AC Immune SA (ACIU) AI Stock Analysis

• Market Cap: $166.22M
• Dividend Yield: N/A
• Average Volume (3M): 161.89K
• Price to Earnings (P/E): ―
• Beta (1Y): 1.38
• Revenue Growth: 95.23%
• EPS Growth: 15.55%
• Country: US
• Employees: 133
• Sector: Healthcare
• Sector Strength: 46
• Industry: Biotechnology
• EPS (TTM): -0.23
• Shares Outstanding: 98,943,130
• 10 Day Avg. Volume: 128,449
• 30 Day Avg. Volume: 161,887
• PEG Ratio: -0.66
• Price to Book (P/B): 1.45
• Price to Sales (P/S): 0.00
• P/FCF Ratio: 2.99
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: $9.67
• Price Target Upside: 475.60% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 3

AC Immune SA's stock score is constrained by its financial performance, characterized by net losses despite improving revenue and cash flow management. Technical analysis reveals a bearish trend with oversold conditions, and valuation metrics highlight profitability challenges with a negative P/E ratio. The company must improve profitability and market sentiment to drive stock performance.

Positive Factors

Financial Performance

The company ended 1Q25 with CHF 146M in cash, which should provide funding into 1Q27.

Partnerships

If Takeda exercises the option, AC Immune receives a $200M-$400M exercise fee.

Product Development

Interim results from the VacSyn Ph2 study in early PD showed ACI-7104’ (anti-asyn immunotherapy) induced increased titers of anti-a-syn antibodies after 2 injections, and antibody titers reached 20-fold higher than placebo on average after 4 immunizations.

Negative Factors

Market Perception

The discount rate update across coverage to better reflect the current macro environment for Smid-cap biotech companies lowers the price target from $16 to $12.

AC Immune SA Business Overview & Revenue Model

Company Description

AC Immune SA, a clinical stage biopharmaceutical company, discovers, designs, and develops medicines and diagnostic products for the prevention and treatment of neurodegenerative diseases associated with protein misfolding. Its SupraAntigen and Morphomer platforms are designed to generate vaccines, antibodies, and small molecules, which selectively interact with misfolded proteins that are common in a range of neurodegenerative diseases. The company is developing Crenezumab, a humanized, conformation-specific monoclonal antibody, which is in Phase II clinical prevention trial for the treatment of Alzheimer's disease (AD). It is also developing ACI-24, an anti-Abeta vaccine candidate that is in Phase II clinical study for AD, as well as completed Phase Ib clinical study for Down syndrome; ACI-35, an anti-Tau vaccine candidate that has completed Phase Ib clinical study; and Tau- positron emission tomography (PET) imaging tracer, which is in Phase II clinical study. In addition, the company is researching and developing small molecule Tau aggregation inhibitors for AD and NeuroOrphan indications. Further, it has discovery and preclinical stage molecules targeting range of neurodegenerative diseases, which include diagnostics targeting TDP-43, alpha-synuclein, and NLRP3. AC Immune SA has license agreements and collaborations with Genentech, Inc.; Biogen International GmbH; Janssen Pharmaceuticals, Inc.; Life Molecular Imaging SA; Eli Lilly and Company; and WuXi Biologics. The company was incorporated in 2003 and is headquartered in Lausanne, Switzerland.

How the Company Makes Money

AC Immune SA generates revenue primarily through collaboration and licensing agreements with major pharmaceutical companies. These partnerships often involve upfront payments, milestone payments based on the achievement of certain developmental or regulatory milestones, and royalties on future sales of products developed from the collaborations. The company's innovative platforms and extensive research and development efforts attract significant investment and partnership opportunities, contributing to its income streams. Additionally, AC Immune may receive funding and grants for its research initiatives, further supporting its financial model.

AC Immune SA Financial Statement Overview

Summary

AC Immune SA shows potential with increasing revenues and improved cash flow management, but struggles with consistent profitability. Despite a strong equity base, the company faces operational and financial volatility, posing risks. Addressing net losses and leveraging positive cash flow trends are crucial for long-term viability.

Income Statement

The company's revenue has shown significant volatility, with revenue increasing from 2022 to 2024. However, profitability remains a concern with negative net income and EBIT margins. The gross profit margin is positive in 2024, indicating some operational efficiency improvement, but net losses persist.

Balance Sheet

AC Immune SA maintains a strong equity base relative to its assets, with a manageable debt-to-equity ratio. However, the company has been accumulating net losses, affecting its return on equity. The equity ratio is healthy, indicating stability in capital structure.

Cash Flow

The cash flow situation shows improvement with a large positive free cash flow in 2024, albeit following a negative trend in prior years. The operating cash flow to net income ratio reflects better cash management, though sustainability remains a question due to historical volatility.

Breakdown
TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement		Total Revenue
28.30M	27.31M	14.80M	3.94M	0.00	15.43M
	Gross Profit
11.16M	27.31M	-39.80M	-56.40M	-62.28M	-44.06M
	EBIT
-51.68M	-52.38M	-53.62M	-70.85M	-79.01M	-61.26M
	EBITDA
-49.71M	-48.62M	-51.83M	-69.05M	-77.11M	-61.26M
	Net Income Common Stockholders
-52.08M	-50.92M	-54.23M	-70.75M	-73.00M	-62.10M
Balance Sheet		Cash, Cash Equivalents and Short-Term Investments
145.61M	165.49M	103.05M	122.59M	198.22M	225.89M
	Total Assets
211.08M	230.91M	182.81M	185.94M	261.44M	238.74M
	Total Debt
5.17M	5.43M	3.50M	2.80M	2.91M	2.22M
	Net Debt
-14.79M	-30.85M	-75.00M	-28.79M	-79.31M	-158.67M
	Total Liabilities
116.28M	118.64M	22.17M	16.95M	29.46M	23.26M
	Stockholders Equity
94.80M	112.27M	160.64M	168.99M	231.98M	215.48M
Cash Flow		Free Cash Flow
45.31M	65.27M	-61.21M	-74.81M	-68.32M	-61.22M
	Operating Cash Flow
46.00M	65.84M	-60.41M	-73.57M	-65.69M	-59.52M
	Investing Cash Flow
-78.70M	-105.29M	65.64M	23.76M	-53.66M	28.33M
	Financing Cash Flow
-690.00K	-1.12M	43.25M	-1.35M	40.75M	-803.00K

AC Immune SA Technical Analysis

• Technical Analysis Sentiment: Neutral
• Last Price: 1.68
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For ACIU, the sentiment is Neutral. The current price of 1.68 is above the 20-day moving average (MA) of 1.61, below the 50-day MA of 1.89, and below the 200-day MA of 2.81, indicating a neutral trend. The MACD of -0.05 indicates Negative momentum. The RSI at 46.74 is Neutral, neither overbought nor oversold. The STOCH value of 48.61 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for ACIU.

AC Immune SA Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	52 Neutral	$5.15B	3.56	-42.52%	2.83%	14.56%	-0.50%
MOLN	51 Neutral	$163.82M	―	-33.54%	―	-27.77%	13.82%
IPHA	46 Neutral	$186.28M	―	-160.99%	―	-42.35%	42.43%
IKT	46 Neutral	$144.22M	―	-52.00%	―	-100.00%	38.72%
ACIU	45 Neutral	$166.22M	―	-43.31%	―	95.23%	15.55%
NBTX	43 Neutral	$161.13M	―	2152.93%	―	―	54.68%
SGMO	39 Underperform	$160.48M	―	-187.83%	―	-67.20%	64.66%