The sharp revenue decline and increased loss are concerning, but the clinical progress—especially the potential disease-modifying signal in Parkinson’s—could support valuation if confirmed in later data. Traders should monitor mid-2026 final data from the VacSYn trial and H1 2026 interim results from the ABATE Alzheimer’s trial as key catalysts.
Price Chart
Executive Summary
AC Immune reported full-year 2025 financial results with a significant drop in contract revenue to CHF 3.6 million from CHF 27.3 million in 2024, driven by the prior-year recognition of a milestone payment. The company reported a net loss of CHF 70.5 million, up from CHF 50.9 million in 2024. However, it highlighted positive interim Phase 2 data for its Parkinson’s drug ACI-7104, showing potential disease-modifying effects, and initiated a Phase 1 trial for its NLRP3 inhibitor ACI-19764. Cash resources of CHF 91.4 million are expected to fund operations into Q3 2027.
Key Financial Metrics
Key Facts
- Contract revenue dropped to CHF 3.6 million in 2025 from CHF 27.3 million in 2024 due to absence of milestone payments.
- Net loss widened to CHF 70.5 million in 2025 from CHF 50.9 million in 2024.
- Positive interim Phase 2 data for ACI-7104 in Parkinson’s disease suggests potential to slow disease progression.
- Phase 1 trial initiated for NLRP3 inhibitor ACI-19764, expanding intracellular targeting pipeline.
- Company reduced workforce by ~30% and extended cash runway to end of Q3 2027.
- Cash and cash equivalents: CHF 26.8 million as of Dec 31, 2025; total cash resources: CHF 91.4 million.
Financial Impact
Revenue declined by 86.9% YoY; net loss increased 38.5%. R&D spending decreased by CHF 6.1 million due to lower clinical and preclinical costs.
Risk Factors
- High reliance on future clinical data to validate therapeutic potential.
- Continued lack of recurring revenue and dependence on partnerships for funding.
- Foreign exchange risk due to CHF reporting and USD-denominated operations.
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 1 press release from GlobeNewswire.
| Document | Accession Number |
|---|---|
| PRESS-RELEASE Data (Synthetic) | press-3255371 |
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%) |
US Market Status
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