Aclaris Therapeutics ownership disclosure: RA Capital Management, L.P., RA Capital Healthcare Fund, L.P., Peter Kolchinsky and Rajeev Shah report beneficial interests in 7,626,705 shares of Aclaris common stock, representing 6.3% of the class based on 120,595,189 shares outstanding as of January 30, 2026. The filing states the Fund directly holds the 7,626,705 shares; RA Capital serves as investment adviser with shared voting and dispositive power over those shares. The Reporting Persons disclaim status as a group and include a statement that the Fund has delegated voting and disposition authority with a 61-day notice constraint.
Positive
None.
Negative
None.
Insights
Disclosure clarifies control and attribution; delegation affects beneficial‑ownership claims.
The filing shows the Fund directly holds 7,626,705 shares and has delegated voting and disposition authority to RA Capital. That delegation and the explicit disclaimers change how the parties describe beneficial ownership under Section 13(d).
Key dependencies include the 61‑day revocation clause and the corporate ownership chain (general partners and controlling persons). Subsequent filings could show changes if delegation is revoked.
Position size (6.3%) is a visible passive stake that could influence market perception of overhang.
The reported 7,626,705 shares equal 6.3% of the outstanding base of 120,595,189 shares as of January 30, 2026. The schedule is filed under passive ownership reporting conventions.
Trading impact will depend on whether holdings are actively managed; the submission states shared voting/dispositive power, which market participants may note in liquidity or block‑trade contexts.
Key Figures
Reported shares held:7,626,705 sharesPercent of class:6.3%Shares outstanding:120,595,189 shares+2 more
5 metrics
Reported shares held7,626,705 sharesdirectly held by RA Capital Healthcare Fund, L.P.
Percent of class6.3%based on outstanding shares as of <date>January 30, 2026</date>
Shares outstanding120,595,189 sharesas of <date>January 30, 2026</date>
Delegation notice period61 daysperiod required to revoke Fund's delegation of voting/dispositive power
Filing date / signature04/07/2026signature dates on the Schedule 13G
Key Terms
beneficially owned, shared dispositive power, disclaim status as a 'group', Section 13(d)
4 terms
beneficially ownedregulatory
"The Fund directly holds 7,626,705 shares of the Issuer's common stock."
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.
shared dispositive powerregulatory
"Shared Dispositive Power 7,626,705.00"
disclaim status as a 'group'regulatory
"The Reporting Persons expressly disclaim status as a "group" for purposes of this"
Section 13(d)regulatory
"RA Capital may be deemed a beneficial owner, for purposes of Section 13(d) of the Act"
What stake does RA Capital report in Aclaris (ACRS)?
RA Capital and related reporting persons report beneficial interests in 7,626,705 shares. This equals 6.3% of 120,595,189 shares outstanding as of January 30, 2026, per the filing.
Who holds the voting power for the Aclaris shares reported by RA Capital?
The filing states the Fund directly holds 7,626,705 shares and has delegated voting and disposition authority to RA Capital. The delegation includes a 61‑day revocation condition.
Do the Reporting Persons claim to be a group in the Schedule 13G?
No. The Reporting Persons expressly disclaim status as a 'group' in the filing while describing their relationships and control paths through general partners and advisers.
How was the 6.3% ownership percentage calculated in the filing?
The percentage is based on 120,595,189 shares outstanding as of January 30, 2026, reported in the Issuer's Annual Report on Form 10‑K filed February 26, 2026.
Which entities and individuals are named as Reporting Persons for ACRS?
The filing names RA Capital Management, L.P.; RA Capital Healthcare Fund, L.P.; Peter Kolchinsky; and Rajeev Shah as the Reporting Persons in the Schedule 13G.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
ACLARIS THERAPEUTICS, INC.
(Name of Issuer)
Common Stock, $0.00001 par value per share
(Title of Class of Securities)
00461U105
(CUSIP Number)
03/31/2026
(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule is filed:
Rule 13d-1(b)
Rule 13d-1(c)
Rule 13d-1(d)
schemaVersion:
SCHEDULE 13G
CUSIP Number(s):
00461U105
1
Names of Reporting Persons
RA Capital Management, L.P.
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
7,626,705.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
7,626,705.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
7,626,705.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
6.3 %
12
Type of Reporting Person (See Instructions)
IA, PN
SCHEDULE 13G
CUSIP Number(s):
00461U105
1
Names of Reporting Persons
Peter Kolchinsky
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
UNITED STATES
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
7,626,705.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
7,626,705.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
7,626,705.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
6.3 %
12
Type of Reporting Person (See Instructions)
HC, IN
SCHEDULE 13G
CUSIP Number(s):
00461U105
1
Names of Reporting Persons
Rajeev Shah
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
UNITED STATES
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
7,626,705.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
7,626,705.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
7,626,705.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
6.3 %
12
Type of Reporting Person (See Instructions)
HC, IN
SCHEDULE 13G
CUSIP Number(s):
00461U105
1
Names of Reporting Persons
RA Capital Healthcare Fund, L.P.
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
7,626,705.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
7,626,705.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
7,626,705.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
6.3 %
12
Type of Reporting Person (See Instructions)
PN
SCHEDULE 13G
Item 1.
(a)
Name of issuer:
ACLARIS THERAPEUTICS, INC.
(b)
Address of issuer's principal executive offices:
701 LEE ROAD, SUITE 103, WAYNE, PA, 19087.
Item 2.
(a)
Name of person filing:
The names of the persons filing this report (collectively, the "Reporting Persons") are:
RA Capital Management, L.P. ("RA Capital")
Peter Kolchinsky ("Dr. Kolchinsky")
Rajeev Shah ("Mr. Shah")
RA Capital Healthcare Fund, L.P. (the "Fund")
The Reporting Persons expressly disclaim status as a "group" for purposes of this Schedule 13G.
(b)
Address or principal business office or, if none, residence:
The address of the principal business office of each of the Reporting Persons is:
c/o RA Capital Management, L.P., 200 Berkeley Street, 18th Floor, Boston MA 02116
(c)
Citizenship:
RA Capital and the Fund are Delaware limited partnerships.
Dr. Kolchinsky and Mr. Shah are United States citizens.
(d)
Title of class of securities:
Common Stock, $0.00001 par value per share
(e)
CUSIP Number(s):
00461U105
Item 3.
If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)
Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)
Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)
Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)
Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)
An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)
An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)
A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)
A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)
A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)
A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J),
please specify the type of institution:
(k)
Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.
Ownership
(a)
Amount beneficially owned:
Row 9 of each Reporting Person's cover page to this Schedule 13G sets forth the aggregate number of shares of common stock of the Issuer beneficially owned by such Reporting Person and is incorporated by reference.
The Fund directly holds 7,626,705 shares of the Issuer's common stock.
RA Capital Healthcare Fund GP, LLC is the general partner of the Fund. The general partner of RA Capital is RA Capital Management GP, LLC, of which Dr. Kolchinsky and Mr. Shah are the controlling persons. RA Capital serves as investment adviser for the Fund and may be deemed a beneficial owner, for purposes of Section 13(d) of the Act, of any securities of the Issuer held by the Fund. The Fund has delegated to RA Capital the sole power to vote and the sole power to dispose of all securities held in the Fund's portfolio, including the shares of the Issuer's common stock reported herein. Because the Fund has divested voting and investment power over the reported securities it holds and may not revoke that delegation on less than 61 days' notice, the Fund disclaims beneficial ownership of the securities it holds for purposes of Section 13(d) of the Act. As managers of RA Capital, Dr. Kolchinsky and Mr. Shah may be deemed beneficial owners, for purposes of Section 13(d) of the Act, of any securities of the Issuer beneficially owned by RA Capital. RA Capital, Dr. Kolchinsky, and Mr. Shah disclaim beneficial ownership of the securities reported in this Schedule 13G other than for the purpose of determining their obligations under Section 13(d) of the Act, and the filing of this Schedule 13G shall not be deemed an admission that either RA Capital, Dr. Kolchinsky, or Mr. Shah is the beneficial owner of such securities for any other purpose.
(b)
Percent of class:
Row 11 of each Reporting Person's cover page to this Schedule 13G sets forth the percentages of shares of common stock of the Issuer beneficially owned by such Reporting Person and is incorporated by reference. Such percentage is based upon 120,595,189 shares of common stock outstanding as of January 30, 2026, as reported in the Issuer's Annual Report on Form 10-K filed with the Securities and Exchange Commission (the "SEC") on February 26, 2026.
(c)
Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote:
Row 5 of each Reporting Person's cover page to this Schedule 13G sets forth the sole power to vote or to direct the vote of securities of the Issuer beneficially owned by such Reporting Person and is incorporated by reference.
(ii) Shared power to vote or to direct the vote:
Row 6 of each Reporting Person's cover page to this Schedule 13G sets forth the shared power to vote or to direct the vote of securities of the Issuer beneficially owned by such Reporting Person and is incorporated by reference.
(iii) Sole power to dispose or to direct the disposition of:
Row 7 of each Reporting Person's cover page to this Schedule 13G sets forth the sole power to dispose or to direct the disposition of securities of the Issuer beneficially owned by such Reporting Person and is incorporated by reference.
(iv) Shared power to dispose or to direct the disposition of:
Row 8 of each Reporting Person's cover page to this Schedule 13G sets forth the shared power to dispose or to direct the disposition of securities of the Issuer beneficially owned by such Reporting Person and is incorporated by reference.
Item 5.
Ownership of 5 Percent or Less of a Class.
Not Applicable
Item 6.
Ownership of more than 5 Percent on Behalf of Another Person.
Not Applicable
Item 7.
Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
Not Applicable
Item 8.
Identification and Classification of Members of the Group.
Not Applicable
Item 9.
Notice of Dissolution of Group.
Not Applicable
Item 10.
Certifications:
By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.
RA Capital Management, L.P.
Signature:
/s/ Peter Kolchinsky
Name/Title:
By Peter Kolchinsky, Authorized Signatory
Date:
04/07/2026
Peter Kolchinsky
Signature:
/s/ Peter Kolchinsky
Name/Title:
Peter Kolchinsky
Date:
04/07/2026
Rajeev Shah
Signature:
/s/ Rajeev Shah
Name/Title:
Rajeev Shah
Date:
04/07/2026
RA Capital Healthcare Fund, L.P.
Signature:
/s/ Peter Kolchinsky
Name/Title:
By RA Capital Healthcare Fund GP, LLC, its General Partner, By Peter Kolchinsky, Manager
