | 4M | 7.49M | 102.07M | -18.96M | 4.7M | 24.34M | 2.39M | 0 | 0 | 0 | 488K | 0 | 0 | 0 |
| Operating Income | -80.48M | -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 % | -961.91% | -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 | -79.95M | -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 % | -955.6% | -970.11% | -753.87% | -308.79% | -299.33% | -1313.42% | -765.01% | -2589.83% | -1328.82% | -4279.32% | - | - | - | - |
| EBITDA Growth % | 43.13% | 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) | 528K | 454K | 807K | 863K | 797K | 923K | 1.32M | 1.59M | 1.32M | 402K | 120K | 90K | 12K | 11K |
| EBIT | -73.51M | -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 | 6.98M | 7.64M | 7.95M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 6.99M | 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 | 10.82M | 11.45M | 9.87M | 8.51M | 2.95M | -1.14M | -424K | -2.48M | 2.68M | -15.99M | 488K | 104K | 16K | 21K |
| Pretax Income | -69.66M | -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 % | -832.58% | -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 | -69.66M | -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 % | -832.58% | -829.58% | -705.48% | -283.15% | -292.11% | -1343.96% | -787.03% | -3817.22% | -1315.41% | -4071.48% | - | - | - | - |
| Net Income Growth % | 46.5% | 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) | -69.66M | -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) | -0.54 | -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 % | 59.71% | 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 | 128.81M | 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 | 128.81M | 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 | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Imminent liquidity and insolvency
As reported in recent financial filings, Aclaris Therapeutics has experienced a severe revenue contraction, with quarterly figures dropping from a peak of $17.6M in 2023Q4 to just $2.0M in 2026Q1, signaling a fundamental erosion of the company's legacy service-based and milestone-driven revenue streams.
The sharp decline in top-line performance suggests that the company's bifurcated model is failing to generate consistent inflows to offset its R&D requirements. Investors should monitor whether the current revenue level represents a new, lower baseline or if further deterioration is likely as legacy contracts expire without replacement.
Based on the company's income statement data, R&D expenses remain the dominant cost driver, consistently consuming the vast majority of gross profit and contributing to a persistent operating loss that reached $22.2M in the most recent quarter, despite ongoing efforts to manage overhead.
The decoupling of R&D spending from revenue generation highlights a structural inability to fund clinical development through internal operations. This cost structure appears unsustainable without a significant shift in strategy or a successful, non-dilutive partnership to provide necessary capital.
According to historical income statements, Aclaris has failed to achieve positive operating leverage, as evidenced by an operating margin of -11.1% in 2026Q1, which underscores the company's reliance on external financing to sustain its high-fixed-cost clinical research infrastructure.
The lack of scalability in the operating model suggests that the company is not yet close to an inflection point where revenue growth could meaningfully cover its fixed R&D and SG&A burdens. This persistent negative leverage warrants further investigation into the company's ability to survive without further dilutive equity raises.
Financial statements indicate that with only $19.96M in cash and a quarterly operating loss exceeding $22M, the company faces a critical liquidity risk that may force a fire sale of assets or highly dilutive financing to maintain basic operations.
Short-term survival appears contingent on immediate capital market access, which may be difficult given the recent clinical setbacks. The market may be correctly pricing the company near its liquidation value, as the current burn rate leaves little room for error in the upcoming quarters.
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.