AC Immune(ACIU) - 2022 Q2 - Quarterly Report

Financial Performance - The company reported a net loss of CHF 38,489 thousand for the six months ended June 30, 2022, compared to a loss of CHF 35,803 thousand for the same period in 2021, indicating a 7% increase in losses [3]. - The company reported an operating loss of CHF 38,688 thousand for the six months ended June 30, 2022, compared to a loss of CHF 35,940 thousand in 2021, representing an increase of about 8% [3]. - For the six months ended June 30, 2022, the net loss for the period was CHF 38.5 million, compared to a net loss of CHF 35.8 million for the same period in 2021, representing an increase of approximately 4.8% [7]. - For the three months ended June 30, 2022, the net loss attributable to equity holders was CHF 19,643 thousand, resulting in a basic and diluted loss per share of CHF (0.23), compared to a net loss of CHF 19,069 thousand and a loss per share of CHF (0.26) for the same period in 2021 [31]. - For the six months ended June 30, 2022, the net loss attributable to equity holders was CHF 38,489 thousand, with a basic and diluted loss per share of CHF (0.46), compared to a net loss of CHF 35,803 thousand and a loss per share of CHF (0.50) for the same period in 2021 [31]. Assets and Liabilities - Total assets decreased from CHF 261,443 thousand in 2021 to CHF 216,786 thousand in 2022, a decline of approximately 17% [2]. - Cash and cash equivalents decreased from CHF 82,216 thousand in 2021 to CHF 63,147 thousand in 2022, a reduction of about 23% [2]. - Total current liabilities decreased significantly from CHF 20,026 thousand in 2021 to CHF 11,924 thousand in 2022, a decline of approximately 40% [2]. - As of June 30, 2022, cash and cash equivalents stood at CHF 63.1 million, down from CHF 104.1 million at the end of June 2021 [7]. - Short-term financial assets due in one year or less were CHF 91.0 million as of June 30, 2022, compared to CHF 116.0 million as of December 31, 2021, indicating a decline of 21.6% [45]. Cash Flow - Cash used in operating activities for the six months ended June 30, 2022, was CHF 42.3 million, compared to CHF 33.2 million for the same period in 2021, indicating a 27.1% increase in cash outflow [7]. - Net cash flows provided by investing activities were CHF 23.9 million for the six months ended June 30, 2022, compared to cash used of CHF 31.4 million in the same period of 2021, showing a significant turnaround [7]. - The company reported a net decrease in cash and cash equivalents of CHF 19.8 million for the six months ended June 30, 2022, compared to a decrease of CHF 57.1 million in the same period of 2021 [7]. Equity and Shareholder Information - Shareholders' equity fell from CHF 231,979 thousand in 2021 to CHF 202,812 thousand in 2022, representing a decrease of about 13% [5]. - The company issued shares resulting in a total of CHF 202,812 thousand in shareholders' equity as of June 30, 2022 [5]. - As of June 30, 2022, the company had 6,221,617 treasury shares remaining [46]. Research and Development - Research and development expenses increased to CHF 30,815 thousand for the six months ended June 30, 2022, up from CHF 27,040 thousand in 2021, reflecting an increase of approximately 10% [3]. - The company invested CHF 0.6 million in laboratory and IT equipment during the first half of 2022, representing a 5.8% increase from the beginning of the year [34]. - Prepaid expenses, including R&D and administrative costs, totaled CHF 3.5 million as of June 30, 2022, compared to CHF 3.0 million as of December 31, 2021 [44]. Income and Gains - The company recognized CHF 0.2 million in grant income for the three months ended June 30, 2022, and CHF 0.6 million for the six months ended June 30, 2022 [29]. - The company has not generated any contract revenues for the three and six months ended June 30, 2022, remaining consistent with the previous year [24]. - The company recorded CHF 0.1 million in deferred income as of June 30, 2022 [31]. - For the three months ended June 30, 2022, AC Immune recorded net financial gains of CHF 0.2 million, a turnaround from net financial losses of CHF 0.4 million in the same period last year [47]. - The company achieved foreign currency gains of CHF 0.3 million for the three months ended June 30, 2022, compared to foreign currency losses of CHF 0.2 million in the prior period [47]. - For the six months ended June 30, 2022, net financial gains were CHF 0.2 million, up from CHF 0.1 million in the same period of 2021 [48]. - Foreign currency gains for the six months ended June 30, 2022, were CHF 0.5 million, compared to CHF 0.4 million in the prior year [48]. Other Financial Information - The company recognized a remeasurement gain of CHF 7.4 million related to its net employee defined benefit liability due to an increase in the discount rate from 0.3% to 2.25% [39]. - Accrued expenses decreased to CHF 10,585 thousand as of June 30, 2022, from CHF 16,736 thousand as of December 31, 2021 [42]. - The company has no additions for its right-of-use leased assets for the six months ended June 30, 2022, with total cash outflow for leases amounting to CHF 666 thousand for the six months ended June 30, 2022 [35][37]. - The acquired IPR&D asset for the treatment of Parkinson's disease has a gross carrying amount of CHF 50,416 thousand and is not currently being amortized [43]. - The company has recorded CHF 0.4 million in both accrued income and deferred income as of June 30, 2022 [29]. - Management evaluated subsequent events and determined there were no events warranting disclosure or recognition in the financial statements [49].