AC Immune(ACIU)

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AC Immune(ACIU) - 2023 Q4 - Annual Report
2024-03-13 16:00
Financial Position - Cash and cash equivalents totaled CHF 103.0 million as of December 31, 2023[4]. - The company raised USD 50 million in a focused financing transaction in December 2023, extending its cash runway into 2026[11]. - The total value of collaboration agreements is approximately CHF 2,600 million, with upfront payments and milestones received to date totaling CHF 147.4 million[59]. - The company successfully raised USD 50 million through an equity offering in December, strengthening its financial position[94]. Research and Development - Research and development expenditure for the year was CHF 54.6 million[4]. - The company has 9 clinical programs and employs 161 people worldwide[4]. - The company is advancing 16 therapeutic and diagnostic programs, with one in Phase 3 and five in Phase 2 clinical development[22]. - The first-in-class vaccine candidate ACI-35.030 has entered a Phase 2b clinical trial, with an initial CHF 15 million milestone payment and an expected CHF 25 million upon achieving a patient enrollment target[10]. - The company is advancing ACI-24.060, an anti-Abeta active immunotherapy, in a Phase 1b/2 trial, with data expected in H1 2024[52]. - ACI-7104.056, targeting a-synucleinopathies, is currently in a Phase 2 study, with the first patient dosed in July 2023 and cohort 1 enrollment completed in December 2023[53]. - AC Immune received Fast Track designation from the FDA for ACI-24.060 for AD treatment, following the clearance of the Investigational New Drug application in May 2023[53]. - AC Immune's clinical stage pipeline includes multiple product candidates targeting key proteins involved in neurodegenerative diseases[53]. - ACI-35.030 generated a rapid antibody response after the first injection, with a strong response against pathological Tau species observed at mid- and high doses[55]. - A Phase 2b study for ACI-35.030 will randomize approximately 500 participants with confirmed early-stage Tau pathology, with the first patient dosed in H1 2024[55]. - PI-2620 is advancing into late-stage clinical development for Alzheimer's disease, with the first patient imaged in January 2023[55]. - ACI-12589 has been clinically validated as a-a-syn-PET tracer, with IND/CTA-enabling studies for its next-generation candidate ACI-15916 planned to start in Q1 2024[55]. - The company aims to shift the treatment paradigm towards earlier intervention and prevention of neurodegeneration[15]. - Active immunotherapies are designed to stimulate the immune system to produce antibodies against pathological proteins, potentially modifying disease progression[51]. - The company is developing integrated diagnostic and therapeutic strategies to provide tailored treatments for neurodegenerative conditions[50]. - AC Immune's strategy focuses on three pillars: accelerating novel therapeutics development in Alzheimer's disease (AD), expanding into Parkinson's disease (PD) and non-AD neurodegenerative diseases, and enhancing diagnostics for Precision Medicine[41]. - The company aims to address co-pathologies in neurodegenerative diseases through a Precision Medicine approach, potentially increasing treatment success rates[42]. Market Opportunity - The estimated global patient population for dementia is projected to increase from over 50 million in 2020 to 139 million by 2050[25]. - The total healthcare costs for Alzheimer's disease in the U.S. were estimated at USD 321 billion in 2022, with worldwide costs expected to reach approximately USD 2.8 trillion annually by 2030[26]. - Over 400 million people globally could benefit from active immunotherapy, addressing the need for preventive therapies in neurodegenerative diseases[86]. - The global annual cost of treating dementia is estimated at USD 1 trillion, highlighting the economic burden of neurodegenerative diseases[86]. - The population at risk of developing preclinical Alzheimer's disease is estimated at over 300 million, indicating a significant market opportunity[82]. Sustainability and Governance - AC Immune achieved an 11.2% reduction in electricity usage from 2022 to 2023, reflecting targeted environmental strategies[112]. - The company has ambitious recycling targets of 70% as part of its waste management strategies[112]. - AC Immune provides up to a 30% annual subsidy for public transport fares to promote sustainable commuting[113]. - The company actively tracks and aligns with the Sustainable Development Goals (SDGs) among over 3,000 diverse companies[112]. - AC Immune's Board of Directors maintains a majority-independent structure, with 86% independent directors[126]. - The average age of directors on the Board is 61 years, with an average tenure of 4 years[126]. - The company has implemented a Quality Management System (QMS) to ensure compliance and facilitate innovation throughout the product lifecycle[120]. - AC Immune's cybersecurity program is designed based on the COBIT 2019 framework to protect sensitive information and mitigate cyber threats[119]. Executive Compensation and Management - The total executive management compensation for 2023 amounted to CHF 2,603,000, with a cash bonus component of CHF 1,104,000[157]. - The total compensation for the Board of Directors in 2023 was CHF 935,000, a decrease from CHF 1,256,000 in 2022[155][156]. - Andrea Pfeifer, Ph.D., the CEO, received a total compensation of CHF 578,000 in cash, along with CHF 468,000 as a cash bonus[157]. - The company appointed Nuno Mendonça, M.D. as Chief Medical Officer in October 2023, succeeding Johannes Streffer, M.D.[154]. - Madiha Derouazi, Ph.D. will serve as Chief Scientific Officer starting January 1, 2024, following her role as CEO at Speransa Therapeutics[139]. - The Board of Directors consists of six directors and the CEO, with members elected for a renewable one-year term[148]. - The compensation structure for board members includes fixed fees and equity instruments, with annual fixed fees paid semi-annually in Swiss Francs[150]. - The company follows Swiss rules for board governance instead of NASDAQ exchange listing rules, allowing for a non-majority independent board[149]. - The total gross cash compensation for the Board of Directors in 2023 was CHF 500,000, compared to CHF 549,000 in 2022[155][156]. - The company has a focus on expanding its executive team with experienced leaders from the biopharmaceutical industry to enhance its operational capabilities[138][139]. - Total Executive Management Compensation for 2023 was CHF 3,555,000, a decrease from CHF 3,555,000 in 2022[159]. - The company paid CHF 332,000 in social security contributions for Executive Management in 2023, down from CHF 349,000 in 2022[159]. - The Chief Executive Officer, Andrea Pfeifer, received total compensation of CHF 993,000 in 2022, which included CHF 558,000 in cash compensation and CHF 575,000 in equity fair market value[159]. - As of December 31, 2023, the total number of unvested Restricted Share Units held by the Board of Directors was 432,776[164]. - The total number of vested Stock Options for the Chief Executive Officer in 2023 was 894,038, with 683,096 unvested[169]. - AC Immune's compensation philosophy aims to attract and retain top talent by offering a competitive total compensation package[174]. - The company engaged a remuneration expert in 2023 to analyze compensation levels, concluding that adjustments were necessary to remain competitive[175]. - No loans or compensation were provided to members or former members of the Executive Management in 2023 or 2022[163]. - The total number of vested Restricted Share Units for the Chief Executive Officer in 2023 was 131,435[169]. - The maximum compensation for the Board of Directors and Executive Management is approved annually by shareholders, with the latest approval on June 24, 2022[178]. - In 2023, the company granted options for the right to acquire 1,554,281 shares at an exercise price ranging from USD 2.03 to USD 3.11 per share, compared to 633,063 shares at USD 2.76 to USD 3.15 in 2022[189]. - The target bonus for Executive Management in 2023 ranges from 20% to 69% of their base salary, with a median of 35%[185]. - The actual target achievement of corporate goals for 2023 was 104.2%, compared to 90% in 2022[186]. - The company’s pension plan contributions are shared approximately 47% by employees and 53% by the employer[188]. - The annual cash bonus for 2023 and 2022 was based on the achievement of corporate and individual goals, with specific R&D milestones included[185]. - The equity awards for Executive Management continue to be in the lower range of the peer group according to external benchmarking[185]. - The Executive Management team members have an unlimited duration contract with a notice period of twelve months[187]. - The company’s compensation policies are reviewed periodically to ensure alignment with market conditions and performance[177]. - The CNC meets at least four times per year to inform the Board of Directors of its recommendations and decisions[177].
AC Immune(ACIU) - 2023 Q4 - Annual Report
2024-03-13 16:00
, UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 20-F (Mark One) ☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☐ SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF ...
Down -35.7% in 4 Weeks, Here's Why AC Immune (ACIU) Looks Ripe for a Turnaround
Zacks Investment Research· 2024-01-30 15:37
A downtrend has been apparent in AC Immune (ACIU) lately with too much selling pressure. The stock has declined 35.7% over the past four weeks. However, given the fact that it is now in oversold territory and Wall Street analysts are majorly in agreement about the company's ability to report better earnings than they predicted earlier, the stock could be due for a turnaround.Here is How to Spot Oversold StocksWe use Relative Strength Index (RSI), one of the most commonly used technical indicators, for spott ...
AC Immune to Regain Global Rights to Crenezumab and Semorinemab
Newsfilter· 2024-01-22 12:00
AC Immune to Regain Global Rights to Crenezumab and Semorinemab Company's strategy is focused on advancing the Phase 2 development of its three active immunotherapiesActive immunotherapy now considered to be the optimal approach for precision prevention of neurodegenerative diseases Lausanne, Switzerland, January 22, 2024 – AC Immune SA (NASDAQ:ACIU), a clinical-stage biopharmaceutical company pioneering precision medicine for neurodegenerative diseases, today announced that the Company will regain all glob ...
5 Small-Cap Stocks to Play the January Effect
Zacks Investment Research· 2024-01-08 16:17
Wall Street had a disappointing start to 2024 as the nine-week winning streak snapped, erasing some of the strong gains seen at the end of 2023. Overstretched valuations and uncertainty around when the Fed will begin to cut rates have dampened investors’ optimism. The decline was broad-based, with small-cap stocks plunging the most.The Russell 2000 Index declined 3.7% in the initial week of 2024. The trend might reverse, given what is called the “January Effect," which refers to a seasonal increase in stock ...
AC Immune (ACIU) Upgraded to Buy: Here's Why
Zacks Investment Research· 2024-01-03 18:32
Investors might want to bet on AC Immune (ACIU) , as it has been recently upgraded to a Zacks Rank #2 (Buy). This upgrade is essentially a reflection of an upward trend in earnings estimates -- one of the most powerful forces impacting stock prices.The sole determinant of the Zacks rating is a company's changing earnings picture. The Zacks Consensus Estimate -- the consensus of EPS estimates from the sell-side analysts covering the stock -- for the current and following years is tracked by the system.Since ...
AC Immune Progress Update on Phase 2 Active Immunotherapy Clinical Pipeline for Alzheimer's and Parkinson diseases
Newsfilter· 2024-01-03 13:10
AC Immune Progress Update on Phase 2 Active Immunotherapy Clinical Pipeline for Alzheimer's and Parkinson diseases ABATE Phase 1b/2 AD trial of ACI-24.060 completed enrollment of cohorts 1 and 2 and is expected to complete cohort 3 in January; 6-month and 12-month amyloid PET data expected in H1 & H2 2024, respectivelyReTain Phase 2b clinical trial of ACI-35.030 in preclinical AD being launched now by partner VacSYn Phase 2 PD trial of ACI-7104.056 completed enrollment of cohort 1 and commenced cohort 2; sa ...
AC Immune(ACIU) - 2023 Q3 - Quarterly Report
2023-11-02 16:00
[Financial Statements (Unaudited)](index=1&type=section&id=Financial%20Statements%20(Unaudited)) This section provides the unaudited condensed consolidated financial statements, offering a snapshot of the company's financial position, performance, and cash flows [Condensed Consolidated Balance Sheets (Unaudited)](index=1&type=section&id=Condensed%20Consolidated%20Balance%20Sheets%20(Unaudited)) As of September 30, 2023, the company's total assets and shareholders' equity decreased compared to December 31, 2022, while total liabilities slightly increased, primarily due to a significant reduction in short-term financial assets Condensed Consolidated Balance Sheets (Thousand Swiss Francs) | Indicator (Thousand Swiss Francs) | September 30, 2023 | December 31, 2022 | | :-------------------------------- | :----------------- | :---------------- | | **Assets** | | | | Total non-current assets | 56,807 | 57,844 | | Total current assets | 86,179 | 128,094 | | **Total assets** | **142,986** | **185,938** | | **Shareholders' equity and liabilities** | | | | Total shareholders' equity | 125,664 | 168,991 | | Total non-current liabilities | 5,612 | 5,466 | | Total current liabilities | 11,710 | 11,481 | | **Total liabilities** | **17,322** | **16,947** | | **Total shareholders' equity and liabilities** | **142,986** | **185,938** | - As of September 30, 2023, the company's total assets were **142,986 Thousand Swiss Francs**, a **23.1%** decrease from **185,938 Thousand Swiss Francs** as of December 31, 2022[2](index=2&type=chunk) - Short-term financial assets significantly decreased from **91,000 Thousand Swiss Francs** as of December 31, 2022, to **48,000 Thousand Swiss Francs** as of September 30, 2023, representing a **47.3%** decrease[2](index=2&type=chunk) [Condensed Consolidated Statements of Income/(Loss) (Unaudited)](index=2&type=section&id=Condensed%20Consolidated%20Statements%20of%20Income%2F(Loss)%20(Unaudited)) For the three and nine months ended September 30, 2023, the company reported no contract revenue, and while operating expenses decreased, operating and net losses widened for the three-month period but narrowed for the nine-month period Condensed Consolidated Statements of Income/(Loss) (Thousand Swiss Francs) | Indicator (Thousand Swiss Francs) | Three Months Ended September 30, 2023 | Three Months Ended September 30, 2022 | Nine Months Ended September 30, 2023 | Nine Months Ended September 30, 2022 | | :-------------------------------- | :------------------------------------ | :------------------------------------ | :----------------------------------- | :----------------------------------- | | Total revenue | — | 3,934 | — | 3,934 | | Operating loss | (15,466) | (13,463) | (50,083) | (52,150) | | Loss for the period | (15,143) | (13,516) | (49,489) | (52,004) | | Basic and diluted loss per share | (0.18) | (0.16) | (0.59) | (0.62) | - For the three and nine months ended September 30, 2023, the company's contract revenue was **zero**, compared to **3,934 Thousand Swiss Francs** in the prior year periods[5](index=5&type=chunk) - For the nine months ended September 30, 2023, operating loss narrowed from **(52,150) Thousand Swiss Francs** in the prior year period to **(50,083) Thousand Swiss Francs**, and net loss narrowed from **(52,004) Thousand Swiss Francs** to **(49,489) Thousand Swiss Francs**[5](index=5&type=chunk) [Condensed Consolidated Statements of Comprehensive Income/(Loss) (Unaudited)](index=2&type=section&id=Condensed%20Consolidated%20Statements%20of%20Comprehensive%20Income%2F(Loss)%20(Unaudited)) For the three and nine months ended September 30, 2023, the company's comprehensive loss was primarily driven by net loss, with foreign exchange differences and remeasurement gains on defined benefit plans also impacting comprehensive income Condensed Consolidated Statements of Comprehensive Income/(Loss) (Thousand Swiss Francs) | Indicator (Thousand Swiss Francs) | Three Months Ended September 30, 2023 | Three Months Ended September 30, 2022 | Nine Months Ended September 30, 2023 | Nine Months Ended September 30, 2022 | | :-------------------------------- | :------------------------------------ | :------------------------------------ | :----------------------------------- | :----------------------------------- | | Loss for the period | (15,143) | (13,516) | (49,489) | (52,004) | | Foreign exchange differences | 11 | 23 | (5) | 72 | | Remeasurement gains on defined benefit plans | — | 178 | — | 7,559 | | Total comprehensive loss | (15,132) | (13,315) | (49,494) | (44,373) | - Total comprehensive loss for the nine months ended September 30, 2023, was **(49,494) Thousand Swiss Francs**, an increase from **(44,373) Thousand Swiss Francs** in the prior year period[6](index=6&type=chunk) [Condensed Consolidated Statements of Changes in Equity (Unaudited)](index=3&type=section&id=Condensed%20Consolidated%20Statements%20of%20Changes%20in%20Equity%20(Unaudited)) As of September 30, 2023, the company's total shareholders' equity decreased from the beginning of the year, primarily due to the net loss for the period, while equity-settled share-based payments and treasury share sales also impacted equity Condensed Consolidated Statements of Changes in Equity (Thousand Swiss Francs) | Indicator (Thousand Swiss Francs) | Balance as of January 1, 2023 | Balance as of September 30, 2023 | | :-------------------------------- | :---------------------------- | :------------------------------- | | Share capital | 1,797 | 1,802 | | Share premium | 431,323 | 434,451 | | Treasury shares | (124) | (106) | | Accumulated deficit | (264,015) | (310,488) | | Foreign exchange differences | 10 | 5 | | **Total** | **168,991** | **125,664** | - Total shareholders' equity was **125,664 Thousand Swiss Francs** as of September 30, 2023, a **25.7%** decrease from **168,991 Thousand Swiss Francs** as of January 1, 2023[7](index=7&type=chunk) - For the first nine months of 2023, the company recognized **3,568 Thousand Swiss Francs** for equity-settled share-based payments and generated **2,540 Thousand Swiss Francs** in net proceeds from the sale of treasury shares[7](index=7&type=chunk) [Condensed Consolidated Statements of Cash Flows (Unaudited)](index=4&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows%20(Unaudited)) For the nine months ended September 30, 2023, the company saw reduced cash outflow from operating activities, a significant increase in cash inflow from investing activities, and a shift from cash outflow to inflow in financing activities, resulting in a net increase in cash and cash equivalents Condensed Consolidated Statements of Cash Flows (Thousand Swiss Francs) | Indicator (Thousand Swiss Francs) | Nine Months Ended September 30, 2023 | Nine Months Ended September 30, 2022 | | :-------------------------------- | :----------------------------------- | :----------------------------------- | | Net cash outflow from operating activities | (44,217) | (56,161) | | Net cash inflow from investing activities | 42,365 | 18,804 | | Net cash inflow/(outflow) from financing activities | 2,222 | (1,195) | | Net increase/(decrease) in cash and cash equivalents | 370 | (38,552) | | Cash and cash equivalents at end of period | 31,927 | 44,503 | - Net cash outflow from operating activities for the nine months ended September 30, 2023, was **(44,217) Thousand Swiss Francs**, an improvement from **(56,161) Thousand Swiss Francs** in the prior year period[9](index=9&type=chunk) - Net cash inflow from investing activities significantly increased from **18,804 Thousand Swiss Francs** in the prior year period to **42,365 Thousand Swiss Francs**, primarily driven by net proceeds from maturities of short-term financial assets[9](index=9&type=chunk) [Notes to the Interim Condensed Consolidated Financial Statements (Unaudited)](index=5&type=section&id=Notes%20to%20the%20Interim%20Condensed%20Consolidated%20Financial%20Statements%20(Unaudited)) This section details the notes to the interim condensed consolidated financial statements, providing essential context and explanations for the reported financial figures and accounting policies [1. Corporate information](index=5&type=section&id=1.%20Corporate%20information) AC Immune SA, founded in 2003, is a clinical-stage biopharmaceutical company focused on developing innovative therapeutics and diagnostics for neurodegenerative diseases using proprietary technology platforms - AC Immune SA was founded in **2003** as a clinical-stage biopharmaceutical company[13](index=13&type=chunk) - The company leverages its proprietary **SupraAntigen** and **Morphomer** technology platforms to discover, design, and develop therapeutics and diagnostics for protein misfolding-related neurodegenerative diseases, including Alzheimer's, Parkinson's, ALS, and neuro-orphan indications[14](index=14&type=chunk) [2. Basis of preparation and changes to the Company's accounting policies](index=5&type=section&id=2.%20Basis%20of%20preparation%20and%20changes%20to%20the%20Company's%20accounting%20policies) These interim condensed consolidated financial statements are prepared in accordance with IAS 34, using the historical cost convention and Swiss Francs as the reporting currency, with management affirming the company's going concern ability - These interim condensed consolidated financial statements have been prepared in accordance with **International Accounting Standard 34 (IAS 34)**, Interim Financial Reporting[16](index=16&type=chunk) - The financial statements are prepared under the **historical cost convention** and presented in **Swiss Francs (CHF)**, the Group's reporting currency[17](index=17&type=chunk)[18](index=18&type=chunk) - Management believes that as of September 30, 2023, with a cash position of **31.9 million Swiss Francs** and short-term financial assets of **48.0 million Swiss Francs**, the company can meet all its obligations over the next **12 months**, thus preparing the financial statements on a **going concern basis**[24](index=24&type=chunk) [Critical judgments and accounting estimates](index=6&type=section&id=Critical%20judgments%20and%20accounting%20estimates) Management made key judgments and accounting estimates in areas such as accrued expenses for clinical development, employee defined benefit liabilities, and the valuation of IPR&D assets - The company made judgments, estimates, and assumptions in areas such as **accrued expenses for clinical development**, **net employee defined benefit liabilities**, **share-based payments**, **right-of-use assets**, **short-term and long-term lease liabilities**, and **IPR&D assets**[21](index=21&type=chunk) [Fair value of financial assets and liabilities](index=6&type=section&id=Fair%20value%20of%20financial%20assets%20and%20liabilities) The fair value of the company's financial assets and liabilities approximates their carrying amounts due to their short-term nature and classification at amortized cost under IFRS 9 - The fair value of the company's financial assets and liabilities approximates their carrying amounts due to the **short-term nature** of these financial instruments and their classification at **amortized cost** under **IFRS 9**[22](index=22&type=chunk) [Accounting policies, new standards, interpretations and amendments adopted by the Company](index=6&type=section&id=Accounting%20policies%2C%20new%20standards%2C%20interpretations%20and%20amendments%20adopted%20by%20the%20Company) The company's accounting policies remain consistent with the prior year, with no new IFRS standards or amendments adopted that are expected to have a significant impact - The accounting policies adopted by the company are consistent with those applied in the annual consolidated financial statements as of December 31, 2022, with no new **IFRS standards**, amendments, or interpretations issued but not yet effective having been adopted, and no significant impact is expected on current or future reporting periods[22](index=22&type=chunk)[23](index=23&type=chunk) [Going concern](index=6&type=section&id=Going%20concern) The company primarily funds its operations through public offerings, equity issuances, licensing agreements, and grants, while facing various risks related to project success and capital raising - The company primarily meets its cash requirements through **public offerings**, **equity issuances**, **contractual revenue from licensing and collaboration agreements**, and **grants**[25](index=25&type=chunk) - Risks faced by the company include **uncertainty of project success**, **ability to raise additional capital**, **maintaining patent position**, **establishing collaborations**, **successfully advancing product candidates into clinical development**, and **attracting and retaining key personnel**[25](index=25&type=chunk) [3. Contract revenues and other operating income](index=7&type=section&id=3.%20Contract%20revenues%20and%20other%20operating%20income) For the three and nine months ended September 30, 2023, the company generated no contract revenue, unlike the prior year, but saw an increase in grant income during the same period - AC Immune generated **no contract revenue** for the three and nine months ended September 30, 2023, compared to **3.9 million Swiss Francs** in the prior year periods[26](index=26&type=chunk) - Grant income recognized for the nine months ended September 30, 2023, was **1.0 million Swiss Francs**, an increase from **0.8 million Swiss Francs** in the prior year period[31](index=31&type=chunk) [3.1 Licensing and collaboration agreements](index=7&type=section&id=3.1%20Licensing%20and%20collaboration%20agreements) No significant events or transactions occurred under the company's licensing and collaboration agreements for the three and nine months ended September 30, 2023, unlike the prior year which included milestone revenue - No significant events or transactions occurred under the company's licensing and collaboration agreements for the three and nine months ended September 30, 2023[28](index=28&type=chunk) - In September 2022, the company recognized **4 million Euros (3.9 million Swiss Francs)** in milestone revenue from its collaboration with Life Molecular Imaging (LMI) for the Tau PET tracer **PI-2620** entering late-stage development for Alzheimer's disease[28](index=28&type=chunk) [3.2 Grant income](index=7&type=section&id=3.2%20Grant%20income) The company received follow-on and new grants from the Michael J. Fox Foundation in 2022 and 2023, supporting the development of its diagnostic programs - In August 2022, the company received a follow-on grant of **0.5 million US Dollars (0.5 million Swiss Francs)** from the Michael J. Fox Foundation (MJFF) to continue development of its **alpha-synuclein PET imaging diagnostic**[30](index=30&type=chunk) - In February 2023, the company received a new grant of **0.5 million US Dollars (0.5 million Swiss Francs)** from MJFF to support its **TDP-43 PET tracer program** development[30](index=30&type=chunk) [4. Loss per share](index=8&type=section&id=4.%20Loss%20per%20share) For the three months ended September 30, 2023, basic and diluted loss per share increased, while for the nine-month period, it decreased, consistent with the trend in net loss for the period Loss per share (Thousand Swiss Francs) | Indicator | Three Months Ended September 30, 2023 | Three Months Ended September 30, 2022 | Nine Months Ended September 30, 2023 | Nine Months Ended September 30, 2022 | | :--------------------------------------- | :------------------------------------ | :------------------------------------ | :----------------------------------- | :----------------------------------- | | Net loss attributable to equity holders (Thousand Swiss Francs) | (15,143) | (13,516) | (49,489) | (52,004) | | Weighted average shares outstanding used in computing loss per share | 84,715,515 | 83,590,948 | 84,012,166 | 83,537,655 | | Basic and diluted loss per share | (0.18) | (0.16) | (0.59) | (0.62) | - Basic and diluted loss per share for the three months ended September 30, 2023, was **(0.18) Swiss Francs**, an increase from **(0.16) Swiss Francs** in the prior year period[32](index=32&type=chunk) - Basic and diluted loss per share for the nine months ended September 30, 2023, was **(0.59) Swiss Francs**, a decrease from **(0.62) Swiss Francs** in the prior year period[32](index=32&type=chunk) [5. Property, plant and equipment](index=9&type=section&id=5.%20Property%2C%20plant%20and%20equipment) As of September 30, 2023, the net book value of the company's property, plant, and equipment decreased, yet it continued to invest in laboratory and IT infrastructure to support R&D functions Property, plant and equipment (Thousand Swiss Francs) | Indicator (Thousand Swiss Francs) | December 31, 2022 | September 30, 2023 | | :-------------------------------- | :---------------- | :----------------- | | Acquisition cost | 13,602 | 14,206 | | Accumulated depreciation | (9,343) | (10,579) | | **Net book value** | **4,259** | **3,627** | - The net book value of property, plant, and equipment was **3,627 Thousand Swiss Francs** as of September 30, 2023, a decrease from **4,259 Thousand Swiss Francs** as of December 31, 2022[36](index=36&type=chunk) - The company invested **0.6 million Swiss Francs** in laboratory and IT equipment, representing a **5.3%** increase from the beginning of the year, to support its R&D functions[36](index=36&type=chunk) [6. Right-of-use assets, long-term financial assets and lease liabilities](index=9&type=section&id=6.%20Right-of-use%20assets%2C%20long-term%20financial%20assets%20and%20lease%20liabilities) As of September 30, 2023, the net book value of the company's right-of-use assets decreased due to depreciation, with no new right-of-use lease assets added during the period, and lease liability cash outflows and related expenses remained stable Right-of-use assets (Thousand Swiss Francs) | Indicator (Thousand Swiss Francs) | December 31, 2022 | September 30, 2023 | | :-------------------------------- | :---------------- | :----------------- | | Net book value of right-of-use assets | 2,808 | 2,403 | - No new right-of-use lease assets were added, and their net book value decreased to **2,403 Thousand Swiss Francs** due to depreciation[37](index=37&type=chunk)[38](index=38&type=chunk) - Total lease cash outflows for the nine months ended September 30, 2023, were **1,075 Thousand Swiss Francs**, largely consistent with **1,037 Thousand Swiss Francs** in the prior year period[40](index=40&type=chunk) [7. Net employee defined benefit liabilities](index=10&type=section&id=7.%20Net%20employee%20defined%20benefit%20liabilities) For the nine months ended September 30, 2023, the company recognized service costs related to its employee defined benefit plans - For the nine months ended September 30, 2023, the company recorded **0.6 million Swiss Francs** in service costs in the condensed consolidated statements of income/(loss), including current service costs and those related to the **2023 plan amendment impact**[42](index=42&type=chunk) [8. Accrued expenses](index=10&type=section&id=8.%20Accrued%20expenses) As of September 30, 2023, the company's accrued expenses were slightly lower than December 31, 2022, primarily comprising R&D costs, personnel expenses, and other accrued items Accrued expenses (Thousand Swiss Francs) | Indicator (Thousand Swiss Francs) | September 30, 2023 | December 31, 2022 | | :-------------------------------- | :----------------- | :---------------- | | Total accrued expenses | 9,338 | 9,417 | - Accrued expenses include **accrued research and development costs**, **accrued personnel expenses**, and **other accrued expenses**[43](index=43&type=chunk) [9. Intangible assets](index=11&type=section&id=9.%20Intangible%20assets) The company holds an acquired IPR&D asset, a clinically validated active vaccine candidate for Parkinson's disease, which is not yet in use and thus not amortized, with no impairment indicators identified as of the reporting period Intangible assets (Thousand Swiss Francs) | Indicator (Thousand Swiss Francs) | September 30, 2023 | December 31, 2022 | | :-------------------------------- | :----------------- | :---------------- | | Acquired IPR&D assets | 50,416 | 50,416 | | **Total intangible assets** | **50,416** | **50,416** | - AC Immune's acquired IPR&D asset is a **clinically validated active vaccine candidate** for the treatment of **Parkinson's disease**[44](index=44&type=chunk) - The asset has not yet received market approval and is therefore **not amortized**, with no triggering events identified as of September 30, 2023, that would indicate impairment of this **IPR&D asset**[44](index=44&type=chunk)[45](index=45&type=chunk) [10. Prepaid expenses](index=11&type=section&id=10.%20Prepaid%20expenses) As of September 30, 2023, the company's prepaid expenses increased, primarily consisting of prepaid R&D and administrative costs Prepaid expenses (Thousand Swiss Francs) | Indicator (Thousand Swiss Francs) | September 30, 2023 | December 31, 2022 | | :-------------------------------- | :----------------- | :---------------- | | Total prepaid expenses | 5,534 | 4,708 | - Prepaid expenses include **prepaid research and development costs** and **administrative costs**[46](index=46&type=chunk) [11. Cash and cash equivalents and short-term financial assets](index=11&type=section&id=11.%20Cash%20and%20cash%20equivalents%20and%20short-term%20financial%20assets) As of September 30, 2023, the company's cash and cash equivalents slightly increased, while short-term financial assets significantly decreased, reflecting changes in its investment portfolio Cash and cash equivalents and short-term financial assets (Thousand Swiss Francs) | Indicator (Thousand Swiss Francs) | September 30, 2023 | December 31, 2022 | | :-------------------------------- | :----------------- | :---------------- | | Cash and cash equivalents | 31,927 | 31,586 | | Short-term financial assets | 48,000 | 91,000 | - Short-term financial assets decreased from **91,000 Thousand Swiss Francs** as of December 31, 2022, to **48,000 Thousand Swiss Francs** as of September 30, 2023[48](index=48&type=chunk) - Net proceeds from maturities of short-term financial asset investments for the nine months ended September 30, 2023, were **43.0 million Swiss Francs**, an increase from **20.0 million Swiss Francs** in the prior year period[48](index=48&type=chunk) [12. Treasury shares](index=12&type=section&id=12.%20Treasury%20shares) During the second and third quarters of 2023, the company generated net proceeds from the sale of treasury shares, resulting in a reduction in the number of treasury shares held at the end of the reporting period - In the second quarter of 2023, the company sold **712,993 treasury ordinary shares**, generating net proceeds of **2.3 million US Dollars (2.1 million Swiss Francs)**[50](index=50&type=chunk) - In the third quarter of 2023, the company sold **205,015 treasury ordinary shares**, generating net proceeds of **0.6 million US Dollars (0.6 million Swiss Francs)**[50](index=50&type=chunk) - As of September 30, 2023, the company held **5,296,013 treasury shares**, a decrease from **6,214,021 shares** as of December 31, 2022[50](index=50&type=chunk) [13. Subsequent events](index=12&type=section&id=13.%20Subsequent%20events) Management has evaluated subsequent events up to the date of issuance of these interim condensed consolidated financial statements and found no material events requiring disclosure or recognition - Management has evaluated subsequent events up to the date of issuance of these interim condensed consolidated financial statements and found no material events requiring disclosure or recognition[51](index=51&type=chunk)
AC Immune(ACIU) - 2023 Q2 - Quarterly Report
2023-08-03 16:00
Exhibit 99.1 Condensed Consolidated Balance Sheets (Unaudited) (In CHF thousands) As of June 30, December 31, Note 2023 2022 Assets Non-current assets Property, plant and equipment 5 3,760 4,259 Right-of-use assets 6 2,539 2,808 Intangible asset 9 50,416 50,416 Long-term financial assets 6 361 361 Total non-current assets 57,076 57,844 Current assets Prepaid expenses 10 5,167 4,708 Accrued income 3 675 408 Other current receivables 303 392 Short-term financial assets 11 53,000 91,000 Cash and cash equivalen ...
AC Immune(ACIU) - 2023 Q1 - Quarterly Report
2023-04-27 16:00
Exhibit 99.1 Condensed Consolidated Balance Sheets (Unaudited) (In CHF thousands) As of March 31, December 31, Note 2023 2022 Assets Non-current assets Property, plant and equipment 5 4,011 4,259 Right-of-use assets 6 2,674 2,808 Intangible asset 8 50,416 50,416 Long-term financial assets 6 361 361 Total non-current assets 57,462 57,844 Current assets Prepaid expenses 9 5,438 4,708 Accrued income 3 218 408 Other current receivables 598 392 Short-term financial assets 10 48,000 91,000 Cash and cash equivalen ...