Aclaris Therapeutics
ACRS on Nasdaq. Aclaris Therapeutics sells prescription drugs to patients, paid for by insurers. Market value $629m.
Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to December 2025.
We can't read total debt from the filing, so debt is left out.
Should I look at this?
Not a fit for our list right now
Why it could be worth it
Nothing stands out yet.
See Health care stocks that passed both tests
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $-9.89 of spare cash in the past 12 months. A savings account pays about $4.
The filings do not give us enough to work this out.
The filings do not give us enough to work this out.
Quality score: 35 of 100. Price score: 0 of 100. Our list needs 70 on quality and 60 on price.
$4.27 a share, 145% above its 1-year low
Over the past year the price has ranged from $1.74 to $6.60.
Pays no dividend
Prices from Monday’s close (5 October).
Five years of cash, in billions
| Revenue | |||||
| Revenue | $7m | $30m | $31m | $19m | $8m |
| Operating margin | |||||
| Operating margin | -1327.1% | -302.0% | -311.6% | -758.2% | -975.9% |
| Debt to equity | |||||
| Debt to equity | n/a | n/a | n/a | n/a | n/a |
| Shares outstanding | |||||
| Shares outstanding | 0.07bn | 0.07bn | 0.07bn | 0.11bn | 0.15bn |
Health checks
- Free cash flow positive0 of 5 years
- Accounting checksSkipped: company is not yet profitable
- DebtUnknown
- Revenue growth, five yearsSlow, 3.8% a year
- Buying back its own sharesNo, 121% more shares since 2021
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $2 million last quarter, about the same as a year ago.
- A loss of $22 million, compared with a loss of $15 million a year ago.
- It loses 1050 cents on each $1 of sales, compared with 873 cents a year earlier.
- Over the past 12 months it spent $62 million more cash than it brought in, compared with $10 million a year earlier.
- 16% more shares than a year ago. Each share owns a bit less of the company.
- Sales grew on a year ago in 1 of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| September 2024 | $4m |
| December 2024 | $9m |
| March 2025 | $1m |
| June 2025 | $2m |
| September 2025 | $3m |
| December 2025 | $1m |
| March 2026 | $2m |
| June 2026 | $2m |
| Quarter to | Amount |
|---|---|
| September 2024 | -$8m |
| December 2024 | -$97m |
| March 2025 | -$15m |
| June 2025 | -$15m |
| September 2025 | -$15m |
| December 2025 | -$20m |
| March 2026 | -$20m |
| June 2026 | -$22m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 26 February 2026
- Next quarterly (estimated, 10-Q)
- 5 November 2026
Who owns it
None of the long-term investors we follow own it. 149 funds in all.
Largest holders overall
- RA Capital Management, L.P.$67mAdded
- BML Capital Management$63mCut
- BlackRock$53mAdded
- Deep Track Capital, LP$49m
- Vivo Capital$35m
- Vanguard Capital Management$31mAdded
- Frazier Life Sciences Management, L.P.$26m
- Rock Springs Capital Management LP$23mCut
- Adage Capital Partners GP, L.L.C.$22mAdded
- Decheng Capital$21m
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
10 investors own more than 5%.
- BML Investment Partners, L.P.Passive investor9.9%−2.0 ptsSince 23 April 2026
- Biosion, Inc.Passive investorat least 9.4%(filed with 1 related holder)Since 9 December 2025
- RA Capital Management, L.P.Passive investorat least 9.1%+2.8 pts(filed with 3 related holders)Since 30 June 2026
- Deep Track Capital, LPPassive investorat least 7.0%(filed with 2 related holders)Since 9 March 2026
- BlackRock, Inc.Passive investor6.2%+1.1 ptsSince 31 December 2025
- Frazier Life Sciences Public Fund, L.P.Passive investorat least 5.4%(filed with 5 related holders)Since 14 September 2026
- Adage Capital Management, L.P.Passive investorat least 4.9%−2.7 pts(filed with 2 related holders)Since 30 September 2025
- Rock Springs Capital Management LPPassive investorat least 4.7%(filed with 4 related holders)Since 31 March 2025
- Vivo Opportunity Fund Holdings, L.P.Passive investorat least 4.3%(filed with 3 related holders)Since 31 March 2026
- Millennium Management LLCPassive investorat least 3.5%−1.6 pts(filed with 2 related holders)Since 30 June 2025
- The Vanguard GroupPassive investorSold down below 5%Since 13 March 2026
| Holder | Stake | Since | |
|---|---|---|---|
BML Investment Partners, L.P. Passive investor | 9.9%−2.0 pts | 23 April 2026 | |
Biosion, Inc. Passive investor | at least 9.4% (filed with 1 related holder) | 9 December 2025 | |
RA Capital Management, L.P. Passive investor | at least 9.1%+2.8 pts (filed with 3 related holders) | 30 June 2026 | |
Deep Track Capital, LP Passive investor | at least 7.0% (filed with 2 related holders) | 9 March 2026 | |
BlackRock, Inc. Passive investor | 6.2%+1.1 pts | 31 December 2025 | |
Frazier Life Sciences Public Fund, L.P. Passive investor | at least 5.4% (filed with 5 related holders) | 14 September 2026 | |
Adage Capital Management, L.P. Passive investor | at least 4.9%−2.7 pts (filed with 2 related holders) | 30 September 2025 | |
Rock Springs Capital Management LP Passive investor | at least 4.7% (filed with 4 related holders) | 31 March 2025 | |
Vivo Opportunity Fund Holdings, L.P. Passive investor | at least 4.3% (filed with 3 related holders) | 31 March 2026 | |
Millennium Management LLC Passive investor | at least 3.5%−1.6 pts (filed with 2 related holders) | 30 June 2025 | |
The Vanguard Group Passive investor | Sold down below 5% | 13 March 2026 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
No insider bought or sold on the open market in the last 12 months.
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
None of the warning signs we check for were found.
We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.
We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 26 Feb 2026, plus the 10-Q filed 6 Aug 2026 and 7 later 8-Ks.
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
What could go wrong
Cheap for a reason is the question the numbers cannot answer.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.