UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G

Under the Securities Exchange Act of 1934

(Amendment No. 2)*

ACLARIS THERAPEUTICS, INC.
(Name of Issuer)

Common Shares
(Title of Class of Securities)

00461U105
(CUSIP Number)

Aclaris Therapeutics, Inc., 640 Lee Road, Suite 200, Wayne, PA 19087
(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

July 20, 2020
(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)

[X]  Rule 13d-1(c)

[   ]  Rule 13d-1(d)

*The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter the disclosures provided in a prior cover page.

The information required in the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).


CUSIP No. 00461U105

1
NAMES OF REPORTING PERSONS
 
MFN Partners, LP
 
2
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)
 
 
(a) [   ]
(b) [X]
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
 
 
1,895,677
6
SHARED VOTING POWER
 
 
0
7
SOLE DISPOSITIVE POWER
 
 
1,895,677
8
SHARED DISPOSITIVE POWER
 
 
0
9
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
 
1,895,677
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
 
4.53%(1)
12
TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
 
PN

(1) The percentage is based upon 41,866,345 shares of Common Stock of the Issuer outstanding as reported by the Issuer in its Form 10-Q for the quarterly period ended March 31, 2020, dated May 7, 2020

2

CUSIP No. 00461U105

1
NAMES OF REPORTING PERSONS
 
MFN Partners GP, LLC
 
2
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)
 
 
(a) [   ]
(b) [X]
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
 
 
1,895,677
6
SHARED VOTING POWER
 
 
0
7
SOLE DISPOSITIVE POWER
 
 
1,895,677
8
SHARED DISPOSITIVE POWER
 
 
0
9
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
 
1,895,677
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
 
4.53%(1)
12
TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
 
OO

(1) The percentage is based upon 41,866,345 shares of Common Stock of the Issuer outstanding as reported by the Issuer in its Form 10-Q for the quarterly period ended March 31, 2020, dated May 7, 2020.

3

CUSIP No. 00461U105

1
NAMES OF REPORTING PERSONS
 
MFN Partners Management, LP
 
2
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)
 
 
(a) [   ]
(b) [X]
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
 
 
1,895,677
6
SHARED VOTING POWER
 
 
0
7
SOLE DISPOSITIVE POWER
 
 
1,895,677
8
SHARED DISPOSITIVE POWER
 
 
0
9
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
 
1,895,677
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
 
4.53%(1)
12
TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
 
IA

(1) The percentage is based upon 41,866,345 shares of Common Stock of the Issuer outstanding as reported by the Issuer in its Form 10-Q for the quarterly period ended March 31, 2020, dated May 7, 2020.


4

CUSIP No. 00461U105


1
NAMES OF REPORTING PERSONS
 
MFN Partners Management, LLC
 
2
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)
 
 
(a) [   ]
(b) [X]
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
 
 
1,895,677
6
SHARED VOTING POWER
 
 
0
7
SOLE DISPOSITIVE POWER
 
 
1,895,677
8
SHARED DISPOSITIVE POWER
 
 
0
9
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
 
1,895,677
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
 
4.53%(1)
12
TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
 
OO

(1) The percentage is based upon 41,866,345 shares of Common Stock of the Issuer outstanding as reported by the Issuer in its Form 10-Q for the quarterly period ended March 31, 2020, dated May 7, 2020.


5

CUSIP No. 00461U105


1
NAMES OF REPORTING PERSONS
 
Farhad Nanji
 
2
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)
 
 
(a) [   ]
(b) [X]
3
SEC USE ONLY
 
 
4
CITIZENSHIP OR PLACE OF ORGANIZATION
 
Canada
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
5
SOLE VOTING POWER
 
 
1,895,677
6
SHARED VOTING POWER
 
 
0
7
SOLE DISPOSITIVE POWER
 
 
1,895,677
8
SHARED DISPOSITIVE POWER
 
 
0
9
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
 
1,895,677
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
 
4.53%(1)
12
TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
 
IN

(1) The percentage is based upon 41,866,345 shares of Common Stock of the Issuer outstanding as reported by the Issuer in its Form 10-Q for the quarterly period ended March 31, 2020, dated May 7, 2020.

6

CUSIP No. 00461U105


1
NAMES OF REPORTING PERSONS
 
Michael DeMichele
 
2
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)
 
 
(a) [   ]
(b) [X]
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
 
 
1,895,677
6
SHARED VOTING POWER
 
 
0
7
SOLE DISPOSITIVE POWER
 
 
1,895,677
8
SHARED DISPOSITIVE POWER
 
 
0
9
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
 
1,895,677
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
 
4.53%(1)
12
TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
 
IN

(1) The percentage is based upon 41,866,345 shares of Common Stock of the Issuer outstanding as reported by the Issuer in its Form 10-Q for the quarterly period ended March 31, 2020, dated May 7, 2020.


7

CUSIP No. 00461U105
SCHEDULE 13G

Item 1.
 
(a)
Name of Issuer:
 
Aclaris Therapeutics, Inc.

(b)
Address of Issuer’s Principal Executive Offices:
 
640 Lee Road, Suite 200
Wayne, PA
   
Item 2.
 
(a)
Name of Person Filing:
 
This Statement on Schedule 13G is being filed on behalf of:
 
(i)
MFN Partners, LP, a Delaware limited partnership (the “Partnership”)

 
(ii)
MFN Partners GP, LLC, a Delaware limited liability company (“MFN GP”), the General Partner of the Partnership

 
(iii)
MFN Partners Management, LP, a Delaware limited partnership (“MFN Management”), the investment adviser to the Partnership

 
(iv)
MFN Partners Management, LLC, a Delaware limited liability company (“MFN LLC”), the General Partner of MFN Management

 
(v)
Farhad Nanji, in his capacities as managing member of MFN GP and MFN LLC; and

 
(vi)
Michael DeMichele, in his capacities as managing member of MFN GP and MFN LLC

 
The Partnership, MFN GP, MFN Management, MFN LLC, Farhad Nanji and Michael DeMichele are sometimes individually referred to herein as a “Reporting Person” and collectively as the “Reporting Persons.”

(b)
Address of Principal Business Office:
 
c/o MFN Partners Management, LP
222 Berkeley Street, 13th Floor
Boston, MA 02116

(c)
Citizenship:
 
The Partnership
Delaware
 
MFN GP
Delaware
 
MFN Management
Delaware
 
MFN LLC
Delaware
 
Farhad Nanji
Canada
 
Michael DeMichele
United States

(d)
Title and Class of Securities:
 
Common stock

(e)
CUSIP NO.:
 
00461U105




8

CUSIP No. 00461U105


Item 3.
For statement filed pursuant to §§240.13d-1(b) or 240.13d-2(b) or (c), check whether the person is a:
 
Not applicable
   
Item 4.
Ownership
For the Partnership, MFN, GP, MFN Management, MFN LLC, Farhad Nanji and Michael DeMichele
 
(a)
Amount beneficially owned:

1,895,677
 
(b)
Percent of Class (1):

4.53%(1)
 
(c)
Number of shares as to which the person has
 
   
(i)
Sole power to vote or direct the vote:

1,895,677
   
(ii)
Shared power to vote or to direct the vote:

0
   
(iii)
Sole power to dispose or to direct the disposition of:

1,895,677
   
(iv)
Shared power to dispose or to direct the disposition of:
0
   
Item 5.
Ownership of Five Percent or Less of a Class.
 
If this statement is being filed to report the fact that as of the date hereof the reporting person has ceased to be the beneficial owner of more than 5 percent of the class of securities, check the following [ X ]
   
Item 6.
Ownership of More than Five 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.
 
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.
Certification.
 
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 Section 240.14a-11.

(1) The percentage is based upon 41,866,345 shares of Common Stock of the Issuer outstanding as reported by the Issuer in its Form 10-Q for the quarterly period ended March 31, 2020, dated May 7, 2020.

9

CUSIP No. 00461U105
SIGNATURE
After reasonable inquiry and to the best of his or its knowledge and belief, each of the undersigned certifies that the information set forth in this statement is true, complete and correct.  We also hereby agree to file this statement jointly pursuant to the agreement set forth as Exhibit 1.
Dated:  July 22, 2020

 
MFN PARTNERS, LP
 
       
 
By:
/s/ Jonathan Reisman
 
 
Name:
Jonathan Reisman
 
 
Title:
Authorized Person
 
       
       
 
MFN PARTNERS GP, LLC
 
       
 
By:
/s/ Jonathan Reisman
 
 
Name:
Jonathan Reisman
 
 
Title:
Authorized Person
 
       
       
 
MFN PARTNERS MANAGEMENT, LP
 
       
 
By:
/s/ Jonathan Reisman
 
 
Name:
Jonathan Reisman
 
 
Title:
Authorized Person
 
       
       
 
MFN PARTNERS MANAGEMENT, LLC
 
       
 
By:
/s/ Jonathan Reisman
 
 
Name:
Jonathan Reisman
 
 
Title:
Authorized Person
 
       
       
 
FARHAD NANJI
 
       
 
By:
/s/ Farhad Nanji
 
 
Name:
Farhad Nanji
 
       
       
 
MICHAEL DEMICHELE
 
       
 
By:
/s/ Michael DeMichele
 
 
Name:
Michael DeMichele
 


10

CUSIP No. 00461U105
Exhibit 1
JOINT FILING AGREEMENT PURSUANT TO RULE 13d-1(k)(1)
Pursuant to Rule 13d-1(k)(1) under the Securities Exchange Act of 1934, the undersigned hereby agree that only one statement containing the information required by Schedule 13G need be filed with respect to the ownership by each of the undersigned of shares of Common Stock of Aclaris Therapeutics, Inc.
Dated:  July 22, 2020

 
MFN PARTNERS, LP
 
       
 
By:
/s/ Jonathan Reisman
 
 
Name:
Jonathan Reisman
 
 
Title:
Authorized Person
 
       
 
MFN PARTNERS GP, LLC
 
       
 
By:
/s/ Jonathan Reisman
 
 
Name:
Jonathan Reisman
 
 
Title:
Authorized Person
 
       
 
MFN PARTNERS MANAGEMENT, LP
 
       
 
By:
/s/ Jonathan Reisman
 
 
Name:
Jonathan Reisman
 
 
Title:
Authorized Person
 
       
 
MFN PARTNERS MANAGEMENT, LLC
 
       
 
By:
/s/ Jonathan Reisman
 
 
Name:
Jonathan Reisman
 
 
Title:
Authorized Person
 
       
 
FARHAD NANJI
 
       
 
By:
/s/ Farhad Nanji
 
 
Name:
Farhad Nanji
 
       
 
MICHAEL DEMICHELE
 
       
 
By:
/s/ Michael DeMichele
 
 
Name:
Michael DeMichele
 

11
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