ACIU · AC Immune S.A.

AC Immune’s Q1 2026 financial results reflect disciplined cost management following its Q3 2025 pipeline focus initiative, resulting in a CHF 14.8 million net loss — a CHF 4.2 million improvement year-over-year. The CHF 4.2 million reduction in R&D spend (to CHF 11.8 million) stemmed primarily from lower personnel and operational costs (~CHF 1.7 million) and reduced upfront CMC expenditures for active immunotherapy programs ahead of Phase 2 initiation. G&A expenses also declined modestly to CHF 4.2 million. Revenue increased slightly to CHF 1.1 million from contract sources, consistent with ongoing collaboration monetization. Management explicitly attributes the improved loss profile to strategic prioritization, not program discontinuation — underscoring continued investment in ACI-24 (Alzheimer’s), ACI-7104 (Parkinson’s), ACI-19764 (NLRP3), and Morphomer® Tau programs. Critically, the CHF 74.8 million cash position — composed of CHF 19.2 million in cash/cash equivalents and CHF 55.6 million in short-term financial assets — is stated to fund operations into Q4 2027, excluding potential milestone receipts. This runway provides critical flexibility as the company approaches multiple near-term value inflection points: the $12 million Takeda milestone triggered by AD4 cohort initiation, the CHF 10 million Lilly upfront payment in Q2 2026, interim ABATE AD3 data in Q2, and Phase 1 ACI-19764 and full VacSYn Part 1 readouts in H2 2026. The press release emphasizes that these developments collectively reinforce confidence from major partners (Takeda, Lilly, Janssen) in AC Immune’s platform and pipeline, positioning the company for potential de-risking events across multiple therapeutic modalities within the year.