ACRS - Earnings call transcript Q1 2018 | Aclaris Therapeutics, Inc.

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Operator

Good day, ladies and gentlemen, and welcome to the Q1 2018 Aclaris Therapeutics, Inc. Earnings Conference Call. [Operator Instructions].

As a reminder, this conference call is being recorded. I would now like to introduce your host for today's call, Kamil Ali-Jackson, Chief Legal Officer. your begin may you conference. Ma'am,

Kamil Ali-Jackson

quarter I Thank Officer its Ali-Jackson, first Legal Kamil Aclaris. you, press Please announcing issued Candace. for Aclaris note Chief today, results. am that financial XXXX release earlier

of the posted website find at those you of Investors release you seen in not For it, have will www.aclaristx.com. section the our who

Stuart Scientific me the call Regulatory President Frank Officer; Executive Chief our Chief for and today Chief Walker, Financial Chief Joining Brett Chief Chris Development and Shanler, Ruffo, our Dr. Fair, Officer; and Officer; Commercial are: Dr. our Powala, Officer; Neal Officer. our

we business we would meaning like make strategy laws. objectives for and Before operations operations company's to statements call remarks, securities this of various the plans considered the about and that our within begin future forward-looking statements during future of Aclaris' prepared position, remind are federal financial I the results you and

make time. Aclaris' Aclaris XX, makes current and actual of changes XXXX, with the for are described risks, filings of section the Walker, expectations call documents Investors that and Condition and in risks the section to this based involve undertake provided webcast. call for account forward-looking are Aclaris' Operations from is ended on page filed differ conference posted be is to the as XX-K such These results of that Our A website with may uncertainties or the forward-looking reflected section to obligation future Aclaris. today's statements. Please materially on call in on from These and webcast Information Financial December Factors information of I'll available is under are Neal? and turn the over be Management's and to Investors website. of Results advised the no information, any upon quarter we ended this of Analysis year now statements at new provide Discussion in today; to Dr. All of CEO that statements later we Financial and link those assumptions update events today, XXXX; the other and the call XX-Q could we President Form Risk www.aclaristx.com. Neal XX, of otherwise. Aclaris' Form the circumstances, our in being March the recorded to time of SEC cause SEC

Neal Walker

Thank Then and for to on a you, start Kamil. the Officer, I everyone, will this highlights. our address with update joining evening. Chief you ESKATA launch. hand other all business will it brief programs who Commercial development Hello, clinical and I'll Fair, off thank us our Brett

and Shanler, Stuart our will Next, results. after Chief which development review Ruffo, clinical our timelines, will financial Officer, review our our Scientific plans CFO, Frank

Chris the up our during question-and-answer and open we'll the remarks, Chief your take prepared portion our be questions. available officer, Development Regulatory Following call. Powala, the to line will of also

Brett Sales As Anyone we officially Fair last ESKATA go information. will now for www.eskatahcp.com ESKATA completed we are later to in the interested we this announced detail can in Meeting, National the launched. who week, and more cover in call. more is yesterday,

XX% development of treatment the portion II the follow-up WART-XXX announced in X-month the the the of post-treatment trial common warts. On positive of update March, on front, A-XXX Phase Solution we Topical for

plan this and III of half II in the pivotal regimen Phase of end trials an meeting with into to twice-weekly advance have Phase the scheduled We the FDA year. second

areata, programs last in kinase or we and alopecia JAK also our inhibitor Over the advanced vitiligo. alopecia androgenetic Janus year,

article advancing early of inhibitors. will development Officer, assets stage our areas. continue immunology inhibitors portfolio on Journal excited Fair, on our in portfolio We months. are our JAK MKX asset published of MKX the to have clinic. to who and commercial selective trials multiple coming the our we Chief of ITK it over readouts an advance indications expect We will pathway the the of about Commercial an With regard starting inhibitor, ongoing and now towards preclinical turn and in ATI-XXX, of the pipeline, inhibitor, Brett remain therapeutic rapidly We in our update these I this activities. a to Medicine Experimental Brett? potential and variety of provide our recently

Brett Fair

entire that Neal. morning the launch week for to excited initiatives. have all and afternoon, relevant We we say Thank tools, assembled along good HCP Good launched out rolled we where everyone. ESKATA with I'm resources meeting, the you, organization ESKATA. officially our campaign, -- last

meeting. that dynamic launch the aesthetics, on delivering buy-and-bill the excitement the for market the of powerful coupled of we The as Our expectations team of level meeting of it end, early patients information of of our interest accounts of the and had preorders Due over generated high a productive expanded were initiative. sales believe physicians market successful highly we the and a ESKATA the panels our very in level in early and We demand and force, during in from at to exceeded to The number to ESKATA the ESKATA. XXX early the a early the ESKATA, to accounts. efforts understanding ESKATA. learning target initiative success and response XXX and a experience originally initiative gained environment for for opportunity. experience meeting, We table setting the ahead launch ESKATA our targeted tremendous team's and with we valuable demonstrates great dermatology experience the expanded meaning. into excitement initiative included KOL a on We for capitalize and created carried enthusiasm momentum able enrollment facilitated that workshops, aimed deep experience

the which value conducted both enabled physician patient us ESKATA understand delivers of surveys, we to how initiative, proposition. part and As its on

the supports that market and treatment ESKATA to they surveys: pleased office. easy. minutes is completed was Here's ESKATA comfortable is only extremely reasonable also ESKATA, indicated XX% XX% patients apply physicians of or would would XX% to socially. We day amount ESKATA. some And of on they were said and indicated delegating this in go they for XX% those Over it early product. another HCP that value takes indicated the XX% friends. encouraging. on of comfortable the be that The from easy application of in their to And recommend takeaways Physicians feedback applying XX ESKATA average feedback it that proposition time. ESKATA their the of the out easy the treatment were we a enough patients very indicated physicians appearance patient of very believe said that after application treatment, with of the trained the in to

meeting, on following HCP on early launch through focused is commercial our the our team the Following ESKATA on executing initiative. campaign experience and

and as peer-to-peer and they Our will look drive new integration existing within accounts force schedule open continue to field in-service accounts. ESKATA programs to

demos at Our programs live peer-to-peer the well as major product webinars. professional relations and speaker theaters on team conferences as will patient and organizing be focused supporting

We building over Shanler. momentum are our look Stu that, the forward initiative. of early of to great we to Stu? turn With very excited about ESKATA the our I'd experience on launch call the CSO, to and like

Stuart Shanler

Thanks, Brett, evening, everyone. and good

follow-up of period we XX% common warts. announced warts trial, as clinical developed Topical our hydrogen of a post-treatment common peroxide evaluation the Solution proprietary vulgaris. March year, the of drug WART-XXX, the Topical concentration treatment A-XXX X-month regarding Solution, verruca this twice-weekly In positive being of treatment A-XXX Phase high II an trials results from for First, XX% of or for stabilized a prescription investigational consisting new of

points the observed per points compared The that received the WART-XXX X.X Over significant PWA was X.XX and of in was subjects a were P the of and received XX% primary subjects amongst the in the X-point score a post-treatment and statistically point, subjects in At subjects A-XXX mean time reduction clearance target was reduction with placebo. XX% received less mean in day on who X-month value warts with warts treated mean with score versus the common placebo PWA trial A-XXX reduction A-XXX At vehicle compared P the result follow-up subjects post-treatment PWA, had wart X.XXXX. XX%. of in in The X.XX analysis the points to X.XX to Physician's period, reduction X-month Wart clinically follow-up X.XXX. score. improvements value points who significant the a XX, Assessment, for change greater than treated of target was XXX, day the on reduction of or statistically efficacy

compared X, subjects of who warts, endpoints received had placebo stratified was treated all by X.X% treatment, that value or a day the less group, X target subjects compared compared that achieving amongst a a A-XXX treated, with was with who among to day a warts who XX% cleared XX.X% X the XX.X% by those XX% than X.XXXX. among of was XX% X A-XXX = that's the number X to from warts the months and proportion PWA the day X.X% warts, the that wart XX, who Secondary XX% number subjects clear, those of proportion amongst subjects had in amongst and placebo X.X% proportion A-XXX in PWA less received those among and value was treated target with group, with at amongst P value following subjects of in baseline X treated the received P X group, had subjects the of A-XXX that's X.XXX. exploratory day wart less placebo the again, At XX% was clearance target received day of amongst of of warts compared for group, XX.X% warts P of At the than X.XXXX. that treated was X.XXXX. again, in X of of or wart group, amongst the amongst clear achieving and was XX% of who that received that of XX% X A-XXX were to subjects were was who value the At treated value compared ranging in clearance XXX, clear, after, in the those stratified warts a XX.X% PWA X.XXXX. proportion received placebo value to At and baseline after in A-XXX the a all the subjects than WART-XXX warts P day subjects all included that last the placebo months subjects X.XXXX. of to XXX, subjects placebo compared X.X% all to analysis: XX, trial the subjects to group, XX.X% = XX.X% in of percentage to the At P that XX, percentage P had the XX% XXX,

there it throughout Topical XX% well the were A-XXX treatment-related treated with study. and safety, subjects events tolerated Solution among generally no Regarding entire serious adverse was

with meeting X in the for II We the pivotal Phase III week an Phase FDA have of scheduled plan XXXX. and July half second initiate first to end of of trials the

now inhibitor to JAK Turning our program. topical

blind clinical trial, X-month ATI-XXX compared placebo are placebo-controlled data This will line trials centers the open of at being It then the with which investigational drug. receive of trial of extension evaluate Topical include: will pharmacodynamics XX double Top half Phase alopecia safety a the is patients is X to all conducted patients the during enter and within Our XX-day clinical of trial, which is II After is topical a portion ongoing first expected completing trial of the A-XXX and pharmacokinetics, in areata. label ATI-XXX XXXX. treatment a patients the United States. AA. our for with in trial randomized

conducted line with being Our of AUATB, investigational will AA. ATI-XXX This the of patients Sydney treatment trial that's in for Melbourne, ATI-XXX qualitative XXX clinical brow, on the regrowth II AA. trial is data expected eyebrows centers in of open-label the of trial is at topical and trial to top and Phase evaluate are in topical up effect Australia, XX This a mid-XXXX. for X B

Our trial XXX a patients scalp hair ATI-XXX expected dose-response trial the randomized of in II trial on to and AA. trial AA. for of X Topical and of regrowth topical AA-XXX on of will This in of the parallel is is United XXXX. data blinded the with States, double the This concentrations Phase evaluate treatment being ATI-XXX effect study year-end conducted in vehicle-controlled group a by up are the

topical trial, to for for evaluated Topical topical are with data effect first V-I-T-I-XXX the is on trial This the the of an patients skin will up vitiligo. ATI-XXX VITI-XXX of vitiligo in half Phase facial of in expected II the of re-pigmentation clinical trial, Our that's ATI-XXX XXXX. trial open-label treatment ongoing and XX

known in Our of AGA-XXX an has male ATI-XXX the as is topical alopecia, loss, evaluate Phase in trial which to a just the open-label XX treatment the AGA, the ago. This of weeks Topical AGA, first androgenetic first hair trial ongoing had expected patients will also for and or hair couple or half of trial regrowth of II clinical female-pattern effect with patient on XXXX. data the of ATI-XXX dose up are of

the the regrowth randomized group, and XXX in double is the Regarding States -- trial in of half anticipated our This ATI-XXX United JAK are group is effect begin in vehicle-controlled dose-response parallel data patients the blinded, treatment of with evaluate multiple and AA. multiple AUAT-XXX the of Oral expected concentrations oral parallel hair is ATI-XXX a will a double and of our JAK XXX in mid-XXXX. Phase trial conducted trial on being in the blinded, to II trial inhibitor This for inhibitor program, to of oral first and randomized which AA, of trial XXXX. vehicle-controlled

Turning earlier-stage our immunology to now assets.

new to X-X-X, are oral IND, in for our that's file We application, on-track MKX an mid-XXXX. ATI-XXX, drug inhibitor, or investigational

We JAK inhibitors the file our JAK second also in INDs expect for and both to of soft XXXX. ITK half

updates the As we can the ongoing turn I both pipeline. Frank continue quarter. planned the of our programs to over for have to look CFO, our With providing see, an as results Frank? will to will you call we who and that, provide and Ruffo, financial and trials, we overview forward advance multiple

Frank Ruffo

Stu. Thanks,

first As release. the that I our be press XXXX financial walk today's results, through in please found reference can tables quarter financial

sufficient this our approximately As into business to to operations develop will effect and of XXXX, XXXX, of second anticipate the of We March half fund financing any cash million. be we without giving capital or XX, potential had investments new $XXX activities. transactions

compared compensation, $XX.X noncash first same million in of $XX.X million of were which XXXX, the million of quarter million stock-based During $X the total $X.X XXXX, and expenses our operating included respectively. to quarter

to XXXX the net for compared of the $XX.X of loss million million $XX.X was quarter Our first for first quarter XXXX.

and XXXX $X.X expenses increase increase charges technology Our value stock-based R&D $X.X increased operating This million, as cash million noncash $XXX,XXX changes a charges, million our consideration JAK was $XX.X increase in increase to inhibitor million from cash due related our incurred year. in million and in QX compared was we capital. of a $XXX,XXX noncash fair adjustment million prior a and QX burn for in $X.X in $X.X for million compensation. which in programs, contingent a the provided $XX.X to to consisted $X.X XXXX working to

medical a We marketing the drug And also $XXX,XXX quarter trials Selling offset of a quarter-over-quarter development of year. also launch the in million first in to during launch and and financial We product in increase $XXX,XXX support ESKATA sales the to XXXX, were increase facility, field our QX we our the of an XXXX. of or million force There With outlook revenue. underlying 'XX. legal $X.X General and XXXX on increase in clarity million direct expenses, the QX stock-based in March in Also, a $XXX,XXX hiring incurred first million guidance due $X.X prepared due mainly related of professional and completed marketing G&A the to of a result The to expressed $X in including administrative and $X.X quarterly that II product including not a million as discovery trends was an increase Phase XXXX. professional we increased reiterate the headcount increase personnel-related of other for quarter prior expenses expenses by for intend fees finally, a increased and to expenses increased for expenses, our expenses. in The $X.X of guidance essentially compensation warts. and annual year. expense we increased year call in ESKATA. change greater the experienced as activities $XX.X and increases for $XXX,XXX our for earnings $X.X XXXX regards stock-based treatment to These from team, was in full trajectory last increase increase in do were mainly of the increase QX our provide of compensation million programs headcount. for personnel-related million until commercial the have decrease including result affair this revenue not we common was January to key XXXX. million compared $X.X services sales our to

including to including the we range of in estimated million, the As $XX expect GAAP a million, reminder, in to million expect $XX compensation expenses be $X million of of stock-based expenses of stock-based be million. million, $XX R&D XXXX SG&A GAAP $XX and range to to $XX compensation XXXX

As outstanding, shares we turn issuances back of XX.X roughly a remarks. XX.X outstanding million assuming had we weighted be XXXX million. to average expect equity, no over would With our stock of closing XXXX, common year XX, shares I'll call March Neal about to few of full material for that, the

Neal Walker

Thank XXXX. II you, positive treatments. of has It warts, FDA-approved Phase that clinically-meaningful data we has condition In common reported January, an demonstrating start difficult-to-treat exciting to Frank. been clearance no a

of raised and and ESKATA. for the have robust forward We discovery with ESKATA, a highly you immunology and deep year. field We we multiple our experience of engine. approved pipeline also can clinical and for Candace, throughout clinical-stage onboarding dermatology launch on announced therapeutics completed pipeline, company updating you the portfolio progress our poll the small a look now focused questions? evolved Monday, commercial-stage experienced began We official molecule to readouts initiative the early a broad on a a pharmaceutical On lunch force into please successful SKs. for treatment first driving

Operator

Instructions]. [Operator

Fitzgerald. Cantor with Chen Louise from comes question first Our

Louise Chen

a here. few had I

this follow And ESKATA. us some going that color year first providing Can to for performance more give that launch? to you're ESKATA, product the then of on key couple was the clinical metrics us setting? how your So on in the trial on the question And sort secondly, you a is questions. you be had what in saw trial right of now limited other product the efficacy have to compared I I of then

Neal Walker

hand Okay. going to Thanks over for questions, both I'm Brett address that Louise. your those. to of to

Brett Fair

Thanks. giving indicator How the little experience well, as you will in will that of the So And later reorders, year KPIs, around we'll well for right things performance the we're in ultimately, Louise? initiative. focused as bit later start are the time now a productivity on like year. terms Great. account key guidance come yes, size then a to accounts, within be of reorder, us That adoption. obviously in the the early

In terms think There's we little able to with the a of we're the good pretty efficacy initiative, that and bit a out the technique that's saw it. impressed pretty quickly early of in for figure this. And sign a it by to technique experience they're I us.

with efficacy it, is, feels. positive of other treatment lot the and we've it of in how are treatment, a that. expectations. the our comfortable we've applying see fun the what is having on of of a So pleased patients on feedback the like providers been work. The it a exceeded be lot -- getting heard to thing kind it the to watch we're up it's seems pretty And terms the And it. whiten feedback enjoy They

pretty all the the So it's hands we've been of. expense in for way around the providers, fun that gotten a

Louise Chen

common to as of it pertains market? the market a you've you can of just JAK my And your think as question and And readout the you wart most do far, important next on over efficacy, XX year well? market, kind think then next into say, what thus why? But the you the share the And then data lot have this do is wart seen program, you on just take readout? months, of common coming Okay. on based last is do year what

Neal Walker

Yes.

So thanks, Louise, this is Neal.

obviously, report JAK will is of In proving robust first of terms study the months, at to a II out the that on we then, kind in over topical you the in the we're Phase Phase data, the be look think important programs, when view terms I of II. the next the And honed that course, eyebrow more end come and that's into of looking much out we'll year full at larger, the of efficacy. think XX

also will important. And so that be

a be topical. a look we'll weeks PK/PD We that us study give reporting in qualitative have at that coming nice, kind will the the early efficacy of on with

XXX-page I have But space they of kind their study queue. big XXX-patient certainly, for end and topical is the So eyebrows at due the of of the kind readout, the or year. followed -- then the in the program each first think by

warts, a there that. nothing for As is to reminder, it common relates just FDA-approved

to of market. usually them, at good get XX million how on that look The we're already no practice right? we and prevalent to X million then bullish when office use the patients because pretty population a it's to So that. we prescription give FDA-approved penetrate doc into million might dynamics, and multiple pretty coming X think We chunk the And going modalities. docs of we're

at those in were script home. of the standard just polymodality. use care getting patients the with who that's is even procedure away walk the And will So to office a absolutely

we're going common even we dynamics like our us really That's whitespace when the leg philosophy, comports reimbursement and generated pretty this data excited big see we better. gives unusual was up after for opportunities And with data about product then again, this. a The that. to about product. a initially think wart follow-up the So

So is getting in we more something credit feel that ought to for be months. some we this coming the

Operator

Securities. question is Guggenheim And Butt with from our Adnan next

Adnan Butt

the the before, I one Is plasma reading out are on study. I because ask ask PK/PD me What concentration? for. is guess, reason eyebrow will anything you it think looking Let data. beyond that The be

what happen the study? to So it what in eyebrow the any could in -- can in it is way on happens informative PK/PD

Neal Walker

Adnan, a That's Neal. Thank good is Yes. question. this you,

interested where getting of and see a levels, of in that so, from certainly, to it's the and if action, perspective, and like, the also a P things. scales very PD are mechanism then of stats, will that. the decreasing But couple things getting PK across what things a we're a One is, they? course, at of number there, ALODEX So want if we of number we're And we're inform help like blood actually looking portion. parameters

So all to will eyebrow get course, meaningful may clinically point hair But you're study. growth. that what on very, inform in seeing help early direction days, over us see XX in any the you and ought in something And right unlikely to the of days. directionally we the very be going qualitatively,

So that those kind on. be reporting things are of X the we'll out

I the a think, end eyebrow will study the look study a we'll window give into will and like will look what year. give window like then, the of of that XXX-patient course, what into the towards

Adnan Butt

of Neal, the putting So those be a components release? you'll in press

Neal Walker

That's correct.

three pieces. flavor, Some

Adnan Butt

on Okay. Is the listed is study eyebrow Or study. in extension study? an And general? There alopecia is your for the studies that now eyebrow just to then that for on ClinicalTrials.gov.

Neal Walker

the made an patients Well, that recruiting to, effort the to referring these decided gone of PK/PD to the it's if probably had since think, in part you're in, it's study, extension, them open-label it that of sense I all we extension. we enroll which

everybody is over rolls that a extension. month study into just So after X-month X in the PK/PD

looking couple there. the getting study. XXX-patient And helpful So to early who eyebrows obviously, levels. of database the an just and One on will into be is that not might kind of then those patients of rolling have read kind a adding at

Adnan Butt

to tell? bit could a work be TNF-refractory Could pipeline. too the on soon patients one XXX, that in early. But could conceptually, is or quick too it Last

Neal Walker

Yes.

an think think of little way front. positioning we when oral the oral tell -- a to the about about But anti-TNF, early on this that compound certainly, beta. anti-IL-X think, I is, So we it's

think just dominated those and pretty injectables. by they're much we So about markets

but is huge just so or And potency alone, let's the prop. not aspect, alone value that talk that a safety even just about

that so program, seen the studies in profile. So good is big far we've safety bogey a preclinical for our what

roll is So into be we tachyphylaxis. we'll when very the an looking closely what IND, at

the held so models, least in has at there. And far, true hypothesis pre-clinical

we're program. of value a It excited So We the first in major view driver. about next really that actually into comes it's year. think part

-- it's getting we're there. rapidly So a

Operator

William Tim Lugo a with question showing from I'm Blair. And now

Timothy Lugo

For the has product? initiative, the the thoughts or you on sounds that ESKATA it for response when Has early been experience your DTC like positive. changed around turn informed

Brett Fair

Tim, this is Brett.

that holding base still have, we activate when line bigger accounts October for The of the we're DTC. we frame. think the I the time better

So seen full. the timing DTC nicely for I'm we the very experience what just in early and sets good. by still in think that a better is encouraged I think the campaign we've initiative, table

Timothy Lugo

patient you're at? of loss? assessment or months also rate? six response a Is you're of that be that physician criteria, looking eyebrow study, range. response you be you've broad a a to talked forward looking and informs assessment? looking like And SALT I It to me, the -- And And having Is what between years know there study the entry excuse there We'll that I patients between XX know, I potentially will for rate just that. believe the for sharing seems X to want hair of weeks? kind data. Great. spot scores about sweet eyebrow baseline

Neal Walker

time a the In time I'm the -- that of there sure sweet spot. is frame, terms not

a a range with, I bit perhaps, clinical into what that defined, to tends year is for it six think When start patients months disease, little be recalcitrant. to X years. you spot the sweet the at getting least XX-plus you more trial,

to of that are criteria dialogue inclusion guided agency. we after So with kind the

the to it surface. in SALT a score it's disease As But small There a efficacy, least and broader not relates score. The is analysis measures scalp it's at study, germane there. of quantitative overall qualitative approach. to the you're traditional of the amount factoring when a for more SALT really eyebrow is

-- the pictures really of at clinically to of just was that kind guiding growth be kind intent the value to and a efficacy -- looking kind look forward. mainly, meaningful basis. eyebrow get So And that at we'll of, hair that and reporting of early study, get is percentage pull things on

Timothy Lugo

how there AGA. you useful that's there a for the Okay. thought? the believe of pre-clinically that's mechanism have inhibitor. -- past are I Can I Has just been enough. action maybe maybe to X JAK other NME shown development data evolved than talk the is for NME years? JAK And more inhibitors Fair with you previously in some about And the AGA something wasn't know maybe used an for over you'd

Neal Walker

Yes.

I Columbia. basically us it think, the excited data that came got out about of

us Angela alopecias, seminal classic and or alopecia including did of kind the just in think work areata, at I on a Christiano, things clinically. hair at antigen that stark some who growth know-how, the various also looking And standard been published that's very aren't in some so of like of some and mice literature discoveries that published And serendipitous emboldened phase showed one all of into in in those a And model effect. kind other loss, that this there's also there's what us scarring that forms pushed hair also And looked this is that. that, mail/female-pattern respect.

excited an about study running We it. quickly, get that's we relatively and on it. pretty a designed to an early and to why it read up and open as wanted we're So get label just

Timothy Lugo

bit. Well selfishly, expedite I a program hope you could that

have think left years few I position. we given this

Neal Walker

company got You've there.

Operator

[Operator Instructions].

Our with next from Steinberg question comes Jefferies. David

David Steinberg

couple pre-clinical inhibitors. to you R&D in-licensed the a question had pipeline with Last programs, stage. added JAK A you development. went ago, out your business years early-stage about year, I of and some

a development? in And products? all is given you to consider you curious, year? is plate, ESKATA would this you Just some a do And have expect you much focus, it focus, that buying business do on of your something that market, how on-market have now the if

Neal Walker

Yes.

invest on we But value anything don't But to at specifically company, on that ways to want early-stage BD, certainly, at and we've lot early-stage mean, now We look some of going got in at looking that the develop were stage -- of we're synergies you always comment bar to has moved those do, create of how kind typically bullish clinical a looking might of really high as we're is say, because kind Yes, the always looking we will assets for that shareholders. engaged got for of BD a this cycle, programs. the at value things generate We've number in on. we always that there. except we're a question. things a a -- assets the our you the we acquired. got We've look, Neal. David, Thanks for So company. commercial one increase I into

Operator

Ladies conclude I'm any this this questions further time. not showing and conference. does your gentlemen, at

disconnect may now. You

Aclaris Therapeutics (ACRS) 13 May 182018 Q1 Earnings call transcript