AC Immune (ACIU) Q2 2025 earnings summary

Executive summary

• Three active immunotherapies for neurodegeneration are advancing through Phase 2 trials, with key interim results expected in H2 2025 and early 2026.

• Strong cash position of CHF 127.1 million (USD 157.6 million) as of June 30, 2025, funding operations into Q1 2027, excluding milestone payments.

• Early-stage pipeline progress includes IND-enabling studies for a novel NLRP3 inhibitor and multiple programs targeting misfolded proteins.

Financial highlights

• Cash and short-term financial assets totaled CHF 127.1 million at June 30, 2025, down from CHF 165.5 million at year-end 2024.

• Contract revenues for Q2 2025 were CHF 1.3 million, up from CHF 0.7 million in Q2 2024, mainly from a Takeda agreement.

• R&D expenses for Q2 2025 were CHF 16.8 million, slightly lower year-over-year due to reduced early-stage activity and lower ACI-7104.056 costs.

• G&A expenses decreased by CHF 0.7 million to CHF 3.9 million, mainly due to lower legal fees.

• Net loss for Q2 2025 was CHF 21.2 million, compared to CHF 22.8 million in Q2 2024.

Outlook and guidance

• Further interim results from the VacSYn trial of ACI-7104.056 are expected in H2 2025, with potential initiation of Part 2 based on pharmacodynamic and biomarker data.

• The AD3 cohort in the ABATE trial of ACI-24.060 will reach 12 months of treatment by year-end 2025, with interim results expected early 2026.

• IND filing for ACI-19764 (NLRP3 inhibitor) anticipated in H2 2025.

• Multiple early-stage milestones expected in H2 2025, including clinical and preclinical readouts for several pipeline assets.