AC Immune SA (ACIU) AI Stock Analysis

• Market Cap: $328.49M
• Dividend Yield: N/A
• Average Volume (3M): 317.54K
• Price to Earnings (P/E): ―
• Beta (1Y): 1.33
• Revenue Growth: -89.01%
• EPS Growth: -86.17%
• Country: US
• Employees: 133
• Sector: Healthcare
• Sector Strength: 45
• Industry: Biotechnology
• EPS (TTM): -0.18
• Shares Outstanding: 98,943,130
• 10 Day Avg. Volume: 341,311
• 30 Day Avg. Volume: 317,543
• PEG Ratio: -0.12
• Price to Book (P/B): 5.58
• Price to Sales (P/S): 73.53
• P/FCF Ratio: -3.74
• Enterprise Value/Market Cap: 0.73
• Enterprise Value/Revenue: 70.32
• Enterprise Value/Gross Profit: 74.18
• Enterprise Value/Ebitda: -3.52
• 1Y Price Target: $10.00
• Price Target Upside: 201.20% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 2
• EPS Forecast (FY): -0.38
• Revenue Forecast (FY): $28.26M

• Rating: 47 Neutral
• Price Target: $3.50 ▲(5.42% Upside)
• Action: Reiterated Date: 03/15/26
• Date: Action: Reiterated 03/15/26

The score is primarily held back by weak financial performance driven by ongoing losses, a 2025 revenue decline, and a return to significant cash burn, despite low debt. Technical indicators are mixed and only modestly supportive, while valuation metrics offer limited support because earnings are negative and no dividend yield is available.

Positive Factors

Promising Parkinson's Phase 2 data

Interim Phase 2 evidence that ACI-7104 may slow early Parkinson’s progression and shows good safety materially de-risks a wholly owned clinical asset. That strengthens AC Immune’s internally controlled value drivers, increases potential for future partnering or milestone revenue, and supports sustained R&D focus on neurodegeneration.

Broadened small-molecule pipeline (NLRP3)

Advancing ACI-19764 into first-in-human dosing diversifies AC Immune’s modality mix beyond immunotherapies. A brain-penetrant NLRP3 program addresses neuroinflammation across multiple indications, providing an additional long-term development and commercialization pathway and multiple future data catalysts to de-risk the company’s pipeline.

Extended runway & low leverage

A low-debt balance sheet combined with targeted restructuring extended the cash runway into Q3 2027, reducing near-term liquidity stress and allowing time for value-inflecting clinical readouts. This provides durable operational flexibility to advance prioritized programs without immediate financing pressures.

Negative Factors

Structural unprofitability

Persistent large operating and net losses indicate the company is not yet generating sustainable internal earnings. Over the medium term this necessitates continued external funding or milestone-dependent revenue, limiting self-funded growth and increasing strategic dependence on partners and financing events.

Return to heavy cash burn in 2025

A swing back to deep operating and free cash burn in 2025 shows cash generation is inconsistent and the company remains funding-dependent. This raises dilution and refinancing risk over the medium term and makes timely milestone achievement critical to avoid material capital raises that could dilute stakeholders.

Eroded equity cushion

A substantial fall in equity over several years weakens the company’s capital cushion and its ability to absorb project setbacks. With diminished shareholder equity and negative returns, the firm has less balance-sheet flexibility and is more vulnerable to adverse clinical outcomes or delayed partner milestones.

AC Immune SA Business Overview & Revenue Model

Company Description

AC Immune SA, a clinical stage biopharmaceutical company, discovers, designs, and develops medicines and diagnostic products for the prevention and treatment of neurodegenerative diseases associated with protein misfolding. Its SupraAntigen and Morphomer platforms are designed to generate vaccines, antibodies, and small molecules, which selectively interact with misfolded proteins that are common in a range of neurodegenerative diseases. The company is developing Crenezumab, a humanized, conformation-specific monoclonal antibody, which is in Phase II clinical prevention trial for the treatment of Alzheimer's disease (AD). It is also developing ACI-24, an anti-Abeta vaccine candidate that is in Phase II clinical study for AD, as well as completed Phase Ib clinical study for Down syndrome; ACI-35, an anti-Tau vaccine candidate that has completed Phase Ib clinical study; and Tau- positron emission tomography (PET) imaging tracer, which is in Phase II clinical study. In addition, the company is researching and developing small molecule Tau aggregation inhibitors for AD and NeuroOrphan indications. Further, it has discovery and preclinical stage molecules targeting range of neurodegenerative diseases, which include diagnostics targeting TDP-43, alpha-synuclein, and NLRP3. AC Immune SA has license agreements and collaborations with Genentech, Inc.; Biogen International GmbH; Janssen Pharmaceuticals, Inc.; Life Molecular Imaging SA; Eli Lilly and Company; and WuXi Biologics. The company was incorporated in 2003 and is headquartered in Lausanne, Switzerland.

How the Company Makes Money

AC Immune primarily makes money through a partnering/licensing model typical of clinical-stage biotech companies, supplemented by collaboration-related services/reimbursements and, to the extent applicable in a given period, milestone and royalty economics. Key revenue streams generally include: (1) Collaboration and license revenue: upfront payments received when AC Immune grants partners rights to develop and/or commercialize specific programs (therapeutics and/or diagnostics), plus ongoing recognition of collaboration-related revenue as work is performed under the agreement. (2) Development and regulatory milestones: contingent payments earned if partnered programs achieve predefined clinical, regulatory, or other development objectives (e.g., initiation or completion of clinical phases, regulatory submissions/approvals). These payments can be significant but are non-recurring and timing is uncertain because they depend on program success. (3) Commercial milestones and royalties: if a partnered product reaches the market, AC Immune may be entitled to additional milestone payments tied to sales thresholds and ongoing royalties on net sales; however, commercialization-driven revenue depends on product approvals and launch outcomes. (4) Research funding and cost reimbursements: in some collaborations, partners may fund agreed R&D activities or reimburse certain costs, creating a stream of collaboration-related income that helps offset AC Immune’s R&D spending. AC Immune’s earnings are therefore heavily influenced by the status and progress of its partnered pipeline, the structure of its collaboration agreements (e.g., which party leads development, cost-sharing terms), and the achievement of contractual milestones; product-sales revenue is typically limited unless and until any program is commercialized.

AC Immune SA Financial Statement Overview

Summary

Weak overall fundamentals: the company remains structurally unprofitable with persistently large losses, 2025 revenue declined (~22% vs 2024), and cash flow swung back to heavy burn in 2025 after a strong 2024. The main offset is a relatively strong balance sheet with low leverage, though equity has eroded substantially over time.

Income Statement

Across the annual periods provided, the company remains structurally unprofitable with consistently large operating and net losses (net margins deeply negative in most years). Revenue is volatile and small relative to the expense base, including a sharp decline in 2025 (annual revenue down ~22% versus 2024), following stronger growth in 2023–2024. Profitability trends do not yet show operating leverage—losses persist even as revenue moves around—highlighting continued dependence on funding rather than internally generated earnings.

Balance Sheet

The balance sheet is a relative strength: debt is low and leverage is modest (debt-to-equity roughly ~0.10 in 2025 and lower in prior years), which reduces near-term financial strain. However, equity has declined meaningfully over time (from ~232M in 2021 to ~45M in 2025), consistent with ongoing losses and/or capital actions, and returns on equity are materially negative. Overall, low debt helps, but the shrinking equity cushion and persistent losses raise longer-term balance-sheet risk.

Cash Flow

Cash generation is inconsistent. Operating and free cash flow were strongly positive in 2024, but flipped back to heavy cash burn in 2025 (both operating and free cash flow deeply negative). Free cash flow improved versus the prior year on a growth basis (given the swing year-to-year), but the current run-rate still indicates substantial funding needs. A positive note is that free cash flow generally tracks net income closely (free cash flow to net income near ~1x in most years), suggesting losses are largely reflected in cash impact rather than being masked by non-cash accounting.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	3.41M	27.31M	14.80M	3.94M	0.00
Gross Profit	0.00	-35.26M	-39.80M	3.94M	0.00
EBITDA	-63.47M	-48.62M	-51.83M	-68.03M	-70.01M
Net Income	-67.28M	-50.92M	-54.23M	-70.75M	-73.00M
Balance Sheet
Total Assets	154.43M	230.91M	182.81M	185.94M	261.44M
Cash, Cash Equivalents and Short-Term Investments	91.52M	165.49M	103.05M	122.59M	198.22M
Total Debt	4.55M	5.43M	3.50M	2.80M	2.91M
Total Liabilities	109.49M	118.64M	22.17M	16.95M	29.46M
Stockholders Equity	44.93M	112.27M	160.64M	168.99M	231.98M
Cash Flow
Free Cash Flow	-67.01M	65.27M	-61.21M	-74.81M	-68.32M
Operating Cash Flow	-66.15M	65.84M	-60.41M	-73.57M	-65.69M
Investing Cash Flow	60.69M	-105.29M	65.64M	23.76M	-53.66M
Financing Cash Flow	-974.14K	-1.12M	43.25M	-1.35M	40.75M

AC Immune SA Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 3.32
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For ACIU, the sentiment is Positive. The current price of 3.32 is above the 20-day moving average (MA) of 2.86, above the 50-day MA of 3.15, and above the 200-day MA of 2.74, indicating a bullish trend. The MACD of 0.02 indicates Negative momentum. The RSI at 63.42 is Neutral, neither overbought nor oversold. The STOCH value of 77.30 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for ACIU.

AC Immune SA Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
MLTX	55 Neutral	$1.20B	-3.74	-67.12%	―	―	-157.74%
EDIT	52 Neutral	$240.77M	-1.14	-348.55%	―	-24.90%	7.19%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
VOR	50 Neutral	$569.65M	-0.10	274.58%	―	―	-1072.48%
ACIU	47 Neutral	$328.49M	-3.73	-101.60%	―	-89.01%	-86.17%
ALEC	46 Neutral	$246.11M	-1.12	-224.96%	―	12.26%	37.36%
FHTX	45 Neutral	$297.02M	-4.58	105.48%	―	-3.91%	37.89%

AC Immune SA Corporate Events

AC Immune Posts 2025 Results, Sharpens Pipeline Focus and Extends Cash Runway to 2027

AC Immune reported its full-year 2025 results on March 13, 2026, highlighting positive interim Phase 2 data for its wholly owned active immunotherapy ACI-7104, which appeared to slow progression in early Parkinson’s disease and showed a favorable safety and immunogenicity profile. The company also initiated a Phase 1 trial of its brain-penetrant NLRP3 inhibitor ACI-19764, advanced Morphomer Tau aggregation inhibitors toward IND-enabling studies, and outlined multiple 2026 clinical milestones across its Alzheimer’s, Parkinson’s and small-molecule programs.

Management conducted a strategic review that sharpened focus on its highest-priority assets, including three clinical-stage active immunotherapies and key small-molecule programs, while cutting its workforce by about 30% to extend its cash runway. AC Immune ended 2025 with CHF 91.4 million in cash resources, down from CHF 165.5 million a year earlier, but expects funding to last into the third quarter of 2027, as lower R&D and G&A spending and targeted restructuring position the company for upcoming value-inflection data readouts despite a sharp decline in contract revenues after a large 2024 milestone payment.

The most recent analyst rating on (ACIU) stock is a Hold with a $3.00 price target. To see the full list of analyst forecasts on AC Immune SA stock, see the ACIU Stock Forecast page.

AC Immune Doses First Participant in Phase 1 Trial of NLRP3 Inhibitor ACI-19764

On February 24, 2026, AC Immune SA reported that it has dosed the first participant in a Phase 1 clinical trial of ACI-19764, an orally administered, highly brain-penetrant small molecule inhibitor of the NLRP3 inflammasome. The candidate is positioned as an important extension of the company’s small-molecule pipeline, aimed at addressing chronic inflammation implicated in metabolic disorders and neurodegenerative conditions such as Alzheimer’s, Parkinson’s, ALS and frontotemporal dementia.

The Phase 1 study in healthy volunteers in Europe will assess safety, tolerability, pharmacokinetics and pharmacodynamics through single and multiple ascending doses, with initial data expected in the second half of 2026. Preclinical results showed strong potency, brain penetration, and promising effects on neuroinflammation and weight control, potentially placing ACI-19764 among the more competitive NLRP3 inhibitors for central nervous system and metabolic indications and underscoring AC Immune’s push to broaden its clinical portfolio.

The most recent analyst rating on (ACIU) stock is a Hold with a $3.00 price target. To see the full list of analyst forecasts on AC Immune SA stock, see the ACIU Stock Forecast page.

AC Immune Says Janssen Pauses Enrollment in Alzheimer’s Trial but Confirms Cash Runway to Q3 2027

AC Immune SA reported that Janssen Pharmaceuticals has temporarily paused enrollment, for operational reasons, in the ongoing Phase 2b ReTain trial of anti-phospho-tau vaccine ACI-35.030/JNJ-2056 in preclinical Alzheimer’s disease, after a pre-specified interim immunogenicity threshold was met and without any new safety concerns. The company said the pause does not affect its liquidity and reaffirmed that existing capital should fund operations into the third quarter of 2027, while it prepares to deliver multiple 2026 clinical readouts across its Alzheimer’s, Parkinson’s and NLRP3 inflammasome programs and to report fourth-quarter 2025 earnings on March 12, 2026.

The most recent analyst rating on (ACIU) stock is a Hold with a $3.00 price target. To see the full list of analyst forecasts on AC Immune SA stock, see the ACIU Stock Forecast page.