AC Immune (ACIU) Q4 2025 earnings summary

Executive summary

• Achieved significant progress in precision prevention for neurodegenerative diseases, highlighted by positive interim Phase 2 results for ACI-7104 in early Parkinson's disease and advancement of the NLRP3 inhibitor ACI-19764 into Phase 1 trials.

• Strategic pipeline focus led to a 30% workforce reduction and extended cash runway to Q3 2027.

• Published key research in peer-reviewed journals and presented at major conferences, reinforcing leadership in neurodegenerative disease therapeutics.

Financial highlights

• Cash resources stood at CHF 91.4 million as of December 31, 2025, down from CHF 165.5 million at the end of 2024.

• Contract revenues were CHF 3.6 million for 2025, a sharp decrease from CHF 27.3 million in 2024 due to a large milestone payment in the prior year.

• R&D expenses decreased by CHF 6.1 million to CHF 56.4 million, mainly from lower preclinical and clinical costs.

• G&A expenses fell by CHF 1.1 million to CHF 16.1 million, primarily due to non-recurring legal fees in 2024.

• Net loss after taxes was CHF 70.5 million for 2025, compared to CHF 50.9 million in 2024.

Outlook and guidance

• Cash runway expected to last through Q3 2027, excluding potential milestone payments.

• 2026 cash expenditure guidance is CHF 55–65 million, including operating and capital expenditures adjusted for non-cash items.

• Key 2026 milestones include final Phase 2 data for ACI-7104 in mid-2026 and interim Phase 2 results for ACI-24 in H1 2026.