AC Immune(ACIU)2024-11-05 12:15Financial Performance - Total revenue for the three months ended September 30, 2024, was CHF 25,485, compared to CHF 26,172 for the nine months ended September 30, 2023[2] - Operating income for the three months ended September 30, 2024, was CHF 7,269, a significant improvement from a loss of CHF 15,466 in the same period last year[2] - The company reported a net income of CHF 5,503 for the three months ended September 30, 2024, compared to a net loss of CHF 15,143 in the prior year[3] - Basic earnings per share for the three months ended September 30, 2024, was CHF 0.06, compared to a loss of CHF 0.18 in the same period last year[2] - The company reported a total comprehensive income of CHF 5,514 for the three months ended September 30, 2024, compared to a loss of CHF 15,132 in the prior year[3] - The company reported a loss for the period of CHF 35.1 million for the three months ended September 30, 2024, an improvement from a loss of CHF 49.5 million in the same period last year[5] - The company reported a net loss attributable to equity holders of CHF 35.1 million for the nine months ended September 30, 2024, compared to a loss of CHF 49.5 million in the same period of 2023[40] Revenue Sources - For the three months ended September 30, 2024, AC Immune generated CHF 25.5 million in contract revenues, compared to no contract revenue in the prior comparable period[21] - For the nine months ended September 30, 2024, total contract revenues reached CHF 26.2 million, with significant contributions from Janssen (CHF 24.6 million) and Takeda (CHF 1.6 million)[22] - The company recorded contract revenue of CHF 0.9 million and CHF 1.6 million for the three and nine months ended September 30, 2024, respectively[32] - The company recognized a milestone payment of CHF 24.6 million under its agreement with Janssen, triggered by the Phase 2b ReTain trial[36] - As of September 30, 2024, the company reported CHF 90.7 million in deferred contract revenue related to unsatisfied performance obligations under the agreement with Takeda[32] Expenses and Liabilities - Research and development expenses increased to CHF 14,482 for the three months ended September 30, 2024, from CHF 12,407 in the same period last year[2] - Total liabilities increased to CHF 114,083 as of September 30, 2024, compared to CHF 22,171 as of December 31, 2023[1] - The company has accrued expenses totaling CHF 12.9 million as of September 30, 2024, an increase from CHF 11.1 million as of December 31, 2023[48] Cash Flow and Assets - The company reported a net cash flow from operating activities of CHF 59.9 million for the three months ended September 30, 2024, a significant improvement from a cash outflow of CHF 44.2 million in the same period last year[5] - The company has a strong cash position with CHF 32.4 million in cash and short-term financial assets of CHF 125.5 million as of September 30, 2024, supporting its operations for at least the next 12 months[18] - The company’s cash and cash equivalents decreased to CHF 32,417 as of September 30, 2024, from CHF 78,494 as of December 31, 2023[1] - Cash and cash equivalents at September 30, 2024, were CHF 32.4 million, down from CHF 31.9 million at the end of the previous year[5] - Short-term financial assets increased significantly to CHF 125.5 million as of September 30, 2024, compared to CHF 24.6 million as of December 31, 2023[52] - The net investments associated with short-term financial assets for the nine months ended September 30, 2024, amounted to CHF 100.9 million, up from CHF 43.0 million in the prior comparable period[52] Shareholder Information - Shareholders' equity decreased to CHF 130,165 as of September 30, 2024, from CHF 160,643 as of December 31, 2023[1] - The company has 3,109,214 share options issued and outstanding as of September 30, 2024[42] - As of September 30, 2024, the company had 10,899,773 treasury shares remaining, an increase from 5,243,958 as of December 31, 2023[58] - In Q2 2024, AC Immune issued 5,700,000 registered shares, which were subsequently repurchased to be held as treasury shares[55] Strategic Focus - The company is focused on developing novel medicines and diagnostics for neurodegenerative diseases, leveraging proprietary technology platforms[7] - AC Immune's strategy includes targeting Alzheimer's disease and other neurodegenerative diseases, with a focus on diagnostics and collaborations with pharmaceutical partners[7] - The company allocated USD 87.4 million to the license option and USD 12.6 million to development, CMC, and regulatory activities from the initial transaction price of USD 100 million[30] Other Financial Metrics - The total cash outflow for leases for the nine months ended September 30, 2024, was CHF 1.15 million, compared to CHF 1.075 million in 2023[46] - The IPR&D asset, valued at CHF 50.4 million, was determined not to be impaired as of December 31, 2023, and no triggering events for impairment were identified as of September 30, 2024[50] - Prepaid expenses included CHF 3.4 million in prepaid R&D costs and CHF 6.4 million in administrative costs as of September 30, 2024[51] - The balance of accounts receivable included a CHF 24.6 million milestone payment due under the Janssen Agreement, received in October 2024[54] - For the three months ended September 30, 2024, the net finance result was a loss of CHF 1.8 million, compared to a gain of CHF 0.3 million in the same period of 2023[59] - The company has recognized less than CHF 0.1 million in grant income for the three months ended September 30, 2024, compared to CHF 0.3 million in 2023[39] Agreements and Collaborations - AC Immune entered into a worldwide option and license agreement with Takeda Pharmaceuticals, receiving an upfront payment of CHF 92.3 million and potential milestones of up to approximately CHF 1.8 billion[25]