Monitor upcoming catalysts: 12-month interim ABATE data (Q2 2026) and full VacSYn Phase 2 data (H2 2026) are key value inflection points. The Lilly amendment provides near-term cash but the stock will move on clinical data readouts, not financials.
Price Chart
Executive Summary
AC Immune reported Q1 2026 results with a net loss of CHF 14.8 million, improved from CHF 19.0 million a year ago, and cash of CHF 74.8 million funding into Q4 2027. Key catalysts include a $12M milestone from Takeda for the ABATE trial, a CHF10M upfront from an amended Lilly collaboration, and multiple upcoming data readouts in H2 2026. The narrowing loss and non-dilutive partnership cash are positive, but the company remains pre-revenue with no approved products, making sentiment neutral.
Key Facts
- Net loss of CHF 14.8 million for Q1 2026, improved from CHF 19.0 million in Q1 2025
- Cash resources of CHF 74.8 million as of March 31, 2026, providing funding into Q4 2027
- Initiated final cohort AD4 in ABATE Phase 1b/2 trial of ACI-24, triggering a $12 million milestone payment from Takeda
- Amended Morphomer Tau collaboration with Lilly includes a CHF10 million upfront payment (Q2 2026) and potential milestones over CHF1.7 billion
- Dosed first subjects in Phase 1 trial of NLRP3 inhibitor ACI-19764; results expected H2 2026
- R&D expenses decreased to CHF 11.8 million from CHF 15.9 million year-over-year
- Total revenue of CHF 1.1 million from contract revenue, up from CHF 0.99 million in Q1 2025
Financial Impact
Net loss improved by CHF 4.2 million year-over-year; cash burn rate reduced; $12M milestone and CHF10M upfront provide non-dilutive capital
Risk Factors
- Pre-revenue biotech with no approved products; dependent on clinical trial success
- Cash runway only into Q4 2027; may require future dilutive financing if milestones delayed
- Janssen's ReTain study enrollment paused pending protocol amendment — potential setback for pTau program
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0000950103-26-006499 |
| Document: dp245995_6k.htm | 0000950103-26-006499 |
| Document: 0000950103-26-006499-index-headers.html | 0000950103-26-006499 |
| Document: 0000950103-26-006499-index.html | 0000950103-26-006499 |
| Document: 0000950103-26-006499.txt | 0000950103-26-006499 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 9, 2026 17d ago | 3/A | $2.45 $2.40 | ▼ −2.04% | ▼ −2.03% | $2.31 (−5.71%) |
Oct 9, 2026 17d ago | 3 | $2.50 $2.45 | ▼ −2.00% | ▼ −1.94% | $2.31 (−7.60%) |
Oct 2, 2026 24d ago | 6-K | $2.73 $2.71 | ▼ −0.55% | ▼ −1.22% | $2.31 (−15.23%) |
Sep 23, 2026 4w ago | 6-K | $2.83 $2.66 | ▼ −6.01% | ▼ −5.92% | $2.31 (−18.37%) |
Sep 3, 2026 7w ago | 6-K | $2.93 $2.86 | ▼ −2.39% | ▼ −2.00% | $2.31 (−21.16%) |
Aug 20, 2026 9w ago | 6-K | $2.64 $2.90 | ▲ +9.85% | ▲ +9.44% | $2.31 (−12.50%) |
Aug 20, 2026 9w ago | Press Release | $2.64 $2.90 | ▲ +9.85% | ▲ +9.44% | $2.31 (−12.50%) |
Aug 11, 2026 10w ago | 6-K | $2.54 $2.62 | ▲ +3.15% | ▲ +2.90% | $2.31 (−9.06%) |
Aug 11, 2026 10w ago | Press Release | $2.54 $2.62 | ▲ +3.15% | ▲ +2.90% | $2.31 (−9.06%) |
Aug 5, 2026 11w ago | 6-K | $2.29 $2.32 | ▲ +1.31% | ▲ +1.47% | $2.31 (+0.87%) |
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