AC Immune(ACIU) - 2024 Q4 - Annual Report

Financial Position - Cash resources at the end of 2024 amounted to CHF 165.5 million, providing a runway into Q1 2027[11]. - The total value of collaboration agreements exceeds approximately CHF 4.75 billion, with upfront payments received to date totaling CHF 255.2 million[71]. - Outstanding potential milestone payments from partnerships exceed CHF 4.3 billion, indicating significant future revenue opportunities[72]. Research and Development - R&D expenditure for the year was CHF 62.6 million, reflecting the company's commitment to advancing its pipeline[11]. - The company is developing a suite of diagnostics targeting Tau, asyn, and TDP-43 to improve early detection of neurodegenerative diseases[40]. - The ongoing Phase 3 clinical trial of PI2620, a PET tracer for Tau, is expected to support regulatory approval[23]. - The company aims to accelerate the development of novel therapeutics in Alzheimer's disease (AD) and expand its focus on Parkinson's disease (PD) and non-AD neurodegenerative diseases[54]. - The clinical stage product candidates include ACI-35.030, an anti-pTau active immunotherapy partnered with Janssen, which is also on FDA Fast Track[66]. - The Phase 1 trial for ACI-19626, a TDP-43 imaging diagnostic, was initiated in January 2025, with interim readout expected in December 2025[68]. - The company has established a Quality Management System (QMS) to ensure compliance with quality standards throughout the product development lifecycle[175]. Strategic Partnerships - An exclusive option and license deal was struck with Takeda for the anti-amyloid beta immunotherapy ACI-24.060, enhancing strategic partnerships[13]. - AC Immune received an upfront payment of USD 100 million from Takeda and is eligible for up to approximately USD 2.1 billion in potential payments, including milestone payments[65]. - The collaboration with partners like Takeda and Janssen allows the company to leverage expertise while partially monetizing investments, thus derisking product development[71]. Clinical Trials and Results - The Phase 2 VacSYn trial for ACI-7104.056 showed strong antibody response and was well tolerated, with more results expected in H1 2025[17]. - ACI-24.060, an anti-Abeta active immunotherapy, is currently being tested in a Phase 1b/2 trial with amyloid plaque reduction assessed using Abeta-PET imaging[65]. - The ongoing Phase 2b study ReTain for ACI-35.030 will randomize approximately 500 participants over a four-year period, with interim biomarker analyses planned[68]. - The VacSYn trial for ACI7104.056 is progressing well, with over 30 patients randomized and high anti-asynuclein antibody levels observed[67]. Innovation and Technology - The company has over 480 patents granted, underscoring its innovative capabilities in the field[11]. - The Morphomer platform has a library of approximately 17,200 CNS-optimized compounds, enhancing the efficiency of drug development[86]. - The Morphomer platform targets pathological protein aggregates, potentially enhancing therapeutic efficacy even in established disease states[79]. Commitment to Sustainability - The company reported a 2% reduction in electricity consumption from 2023 to 2024, reflecting its commitment to sustainability[154]. - 71% of employees commute sustainably, supported by a mobility policy that includes a 30% subsidy for public transport[156]. - The production of hazardous waste from R&D labs was reduced by 10% from 2023 to 2024, showcasing effective waste management practices[158]. Governance and Compliance - The Board of Directors comprises seven members, with 86% being independent and 43% female representation[188]. - The company has established two permanent committees to ensure effective governance and compliance with regulations[186]. - The Board of Directors has oversight responsibility for enterprise risk management, including cybersecurity risks, with annual reports on current trends[181]. Workforce and Culture - The company employs over 170 individuals, with women representing 59% of the workforce and 43% in executive leadership roles[140][150]. - The company emphasizes a culture of continuous learning and improvement to drive performance excellence and adapt to changes effectively[174]. - The company has a commitment to quality, integrating continuous training for employees to stay updated with regulatory requirements and industry best practices[172].