AC Immune SA
ACIU · Pharmaceutical Preparations · EDGAR filings ↗
Reference price $2.79 — last insider sale, 2026-05-15 (estimated from the dated SEC Form 4 price — not a live quote)
Grade
D41Clinical-stage CNS biopharma with encouraging early data but a near-cash-out balance sheet.
Strengths
- Phase 1/2 tau vaccine (ACI-35.030) showed strong dose-dependent immunogenicity and good tolerability — early de-risking
- Tier-1 partners (J&J/Janssen, Lilly, Takeda) and regained global rights to crenezumab/semorinemab
Risks
- Critically short ~1.5-quarter cash runway (10th pct) with current ratio ~1.0 and massive cash burn (FCF margin -1964%)
- Lead trial primary endpoint not statistically significant and no clinical-efficacy readout; revenue down 85%
Notable findings
- No interest coverageInterest coverage -362.92 (cannot cover interest)
- Net lossNet loss (net margin -1971.6%)
- Cash burnNegative free cash flow (-88.6M)
- Revenue declineRevenue -93.7% YoY
Quarterly revenue
Last 3 quarters · from SEC filings.
Key metrics
Operating margin
-1940.1%
Net margin
-1971.6%
Return on equity
-157.0%
Return on assets
-45.7%
Revenue growth (QoQ)
-93.7%
Interest coverage
-362.9×
Current ratio
1.0×
Free cash flow
-$89M
Tangible book value
$57M
Cash & investments
$34M
Cash runway
2q
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-06-11 | Twyman Roy Ervin | Grant | 17K | — |
| 2026-06-11 | AGUIAR-LUCANDER RENEE | Grant | 17K | — |
| 2026-06-11 | Zuegel Martin | Grant | 33K | — |
| 2026-06-11 | Buetler Monika | Grant | 18K | — |
| 2026-06-11 | June Carl Howard | Grant | 17K | — |
| 2026-05-15 | Pfeifer Andrea | Sell | 10K | $2.79 |
| 2026-04-15 | Pfeifer Andrea | Sell | 10K | $3.14 |
| 2026-04-15 | Pfeifer Andrea | Buy | 10K | $3.14 |
All non-derivative Form 4 activity (SEC), newest first.
Clinical trials
| Trial | Title | Phase | Status | Primary completion |
|---|---|---|---|---|
| NCT05462106 ↗ | A Study to Assess the Effects of ACI-24.060 in Alzheimer's Disease and in Down Syndrome (ABATE Study) Amyloid Plaque, Beta-Amyloid | PHASE1/PHASE2 | Recruiting | 2029-04-01 |
| NCT06015841 ↗ | A Study to Evaluate the Effects of ACI-7104.056 in Patients With Early Stages of Parkinson's Disease Parkinson Disease, Parkinson Disease 6, Early-Onset | PHASE2 | Active Not Recruiting | 2028-01-01 |
| NCT06891716 ↗ | [18F]ACI-19626 PET in TDP-43 Proteinopathies Frontotemporal Dementia (FTD), Amyotrophic Lateral Sclerosis (ALS) | EARLY_PHASE1 | Recruiting | 2026-11-01 |
| NCT07463196 ↗ | A Study Investigating the Safety, Absorption, Elimination, and the Effect on the Immune System of ACI-19764 in Healthy Participants Healthy Participants | PHASE1 | Recruiting | 2026-08-01 |
| NCT06891703 ↗ | [18F]ACI-15916 PET in α-synucleinopathies Parkinson's Disease (PD), Multiple System Atrophy (MSA) | EARLY_PHASE1 | Recruiting | 2026-03-01 |
| NCT04373616 ↗ | A Study of ACI-24 in Adults With Down Syndrome Down Syndrome | PHASE2 | Withdrawn | 2024-04-01 |
| NCT04445831 ↗ | A Study to Evaluate the Safety, Tolerability and Immunogenicity of Tau Targeted Vaccines in Participants With Early Alzheimer's Disease Alzheimer's Disease, Cognitive Impairment | PHASE1/PHASE2 | Completed | 2023-09-05 |
| NCT02738450 ↗ | Safety, Tolerability and Immunogenicity of ACI-24 Vaccine in Adults With Down Syndrome Down Syndrome | PHASE1 | Completed | 2020-06-01 |
Source: ClinicalTrials.gov (U.S. NIH) · active studies first.
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 20-F | 2026-03-13 | 2025-12-31 | 0001104659-26-027342 ↗ |
| 20-F | 2025-03-13 | 2024-12-31 | 0001558370-25-002855 ↗ |
| 20-F | 2024-03-14 | 2023-12-31 | 0001558370-24-003164 ↗ |
| 20-F | 2023-03-16 | 2022-12-31 | 0001558370-23-003963 ↗ |
| 20-F | 2022-03-22 | 2021-12-31 | 0001140361-22-010439 ↗ |
| 20-F | 2021-03-23 | 2020-12-31 | 0000950103-21-004378 ↗ |
| 20-F | 2020-03-30 | 2019-12-31 | 0000950103-20-006219 ↗ |
| 20-F | 2019-03-21 | 2018-12-31 | 0000950103-19-003578 ↗ |
| 20-F | 2018-03-20 | 2017-12-31 | 0000950103-18-003508 ↗ |
| 20-F | 2017-03-17 | 2016-12-31 | 0000950103-17-002540 ↗ |