AC Immune SA

AC Immune SA is a clinical-stage biopharmaceutical company dedicated to pioneering precision medicine for neurodegenerative diseases. The company's mission is to diagnose, treat, and prevent conditions such as Alzheimer's disease, Parkinson's disease, and various NeuroOrphan indications driven by misfolded proteins. Headquartered in Lausanne, Switzerland, AC Immune was founded in 2003.

Leveraging its proprietary SupraAntigen® and Morphomer® technology platforms, AC Immune develops a diverse pipeline of therapeutic and diagnostic candidates. This pipeline includes active immunotherapies, antibodies, small molecule drugs, and diagnostic agents, with several programs currently in Phase 2 and Phase 3 clinical development. The company's research and development efforts are primarily focused on addressing the complexities of neurodegenerative diseases.

In March 2026, AC Immune reported its full-year 2025 financial results, highlighting positive interim Phase 2 data for ACI-7104, its wholly-owned active immunotherapy for Parkinson's disease, and the initiation of a Phase 1 trial for ACI-19764, an NLRP3 inhibitor. A strategic review in September 2025 led to a sharpened pipeline focus and a workforce reduction of approximately 30%, aimed at extending the company's cash runway into the third quarter of 2027. Dr. Andrea Pfeifer serves as the Chief Executive Officer. AC Immune maintains a strong track record of strategic partnerships with leading global pharmaceutical companies, including Janssen Pharmaceuticals, Takeda, and Eli Lilly.

Latest updates

AC Immune Advances Pipeline, Secures Takeda Milestone, Amends Lilly Collaboration

Event summary

  • AC Immune initiated a Phase 1 trial for its NLRP3 inhibitor, ACI-19764, with results expected in H2 2026.
  • The final cohort (AD4) has begun in the ABATE Phase 1b/2 trial for ACI-24, triggering a $12 million milestone payment from Takeda.
  • An amended agreement with Eli Lilly expands the Morphomer® Tau collaboration, including a CHF 10 million upfront payment and potential for over CHF 1.7 billion in future milestones.
  • AC Immune's cash resources currently stand at CHF 74.8 million, projected to fund operations through Q4 2027.

The big picture

AC Immune's progress highlights the ongoing race to develop targeted therapies for neurodegenerative diseases, a market attracting significant investment. The amended Lilly collaboration and Takeda milestone suggest increasing confidence in AC Immune's technology platforms, but the company's reliance on milestone payments creates a binary risk profile. The company's focus on multiple targets (Tau, alpha-synuclein, NLRP3) represents a diversification strategy, but also spreads development resources thin.

What we're watching

Clinical Outcomes
The 12-month interim results from the ABATE Phase 2 trial (AD3 cohort) in Q2 2026 will be crucial in determining the viability of ACI-24 and its potential to advance to later-stage development, given the significant milestone payments tied to its success.
Financial Runway
While the current cash position extends into Q4 2027, AC Immune's ability to secure additional non-dilutive funding through further milestones or partnerships will be critical to sustaining its pipeline beyond that timeframe.
NLRP3 Efficacy
The results from the Phase 1 trial of ACI-19764 in H2 2026 will reveal whether the NLRP3 inhibitor demonstrates a favorable safety profile and initial signs of efficacy, which will influence its progression into further clinical stages.

AC Immune Triggers $12M Takeda Milestone, Advances Alzheimer's Trial

Event summary

  • AC Immune initiated the final cohort (AD4) in its Phase 1b/2 ABATE trial for ACI-24, an anti-Abeta active immunotherapy.
  • The initiation triggered a $12 million milestone payment from Takeda under their existing option and license agreement.
  • Data from the first three cohorts (AD1, AD2, AD3) are expected in Q2 2026.
  • Cohort AD4 will initially enroll 36 patients, with potential expansion to 112, to expand safety and efficacy data.

The big picture

The ABATE trial represents a significant effort to develop active immunotherapies targeting toxic amyloid beta, a strategy that has faced mixed results in the broader Alzheimer's drug development landscape. AC Immune's precision prevention approach, focusing on early-stage intervention, aims to address limitations of previous therapies. The $2.1 billion potential milestone payments and tiered royalties highlight the substantial financial upside tied to the success of ACI-24, but also underscore the inherent risk associated with clinical-stage drug development.

What we're watching

Clinical Efficacy
The 12-month data from cohorts AD1, AD2, and AD3, expected in Q2 2026, will be critical in assessing ACI-24’s early efficacy signals and will likely influence investor sentiment.
Regulatory Pathway
The outcome of the AD4 cohort expansion and subsequent data readouts will heavily influence Takeda’s decision on whether to exercise its option to advance ACI-24, impacting AC Immune’s future revenue stream.
Financial Leverage
AC Immune’s ability to secure further non-dilutive funding and milestones from Takeda, or other partners, will be key to sustaining its pipeline development efforts given the substantial potential payments outlined in the agreement.
CID: 3623