AC Immune Third Quarter 2026 Financial and Corporate Update

Lower research spending and higher contract revenue accompanied a narrower quarterly loss, while cash resources declined from year-end.

Rhea-AI Summary

AC Immune (NASDAQ: ACIU) reported higher third-quarter revenue and a narrower net loss alongside clinical progress across its wholly-owned pipeline. Revenue reached CHF 3.244 million, versus CHF 0.939 million a year earlier; net loss narrowed to CHF 8.750 million from CHF 15.858 million.

ACI-7104 received FDA Fast Track designation and clearance to conduct U.S. clinical studies. Its Phase 2 Parkinson’s trial reported positive safety and immune-response results through week 100, including a 100% response rate after three immunizations. ACI-19764 showed positive interim safety and tolerability in healthy volunteers, with initial Phase 1b patient results expected in H1 2027. A newly selected alpha-synuclein small-molecule candidate entered preclinical development.

Cash resources were CHF 73.9 million at September 30, down from CHF 91.4 million at year-end 2025. The company expects funding to last into Q1 2028, excluding potential milestone payments.

23 points · 0 major

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0 major · 2 points

Hollow bars mark forward-looking points. How the balance works

Positive

• Moderate pointNine-month revenue increased to CHF 19.476 million from CHF 3.235 million a year earlier.
• Moderate pointNine-month net loss narrowed to CHF 21.678 million from CHF 56.074 million a year earlier.
• Moderate pointACI-7104 received FDA Fast Track designation and clearance of its Investigational New Drug application.
• Moderate pointACI-7104 Phase 2 week-100 results showed positive safety and immune responses, including 100% response after three immunizations.
• Moderate point. Forward-looking: it has not happened yet and may not happen.Cash runway is expected into Q1 2028, excluding potential milestone payments.

18 minor points

• Minor pointQ3 revenue rose to CHF 3.244 million from CHF 0.939 million, reflecting recognition under Takeda arrangements.
• Minor pointQ3 net loss narrowed to CHF 8.750 million from CHF 15.858 million a year earlier.
• Minor pointQ3 loss per share narrowed to CHF 0.13 from CHF 0.16 a year earlier.
• Minor pointQ3 research expenses fell to CHF 9.853 million from CHF 13.071 million a year earlier.
• Minor pointQ3 administrative expenses fell to CHF 3.522 million from CHF 3.567 million a year earlier.
• Minor pointQ3 net financial gain increased to CHF 1.051 million from CHF 0.308 million a year earlier.
• Minor pointNine-month loss per share narrowed to CHF 0.21 from CHF 0.56 a year earlier.
• Minor pointNine-month research expenses fell to CHF 32.074 million from CHF 45.813 million a year earlier.
• Minor pointNine-month administrative expenses fell to CHF 11.236 million from CHF 11.900 million a year earlier.
• Minor pointNine-month net financial result improved to a CHF 1.719 million gain from a CHF 1.150 million loss.
• Minor pointACI-7104 antibodies entered cerebrospinal fluid, with preliminary signals of target engagement.
• Minor pointExploratory ACI-7104 analyses identified trends suggesting a potential association between antibody levels and disease activity measures.
• Minor point. Forward-looking: it has not happened yet and may not happen.ACI-7104 antibody characterization data, including alpha-synuclein binding properties, are expected in H2 2026.
• Minor point. Forward-looking: it has not happened yet and may not happen.ACI-7104 development discussions with FDA are planned for early 2027.
• Minor pointACI-19764 Phase 1 interim results showed safety and tolerability across single- and multiple-dose cohorts, with cerebrospinal-fluid penetration.
• Minor point. Forward-looking: it has not happened yet and may not happen.ACI-19764 therapeutic dose is expected to be ≤10mg once daily, based on pharmacokinetic data.
• Minor point. Forward-looking: it has not happened yet and may not happen.ACI-19764 Phase 1b patient results in participants with elevated inflammation markers are expected in H1 2027.
• Minor pointAlpha-synuclein small-molecule lead selected and preclinical development initiated; laboratory results confirmed inhibition of protein aggregation.

Negative

• Moderate pointCash resources fell to CHF 73.9 million at September 30, 2026, from CHF 91.4 million at December 31, 2025.
• Minor pointShareholders’ equity declined to CHF 26.944 million at September 30, 2026, from CHF 44.884 million at year-end 2025.

News Explained

AC Immune plans FDA discussions in early 2027 about ACI-7104’s future development path; this is a planned next step, not a completed one.

Key Figures

Immunogenicity response rate: 100% Cash resources: CHF 73.9 million Cash runway: Into Q1 2028 +4 more

Immunogenicity response rate

100%

Part 1 of the Phase 2 VacSYn trial, after three immunizations

Cash resources

CHF 73.9 million

As of September 30, 2026

Cash runway

Into Q1 2028

Excluding potential milestone payments

Revenue

CHF 3.2 million vs. CHF 0.9 million

Three months ended September 30, 2026 vs. 2025

R&D expenses

CHF 9.9 million vs. CHF 13.1 million

Three months ended September 30, 2026 vs. 2025

Net loss

CHF 8.8 million vs. CHF 15.9 million

Three months ended September 30, 2026 vs. 2025

Expected therapeutic dose

≤10 mg once daily

ACI-19764, based on pharmacokinetic data

Previous Earnings Reports

1 past event · Latest: Apr 30

Same Type 1 event

1. Apr 30

   Earnings update

   24h Move

   +3.4%

   Reported CHF 74.8 million in cash resources and runway into Q4 2027.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

fast track designation, investigational new drug (ind), cerebrospinal fluid (csf), pharmacokinetic, +1 more

5 terms

fast track designation regulatory

"ACI-7104 also received FDA Fast Track designation"

Fast track designation is a status the U.S. Food and Drug Administration grants to drugs intended to treat serious conditions and address an unmet medical need. It gives the developer more frequent communication with the FDA and can allow parts of the application to be reviewed on a rolling basis, and it may pave the way to priority review or accelerated approval. It can shorten development timelines, though it does not guarantee approval.

investigational new drug (ind) regulatory

"clearance of its Investigational New Drug (IND) application"

An investigational new drug (IND) is a drug or biologic that is being tested but has not yet been approved for general use; it is the application and formal status that allows a company to begin human clinical trials under regulator oversight. Investors care because an IND marks the transition from lab work to human testing — like getting a permit to run real-world experiments — which creates important milestones, costs, timelines and regulatory risk that drive a development-stage company's value.

cerebrospinal fluid (csf) medical

"clear antibody penetration into the cerebrospinal fluid (CSF)"

Cerebrospinal fluid (CSF) is a clear liquid that surrounds and cushions the brain and spinal cord, providing protection and helping to remove waste. Although it is a medical term, in a financial context, understanding how resources and support flow within a system can be similar to how CSF circulates and maintains the health of the nervous system. Recognizing such fundamental processes can offer insights into the stability and resilience of broader systems, including financial markets.

pharmacokinetic technical

"Based on pharmacokinetic data"

Pharmacokinetic describes how a drug moves through and leaves the body — how it is absorbed, spread to tissues, broken down and excreted — like tracking a package from pickup to delivery and disposal. For investors, these properties determine effective dose, safety risks, how often a medicine must be taken, and how reliably it works, which in turn influence clinical trial success, regulatory approval chances, production complexity and a drug’s commercial value.

immunogenicity medical

"Strong immunogenicity demonstrated"

Immunogenicity is the ability of a substance, such as a vaccine or medication, to provoke an immune response in the body. It matters to investors because high immunogenicity can affect the effectiveness and safety of a product, potentially leading to increased costs or regulatory challenges. Understanding immunogenicity helps assess the long-term viability and market potential of pharmaceutical and biotech investments.

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AC Immune Third Quarter 2026 Financial and Corporate Update

Positive clinical and regulatory progress achieved across wholly-owned pipeline

• ACI-7104 received FDA Fast Track designation, Investigational New Drug (IND) clearance, and reported positive Part 1 week-100 results from the Phase 2 VacSYn trial in Parkinson’s disease
• Positive interim safety and tolerability results from the Phase 1 trial of NLRP3 inhibitor ACI-19764 in healthy volunteers
• Lead candidate declared in Morphomer^® small molecule program targeting intracellular alpha-synuclein (a-syn)
• Further clinical data anticipated before year-end for ACI-7104 and early in 2027 for ACI-19764
• Cash resources of CHF 73.9 million as of September 30, 2026, providing cash runway into Q1 2028  

Lausanne, Switzerland, November 4, 2026 – AC Immune SA (NASDAQ: ACIU), a clinical-stage biopharma company targeting the key pathologic misfolded proteins and pathways that drive neurodegenerative diseases, today provided financial and corporate updates for the quarter ended September 30, 2026.

Martin Zügel, Interim CEO of AC Immune SA, commented: “This quarter was an important period for AC Immune as we saw our pipeline of wholly-owned programs delivering positive clinical results. Our proprietary programs targeting a-syn have seen important developments including encouraging clinical results for ACI-7104 in Parkinson’s disease and the recent nomination of a lead small-molecule Morphomer^® candidate drug which will now be entering preclinical development. Together with the initial hsCRP results in the Phase 1b trial to be reported in the early part of next year, we believe we are well positioned across our portfolio moving into 2027.”

Q3 2026 and Subsequent Highlights: Wholly-Owned Programs

ACI-7104: anti-a-syn active immunotherapy 

• Positive safety and immunogenicity results reported through week-100 in Part 1 of VacSYn, the ongoing Phase 2 trial evaluating ACI-7104 in patients with early-stage Parkinson’s disease. 
• Strong immunogenicity demonstrated, with 100% response rate after three immunizations, clear antibody penetration into the cerebrospinal fluid (CSF) and preliminary signals for target engagement.
• Exploratory correlation analyses identified trends for a potential association between immunogenicity (antibody levels) and disease activity measures.
• Data will be available before year-end on the characterization of ACI-7104-induced antibodies including their a-syn binding properties
• Discussions with FDA regarding future development path planned for early 2027.

• ACI-7104 also received FDA Fast Track designation and clearance of its Investigational New Drug (IND) application during the period. 

Morphomer-a-syn small molecule program

• Lead candidate Morphomer® small-molecule drug targeting a-syn has been selected. 

• In vitro results have confirmed its potent inhibition of a-syn aggregation. Early-stage results will be presented in due course at an upcoming scientific conference.

• Preclinical development has now been initiated to take the candidate forward. 

ACI-19764: small molecule, brain-penetrant NLRP3 inhibitor program 

• Results in healthy volunteers were reported from the Phase 1 clinical trial showing the compound was safe and well-tolerated across single and multiple ascending dose cohorts with confirmed CSF penetration.

• Based on pharmacokinetic data, the therapeutic dose is expected to be ≤10mg once daily.
• The development program continues in a Phase 1b trial evaluating ACI-19764’s anti-inflammatory activity in patients with cardiovascular disease risk (elevated hsCRP), with initial results expected early in 2027.

Corporate Governance

• Mr. Tom Graney was elected to the Board of Directors at the Extraordinary General Meeting (EGM) held on October 2^nd and will join the Audit and Finance Committee. After several years of service, Dr. Carl June stepped down from the Board of Directors and we thank him sincerely for his contribution and wish him well for the future.

Anticipated near-term news 

Program	News	Expected in
ACI-7104  anti-a-syn active immunotherapy	characterization of ACI-7104-induced antibodies including a-syn binding properties	H2 2026
ACI-19764  NLRP3 inhibitor	Results from Phase 1b trial in patient cohort with elevated hsCRP	H1 2027

Analysis of Financial Statements for the Quarter Ended September 30, 2026 

• Cash Position: The Company had total cash resources of CHF 73.9 million (CHF 91.4 million as of December 31, 2025), composed of CHF 18.7 million in cash and cash equivalents and CHF 55.2 million in short-term financial assets. The Company’s cash resources are expected to provide sufficient capital to last into Q1 2028, excluding potential milestone payments. 
• Revenue: Total revenues for the three months ended September 30, 2026 and 2025 were CHF 3.2 million and CHF 0.9 million, respectively. The increase was due to the recognition of revenues under the Takeda arrangements, which include recognition of the additional consideration received for the AD4 Cohort in 2026.

• R&D expenditures: R&D expenses for the three months ended September 30, 2026, were CHF 9.9 million, compared with CHF 13.1 million for the comparable period in 2025. The decrease was partly due to lower personnel and operational spend of CHF 2.2 million and a decrease of CHF 1.9 million in our discovery and preclinical programs following the restructuring in the prior year. These changes were offset by a net increase of CHF 1.0 million in our clinical programs.

• G&A expenditures: G&A expenses were CHF 3.5 million in the three-month period ended September 30, 2026, compared to CHF 3.6 million for same period in 2025, reflecting a small decrease in personnel related expenses offset by other operational costs. 

• Financial result: The financial result was a gain of CHF 1.1 million for the three-month period ended September 30, 2026, compared with a gain of CHF 0.3 million for the comparable period in 2025. The change was primarily driven by more favorable exchange differences in the current quarter.

• IFRS loss for the period: The Company had a net loss of CHF 8.8 million for the three-month period ended September 30, 2026, compared to CHF 15.9 million for the same period in 2025. 

Ends

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

About AC Immune SA 

AC Immune (NASDAQ: ACIU) is a clinical-stage biopharma company selectively targeting the key pathologic misfolded proteins and pathways that drive neurodegenerative diseases. Building on more than two decades of expertise in the field of misfolded proteins, AC Immune is advancing a diversified portfolio of disease-modifying active immunotherapies and small molecule approaches.

AC Immune’s wholly-owned pipeline includes its lead program, ACI-7104, in Phase 2 development for early Parkinson's disease (PD), a progressive neurodegenerative disease affecting c.10 million people worldwide with no approved disease-modifying therapies today. By targeting misfolded alpha-synuclein, a key driver of PD progression, ACI-7104 aims to slow, or halt, the spread of the disease throughout the brain before irreversible neurological damage occurs. The Company is also advancing ACI-19764, an NLRP3 inflammasome inhibitor in Phase 1, and a preclinical intracellular small molecule alpha-synuclein program.

AC Immune has built one of the most extensively validated neurodegenerative disease pipelines in biotech, including three active immunotherapies with FDA Fast Track designation, and programs being developed in collaboration with three of the world’s leading pharmaceutical companies. These collaborations provide external validation of the Company's science, targets and proprietary platforms while contributing substantial non-dilutive funding, more than $4.5 billion in potential milestone payments, and future royalty opportunities. By combining deep expertise in protein misfolding with differentiated technology platforms and clinically validated targets, AC Immune is advancing a new generation of disease-modifying therapies for neurodegenerative diseases, aiming to make a real difference for patients.

All trademarks used or mentioned in this release are protected by law. 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.

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
		September 30,		December 31,
		2026		2025
Assets
Non-current assets
Property, plant and equipment		1,751		1,989
Right-of-use assets		3,850		4,540
Intangible asset		50,416		50,416
Long-term financial assets		585		584
Total non-current assets		56,602		57,529
Current assets
Prepaid expenses		4,631		3,972
Accrued income		158		360
Other current receivables		3,905		978
Short-term financial assets		55,186		64,617
Cash and cash equivalents		18,726		26,795
Total current assets		82,606		96,722
Total assets		139,208		154,251
Shareholders' equity and liabilities
Shareholders’ equity
Share capital		2,268		2,253
Share premium		484,148		481,863
Treasury shares		(213)		(218)
Currency translation differences		(5)		7
Accumulated losses		(459,254)		(439,021)
Total shareholders’ equity		26,944		44,884
Non-current liabilities
Long-term deferred income		1,507		—
Long-term deferred contract revenue		732		2,339
Long-term lease liabilities		3,051		3,689
Net employee defined benefit liabilities		9,312		8,646
Total non-current liabilities		14,602		14,674
Current liabilities
Trade and other payables		832		2,068
Accrued expenses		8,382		8,067
Short-term deferred income		1,292		—
Short-term deferred contract revenue		86,310		83,706
Short-term lease liabilities		846		852
Total current liabilities		97,662		94,693
Total liabilities		112,264		109,367
Total shareholders’ equity and liabilities		139,208		154,251

Condensed Consolidated Statements of Income/(Loss) (Unaudited)
(In CHF thousands, except for per-share data)

		For the Three Months				For the Nine Months
		Ended September 30,				Ended September 30,
		2026		2025		2026		2025
Revenue
Contract revenue		3,244		939		19,476		3,235
Total revenue		3,244		939		19,476		3,235
Operating expenses
Research & development expenses		(9,853)		(13,071)		(32,074)		(45,813)
General & administrative expenses		(3,522)		(3,567)		(11,236)		(11,900)
Other operating income/(expense), net		330		—		437		21
Restructuring expenses, net		—		(467)		—		(467)
Total operating expenses		(13,045)		(17,105)		(42,873)		(58,159)
Operating loss		(9,801)		(16,166)		(23,397)		(54,924)
Financial income		280		366		679		1,512
Financial expense		(59)		(46)		(185)		(149)
Exchange differences		830		(12)		1,225		(2,513)
Finance result, net		1,051		308		1,719		(1,150)
Loss before tax		(8,750)		(15,858)		(21,678)		(56,074)
Income tax expense		—		—		—		—
Loss for the period		(8,750)		(15,858)		(21,678)		(56,074)
Loss per share:
Basic and diluted loss per share for the period attributable to equity holders		(0.13)		(0.16)		(0.21)		(0.56)

Condensed Consolidated Statements of Comprehensive Income/(Loss) (Unaudited)

(In CHF thousands)

		For the Three Months				For the Nine Months
		Ended September 30,				Ended September 30,
		2026		2025		2026		2025
Loss for the period		(8,750)		(15,858)		(21,678)		(56,074)
Items that will be reclassified to income or loss in subsequent periods (net of tax):
Currency translation differences:		(14)		(1)		(12)		8
Items that will not to be reclassified to income or loss in subsequent periods (net of tax):
Remeasurement gains on defined-benefit plans (net of tax)		—		2,741		—		2,741
Other comprehensive income/(loss)		(14)		2,740		(12)		2,749
Total comprehensive loss, net of tax		(8,764)		(13,118)		(21,690)		(53,325)

Attachment

• 20261104__ACIU Q3 2026 Earnings update - Final

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What were AC Immune’s third-quarter 2026 financial results?

AC Immune reported CHF 3.244 million revenue and a CHF 8.750 million net loss for the quarter ended September 30, 2026. Revenue was CHF 0.939 million and net loss was CHF 15.858 million in the comparable 2025 quarter. Basic and diluted loss per share narrowed to CHF 0.13 from CHF 0.16.

What did AC Immune’s ACI-7104 Parkinson’s trial show through week 100?

Part 1 of the Phase 2 VacSYn trial reported positive safety and immune-response results through week 100, including a 100% response rate after three immunizations. Antibodies entered cerebrospinal fluid, with preliminary signals of target engagement. Exploratory analyses identified trends suggesting a potential association between antibody levels and disease activity measures.

What is AC Immune testing in the ACI-19764 Phase 1b trial?

The Phase 1b trial evaluates ACI-19764’s anti-inflammatory activity in patients with cardiovascular disease risk and elevated hsCRP, a blood marker of inflammation. Initial patient-cohort results are expected in H1 2027.