Leonard Braden Michael 4

What Happened

• Leonard Braden Michael, reported as a 10% owner of Aclaris Therapeutics (ACRS), disposed of 300,000 shares on April 23, 2026. The shares were sold at $4.53 each for total proceeds of $1,359,000. The filing lists the transaction as an open market or private sale (code S).

Key Details

• Transaction date and price: 2026-04-23 — 300,000 shares at $4.53 per share.
• Total proceeds: $1,359,000.
• Filing date: 2026-04-27 (filed within the SEC’s two-business-day reporting window for Form 4s).
• Shares owned after transaction: not specified in the provided filing.
• Footnote: BML Capital Management, LLC is the general partner of the fund that directly owns the shares; Mr. Leonard is the managing member and exercises investment and voting control. He disclaims beneficial ownership except to the extent of his pecuniary interest.
• No 10b5-1 plan, option exercise, gift, or tax-withholding event is referenced in the filing.

Context

• This report concerns a sale by a 10% owner via a fund structure rather than an executive compensation event. Sales by insiders or large holders can be routine portfolio or fund liquidity actions and do not on their own indicate company outlook; purchases are generally more informative about insider sentiment.