AC Immune SA (ACIU) Stock Analysis

Why this analysis is different

• A sector-relative MoonshotScore — five pillars (business quality, financial safety, valuation, growth durability, momentum) re-ranked nightly against the full universe of US-listed common stocks.
• An AI Council read across up to eight perspectives — value, macro, quantitative, and momentum lenses — that shows where they disagree instead of averaging the tension away.
• Figures come straight from FMP and Yahoo Finance filings data. The AI writes the narrative around the numbers — it never edits the numbers.

AC Immune SA (ACIU) Healthcare & Pipeline Overview

AC Immune SA is a clinical-stage biopharmaceutical company developing targeted treatments for neurodegenerative diseases, leveraging its SupraAntigen and Morphomer platforms to create vaccines, antibodies, and small molecules. The company focuses on addressing protein misfolding in diseases like Alzheimer's, with multiple clinical trials underway and strategic collaborations with major pharmaceutical firms.

What Is the Investment Thesis for ACIU?

AC Immune SA presents a notable research candidate within the biotechnology sector, driven by its innovative approach to treating neurodegenerative diseases. The company's focus on protein misfolding, utilizing its SupraAntigen and Morphomer platforms, offers a targeted approach to addressing diseases like Alzheimer's. Key value drivers include the advancement of its clinical pipeline, particularly Crenezumab in Phase II trials for Alzheimer's prevention and ACI-24 as an anti-Abeta vaccine candidate. Strategic collaborations with Genentech, Biogen, and Eli Lilly provide validation and financial support. However, the company faces risks associated with clinical trial outcomes, regulatory approvals, and competition in the neurodegenerative disease market. With a market capitalization of $274M and a high beta of 1.63, AC Immune offers high-risk, high-reward potential for investors.

Based on FMP financials and quantitative analysis

ACIU Key Highlights

Market capitalization of $274M reflects investor valuation of AC Immune's pipeline and technology.

• Gross margin of 100.0% indicates strong potential profitability upon successful commercialization of products.
• Profit margin of -1788.8% highlights the company's current stage of high R&D spending without significant revenue generation.
• Beta of 1.63 suggests higher volatility compared to the market, typical for biotechnology companies with clinical-stage assets.
• Strategic collaborations with Genentech, Biogen, and Eli Lilly validate AC Immune's technology and provide financial support.

Who Are ACIU's Competitors?

ACIU is benchmarked below against 8 industry peers on price, market cap, and our AI MoonshotScore.

AI Score by Stock Expert AI · Price data: FMP / Yahoo Finance This table mixes two scoring engines — compare a number only with others carrying the same tag.

What Are ACIU's Key Strengths?

Proprietary technology platforms (SupraAntigen and Morphomer).

• Strong focus on protein misfolding in neurodegenerative diseases.
• Strategic collaborations with major pharmaceutical companies.
• Diverse pipeline of clinical-stage drug candidates and diagnostic products.

What Are ACIU's Weaknesses?

High dependence on clinical trial outcomes.

• Significant R&D expenses and negative profit margins.
• Limited revenue generation in the current stage.
• High beta indicates higher volatility.

What Could Drive ACIU Stock Higher?

ACIU catalyst: Data readout from the Phase II clinical trial of Crenezumab for Alzheimer's prevention (late 2026/early 2027).

• Results from the Phase II clinical study of ACI-24 as an anti-Abeta vaccine candidate (late 2026/early 2027).
• Data from the Phase II clinical study of Tau-PET imaging tracer (2027).
• Advancement of small molecule Tau aggregation inhibitors into clinical trials (potential start in 2027).
• Potential for new partnerships and licensing agreements with pharmaceutical companies.

What Are the Key Risks for ACIU?

Financial-distress signal — its Altman Z-Score of -3.91 sits in the distress zone (elevated bankruptcy risk).

• Weak fundamentals — a Piotroski F-Score of 2/9 flags soft profitability, leverage or efficiency.
• Failure of clinical trials for key drug candidates.
• Regulatory setbacks and delays in drug approvals.
• Competition from other companies developing neurodegenerative disease treatments.
• High R&D expenses and limited revenue generation.
• Dependence on partnerships and collaborations for funding and development.

What Are the Growth Opportunities for ACIU?

• Advancement of Crenezumab in Alzheimer's Prevention: Crenezumab, a humanized monoclonal antibody in Phase II clinical prevention trial for Alzheimer's disease, represents a significant growth opportunity. The Alzheimer's Association estimates that in 2026, 7.26 million Americans age 65 and older are living with Alzheimer's. Positive trial results and subsequent regulatory approval could lead to substantial revenue generation. The ongoing Phase II trial is expected to provide data updates throughout 2026, with potential for accelerated approval pathways if results are promising.
• Development of ACI-24 as an Anti-Abeta Vaccine: ACI-24, an anti-Abeta vaccine candidate currently in Phase II clinical study for Alzheimer's disease, offers another key growth avenue. The global market for Alzheimer's disease therapeutics is projected to reach $13.7 billion by 2028. Successful clinical trials and commercialization could position ACI-24 as a major player in this market. The Phase II trial is actively enrolling patients, with data readouts expected in late 2026 or early 2027.
• Expansion of Tau-PET Imaging Tracer: AC Immune's Tau-PET imaging tracer, currently in Phase II clinical study, has the potential to become a valuable diagnostic tool for Alzheimer's disease. The market for neuroimaging and diagnostics is growing, driven by the need for early and accurate diagnosis of neurodegenerative diseases. Positive Phase II results could lead to partnerships with diagnostic companies and widespread adoption in clinical practice. Data from the Phase II trial is anticipated in 2027.
• Partnerships and Licensing Agreements: AC Immune's strategy of forming partnerships and licensing agreements with major pharmaceutical companies like Genentech, Biogen, and Eli Lilly provides a significant growth opportunity. These collaborations provide financial support, validation of the company's technology, and access to larger markets. Future partnerships could expand the company's pipeline and accelerate the development and commercialization of its products. Ongoing collaborations are expected to yield milestone payments and royalties as programs advance.
• Development of Small Molecule Tau Aggregation Inhibitors: AC Immune is researching and developing small molecule Tau aggregation inhibitors for Alzheimer's disease and NeuroOrphan indications. These small molecules represent a novel approach to treating neurodegenerative diseases by targeting Tau protein aggregation. Successful development and commercialization could open up new markets and provide a competitive advantage. Preclinical studies are ongoing, with potential for clinical trials to commence in 2027.

What Threats Does ACIU Face?

• Clinical trial failures and regulatory setbacks.
• Competition from major pharmaceutical companies.
• Patent expirations and intellectual property challenges.
• Economic downturns affecting R&D funding.

What Are ACIU's Competitive Advantages?

• Proprietary SupraAntigen and Morphomer platforms provide a competitive advantage in generating targeted therapies.
• Strong intellectual property portfolio protects its innovative technologies and drug candidates.
• Established collaborations with major pharmaceutical companies validate its technology and provide financial support.
• Focus on protein misfolding offers a unique approach to addressing neurodegenerative diseases.

What Does ACIU Do?

AC Immune SA, founded in 2003 and headquartered in Lausanne, Switzerland, is a biopharmaceutical company focused on discovering, designing, and developing medicines and diagnostic products for neurodegenerative diseases. The company's core mission revolves around addressing protein misfolding, a common characteristic in diseases such as Alzheimer's, Parkinson's, and others. AC Immune utilizes its proprietary SupraAntigen and Morphomer platforms to generate vaccines, antibodies, and small molecules that selectively interact with these misfolded proteins. AC Immune's pipeline includes several clinical-stage programs. Key assets include Crenezumab, a humanized monoclonal antibody in Phase II clinical prevention trial for Alzheimer's disease, developed in collaboration with Genentech. ACI-24, an anti-Abeta vaccine candidate, is in Phase II clinical study for Alzheimer's disease and has completed Phase Ib clinical study for Down syndrome. ACI-35, an anti-Tau vaccine candidate, has completed Phase Ib clinical study. The company is also developing a Tau-PET imaging tracer, currently in Phase II clinical study. Additionally, AC Immune is engaged in researching and developing small molecule Tau aggregation inhibitors for Alzheimer's disease and other NeuroOrphan indications. The company has established collaborations and license agreements with major players in the pharmaceutical industry, including Genentech, Biogen, Janssen Pharmaceuticals, Life Molecular Imaging, Eli Lilly and Company, and WuXi Biologics, to advance its research and development efforts. AC Immune's focus on innovative approaches to combat neurodegenerative diseases positions it as a key player in the biotechnology sector.

What Products and Services Does ACIU Offer?

• Discovers and develops medicines for neurodegenerative diseases.
• Focuses on diseases associated with protein misfolding, such as Alzheimer's.
• Utilizes SupraAntigen and Morphomer platforms to generate targeted therapies.
• Develops vaccines, antibodies, and small molecules.
• Conducts clinical trials to evaluate the safety and efficacy of its drug candidates.
• Collaborates with major pharmaceutical companies to advance its research and development efforts.
• Develops diagnostic products for early detection of neurodegenerative diseases.

How Does ACIU Make Money?

• Develops and out-licenses novel therapeutics and diagnostics for neurodegenerative diseases.
• Generates revenue through licensing agreements, milestone payments, and royalties.
• Collaborates with pharmaceutical companies to share development costs and risks.
• Focuses on early-stage research and development, partnering for late-stage development and commercialization.

What Industry Does ACIU Operate In?

AC Immune operates within the biotechnology industry, specifically targeting the neurodegenerative disease market. This market is characterized by high unmet needs and significant growth potential, driven by an aging global population and increasing prevalence of diseases like Alzheimer's and Parkinson's. The competitive landscape includes major pharmaceutical companies and specialized biotech firms, all vying to develop effective treatments. AC Immune differentiates itself through its focus on protein misfolding and its proprietary SupraAntigen and Morphomer platforms. The company's success depends on navigating the complex regulatory environment and achieving positive clinical trial outcomes.

Who Are ACIU's Key Customers?

• Pharmaceutical companies seeking to expand their portfolios of neurodegenerative disease treatments.
• Diagnostic companies looking for innovative tools for early disease detection.
• Patients suffering from neurodegenerative diseases who may benefit from new therapies.
• Research institutions and universities interested in collaborating on drug discovery and development.

Company Profile

AC Immune SA operates in the Biotechnology industry within the Healthcare sector. It is headquartered in Lausanne, CH. The company is led by CEO Martin Zügel. ACIU has traded publicly since 2016.

Return on assets is -48.2%, showing how much profit it generates from its asset base. Its free cash flow yield is -33.2%, a gauge of the cash the business throws off relative to its market value. A current ratio of 0.87 means current liabilities exceed short-term assets, a liquidity point worth watching. Its earnings yield is -32.3%, the inverse of the P/E and a quick read on earnings relative to price.

ACIU Valuation & Market Position

With a $274M market cap, AC Immune SA sits in the micro-cap segment of the market. Analyst price targets span from $7.00 to $7.00, with a consensus of $7.00. At the current price of $2.69, that implies approximately 160% upside potential. Relative to its peer group, ACIU's quantitative score of 14/100 is below the peer average of 71/100.

Quarterly Financial Performance: AC Immune SA

Revenue for AC Immune SA came in at $15.1M during Q2 FY2026, a 1250.6% improvement versus the preceding quarter. The company recorded net income of $1.9M, with diluted EPS of $0.02. Revenue has increased across the last three reported quarters, suggesting sustained momentum for this micro-cap Healthcare company. Across the four most recent quarters, ACIU averaged $-0.11 in diluted EPS.

AC Immune SA's Piotroski F-Score is 2/9, a 9-point checklist of profitability, leverage and efficiency — flagging fundamental weakness worth scrutiny. Its Altman Z-Score of -3.91 places it in the distress zone, a signal of elevated financial risk.

AC Immune SA has beaten Wall Street's EPS estimate in 7 of its last 8 reported quarters — a consistent record of delivering on expectations. Reported results have landed about 33.4% above estimates on average.

Over the past six months, AC Immune SA insiders filed 13 SEC Form 4 transactions — 2 sales and 11 purchases. On net that is roughly 327K shares acquired (about $591K) — insiders putting money in tends to read as conviction.

ACIU Financials

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ACIU Analyst Consensus

ACIU MoonshotScore

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Disclaimer: This content is for informational purposes only and does not constitute investment advice. Always do your own research and consult a financial advisor.

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