AC Immune(US:ACIU)2025-11-04 12:00Financial Performance - Total revenue for Q3 2025 was CHF 939,000, a decrease of 96.3% compared to CHF 25,485,000 in Q3 2024[2] - Operating loss for Q3 2025 was CHF 16,166,000, compared to an operating income of CHF 7,269,000 in Q3 2024[2] - Net loss for the nine months ended September 30, 2025, was CHF 56,074,000, compared to a net loss of CHF 35,119,000 for the same period in 2024[3] - Total comprehensive loss for the nine months ended September 30, 2025, was CHF 53,325,000, compared to a loss of CHF 35,092,000 for the same period in 2024[3] - For the three months ended September 30, 2025, the basic loss per share was CHF (0.16), compared to a profit of CHF 0.06 in the same period of 2024[35] - For the nine months ended September 30, 2025, the net loss attributable to equity holders was CHF (56,074) thousand, compared to a loss of CHF (35,119) thousand in 2024[35] Assets and Equity - Total assets decreased to CHF 171,607,000 as of September 30, 2025, from CHF 230,913,000 as of December 31, 2024, representing a decline of 25.6%[1] - Shareholders' equity fell to CHF 62,444,000 as of September 30, 2025, down from CHF 112,270,000 at the end of 2024, a decrease of 44.5%[1] - Cash and cash equivalents decreased to CHF 27,741,000 as of September 30, 2025, from CHF 36,275,000 at the end of 2024, a decline of 23.5%[1] - As of September 30, 2025, the company had cash and short-term financial assets totaling CHF 108.4 million, consisting of CHF 27.7 million in cash and CHF 80.7 million in short-term financial assets[20] - Short-term financial assets due in one year or less decreased to CHF 80,727 thousand as of September 30, 2025, compared to CHF 129,214 thousand at the end of 2024[44] Revenue and Contracts - For the three months ended September 30, 2025, AC Immune generated CHF 0.9 million in contract revenues, a significant decrease from CHF 25.5 million in the same period of 2024, representing a decline of approximately 96.5%[23] - For the nine months ended September 30, 2025, total contract revenues were CHF 3.2 million, down from CHF 26.2 million in the prior year, indicating a decrease of about 87.8%[23] - The company recorded CHF 86.4 million in deferred contract revenue related to unsatisfied performance obligations as of September 30, 2025[34] - AC Immune received an upfront payment of USD 100 million (CHF 92.3 million) from Takeda Pharmaceuticals in May 2024 as part of a licensing agreement for active immunotherapies targeting Abeta[26] - The potential total value of the agreement with Takeda could reach approximately USD 2.1 billion (CHF 1.7 billion) if all related milestones are achieved[26] Expenses and Costs - Research and development expenses for the nine months ended September 30, 2025, were CHF 45,813,000, slightly down from CHF 46,785,000 in the same period of 2024[2] - The company incurred restructuring costs during Q3 2025, primarily related to employee termination benefits, as part of cost-reduction initiatives[16] - The company incurred CHF 0.4 million in net restructuring expenses for the period ended September 30, 2025, which included CHF 2.1 million in termination benefits[54] - The total cash outflow for leases for the nine months ended September 30, 2025, was CHF 1,448 thousand, compared to CHF 1,150 thousand in the prior year[40] - The expense charged against the income statement for share-based compensation was CHF 0.8 million for the three months ended September 30, 2025, compared to CHF 1.2 million in 2024[51] Financial Position and Liabilities - The total accrued expenses as of September 30, 2025, were CHF 11,993 thousand, slightly down from CHF 12,098 thousand at the end of 2024[41] - The carrying amount of property, plant, and equipment as of September 30, 2025, was CHF 2,208 thousand, down from CHF 2,651 thousand at the end of 2024[36] - The acquired IPR&D asset for the treatment of Parkinson's disease has a carrying amount of CHF 50,416 thousand as of September 30, 2025, unchanged from December 31, 2024[42] Financial Gains and Losses - The company reported a finance result, net of CHF 308,000 for Q3 2025, compared to a loss of CHF 1,766,000 in Q3 2024[2] - For the three months ended September 30, 2025, AC Immune recorded CHF 0.3 million in net financial gains, compared to CHF 1.8 million in net financial losses for the same period in 2024[52] - For the nine months ended September 30, 2025, AC Immune reported net financial losses of CHF 1.2 million, an improvement from CHF 1.4 million in losses for the same period in 2024[53] Corporate Strategy and Risks - The company has established a three-pillar corporate strategy targeting Alzheimer's disease, non-Alzheimer's neurodegenerative diseases, and diagnostics[9] - The company is exposed to various risks, including uncertainties regarding the success of current projects and the ability to raise additional capital as needed[21] Other Information - The company is currently evaluating the impact of the new IFRS 18 standard on its financial statement presentation and disclosures, which will be effective from January 1, 2027[19] - Management evaluated subsequent events and determined there were no other events warranting disclosure or recognition in the financial statements[58] - The company recognized a CHF 1.8 million gain on curtailment related to the defined benefit liability for the three and nine months ended September 30, 2025, compared to nil in the corresponding periods for 2024[57] - The aggregate decrease in net employee defined benefit liabilities was CHF 4.3 million, resulting from the curtailment and remeasurement of the plan[57] - Other comprehensive income of CHF 2.7 million was recognized during the period due to the remeasurement of the defined benefit plan[57]