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.
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