AC Immune SA reported its full‑year 2025 financial results, showing revenue of CHF 3.6 million (US$ 4.1 million) and a net loss of CHF 70.5 million (US$ 82.5 million). The revenue decline reflects a sharp drop in contract revenue—from CHF 27.3 million in 2024 to CHF 3.6 million in 2025—primarily due to the recognition of a prior‑year milestone payment that was not included in the 2024 figures. The widened net loss is driven by higher research and development expenses and the loss of milestone‑driven contract revenue, underscoring the company’s continued investment in its pipeline.
The company’s cash runway has been extended to the end of Q3 2027, a result of a 30 % workforce reduction and a strategic realignment that focused resources on its core active immunotherapy and small‑molecule programs. The 30 % reduction, announced in the same release, was described by management as a “strategic realignment” to sharpen investment on core assets and to sustain the extended runway.
AC Immune’s pipeline remains the centerpiece of its strategy. The active immunotherapy ACI‑7104, targeting α‑synuclein, delivered exceptional interim data from the VacSYn Phase 2 trial in early Parkinson’s disease, with evidence that the therapy may slow disease progression. The company’s Morphomer‑Tau small‑molecule program also progressed, and a new Phase 1 trial of the NLRP3 inhibitor ACI‑19764 was launched. “We made significant progress towards delivering precision prevention of neurodegenerative diseases in 2025, exemplified by the exceptional interim data from the VacSYn trial of ACI‑7104, our wholly‑owned active immunotherapy targeting α‑synuclein. Evidence that ACI‑7104 appears to slow the rate of progression in early Parkinson’s disease (PD) further demonstrates the potential for active immunotherapies as disease‑modifying treatments with the potential to slow or prevent neuronal damage,” said CEO Dr. Andrea Pfeifer.
The company also announced the appointment of Prof. Catherine Mummery as Chair of its Clinical Advisory Board, reinforcing its focus on precision therapeutics for neurodegenerative diseases. Management reiterated that guidance for 2026 remains unchanged, with expectations of continued investment in the pipeline and a focus on achieving regulatory milestones. The guidance indicates a projected cash expenditure of CHF 55–65 million for 2026, reflecting the company’s ongoing commitment to clinical development while maintaining the extended runway.
The results highlight the company’s typical operating profile: a clinical‑stage biopharma with a net loss and a cash‑runway‑driven business model. The decline in contract revenue and widening loss are offset by milestone payments and strategic cost discipline, while the pipeline progress and leadership appointments signal confidence in future therapeutic breakthroughs.
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