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AC Immune

ACIU Rare disease Lead: Phase 3 7 Biotech Distilled articles ↓ 22 filings & releases ↓ Cash CHF 26.8M (Dec 31, 2025) ↓ 7 verdicts ↓
Neurology ProteinSmall Molecule

Market cap $222M 99.4M shares (vendor count, Nov 7, 2026) × $2.23 close Nov 6, 2026 · share count from the market-data vendor, not the SEC cover page

Most recent annual filing: 2026-03-13

Catalyst timeline

2 trackedQuarter catalyst calendar →
  1. ACI-15916 PET Ph1 readoutLate 2026ACI-15916 PET Ph1 readout, Late 2026, material
  2. ACI-19764 Ph1 readout1H 2027ACI-19764 Ph1 readout, 1H 2027, notable

Bar width shows how precise the guidance is — a pin is a stated date, a wide band a six-month window. Deeper blue means more of the thesis rides on the event; it is not a view on the stock.

Pipeline (11 active programs)

Technology platforms

SupraAntigen

Liposome-based antigen presentation platform generating conformation-specific antibodies for active immunotherapy targeting misfolded proteins in neurodegenerative diseases; focus areas include Alzheimer's disease and Parkinson's disease

Targets: amyloid beta, phosphorylated Tau, alpha-synuclein

Morphomer

Small molecule discovery platform selecting brain-penetrant compounds targeting misfolded protein aggregates intracellularly; generates both therapeutic and diagnostic (PET tracer) candidates for neurodegenerative diseases including Alzheimer's disease, Parkinson's disease, FTD, and ALS

Targets: Tau, alpha-synuclein, TDP-43, NLRP3

Morphomer · Lilly

Small-molecule platform targeting intracellular protein misfolding aggregates; current focus on Tau and alpha-synuclein aggregation inhibitors for neurodegenerative disease

Targets: Tau, alpha-synuclein

Capital (as filed)

Cash
CHF 26.8M cash and cash equivalents · Dec 31, 2025 (20-F)
Operating cash flow
−CHF 17.3M annual ÷ 4, year to Dec 31, 2025 (20-F)
As stated in coverage
CHF 75.4M cash, runway Q4 2027 per the update of Aug 5, 2026 — the company's own words as read there, not the filed figure; stated in CHF

Cash, investments and operating cash flow are the company's own XBRL facts as filed with the SEC, each shown with its period end and tag. As-stated figures come from the company's own words as read in Biotech Distilled coverage, dated, and routinely count securities and planned financing that a balance sheet does not. Offering rows are the SEC cover pages as filed. Not investment advice. Figures as of Nov 7, 2026.

Biotech Distilled coverage (7)

Articles open on Substack. Some are subscriber-only; those marked ★ Distilled Pro are for Distilled Pro members.

Verdict history (7 calls)

Every verdict Biotech Distilled has published on AC Immune, oldest first — the full history, never a selection. How calls are scored: the track record.

  1. 2026-06-01 Watch AC Immune SA (ACIU) — Scientific Deep Dive for ACI-7104.056 and the SupraAntigen/Morphomer Pipeline Inexpensive pharma-validated misfolded-protein platform with real M&A optionality and adequate balance sheet, but wholly-owned value drivers have not cleared an efficacy bar and 2026 readouts are biomarker signals, not proof.
  2. 2026-06-30 Watch UPDATE: AC Immune (ACIU) - The ABATE Tell ABATE interim failed to deliver a plaque-clearance signal and management pivoted to a new adjuvant, shifting all equity weight to the H2 2026 VacSYn PD vaccine readout, while runway and M&A optionality remain intact.
  3. 2026-08-06 Watch UPDATE: AC Immune (ACIU) - Two Shots, Five Months, CHF 75.4M Balance sheet confirmed solid at CHF 75.4M with runway into Q4 2027, and the NLRP3 inhibitor added two dated H2 2026 readouts as a second lower-stakes shot on goal alongside the pivotal VacSYn week-104 cut.
  4. 2026-08-12 Watch UPDATE: AC Immune (ACIU) — The FDA Opens the Door for the PD Vaccine FDA Fast Track designation and cleared U.S. IND strengthen the regulatory scaffolding around ACI-7104 but deliver no new efficacy data, making the week-100 data the sole re-rate catalyst.
  5. 2026-08-20 Watch UPDATE: AC Immune (ACIU) — The Sleeper Wakes Up at ≤10mg ACI-19764 cleared first-in-human with clean safety, confirmed CSF penetration, >30-hour half-life, dose-dependent IL-1β inhibition, and a therapeutic dose 4x lower than predicted, upgrading the quality of the second wholly-owned shot without changing VacSYn's primacy.
  6. 2026-09-24 Watch UPDATE: AC Immune (ACIU) - The Numbers That Weren't There VacSYn week-100 met safety and immunogenicity primaries but delivered no quantified biomarker results, shifting the clinical story to a confoundable within-arm correlation and deferring the re-rate catalyst by roughly two years and one financing.
  7. 2026-11-05 Watch UPDATE: AC Immune (ACIU) - The Catalyst Slides, the Runway Stretches Runway extended to Q1 2028 on lean burn, but the hsCRP readout slipped to H1 2027 and VacSYn's missing biomarker numbers remain unreported, leaving 2026 with no quantified efficacy-adjacent result on any owned asset.

Every verdict Biotech Distilled has published on this company, in order, with the post it came from — the full history, never a selection. Position figures are the same ones shown on /track-record, computed by the same method. Editorial opinion, not investment advice.

Filings & releases (22)

SEC filings from EDGAR and press releases captured from the company's investor-relations site, newest first. Releases captured from Aug 5, 2026; filings from March 2026. Summaries come from the BD update that read the document; "BD extracted" counts point at the pipeline table above. All companies →