AC Immune SA
ACIU evidence brief
What we can confirm
What it means
What to watch
Prepared research question
What matters most for ACIU—catalysts, financial risk and supporting evidence?
Traceable citations · Unknowns marked
BioSniper AI · ACIU
AC Immune SA is a clinical-stage biopharmaceutical company focused on developing immunotherapies, small molecules, and diagnostics for neurodegenerative diseases, primarily Alzheimer's and Parkinson's, with no approved products and a reliance on collaboration partners.
Key risk: No approved products
BioSniper Score
Based on 3 of 6 signals
Limited data coverage
Financial data as of Dec 31, 2025.
Tracking 10 clinical trials · 1 catalyst for AC Immune SA.
AC Immune SA is a clinical-stage biopharmaceutical company focused on developing immunotherapies, small molecules, and diagnostics for neurodegenerative diseases, primarily Alzheimer's and Parkinson's, with no approved products and a reliance on collaboration partners.
- AC Immune has no products approved for sale and does not expect product revenue for at least several years [sec · filed 2026-03-13].
- The company reported cash & equivalents of $26.8M and shareholders' equity of $169.0M as of 2025-12-31 [sec].
- Key pipeline candidates include active immunotherapies ACI-35.030, ACI-24.060, ACI-7104.056, small molecule ACI-19764 (NLRP3 inhibitor), and diagnostics such as Tau-PET tracer PI-2620 [sec · filed 2026-03-13].
- The company depends heavily on collaboration partners (e.g., UCB) for advancing certain product candidates [sec · filed 2026-03-13].
- A restructuring was announced in September 2025, shifting focus to certain small molecule programs and active immunotherapies [sec · filed 2026-03-13].
What works
- The company has a diversified pipeline targeting multiple neurodegenerative diseases (AD, PD, ALS, PSP) using proprietary Morphomer and SupraAntigen platforms [sec · filed 2026-03-13].
- AC Immune has established collaboration partners (e.g., UCB) for some programs, which may reduce development risk and cost [sec · filed 2026-03-13].
- The company has a diagnostic portfolio including PET tracers for tau, alpha-synuclein, and TDP-43, which could aid in patient stratification and drug development [sec · filed 2026-03-13].
What to weigh
- AC Immune has no approved products and has never generated revenue from product sales, with profitability uncertain [sec · filed 2026-03-13].
- The company faces significant competition from established players like Eisai, Eli Lilly, Roche, and others for key pipeline candidates [sec · filed 2025-03-13].
- Clinical development in CNS has low probabilities of success, and early results may not predict later-stage outcomes [sec · filed 2026-03-13].
- The company may need additional capital to fund development and commercialization, and could exhaust resources sooner than expected [sec · filed 2026-03-13].
From the filings
Quoted directly from source documents.
No approved products and no product revenue expected for years
“We currently have no products approved for sale and have invested, and will continue to invest, a significant portion of our efforts and financial resources in the development of our active immunotherapies”
SEC filings · March 13, 2026
Dependence on collaboration partners
“We are currently advancing our clinical product candidates through clinical development, either together with a collaboration partner (ACI 24.”
SEC filings · March 13, 2026
Restructuring announced in September 2025
“following the restructuring announced in September 2025, certain small molecule drug programs including ACI-19764 (NLRP3 inhibitor), Morphomer Tau, and Morphomer-a-syn”
SEC filings · March 13, 2026
Catalyst timeline
- 2026-12-31 · Phase2_Topline — Phase 2 Readout: pipeline candidate — Topline data from a Phase 2 study of a pipeline candidate is expected, which could inform further development or regulatory strategy.
Risks & what to watch (4)›
Key risks
- No approved products — The company has no products approved for sale and may never generate product revenue [sec · filed 2026-03-13].
- Clinical development risk
- Capital needs — The company may need additional funding and could exhaust resources sooner than expected [sec · filed 2026-03-13].
- Intense competition — Key pipeline candidates face competition from established companies like Eisai, Eli Lilly, Roche [sec · filed 2025-03-13].
What to watch
- Phase 2 topline readout for a pipeline candidate expected by 2026-12-31 [catalyst].
- Progress of active immunotherapies ACI-35.030, ACI-24.060, and ACI-7104.056 in clinical trials [sec · filed 2026-03-13].
- Updates on the restructuring and focus on small molecule programs like ACI-19764 (NLRP3 inhibitor) [sec · filed 2026-03-13].
- Any new collaboration or licensing agreements to secure additional funding or development support [sec · filed 2026-03-13].
Sources: SEC filings · Generated August 28, 2026 · How we verify sources →
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Evidence & data
Score breakdownBased on 3 of 6 signals · derived from public data
No clinical pipeline tracked — this score reflects financial & catalyst signals only.
Cash runway data unavailable
D/E 2.44
No tracked pipeline phase
No tracked pipeline candidates
1 upcoming, next in ~123d
1 buy · 1 sell (180d)
Catalysts
Regulatory
Financials
Institutional Holdings
Source: SEC Form 13F · as of Mar 2026Institutional holders
47
Total value held
$69.7M
| Holder | Shares | Value |
|---|---|---|
| bvf inc/il | 19,822,436 | $54.5M |
| wells fargo & company/mn | 1,004,284 | $2.8M |
| millennium management llc | 792,657 | $2.2M |
| renaissance technologies llc | 624,367 | $1.7M |
| blackrock, inc. | 524,278 | $1.4M |
| arrowstreet capital, limited partnership | 405,658 | $1.1M |
| dimensional fund advisors lp | 390,165 | $1.1M |
| citadel advisors llc | 298,233 | $820K |
| point72 asset management, l.p. | 293,200 | $806K |
| northern trust corp | 278,513 | $766K |
Showing top 10 of 47 institutional holders of AC Immune SA. Open the full 13F history after sign-in.
Short Interest
as of May 20, 2026- % of float
- 6.2%
- Days to cover
- 11.6
- Shares short
- 3,034,113
- Daily short volume
- -
Short percent of float and days-to-cover reflect reported short positioning. Daily short volume is the exchange-reported short share of a single day's trading volume and is noisier. See the most-shorted biotech ranking →
ACIU short interestFrequently asked questions
What is the AI investment thesis for AC Immune SA?
AC Immune SA is a clinical-stage biopharmaceutical company focused on developing immunotherapies, small molecules, and diagnostics for neurodegenerative diseases, primarily Alzheimer's and Parkinson's, with no approved products and a reliance on collaboration partners.
What is AC Immune SA's next catalyst?
AC Immune SA's next tracked catalyst is a Phase2_Topline event — "Phase 2 Readout: pipeline candidate" — expected December 31, 2026.
Who is the CEO of AC Immune SA?
Dr. Martin Zugel M.D., Ph.D. is the chief executive officer of AC Immune SA (ACIU).
Where is AC Immune SA headquartered?
AC Immune SA (ACIU) is headquartered in Lausanne, Switzerland.
What therapeutic areas does AC Immune SA focus on?
AC Immune SA develops therapies across Oncology, Neurology, Immunology.
The AI overview and BioSniper Score are neutral, data-derived signals built from public SEC filings, ClinicalTrials.gov and FDA records — not investment advice.