XVARY Composite Score
48
/ 100
Below Average
Combines growth, value, risk, and momentum factors into a single institutional-grade score.
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What it is
Aclaris is a biotech company trying to turn early drug research and partner deals into future medicine revenue.
How it gets paid
Last year Aclaris Therapeutics made ~$7.8M in revenue. licensing revenue was the main engine at ~$6.0M, or 76% of sales.
Why it's growing
Revenue grew 58% last year. Cash ~$151M and stated runway into H2 2028 — with multiple 2026 readouts driving the next repricing.
What just happened
Q4 2025 revenue ~$1.3M · FY2025 ~$7.8M. Q4 EPS $ · FY EPS $.
At a Glance
B balance sheet — gets the job done, barely
50/100 earnings predictability — expect surprises
$(1.71) FY2024 GAAP EPS
~$18.7M FY2024 GAAP revenue
$(0.53) FY2025 GAAP EPS · loss from operations
XVARY composite: 48/100 — below average
What They Do
Aclaris is a biotech company trying to turn early drug research and partner deals into future medicine revenue.
Clinical-stage immuno-inflammatory portfolio (e.g. ATI-052 bispecific, bosakitug anti-TSLP mAb, ITK inhibitors). Revenue is lumpy milestones and small contract research — the balance sheet (~$151M cash and securities at YE 2025) and data readouts do the heavy lifting, not product sales.
How They Make Money
~$7.8M
FY2025 GAAP revenue · down ~58% vs. prior year from ~$18.7M (FY2024)
licensing revenue (FY2025)
~$6.0M
vs. ~$16.2M FY2024
contract research (FY2025)
~$1.9M
vs. ~$2.5M FY2024
The Products That Matter
Atopic dermatitis drug candidate
ATI-052
Phase 1a completion Q2 2026 · Phase 1b POC H2 2026
Interim Phase 1a SAD/MAD data were positive per company materials; complete top-line Phase 1a expected Q2 2026. Phase 1b POC trials in AD and asthma underway with top-line expected H2 2026.
lead asset
Contract research services
Contract Research
~$7.8M FY2025 · lumpy milestones
FY2025 mix was mostly licensing (~$6.0M) plus contract research (~$1.9M). Compares are noisy when milestones hit in one quarter and not the next.
GAAP revenue
Anti-TSLP mAb · Phase 2
Bosakitug (ATI-045)
Phase 2 AD · top-line H2 2026
Randomized Phase 2 in moderate-to-severe atopic dermatitis; company expects top-line in the second half of 2026 — a separate major catalyst from ATI-052.
second readout
Key Numbers
~$7.8M
FY2025 GAAP revenue
Roughly 49× sales at ~$382M market cap — revenue is not the valuation driver.
$(0.53)
FY2025 GAAP EPS
FY2024 was $(1.71); losses narrowed but the company is still GAAP-negative.
$151M
cash + securities
Dec 31, 2025; company believes runway into H2 2028 on stated assumptions (ex. extra BD/financing and certain Phase 2b costs).
~$57M
total liabilities
Dec 31, 2025 balance sheet — includes operating and contingent items, not “$2M term debt.”
Financial Health
B
Strength
- balance sheet grade B — adequate — nothing special
- risk rank 3 — safer than 50% of stocks
- price stability 5 / 100
- total liabilities ~$57M (Dec 31, 2025)
B — functional but not a standout on the balance sheet.
Total Return vs. Market
source: institutional data · return history unavailable
What Just Happened
Q4 / FY2025
Q4 2025 revenue ~$1.3M · FY2025 ~$7.8M. Q4 EPS $(0.16) · FY EPS $(0.53).
Q4 revenue fell vs. prior year because Q4 2024 included a large Lilly-related licensing/milestone compare (~$9.2M vs ~$1.3M). FY net loss narrowed versus FY2024 when heavy in-process R&D charges hit the P&L.
~$1.3M
Q4 revenue
$(0.16)
Q4 GAAP EPS
$(0.53)
FY GAAP EPS
the number that mattered
Cash ~$151M and stated runway into H2 2028 — with multiple 2026 readouts (ATI-052, bosakitug) driving the next repricing.
source: GlobeNewswire Feb 26, 2026 / investor.aclaristx.com
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What Could Go Wrong
The #1 risk is ATI-052 failing to show credible proof of concept in Phase 1b.
Med
Clinical data disappoints
ATI-052 is early but central to the bispecific story. Weak Phase 1b POC data would hurt sentiment for a stock trading largely on pipeline optionality, not on current revenue.
No approved product means there is no second engine to soften the hit.
Med
Financing needs before data
Even with ~$151M cash at YE 2025, clinical expansion (including a planned ATI-052 Phase 2b) can pull forward spend. Another equity raise is a standard biotech risk if milestones slip.
You can be right on the science and still own a smaller percentage of the upside.
Med
Lumpy, small revenue base
Total revenue is milestone-driven; contract research is only ~$1.9M FY2025. Quarterly prints can swing hard without saying much about long-term value.
Easy to misread a “good” or “bad” quarter when the compare is a one-time license event.
Med
Second catalyst risk (bosakitug)
Phase 2 atopic dermatitis data expected H2 2026 can help or hurt independently of ATI-052 — two different programs, two different risk clocks.
A miss on one readout does not automatically tell you the other program is broken — but the stock may not trade that patiently.
Cash runway into H2 2028 (on stated assumptions) buys time; 2026 data for ATI-052 and bosakitug are the main events that can reprice the equity.
Source: institutional data · regulatory filings · risk analysis
Pay Attention To
Catalyst
ATI-052 clinical timeline
Phase 1a top-line Q2 2026; Phase 1b POC top-line H2 2026 (per company timeline).
Financing
Financing and share count
Watch future prospectuses or ATM usage if trials expand faster than cash consumption improves.
Operations
Contract research + licensing
FY2025 was ~$1.9M contract research and ~$6.0M licensing — track whether small services revenue stabilizes while you wait on milestones.
Catalyst
Bosakitug Phase 2 AD (H2 2026)
Separate readout from ATI-052; calendar overlap can make volatility spike twice in one year.
Analyst Rankings
earnings predictability
50 / 100
The reported numbers do not have much stability yet. in human-speak, analysts do not get an easy forecasting setup here.
beta
1.2
Beta measures how hard a stock tends to move versus the market. At 1.2, it already swings more than the index before you add biotech catalyst risk.
balance sheet grade
B
That grade says the balance sheet is passable, not abundant. It is enough to keep the story alive for now, but not enough to make financing a non-issue.
Source: institutional data
Institutional Activity
institutional ownership data for ACRS is being compiled.
Source: institutional data
Price Targets
3-5 year target range
$3
Current price
Target midpoint · from current
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