0001558370-22-011757 | 10-Q | XBRL Viewer

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Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Jun. 30, 2022	Jul. 29, 2022
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2022
Document Transition Report	false
Entity File Number	001-37581
Entity Registrant Name	Aclaris Therapeutics, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	46-0571712
Entity Address, Address Line One	640 Lee Road, Suite 200
Entity Address, City or Town	Wayne
Entity Address, State or Province	PA
Entity Address, Postal Zip Code	19087
City Area Code	484
Local Phone Number	324-7933
Title of 12(b) Security	Common Stock, $0.00001 par value
Trading Symbol	ACRS
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		66,671,750
Entity Central Index Key	0001557746
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q2
Amendment Flag	false

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 68,264	$ 27,349
Short-term marketable securities	180,339	164,065
Accounts receivable, net	637	623
Prepaid expenses and other current assets	10,114	12,995
Total current assets	259,354	205,032
Marketable securities	7,221	34,242
Property and equipment, net	1,276	1,335
Intangible assets	7,011	7,048
Other assets	3,114	3,554
Total assets	277,976	251,211
Current liabilities:
Accounts payable	5,703	9,985
Accrued expenses	7,571	10,051
Current portion of lease liabilities	741	693
Discontinued operations	2,202	2,202
Total current liabilities	16,217	22,931
Other liabilities	1,840	2,172
Contingent consideration	23,800	28,400
Deferred tax liability	367	367
Total liabilities	42,224	53,870
Commitments and contingencies (Note 16)
Stockholders' Equity:
Preferred stock, $0.00001 par value; 10,000,000 shares authorized and no shares issued or outstanding at June 30, 2022 and December 31, 2021
Common stock, $0.00001 par value; 100,000,000 shares authorized at June 30, 2022 and December 31, 2021; 66,667,580 and 61,228,446 shares issued and outstanding at June 30, 2022 and December 31, 2021, respectively	1	1
Additional paid-in capital	871,805	792,971
Accumulated other comprehensive loss	(1,326)	(224)
Accumulated deficit	(634,728)	(595,407)
Total stockholders' equity	235,752	197,341
Total liabilities and stockholders' equity	$ 277,976	$ 251,211

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Jun. 30, 2022	Dec. 31, 2021
CONDENSED CONSOLIDATED BALANCE SHEETS
Preferred stock, par value (in dollars per share)	$ 0.00001	$ 0.00001
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value (in dollars per share)	$ 0.00001	$ 0.00001
Common stock, shares authorized	100,000,000	100,000,000
Common stock, shares issued	66,667,580	61,228,446
Common stock, shares outstanding	66,667,580	61,228,446

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Revenues:
Total revenue	$ 1,528	$ 1,824	$ 2,981	$ 3,601
Costs and expenses:
Cost of revenue	1,068	1,263	2,223	2,465
Research and development	18,779	7,897	33,085	15,735
General and administrative	6,075	5,870	12,174	10,697
Revaluation of contingent consideration	(3,400)	4,800	(4,600)	21,239
Total costs and expenses	22,522	19,830	42,882	50,136
Loss from operations	(20,994)	(18,006)	(39,901)	(46,535)
Other income (expense), net	462	(155)	580	(380)
Net loss	$ (20,532)	$ (18,161)	$ (39,321)	$ (46,915)
Net loss per share, basic	$ (0.31)	$ (0.34)	$ (0.62)	$ (0.90)
Net loss per share, diluted	$ (0.31)	$ (0.34)	$ (0.62)	$ (0.90)
Weighted average common shares outstanding, basic	65,990,031	53,968,405	63,723,123	52,163,136
Weighted average common shares outstanding, diluted	65,990,031	53,968,405	63,723,123	52,163,136
Other comprehensive loss:
Unrealized loss on marketable securities, net of tax of $0	$ (354)	$ 25	$ (1,101)	$ (10)
Foreign currency translation adjustment		(69)		(80)
Total other comprehensive loss	(354)	(44)	(1,101)	(90)
Comprehensive loss	(20,886)	(18,205)	(40,422)	(47,005)
Contract research
Revenues:
Total revenue	1,218	1,606	2,439	3,141
Other revenue
Revenues:
Total revenue	$ 310	$ 218	$ 542	$ 460

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
Unrealized loss on marketable securities, tax	$ 0	$ 0	$ 0	$ 0

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Common Stock Public Offering	Common Stock At The Market Offering	Common Stock	Additional Paid-in Capital Public Offering	Additional Paid-in Capital At The Market Offering	Additional Paid-in Capital	Accumulated Other Comprehensive Loss	Accumulated Deficit	Public Offering	At The Market Offering	Total
Balance at beginning of period at Dec. 31, 2020						$ 542,286	$ (94)	$ (504,542)			$ 37,650
Balance at beginning of period (in shares) at Dec. 31, 2020			45,109,314
Increase (Decrease) in Stockholders' Equity
Issuance of common stock in connection with exercise of stock options and vesting of restricted stock units						(2,579)					(2,579)
Issuance of common stock in connection with exercise of stock options and warrants and vesting of restricted stock units (in shares)			666,144
Issuance of common stock, net of offering costs				$ 103,348					$ 103,348
Issuance of common stock, net of offering costs (in shares)	6,306,271
Unrealized gain / loss on marketable securities							(35)				(35)
Foreign currency translation adjustment							(11)				(11)
Stock-based compensation expense						2,675					2,675
Net loss								(28,754)			(28,754)
Balance at end of period at Mar. 31, 2021						645,730	(140)	(533,296)			112,294
Balance at end of period (in shares) at Mar. 31, 2021			52,081,729
Balance at beginning of period at Dec. 31, 2020						542,286	(94)	(504,542)			37,650
Balance at beginning of period (in shares) at Dec. 31, 2020			45,109,314
Increase (Decrease) in Stockholders' Equity
Net loss											(46,915)
Balance at end of period at Jun. 30, 2021			$ 1			785,455	(184)	(551,457)			233,815
Balance at end of period (in shares) at Jun. 30, 2021			61,204,987
Balance at beginning of period at Mar. 31, 2021						645,730	(140)	(533,296)			112,294
Balance at beginning of period (in shares) at Mar. 31, 2021			52,081,729
Increase (Decrease) in Stockholders' Equity
Issuance of common stock in connection with exercise of stock options and vesting of restricted stock units						1,041					1,041
Issuance of common stock in connection with exercise of stock options and warrants and vesting of restricted stock units (in shares)			1,024,666
Issuance of common stock, net of offering costs	$ 1			$ 134,851					$ 134,852
Issuance of common stock, net of offering costs (in shares)	8,098,592
Unrealized gain / loss on marketable securities							25				25
Foreign currency translation adjustment							(69)				(69)
Stock-based compensation expense						3,833					3,833
Net loss								(18,161)			(18,161)
Balance at end of period at Jun. 30, 2021			$ 1			785,455	(184)	(551,457)			233,815
Balance at end of period (in shares) at Jun. 30, 2021			61,204,987
Balance at beginning of period at Dec. 31, 2021			$ 1			792,971	(224)	(595,407)			$ 197,341
Balance at beginning of period (in shares) at Dec. 31, 2021			61,228,446								61,228,446
Increase (Decrease) in Stockholders' Equity
Issuance of common stock in connection with exercise of stock options and vesting of restricted stock units						49					$ 49
Issuance of common stock in connection with exercise of stock options and warrants and vesting of restricted stock units (in shares)			509,037
Unrealized gain / loss on marketable securities							(748)				(748)
Stock-based compensation expense						2,346					2,346
Net loss								(18,789)			(18,789)
Balance at end of period at Mar. 31, 2022			$ 1			795,366	(972)	(614,196)			180,199
Balance at end of period (in shares) at Mar. 31, 2022			61,737,483
Balance at beginning of period at Dec. 31, 2021			$ 1			792,971	(224)	(595,407)			$ 197,341
Balance at beginning of period (in shares) at Dec. 31, 2021			61,228,446								61,228,446
Increase (Decrease) in Stockholders' Equity
Net loss											$ (39,321)
Balance at end of period at Jun. 30, 2022			$ 1			871,805	(1,326)	(634,728)			$ 235,752
Balance at end of period (in shares) at Jun. 30, 2022			66,667,580								66,667,580
Balance at beginning of period at Mar. 31, 2022			$ 1			795,366	(972)	(614,196)			$ 180,199
Balance at beginning of period (in shares) at Mar. 31, 2022			61,737,483
Increase (Decrease) in Stockholders' Equity
Issuance of common stock in connection with exercise of stock options and vesting of restricted stock units						88					88
Issuance of common stock in connection with exercise of stock options and warrants and vesting of restricted stock units (in shares)			91,388
Issuance of common stock, net of offering costs					$ 72,659					$ 72,659
Issuance of common stock, net of offering costs (in shares)		4,838,709
Unrealized gain / loss on marketable securities							(354)				(354)
Stock-based compensation expense						3,692					3,692
Net loss								(20,532)			(20,532)
Balance at end of period at Jun. 30, 2022			$ 1			$ 871,805	$ (1,326)	$ (634,728)			$ 235,752
Balance at end of period (in shares) at Jun. 30, 2022			66,667,580								66,667,580

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Mar. 31, 2021
Public Offering
Offering costs netted against proceeds		$ 8,899	$ 7,011
At The Market Offering
Offering costs netted against proceeds	$ 2,341

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Cash flows from operating activities:
Net loss	$ (39,321)	$ (46,915)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	414	535
Stock-based compensation expense	6,038	6,507
Revaluation of contingent consideration	(4,600)	21,239
Changes in operating assets and liabilities:
Accounts receivable	(14)	(167)
Prepaid expenses and other assets	1,309	(5,223)
Accounts payable	(4,283)	(1,290)
Accrued expenses	(178)	861
Net cash used in operating activities	(40,635)	(24,453)
Cash flows from investing activities:
Purchases of property and equipment	(350)	(52)
Purchases of marketable securities	(85,096)	(147,289)
Proceeds from sales and maturities of marketable securities	94,155	26,557
Net cash provided by (used in) investing activities	8,709	(120,784)
Cash flows from financing activities:
Payments of employee withholding taxes related to restricted stock unit award vesting	(23)	(3,038)
Proceeds from exercise of employee stock options and the issuance of stock	120	1,459
Net cash provided by financing activities	72,841	236,621
Net increase in cash and cash equivalents	40,915	91,384
Cash and cash equivalents at beginning of period	27,349	22,063
Cash and cash equivalents at end of period	68,264	113,447
Supplemental disclosure of non-cash investing and financing activities:
Additions to property and equipment included in accounts payable	72	37
Offering costs included in accounts payable		28
Public Offering
Cash flows from financing activities:
Proceeds from issuance of common stock, net of issuance costs		$ 238,200
At The Market Offering
Cash flows from financing activities:
Proceeds from issuance of common stock, net of issuance costs	$ 72,744

Organization and Nature of Business

6 Months Ended

Jun. 30, 2022

Organization and Nature of Business

Organization and Nature of Business

1. Organization and Nature of Business

Overview

Aclaris Therapeutics, Inc. was incorporated under the laws of the State of Delaware in 2012. In 2015, Aclaris Therapeutics International Limited (“ATIL”) was established under the laws of the United Kingdom as a wholly-owned subsidiary of Aclaris Therapeutics, Inc. In 2017, Confluence Life Sciences, Inc. (now known as Aclaris Life Sciences, Inc.) (“Confluence”) was acquired by Aclaris Therapeutics, Inc. and became a wholly-owned subsidiary thereof. Aclaris Therapeutics, Inc., ATIL and Confluence are referred to collectively as the “Company.” The Company is a clinical-stage biopharmaceutical company focused on developing novel drug candidates for immuno-inflammatory diseases. In addition to developing its novel drug candidates, the Company is pursuing strategic alternatives, including identifying and consummating transactions with third-party partners, to further develop, obtain marketing approval for and/or commercialize its novel drug candidates.

Liquidity

The Company’s condensed consolidated financial statements have been prepared on the basis of continuity of operations, realization of assets and the satisfaction of liabilities in the ordinary course of business. As of June 30, 2022, the Company had cash, cash equivalents and marketable securities of $255.8 million and an accumulated deficit of $634.7 million. Since inception, the Company has incurred net losses and negative cash flows from its operations. Prior to the acquisition of Confluence, the Company had never generated revenue. There can be no assurance that profitable operations will ever be achieved, and, if achieved, will be sustained on a continuing basis. In addition, development activities, including clinical and preclinical testing of the Company’s drug candidates, will require significant additional financing. The future viability of the Company is dependent on its ability to successfully develop its drug candidates and to generate revenue from identifying and consummating transactions with third-party partners to further develop, obtain marketing approval for and/or commercialize its development assets or to raise additional capital to finance its operations. The Company will require additional capital to complete the clinical development of zunsemetinib (ATI-450), ATI-1777 and ATI-2138, to develop its preclinical compounds, and to support its discovery efforts.

Additional funds may not be available on a timely basis, on commercially acceptable terms, or at all, and such funds, if raised, may not be sufficient to enable the Company to continue to implement its long-term business strategy. The Company’s ability to raise additional capital may be adversely impacted by the potential worsening of global economic conditions, including inflationary pressure, and the recent disruptions to, and volatility in, the credit and financial markets in the United States and worldwide resulting from the COVID-19 pandemic and geopolitical tensions. If the Company is unable to raise sufficient additional capital or generate revenue from transactions with potential third-party partners for the development and/or commercialization of its drug candidates, it may need to substantially curtail planned operations. The Company’s failure to raise capital as and when needed could have a negative impact on its financial condition and ability to pursue its business strategies.

The Company evaluated whether there are conditions and events, considered in the aggregate, that raise substantial doubt about the Company’s ability to continue as a going concern within one year after the date that its condensed consolidated financial statements are issued. As of the report date, the Company does not believe that substantial doubt exists about its ability to continue as a going concern. The Company believes its existing cash, cash equivalents and marketable securities are sufficient to fund its operating and capital expenditure requirements for a period greater than 12 months from the date of issuance of these condensed consolidated financial statements.

Summary of Significant Accounting Policies

6 Months Ended

Jun. 30, 2022

Summary of Significant Accounting Policies

Summary of Significant Accounting Policies

2. Summary of Significant Accounting Policies

Unaudited Interim Financial Information

The accompanying condensed consolidated balance sheet as of June 30, 2022, the condensed consolidated statements of operations and comprehensive loss for the three and six months ended June 30, 2022 and 2021, the condensed consolidated statement of stockholders’ equity for the three and six months ended June 30, 2022 and 2021, and the condensed consolidated statements of cash flows for the six months ended June 30, 2022 and 2021 are unaudited. The unaudited interim condensed consolidated financial statements have been prepared on the same basis as the audited annual financial statements contained in the Company’s Annual Report on Form 10-K filed with the Securities and Exchange Commission (“SEC”) on February 24, 2022 and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments necessary for the fair statement of the Company’s financial position as of June 30, 2022, the results of its operations and comprehensive loss for the three and six months ended June 30, 2022 and 2021, its changes in stockholders’ equity for the three and six months ended June 30, 2022 and 2021 and its cash flows for the six months ended June 30, 2022 and 2021. The condensed consolidated balance sheet data as of December 31, 2021 was derived from audited financial statements but does not include all disclosures required by generally accepted accounting principles in the United States (“GAAP”). The financial data and other information disclosed in these notes related to the three and six months ended June 30, 2022 and 2021 are unaudited. The results for the three and six months ended June 30, 2022 are not necessarily indicative of results to be expected for the year ending December 31, 2022, any other interim periods, or any future year or period. The unaudited interim financial statements of the Company included herein have been prepared, pursuant to the rules and regulations of the SEC. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted from this report, as is permitted by such rules and regulations. These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and the notes thereto for the year ended December 31, 2021 included in the Company’s Annual Report on Form 10-K filed with the SEC on February 24, 2022.

Basis of Presentation

The accompanying condensed consolidated financial statements have been prepared in conformity with GAAP. The condensed consolidated financial statements of the Company include the accounts of the operating parent company, Aclaris Therapeutics, Inc., and its wholly-owned subsidiaries, ATIL and Confluence. All intercompany transactions have been eliminated. Based upon the Company’s revenue, the Company believes that gross profit does not provide a meaningful measure of profitability and, therefore, has not included a line item for gross profit on the condensed consolidated statement of operations.

Use of Estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting periods. Significant estimates and assumptions reflected in these financial statements include, but are not limited to, contingent consideration and the valuation of stock-based awards. Estimates are periodically reviewed in light of changes in circumstances, facts and experience. As of the date of issuance of these financial statements, the Company is not aware of any specific event or circumstance that would require an update to its estimates, assumptions and judgments or revise the carrying value of its assets or liabilities. Actual results could differ from the Company’s estimates.

Significant Accounting Policies

The Company’s significant accounting policies are disclosed in the audited consolidated financial statements for the year ended December 31, 2021 included in the Company’s Annual Report on Form 10-K filed with the SEC on February 24, 2022. Except as set forth below, there have been no changes to the Company’s significant accounting policies from those disclosed in the annual report.

Contingent Consideration

The Company initially recorded a contingent consideration liability at fair value on the date of acquisition related to future potential payments resulting from the acquisition of Confluence based upon significant unobservable inputs including the achievement of development, regulatory and commercial milestones, as well as estimated future sales levels and the discount rates applied to calculate the present value of the potential payments. Significant judgement was involved in determining the appropriateness of these assumptions. These assumptions are considered Level 3 inputs. Revaluation of the contingent consideration liability can result from changes to one or more of these assumptions. The Company evaluates the fair value estimate of the contingent consideration liability on a quarterly basis with changes, if any, recorded as income or expense in the condensed consolidated statement of operations.

The fair value of contingent consideration is estimated using a probability-weighted expected payment model for regulatory milestone payments and a Monte Carlo simulation model for commercial milestone and royalty payments and then applying a risk-adjusted discount rate to calculate the present value of the potential payments. Significant assumptions used in the Company’s estimates include the probability of achieving regulatory milestones and commencing commercialization, which are based on an asset’s current stage of development and a review of existing clinical data. Probability of success assumptions ranged between 10% and 40% at June 30, 2022. Additionally, estimated future sales levels and the risk-adjusted discount rate applied to the potential payments are also significant assumptions used in calculating the fair value. The discount rate ranged between 10.2% and 10.9% depending on the year of each potential payment.

Fair Value of Financial Assets and Liabilities

6 Months Ended

Jun. 30, 2022

Fair Value of Financial Assets and Liabilities

Fair Value of Financial Assets and Liabilities

3. Fair Value of Financial Assets and Liabilities

The following tables present information about the fair value measurements of the Company’s financial assets and liabilities which are measured at fair value on a recurring and non-recurring basis, and indicate the level of the fair value hierarchy utilized to determine such fair values:


	June 30, 2022
(In thousands)	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents	$	63,838	$	—	$	—	$	63,838
Marketable securities		—		187,560		—		187,560
Total assets	$	63,838	$	187,560	$	—	$	251,398


Liabilities:
Contingent consideration	$	—	$	—	$	23,800	$	23,800
Total liabilities	$	—	$	—	$	23,800	$	23,800


	December 31, 2021
(In thousands)	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents	$	21,678	$	—	$	—	$	21,678
Marketable securities		—		198,307		—		198,307
Total assets	$	21,678	$	198,307	$	—	$	219,985


Liabilities:
Contingent consideration	$	—	$	—	$	28,400	$	28,400
Total liabilities	$	—	$	—	$	28,400	$	28,400

As of June 30, 2022 and December 31, 2021, the Company’s cash equivalents consisted of a money market fund, which was valued based upon Level 1 inputs. The Company’s marketable securities as of June 30, 2022 and December

31, 2021 consisted of commercial paper and corporate, asset-backed and U.S. government agency debt securities, which were all valued based upon Level 2 inputs. Marketable securities as of December 31, 2021 also included foreign government agency debt securities which were all valued based upon Level 2 inputs.

In determining the fair value of its Level 2 investments, the Company relies on quoted prices for identical securities in markets that are not active. These quoted prices are obtained by the Company with the assistance of a third-party pricing service based on available trade, bid and other observable market data for identical securities. The Company compares the quoted prices obtained from the third-party pricing service to other available independent pricing information to validate the reasonableness of the quoted prices provided. The Company evaluates whether adjustments to third-party pricing are necessary and, historically, the Company has not made adjustments to quoted prices obtained from the third-party pricing service. During the three and six months ended June 30, 2022 and 2021, there were no transfers into or out of Level 3.

A decrease in the fair value of the contingent consideration liability of $4.6 million during the six months ended June 30, 2022 was mainly due to higher discount rates, resulting from higher risk-free rates and wider credit spreads, being applied to potential payments relative to prior periods. The overall decrease was partially offset by an increase in the contingent consideration liability as a result of the impact of the passage of time.

As of June 30, 2022 and December 31, 2021, the fair value of the Company’s available-for-sale marketable securities by type of security was as follows:


	June 30, 2022
			Gross		Gross
	Amortized		Unrealized		Unrealized		Fair
(In thousands)	Cost		Gain		Loss		Value
Marketable securities:
Corporate debt securities	$	47,201	$	—	$	(398)	$	46,803
Commercial paper		56,053		—		—		56,053
Asset-backed debt securities⁽¹⁾		28,423		—		(175)		28,248
U.S. government agency debt securities		57,211		—		(755)		56,456
Total marketable securities	$	188,888	$	—	$	(1,328)	$	187,560
⁽¹⁾ Included in Asset-backed debt securities is $7.2 million with maturity dates between one and five years.


	December 31, 2021
			Gross		Gross
	Amortized		Unrealized		Unrealized		Fair
(In thousands)	Cost		Gain		Loss		Value
Marketable securities:
Corporate debt securities⁽¹⁾	$	40,993	$	6	$	(50)	$	40,949
Commercial paper		71,837		—		—		71,837
Asset-backed debt securities		36,166		—		(43)		36,123
Foreign government agency debt securities		4,073		—		(13)		4,060
U.S. government agency debt securities⁽²⁾		45,465		—		(127)		45,338
Total marketable securities	$	198,534	$	6	$	(233)	$	198,307
⁽¹⁾ Included in Corporate debt securities is $9.2 million with maturity dates between one and five years.
⁽²⁾ Included in US government agency debt securities is $25.0 million with maturity dates between one and five years.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Property and Equipment, Net

6 Months Ended

Jun. 30, 2022

Property and Equipment, Net

Property and Equipment, Net

4. Property and Equipment, Net

Property and equipment, net consisted of the following:


		June 30,		December 31,
(In thousands)	2022		2021
Computer equipment	$	1,355	$	1,380
Lab equipment		1,879		1,605
Furniture and fixtures		620		620
Leasehold improvements		1,123		1,123
Property and equipment, gross		4,977		4,728
Accumulated depreciation		(3,701)		(3,393)
Property and equipment, net	$	1,276	$	1,335

Depreciation expense was $0.2 million for each of the three months ended June 30, 2022 and 2021, and $0.4 million for each of the six months ended June 30, 2022 and 2021.

Intangible Assets

6 Months Ended

Jun. 30, 2022

Intangible Assets

Intangible Assets

5. Intangible Assets

Intangible assets consisted of the following:


		Gross Cost				Accumulated Amortization
	Remaining		June 30,		December 31,		June 30,		December 31,
(In thousands, except years)	Life (years)	2022		2021		2022		2021
Other intangible assets	5.1	$	751	$	751	$	369	$	332
In-process research and development	n/a		6,629		6,629		—		—
Total intangible assets		$	7,380	$	7,380	$	369	$	332

Amortization expense was $19 thousand for each of the three months ended June 30, 2022 and 2021, and $38 thousand for each of the six months ended June 30, 2022 and 2021.

As of June 30, 2022, estimated future amortization expense was as follows:


		Year Ending
(In thousands)		December 31,
2022	$	37
2023		75
2024		75
2025		75
2026		75
Thereafter		45
Total	$	382

Accrued Expenses

6 Months Ended

Jun. 30, 2022

Accrued Expenses

Accrued Expenses

6. Accrued Expenses

Accrued expenses consisted of the following:


	June 30,		December 31,
(In thousands)	2022		2021
Employee compensation expenses	$	2,885	$	4,389
Research and development expenses		2,771		1,278
Litigation settlements (see Note 16)		—		2,650
Other		1,915		1,734
Total accrued expenses	$	7,571	$	10,051

Debt

6 Months Ended

Jun. 30, 2022

Debt

Debt

7. Debt

Loan and Security Agreement – Silicon Valley Bank

In March 2020, the Company entered into a Loan and Security Agreement with Silicon Valley Bank (“SVB”). The Loan and Security Agreement provided for $11.0 million in term loans, of which the Company borrowed the entire amount on March 30, 2020. In connection with the Loan and Security Agreement, the Company issued to SVB a warrant to purchase up to 460,251 shares of common stock (the “Warrant”) (see Note 8). The proceeds of the Loan and Security Agreement were allocated to the term loan and Warrant using a relative fair value approach.

In July 2021, the Company repaid in full the $11.0 million that was outstanding under the Loan and Security Agreement, together with all accrued and unpaid interest and fees as of the payoff date, for a total payment of $11.7 million.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

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+ Details

Stockholders' Equity

6 Months Ended

Jun. 30, 2022

Stockholders' Equity

Stockholders' Equity

8. Stockholders’ Equity

Preferred Stock

As of June 30, 2022 and December 31, 2021, the Company’s amended and restated certificate of incorporation authorized the Company to issue 10,000,000 shares of undesignated preferred stock. There were no shares of preferred stock outstanding as of June 30, 2022 or December 31, 2021.

Common Stock

As of June 30, 2022 and December 31, 2021, the Company’s amended and restated certificate of incorporation authorized the Company to issue 100,000,000 shares of $0.00001 par value common stock. There were 66,667,580 and 61,228,446 shares of common stock issued and outstanding as of June 30, 2022 and December 31, 2021, respectively.

Each share of common stock entitles the holder to one vote on all matters submitted to a vote of the Company’s stockholders. Common stockholders are entitled to receive dividends, as may be declared by the board of directors, if any, subject to any preferential dividend rights of any series of preferred stock that may be outstanding. No dividends have been declared through June 30, 2022.

Warrants

The Warrant issued to SVB in March 2020 had an initial exercise price of $0.956 per share, subject to adjustment as provided in the Warrant. The Warrant became immediately exercisable in full upon the funding of the term loan facility. The Company assigned a fair value of $0.4 million to the Warrant using a Black-Scholes valuation methodology, and also concluded that the Warrant was indexed to its own stock and therefore classified the Warrant as an equity instrument. In January 2021, SVB net exercised the Warrant in full, and the Company issued 388,119 shares of common stock to SVB.

January 2021 Public Offering

In January 2021, the Company closed a public offering in which it sold 6,306,271 shares of common stock at a price to the public of $17.50 per share, for aggregate gross proceeds of $110.4 million. The Company paid underwriting discounts and commissions of $6.6 million, and also incurred expenses of $0.4 million in connection with the offering. As a result, the net offering proceeds received by the Company, after deducting underwriting discounts, commissions and offering expenses, were $103.3 million.

June 2021 Public Offering

In June 2021, the Company closed a public offering in which it sold 8,098,592 shares of common stock at a price to the public of $17.75 per share, for aggregate gross proceeds of $143.8 million. The Company paid underwriting discounts and commissions of $8.6 million, and also incurred expenses of $0.3 million in connection with the offering. As a result, the net offering proceeds received by the Company, after deducting underwriting discounts, commissions and offering expenses, were $134.9 million.

Sales of Common Stock Pursuant to At-The-Market Facility

In April 2022, the Company sold 4,838,709 shares of its common stock at a weighted average price per share of $15.50, for aggregate gross proceeds of $75.0 million, pursuant to a sales agreement with SVB Securities LLC and Cantor Fitzgerald & Co., as sales agents, dated May 20, 2021. The Company paid selling commissions and other fees of $2.2 million in connection with the sale.

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

+ References

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-Publisher FASB
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+ Details

Stock-Based Awards

6 Months Ended

Jun. 30, 2022

Stock-Based Awards

Stock-Based Awards

9. Stock-Based Awards

2015 Equity Incentive Plan

In September 2015, the Company’s board of directors adopted the 2015 Equity Incentive Plan (the “2015 Plan”), and the Company’s stockholders approved the 2015 Plan. The 2015 Plan became effective in connection with the Company’s initial public offering in October 2015. Beginning at the time the 2015 Plan became effective, no further grants may be made under the Company’s 2012 Equity Compensation Plan, as amended and restated (the “2012 Plan”). The 2015 Plan provides for the grant of incentive stock options, nonqualified stock options, stock appreciation rights, restricted stock awards, restricted stock unit (“RSU”) awards, performance stock awards, cash-based awards and other stock-based awards. The number of shares initially reserved for issuance under the 2015 Plan was 1,643,872 shares of common stock. The number of shares of common stock that may be issued under the 2015 Plan will automatically increase on January 1 of each year ending on January 1, 2025, in an amount equal to the lesser of (i) 4.0% of the shares of the Company’s common stock outstanding on December 31st of the preceding calendar year or (ii) an amount determined by the Company’s board of directors. The shares of common stock underlying any awards that expire, are otherwise terminated, settled in cash or repurchased by the Company under the 2015 Plan and the 2012 Plan will be added back to the shares of common stock available for issuance under the 2015 Plan. As of January 1, 2022, the number of shares of common stock that may be issued under the 2015 Plan was automatically increased by 2,449,137 shares. As of June 30, 2022, 3,372,766 shares remained available for grant under the 2015 Plan. The Company had 4,130,376 stock options and 1,454,934 RSUs outstanding as of June 30, 2022 under the 2015 Plan.

2017 Inducement Plan

In July 2017, the Company’s board of directors adopted the 2017 Inducement Plan (the “2017 Inducement Plan”). The 2017 Inducement Plan is a non-stockholder approved stock plan adopted pursuant to the “inducement exception” provided under Nasdaq listing rules. The Company had 410,600 stock options and 2,375 RSUs outstanding as of June 30, 2022 under the 2017 Inducement Plan. All shares of common stock that were eligible for issuance under the 2017 Inducement Plan after October 1, 2018, including any shares underlying any awards that expire or are otherwise terminated, reacquired to satisfy tax withholding obligations, settled in cash or repurchased by the Company in the future that would have been eligible for re-issuance under the 2017 Inducement Plan, were retired.

2012 Equity Compensation Plan

Upon the 2015 Plan becoming effective, no further grants can be made under the 2012 Plan. The Company granted stock options to purchase a total of 1,140,524 shares under the 2012 Plan, of which 473,977 were outstanding as of June 30, 2022. Stock options granted under the 2012 Plan expire after ten years.

Stock Option Valuation

The weighted average assumptions the Company used to estimate the fair value of stock options granted during the six months ended June 30, 2022 and 2021 were as follows:


	Six Months Ended
	June 30,
	2022		2021
Risk-free interest rate	1.90	%	0.91	%
Expected term (in years)	6.2		6.2
Expected volatility	77.95	%	76.60	%
Expected dividend yield	0	%	0	%

The Company recognizes compensation expense for awards over their vesting period. Compensation expense for awards includes the impact of forfeitures in the period when they occur.

Stock Options

The following table summarizes stock option activity for the six months ended June 30, 2022:


				Weighted
		Weighted		Average
		Average		Remaining	Aggregate
	Number	Exercise		Contractual	Intrinsic
(In thousands, except share and per share data and years)	of Shares	Price		Term	Value
				(in years)
Outstanding as of December 31, 2021	3,792,450	$	17.50	6.8	$	13,710
Granted	1,891,950		14.40
Exercised	(85,672)		1.40			1,115
Forfeited and cancelled	(583,775)		15.70
Outstanding as of June 30, 2022	5,014,953	$	16.81	7.1	$	10,817
Options vested and expected to vest as of June 30, 2022	5,014,953	$	16.81	7.1	$	10,817
Options exercisable as of June 30, 2022	2,519,499	$	18.26	4.8	$	7,784

The weighted average grant date fair value of stock options granted during the six months ended June 30, 2022 was $9.89 per share.

Restricted Stock Units

The following table summarizes RSU activity for the six months ended June 30, 2022:


		Weighted
		Average
		Grant Date		Aggregate
	Number	Fair Value		Intrinsic
(In thousands, except share and per share data)	of Shares	Per Share		Value
Outstanding as of December 31, 2021	1,496,946	$	12.75
Granted	720,134		14.44
Vested	(513,958)		11.55	$	7,645
Forfeited and cancelled	(245,813)		12.17
Outstanding as of June 30, 2022	1,457,309	$	14.11

Stock-Based Compensation

Stock-based compensation expense included in total costs and expenses on the condensed consolidated statement of operations included the following:


	Three Months Ended				Six Months Ended
	June 30,				June 30,
(In thousands)	2022		2021		2022		2021
Cost of revenue	$	302	$	335	$	530	$	582
Research and development		941		1,154		828		2,030
General and administrative		2,449		2,343		4,680		3,895
Total stock-based compensation expense	$	3,692	$	3,832	$	6,038	$	6,507

As of June 30, 2022, the Company had unrecognized stock-based compensation expense for stock options and RSUs of $23.7 million and $18.3 million, respectively, which is expected to be recognized over weighted average periods of 3.2 years and 3.0 years, respectively.

Net Loss per Share

6 Months Ended

Jun. 30, 2022

Net Loss per Share

Net Loss per Share

10. Net Loss per Share

Basic and diluted net loss per share is summarized in the following table:


	Three Months Ended				Six Months Ended
	June 30,				June 30,
(In thousands, except for share and per share data)	2022		2021		2022		2021
Numerator:
Net loss	$	(20,532)	$	(18,161)	$	(39,321)	$	(46,915)
Denominator:
Weighted average shares of common stock outstanding, basic and diluted		65,990,031		53,968,405		63,723,123		52,163,136
Net loss per share, basic and diluted	$	(0.31)	$	(0.34)	$	(0.62)	$	(0.90)

The Company’s potentially dilutive securities, which included stock options and RSUs, have been excluded from the computation of diluted net loss per share since the effect would be to reduce the net loss per share. Therefore, the weighted average number of shares of common stock outstanding used to calculate both basic and diluted net loss per share is the same. The following table presents potential shares of common stock excluded from the calculation of diluted

net loss per share for the three and six months ended June 30, 2022 and 2021. All share amounts presented in the table below represent the total number outstanding as of June 30, 2022 and 2021.



	June 30,
	2022	2021
Options to purchase common stock	5,014,953	3,738,625
Restricted stock unit awards	1,457,309	1,498,716
Total potential shares of common stock	6,472,262	5,237,341

Leases

6 Months Ended

Jun. 30, 2022

Leases

Leases

11. Leases

Operating Leases

Agreements for Office and Laboratory Space

The Company has a sublease agreement pursuant to which it subleases 33,019 square feet of office space for its headquarters in Wayne, Pennsylvania. The sublease has a term that runs through October 2023. If for any reason the lease between the landlord and sublandlord is terminated or expires prior to October 2023, the Company’s sublease will automatically terminate. In December 2020, the Company entered into a sub-sublease agreement under which it sub-subleased 8,115 square feet to a third party. The sub-sublease term runs concurrently with the original sublease agreement.

In February 2019, the Company entered into a sublease agreement with a third party for 20,433 square feet of office and laboratory space in St. Louis, Missouri. The lease commenced in June 2019 and has a term that runs through June 2029.

Supplemental balance sheet information related to operating leases is as follows:


		June 30,		December 31,
(In thousands)	2022		2021
Operating Leases:
Gross cost	$	5,240	$	5,240
Accumulated amortization		(2,173)		(1,803)
Other assets	$	3,067	$	3,437

Current portion of lease liabilities	$	741	$	693
Other liabilities		1,820		2,151
Total operating lease liabilities	$	2,561	$	2,844

Amortization expense related to operating lease right-of-use assets and accretion of operating lease liabilities totaled $0.3 million for each of the three months ended June 30, 2022 and 2021 and $0.5 million for each of the six months ended June 30, 2022 and 2021.

Agreements Related to Intellectual Property

6 Months Ended

Jun. 30, 2022

12. Agreements Related to Intellectual Property

Asset Purchase Agreement – EPI Health, LLC

In October 2019, the Company sold RHOFADE (oxymetazoline hydrochloride) cream, 1% (“RHOFADE”) to EPI Health, LLC (“EPI Health”) pursuant to an asset purchase agreement. EPI Health agreed to pay the Company a high single-digit royalty calculated as a percentage of net sales on a country-by-country basis until the date that the patent rights related to RHOFADE have expired or, if later, ten years from the date of the first commercial sale of RHOFADE in such country. The Company recorded royalty income under the asset purchase agreement of $0.3 million and $0.2 million

during the three months ended June 30, 2022 and 2021, respectively, and $0.5 million and $0.4 million during the six months ended June 30, 2022 and 2021, respectively. Royalty income is included in other revenue on the condensed consolidated statements of operations and comprehensive loss. EPI Health has also agreed to pay the Company potential sales milestone payments of up to $20.0 million in the aggregate upon the achievement of specified levels of net sales of products covered by the asset purchase agreement, and 25% of any upfront, license, milestone, maintenance or fixed payment received by EPI Health in connection with any license or sublicense of the assets transferred in the disposition in any territory outside of the United States, subject to specified exceptions.

Agreement and Plan of Merger – Confluence

The Company entered into an Agreement and Plan of Merger, pursuant to which it acquired Confluence (the “Confluence Agreement”). Under the Confluence Agreement, the Company has agreed to pay the former Confluence equity holders aggregate remaining contingent consideration of up to $75.0 million based upon the achievement of specified future regulatory and commercial milestones set forth in the Confluence Agreement. In addition, the Company has agreed to pay the former Confluence equity holders future royalty payments calculated as a low single-digit percentage of annual net sales, subject to specified reductions, limitations and other adjustments, until the date that all of the patent rights for that product have expired, as determined on a country-by-country and product-by-product basis or, in specified circumstances, ten years from the first commercial sale of such product. In addition to the payments described above, if the Company sells, licenses or transfers any of the intellectual property acquired from Confluence pursuant to the Confluence Agreement to a third party, the Company will be obligated to pay the former Confluence equity holders a portion of any consideration received from such sale, license or transfer in specified circumstances.

As of June 30, 2022 and December 31, 2021, the balance of the Company’s contingent consideration liability was $23.8 million and $28.4 million, respectively (see Note 3).

Income Taxes

6 Months Ended

Jun. 30, 2022

Income Taxes

Income Taxes

13. Income Taxes

The Company did not record a federal or state income tax benefit for losses incurred during the three and six months ended June 30, 2022 and 2021. The Company concluded that it is more likely than not that its deferred tax assets will not be realized which resulted in recording a full valuation allowance during those periods.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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+ Details

Discontinued Operations

6 Months Ended

Jun. 30, 2022

Discontinued Operations.

Discontinued Operations

14. Discontinued Operations

The following table presents information related to liabilities reported as discontinued operations in the Company’s condensed consolidated balance sheet:


	June 30,		December 31,
(In thousands)	2022		2021
Accrued expenses	$	2,202	$	2,202
Discontinued operations - current liabilities	$	2,202	$	2,202

Segment Information

6 Months Ended

Jun. 30, 2022

Segment Information

Segment Information

15. Segment Information

The Company has two reportable segments, therapeutics and contract research. The therapeutics segment is focused on identifying and developing innovative therapies to address significant unmet needs for immuno-inflammatory diseases. The contract research segment earns revenue from the provision of laboratory services. Contract research revenue is generally evidenced by contracts with clients which are on an agreed upon fixed-price, fee-for-service basis. Corporate and other includes general and administrative expenses as well as eliminations of intercompany transactions. The Company does not report balance sheet information by segment since it is not reviewed by the chief operating decision maker, and all of the Company’s tangible assets are held in the United States.

The Company’s results of operations by segment for the three and six months ended June 30, 2022 and 2021 are summarized in the tables below:


(In thousands)			Contract		Corporate		Total
Three Months Ended June 30, 2022	Therapeutics		Research		and Other		Company
Total revenue	$	309	$	4,399	$	(3,180)	$	1,528
Cost of revenue		—		4,041		(2,973)		1,068
Research and development		18,986		—		(207)		18,779
General and administrative		—		854		5,221		6,075
Revaluation of contingent consideration		(3,400)		—		—		(3,400)
Loss from operations	$	(15,277)	$	(496)	$	(5,221)	$	(20,994)

(In thousands)			Contract		Corporate		Total
Three Months Ended June 30, 2021	Therapeutics		Research		and Other		Company
Total revenue	$	218	$	3,481	$	(1,875)	$	1,824
Cost of revenue		—		3,024		(1,761)		1,263
Research and development		8,011		—		(114)		7,897
Sales and marketing		—		—		—		—
General and administrative		—		879		4,991		5,870
Revaluation of contingent consideration		4,800		—		—		4,800
Loss from operations	$	(12,593)	$	(422)	$	(4,991)	$	(18,006)

(In thousands)			Contract		Corporate		Total
Six Months Ended June 30, 2022	Therapeutics		Research		and Other		Company
Total revenue	$	541	$	8,495	$	(6,055)	$	2,981
Cost of revenue		—		7,897		(5,674)		2,223
Research and development		33,466		—		(381)		33,085
General and administrative		—		1,695		10,479		12,174
Revaluation of contingent consideration		(4,600)		—		—		(4,600)
Loss from operations	$	(28,325)	$	(1,097)	$	(10,479)	$	(39,901)

(In thousands)			Contract		Corporate		Total
Six Months Ended June 30, 2021	Therapeutics		Research		and Other		Company
Total revenue	$	460	$	6,681	$	(3,540)	$	3,601
Cost of revenue		—		5,793		(3,328)		2,465
Research and development		15,946		—		(211)		15,735
General and administrative		—		1,507		9,190		10,697
Revaluation of contingent consideration		21,239		—		—		21,239
Loss from operations	$	(36,725)	$	(619)	$	(9,191)	$	(46,535)

Intersegment Revenue

Revenue for the contract research segment included $3.2 million and $1.9 million for services performed on behalf of the therapeutics segment for the three months ended June 30, 2022 and 2021, respectively, and $6.1 million and $3.5 million for the six months ended June 30, 2022 and 2021, respectively. All intersegment revenue has been eliminated in the Company’s condensed consolidated statement of operations.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

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+ Details

Legal Proceedings

6 Months Ended

Jun. 30, 2022

Legal Proceedings

Legal Proceedings

16. Legal Proceedings

Securities Class Action

On July 30, 2019, plaintiff Linda Rosi (“Rosi”) filed a putative class action complaint captioned Rosi v. Aclaris Therapeutics, Inc., et al. in the U.S. District Court for the Southern District of New York against the Company and certain of its executive officers. The complaint alleged that the defendants violated federal securities laws by, among other things, failing to disclose an alleged likelihood that regulators would scrutinize advertising materials related to ESKATA (hydrogen peroxide) topical solution, 40% (w/w) (“ESKATA”) and find that the materials minimized the risks or overstated the efficacy of the product. The complaint sought unspecified compensatory damages on behalf of Rosi and all

other persons and entities that purchased or otherwise acquired the Company’s securities between May 8, 2018 and June 20, 2019.

On September 5, 2019, an additional plaintiff, Robert Fulcher (“Fulcher”), filed a substantially identical putative class action complaint captioned Fulcher v. Aclaris Therapeutics, Inc., et al. in the same court against the same defendants.

On November 6, 2019, the court consolidated the Rosi and Fulcher actions (together, the “Consolidated Securities Action”) and appointed Fulcher “lead plaintiff” for the putative class.

On January 24, 2020, Fulcher filed a consolidated amended complaint in the Consolidated Securities Action, naming two additional executive officers as defendants, extending the putative class period to August 12, 2019, and adding allegations concerning, among other things, alleged statements and omissions throughout the putative class period concerning ESKATA’s risks, tolerability and effectiveness. The defendants filed a motion to dismiss the consolidated amended complaint on April 17, 2020. Following briefing and oral argument on February 25, 2021, the motion was granted in part and denied in part on March 29, 2021, and the issues in dispute significantly narrowed. The defendants filed an answer to the remaining aspects of the consolidated amended complaint on April 19, 2021.

In June 2021, the defendants and the plaintiffs agreed to settle the Consolidated Securities Action. The parties signed and filed a settlement agreement in July 2021. On August 18, 2021, the court preliminarily approved the proposed settlement, directed that notice be given to the putative class and scheduled the final approval settlement hearing for November 30, 2021. Notice was subsequently given to the putative class. The court granted final approval of the settlement on December 9, 2021.

The Company’s financial obligation under the settlement was $2.7 million, which was within the limits of its insurance coverage.

Summary of Significant Accounting Policies (Policies)	6 Months Ended
Summary of Significant Accounting Policies (Policies)	Jun. 30, 2022
Summary of Significant Accounting Policies
Unaudited Interim Financial Information	Unaudited Interim Financial Information The accompanying condensed consolidated balance sheet as of June 30, 2022, the condensed consolidated statements of operations and comprehensive loss for the three and six months ended June 30, 2022 and 2021, the condensed consolidated statement of stockholders’ equity for the three and six months ended June 30, 2022 and 2021, and the condensed consolidated statements of cash flows for the six months ended June 30, 2022 and 2021 are unaudited. The unaudited interim condensed consolidated financial statements have been prepared on the same basis as the audited annual financial statements contained in the Company’s Annual Report on Form 10-K filed with the Securities and Exchange Commission (“SEC”) on February 24, 2022 and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments necessary for the fair statement of the Company’s financial position as of June 30, 2022, the results of its operations and comprehensive loss for the three and six months ended June 30, 2022 and 2021, its changes in stockholders’ equity for the three and six months ended June 30, 2022 and 2021 and its cash flows for the six months ended June 30, 2022 and 2021. The condensed consolidated balance sheet data as of December 31, 2021 was derived from audited financial statements but does not include all disclosures required by generally accepted accounting principles in the United States (“GAAP”). The financial data and other information disclosed in these notes related to the three and six months ended June 30, 2022 and 2021 are unaudited. The results for the three and six months ended June 30, 2022 are not necessarily indicative of results to be expected for the year ending December 31, 2022, any other interim periods, or any future year or period. The unaudited interim financial statements of the Company included herein have been prepared, pursuant to the rules and regulations of the SEC. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted from this report, as is permitted by such rules and regulations. These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and the notes thereto for the year ended December 31, 2021 included in the Company’s Annual Report on Form 10-K filed with the SEC on February 24, 2022.
Basis of Presentation	Basis of Presentation The accompanying condensed consolidated financial statements have been prepared in conformity with GAAP. The condensed consolidated financial statements of the Company include the accounts of the operating parent company, Aclaris Therapeutics, Inc., and its wholly-owned subsidiaries, ATIL and Confluence. All intercompany transactions have been eliminated. Based upon the Company’s revenue, the Company believes that gross profit does not provide a meaningful measure of profitability and, therefore, has not included a line item for gross profit on the condensed consolidated statement of operations.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting periods. Significant estimates and assumptions reflected in these financial statements include, but are not limited to, contingent consideration and the valuation of stock-based awards. Estimates are periodically reviewed in light of changes in circumstances, facts and experience. As of the date of issuance of these financial statements, the Company is not aware of any specific event or circumstance that would require an update to its estimates, assumptions and judgments or revise the carrying value of its assets or liabilities. Actual results could differ from the Company’s estimates.
Significant Accounting Policies	Significant Accounting Policies The Company’s significant accounting policies are disclosed in the audited consolidated financial statements for the year ended December 31, 2021 included in the Company’s Annual Report on Form 10-K filed with the SEC on February 24, 2022. Except as set forth below, there have been no changes to the Company’s significant accounting policies from those disclosed in the annual report.
Contingent Consideration	Contingent Consideration The Company initially recorded a contingent consideration liability at fair value on the date of acquisition related to future potential payments resulting from the acquisition of Confluence based upon significant unobservable inputs including the achievement of development, regulatory and commercial milestones, as well as estimated future sales levels and the discount rates applied to calculate the present value of the potential payments. Significant judgement was involved in determining the appropriateness of these assumptions. These assumptions are considered Level 3 inputs. Revaluation of the contingent consideration liability can result from changes to one or more of these assumptions. The Company evaluates the fair value estimate of the contingent consideration liability on a quarterly basis with changes, if any, recorded as income or expense in the condensed consolidated statement of operations. The fair value of contingent consideration is estimated using a probability-weighted expected payment model for regulatory milestone payments and a Monte Carlo simulation model for commercial milestone and royalty payments and then applying a risk-adjusted discount rate to calculate the present value of the potential payments. Significant assumptions used in the Company’s estimates include the probability of achieving regulatory milestones and commencing commercialization, which are based on an asset’s current stage of development and a review of existing clinical data. Probability of success assumptions ranged between 10% and 40% at June 30, 2022. Additionally, estimated future sales levels and the risk-adjusted discount rate applied to the potential payments are also significant assumptions used in calculating the fair value. The discount rate ranged between 10.2% and 10.9% depending on the year of each potential payment.

Fair Value of Financial Assets and Liabilities (Tables)

6 Months Ended

Jun. 30, 2022

Fair Value of Financial Assets and Liabilities

Schedule of assets and liabilities measured at fair value on a recurring basis


	June 30, 2022
(In thousands)	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents	$	63,838	$	—	$	—	$	63,838
Marketable securities		—		187,560		—		187,560
Total assets	$	63,838	$	187,560	$	—	$	251,398


Liabilities:
Contingent consideration	$	—	$	—	$	23,800	$	23,800
Total liabilities	$	—	$	—	$	23,800	$	23,800


	December 31, 2021
(In thousands)	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents	$	21,678	$	—	$	—	$	21,678
Marketable securities		—		198,307		—		198,307
Total assets	$	21,678	$	198,307	$	—	$	219,985


Liabilities:
Contingent consideration	$	—	$	—	$	28,400	$	28,400
Total liabilities	$	—	$	—	$	28,400	$	28,400

Schedule of the fair value of available for sale marketable securities


	June 30, 2022
			Gross		Gross
	Amortized		Unrealized		Unrealized		Fair
(In thousands)	Cost		Gain		Loss		Value
Marketable securities:
Corporate debt securities	$	47,201	$	—	$	(398)	$	46,803
Commercial paper		56,053		—		—		56,053
Asset-backed debt securities⁽¹⁾		28,423		—		(175)		28,248
U.S. government agency debt securities		57,211		—		(755)		56,456
Total marketable securities	$	188,888	$	—	$	(1,328)	$	187,560
⁽¹⁾ Included in Asset-backed debt securities is $7.2 million with maturity dates between one and five years.


	December 31, 2021
			Gross		Gross
	Amortized		Unrealized		Unrealized		Fair
(In thousands)	Cost		Gain		Loss		Value
Marketable securities:
Corporate debt securities⁽¹⁾	$	40,993	$	6	$	(50)	$	40,949
Commercial paper		71,837		—		—		71,837
Asset-backed debt securities		36,166		—		(43)		36,123
Foreign government agency debt securities		4,073		—		(13)		4,060
U.S. government agency debt securities⁽²⁾		45,465		—		(127)		45,338
Total marketable securities	$	198,534	$	6	$	(233)	$	198,307
⁽¹⁾ Included in Corporate debt securities is $9.2 million with maturity dates between one and five years.
⁽²⁾ Included in US government agency debt securities is $25.0 million with maturity dates between one and five years.

Property and Equipment, Net (Tables)

6 Months Ended

Jun. 30, 2022

Property and Equipment, Net

Schedule of property and equipment, net


		June 30,		December 31,
(In thousands)	2022		2021
Computer equipment	$	1,355	$	1,380
Lab equipment		1,879		1,605
Furniture and fixtures		620		620
Leasehold improvements		1,123		1,123
Property and equipment, gross		4,977		4,728
Accumulated depreciation		(3,701)		(3,393)
Property and equipment, net	$	1,276	$	1,335

Intangible Assets (Tables)

6 Months Ended

Jun. 30, 2022

Intangible Assets

Schedule of intangible assets


		Gross Cost				Accumulated Amortization
	Remaining		June 30,		December 31,		June 30,		December 31,
(In thousands, except years)	Life (years)	2022		2021		2022		2021
Other intangible assets	5.1	$	751	$	751	$	369	$	332
In-process research and development	n/a		6,629		6,629		—		—
Total intangible assets		$	7,380	$	7,380	$	369	$	332

Schedule of estimated future amortization expenses


		Year Ending
(In thousands)		December 31,
2022	$	37
2023		75
2024		75
2025		75
2026		75
Thereafter		45
Total	$	382

Accrued Expenses (Tables)

6 Months Ended

Jun. 30, 2022

Accrued Expenses

Schedule of accrued expenses


	June 30,		December 31,
(In thousands)	2022		2021
Employee compensation expenses	$	2,885	$	4,389
Research and development expenses		2,771		1,278
Litigation settlements (see Note 16)		—		2,650
Other		1,915		1,734
Total accrued expenses	$	7,571	$	10,051

Stock-Based Awards (Tables)

6 Months Ended

Jun. 30, 2022

Stock-Based Awards

Assumptions used to determine fair value of stock options granted


	Six Months Ended
	June 30,
	2022		2021
Risk-free interest rate	1.90	%	0.91	%
Expected term (in years)	6.2		6.2
Expected volatility	77.95	%	76.60	%
Expected dividend yield	0	%	0	%

Summary of stock option activity


				Weighted
		Weighted		Average
		Average		Remaining	Aggregate
	Number	Exercise		Contractual	Intrinsic
(In thousands, except share and per share data and years)	of Shares	Price		Term	Value
				(in years)
Outstanding as of December 31, 2021	3,792,450	$	17.50	6.8	$	13,710
Granted	1,891,950		14.40
Exercised	(85,672)		1.40			1,115
Forfeited and cancelled	(583,775)		15.70
Outstanding as of June 30, 2022	5,014,953	$	16.81	7.1	$	10,817
Options vested and expected to vest as of June 30, 2022	5,014,953	$	16.81	7.1	$	10,817
Options exercisable as of June 30, 2022	2,519,499	$	18.26	4.8	$	7,784

Summary of restricted stock units activity


		Weighted
		Average
		Grant Date		Aggregate
	Number	Fair Value		Intrinsic
(In thousands, except share and per share data)	of Shares	Per Share		Value
Outstanding as of December 31, 2021	1,496,946	$	12.75
Granted	720,134		14.44
Vested	(513,958)		11.55	$	7,645
Forfeited and cancelled	(245,813)		12.17
Outstanding as of June 30, 2022	1,457,309	$	14.11

Stock-based compensation expense


	Three Months Ended				Six Months Ended
	June 30,				June 30,
(In thousands)	2022		2021		2022		2021
Cost of revenue	$	302	$	335	$	530	$	582
Research and development		941		1,154		828		2,030
General and administrative		2,449		2,343		4,680		3,895
Total stock-based compensation expense	$	3,692	$	3,832	$	6,038	$	6,507

Net Loss per Share (Tables)

6 Months Ended

Jun. 30, 2022

Net Loss per Share

Basic and diluted net loss per share


	Three Months Ended				Six Months Ended
	June 30,				June 30,
(In thousands, except for share and per share data)	2022		2021		2022		2021
Numerator:
Net loss	$	(20,532)	$	(18,161)	$	(39,321)	$	(46,915)
Denominator:
Weighted average shares of common stock outstanding, basic and diluted		65,990,031		53,968,405		63,723,123		52,163,136
Net loss per share, basic and diluted	$	(0.31)	$	(0.34)	$	(0.62)	$	(0.90)

Potential common shares excluded from the calculation of diluted net loss per share attributable to common stockholders



	June 30,
	2022	2021
Options to purchase common stock	5,014,953	3,738,625
Restricted stock unit awards	1,457,309	1,498,716
Total potential shares of common stock	6,472,262	5,237,341

Leases (Tables)

6 Months Ended

Jun. 30, 2022

Leases

Schedule of supplemental balance sheet information related to operating leases


		June 30,		December 31,
(In thousands)	2022		2021
Operating Leases:
Gross cost	$	5,240	$	5,240
Accumulated amortization		(2,173)		(1,803)
Other assets	$	3,067	$	3,437

Current portion of lease liabilities	$	741	$	693
Other liabilities		1,820		2,151
Total operating lease liabilities	$	2,561	$	2,844

Discontinued Operations (Tables)

6 Months Ended

Jun. 30, 2022

Discontinued Operations.

Schedule of discontinued operations


	June 30,		December 31,
(In thousands)	2022		2021
Accrued expenses	$	2,202	$	2,202
Discontinued operations - current liabilities	$	2,202	$	2,202

- Definition

Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 360
-SubTopic 10
-Section 50
-Paragraph 3A
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+ Details

Segment Information (Tables)

6 Months Ended

Jun. 30, 2022

Segment Information

Summary of results of operations by segment


(In thousands)			Contract		Corporate		Total
Three Months Ended June 30, 2022	Therapeutics		Research		and Other		Company
Total revenue	$	309	$	4,399	$	(3,180)	$	1,528
Cost of revenue		—		4,041		(2,973)		1,068
Research and development		18,986		—		(207)		18,779
General and administrative		—		854		5,221		6,075
Revaluation of contingent consideration		(3,400)		—		—		(3,400)
Loss from operations	$	(15,277)	$	(496)	$	(5,221)	$	(20,994)

(In thousands)			Contract		Corporate		Total
Three Months Ended June 30, 2021	Therapeutics		Research		and Other		Company
Total revenue	$	218	$	3,481	$	(1,875)	$	1,824
Cost of revenue		—		3,024		(1,761)		1,263
Research and development		8,011		—		(114)		7,897
Sales and marketing		—		—		—		—
General and administrative		—		879		4,991		5,870
Revaluation of contingent consideration		4,800		—		—		4,800
Loss from operations	$	(12,593)	$	(422)	$	(4,991)	$	(18,006)

(In thousands)			Contract		Corporate		Total
Six Months Ended June 30, 2022	Therapeutics		Research		and Other		Company
Total revenue	$	541	$	8,495	$	(6,055)	$	2,981
Cost of revenue		—		7,897		(5,674)		2,223
Research and development		33,466		—		(381)		33,085
General and administrative		—		1,695		10,479		12,174
Revaluation of contingent consideration		(4,600)		—		—		(4,600)
Loss from operations	$	(28,325)	$	(1,097)	$	(10,479)	$	(39,901)

(In thousands)			Contract		Corporate		Total
Six Months Ended June 30, 2021	Therapeutics		Research		and Other		Company
Total revenue	$	460	$	6,681	$	(3,540)	$	3,601
Cost of revenue		—		5,793		(3,328)		2,465
Research and development		15,946		—		(211)		15,735
General and administrative		—		1,507		9,190		10,697
Revaluation of contingent consideration		21,239		—		—		21,239
Loss from operations	$	(36,725)	$	(619)	$	(9,191)	$	(46,535)

Organization and Nature of Business (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Organization and Nature of Business
Cash, cash equivalents and marketable securities	$ 255,800
Accumulated deficit	$ 634,728	$ 595,407

- Definition

The cumulative amount of the reporting entity's undistributed earnings or deficit.

+ References + Details

Summary of Significant Accounting Policies (Details)	6 Months Ended
Summary of Significant Accounting Policies (Details)	Jun. 30, 2022
Minimum
Contingent Consideration [Abstract]
Probability of success assumptions	10.00%
Discount range	10.20%
Maximum
Contingent Consideration [Abstract]
Probability of success assumptions	40.00%
Discount range	10.90%

Fair Value of Financial Assets and Liabilities (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Assets:
Marketable securities	$ 187,560		$ 187,560		$ 198,307
Liabilities:
Transfers into or out of Level 3			0	$ 0
Revaluation of contingent consideration	(3,400)	$ 4,800	(4,600)	$ 21,239
Confluence
Liabilities:
Revaluation of contingent consideration			(4,600)
Recurring
Assets:
Cash equivalents	63,838		63,838		21,678
Marketable securities	187,560		187,560		198,307
Total assets measured at fair value	251,398		251,398		219,985
Liabilities:
Contingent consideration	23,800		23,800		28,400
Total liabilities measured at fair value	23,800		23,800		28,400
Recurring \| Level 1
Assets:
Cash equivalents	63,838		63,838		21,678
Total assets measured at fair value	63,838		63,838		21,678
Recurring \| Level 2
Assets:
Marketable securities	187,560		187,560		198,307
Total assets measured at fair value	187,560		187,560		198,307
Recurring \| Level 3
Liabilities:
Contingent consideration	23,800		23,800		28,400
Total liabilities measured at fair value	$ 23,800		$ 23,800		$ 28,400

Fair Value of Financial Assets and Liabilities - By Type (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Marketable securities:
Amortized Cost	$ 188,888	$ 198,534
Gross Unrealized Gain		6
Gross Unrealized Loss	(1,328)	(233)
Fair Value	187,560	198,307
Corporate debt securities
Marketable securities:
Amortized Cost	47,201	40,993
Gross Unrealized Gain		6
Gross Unrealized Loss	(398)	(50)
Fair Value	46,803	40,949
Debt securities, maturity dates between one and five years		9,200
Commercial paper
Marketable securities:
Amortized Cost	56,053	71,837
Fair Value	56,053	71,837
Asset-backed securities
Marketable securities:
Amortized Cost	28,423	36,166
Gross Unrealized Loss	(175)	(43)
Fair Value	28,248	36,123
Debt securities, maturity dates between one and five years	7,200
Foreign Government Agency Debt Securities
Marketable securities:
Amortized Cost		4,073
Gross Unrealized Loss		(13)
Fair Value		4,060
U.S. government agency debt securities
Marketable securities:
Amortized Cost	57,211	45,465
Gross Unrealized Loss	(755)	(127)
Fair Value	$ 56,456	45,338
Debt securities, maturity dates between one and five years		$ 25,000

Property and Equipment, Net (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Property and Equipment, Net
Property and equipment, gross	$ 4,977		$ 4,977		$ 4,728
Accumulated depreciation	(3,701)		(3,701)		(3,393)
Property and equipment, net	1,276		1,276		1,335
Depreciation expense	200	$ 200	400	$ 400
Computer equipment
Property and Equipment, Net
Property and equipment, gross	1,355		1,355		1,380
Lab equipment
Property and Equipment, Net
Property and equipment, gross	1,879		1,879		1,605
Furniture and fixtures
Property and Equipment, Net
Property and equipment, gross	620		620		620
Leasehold improvements
Property and Equipment, Net
Property and equipment, gross	$ 1,123		$ 1,123		$ 1,123

Intangible Assets (Details) - USD ($) $ in Thousands	6 Months Ended
Intangible Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Definite-lived intangible assets
Accumulated Amortization	$ 369	$ 332
Intangible assets, net
Gross cost	7,380	7,380
In-process research and development
Indefinite-lived intangible assets
Gross cost	$ 6,629	6,629
Other intangible assets
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items]
Remaining life	5 years 1 month 6 days
Definite-lived intangible assets
Gross Cost	$ 751	751
Accumulated Amortization	$ 369	$ 332

Intangible Assets - Future Amortization Expenses (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense	$ 19	$ 19	$ 38,000	$ 38,000
Future amortization expenses
2022	37		37
2023	75		75
2024	75		75
2025	75		75
2026	75		75
Thereafter	45		45
Total	$ 382		$ 382

Accrued Expenses (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Accrued Expenses
Employee compensation expenses	$ 2,885	$ 4,389
Research and development expenses	2,771	1,278
Litigation settlements (see Note 16)		2,650
Other	1,915	1,734
Total accrued expenses	$ 7,571	$ 10,051

Debt (Details) - USD ($) $ in Millions	1 Months Ended
Debt (Details) - USD ($) $ in Millions	Jul. 31, 2021	Jan. 31, 2021	Mar. 31, 2020
SVB
Debt Instrument [Line Items]
Common stock warrants		388,119	460,251
Term Loan Facility
Debt Instrument [Line Items]
Loan borrowed			$ 11.0
Term Loan Facility \| SVB
Debt Instrument [Line Items]
Loan borrowed	$ 11.0
Loan repaid	$ 11.7

- Definition

The carrying value as of the balance sheet date of the current and noncurrent portions of long-term obligations drawn from a line of credit, which is a bank's commitment to make loans up to a specific amount. Examples of items that might be included in the application of this element may consist of letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to a maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. Includes short-term obligations that would normally be classified as current liabilities but for which (a) postbalance sheet date issuance of a long term obligation to refinance the short term obligation on a long term basis, or (b) the enterprise has entered into a financing agreement that clearly permits the enterprise to refinance the short-term obligation on a long term basis and the following conditions are met (1) the agreement does not expire within 1 year and is not cancelable by the lender except for violation of an objectively determinable provision, (2) no violation exists at the BS date, and (3) the lender has entered into the financing agreement is expected to be financially capable of honoring the agreement.

+ References + Details

Stockholders' Equity (Details) $ / shares in Units, $ in Thousands	6 Months Ended
	Jun. 30, 2022 USD ($) Vote $ / shares shares	Dec. 31, 2021 $ / shares shares	Jan. 31, 2021 shares	Mar. 31, 2020 USD ($) $ / shares shares
Class of Stock [Line Items]
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, shares outstanding	0	0
Common stock, shares authorized	100,000,000	100,000,000
Common stock, par value (in dollars per share) \| $ / shares	$ 0.00001	$ 0.00001
Common stock, shares issued	66,667,580	61,228,446
Common stock, shares outstanding	66,667,580	61,228,446
Dividend declared \| $	$ 0
Number of votes per share \| Vote	1
SVB
Class of Stock [Line Items]
Common stock warrants			388,119	460,251
Initial exercise price \| $ / shares				$ 0.956
Fair value of warrants \| $				$ 400

Stockholders' Equity - Other Offerings and ATM Facility (Details) - USD ($) $ / shares in Units, $ in Millions	1 Months Ended
	Apr. 30, 2022	Jun. 30, 2021	Jan. 31, 2021
January 2021 Public Offering
Subsidiary, Sale of Stock [Line Items]
Common stock, sold			6,306,271
Common stock, price per share			$ 17.50
Aggregate gross proceeds			$ 110.4
Underwriting discounts and commissions			6.6
Payments of stock offering costs			0.4
Proceeds from common stock			$ 103.3
June 2021 Public Offering
Subsidiary, Sale of Stock [Line Items]
Common stock, sold		8,098,592
Common stock, price per share		$ 17.75
Aggregate gross proceeds		$ 143.8
Underwriting discounts and commissions		8.6
Payments of stock offering costs		0.3
Proceeds from common stock		$ 134.9
At The Market Offering \| Silicon Valley Bank Securities LLC and Cantor Fitzgerald & Co.
Subsidiary, Sale of Stock [Line Items]
Common stock, sold	4,838,709
Common stock, price per share	$ 15.50
Payments of stock offering costs	$ 2.2
Proceeds from common stock	$ 75.0

Stock-Based Awards (Details) - shares		6 Months Ended		44 Months Ended
Stock-Based Awards (Details) - shares	Jan. 01, 2022	Jun. 30, 2022	Jun. 30, 2021	Sep. 14, 2015	Dec. 31, 2021	Sep. 30, 2015
Stock-based awards
Options granted (in shares)		1,891,950
Options outstanding		5,014,953			3,792,450
Stock Option Valuation
Risk-free interest rate (as a percent)		1.90%	0.91%
Expected term (in years)		6 years 2 months 12 days	6 years 2 months 12 days
Expected volatility (as a percent)		77.95%	76.60%
Expected dividend yield (as a percent)		0.00%	0.00%
2017 Inducement Plan
Stock-based awards
Options outstanding		410,600
2017 Inducement Plan \| Restricted stock unit awards
Stock-based awards
Number of shares outstanding		2,375
2015 Equity Incentive Plan
Stock-based awards
Number of shares authorized						1,643,872
Number of shares available for grant		3,372,766
Percentage increase to shares available for grant from common outstanding as of preceding December 31 (as a percent)		4.00%
Additional shares available	2,449,137
Options outstanding		4,130,376
2015 Equity Incentive Plan \| Restricted stock unit awards
Stock-based awards
Number of shares outstanding		1,454,934
2012 Equity Compensation Plan
Stock-based awards
Number of shares available for grant		0
Options granted (in shares)				1,140,524
Options outstanding		473,977
Term of award (in years)		10 years

Stock-Based Awards - Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
Options, Number of Shares
Number of Shares, beginning balance	3,792,450
Number of Shares, Granted	1,891,950
Number of Shares, Exercised	(85,672)
Number of Shares, Forfeited and cancelled	(583,775)
Number of Shares, ending balance	5,014,953	3,792,450
Number of Shares, Options vested and expected to vest	5,014,953
Number of Shares, Options exercisable	2,519,499
Options, Weighted Average Exercise Price
Weighted Average Exercise Price, beginning balance (in dollars per share)	$ 17.50
Weighted Average Exercise Price, Granted (in dollars per share)	14.40
Weighted Average Exercise Price, Exercised (in dollars per share)	1.40
Weighted Average Exercise Price, Forfeited and cancelled (in dollars per share)	15.70
Weighted Average Exercise Price, ending balance (in dollars per share)	16.81	$ 17.50
Weighted Average Exercise Price, Options vested and expected to vest (in dollars per share)	16.81
Weighted Average Exercise Price, Options exercisable (in dollars per share)	$ 18.26
Options, Weighted Average Remaining Contractual Term
Weighted Average Remaining Contractual Term (in years)	7 years 1 month 6 days	6 years 9 months 18 days
Weighted Average Remaining Contractual Term, Options vested and expected to vest (in years)	7 years 1 month 6 days
Weighted Average Remaining Contractual Term, Options exercisable (in years)	4 years 9 months 18 days
Aggregate Intrinsic Value
Aggregate Intrinsic Value	$ 10,817	$ 13,710
Aggregate Intrinsic Value, Exercised	1,115
Aggregate Intrinsic Value, Options vested and expected to vest	10,817
Aggregate Intrinsic Value, Options exercisable	$ 7,784
Weighted average grant-date fair value of stock options granted (in dollars per share)	$ 9.89

Stock-Based Awards - RSUs (Details) - Restricted stock unit awards $ / shares in Units, $ in Thousands	6 Months Ended
	Jun. 30, 2022 USD ($) $ / shares shares
RSU, Number of Units
Units outstanding, beginning of period \| shares	1,496,946
Granted \| shares	720,134
Vested \| shares	(513,958)
Forfeited and cancelled \| shares	(245,813)
Units outstanding, end of period \| shares	1,457,309
RSU, Weighted Average Grant Date Fair Value Per Unit
Weighted average grant date fair value, beginning balance (in dollars per share) \| $ / shares	$ 12.75
Weighted average grant date fair value, granted (in dollars per share) \| $ / shares	14.44
Weighted average grant date fair value, vested (in dollars per share) \| $ / shares	11.55
Weighted average grant date fair value, forfeited and cancelled (in dollars per share) \| $ / shares	12.17
Weighted average grant date fair value, ending balance (in dollars per share) \| $ / shares	$ 14.11
Aggregate intrinsic value of awards that vested during the period \| $	$ 7,645

Stock-Based Awards - Compensation (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Jun. 30, 2022	Jun. 30, 2021
Stock-based compensation expense
Stock-based compensation expense	$ 3,692	$ 3,832	$ 6,038	$ 6,507
Unrecognized stock-based compensation expense, options			23,700
Unrecognized stock-based compensation expense, RSUs			18,300
Cost of revenue.
Stock-based compensation expense
Stock-based compensation expense	302	335	530	582
Research and development
Stock-based compensation expense
Stock-based compensation expense	941	1,154	828	2,030
General and administrative
Stock-based compensation expense
Stock-based compensation expense	$ 2,449	$ 2,343	$ 4,680	$ 3,895
Options to purchase common stock
Stock-based compensation expense
Weighted average recognition period unrecognized stock-based compensation cost (in years)			3 years 2 months 12 days
Restricted stock unit awards
Stock-based compensation expense
Weighted average recognition period unrecognized stock-based compensation cost (in years)			3 years

Net Loss per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2022	Jun. 30, 2021
Numerator:
Net loss	$ (20,532)	$ (18,789)	$ (18,161)	$ (28,754)	$ (39,321)	$ (46,915)
Denominator:
Weighted average common shares outstanding, basic	65,990,031		53,968,405		63,723,123	52,163,136
Weighted average common shares outstanding, diluted	65,990,031		53,968,405		63,723,123	52,163,136
Net loss per share, basic	$ (0.31)		$ (0.34)		$ (0.62)	$ (0.90)
Net loss per share, diluted	$ (0.31)		$ (0.34)		$ (0.62)	$ (0.90)

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

Net Loss per Share - Anti-dilution (Details) - shares	6 Months Ended
Net Loss per Share - Anti-dilution (Details) - shares	Jun. 30, 2022	Jun. 30, 2021
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potential common shares excluded from the calculation of diluted net loss per share attributable to common stockholders	6,472,262	5,237,341
Options to purchase common stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potential common shares excluded from the calculation of diluted net loss per share attributable to common stockholders	5,014,953	3,738,625
Restricted stock unit awards
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potential common shares excluded from the calculation of diluted net loss per share attributable to common stockholders	1,457,309	1,498,716

Leases (Details) $ in Thousands	1 Months Ended	3 Months Ended		6 Months Ended
Leases (Details) $ in Thousands	Dec. 31, 2020 ft²	Jun. 30, 2022 USD ($) ft²	Jun. 30, 2021 USD ($)	Jun. 30, 2022 USD ($) ft²	Jun. 30, 2021 USD ($)	Dec. 31, 2021 USD ($)	Feb. 28, 2019 ft²
Lessee, Lease, Description [Line Items]
Area leased, sublease agreement \| ft²		33,019		33,019			20,433
Sub-subleased \| ft²	8,115
Amortization expense		$ 300	$ 300	$ 500	$ 500
Operating Leases:
Accumulated amortization		369		369		$ 332
Other assets		7,011		7,011		7,048
Current portion of lease liabilities		741		741		693
Other liabilities		$ 1,820		$ 1,820		$ 2,151
Financial position		Other liabilities		Other liabilities		Other liabilities
Total operating lease liabilities		$ 2,561		$ 2,561		$ 2,844
Operating Leases
Operating Leases:
Gross cost		5,240		5,240		5,240
Accumulated amortization		2,173		2,173		1,803
Other assets		$ 3,067		$ 3,067		$ 3,437

Agreements Related to Intellectual Property (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		6 Months Ended
	Oct. 31, 2019	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Agreements Related to Intellectual Property
Revenue, Net		$ 1,528	$ 1,824	$ 2,981	$ 3,601
Contingent consideration		23,800		$ 23,800		$ 28,400
Agreement and Plan of Merger
Agreements Related to Intellectual Property
Term of agreement				10 years
Additional contingent consideration based on milestones, maximum, per Agreement		75,000		$ 75,000
APA
Agreements Related to Intellectual Property
Potential milestone payments		20,000		20,000
Percentage of upfront and license fees	25.00%
Term of agreement	10 years
APA \| Royalty
Agreements Related to Intellectual Property
Revenue, Net		$ 300	$ 200	$ 500	$ 400

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Income Taxes (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Income Taxes
Federal income tax benefit	$ 0	$ 0	$ 0	$ 0
State income tax benefit	$ 0	$ 0	$ 0	$ 0

Discontinued Operations - Assets and Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Disposal Group, Including Discontinued Operation, Balance Sheet Disclosures [Abstract]
Accrued expenses	$ 2,202	$ 2,202
Discontinued operations - current liabilities	$ 2,202	$ 2,202

- Definition

Amount classified as liabilities attributable to disposal group held for sale or disposed of, expected to be disposed of within one year or the normal operating cycle, if longer.

+ References + Details

Segment Information (Details) $ in Thousands	3 Months Ended		6 Months Ended
Segment Information (Details) $ in Thousands	Jun. 30, 2022 USD ($)	Jun. 30, 2021 USD ($)	Jun. 30, 2022 USD ($) segment	Jun. 30, 2021 USD ($)
Segment Reporting Information [Line Items]
Number of reportable segments \| segment			2
Total revenue	$ 1,528	$ 1,824	$ 2,981	$ 3,601
Cost of revenue	1,068	1,263	2,223	2,465
Research and development	18,779	7,897	33,085	15,735
General and administrative	6,075	5,870	12,174	10,697
Revaluation of contingent consideration	(3,400)	4,800	(4,600)	21,239
Loss from operations	(20,994)	(18,006)	(39,901)	(46,535)
Dermatology Therapeutics Segment
Segment Reporting Information [Line Items]
Total revenue	309	218	541	460
Research and development	18,986	8,011	33,466	15,946
Revaluation of contingent consideration	(3,400)	4,800	(4,600)	21,239
Loss from operations	(15,277)	(12,593)	(28,325)	(36,725)
Contract Research Segment
Segment Reporting Information [Line Items]
Total revenue	4,399	3,481	8,495	6,681
Cost of revenue	4,041	3,024	7,897	5,793
General and administrative	854	879	1,695	1,507
Loss from operations	(496)	(422)	(1,097)	(619)
Corporate and Other
Segment Reporting Information [Line Items]
Total revenue	(3,180)	(1,875)	(6,055)	(3,540)
Cost of revenue	(2,973)	(1,761)	(5,674)	(3,328)
Research and development	(207)	(114)	(381)	(211)
General and administrative	5,221	4,991	10,479	9,190
Loss from operations	(5,221)	(4,991)	(10,479)	(9,191)
Intersegment Eliminations \| Contract Research Segment
Segment Reporting Information [Line Items]
Total revenue	$ 3,200	$ 1,900	$ 6,100	$ 3,500

Legal Proceedings (Details) $ in Thousands	Jan. 24, 2020 item	Jun. 30, 2022 USD ($)	Dec. 31, 2021 USD ($)
Other Commitments [Line Items]
Accrual for estimated financial obligation			$ 2,650
Consolidated Securities Action
Other Commitments [Line Items]
Accrual for estimated financial obligation		$ 2,700
Consolidated Securities Action \| Executive officer
Other Commitments [Line Items]
Number of defendants \| item	2