AC Immune First Quarter 2026 Financial and Corporate Updates
Rhea-AI Summary
AC Immune (NASDAQ: ACIU) reported Q1 2026 corporate and clinical updates and cash resources of CHF 74.8 million as of March 31, 2026, providing runway into Q4 2027. Key program moves: dosing started in Phase 1 of the brain-penetrant NLRP3 inhibitor ACI-19764, final ABATE cohort AD4 initiated (triggers $12M payment), and an amended Morphomer Tau deal with Lilly includes a CHF 10M upfront payment.
Anticipated 2026 readouts include ABATE 12-month interim data (H1), Part 1 VacSYn final data (H2), and Phase 1 ACI-19764 results (H2).
AI-generated analysis. Not financial advice.
Positive
- Cash runway into Q4 2027 with CHF 74.8 million total cash resources
- $12 million milestone triggered by treatment of first AD4 patient in ABATE
- CHF 10 million upfront payment from amended Morphomer-Tau collaboration with Lilly
- Net loss narrowed to CHF 14.8 million from CHF 19.0 million year-ago period
- Dosed first subjects in Phase 1 for brain-penetrant ACI-19764
Negative
- Total cash resources declined from CHF 91.4M (Dec 31, 2025) to CHF 74.8M (Mar 31, 2026)
- Enrollment paused in partner-run ReTain (JNJ-2056) study, limiting near-term data accrual
- R&D spend decreased to CHF 11.8M from CHF 15.9M, reflecting cost cuts that may affect program pacing
News Market Reaction – ACIU
On the day this news was published, ACIU gained 3.41%, reflecting a moderate positive market reaction. Our momentum scanner triggered 2 alerts that day, indicating moderate trading interest and price volatility. This price movement added approximately $10M to the company's valuation, bringing the market cap to $318.04M at that time.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Market Reality Check
Peers on Argus
ACIU fell 3.3% while several biotech peers like EDIT (-6.47%), SLN (-7.66%), VYGR (-2.93%), and IMMP (-2.33%) were also down; PRQR rose 1.32%. No peers appeared in the momentum scanner, suggesting a stock-specific rather than coordinated sector move.
Previous Earnings Reports
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Mar 13 | Full-year 2025 results | Neutral | +0.5% | Reported FY 2025 loss and cash of CHF 91.4M with pipeline updates. |
| Nov 04 | Q3 2025 results | Positive | +3.8% | Q3 2025 update with CHF 108.5M cash and narrowed R&D focus. |
| Aug 05 | Q2 2025 results | Positive | +11.6% | Q2 2025 results with CHF 127.1M cash and positive VacSYn data. |
| Apr 30 | Q1 2025 results | Positive | +1.8% | Q1 2025 update showing strong Phase 2 ACI-7104 data and cash of CHF 145.7M. |
| Mar 13 | Full-year 2024 results | Positive | -0.9% | FY 2024 results featuring large Takeda deal and CHF 165.5M cash. |
Earnings and corporate updates have typically seen modestly positive or muted reactions, with one notable negative divergence despite seemingly constructive news.
Across prior earnings and results updates, AC Immune consistently highlighted strong cash resources and advancing neurodegenerative programs. Cash ranged from CHF 165.5M in full-year 2024 to CHF 91.4M at year-end 2025, with funding guidance generally into Q1–Q3 2027. Market reactions to these earnings events were usually small single‑digit moves around neutral to positive territory. Today’s Q1 2026 update, with cash of CHF 74.8M and reduced quarterly loss of CHF 14.8M, fits the pattern of pairing financial stewardship with pipeline progress.
Historical Comparison
In the last five earnings-style releases, ACIU’s average move was about 3.36%, generally modestly positive. A current move of -3.3% after this Q1 2026 update would contrast with that typical reaction profile.
Earnings updates have shown cash declining from CHF 165.5M in FY 2024 to CHF 74.8M in Q1 2026, while funding guidance remains into 2027 and clinical programs like ACI‑7104, ACI‑24.060, and ACI‑19764 advance through Phase 2 and Phase 1 milestones.
Market Pulse Summary
This announcement combined Q1 2026 financials with multiple clinical milestones, including Phase 1 progress for ACI‑19764 and advancing Phase 2 programs ACI‑7104 and ACI‑24.060. Cash resources of CHF 74.8M are expected to fund operations into Q4 2027, while R&D and G&A expenses declined versus 2025. Investors may track upcoming 2026 readouts, collaboration payments like the $12M Takeda milestone and CHF 10M Lilly upfront, and how these influence future loss levels and runway.
Key Terms
phase 1 medical
phase 2 medical
nlrp3 inflammasome medical
p-tau medical
tdp-43 medical
positron emission tomography medical
pet tracer medical
ind-enabling studies regulatory
AI-generated analysis. Not financial advice.
AC Immune First Quarter 2026 Financial and Corporate Updates
- Dosed first subjects in Phase 1 trial of brain-penetrant small molecule NLRP3 inhibitor ACI-19764 with SAD/MAD results in healthy volunteers expected in H2 2026
- Initiated final cohort, AD4, in ABATE Phase 1b/2 trial of ACI-24 to treat Alzheimer's Disease triggers milestone payment, as announced separately today
- Amended Morphomer® Tau collaboration with Lilly reflects growing excitement for targeting intracellular Tau and significant progress with our Morphomer® small molecules
- Approaching multiple milestones including 12-month interim results of the AD3 cohort in ABATE in Q2 2026 and full data from Part 1 of ACI-7104 VacSYn Phase 2 trial expected in H2 2026
- Cash resources of CHF 74.8 million as of March 31, 2026, provide funding into Q4 2027
Lausanne, Switzerland, April 30, 2026 -- AC Immune SA (NASDAQ: ACIU), a clinical-stage biopharmaceutical company pioneering precision therapeutics for neurodegenerative diseases, today provided financial and corporate updates for the quarter ended March 31, 2026.
Dr. Andrea Pfeifer, CEO of AC Immune SA, commented: “The progress in our collaborations with Takeda and Eli Lilly reflect great confidence in our anti-Abeta active immunotherapy and Tau aggregation inhibitor small molecules, respectively. These have the potential to change the way we target the proteinopathies that drive Alzheimer’s and other neurodegenerative diseases (NDDs). This is further exemplified by the presentation of the interim results for ACI-7104 at AD/PD 2026 showing that our active immunotherapy targeting a-synuclein (a-syn) has the potential to modify disease pathology in Parkinson’s disease (PD). We also advanced our NLRP3 inhibitor ACI-19764 into clinical development, further demonstrating the power of AC Immune’s technology to target the key pathways that contribute to neurodegeneration.
“We are now moving towards multiple value inflection points during 2026. These include Phase 2 data readouts on our active immunotherapies ACI-7104 and ACI-24, and initial results from the Phase 1 trial of ACI-19764 also anticipated this year.”
Q1 2026 and Subsequent Highlights:
ACI-24 anti-Abeta active immunotherapy
- As announced separately today, AC Immune has initiated the final cohort, AD4, in the ongoing Phase 1b/2 ABATE trial of ACI-24 to treat Alzheimer's Disease
- Treatment of the first patient in cohort AD4 triggers a
$12 million milestone payment from Takeda
Morphomer-Tau small molecule program
- Amended agreement with Eli Lilly and Co. (Lilly) reflects growing excitement for targeting intracellular Tau and significant progress with our Morphomer small molecules
- The amendment continues the research and collaboration to cover development of new lead Tau Morphomer® candidates and potential back-up compounds.
- Under this amendment, AC Immune receives a CHF10 million upfront payment (Q2 2026 event) and a subsequent milestone payment subject to Phase 1 dosing, in addition to milestones announced in a prior amendment. AC Immune is eligible for further development, regulatory and commercial milestones of over CHF1.7 billion, plus tiered percentage royalty payments in the low double digits, as previously disclosed.
- Investigational New Drug (IND)-enabling studies are expected to be initiated imminently.
ACI-7104, anti-a-syn active immunotherapy
- Presented updated interim results from Part 1 of the Phase 2 VacSYn clinical trial in early-stage Parkinson's disease at the International Conference on Alzheimer’s and Parkinson’s Diseases (AD/PD™ 2026), including promising biomarker data.
- Interim results previously presented include changes in biomarkers and clinical measures all suggesting potential disease modification through treatment with ACI-7104
- Final results for the week 104 full data set from Part 1 of the VacSYn trial expected to be reported in H2 2026.
NLRP3 inhibitor, ACI-19764, small molecule program
- Dosed the first subjects in a Phase 1 clinical trial of ACI-19764, a brain-penetrant Morphomer small molecule targeting the NLRP3 inflammasome.
- Morphomer 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, cardiovascular disease, metabolic disorders, skin inflammatory diseases, and certain rare diseases, among others.
ACI-35 (JNJ-2056) anti-pTau active immunotherapy
- AC Immune’s partner Janssen Pharmaceuticals, Inc. (Janssen), a Johnson & Johnson company, is seeking a protocol amendment for the ReTain study to enable earlier insights into the biological activity of JNJ-2056 and its potential for clinical benefit. Submissions to all relevant health authorities are ongoing.
- The study remains active, with enrollment paused, and there is no change for enrolled participants at this time.
- The study is ongoing based on ~60 enrolled patients with a minimum of 12 months and up to 24 months of treatment and follow-up.
TDP-43 PET tracer
- Presented Phase 1 data including the first in vivo images of TDP-43 pathology in the human brain, detected using its first-in-class positron emission tomography (PET) tracer ACI-19626, at the International Conference on Alzheimer’s and Parkinson’s Disease (AD/PD™ 2026).
- Initial Phase 1 data (PET scans) with ACI-19626 showed that tracer uptake was significantly higher in key regions of the brain in patients with frontotemporal dementia (FTD) and we are currently evaluating the tracer in ALS patients.
- Clinical data indicate a pharmacokinetic (PK) profile suitable for human brain imaging and potentially pharmacodynamic analysis of therapeutics targeting TDP-43 pathology.
AC Immune AD/PDTM 2026 symposium
- Hosted an industry symposium on achieving precision prevention in Parkinson’s disease, highlighting Phase 2 clinical data on our ACI-7104 active immunotherapy, our small molecule programs targeting intracellular alpha-synuclein, and innovative diagnostic approaches to identifying at-risk individuals.
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-24.060 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 | Initiation of IND-enabling studies | H1 2026 |
| Morphomer a-syn aggregation inhibitor | Lead declaration | H1 2026 |
Analysis of Financial Statements for the Quarter Ended March 31, 2026
- Cash Position: The Company had total cash resources of CHF 74.8 million (CHF 91.4 million as of December 31, 2025), composed of CHF 19.2 million in cash and cash equivalents and CHF 55.6 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.
- R&D expenditures: R&D expenses for the three months ended March 31, 2026, were CHF 11.8 million, compared with CHF 15.9 million for the comparable period in 2025. The decrease was partly due to lower personnel and operational spend of approximately CHF 1.7 million as a result of our pipeline focus initiatives announced in Q3 2025, as well as lower spend associated with our active immunotherapy programs, particularly in the upfront CMC costs prior to initiation of phase 2 studies.
- G&A expenditures: G&A expenses in the period were CHF 4.2 million in the period ended March 31, 2026, compared to CHF 4.4 million for same period in 2025.
- Financial result: The financial result was a loss of less than CHF 0.1 million for the period, compared with a gain of CHF 0.3 million for the comparable period. The change was primarily driven by a decrease in interest income earned on short-term financial assets, partially offset by lower foreign exchange losses.
- IFRS loss for the period: The Company had a net loss of CHF 14.8 million for the period ended March 31, 2026, compared to CHF 19.0 million for the same period in 2025.
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.
Condensed Consolidated Balance Sheets (Unaudited)
(In CHF thousands)
| As of | |||||
| March 31, | December 31, | ||||
| 2026 | 2025 | ||||
| Assets | |||||
| Non-current assets | |||||
| Property, plant and equipment | 2,057 | 1,989 | |||
| Right-of-use assets | 4,310 | 4,540 | |||
| Intangible asset | 50,416 | 50,416 | |||
| Long-term financial assets | 585 | 584 | |||
| Total non-current assets | 57,368 | 57,529 | |||
| Current assets | |||||
| Prepaid expenses | 3,744 | 3,972 | |||
| Accrued income | 230 | 360 | |||
| Other current receivables | 1,282 | 978 | |||
| Short-term financial assets | 55,628 | 64,617 | |||
| Cash and cash equivalents | 19,169 | 26,795 | |||
| Total current assets | 80,053 | 96,722 | |||
| Total assets | 137,421 | 154,251 | |||
| Shareholders' equity and liabilities | |||||
| Shareholders’ equity | |||||
| Share capital | 2,257 | 2,253 | |||
| Share premium | 482,345 | 481,863 | |||
| Treasury shares | (218) | (218) | |||
| Currency translation differences | 7 | 7 | |||
| Accumulated losses | (452,857) | (439,021) | |||
| Total shareholders’ equity | 31,534 | 44,884 | |||
| Non-current liabilities | |||||
| Long-term deferred contract revenue | 1,292 | 2,339 | |||
| Long-term lease liabilities | 3,479 | 3,689 | |||
| Net employee defined benefit liabilities | 8,868 | 8,646 | |||
| Total non-current liabilities | 13,639 | 14,674 | |||
| Current liabilities | |||||
| Trade and other payables | 1,319 | 2,068 | |||
| Accrued expenses | 6,469 | 8,067 | |||
| Short-term deferred contract revenue | 83,635 | 83,706 | |||
| Short-term lease liabilities | 825 | 852 | |||
| Total current liabilities | 92,248 | 94,693 | |||
| Total liabilities | 105,887 | 109,367 | |||
| Total shareholders’ equity and liabilities | 137,421 | 154,251 | |||
Condensed Consolidated Statements of Income/(Loss) (Unaudited)
(In CHF thousands, except for per-share data)
| For the Three Months | |||||
| Ended March 31, | |||||
| 2026 | 2025 | ||||
| Revenue | |||||
| Contract revenue | 1,119 | 990 | |||
| Total revenue | 1,119 | 990 | |||
| Operating expenses | |||||
| Research & development expenses | (11,744) | (15,916) | |||
| General & administrative expenses | (4,174) | (4,443) | |||
| Other operating income/(expense), net | 11 | (1) | |||
| Total operating expenses | (15,907) | (20,360) | |||
| Operating loss | (14,788) | (19,370) | |||
| Financial income | 228 | 687 | |||
| Financial expense | (65) | (54) | |||
| Exchange differences | (176) | (292) | |||
| Finance result, net | (13) | 341 | |||
| Loss before tax | (14,801) | (19,029) | |||
| Income tax expense | — | — | |||
| Loss for the period | (14,801) | (19,029) | |||
| Loss per share: | |||||
| Basic and diluted loss per share for the period attributable to equity holders | (0.15) | (0.19) | |||
Condensed Consolidated Statements of Comprehensive Income/(Loss) (Unaudited)
(In CHF thousands)
| For the Three Months | |||||
| ended March 31, | |||||
| 2026 | 2025 | ||||
| Loss for the period | (14,801) | (19,029) | |||
| Items that will be reclassified to income or loss in subsequent periods (net of tax): | |||||
| Currency translation differences | 0 | 4 | |||
| Other comprehensive income/(loss) | 0 | 4 | |||
| Total comprehensive loss, net of tax | (14,801) | (19,025) | |||
Attachment
