AC Immune (ACIU) Q1 2026 earnings summary

Executive summary

• Advanced clinical pipeline with first subjects dosed in Phase 1 trial of NLRP3 inhibitor ACI-19764; SAD/MAD results expected H2 2026.

• Initiated final cohort in ABATE Phase 1b/2 trial of ACI-24 for Alzheimer's, triggering a $12M milestone payment.

• Amended Morphomer Tau collaboration with Lilly, securing CHF10M upfront and eligibility for >CHF1.7B in milestones.

• Presented promising interim results for ACI-7104 in Parkinson's disease; final data expected H2 2026.

• Cash resources of CHF 74.8M as of March 31, 2026, funding operations into Q4 2027.

Financial highlights

• Cash and short-term financial assets totaled CHF 74.8M at quarter-end, down from CHF 91.4M at year-end 2025.

• R&D expenses decreased to CHF 11.8M from CHF 15.9M year-over-year, reflecting pipeline focus and lower CMC costs.

• G&A expenses were CHF 4.2M, slightly down from CHF 4.4M year-over-year.

• Net loss for Q1 2026 was CHF 14.8M, improved from CHF 19.0M in Q1 2025.

• Revenue for the quarter was CHF 1.1M, up from CHF 1.0M in Q1 2025.

Outlook and guidance

• Multiple value inflection points expected in 2026, including Phase 2 data for ACI-7104 and ACI-24, and Phase 1 results for ACI-19764.

• Cash runway projected into Q4 2027, excluding potential milestone payments.

• IND-enabling studies for Morphomer Tau inhibitors to begin imminently.