Aclaris Therapeutics (NASDAQ: ACRS) insider-linked fund sells 300,000 shares

Rhea-AI Filing Summary

Aclaris Therapeutics, Inc. insider-related entity executes open-market sale. On behalf of BML Investment Partners, L.P., a fund associated with ten percent owner Michael Leonard, 300,000 shares of Aclaris common stock were sold in an open-market transaction at $4.53 per share. Following this sale, the fund’s indirect holdings reported as beneficially owned by Mr. Leonard totaled 13,950,000 shares, which he reports with a disclaimer of beneficial ownership except to the extent of his pecuniary interest.

Insider Trade Summary

Net Seller: 300,000 shares ($1,359,000)

Net Sell 1 txn

Insider Leonard Braden Michael

Role null

Sold 300,000 shs ($1.36M)

Type	Security	Shares	Price	Value
Sale	Common Stock	300,000	$4.53	$1.36M

Holdings After Transaction: Common Stock — 13,950,000 shares (Indirect, Holdings of BML Investment Partners, L.P.)

Footnotes (1)

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Key Figures

Shares sold: 300,000 shares Sale price: $4.53 per share Shares held after sale: 13,950,000 shares +1 more

4 metrics

Shares sold 300,000 shares Open-market sale of Aclaris common stock

Sale price $4.53 per share Price for the 300,000 shares sold

Shares held after sale 13,950,000 shares Indirect holdings reported after the transaction

Transaction date 2026-04-23 Date of the open-market sale

Key Terms

open-market sale, beneficially owned, pecuniary interest, indirect ownership

4 terms

open-market sale financial

"transaction_action: open-market sale"

An open-market sale is when a shareholder sells existing shares directly on a public exchange to any willing buyer, rather than through a private deal. Think of it like putting goods on a busy market stall where price is set by supply and demand; for investors it matters because such sales increase available supply, can put short-term downward pressure on the stock price, and signal changes in liquidity or investor confidence.

beneficially owned financial

"shares owned directly by the Fund may be regarded as being beneficially owned by Mr. Leonard"

Beneficially owned describes securities or assets where a person has the economic rights and control—such as the right to receive dividends and to direct voting—even if legal title is held in another name. Think of it like having the keys and using a car that’s registered to someone else: you get the benefits and make decisions. Investors care because beneficial ownership reveals who truly controls value and voting power, affecting corporate decisions and takeover dynamics.

pecuniary interest financial

"Mr. Leonard disclaims beneficial ownership of such shares, except to the extent of his pecuniary interest therein"

indirect ownership financial

"nature_of_ownership: Holdings of BML Investment Partners, L.P."

Form 4 Insider Transactions: What Each Field Means →

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

X

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Leonard Braden Michael

(Last) (First) (Middle)

65 E CEDAR - SUITE 2

(Street)

ZIONSVILLE INDIANA 46077

(City) (State) (Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
Aclaris Therapeutics, Inc. [ ACRS ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
04/27/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	04/23/2026		S		300,000	D	$4.53	13,950,000	I	Holdings of BML Investment Partners, L.P.(1)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. BML Capital Management, LLC ("BML Capital") serves as the general partner of BML Investment Partners, L.P., a Delaware limited partnership (the "Fund"), which is the direct owner of the subject shares. Mr. Leonard is the managing member of BML Capital, and exercises investment and voting control over the subject shares. Accordingly, shares owned directly by the Fund may be regarded as being beneficially owned by Mr. Leonard. Notwithstanding, Mr. Leonard disclaims beneficial ownership of such shares, except to the extent of his pecuniary interest therein.

	Braden M Leonard	04/27/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)

FAQ

What insider transaction did Aclaris Therapeutics (ACRS) report on this Form 4?

Aclaris Therapeutics reported an open-market sale of 300,000 shares of its common stock at $4.53 per share. The shares were sold by BML Investment Partners, L.P., a fund associated with ten percent owner Michael Leonard, and are reported as indirect holdings.

Who is the reporting person in the Aclaris Therapeutics (ACRS) Form 4 filing?

The reporting person is Michael Leonard, identified as a ten percent owner of Aclaris Therapeutics. He is managing member of BML Capital Management, LLC, which is general partner of BML Investment Partners, L.P., the fund that directly owns the reported ACRS shares.

How many Aclaris Therapeutics (ACRS) shares does the reporting person hold after the transaction?

After the reported sale, indirect holdings associated with Michael Leonard totaled 13,950,000 shares of Aclaris common stock. These shares are directly owned by BML Investment Partners, L.P., and may be regarded as beneficially owned by him, subject to his pecuniary interest disclaimer.

Was the Aclaris Therapeutics (ACRS) Form 4 transaction a buy or a sell?

The Form 4 shows a sell transaction. Specifically, 300,000 shares of Aclaris common stock were sold in an open-market sale at a price of $4.53 per share, reducing the fund’s reported indirect ACRS holdings to 13,950,000 shares afterward.

How is beneficial ownership described in the Aclaris Therapeutics (ACRS) Form 4 footnote?

The footnote explains that BML Investment Partners, L.P. directly owns the ACRS shares, while BML Capital Management, LLC serves as its general partner. Michael Leonard may be regarded as beneficially owning these shares but disclaims beneficial ownership except to the extent of his pecuniary interest.