AC Immune S.A.

AC Immune SA, a clinical-stage biopharmaceutical company, reported total revenue of $3.6M for FY 2025, down from $27.3M in FY 2024, primarily due to the absence of milestone payments from Janssen ($24.6M in 2024) and Takeda ($2.7M in 2024). Contract revenue from the Takeda agreement contributed $3.6M in 2025. Operating loss widened to $69.3M from $52.4M, driven by $56.4M R&D expenses (down from $62.6M) and $16.1M G&A (down from $17.3M). Net loss increased to $70.4M from $50.9M, with basic and diluted EPS at -$1 for both years. Balance sheet shows total assets of $154.3M, including $26.8M cash and $64.6M short-term financial assets (liquidity $91.4M, sufficient until Q3 2027). Shareholders' equity declined to $44.9M from $112.3M. Cash used in operations was $69.3M, offset by $63.5M from investing. Restructuring expenses of $0.5M reflect cost reductions. Forward-looking, focus on active immunotherapies (ACI-24.060, ACI-35.030, ACI-7104.056) and NLRP3 inhibitor ACI-19764, with partnerships providing milestones and royalties.

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