AC Immune Reports Full Year 2025 Financial Results and Provides a Corporate Update
Rhea-AI Summary
AC Immune (NASDAQ: ACIU) reported full-year 2025 results and a corporate update. Key items: interim Phase 2 VacSYn data suggest ACI-7104 may slow Parkinson’s progression and showed 100% immunogenic responder rate. Cash was CHF 91.4M at Dec 31, 2025, extending runway to Q3 2027. The company reported a net loss of CHF 70.5M and expects 2026 cash expenditure of CHF 55–65M. Management reduced workforce by ~30% and advanced ACI-19764 into Phase 1.
Positive
- Interim ACI-7104 data suggest slowed Parkinson’s progression
- Immunogenicity 100% responder rate in VacSYn Part 1
- Cash runway extended to Q3 2027
- ACI-19764 NLRP3 inhibitor dosed in Phase 1
Negative
- Cash declined from CHF 165.5M to CHF 91.4M
- Net loss widened to CHF 70.5M in 2025
- Contract revenues fell to CHF 3.6M from CHF 27.3M
- Workforce reduced by ~30%, indicating cost cuts
Key Figures
Market Reality Check
Peers on Argus
ACIU is down 1.96% with peers like IMMP and EDIT also down (-77.8%, -1.97%). Two tracked peers are moving lower, consistent with a broader biotech risk-off move (scanner median -39.9%).
Previous Earnings Reports
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Nov 04 | Q3 2025 earnings | Positive | +3.8% | Cash runway to Q3 2027 and focused investment on key programs. |
| Aug 05 | Q2 2025 earnings | Positive | +11.6% | Strong cash position and positive interim Phase 2 ACI-7104 data. |
| Apr 30 | Q1 2025 earnings | Positive | +1.8% | Solid cash, favorable ACI-7104 safety and immunogenicity profile. |
| Mar 13 | FY 2024 earnings | Positive | -0.9% | Takeda deal and milestones lifted revenue but stock edged lower. |
| Nov 05 | Q3 2024 earnings | Positive | +10.2% | Milestone-driven revenue and Fast Track for Alzheimer’s program. |
Earnings and corporate updates have historically skewed positive for ACIU, with 4 of 5 prior earnings releases producing gains the next day.
Across the last five earnings-related updates from Nov 2024 through Nov 2025, AC Immune consistently emphasized a strong cash runway into 2027, expanding Phase 2 immunotherapy programs, and advancing Morphomer and NLRP3 pipelines. Price reactions were mostly positive, including moves of +11.6% and +10.2% on upbeat pipeline and revenue news. Today’s full-year 2025 report continues themes of cost focus, extended runway to Q3 2027, and multiple 2026 readouts, aligning strategically with prior updates.
Historical Comparison
Over the past five earnings releases, ACIU moved an average of +5.3% on day one. Today’s -1.96% reaction to full-year 2025 results contrasts with that generally positive pattern.
Earnings updates show a progression from milestone-driven cash infusions in 2024 toward a leaner 2025 cost base, while maintaining runway into 2027 and advancing Phase 2 immunotherapies and NLRP3/Morphomer assets.
Market Pulse Summary
This announcement combines full-year 2025 financials with a corporate update, highlighting CHF 91.4 million in cash resources, reduced operating expenses, and guidance for CHF 55–65 million in 2026 cash expenditure. It reinforces runway into Q3 2027 while advancing Phase 2 immunotherapies and a Phase 1 NLRP3 inhibitor. Investors may focus on the sharp drop in contract revenues versus 2024, the larger CHF 70.5 million net loss, and execution on 2026 clinical milestones.
Key Terms
phase 2 medical
phase 1 medical
nlrp3 inflammasome medical
investigational new drug (ind) regulatory
ifrs financial
AI-generated analysis. Not financial advice.
AC Immune Reports Full Year 2025 Financial Results and Provides a Corporate Update
- Phase 2 interim results suggest treatment with active immunotherapy ACI-7104 may slow the progression of Parkinson’s disease
- NLRP3 inhibitor ACI-19764 Phase 1 trial initiated with first participants dosed
- Approaching multiple value-inflection points, including interim results of the AD3 cohort in the Phase 2 ABATE trial of ACI-24 in Alzheimer’s disease in H1 2026, and full 24-month data from Part 1 of the Phase 2 VacSYn trial of ACI-7104 in Q3 2026
- Cash resources of CHF 91.4 million as of December 31, 2025, provide funding to the end of Q3 2027 before any potential milestone payments
Lausanne, Switzerland, March 13, 2026 -- AC Immune SA (NASDAQ: ACIU), a clinical-stage biopharmaceutical company pioneering precision therapeutics for neurodegenerative diseases, today reported results for the full year ended December 31, 2025, and provided a corporate update.
Dr. Andrea Pfeifer, CEO of AC Immune SA, commented: “We made significant progress towards delivering precision prevention of neurodegenerative diseases in 2025, exemplified by the exceptional interim data from the VacSYn trial of ACI-7104, our wholly-owned active immunotherapy targeting α-synuclein. Evidence that ACI-7104 appears to slow the rate of progression in early Parkinson’s disease (PD) further demonstrates the potential for active immunotherapies as disease-modifying treatments with the potential to slow or prevent neuronal damage.”
“Our novel Morphomer® small-molecule therapeutics complement these programs by targeting intracellular mechanisms, enabling intervention at the earliest stages of disease. ACI-19764, a brain-penetrant NLRP3 inhibitor with potential to treat numerous diseases both within and beyond neurodegeneration, is now in a Phase 1 trial.”
Full Year 2025 and Subsequent Highlights:
ACI-7104 anti-α-synuclein active immunotherapy
- Reported positive interim safety and efficacy results from Part 1 of the Phase 2 VacSYn trial of our wholly-owned anti-α-synuclein active immunotherapy ACI-7104 in early PD.
- Results suggest, for the first time, that targeting underlying α-synuclein pathology with an active immunotherapy may slow the rate of progression of Parkinson’s disease.
- These results could translate into a shift from treating symptoms toward true disease modification in PD
- Clear safety profile with no clinically relevant safety issues reported to date
- Targets met for immunogenicity (
100% responder rate), pharmacodynamic effect, target engagement and clinical assessments - Final data from Part 1 of the study expected in mid-2026.
Morphomer-Tau small molecule program
- Progressed the Morphomer small molecule Tau aggregation inhibitors for the potential treatment of Alzheimer’s disease (AD) and other neurodegenerative diseases.
- Investigational New Drug (IND)-enabling studies are expected to begin in H1 2026.
NLRP3 inhibitor, ACI-19764, small molecule program
- Dosed the first participants in a Phase 1 clinical trial of ACI-19764, a brain-penetrant small molecule targeting the NLRP3 inflammasome (NCT07463196).
- Our NLRP3 inhibitors have potential to intervene at the earliest stages of disease in neurodegenerative conditions, including AD, PD, amyotrophic lateral sclerosis (ALS) and frontotemporal dementia.
- Potential additional indications include inflammatory disorders (e.g., multiple sclerosis, inflammatory bowel disease, gout), cancer, cardiovascular disease, metabolic disorders (e.g., Type 2 diabetes, obesity), skin inflammatory diseases (e.g. hidradenitis suppurativa) and rare genetic syndromes of autoimmunity such as Cryopyrin-associated periodic syndromes (CAPS).
- ACI-19764, an orally available, brain-penetrant NLRP3 inhibitor is a major addition to AC Immune’s growing intracellular targeting pipeline.
Sharpened Pipeline Focus with Operational Efficiencies Extending Cash Runway
- Following a strategic review by executive management, sharpened investment on our most important assets.
- These include the three clinical-stage active immunotherapy programs ACI-7104, ACI-24 and ACI-35, the latter two of which are in ongoing pharma collaborations, and promising small molecule programs targeting NLRP3, Tau and α-synuclein.
- The Company reduced its workforce by around
30% and extended its cash for operations to the end of Q3 2027.
AC Immune research results published in peer-reviewed journals and presented at conferences:
- Clinical results from the completed Phase 1b/2a trial of active immunotherapy ACI-35 (JNJ-2056) partnered with Janssen Pharmaceuticals, Inc., a Johnson & Johnson company, in eBioMedicine.
- Preclinical research demonstrating the in vivo activity of a vectorized (AAV9) anti-TDP-43 monoclonal antibody in a model of ALS/FTD, in Molecular Therapy.
- First-in-class positron emission tomography (PET) tracers for imaging TDP-43 pathology in the brain, including ACI-19626, that could enable a precision medicine approach to neurodegenerative diseases which are currently difficult to diagnose, in Nature Communications.
- Featured the company’s therapeutic and diagnostic programs in presentations at AD/PD™ 2025 where we also hosted an industry symposium highlighting the company’s leading pipeline of active immunotherapies for precision prevention of neurodegenerative diseases.
Appointed Prof. Catherine Mummery, a renowned neurologist and expert in dementia clinical trials, as Chair of Ac Immune’s Clinical Advisory Board (CAB).
Anticipated 2026 Milestones
| Program | Milestone | Expected in |
| ACI-7104 anti-α-synuclein active immunotherapy | Final data from Part 1 of the Phase 2 VacSYn trial in PD expected in mid-2026 | H2 2026 |
| ACI-24 anti-Abeta active immunotherapy | Interim results from ABATE Phase 2 trial after reaching 12-month treatment timepoint in the AD3 cohort | H1 2026 |
| ACI-19764 NLRP3 inhibitor | Results from Phase 1 trial in healthy volunteers | H2 2026 |
| Morphomer-Tau aggregation inhibitors | Lead declaration and initiation of IND-enabling studies | H1 2026 |
| Morphomer α-synuclein aggregation inhibitor | Lead declaration | H1 2026 |
Analysis of Financial Statements for the Full Year Ended December 31, 2025
- Cash Position: The Company had total cash resources of CHF 91.4 million as of December 31, 2025, compared to total cash resources of CHF 165.5 million as of December 31, 2024. The Company’s cash balance provides sufficient capital resources into Q3 2027, assuming no other milestones.
- Contract Revenues: The Company recorded CHF 3.6 million in contract revenues for the year ended December 31, 2025, compared with CHF 27.3 million in the prior year. For the year ended December 31, 2025, our contract revenues of CHF 3.6 million were related to the efforts made under the agreement with Takeda for development, CMC, and regulatory activities. The decrease compared to the prior year relates to the recognition of the second ReTain-related milestone payment of CHF 24.6 million under the agreement with Janssen in 2024.
- R&D Expenditures: R&D expense decreased by CHF 6.1 million for the year ended December 31, 2025 to CHF 56.4 million, predominantly due to:
- Discovery and preclinical expenses: Decrease of CHF 1.6 million, primarily due to the completion of certain pre-clinical studies and our strategic focus on advancing clinical-stage programs.
- Clinical expenses: Decrease of CHF 4.4 million, primarily due to lower costs related to manufacturing activities for our Phase 2 VacSYn study evaluating ACI-7104 in early PD and certain non-recurring manufacturing costs in 2024. These changes were offset by increased costs associated with our NLRP3 inhibitor program, which entered clinical development in 2026, and higher costs associated with our PET Tracer programs.
- Salary- and benefit-related costs: Decrease of CHF 0.7 million, primarily due to decreased share-based compensation in the current year.
- G&A Expenditures: G&A expenses decreased by CHF 1.1 million for the year ended December 31, 2025, to CHF 16.1 million. This decrease is primarily due to legal fees in 2024 which did not recur.
- Restructuring Expenditures: Expenses recognized as a result of the restructuring were CHF 0.5 million compared to nil for the year ended 2024. These expenses include CHF 2.1 million of termination benefits, offset by a CHF 1.8 million gain on curtailment in the defined benefit pension liability. The remaining balance pertains to other non-cash activities within share-based compensation.
- Financial Result: Net finance result was a CHF 1.1 million loss for the year ended December 31, 2025, compared with a CHF 1.5 million gain in 2024. This was due to lower interest received on net investments in short-term financial assets and foreign exchange differences caused by foreign currencies depreciating against CHF, predominantly the U.S. Dollar.
- IFRS Loss for the Period: The Company reported a net loss after taxes of CHF 70.5 million for the year ended December 31, 2025, compared with a net loss of CHF 50.9 million for the prior year.
2026 Financial Guidance
- For the full year 2026, the Company expects its total cash expenditure to be in the range of CHF 55-65 million. The Company defines total cash expenditure as operating expenditure adjusted to include capital expenditure and offset by significant non-cash items (including share-based compensation and depreciation expenses).
About AC Immune SA
AC Immune SA is a clinical-stage biopharmaceutical company and a global leader in precision prevention for neurodegenerative diseases, including Alzheimer’s disease, Parkinson’s disease, and NeuroOrphan indications driven by misfolded proteins. The Company’s two clinically validated technology platforms, SupraAntigen® and Morphomer®, fuel its pipeline of first- and best-in-class assets, which currently features a range of therapeutic and diagnostic programs, including candidates in Phase 2 and Phase 3 development. AC Immune has a strong track record of securing strategic partnerships with leading global pharmaceutical companies, resulting in substantial non-dilutive funding to advance its proprietary programs 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 Chris Maggos Cohesion Bureau Phone: +41 79 367 6254 Email: chris.maggos@cohesionbureau.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.
AC Immune SA
Consolidated Balance Sheets (Unaudited)
(In CHF thousands)
| As of | |||||
| December 31, | |||||
| 2025 | 2024 | ||||
| Assets | |||||
| Non-current assets | |||||
| Property, plant and equipment | 1,989 | 2,651 | |||
| Right-of-use assets | 4,540 | 5,437 | |||
| Intangible asset | 50,416 | 50,416 | |||
| Long-term financial assets | 584 | 415 | |||
| Total non-current assets | 57,529 | 58,919 | |||
| Current assets | |||||
| Prepaid expenses | 3,972 | 4,302 | |||
| Accrued income | 360 | 1,099 | |||
| Other current receivables | 978 | 1,104 | |||
| Short-term financial assets | 64,617 | 129,214 | |||
| Cash and cash equivalents | 26,795 | 36,275 | |||
| Total current assets | 96,722 | 171,994 | |||
| Total assets | 154,251 | 230,913 | |||
| Shareholders' equity and liabilities | |||||
| Shareholders’ equity | |||||
| Share capital | 2,253 | 2,226 | |||
| Share premium | 481,863 | 478,506 | |||
| Treasury shares | (218) | (218) | |||
| Currency translation differences | 7 | (5) | |||
| Accumulated losses | (439,021) | (368,239) | |||
| Total shareholders’ equity | 44,884 | 112,270 | |||
| Non-current liabilities | |||||
| Long-term deferred contract revenue | 2,339 | 4,560 | |||
| Long-term lease liabilities | 3,689 | 4,401 | |||
| Net employee defined benefit liabilities | 8,646 | 8,844 | |||
| Total non-current liabilities | 14,674 | 17,805 | |||
| Current liabilities | |||||
| Trade and other payables | 2,068 | 2,658 | |||
| Accrued expenses | 8,067 | 12,098 | |||
| Short-term deferred contract revenue | 83,706 | 85,056 | |||
| Short-term lease liabilities | 852 | 1,026 | |||
| Total current liabilities | 94,693 | 100,838 | |||
| Total liabilities | 109,367 | 118,643 | |||
| Total shareholders’ equity and liabilities | 154,251 | 230,913 | |||
Consolidated Statements of Income/(Loss) (unaudited)
(In CHF thousands, except for per-share data)
| For the Year Ended | |||||||
| December 31, | |||||||
| 2025 | 2024 | 2023 | |||||
| Revenue | |||||||
| Contract revenue | 3,573 | 27,309 | 14,801 | ||||
| Total revenue | 3,573 | 27,309 | 14,801 | ||||
| Operating expenses | |||||||
| Research & development expenses | (56,436) | (62,570) | (54,606) | ||||
| General & administrative expenses | (16,094) | (17,259) | (15,305) | ||||
| Other operating income/(expense), net | 94 | 142 | 1,486 | ||||
| Restructuring expenses, net | (455) | — | — | ||||
| Total operating expenses | (72,891) | (79,687) | (68,425) | ||||
| Operating loss | (69,318) | (52,378) | (53,624) | ||||
| Financial income | 1,865 | 3,196 | 1,044 | ||||
| Financial expense | (191) | (133) | (176) | ||||
| Exchange differences | (2,803) | (1,598) | (1,467) | ||||
| Finance result, net | (1,129) | 1,465 | (599) | ||||
| Loss before tax | (70,447) | (50,913) | (54,223) | ||||
| Income tax expense | — | (3) | (10) | ||||
| Loss for the period | (70,447) | (50,916) | (54,233) | ||||
| Loss per share: | |||||||
| Basic and diluted loss for the period attributable to equity holders | (0.70) | (0.51) | (0.64) | ||||
Consolidated Statements of Comprehensive Income/(Loss) (unaudited)
(In CHF thousands)
| For the Year Ended | ||||||||
| December 31, | ||||||||
| 2025 | 2024 | 2023 | ||||||
| Loss for the period | (70,447) | (50,916) | (54,233) | |||||
| Items that may be reclassified to income or loss in subsequent periods (net of tax): | ||||||||
| Currency translation differences | 12 | 46 | (61) | |||||
| Items that will not to be reclassified to income or loss in subsequent periods (net of tax): | ||||||||
| Remeasurement gains/(losses) on defined-benefit plans (net of tax) | (1,353) | (3,084) | (1,669) | |||||
| Other comprehensive income/(loss) | (1,341) | (3,038) | (1,730) | |||||
| Total comprehensive loss, net of tax | (71,788) | (53,954) | (55,963) | |||||
Attachment
FAQ
What did AC Immune (ACIU) report about ACI-7104 interim results in March 2026?
How much cash did AC Immune (ACIU) have at December 31, 2025 and how long will it last?
What is AC Immune's 2026 cash expenditure guidance and what does it cover?
What financial trends did AC Immune (ACIU) disclose for 2025 compared with 2024?
What development milestones does AC Immune (ACIU) expect in 2026 for its pipeline?
Why did AC Immune reduce its workforce and what impact did it state on operations?
