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1. Company Snapshot

1.a. 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.

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1.b. Last Insights on ACIU

AC Immune SA's Q1 2025 financial results were driven by the advancement of its clinical active immunotherapy portfolio for precision prevention of neurodegenerative diseases. The company reported positive immunogenicity and safety results in its Phase 2 trial of ACI-7104.056, a wholly-owned anti-alpha-synuclein (a-syn) active immunotherapy, in Parkinson's disease. Additionally, ACI-7104.056 Phase 2 interim results on pharmacodynamics and biomarkers are expected in Q2 2025, and the company presented promising data on early-stage assets at the AD/PD 2025 conference. With CHF 145.7 million in cash resources as of March 31, 2025, AC Immune has sufficient funding to support its operations through Q1 2027, providing a solid foundation for its continued clinical development.

1.c. Company Highlights

2. Transcript Summary

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3. NewsRoom

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AC Immune (ACIU) Reports Q3 Loss, Lags Revenue Estimates

Nov -04

Source: zacks.com

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AC Immune Reports Third Quarter 2025 Financial Results and Provides a Corporate Update

Nov -04

Source: globenewswire.com

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First Characterization of a TDP-43 PET Tracer Published in Nature Communications Showing Potential of AC Immune's ACI-19626 in Precision Medicine

Oct -24

Source: globenewswire.com

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New Strong Sell Stocks for August 6th

Aug -06

Source: zacks.com

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AC Immune (ACIU) Reports Q2 Loss, Misses Revenue Estimates

Aug -05

Source: zacks.com

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AC Immune Reports Second Quarter 2025 Financial Results and Provides a Corporate Update

Aug -05

Source: globenewswire.com

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AC Immune (ACIU) May Report Negative Earnings: Know the Trend Ahead of Q2 Release

Jul -29

Source: zacks.com

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AC Immune (ACIU) Reports Q1 Loss, Lags Revenue Estimates

Apr -30

Source: zacks.com

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (9.33%)

6. Segments

Therapeutic and Diagnostic Products

Expected Growth: 9.33%

AC Immune SA's Therapeutic and Diagnostic Products segment growth of 9.33% is driven by increasing demand for Alzheimer's and Parkinson's disease treatments, advancements in antibody-based therapies, and strategic partnerships with pharmaceutical companies. Additionally, growing investments in research and development, and expansion into new markets contribute to the segment's growth.

7. Detailed Products

SupraAntigen-based vaccines

AC Immune's SupraAntigen-based vaccines are designed to stimulate a strong immune response against specific targets, such as beta-amyloid in Alzheimer's disease.

Antibody-based therapies

AC Immune's antibody-based therapies are designed to target specific proteins involved in neurodegenerative diseases, such as alpha-synuclein in Parkinson's disease.

Small molecule-based therapies

AC Immune's small molecule-based therapies are designed to modulate specific biological pathways involved in neurodegenerative diseases, such as the Tau protein in Alzheimer's disease.

Diagnostic biomarkers

AC Immune's diagnostic biomarkers are designed to detect and monitor neurodegenerative diseases, such as Alzheimer's disease and Parkinson's disease.

Tau-targeting therapies

AC Immune's Tau-targeting therapies are designed to prevent the aggregation of Tau protein, a hallmark of Alzheimer's disease.

Abeta-targeting therapies

AC Immune's Abeta-targeting therapies are designed to prevent the aggregation of beta-amyloid protein, a hallmark of Alzheimer's disease.

8. AC Immune SA's Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for AC Immune SA is moderate, as there are alternative treatments and therapies available for Alzheimer's disease and other neurodegenerative disorders.

Bargaining Power Of Customers

The bargaining power of customers is low, as AC Immune SA is a biotech company that develops novel therapeutic approaches for neurodegenerative diseases, and customers have limited alternatives.

Bargaining Power Of Suppliers

The bargaining power of suppliers is moderate, as AC Immune SA relies on a few key suppliers for raw materials and services, but has some flexibility to negotiate prices and terms.

Threat Of New Entrants

The threat of new entrants is high, as the biotech industry is highly competitive, and new companies are constantly emerging with innovative technologies and approaches.

Intensity Of Rivalry

The intensity of rivalry is high, as AC Immune SA operates in a highly competitive industry with many established players, and must continually innovate and differentiate itself to remain competitive.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 2.13%
Debt Cost 5.03%
Equity Weight 97.87%
Equity Cost 9.90%
WACC 9.79%
Leverage 2.18%

11. Quality Control: AC Immune SA passed 3 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

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Idorsia

A-Score: 5.1/10

Value: 8.4

Growth: 6.8

Quality: 5.2

Yield: 0.0

Momentum: 10.0

Volatility: 0.0

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A-Score: 3.9/10

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Quality: 4.7

Yield: 1.9

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Volatility: 3.0

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Value: 8.4

Growth: 4.8

Quality: 3.4

Yield: 0.0

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Volatility: 0.0

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Immatics

A-Score: 3.5/10

Value: 6.8

Growth: 6.1

Quality: 4.1

Yield: 0.0

Momentum: 4.0

Volatility: 0.0

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AC Immune

A-Score: 3.2/10

Value: 6.4

Growth: 4.0

Quality: 5.0

Yield: 0.0

Momentum: 4.0

Volatility: 0.0

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Ryvu Therapeutics

A-Score: 2.6/10

Value: 6.2

Growth: 2.6

Quality: 4.1

Yield: 0.0

Momentum: 0.0

Volatility: 2.7

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

2.8$

Current Price

2.8$

Potential

-0.00%

Expected Cash-Flows