AC Immune (ACIU) Q4 2022 earnings summary

Executive summary

• Advanced a 16-program pipeline, including seven clinical-stage programs, across five misfolded-protein targets; strategy centers on Alzheimer’s disease, non-AD indications and diagnostics.

• Reported a CHF 70.8m net loss for 2022, with CHF 122.6m in cash and short-term financial assets and runway extending into Q3 2024 after targeted cost savings.

Financial highlights

• Contract revenue was CHF 3.9m in 2022 versus CHF 15.4m in 2021; all 2022 contract revenue came from Life Molecular Imaging.

• R&D expenses were CHF 60.3m, down from CHF 62.3m YoY; G&A expenses were CHF 15.8m, down from CHF 17.9m, partly reflecting prior-year acquisition costs and reduced headcount.

• Operating loss was CHF 74.8m versus CHF 70.8m in 2021; net loss was CHF 70.8m versus CHF 73.0m, and basic and diluted loss per share was CHF 0.85 versus CHF 0.97.

• Grant income was CHF 1.3m in 2022; operating expenses included CHF 3.3m of share-based compensation.

Outlook and guidance

• Cash runway was extended into Q3 2024 through targeted cost-saving initiatives without reducing headcount or halting core value-enhancing preclinical programs.

• Planned milestones included a late-stage proof-of-concept trial for ACI-35.030, interim Phase 2 safety and immunogenicity data for ACI-7104.056, and a US IND submission for ACI-24.060 in H1 2023.

• A Phase 3 trial of PI-2620 in early AD began in January 2023; the first patient was imaged in the pivotal ADvance study.