Watch for full Part 1 VacSYn data (ACI-7104) and ACI-19764 Phase 1 results in H2 2026 as the primary catalysts. The cash runway into Q4 2027 reduces near-term dilution risk, but the CEO transition and ReTain trial pause introduce execution uncertainty. Monitor whether Janssen's protocol amendment resolves and timeline for Lilly's next Morphomer milestone payment.
Price Chart
Executive Summary
AC Immune reported H1 2026 revenue of CHF 16.2M (up from CHF 2.3M YoY) driven by milestone payments from Lilly (CHF 11M) and Takeda (CHF 5.2M), with net loss narrowing to CHF 12.9M from CHF 40.2M. Cash position of CHF 75.4M provides runway into Q4 2027. Key near-term catalysts include full Phase 2 VacSYn data for ACI-7104 in Parkinson's and Phase 1 results for NLRP3 inhibitor ACI-19764, both expected in H2 2026. However, the ReTain trial enrollment pause, CEO retirement, and reliance on non-recurring milestone revenue temper the positive financial headlines.
Key Facts
- H1 2026 total revenue CHF 16.2M vs CHF 2.3M in H1 2025, driven by CHF 11.0M from amended Lilly agreement and CHF 5.2M from Takeda collaboration
- Net loss improved to CHF 12.9M from CHF 40.2M in prior year period; operating loss CHF 13.6M vs CHF 38.8M
- Cash resources of CHF 75.4M (CHF 27.8M cash + CHF 47.6M short-term financial assets) expected to fund operations into Q4 2027
- R&D expenses decreased to CHF 22.2M from CHF 32.7M, reflecting pipeline prioritization and headcount reduction after September 2025 reorganization
- Received $12M milestone from Takeda upon dosing first patient in AD4 cohort; Lilly amendment delivered CHF 10M upfront plus CHF 1M milestone
- Full Part 1 results from Phase 2 VacSYn trial of ACI-7104 in early Parkinson's disease expected H2 2026
- Phase 1 SAD/MAD results for NLRP3 inhibitor ACI-19764 expected H2 2026, followed by Phase 1b hsCRP cohort data
- CEO Dr Andrea Pfeifer retired; Board Chair Dr Martin Zgel appointed interim CEO
- ReTain Phase 2 trial of ACI-35 (JNJ-2056) enrollment paused while Janssen seeks protocol amendment; study remains active with ~60 enrolled patients
Financial Impact
Revenue increased 7x YoY to CHF 16.2M, net loss reduced 68% to CHF 12.9M, cash burn improved to CHF 15.6M operating cash outflow vs CHF 34.4M in prior period
Risk Factors
- ReTain trial (JNJ-2056) enrollment remains paused pending protocol amendment; outcome uncertain
- CEO transition creates leadership vacuum; permanent successor search duration unknown
- Revenue heavily dependent on non-recurring milestone payments; no product revenue or visibility on Takeda option exercise
- Cash runway only through Q4 2027; additional financing likely needed absent new milestones
- Pipeline clinical-stage only; all programs require successful trials and regulatory approval
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 4 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001104659-26-090704 |
| Document: aciu-20260630xex99d2.htm | 0001104659-26-090704 |
| Document: aciu-20260630xex99d3.htm | 0001104659-26-090704 |
| Document: aciu-20260630xex99d4.htm | 0001104659-26-090704 |
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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