Aclaris Therapeutics, Inc. Earnings Per Share Disclosure
7. Net Loss per Share
Basic and diluted net loss per share is summarized in the following table:
Year Ended | ||||||
December 31, | ||||||
(In thousands, except for share and per share data) | | 2025 | | 2024 | ||
Numerator: | | | | |||
Net loss | $ | (64,923) | $ | (132,065) | ||
Denominator: | ||||||
Weighted average shares of common stock outstanding, basic and diluted |
| 122,564,741 |
| 77,296,665 | ||
Net loss per share, basic and diluted | $ | (0.53) | $ | (1.71) | ||
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. For the years ended December 31, 2025 and 2024, the basic and diluted weighted average shares outstanding included the shares of common stock issuable upon exercise of the outstanding Warrants, as there were no outstanding contingencies associated with the vesting or exercisability of the Warrants.
The following table presents potential shares of common stock excluded from the calculation of diluted net loss per share for the years ended December 31, 2025 and 2024. All share amounts presented in the table below represent the total number outstanding as of December 31, 2025 and 2024.
Year Ended | ||||
December 31, | ||||
2025 | 2024 | |||
Options to purchase common stock | 11,269,399 | 6,721,967 | ||
Restricted stock units | 2,803,231 | 2,276,151 | ||
Total potential shares of common stock | 14,072,630 | 8,998,118 | ||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 26, 2026 | Showing above |
| 2024 | Feb 27, 2025 | |
| 2023 | Feb 27, 2024 | |
| 2022 | Feb 23, 2023 | |
About Earnings Per Share Disclosures
The earnings per share disclosure breaks down the calculation from net income to both basic and diluted EPS, revealing the full impact of a company's capital structure on per-share economics. The reconciliation between basic and diluted share counts exposes how many stock options, RSUs, convertible securities, and warrants are potentially dilutive to existing shareholders.
Key signals: a widening gap between basic and diluted shares indicates growing dilution from equity compensation or convertible instruments. Anti-dilutive securities excluded from the diluted calculation deserve attention — they represent latent dilution that will materialize if the stock price rises. Watch for the effect of share buybacks on per-share metrics: EPS growth driven primarily by repurchases rather than income growth signals weakening fundamentals. Compare year-over-year changes in the diluted share count against equity compensation expense to assess whether management is effectively managing dilution.