Aclaris Therapeutics falls as Q1 revenue declines

Aclaris Therapeutics

08/05/2024 13:46

** Shares of drug developer Aclaris Therapeutics  ACRS.O 
fall 5.9% to $1.26 premarket 
    ** Co late on Tuesday reported Q1 revenue of $2.40 mln,
compared to $2.53 mln a year ago 
    ** Co had cash, cash equivalents and marketable securities
of $161.4 mln as of March 31, 2024 compared to $181.9 mln as of
December 31, 2023
     ** Co said a majority of cash expenditures in Q1 were
related to payments associated with the wind down of
discontinued R&D programs and previously announced workforce
reduction
    ** Co also said it has decided to advance its experimental
drug, ATI-2138, to a mid-stage study testing it in patients with
eczema  
    ** ACRS remains well-positioned to deliver upside from its
pipeline which is currently not being given any value by the
market as co "continues to trade at a negative enterprise value"
- H.C. Wainwright analyst Raghuram Selvaraju
    ** Up to last close, stock up 27.6% YTD  

 (Reporting by Sneha S K in Bengaluru)
 ((Sneha.SK@thomsonreuters.com;))