ACRSAclaris Therapeutics, Inc.

Pharmaceutical Preparations

Revenue: $8M; 58% YoY
Operating margin: -975.9%; 29% YoY
EBITDA: −$76M; 46% YoY
Market cap: $555M
Employees: —
Net debt / EBITDA: —; −$8M net debt
AI in 10-K: 4.5; mentions per 10K words

Takeover score 2 of 13

Fixable underperformance 1 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
—
Cash flow under 80% of net income
Dilutive SBCYes
158% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
0% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
10% of assets
Over 40% of assets
Shareholder dissentNo
89% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeNo
—
Bottom quartile of its SIC industry
Quiet on AINo
4.5 per 10K words · 80th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
—
More cash than debt, positive EBITDA
Buyout-sizedYes
$555M market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
−$1M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$7M	$30M	$31M	$19M	$8M	58%
Operating income	−$90M	−$90M	−$97M	−$142M	−$76M	46%
Net income	−$91M	−$87M	−$88M	−$132M	−$65M	51%
Operating cash flow	−$52M	−$68M	−$78M	−$20M	−$47M	135%
Capex	$308K	$605K	$1M	$121K	$111K	8.3%
Stock-based comp	$14M	$15M	$21M	$11M	$12M	14%

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Dec 19, 2019	Arkin Moshe	SC 13D/A	4.8%	Passive
Nov 21, 2019	Arkin Moshe	SC 13D/A	6.5%	Passive
Oct 15, 2019	Arkin Moshe	SC 13D	8.0%	Passive
Feb 14, 2019	VIVO VENTURES VII, LLC	SC 13D/A	4.0%	Passive

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $1M · 1
Net: −$1M

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	—	—	19	—
FY2024	—	—	16	—
FY2023	—	—	7	—