AC Immune First Half 2026 Financial and Corporate Update
Rhea-AI Summary
AC Immune (NASDAQ: ACIU) reported first half 2026 results, highlighting progress in its wholly-owned neurodegeneration pipeline and strengthened partnering economics. Cash resources were CHF 75.4 million at June 30, 2026 (vs. CHF 91.4 million year-end 2025), expected to fund operations into Q4 2027, excluding future milestones.
Revenue rose to CHF 16.2 million from CHF 2.3 million, driven by the amended Lilly agreement (CHF 11.0 million) and Takeda collaborations (CHF 5.2 million). R&D expenses fell to CHF 22.2 million and G&A to CHF 7.7 million, reducing net loss to CHF 12.9 million (from CHF 40.2 million). Key updates included a $4 million grant for Phase 2 VacSYn (ACI-7104) in Parkinson’s disease, a $12 million milestone from Takeda for ACI-24’s AD4 cohort initiation, a CHF 10 million upfront from Lilly for the Morphomer Tau program, and anticipated H2 2026 readouts for ACI-7104 and ACI-19764. Long-time CEO Andrea Pfeifer retired, with Chair Martin Zügel appointed interim CEO.
Positive
- Revenue CHF 16.2m vs. CHF 2.3m H1 2025, driven by milestones
- Net loss CHF 12.9m vs. CHF 40.2m, reflecting lower operating expenses
- R&D CHF 22.2m vs. CHF 32.7m after pipeline focus initiatives
- Cash CHF 75.4m with runway projected into Q4 2027
- $12m milestone from Takeda for ACI-24 AD4 cohort initiation
- CHF 10m upfront from amended Morphomer Tau agreement with Lilly
Negative
- Company remains loss-making with CHF 12.9m IFRS loss in H1 2026
- Cash resources CHF 75.4m down from CHF 91.4m at year-end 2025
- Accumulated losses CHF 450.4m and equity reduced to CHF 35.2m
News Explained
Takeda’s 12 million dollar milestone is triggered, while Lilly’s potential milestones remain potential, not committed consideration.
AC Immune reports that first patients entered the ACI-24 AD4 cohort, an ongoing trial stage, triggering a
AD4 is testing ACI-24 with an additional adjuvant intended to boost immunogenicity, so the milestone is linked to a defined change in the trial design rather than a general pipeline announcement.
The Lilly arrangement includes an upfront payment already received and a later milestone conditional on Phase 1 dosing, alongside other potential development, regulatory and commercial milestones and tiered royalties.
In the ABATE trial's first three cohorts, 74 prodromal Alzheimer’s patients had received 12 months of treatment; the company reported no evidence of ARIA-E and antibody responses at every dose level.
Key Figures
Historical Context
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| Jul 07 | Pipeline presentation | Neutral | +1.2% | Planned AAIC presentations covering TDP-43, NLRP3, and alpha-synuclein programs |
| Jun 30 | Clinical trial data | Positive | -10.5% | ABATE interim data showed safety and antibody responses across 74 patients |
| Jun 11 | Research grant | Positive | +6.6% | Goradia Foundation grant supported extension of the Phase 2 VacSYn trial |
| May 22 | Clinical trial data | Positive | -0.7% | Phase 1 data showed higher TDP-43 tracer uptake in ALS patients |
| May 12 | Leadership change | Negative | -2.1% | CEO retirement and appointment of Martin Zügel as interim CEO |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
ACIU's prior news reactions were mixed, with positive clinical and corporate developments producing both aligned gains and downside divergence.
Key Terms
NLRP3 inflammasome medical
pharmacodynamics medical
positron emission tomography medical
AI-generated analysis. How Rhea-AI works. Not financial advice.
AC Immune First Half 2026 Financial and Corporate Update
Focused portfolio of wholly-owned programs approach near-term clinical catalysts as partnered programs generate milestone payments
- Key advances across pipeline, with further near-term clinical results anticipated for H2 2026
- Phase 2 VacSYn trial of ACI-7104 in Parkinson’s disease supported by a
$4 million grant from The Vijay and Marie Goradia Charitable Foundation - Morphomer small molecule program targeting intracellular Tau progresses with Lilly
- Initiation of Alzheimer’s disease AD4 cohort in ABATE trial triggered
$12 million milestone payment from Takeda
- Cash resources of CHF 75.4 million as of June 30, 2026, provide funding into Q4 2027
Lausanne, Switzerland, August 5, 2026 -- AC Immune SA (NASDAQ: ACIU), a clinical-stage biopharmaceutical company developing targeted therapeutics for neurodegenerative diseases, today provided a corporate and financial update for the half-year ended June 30, 2026.
Martin Zügel, MD, interim CEO of AC Immune and Chair of the Board of Directors, commented: “AC Immune is moving towards key clinical milestones in two of our wholly-owned programs, a growing focus for AC Immune. These data include full results from Part 1 of the VacSYn trial of ACI-7104, our anti-α-syn active immunotherapy in Parkinson’s disease, as well as initial data from our ACI-19764 trial. The important milestone payments in our partnered programs ensure we are funded into Q4 2027, and that we are well-positioned as we approach these near-term clinical results.”
First Half 2026 and Subsequent Highlights:
Wholly-Owned Programs
AC Immune’s wholly-owned pipeline is built around three differentiated programs against α-synuclein, TDP-43, and NLRP3, targeting key mechanisms underlying neurodegenerative disease based on extensive preclinical data. The following updates focus on our clinical stage programs. ACI-7104 is an active immunotherapy targeting pathological α-synuclein in Parkinson’s disease, designed to generate a targeted immune response with the potential to modify disease progression. ACI-19764 is a small-molecule NLRP3 inflammasome inhibitor aimed at reducing neuroinflammation, a fundamental driver of multiple neurodegenerative disorders. ACI-19626 is a first-in-class TDP-43 PET tracer designed to visualize TDP-43 pathology in living patients, addressing a major unmet need in ALS and related diseases. Together, these assets provide multiple near-term data catalysts and showcase AC Immune’s ability to translate deep neuroscience expertise into both therapeutics and diagnostics.
ACI-7104: anti-a-syn active immunotherapy
- The VacSYn placebo-controlled Phase 2 clinical trial continues, with full results from the complete data set for Part 1 of the trial at week 104 expected to be reported in H2 2026. Clinicaltrials.gov identifier: NCT06015841
- Part 1 of the ongoing Phase 2 VacSYn trial of ACI-7104 in early Parkinson’s disease (PD) was extended and received support via a research grant of
$4 million from The Vijay and Marie Goradia Charitable Foundation. - Previously reported interim results from Part 1 at 76 weeks included changes in biomarkers and clinical measures assessed as signals of the potential impact of treatment with ACI-7104.
- Results to support further development of the program and discussion with regulators to establish a clinical development plan towards registration.
ACI-19764: brain penetrant NLRP3 inhibitor
- Phase 1 trial in healthy volunteers continues, with initial SAD/MAD and pharmacodynamics results expected in the near future.
- These will be followed later in H2 2026 by Phase 1b results on reductions in hsCRP levels in a cohort of patients with CV-risk factors and elevated hsCRP on entry into the trial.
ACI-19626: TDP-43 PET tracer
- Presented new preliminary results from a Phase 1 clinical trial of first-in-class TDP-43 positron emission tomography (PET) tracer ACI-19626 showing increased uptake in the brains of patients with amyotrophic lateral sclerosis (ALS).
Partnered Programs
AC Immune’s partnered portfolio validates the strength of its neuroscience platform through collaborations with leading global pharmaceutical companies. The pipeline includes anti-amyloid and anti-tau programs developed in collaboration with Takeda, Lilly, and Janssen, leveraging AC Immune’s expertise in protein misfolding and neurodegenerative disease biology. The portfolio also includes diagnostic imaging assets developed with partners to improve patient identification, stratification and treatment monitoring. These partnerships provide access to substantial development resources, milestone and royalty opportunities, and multiple clinical catalysts.
ACI-24: anti-Abeta active immunotherapy
- Dosed the first patients in Cohort AD4 in the ongoing Phase 1b/2 ABATE trial of ACI-24 to treat prodromal Alzheimer’s disease (AD). Cohort AD4 is evaluating enhancing ACI-24 with an additional adjuvant to boost immunogenicity. Following the cohort initiation, a
$12 million milestone payment from partner Takeda was triggered. - Reported high level interim data from the first three cohorts (AD1, AD2 & AD3) of 74 prodromal AD patients in the ABATE trial, following 12 months of treatment. ACI-24 has been generally safe and well tolerated, with no evidence of amyloid-related imaging abnormalities-edema (ARIA-E). Anti-Abeta antibody responses were detected at every dose level.
Morphomer-Tau small molecule program
- Amended agreement with Lilly continues the research and collaboration to include development of new lead Tau Morphomer® candidates and potential back-up compounds, reflecting growing excitement for targeting intracellular Tau and significant progress made with our Morphomer small molecules.
- AC Immune received a CHF10 million upfront payment and will receive a subsequent milestone payment subject to Phase 1 dosing, in addition to other potential development, regulatory and commercial milestones of over CHF1.7 billion, plus tiered percentage royalty payments in the low double digits, as previously disclosed.
Corporate Governance
- After long service Dr Andrea Pfeifer retired from her role as Chief Executive Officer (CEO) of AC Immune at the Annual General Meeting (AGM) to spend more time with her family. AC Immune’s Board of Directors appointed the Chair, Dr Martin Zügel, to serve as interim CEO whilst a diligent search for a permanent successor continues apace.
- All agenda items at the AGM were approved by shareholders.
Anticipated 2026 Milestones
| Program | Milestone | Expected in |
| ACI-7104.056 anti-a-syn active immunotherapy | Final data from Part 1 of the Phase 2 VacSYn trial in PD | H2 2026 |
| ACI-19764 NLRP3 inhibitor | Results from Phase 1 trial in healthy volunteers | H2 2026 |
| Results from Phase 1b in patient cohort | H2 2026 | |
| Morphomer a-syn aggregation inhibitor | Lead declaration | H2 2026 |
Analysis of Financial Statements for the Half-year Ended June 30, 2026
- Cash Position: The Company had total cash resources of CHF75.4 million (CHF91.4 million as of December 31, 2025), composed of CHF27.8 million in cash and cash equivalents and CHF47.6 million in short-term financial assets. The Company’s cash resources are expected to provide sufficient capital to last into Q4 2027, excluding potential milestone payments.
- Revenue: Total revenues for the six months ended June 30, 2026 were CHF16.2 million compared with CHF2.3 million for the same period in 2025. The increase was due to the achievement of milestones following the amended Lilly agreement resulting in CHF11.0 million of revenue recognized, and efforts under the Takeda arrangements resulting in CHF5.2 million of revenue recognized.
- R&D expenditures: R&D expenses for the six months ended June 30, 2026, were CHF22.2 million, compared with CHF32.7 million for the comparable period in 2025. The decrease was partly due to lower personnel and operational spend of approximately CHF4.9 million, largely as a result of our pipeline focus initiatives announced in Q3 2025. Additional decreases of CHF5.8 million resulted from lower spend in our clinical programs including our active immunotherapy programs which had non-recurring manufacturing costs in the prior period. These decreases were offset by increased costs of CHF1.9 million relating to our NLRP3 inhibitor small molecule entering Phase 1 clinical development.
- G&A expenditures: G&A expenses in the period were CHF7.7 million in the period ended June 30, 2026, compared to CHF8.3 million for same period in 2025. The decrease reflects the lower personnel costs as a result of our pipeline focus initiatives announced in Q3 2025.
- Financial result: The financial result was a gain of CHF0.7 million for the period, compared with a loss of CHF1.5 million for the comparable period. The change was primarily driven by an increase in foreign exchange gains of CHF2.9 million, partially offset by a decrease in interest income earned on short-term financial assets of CHF0.7 million.
IFRS loss for the period: The Company had a net loss of CHF12.9 million for the period ended June 30, 2026, compared to CHF40.2 million for the same period in 2025.
About AC Immune SA
AC Immune (NASDAQ: ACIU), is a clinical stage biopharmaceutical company developing a pipeline of products, including both active immunotherapies and small molecules, targeting key misfolded proteins and pathways for the treatment of multiple neurodegenerative diseases. The company has a growing focus on its wholly owned proprietary clinical stage programs, including: ACI-7104, an active immunotherapy targeting α-synuclein (α-syn) in Parkinson's disease; and ACI-19764, a small molecule inhibitor of the NLRP3 inflammasome. In addition, an early-stage small molecule development program targeting intracellular a-syn is advancing towards the clinic. ACIU has a strong track record of securing strategic partnerships with leading global pharmaceutical companies resulting in substantial non-dilutive funding and >
SupraAntigen® is a registered trademark of AC Immune SA in the following territories: AU, EU, CH, GB, JP, RU, SG and USA. Morphomer® is a registered trademark of AC Immune SA in CA, CN, CH, EU, GB, JP, KR, NO, RU and SG.
The information on our website and any other websites referenced herein is expressly not incorporated by reference into, and does not constitute a part of, this press release.
For further information, please contact:
| SVP, Investor Relations & Corporate Communications Gary Waanders, Ph.D., MBA AC Immune Phone: +41 21 345 91 91 Email: gary.waanders@acimmune.com | |
| International Media Optimum Strategic Communications Nick Bastin, Joshua Evans, Aoife Minihan, Ben Cowe Phone: +44 (0) 20 4566 8543 Email: acimmune@optimumcomms.com |
Forward looking statements
This press release contains statements that constitute “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements are statements other than historical fact and may include statements that address future operating, financial or business performance or AC Immune’s strategies or expectations. In some cases, you can identify these statements by forward-looking words such as “may,” “might,” “will,” “should,” “expects,” “plans,” “anticipates,” “believes,” “estimates,” “predicts,” “projects,” “potential,” “outlook” or “continue,” and other comparable terminology. Forward-looking statements are based on management’s current expectations and beliefs and involve significant risks and uncertainties that could cause actual results, developments and business decisions to differ materially from those contemplated by these statements. These risks and uncertainties include those described under the captions “Item 3. Key Information – Risk Factors” and “Item 5. Operating and Financial Review and Prospects” in AC Immune’s Annual Report on Form 20-F and other filings with the Securities and Exchange Commission. Forward-looking statements speak only as of the date they are made, and AC Immune does not undertake any obligation to update them in light of new information, future developments or otherwise, except as may be required under applicable law. All forward-looking statements are qualified in their entirety by this cautionary statement.
Condensed Consolidated Balance Sheets (Unaudited)
(In CHF thousands)
| As of | ||||
| June 30, | December 31, | |||
| 2026 | 2025 | |||
| Assets | ||||
| Non-current assets | ||||
| Property, plant and equipment | 1,919 | 1,989 | ||
| Right-of-use assets | 4,080 | 4,540 | ||
| Intangible asset | 50,416 | 50,416 | ||
| Long-term financial assets | 585 | 584 | ||
| Total non-current assets | 57,000 | 57,529 | ||
| Current assets | ||||
| Prepaid expenses | 4,399 | 3,972 | ||
| Accrued income | 209 | 360 | ||
| Other current receivables | 3,514 | 978 | ||
| Accounts receivable | 9,922 | — | ||
| Short-term financial assets | 47,600 | 64,617 | ||
| Cash and cash equivalents | 27,757 | 26,795 | ||
| Total current assets | 93,401 | 96,722 | ||
| Total assets | 150,401 | 154,251 | ||
| Shareholders' equity and liabilities | ||||
| Shareholders’ equity | ||||
| Share capital | 2,263 | 2,253 | ||
| Share premium | 483,550 | 481,863 | ||
| Treasury shares | (213) | (218) | ||
| Currency translation differences | 9 | 7 | ||
| Accumulated losses | (450,440) | (439,021) | ||
| Total shareholders’ equity | 35,169 | 44,884 | ||
| Non-current liabilities | ||||
| Long-term deferred income | 1,830 | — | ||
| Long-term deferred contract revenue | 806 | 2,339 | ||
| Long-term lease liabilities | 3,267 | 3,689 | ||
| Net employee defined benefit liabilities | 9,090 | 8,646 | ||
| Total non-current liabilities | 14,993 | 14,674 | ||
| Current liabilities | ||||
| Trade and other payables | 1,513 | 2,068 | ||
| Accrued expenses | 7,122 | 8,067 | ||
| Short-term deferred income | 1,292 | — | ||
| Short-term deferred contract revenue | 89,477 | 83,706 | ||
| Short-term lease liabilities | 835 | 852 | ||
| Total current liabilities | 100,239 | 94,693 | ||
| Total liabilities | 115,232 | 109,367 | ||
| Total shareholders’ equity and liabilities | 150,401 | 154,251 | ||
Condensed Consolidated Statements of Income/(Loss) (Unaudited)
(In CHF thousands, except for per-share data)
| For the Six Months | ||||
| Ended June 30, | ||||
| 2026 | 2025 | |||
| Revenue | ||||
| Contract revenue | 16,232 | 2,296 | ||
| Total revenue | 16,232 | 2,296 | ||
| Operating expenses | ||||
| Research & development expenses | (22,220) | (32,742) | ||
| General & administrative expenses | (7,714) | (8,334) | ||
| Other operating income/(expense), net | 107 | 21 | ||
| Total operating expenses | (29,827) | (41,055) | ||
| Operating loss | (13,595) | (38,759) | ||
| Financial income | 399 | 1,145 | ||
| Financial expense | (126) | (103) | ||
| Exchange differences | 395 | (2,501) | ||
| Finance result, net | 668 | (1,459) | ||
| Loss before tax | (12,927) | (40,218) | ||
| Income tax expense | — | — | ||
| Loss for the period | (12,927) | (40,218) | ||
| Loss per share: | ||||
| Basic and diluted loss per share for the period attributable to equity holders | (0.13) | (0.40) | ||
Condensed Consolidated Statements of Comprehensive Income/(Loss) (Unaudited)
(In CHF thousands)
| For the Six Months | ||||
| Ended June 30, | ||||
| 2026 | 2025 | |||
| Loss for the period | (12,927) | (40,218) | ||
| Items that will be reclassified to income or loss in subsequent periods (net of tax): | ||||
| Currency translation differences: | 2 | 9 | ||
| Other comprehensive income/(loss) | 2 | 9 | ||
| Total comprehensive loss, net of tax | (12,925) | (40,209) | ||
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