AC Immune (ACIU) Q2 2026 earnings summary

Executive summary

• Advanced clinical pipeline with key wholly-owned programs nearing major data readouts in H2 2026, including ACI-7104 in Parkinson's and ACI-19764 for neuroinflammation.

• Partnered programs with Takeda and Lilly generated significant milestone payments, supporting financial stability.

• Cash resources of CHF 75.4 million as of June 30, 2026, expected to fund operations into Q4 2027.

Financial highlights

• Total revenue for H1 2026 was CHF 16.2 million, up from CHF 2.3 million in H1 2025, driven by milestone payments from Lilly (CHF 11.0 million) and Takeda (CHF 5.2 million).

• R&D expenses decreased to CHF 22.2 million from CHF 32.7 million year-over-year, reflecting pipeline focus and lower operational spend.

• Net loss narrowed to CHF 12.9 million from CHF 40.2 million year-over-year.

• Cash and short-term financial assets totaled CHF 75.4 million at June 30, 2026.

Outlook and guidance

• Full results from Part 1 of the Phase 2 VacSYn trial in Parkinson's disease expected in H2 2026.

• Initial Phase 1 and 1b results for ACI-19764 NLRP3 inhibitor anticipated in H2 2026.

• Lead declaration for Morphomer a-syn aggregation inhibitor expected in H2 2026.

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