AC Immune(ACIU)2024-05-13 10:16Financial Performance - The company reported a net loss of CHF 17,862 thousand for the three months ended March 31, 2024, compared to a net loss of CHF 17,513 thousand for the same period in 2023, indicating a slight increase in losses[7]. - Total comprehensive loss for the period was CHF 17,846 thousand, slightly better than the CHF 17,521 thousand reported in the previous year[7]. - For the three months ended March 31, 2024, the net loss attributable to equity holders was CHF 17,862 thousand, compared to a loss of CHF 17,513 thousand for the same period in 2023[32]. - The diluted loss per share for the period was CHF (0.18), compared to CHF (0.21) for the same period last year, showing an improvement in loss per share[5]. - The basic and diluted loss per share for the period was CHF (0.18), an improvement from CHF (0.21) in the prior year[32]. Assets and Liabilities - Total assets decreased from CHF 182,814 thousand as of December 31, 2023, to CHF 167,281 thousand as of March 31, 2024, representing a decline of approximately 8.5%[2]. - Shareholders' equity decreased from CHF 160,643 thousand to CHF 144,681 thousand, a reduction of about 9.9%[2]. - Cash and cash equivalents decreased from CHF 78,494 thousand to CHF 57,009 thousand, a decline of approximately 27.4%[2]. - Total current liabilities increased from CHF 13,576 thousand to CHF 14,124 thousand, an increase of about 4%[2]. - As of March 31, 2024, cash and cash equivalents totaled CHF 57,009 thousand, down from CHF 57,434 thousand at the end of March 2023[1]. - AC Immune's accrued expenses totaled CHF 10.5 million as of March 31, 2024, down from CHF 11.1 million as of December 31, 2023, reflecting a decrease of 4.9%[43]. Cash Flow and Investments - Cash provided by operating activities was CHF 704 thousand, a significant recovery from a cash used of CHF (16,769) thousand in the same period last year[1]. - The company reported net cash flows used in investing activities of CHF (23,561) thousand, compared to cash provided of CHF 42,800 thousand in the prior year[1]. - The company invested CHF 0.2 million in laboratory equipment during the first quarter of 2024, representing a 1.6% increase from the beginning of the year[36]. - The total cash outflow for leases was CHF 391,000 for the three months ended March 31, 2024, compared to CHF 458,000 in the prior year[40]. Financial Position - The company has a cash position of CHF 57.0 million and short-term financial assets of CHF 47.8 million as of March 31, 2024, indicating a stable financial outlook[27]. - Short-term financial assets increased significantly to CHF 47.8 million as of March 31, 2024, compared to CHF 24.6 million as of December 31, 2023, marking an increase of 94.5%[49]. - The company recorded a net financial gain of CHF 2.2 million for the three months ended March 31, 2024, compared to CHF 0.1 million in the same period of 2023, indicating a substantial improvement[52]. Revenue and Grants - The company recognized less than CHF 0.1 million in grant income for the three months ended March 31, 2024, down from CHF 0.4 million in the same period of 2023[31]. - The company has not generated any contract revenues for the three months ended March 31, 2024 and 2023[29]. Collaborations and Agreements - The company announced it will regain all global rights to the anti-amyloid beta antibody crenezumab and the anti-Tau antibody semorinemab following the termination of collaboration agreements with Genentech and Roche[30]. - The company received a CHF 14.8 million milestone payment from Janssen, resulting in a nil balance for accounts receivable as of March 31, 2024[50]. - On May 11, 2024, AC Immune entered into a licensing agreement with Takeda Pharmaceuticals, which includes an upfront payment of USD 100 million (CHF 91 million) and potential total payments of approximately USD 2.1 billion (CHF 1.9 billion)[54].