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ACIU

AC Immune S.A.

ACIU

AC Immune S.A. • NASDAQ
$2.99 ▲ 2.05% (+0.06)
Market Cap $300.79 M
52w High $4.00
52w Low $1.43
Dividend Yield 0%
P/E -3.36
Volume 53.29K
Outstanding Shares 100.60M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $939K ▼ $17.105M ▼ $-15.858M ▲ -1.689K% ▼ $-0.16 ▲ $-15.518M ▲
Q2-2025 $1.306M ▲ $20.694M ▲ $-21.189M ▼ -1.622K% ▲ $-0.21 ▼ $-20.516M ▼
Q1-2025 $990K ▼ $20.36M ▲ $-19.029M ▼ -1.922K% ▼ $-0.19 ▼ $-18.363M ▼
Q4-2024 $1.137M ▼ $19.755M ▲ $-15.797M ▼ -1.389K% ▼ $-0.14 ▼ $-15.235M ▼
Q3-2024 $25.485M $18.216M $5.503M 21.593% $0.06 $6.065M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $108.468M ▼ $171.607M ▼ $109.163M ▼ $62.444M ▼
Q2-2025 $127.135M ▼ $190.224M ▼ $115.481M ▼ $74.743M ▼
Q1-2025 $145.614M ▼ $211.082M ▼ $116.284M ▼ $94.798M ▼
Q4-2024 $165.489M ▲ $230.913M ▼ $118.643M ▲ $112.27M ▼
Q3-2024 $157.895M $244.248M $114.083M $130.165M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-15.858M ▲ $-18.34M ▼ $20.628M ▼ $-254K ▼ $2.019M ▼ $-18.398M ▼
Q2-2025 $-21.189M ▼ $-15.598M ▲ $23.883M ▲ $-247K ▲ $5.762M ▲ $-15.971M ▲
Q1-2025 $-19.029M ▼ $-18.816M ▼ $3.028M ▲ $-258K ▼ $-16.315M ▼ $-19.178M ▼
Q4-2024 $-15.797M ▼ $5.934M ▲ $-3.826M ▼ $-197K ▼ $3.858M ▲ $5.844M ▲
Q3-2024 $5.503M $-14.143M $-2.087M $-173K $-19.147M $-14.312M

Five-Year Company Overview

Income Statement

Income Statement AC Immune is still very much a research-stage company, so its revenue remains very small and irregular, driven mainly by collaboration and milestone payments rather than product sales. Over the past five years it has consistently reported operating losses, which is typical for a clinical‑stage biotech investing heavily in trials. The size of those losses has been fairly stable and has recently started to narrow a bit, helped by occasional revenue spikes. Profitability is not yet in sight and will likely depend on successful late‑stage data, new or expanded partnerships, or eventual product launches.

Balance Sheet

Balance Sheet The balance sheet shows a company financed mostly by shareholder equity with very little debt, which reduces financial pressure from interest payments. Total assets and cash have come down from earlier peaks but remain meaningful for a company at this stage, suggesting some room to keep funding its programs. Equity has drifted lower over time as losses accumulate, but there is still a solid equity base relative to the tiny amount of debt. Overall, the balance sheet looks typical for a small biotech: reliant on cash reserves and future financing or partnership inflows rather than internal profits.

Cash Flow

Cash Flow Historically, AC Immune has burned cash through operations, again normal for a clinical‑stage biotech. The most recent year stands out with positive operating and free cash flow, which is likely driven by partnership payments or one‑off items rather than a structural shift to a self‑funding model. Capital spending is minimal, so the main driver of cash in or out is R&D and clinical activity. Management’s recent decision to cut headcount and narrow the pipeline is clearly aimed at stretching existing cash, with a stated goal of funding operations for several more years without an immediate need for large new financing.

Competitive Edge

Competitive Edge AC Immune operates in a very tough but high‑potential space: treatments and diagnostics for neurodegenerative diseases like Alzheimer’s and Parkinson’s. Its competitive edge comes from two proprietary platforms that are specifically designed to target misfolded proteins in the brain, plus a strong focus on active immunotherapies rather than just traditional antibody drugs. The company has attracted partnerships with large pharmaceutical groups, which both validates the science and provides access to development and commercialization muscle. At the same time, it competes against some of the biggest players in biotech and pharma, and faces the usual binary risks of clinical success or failure in a notoriously challenging disease area.

Innovation and R&D

Innovation and R&D R&D is the heart of AC Immune: most spending is directed to advancing a broad pipeline of vaccines, antibodies, small molecules, and diagnostics for neurodegenerative conditions. The SupraAntigen and Morphomer platforms give it a flexible toolkit to design both biologic and small‑molecule approaches, including newer concepts like antibody‑drug conjugates tailored for the brain. Several key programs are already in mid‑stage trials, targeting Tau and alpha‑synuclein, which are central to Alzheimer’s and Parkinson’s biology. The recent decision to narrow the pipeline and reduce staff is a sign of disciplined prioritization—fewer, higher‑conviction projects aimed at generating clearer clinical proof points and partnering opportunities.

Summary

AC Immune is a classic clinical‑stage biotech: very small and lumpy revenue, recurring losses, but a differentiated technology base and a focused disease area with large unmet need. Financially, it has limited debt, a moderate cash cushion, and a history of cash burn that is now being actively managed through cost cuts and portfolio focus. Strategically, its strength lies in proprietary platforms, a diversified but now more targeted pipeline, and validation from big‑pharma partners. The main upside potential is tied to clinical and partnership milestones in Alzheimer’s and Parkinson’s; the main risks are scientific setbacks, regulatory uncertainty, and the need for future funding if timelines slip or trials disappoint.

NEWS

November 4, 2025 · 7:00 AM UTC

AC Immune Reports Third Quarter 2025 Financial Results and Provides a Corporate Update

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October 24, 2025 · 8:50 AM UTC

First Characterization of a TDP-43 PET Tracer Published in Nature Communications Showing Potential of AC Immune's ACI-19626 in Precision Medicine

Read more