Aclaris Therapeutics, Inc.: Q3 FY2026 earnings call

What management said about Q3 FY2026, from the documents filed with the SEC on 5 November 2026: press release. Guidance figures: 2 new, 1 kept. The quarter’s numbers.

Read the filing

Key takeaways

• Net loss widened on higher spending: Third-quarter net loss was higher than a year earlier. The company named spending on ATI-052 development as the primary driver of higher research and development costs. Source
• Nine-month loss larger than prior year: Net loss for the first nine months of 2026 was higher than for the same period of 2025, and nine-month revenue also declined. Source
• AD trial showed rapid skin improvement: Phase 1b AD trial of ATI-052 showed a 45% placebo-adjusted EASI change at week 8, a 78% placebo-adjusted EASI-50, and a 43% placebo-adjusted itch improvement. Source
• Asthma trial cut airway inflammation fast: Single-dose Phase 1b asthma trial reported a 59% mean absolute FeNO reduction at day 15, a 40% reduction at day 29, and a 200 ml placebo-adjusted FEV1 improvement at day 15. Source
• EoE chosen as first Phase 2b indication: Company intends to prioritize ATI-052 Phase 2b development first in EoE, where it believes the compound is mechanistically well-matched. Source
• Cash balance higher than year-end: Cash, cash equivalents and marketable securities were higher at September 30, 2026 than at December 31, 2025. Source
• October offering raised $50 million: After the quarter, the company sold shares and pre-funded warrants in an underwritten offering for aggregate gross proceeds of $50.0 million. Source
• Cash expected to last into 2029: Management expects cash to fund operations through the first half of 2029, after the October offering and excluding any business development deals or additional financing. Source

“Aclaris is developing unique product candidates designed to provide improved therapeutic options across a variety of inflammatory disorders with the goal of raising the efficacy ceiling, and our recent progress reflects continued execution toward that objective,”

Dr. Neal Walker, Chief Executive Officer and Chair of the Board of Directors

Guidance

What changed from last quarter

• New guidance: Modzatinib lichen planus Phase 2b start given a fourth quarter 2026 timing, which the prior release did not include. Source
• New: October 2026 underwritten offering of shares and pre-funded warrants raised $50.0 million gross. Source
• Guidance kept: Timing for the ATI-052 Phase 2b start in EoE is unchanged at early next year.

Results and growth drivers

• Net loss widened on higher spending: Third-quarter net loss was higher than a year earlier. The company named spending on ATI-052 development as the primary driver of higher research and development costs. Source
• Revenue fell on prior-year milestone: Revenue declined because the prior-year periods included a sales milestone under the Sun Pharma license agreement. Source
• Nine-month loss larger than prior year: Net loss for the first nine months of 2026 was higher than for the same period of 2025, and nine-month revenue also declined. Source

Pipeline and clinical data

• AD trial showed rapid skin improvement: Phase 1b AD trial of ATI-052 showed a 45% placebo-adjusted EASI change at week 8, a 78% placebo-adjusted EASI-50, and a 43% placebo-adjusted itch improvement. Source
• Asthma trial cut airway inflammation fast: Single-dose Phase 1b asthma trial reported a 59% mean absolute FeNO reduction at day 15, a 40% reduction at day 29, and a 200 ml placebo-adjusted FEV1 improvement at day 15. Source
• Skin proteome normalized at week 8: Lesional skin immune protein expression in AD patients given ATI-052 resembled non-lesional skin at week 8, with broad downregulation across inflammatory pathways. Source
• EoE chosen as first Phase 2b indication: Company intends to prioritize ATI-052 Phase 2b development first in EoE, where it believes the compound is mechanistically well-matched. Source

“we have a series of expected clinical and regulatory milestones throughout the rest of 2026 and 2027, including Phase 2 results in AD from bosakitug”

Dr. Neal Walker, Chief Executive Officer and Chair of the Board of Directors

Safety and tolerability

• ATI-052 well tolerated, no conjunctivitis: Management said ATI-052 was well tolerated and showed a favorable safety profile, with no conjunctivitis observed in the trials. Source
• Asthma safety matched AD trial: Safety and tolerability in the asthma Phase 1b trial were consistent with the AD trial, with no conjunctivitis observed. Source

Costs and expenses

• R&D rose on ATI-052 program costs: Higher research and development spending reflected ATI-052 manufacturing and clinical costs for the AD and asthma Phase 1b programs. Source
• G&A rose on legal and personnel costs: General and administrative expense increased on professional and legal fees, personnel costs, and stock-based compensation. Source
• Contingent consideration produced a gain: Revaluation of contingent consideration was a gain this quarter, compared with a charge a year earlier, reflecting higher discount rates and changed sales estimates. Source

“we look forward to starting a Phase 2b trial in eosinophilic esophagitis early next year.”

Dr. Neal Walker, Chief Executive Officer and Chair of the Board of Directors

Capital, cash and runway

• Cash balance higher than year-end: Cash, cash equivalents and marketable securities were higher at September 30, 2026 than at December 31, 2025. Source
• October offering raised $50 million: After the quarter, the company sold shares and pre-funded warrants in an underwritten offering for aggregate gross proceeds of $50.0 million. Source
• Cash expected to last into 2029: Management expects cash to fund operations through the first half of 2029, after the October offering and excluding any business development deals or additional financing. Source

Strategy and pipeline positioning

• Second Phase 2b indication due shortly: Assessment of a second Phase 2b indication for ATI-052, likely AD or asthma, is expected to be completed shortly. Source
• ATI-9494 described for once-daily dosing: Company says ATI-9494 blocks Th1 and Th2 responses with a prolonged half-life and high ITK potency, potentially supporting once-daily dosing across indications. Source
• Milestones planned through 2027: Management described a series of clinical and regulatory milestones across the rest of 2026 and 2027, starting with bosakitug Phase 2 AD results. Source

Coming up, as management said on 5 November 2026

• Bosakitug Phase 2 top-line results: Top-line results from the 109-patient ADMIRATION trial in atopic dermatitis are expected in the fourth quarter of 2026. Source
• Modzatinib first site activation: First site activation for the modzatinib lichen planus Phase 2b trial is expected in November 2026. Source
• ATI-9494 IND filing: IND filing for the dual ITK and TXK inhibitor ATI-9494 is planned for the fourth quarter of 2026. Source
• Second ATI-052 Phase 2b indication: Assessment of an additional ATI-052 Phase 2b indication, likely AD or asthma, is expected to be completed shortly. Source
• ATI-052 EoE Phase 2b start: Management expects to start the ATI-052 Phase 2b trial in eosinophilic esophagitis early next year. Source

Figures management reported

Risks management discussed

• Financial: Stated cash runway excludes potential business development transactions and additional financing, so the runway depends on no further funding being needed beyond the stated period. Source

Earlier plans management reported on

• Not stated: Management reaffirmed the timeline for top-line results from the Phase 2 AD trial of bosakitug. Source
• On track: Management describes the ATI-9494 IND filing as on track for the fourth quarter of 2026. Source
• Not stated: The prior release stated intent to prioritize initiating the EoE Phase 2b trial early next year, which this release repeats.

Other quarters

• Q2 FY2026 earnings call
• Q1 FY2026 earnings call
• Q4 FY2025 results
• Q3 FY2025 results

Summarised with AI from the documents the company filed with the SEC. Every point is checked against the filing before it is shown: management’s own words word for word, figures against the line or table row they come from. A point that fails the check is left out. Source opens the filing at that line.