AC Immune S.A.
- Open
- 2.34
- Day high
- 2.44
- Day low
- 2.20
- Prev close
- 2.38
- Volume
- 205K
- Mkt cap
- $226M
- P/E (TTM)
- —
- EPS (TTM)
- —
- P/B
- 5.8
- P/S
- 49.3
- Yield
- —
- Per share
- —
- ▼Insiders net selling -$28K over the last 3 months (1 open-market buy, 2 sales)
- 🏛Institutions mixed (13F)
AC Immune S.A. (ACIU) is a Healthcare company listed on NASDAQ. The stock is up 20% over the past year. Over the trailing 3 months, insiders filed 1 open-market buy and 2 sales (SEC Form 4).
AC Immune S.A. (ACIU) financials & analyst ratings
Fundamentals (TTM)
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
ACIU earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Apr 30, 2026 | $-0.20 | $-0.19 | +5.0% | $1M | +325.0% |
| Mar 13, 2026 | $-0.21 | $-0.18 | +14.6% | $223731 | -56.8% |
| Nov 4, 2025 | $-0.22 | $-0.20 | +9.1% | $1M | +3.2% |
| Apr 30, 2025 | $-0.22 | $-0.21 | +4.5% | $1M | +145.4% |
| Mar 13, 2025 | $-0.21 | $-0.18 | +14.3% | $1M | +52.8% |
| Mar 14, 2024 | $-0.07 | $-0.06 | +14.3% | $17M | +51.3% |
| Nov 3, 2023 | $-0.02 | $-0.20 | -754.3% | — | — |
| Aug 4, 2023 | $-0.22 | $-0.22 | +0.0% | — | — |
| Apr 28, 2023 | $-0.24 | $-0.23 | +4.2% | — | — |
| Mar 16, 2023 | $-0.28 | $-0.24 | +14.3% | $1081 | -99.9% |
| Oct 28, 2022 | $-0.24 | $-0.17 | +29.2% | $4M | +1028.1% |
| Jul 28, 2022 | $-0.24 | $-0.24 | +0.0% | — | — |
ACIU insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jun 15, 2026 | June Carl Howarddirector | Grant | 38,889 | $2.62 |
| Jun 15, 2026 | Buetler Monikadirector | Grant | 17,751 | — |
| Jun 15, 2026 | Buetler Monikadirector | Grant | 41,667 | $2.62 |
| Jun 15, 2026 | June Carl Howarddirector | Grant | 16,568 | — |
| Jun 15, 2026 | Twyman Roy Ervindirector | Grant | 16,568 | — |
| Jun 15, 2026 | Twyman Roy Ervindirector | Grant | 38,889 | $2.62 |
| Jun 15, 2026 | AGUIAR-LUCANDER RENEEdirector | Grant | 16,568 | — |
| Jun 15, 2026 | AGUIAR-LUCANDER RENEEdirector | Grant | 38,889 | $2.62 |
| Jun 15, 2026 | Zuegel Martindirector, officer: Interim CEO | Grant | 33,136 | — |
| Jun 15, 2026 | Zuegel Martindirector, officer: Interim CEO | Grant | 77,778 | $2.62 |
| May 18, 2026 | Pfeifer Andreadirector, officer: Chief Executive Officer | Sell | 10,000 | $2.79 |
| Apr 16, 2026 | Pfeifer Andreadirector, officer: Chief Executive Officer | Buy | 10,000 | $3.14 |
| Apr 16, 2026 | Pfeifer Andreadirector, officer: Chief Executive Officer | Sell | 10,000 | $3.14 |
Source: ACIU SEC Form 4 filings, latest Jun 15, 2026. For informational purposes only — not investment advice.
See the full ACIU insider & 13F page →AC Immune S.A. company profile
Overview
AC Immune SA (NASDAQ:ACIU) is a Swiss clinical-stage biopharmaceutical company founded in 2003 and headquartered in Lausanne, Switzerland. The company went public on NASDAQ in September 2016. AC Immune specializes in discovering, designing, and developing medicines and diagnostic products for neurodegenerative diseases, particularly those associated with protein misfolding such as Alzheimer's disease, Parkinson's disease, and other related conditions. The company operates through proprietary technology platforms that generate vaccines, antibodies, and small molecules targeting misfolded proteins that accumulate in the brain and cause neurodegeneration.
Business
AC Immune operates in the biotechnology sector, specifically focusing on neurodegenerative diseases caused by protein misfolding. To understand this field, it's important to know that many brain diseases occur when proteins in the brain fold incorrectly and clump together, forming toxic aggregates that damage neurons and lead to conditions like Alzheimer's disease, Parkinson's disease, and frontotemporal dementia. The company's core business revolves around two proprietary technology platforms: SupraAntigen and Morphomer. The SupraAntigen platform is designed to create vaccines that train the immune system to recognize and clear misfolded proteins from the brain. The Morphomer platform generates antibodies and small molecules that can specifically bind to and neutralize these toxic protein aggregates. AC Immune's pipeline includes several key programs. Crenezumab is a humanized monoclonal antibody currently in Phase II clinical trials for Alzheimer's disease prevention, developed in partnership with Genentech. ACI-24 is an anti-amyloid beta vaccine candidate in Phase II trials for Alzheimer's disease and has completed Phase Ib trials for Down syndrome. ACI-35 is an anti-Tau vaccine that has completed Phase Ib studies. The company also develops diagnostic tools, including Tau-PET imaging tracers that help visualize protein deposits in living brains. Additionally, AC Immune has discovery and preclinical programs targeting other neurodegenerative disease proteins including TDP-43 (associated with ALS and frontotemporal dementia), alpha-synuclein (linked to Parkinson's disease), and NLRP3 (involved in neuroinflammation). The company operates primarily as a research and development organization, with most revenue coming from collaboration agreements rather than product sales.
Revenue model
AC Immune generates revenue primarily through licensing agreements and collaborative partnerships with large pharmaceutical companies rather than direct product sales, as none of its therapies have yet reached market approval. The company's business model is built around partnering with major pharmaceutical companies that provide upfront payments, milestone payments tied to clinical development progress, and potential future royalties on commercialized products. Key revenue sources include partnerships with Genentech (for Crenezumab and other programs), Biogen, Janssen Pharmaceuticals, Eli Lilly, and WuXi Biologics. These partnerships typically involve the pharmaceutical partner funding clinical trials and taking responsibility for later-stage development and commercialization, while AC Immune retains certain rights and receives milestone payments and royalties. The company's financial performance is heavily influenced by the timing of milestone payments from partners, which creates significant revenue volatility. For example, in Q3 2024, the company reported $29.5 million in revenue compared to just $0.8 million in Q2 2024, primarily due to milestone payments. This lumpy revenue pattern is typical for clinical-stage biotechnology companies. Factors that could increase profitability include successful clinical trial results leading to milestone payments, new partnership agreements, and eventual product approvals generating royalty income. Conversely, clinical trial failures, partnership terminations, or delays in development programs could significantly impact revenue. The company's margins are also affected by R&D spending levels, regulatory costs, and the need to fund multiple concurrent clinical programs. As a pre-revenue biotech company, AC Immune currently operates at a loss while investing heavily in research and development.
Competitive moat
AC Immune's competitive position is built primarily around its proprietary technology platforms and intellectual property portfolio, though this represents a relatively narrow moat typical of clinical-stage biotechnology companies. The company's SupraAntigen and Morphomer platforms provide some differentiation in the crowded neurodegenerative disease space, particularly in their ability to generate conformation-specific antibodies that target specific misfolded protein shapes rather than all forms of a protein. The company's partnerships with major pharmaceutical companies like Genentech and Biogen provide validation of its technology and some competitive protection, as these partners have invested significantly in AC Immune's programs and have incentives to see them succeed. The intellectual property surrounding the company's platforms and specific drug candidates provides some protection, though patents in biotechnology can be challenged and will eventually expire. However, AC Immune faces significant competitive threats from much larger pharmaceutical companies with greater resources, including Biogen, Roche, Eli Lilly, and others developing competing Alzheimer's treatments. The recent approvals of Biogen's Aduhelm and Leqembi (developed with Eisai) have intensified competition in the anti-amyloid space. Additionally, the company competes with numerous other biotechnology companies pursuing similar targets and mechanisms. The company's moat is further limited by the high failure rate in neurodegenerative disease drug development, the significant capital requirements for clinical trials, and the regulatory challenges in this therapeutic area. The company's relatively small size and limited financial resources compared to Big Pharma competitors represent additional competitive disadvantages. Overall, while AC Immune has some technological differentiation, its moat is narrow and primarily dependent on successful clinical execution and maintaining strategic partnerships.
Risks & safety
AC Immune presents significant financial risks typical of a clinical-stage biotechnology company, with limited margin of safety for investors. • Cash position and burn rate: The company had $41.1 million in cash and short-term investments as of Q4 2024, down from $88.8 million at the end of 2023, indicating substantial cash consumption. With quarterly operating cash flow burn averaging around $20-25 million, the current cash position provides approximately 6-8 quarters of runway. • Debt and solvency: The company maintains a conservative balance sheet with minimal debt (debt-to-equity ratio of 0.048) and a current ratio of 1.71, indicating adequate short-term liquidity. However, the company will likely need additional financing within the next 1-2 years to fund ongoing operations. • Valuation metrics: Trading at a price-to-book ratio of 2.18 with negative earnings, the stock appears expensive relative to tangible assets. The Graham net-net working capital per share suggests the company trades above its liquidation value. • Revenue volatility: Highly irregular revenue stream dependent on partnership milestones creates unpredictable cash flows and makes financial planning challenging. • Clinical trial risks: As a pre-revenue biotech, the company's value depends entirely on successful clinical outcomes, with high probability of total loss if key programs fail.
Recent development
Based on the available financial data, AC Immune has been navigating the typical challenges of a clinical-stage biotechnology company over recent years. The company's revenue has been highly volatile, reflecting the milestone-driven nature of its partnership agreements. In 2024, total revenue reached $31.0 million compared to $16.7 million in 2023, primarily driven by milestone payments from existing partnerships. A significant development has been the company's cash management strategy. After ending 2023 with $88.8 million in cash, the company's cash position declined to $41.1 million by the end of 2024, indicating substantial investment in clinical programs and operations. Despite this cash burn, the company managed to generate positive operating cash flow of $74.7 million in 2024, likely due to the timing of partnership payments. The company has continued advancing its clinical pipeline, with multiple programs in various stages of development. The Crenezumab program, developed in partnership with Genentech, remains in Phase II prevention trials for Alzheimer's disease. The ACI-24 anti-amyloid beta vaccine has progressed to Phase II trials for Alzheimer's disease, while ACI-35 anti-Tau vaccine completed Phase Ib studies. AC Immune has maintained its strategy of leveraging partnerships with major pharmaceutical companies to fund development while retaining certain rights to its programs. This approach has allowed the company to advance multiple programs simultaneously without bearing the full financial burden of clinical development, though it also means sharing potential future profits with partners.
ACIU company profile · for informational purposes only — not investment advice.
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