The upfront payment provides non-dilutive funding to advance AC Immune's pipeline, while the massive milestone potential signals high optionality. Traders should monitor progress toward IND-enabling studies in H1 2026 as the next catalyst.
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Executive Summary
AC Immune announced an amendment to its collaboration agreement with Eli Lilly to continue developing Tau-targeting small molecules for Alzheimer's and other neurodegenerative diseases. The deal includes a CHF10 million upfront payment and potential future milestones exceeding CHF1.7 billion, with IND-enabling studies expected to begin in H1 2026.
Key Financial Metrics
Key Facts
- Amendment extends AC Immune's collaboration with Eli Lilly on Tau Morphomer® small molecules for Alzheimer’s and other neurodegenerative diseases.
- AC Immune will receive CHF10 million upfront and is eligible for over CHF1.7 billion in future milestones plus tiered royalties in the low double digits.
- IND-enabling studies are expected to commence in H1 2026.
- Morphomer candidates are designed for oral dosing and brain penetration, with preclinical data supporting clinical relevance in inhibiting Tau aggregation.
Financial Impact
CHF10 million upfront payment and potential future payments exceeding CHF1.7 billion, plus low double-digit royalties
Risk Factors
- Future milestone payments are contingent on clinical, regulatory, and commercial success, which are highly uncertain.
- Preclinical data may not translate into clinical efficacy, particularly in complex neurodegenerative diseases.
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 1 press release from GlobeNewswire.
| Document | Accession Number |
|---|---|
| PRESS-RELEASE Data (Synthetic) | press-3268952 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 9, 2026 18d ago | 3/A | $2.45 $2.40 | ▼ −2.04% | ▼ −2.03% | $2.31 (−5.71%) |
Oct 9, 2026 18d ago | 3 | $2.50 $2.45 | ▼ −2.00% | ▼ −1.94% | $2.31 (−7.60%) |
Oct 2, 2026 25d 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 11w ago | 6-K | $2.54 $2.62 | ▲ +3.15% | ▲ +2.90% | $2.31 (−9.06%) |
Aug 11, 2026 11w 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%) |
US Market Status
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