AC Immune Reports Third Quarter 2024 Financial Results and Provides a Corporate Update
AC Immune (NASDAQ: ACIU) reported Q3 2024 financial results with a net income of CHF 5.5 million, compared to a net loss of CHF 15.1 million in Q3 2023. Contract revenues reached CHF 25.5 million, primarily from a CHF 24.6 million milestone payment from Janssen. The company ended Q3 with CHF 157.9 million in cash, providing runway into 2027.
Key developments include Fast Track designation from FDA for JNJ-2056 in Alzheimer's disease and progress in the Phase 2 VacSYn trial for Parkinson's disease. R&D expenses increased to CHF 14.5 million from CHF 12.4 million year-over-year, while G&A expenses rose slightly to CHF 3.8 million.
AC Immune (NASDAQ: ACIU) ha riportato i risultati finanziari per il terzo trimestre del 2024 con un utile netto di 5,5 milioni di CHF, rispetto a una perdita netta di 15,1 milioni di CHF nel terzo trimestre del 2023. I ricavi da contratto hanno raggiunto 25,5 milioni di CHF, principalmente grazie a un pagamento di 24,6 milioni di CHF per un traguardo raggiunto da Janssen. L'azienda ha chiuso il terzo trimestre con 157,9 milioni di CHF in contante, garantendo risorse fino al 2027.
Sviluppi chiave includono la designazione Fast Track da parte della FDA per il JNJ-2056 nella malattia di Alzheimer e progressi nella sperimentazione di Fase 2 del VacSYn per la malattia di Parkinson. Le spese per ricerca e sviluppo sono aumentate a 14,5 milioni di CHF rispetto ai 12,4 milioni dell'anno precedente, mentre le spese generali e amministrative sono lievemente aumentate a 3,8 milioni di CHF.
AC Immune (NASDAQ: ACIU) informó los resultados financieros del tercer trimestre de 2024, con un ingreso neto de 5,5 millones de CHF, en comparación con una pérdida neta de 15,1 millones de CHF en el tercer trimestre de 2023. Los ingresos por contratos alcanzaron los 25,5 millones de CHF, principalmente debido a un pago de 24,6 millones de CHF de parte de Janssen. La empresa terminó el tercer trimestre con 157,9 millones de CHF en efectivo, lo que le proporciona recursos hasta 2027.
Los desarrollos clave incluyen la designación Fast Track por parte de la FDA para el JNJ-2056 en la enfermedad de Alzheimer y avances en el ensayo de Fase 2 del VacSYn para la enfermedad de Parkinson. Los gastos en I+D aumentaron a 14,5 millones de CHF desde 12,4 millones del año anterior, mientras que los gastos generales y administrativos aumentaron ligeramente a 3,8 millones de CHF.
AC Immune (NASDAQ: ACIU)는 2024년 3분기 재무 결과를 발표했으며 순이익은 550만 CHF로, 2023년 3분기 순손실 1510만 CHF에 비해 개선되었습니다. 계약 수익은 2550만 CHF에 도달했으며, 주로 Janssen으로부터의 2460만 CHF의 이정표 지급금에서 발생했습니다. 회사는 3분기가 끝날 때 1억5790만 CHF의 현금을 보유하고 있어 2027년까지 지속가능성을 갖추고 있습니다.
주요 개발 사항으로는 알츠하이머병에 대한 JNJ-2056의 FDA의 패스트트랙 지정과 파킨슨병에 대한 2상 VacSYn 시험의 진행이 포함됩니다. 연구 및 개발 비용은 전년 대비 1240만 CHF에서 1450만 CHF로 증가했으며, 일반 및 관리 비용은 380만 CHF로 소폭 증가했습니다.
AC Immune (NASDAQ: ACIU) a annoncé les résultats financiers du troisième trimestre 2024, avec un bénéfice net de 5,5 millions de CHF, comparé à une perte nette de 15,1 millions de CHF au troisième trimestre 2023. Les revenus des contrats ont atteint 25,5 millions de CHF, principalement provenant d'un paiement de 24,6 millions de CHF de Janssen. La société a fini le troisième trimestre avec 157,9 millions de CHF en liquidités, assurant une marge de manœuvre jusqu'en 2027.
Les développements clés comprennent la désignation Fast Track par la FDA pour le JNJ-2056 dans la maladie d'Alzheimer et des progrès dans l'essai de phase 2 du VacSYn dans la maladie de Parkinson. Les dépenses en recherche et développement ont augmenté à 14,5 millions de CHF contre 12,4 millions de CHF l'année précédente, tandis que les dépenses générales et administratives ont légèrement augmenté à 3,8 millions de CHF.
AC Immune (NASDAQ: ACIU) berichtete über die finanziellen Ergebnisse für das dritte Quartal 2024 mit einem Nettogewinn von 5,5 Millionen CHF, verglichen mit einem Nettoverlust von 15,1 Millionen CHF im dritten Quartal 2023. Die Vertragsumsätze beliefen sich auf 25,5 Millionen CHF, größtenteils aus einer Meilensteinzahlung von 24,6 Millionen CHF von Janssen. Das Unternehmen schloss das dritte Quartal mit 157,9 Millionen CHF in bar, was bis 2027 finanzielle Spielräume bietet.
Wichtige Entwicklungen beinhalten die Fast Track-Zulassung der FDA für JNJ-2056 bei Alzheimer und Fortschritte in der Phase-2-Studie VacSYn bei Parkinson. Die Forschung und Entwicklungskosten stiegen im Jahresvergleich von 12,4 Millionen CHF auf 14,5 Millionen CHF, während die allgemeinen und administrativen Kosten leicht auf 3,8 Millionen CHF anstiegen.
- Net income of CHF 5.5 million vs. net loss of CHF 15.1 million in Q3 2023
- Significant milestone payment of CHF 24.6 million received from Janssen
- Strong cash position of CHF 157.9 million providing runway into 2027
- FDA Fast Track designation received for JNJ-2056
- R&D expenses increased by 16.9% to CHF 14.5 million
- G&A expenses increased to CHF 3.8 million
Insights
The Q3 results show significant financial strengthening, with
Contract revenues of
The pipeline progress is substantial with multiple value drivers: Fast Track designation for JNJ-2056 in Alzheimer's and rapid prescreening in the Phase 2b Retain trial signal regulatory confidence and strong clinical interest. The VacSYn Phase 2 trial in Parkinson's with over 30 patients enrolled shows solid execution, with interim data expected by year-end.
The morADC platform data presented at AAIC demonstrates promising blood-brain barrier penetration capabilities, while ACI-24.060's antibody profile mirrors validated monoclonal antibodies - both representing potential breakthrough approaches in neurodegeneration treatment.
AC Immune Reports Third Quarter 2024 Financial Results and Provides a Corporate Update
- ACI-7104.056 VacSYn Phase 2 trial in Parkinson’s disease (PD) on track to report interim safety and immunogenicity data
- Prescreening rate for Phase 2b Retain trial of JNJ-2056 (ACI-35.030) in Alzheimer’s disease (AD) triggered CHF 24.6 million milestone under agreement
- JNJ-2056 received Fast Track designation from the U.S. FDA
- Cash of CHF 157.9 million at the end of September, plus the CHF 24.6 million milestone payment received in October, provides runway into 2027
Lausanne, Switzerland, November 5, 2024 – AC Immune SA (NASDAQ: ACIU), a clinical-stage biopharmaceutical company pioneering precision therapeutics for neurodegenerative diseases, today reported results for the quarter ended September 30, 2024, and provided a corporate update.
Dr. Andrea Pfeifer, CEO of AC Immune SA, commented, “AC Immune has continued to make great strides in our pipeline programs and partnerships throughout the third quarter and recent months. We are particularly excited about the recognition received for ACI-35.030 from both our partner Janssen, in the form of a CHF 24.6 million milestone payment, and the U.S. Food and Drug Administration (FDA), in the form of Fast Track designation for JNJ-2056, and that the first patient has been dosed in the Retain trial. These milestones and the high level of patient and investigator enthusiasm fueling the rapid rate of prescreening for Retain, further highlight ACI-35.030’s unique potential to prevent or slow progression in pre-symptomatic Alzheimer’s disease. We are eagerly anticipating reporting in the coming weeks the interim safety and immunogenicity data from the Phase 2 VacSYn study of ACI-7104.056 for the treatment of early PD, as we move towards establishing clinical proof of concept with this active immunotherapy. Overall, this quarter has seen important incremental progress towards our overarching goal of shifting the treatment paradigm of neurodegenerative diseases towards precision medicine and disease prevention. We are now looking forward to a number of potentially transformational value inflection points in the future.”
Anticipated 2024 Milestones
| ACI-24.060 anti-Abeta active immunotherapy | ABATE Phase 2 trial in AD remains on track with enrollment expectations |
| ACI-7104.056 anti-a-syn active immunotherapy | On track to report interim safety and immunogenicity from VacSYn Phase 2 trial by year end 2024 |
| TDP-43-PET tracer | Phase 1 initiation expected by year end 2024 |
| ACI-15916 a-syn-PET tracer | IND-enabling studies in PD expected to be completed by year end 2024 |
Q3 2024 and Subsequent Highlights
- The Phase 2 VacSYn clinical trial of ACI-7104.056 in PD is progressing well with over 30 patients randomized in Part 1 of the study. We are on track to report the first interim safety and immunogenicity data from the trial.
- AC Immune achieved the second Retain-related milestone payment (CHF 24.6 million) under its agreement with Janssen Pharmaceuticals, Inc. (Janssen), a Johnson & Johnson company. The payment was triggered by the rapid rate of prescreening in the potentially registrational Phase 2b Retain trial investigating active-immunotherapy candidate ACI-35.030 (JNJ-2056) to treat preclinical (pre-symptomatic) AD. ACI-35.030 has been shown in Phase 1b/2a clinical testing to induce an antibody response targeting pathologic phosphorylated Tau, while sparing normal physiologic forms of Tau.
- Retain-related milestone payments now total CHF 40 million, including the first milestone payment earned in December 2023.
- JNJ-2056 received Fast Track designation from the FDA for AD in July 2024.
- AC Immune’s partner Life Molecular Imaging (LMI) received Fast Track Designation for the partners’ Tau positron emission tomography (PET) diagnostic, [18F]PI-2620, from the FDA in AD, progressive supranuclear palsy (PSP), and corticobasal degeneration (CBD).
- PI-2620 has demonstrated robust brain uptake and fast wash-out in non-target regions, a broad imaging window between 30- and 90-minutes post-injection for AD, and excellent reproducibility between test and retest scans.
- AC Immune’s preclinical results were featured in multiple presentations at the Alzheimer’s Association International Conference (AAIC) 2024:
- A new class of neurodegenerative disease-fighting drugs: morADC (Morphomer®-antibody drug conjugates), presented by M. Derouazi, PhD (CSO of ACIU), featured data from the proprietary morADC platform. Results demonstrated the ability of morADCs to penetrate the blood brain barrier in vivo and produce potent catalytic activity in vitro compared to the parental monoclonal antibody or small molecule alone.
- Active immunotherapy, ACI-24.060, induces anti-Abeta antibodies with binding profiles mirroring clinically validated monoclonal antibodies, presented by E. Fiorini, PhD (ACIU), featured results from non-human primates showing that ACI-24.060 induced antibody responses with preferential oligomeric Abeta binding as compared to monomeric Abeta.
- Discovery and preclinical development of [18F]ACI-19626, a first-in-class TDP-43 PET tracer, presented by T. Seredenina, PhD (ACIU), described the selection of [18F]ACI-19626 as a potential PET tracer for detection and monitoring progression of TDP-43 aggregates.
Analysis of Financial Statements for the Quarter Ended September 30, 2024
- Cash Position: The Company had a total cash balance of CHF 157.9 million (CHF 103.1 million as of December 31, 2023), composed of CHF 32.4 million in cash and cash equivalents and CHF 125.5 million in short-term financial assets. The Company’s cash balance plus the second Retain-related milestone payment of CHF 24.6 million, received in October 2024, provides sufficient capital resources into 2027, assuming no other milestones.
- Contract Revenues: The Company recorded CHF 25.5 million in contract revenues for the three months ended September 30, 2024, compared to nil in the comparable prior period. For the three months ended September 30, 2024, our contract revenues of CHF 25.5 million were related to:
- the recognition of the second Retain-related milestone payment of CHF 24.6 million under the agreement with Janssen. This milestone payment was triggered by the rapid rate of prescreening in the potentially registrational Phase 2b Retain trial investigating active-immunotherapy candidate ACI-35.030 to treat preclinical AD; and
- the efforts made under the agreement with Takeda.
- R&D Expenditures: R&D expenses for the three months ended September 30, 2024, were CHF 14.5 million compared to CHF 12.4 million in the comparable period in 2023. The increase was due mainly to higher clinical expenses, driven by the expansion of the ABATE study in our ACI-24.060 active immunotherapy.
- G&A Expenditures: For the three months ended September 30, 2024, G&A increased by CHF 0.3 million to CHF 3.8 million, mostly due to an increase in salaries and related costs, primarily due to new hires and higher expenses from equity awards granted in 2024, which have a higher fair value.
- Other Operating Income: The Company recognized less than CHF 0.1 million in grant income from Target ALS grants.
- IFRS Income/Loss for the Period: The Company reported a net income after taxes of CHF 5.5 million for the three months ended September 30, 2024, compared with a net loss of CHF 15.1 million for the comparable period in 2023.
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 broad and diversified pipeline of first- and best-in-class assets, which currently features sixteen therapeutic and diagnostic programs, including five in Phase 2 development and one in Phase 3. 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 CN, CH, GB, JP, KR, NO and RU.
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:
| AC Immune Gary Waanders, Ph.D., MBA Senior Vice President Investor Relations & Corporate Communications Phone: +41 21 345 91 91 Email: gary.waanders@acimmune.com | U.S. Investors Christina Tartaglia Precision AQ Phone: +1 332 322 7430 Email: christina.tartaglia@precisionaq.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 | ||||
| September 30, | December 31, | |||
| 2024 | 2023 | |||
| Assets | ||||
| Non-current assets | ||||
| Property, plant and equipment | 2,736 | 3,376 | ||
| Right-of-use assets | 3,091 | 3,508 | ||
| Intangible asset | 50,416 | 50,416 | ||
| Long-term financial assets | 415 | 361 | ||
| Total non-current assets | 56,658 | 57,661 | ||
| Current assets | ||||
| Prepaid expenses | 3,446 | 6,437 | ||
| Accrued income | 780 | 246 | ||
| Other current receivables | 869 | 622 | ||
| Accounts receivable | 24,600 | 14,800 | ||
| Short-term financial assets | 125,478 | 24,554 | ||
| Cash and cash equivalents | 32,417 | 78,494 | ||
| Total current assets | 187,590 | 125,153 | ||
| Total assets | 244,248 | 182,814 | ||
| Shareholders' equity and liabilities | ||||
| Shareholders’ equity | ||||
| Share capital | 2,218 | 2,089 | ||
| Share premium | 477,126 | 474,907 | ||
| Treasury shares | (218) | (105) | ||
| Currency translation differences | (24) | (51) | ||
| Accumulated losses | (348,937) | (316,197) | ||
| Total shareholders’ equity | 130,165 | 160,643 | ||
| Non-current liabilities | ||||
| Long-term deferred contract revenue | 4,790 | — | ||
| Long-term lease liabilities | 2,389 | 2,825 | ||
| Net employee defined benefit liabilities | 5,917 | 5,770 | ||
| Total non-current liabilities | 13,096 | 8,595 | ||
| Current liabilities | ||||
| Trade and other payables | 1,416 | 1,679 | ||
| Accrued expenses | 12,899 | 11,087 | ||
| Short-term deferred income | 16 | 138 | ||
| Short-term deferred contract revenue | 85,962 | — | ||
| Short-term lease liabilities | 694 | 672 | ||
| Total current liabilities | 100,987 | 13,576 | ||
| Total liabilities | 114,083 | 22,171 | ||
| Total shareholders’ equity and liabilities | 244,248 | 182,814 | ||
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, | |||||||
| 2024 | 2023 | 2024 | 2023 | |||||
| Revenue | ||||||||
| Contract revenues | 25,485 | — | 26,172 | — | ||||
| Total revenue | 25,485 | — | 26,172 | — | ||||
| Operating expenses | ||||||||
| Research & development expenses | (14,482) | (12,407) | (46,785) | (39,962) | ||||
| General & administrative expenses | (3,753) | (3,465) | (13,275) | (11,252) | ||||
| Other operating income/(expense), net | 19 | 406 | 128 | 1,131 | ||||
| Total operating expenses | (18,216) | (15,466) | (59,932) | (50,083) | ||||
| Operating income/(loss) | 7,269 | (15,466) | (33,760) | (50,083) | ||||
| Financial income | 939 | 285 | 2,307 | 753 | ||||
| Financial expense | (33) | (26) | (103) | (150) | ||||
| Exchange differences | (2,672) | 67 | (3,563) | — | ||||
| Finance result, net | (1,766) | 326 | (1,359) | 603 | ||||
| Income/(loss) before tax | 5,503 | (15,140) | (35,119) | (49,480) | ||||
| Income tax expense | — | (3) | — | (9) | ||||
| Income/(loss) for the period | 5,503 | (15,143) | (35,119) | (49,489) | ||||
| Earnings/(loss) per share: | ||||||||
| Basic income/(loss) for the period attributable to equity holders | 0.06 | (0.18) | (0.35) | (0.59) | ||||
| Diluted income/(loss) for the period attributable to equity holders | 0.05 | (0.18) | (0.35) | (0.59) | ||||
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, | |||||||
| 2024 | 2023 | 2024 | 2023 | |||||
| Income/(loss) for the period | 5,503 | (15,143) | (35,119) | (49,489) | ||||
| Items that will be reclassified to income or loss in subsequent periods (net of tax): | ||||||||
| Currency translation differences | 11 | 11 | 27 | (5) | ||||
| Items that will not to be reclassified to income or loss in subsequent periods (net of tax): | ||||||||
| Remeasurement gains on defined-benefit plans | — | — | — | — | ||||
| Other comprehensive income/(loss) | 11 | 11 | 27 | (5) | ||||
| Total comprehensive income/(loss) (net of tax) | 5,514 | (15,132) | (35,092) | (49,494) | ||||
Attachment
FAQ
What was AC Immune's (ACIU) net income in Q3 2024?
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