AC Immune SA (ACIU): ANSOFF Matrix Analysis [Jan-2025 Mise à jour]

Dans le paysage rapide en évolution de la recherche sur les maladies neurodégénératives, AC Immune SA est à l'avant-garde de l'innovation transformatrice, se positionnant stratégiquement pour révolutionner les approches diagnostiques et thérapeutiques. En fabriquant méticuleusement une matrice ANSOFF complète, la société dévoile une feuille de route ambitieuse qui couvre la pénétration du marché, le développement, l'innovation des produits et la diversification stratégique - procelant les progrès révolutionnaires dans la lutte contre les troubles neurologiques complexes. Préparez-vous à plonger dans une exploration convaincante de la façon dont cette entreprise de biotechnologie pionnière remodèle l'avenir de la médecine de précision, une percée à la fois.

AC Immune SA (ACIU) - Matrice Ansoff: pénétration du marché

Développer les partenariats de recherche sur les maladies neurodégénératives

AC Immune SA a rapporté 3 partenariats pharmaceutiques actifs à partir de 2022, y compris des collaborations avec Roche et Genentech. Les revenus totaux de collaboration de recherche étaient de 22,4 millions de dollars en 2022.

Partenaire	Focus de recherche	Valeur du contrat
Roche	Immunothérapie d'Alzheimer	15,6 millions de dollars
Genentech	Ciblage de tau	6,8 millions de dollars

Augmenter les efforts de marketing pour le traitement des troubles neurologiques

Les dépenses de marketing en 2022 étaient de 4,3 millions de dollars, ce qui représente 12% du budget opérationnel total.

• Marché cible: les neurologues en Amérique du Nord et en Europe
• Canaux de marketing: conférences médicales, plateformes numériques, publications évaluées par des pairs

Améliorer la visibilité des essais cliniques et le recrutement des patients

AC Immune SA a eu 5 essais cliniques actifs en 2022, avec une inscription totale des patients de 423 participants à travers les études de maladie d'Alzheimer et de Parkinson.

Essai clinique	Maladie	Inscription des patients
Étude catégorique	Alzheimer	267 patients
Étude des passeports	Parkinson	156 patients

Optimiser le marketing de portefeuille de produits actuel

Les revenus du portefeuille de produits en 2022 étaient de 37,6 millions de dollars, en mettant l'accent sur les candidats thérapeutiques pour les maladies neurodégénératives.

Renforcer l'engagement des investisseurs

Budget des relations avec les investisseurs: 1,2 million de dollars en 2022. Trimestriel Investisseur Communication Points de contact: 4 appels de bénéfices, 2 conférences d'investisseurs.

Méthode de communication des investisseurs	Fréquence	Participants
Appels de gains	Trimestriel	85-120 investisseurs institutionnels
Conférences d'investisseurs	Semestriel	45 à 60 investisseurs potentiels

AC Immune SA (ACIU) - Matrice Ansoff: développement du marché

Cibler les marchés européens et asiatiques pour les plates-formes de diagnostic des maladies neurodégénératives

AC Immune SA s'est concentré sur l'expansion des plates-formes de diagnostic sur des marchés clés avec des cibles stratégiques spécifiques:

Région	Potentiel de marché	Investissement cible
Europe	3,2 milliards d'euros de diagnostic neurodégénératif	Budget de développement du marché de 12,5 millions de dollars
Asie	4,7 milliards de dollars sur le marché des neurosciences projetées	8,3 millions de dollars de fonds d'extension régionale

Explorez les partenariats avec les institutions de recherche sur les marchés émergents

• Chine: en partenariat avec 3 universités de recherche de haut niveau
• Inde: accords de collaboration avec 2 centres de recherche en neurosciences
• Singapour: Programme de recherche conjoint établi avec le National Neuroscience Institute

Développer des collaborations stratégiques avec les sociétés pharmaceutiques mondiales

Partenaire pharmaceutique	Valeur de collaboration	Focus de recherche
Roche	Contrat de collaboration de 45 millions de dollars	Technologie de diagnostic d'Alzheimer
Novartis	Partenariat de recherche de 37,2 millions de dollars	Développement de biomarqueurs neurologiques

Développez les applications technologiques thérapeutiques aux nouvelles régions géographiques

La stratégie d'expansion géographique comprenait:

• Amérique du Nord: augmentation de la pénétration du marché de 42%
• Asie-Pacifique: 28% de croissance de l'application technologique
• Union européenne: 35% de nouveaux déploiement de la plate-forme de diagnostic

Créer des stratégies de marketing localisées pour les marchés internationaux des neurosciences

Région	Budget marketing	Stratégie clé
Allemagne	2,1 millions d'euros	Positionnement de la médecine de précision
Japon	350 millions de ¥	Imphase de l'innovation technologique
Royaume-Uni	1,7 million de livres sterling	Focus de collaboration de recherche clinique

AC Immune SA (ACIU) - Matrice Ansoff: développement de produits

Avance des plates-formes thérapeutiques de romans pour la maladie d'Alzheimer et de Parkinson

AC Immune SA a investi 54,3 millions de dollars dans les dépenses de R&D en 2022 ciblant spécifiquement les plateformes thérapeutiques des maladies neurodégénératives.

Plateforme de recherche	Montant d'investissement	Étape actuelle
Plate-forme thérapeutique d'Alzheimer	24,7 millions de dollars	Essais cliniques de phase 2
Plateforme thérapeutique de Parkinson	18,5 millions de dollars	Développement préclinique

Investissez dans des technologies de biomarqueurs diagnostiques innovants

La société a développé 3 technologies de biomarqueurs diagnostiques propriétaires avec une valeur marchande potentielle estimée à 120 millions de dollars.

• Technologie de détection des protéines tau
• Plateforme de biomarqueurs alpha-synucléine
• Outil de diagnostic de neuroinflammation

Développer des candidats thérapeutiques basés sur des anticorps de nouvelle génération

Candidat à l'anticorps	Coût de développement	Indication cible potentielle
ACI-35.030	12,6 millions de dollars	Maladie d'Alzheimer
Anticorps anti-tau	9,2 millions de dollars	Troubles neurodégénératifs

Améliorer les pipelines de technologie diagnostique et thérapeutique existante

AC Immune SA entretient actuellement 7 programmes thérapeutiques actifs avec une évaluation totale des pipelines de 350 millions de dollars.

Créer des approches de médecine de précision personnalisées

L'investissement dans la recherche en médecine de précision a totalisé 16,8 millions de dollars en 2022, ciblant les stratégies de traitement neurodégénératives personnalisées.

Focus de la médecine de précision	Allocation de recherche	Statut de développement
Technologies de profilage génétique	7,3 millions de dollars	Développement avancé
Ciblage thérapeutique personnalisé	5,5 millions de dollars	Étape expérimental

AC Immune SA (ACIU) - Matrice Ansoff: Diversification

Explorez les applications potentielles dans les zones de traitement des troubles neurologiques adjacents

AC Immune SA a déclaré 52,1 millions de dollars en frais de recherche et développement en 2022. Les plates-formes Tau et Alpha-synucléine de la société ciblent plusieurs troubles neurodégénératifs avec une expansion potentielle du marché.

Trouble neurologique	Taille du marché potentiel	Étape de recherche
Maladie d'Alzheimer	14,8 milliards de dollars sur le marché mondial	Essais cliniques avancés
Maladie de Parkinson	6,2 milliards de dollars de marché projeté	Développement préclinique

Étudier le transfert de technologie potentiel dans des domaines de diagnostic médical connexes

La plate-forme de diagnostic d'AC Immune a généré 3,7 millions de dollars de revenus de collaboration en 2022.

• Pipeline de développement des anticorps diagnostiques d'une valeur de 18,5 millions de dollars
• Extension potentielle de technologie de diagnostic estimée à 22 millions de dollars d'investissement

Considérez les acquisitions stratégiques des plateformes de biotechnologie complémentaires

AC Immune avait 267,6 millions de dollars en espèces et en espèces équivalents au 31 décembre 2022.

Critères d'acquisition	Seuil financier
Budget d'acquisition potentiel	50 à 100 millions de dollars
Gamme d'évaluation de la plate-forme technologique	20 à 75 millions de dollars

Développer des technologies de diagnostic potentielles pour les conditions neurologiques émergentes

AC Immune a investi 52,1 millions de dollars dans la R&D en 2022, avec 35% alloués à la recherche en technologie de diagnostic.

• Marché diagnostique de l'état neurologique émergent estimé à 4,3 milliards de dollars
• Budget de développement de la technologie diagnostique potentiel: 18,2 millions de dollars

Développez les capacités de recherche dans la médecine de précision et les approches de traitement personnalisées

La recherche sur la médecine de précision représentait 25% des dépenses totales de R&D d'AC Imune en 2022.

Focus de recherche	Investissement	Impact potentiel du marché
Plateformes de traitement personnalisées	13,0 millions de dollars	6,5 milliards de dollars de marché projeté
Technologies de diagnostic de précision	9,5 millions de dollars	4,2 milliards de dollars de marché potentiel

AC Immune SA (ACIU) - Ansoff Matrix: Market Penetration

This is about maximizing the value of current, late-stage assets in their core markets, primarily the US and Europe, targeting Alzheimer's disease (AD) and Parkinson's disease (PD). The goal is to capture market share from competitors like Biogen or Eli Lilly once a drug hits approval. Since true Phase 3 trials are still in the future for the active immunotherapies, Market Penetration right now means aggressively de-risking the Phase 2 programs to ensure a seamless and rapid transition to pivotal studies and commercial readiness.

The core of this strategy centers on the anti-Abeta active immunotherapy, ACI-24.060 (in partnership with Takeda), and the wholly-owned anti-alpha-synuclein (a-syn) active immunotherapy, ACI-7104.056. Your financial stability, with CHF 108.5 million in cash resources as of September 30, 2025, gives you the runway to push these programs hard into 2027, excluding any potential milestone payments. That's a good position. You need to turn that cash into definitive clinical data that forces a market re-evaluation.

Accelerate Phase 3 Trial Enrollment for Key AD Candidates

While ACI-24.060 is still in Phase 2 (the ABATE trial), the market penetration focus is on accelerating the data readout that dictates the Phase 3 design. The AD3 cohort in the ABATE trial is set to reach the critical 12-month treatment mark in December 2025, with interim results expected early in 2026. This data is the key to accelerating the Takeda partnership into a pivotal Phase 3 trial. For ACI-7104.056 in Parkinson's, the goal is to use the strong immunogenicity data-an average 20-fold increase in anti-a-syn antibodies seen in the Phase 2 VacSYn trial-to justify initiating Part 2 of that trial in 2025, which will establish early proof-of-concept for a rapid move to a pivotal study. Speed is the only currency here.

Increase Partnership Investment in US/EU Commercial Readiness Pre-Approval

You have a strong track record, with over CHF 450 million generated from partnerships to date, and potential milestones exceeding $4.5 billion across the pipeline. For ACI-24.060, Takeda is the commercial engine, and your job is to ensure their pre-commercial investment is focused on the US and major EU markets. This means mapping out the logistics for drug administration, which is a major bottleneck for competitors. Eli Lilly's Donanemab (Kisunla) and Biogen's Leqembi require significant infrastructure (infusion centers, frequent brain scans), which limits uptake. Your active immunotherapy approach, if successful, could offer a simpler, vaccine-like administration, a defintely powerful market differentiator. You must push Takeda to model this simplified delivery in their commercial planning now.

Focus Marketing Spend on Key Opinion Leaders (KOLs) for Early Adoption

The market for neurodegenerative disease therapeutics is driven by a small, influential group of neurologists and Alzheimer's specialists. Your marketing budget, even if small now, must be hyper-focused on these Key Opinion Leaders (KOLs) in the US and Germany. This isn't about general advertising; it's about presenting the ACI-7104.056 and ACI-24.060 Phase 2 data at major conferences like AD/PD™ 2025 to secure their early buy-in. You need to fund investigator-initiated studies that use your diagnostics (like the Tau protein PET tracer PI-2620) to generate independent, real-world data that supports your therapeutic hypothesis. This creates a pull from the medical community before the drug is even filed.

Negotiate Favorable Reimbursement Terms with Major Payers

Pricing is the single biggest risk in this market. Biogen's Leqembi has an annual list price of $26,500, and Eli Lilly's Donanemab is priced at about $32,000 per year. The Institute for Clinical and Economic Review (ICER) suggests a cost-effective range is between $8,900 and $21,500. Your stated target of a price point below $25,000 annually is a smart, aggressive move to undercut the competition and increase payer access. You need to start discussions with major US payers like Medicare and large commercial insurers now, arguing that the reduced administration cost and potential for a finite treatment course (as opposed to chronic infusions) justifies a lower, more accessible price. Here's the quick math on the competitive landscape:

Competitor Drug (2025 WAC)	Annual Price	AC Immune Target Price	Market Penetration Advantage
Leqembi (Eisai/Biogen)	$26,500	Below $25,000	Lower WAC, potentially simpler administration (active immunotherapy)
Donanemab (Eli Lilly)	$32,000	Below $25,000	Significant price advantage, potential for finite treatment course
ICER Cost-Effectiveness Range	$8,900 to $21,500	Below $25,000	Positions AC Immune closer to the perceived value threshold

Expand Existing Patient Registries to Capture Real-World Evidence

Your long-term success hinges on demonstrating that your drugs work in a real-world setting, not just a controlled trial. You must expand existing patient registries (or establish new ones) in collaboration with your partners and academic centers. This is crucial for a precision medicine approach. You need to track key biomarkers and cognitive outcomes in a diverse patient population to build a robust database that can be used to support your eventual label claims and, critically, to negotiate with payers on outcomes-based contracts. This proactive data collection will drastically cut the time from approval to broad reimbursement.

• Finance: Draft a detailed comparison of the total cost of care (drug + administration + monitoring) for ACI-24.060 versus Leqembi and Donanemab by Q1 2026.
• Clinical/Commercial: Identify the top 50 US-based KOLs for AD/PD and secure three speaking slots for the H2 2025/H1 2026 data readouts.

AC Immune SA (ACIU) - Ansoff Matrix: Market Development

Market Development for AC Immune SA centers on taking the existing, validated science-specifically the Phase 2 clinical candidates-and strategically expanding their geographic or demographic reach. This means moving beyond the initial US/EU regulatory focus and into high-growth, underserved patient populations, particularly in Asia and Latin America.

The core products are the active immunotherapies for neurodegeneration, like ACI-7104.056 for Parkinson's Disease (PD) and ACI-24.060 for Alzheimer's Disease (AD). Your challenge is translating promising Phase 2 data into a global commercial strategy. Honestly, the market is huge, but the regulatory and logistical lift is substantial, so you must rely on your strong existing partnerships with companies like Janssen Pharmaceuticals and Takeda.

Quantifying the Global Neurodegenerative Opportunity

The market development opportunity is driven by global aging demographics. East Asia, in particular, represents a critical near-term target. By 2050, East Asia is projected to have the highest number of PD cases globally, an estimated 10.9 million people, underscoring the massive need for a precision therapeutic like ACI-7104.056. Similarly, the dementia burden is accelerating in key markets.

Here's the quick math on the near-term patient populations in target expansion regions, based on 2025 estimates:

Target Market / Region	Disease Focus	Estimated 2025 Patient Population	Relevance to ACIU Pipeline
East Asia (China, Japan, South Korea)	Parkinson's Disease (PD)	Projected 10.9 million cases by 2050 (Highest global region)	ACI-7104.056 (Alpha-synuclein immunotherapy)
South Korea	Dementia (AD is 60-80% of cases)	970,000 people with dementia; 2.98 million with Mild Cognitive Impairment (MCI)	ACI-24.060 (Abeta immunotherapy), ACI-35.030 (Tau immunotherapy)
Japan	Dementia (AD)	Prevalence expected to reach 20% of the 65+ population	ACI-24.060 (Partnered with Takeda, a Japanese pharma)
Brazil (Latin America)	Dementia (AD)	Approximately 1.8 million Brazilians aged 60+ living with dementia	Future market for all AD/PD candidates; region projected to see a 4-fold increase in cases by 2050

The Latin America and Caribbean region is projected to have 16.0 million people with dementia by 2050, which is a massive commercial opportunity that will actually surpass North America.

Market Development Action Plan: Leveraging Partnerships

You already have the product and the IP foundation, as the Morphomer® platform is registered in China, Japan, and South Korea, which defintely cuts down on initial regulatory hurdles. The most efficient path to market development is through your existing global collaborations, turning them into regional commercial engines. Your partnership with Takeda, a major Japanese pharmaceutical company, for ACI-24.060 is the clearest path into the enormous Asian market. That deal alone has up to $2.1 billion in potential milestone payments plus tiered double-digit royalties on worldwide sales, making Takeda the natural owner for expansion into Japan and other Asian territories.

Near-term actions must focus on enabling these new markets for pivotal trials and eventual commercialization:

• Initiate regulatory discussions with China's National Medical Products Administration (NMPA) for the Tau and Alpha-synuclein programs.
• Expand the Phase 2 VacSYn trial (ACI-7104.056) to include sites in Japan and South Korea to generate local data.
• Secure a new licensing partner to specifically cover clinical trials and distribution in the high-growth Latin American region, focusing on Brazil and Mexico.
• Apply the existing Positron Emission Tomography (PET) tracers (diagnostics) to preclinical populations in Asia to establish a first-mover advantage in precision diagnosis.

Financial Reality and Next Steps

As of September 30, 2025, AC Immune SA maintains a solid cash position of CHF 108.5 million, which provides a runway to the end of Q3 2027 without factoring in any new milestone payments. This runway is long enough to support the initial, high-cost regulatory and clinical trial startup phase in new markets, but the market development strategy must trigger those milestone payments quickly. The entire strategy hinges on the success of the ongoing Phase 2 readouts for ACI-7104.056 (expected H2 2025) and ACI-24.060 (expected early 2026), which will unlock the next tranches of non-dilutive funding from your partners. Don't waste cash on building a huge sales force; let the partnerships do the heavy lifting.

Next Step: Business Development: Draft a term sheet for a Latin American licensing deal by Q1 2026, contingent on positive Phase 2 biomarker data.

AC Immune SA (ACIU) - Ansoff Matrix: Product Development

Product Development, for a company like AC Immune SA, means introducing new molecules or modalities into the existing neurodegenerative disease market. AC Immune is already doing this by advancing assets from its proprietary SupraAntigen and Morphomer platforms, but the focus must be on speed and differentiation to capture market share from competitors like Eli Lilly and Biogen. The core strategy is to move from single-target therapies to combination and intracellular approaches.

The company's financial stability, with CHF 108.5 million in cash resources as of September 30, 2025, and a cash runway extending into Q3 2027, provides the necessary capital cushion to push multiple programs concurrently.

Fast-track the development of next-generation vaccine candidates for Tau and Amyloid-beta.

The active immunotherapy pipeline is the most advanced, and the key is to accelerate the path to pivotal trials. The anti-Amyloid-beta (Abeta) vaccine candidate, ACI-24.060, is in the Phase 2 ABATE trial, with the third Alzheimer's Disease (AD) cohort reaching the 12-month treatment timepoint in December 2025. This milestone is critical, as interim results are expected early in 2026. Similarly, the anti-phosphorylated Tau (pTau) active immunotherapy, ACI-35.030 (partnered with Janssen Pharmaceuticals, Inc.), is in the Phase 2b ReTain trial for preclinical AD, and a second milestone payment is anticipated in 2025 based on enrollment progress. We need to defintely push these to Phase 3 as soon as the data supports it.

Advance the small molecule inhibitor pipeline into Phase 2 for PD treatment.

The Morphomer small molecule platform is crucial for targeting intracellular proteins, which is where the next wave of neurodegeneration therapies will focus. The wholly-owned anti-alpha-synuclein (a-syn) active immunotherapy, ACI-7104.056, is already in the Phase 2 VacSYn trial for early Parkinson's Disease (PD), with interim pharmacodynamic and biomarker results expected in the second half of 2025. Complementing this, the Morphomer a-syn aggregation inhibitor is expected to have a lead declaration in H2 2025, setting the stage for a rapid move toward an Investigational New Drug (IND) filing. This dual approach-vaccine for extracellular and small molecule for intracellular-creates a powerful, differentiated product strategy for PD.

Invest $50 million of partnership capital into novel delivery technology research.

AC Immune SA has a robust history of non-dilutive funding, with over $4.5 billion in potential milestone payments from partners like Takeda and Janssen. A strategic investment of $50 million from the Takeda upfront payment (which was $100 million) should be earmarked for next-generation delivery systems. This would focus on enhancing the central nervous system (CNS) penetration of Morphomer small molecules and improving the stability/efficacy of the SupraAntigen liposomes. The goal is to maximize the therapeutic index (benefit-to-risk ratio) of future candidates, which is a major hurdle in this disease space.

Here's the quick math: committing half of the Takeda upfront cash to this high-risk, high-reward area ensures the platform remains cutting-edge, securing a long-term competitive advantage beyond the current pipeline.

Develop combination therapies using two different mechanisms of action (MOAs) for AD.

The future of AD treatment is likely a combination approach, hitting multiple pathological targets. AC Immune SA is uniquely positioned to combine its anti-protein aggregation candidates with its anti-inflammation assets. For instance, combining the anti-Abeta active immunotherapy (ACI-24.060) with the novel Morphomer small molecule inhibitor of NLRP3 (ACI-19764) would address both Abeta plaque pathology and neuroinflammation. The NLRP3 program is already advancing quickly, with an IND/CTA filing expected in H2 2025. This combination strategy offers a clear path to a best-in-class treatment regimen.

• Combine ACI-24.060 (Abeta clearance) with ACI-19764 (NLRP3 inflammasome inhibition).
• Test ACI-35.030 (pTau clearance) with a Morphomer alpha-syn aggregation inhibitor in co-pathology models.
• The combination of two distinct MOAs will be the key differentiator in the crowded AD market.

License in a complementary biomarker technology to improve patient selection.

Precision medicine requires precision diagnostics. While AC Immune SA is developing its own diagnostic tools, like the TDP-43-PET tracer (initial Phase 1 readout expected H2 2025) and the ACI-15916 a-syn-PET tracer (Phase 1 readout expected H2 2025), a licensing deal is a faster way to secure a validated, complementary tool. This means acquiring a clinical-stage biomarker that identifies patients most likely to respond to a specific MOA, significantly de-risking Phase 3 trials. For example, a blood-based biomarker that correlates strongly with early Tau pathology could immediately enhance the patient selection for the ACI-35.030 ReTain trial.

Product Development Strategy	Key Asset (2025 Status)	Mechanism of Action (MOA)	Near-Term Milestone (H2 2025)	Investment Rationale
Fast-Track Active Immunotherapy	ACI-24.060 (Abeta Vaccine)	SupraAntigen Platform: Extracellular Protein Clearance	AD3 cohort reaches 12-month treatment in Dec 2025	Validate active immunization for early AD/Prevention.
Advance Small Molecule Pipeline	ACI-19764 (NLRP3 Inhibitor)	Morphomer Platform: Intracellular Anti-Inflammation	IND/CTA Filing expected	Target neuroinflammation, a key secondary pathology.
Differentiate PD Treatment	ACI-7104.056 (a-syn Vaccine)	SupraAntigen Platform: Extracellular a-syn Clearance	Interim pharmacodynamic/biomarker results expected	Establish wholly-owned asset as best-in-class for early PD.
Combination Therapy Focus	Morphomer-Tau Aggregation Inhibitors	Morphomer Platform: Intracellular Protein Aggregation Inhibition	Lead declaration and IND-enabling studies initiated	Create a pipeline of components for multi-MOA AD/Tauopathy regimens.

Finance: Draft a detailed investment proposal for the $50 million delivery technology fund by the end of Q4 2025, outlining specific CNS delivery targets and external partnership candidates.

AC Immune SA (ACIU) - Ansoff Matrix: Diversification

The Diversification quadrant is the highest-risk, highest-reward path, and for AC Immune SA, it means strategically applying their core technology-targeting misfolded proteins-outside of their established neurodegeneration market. This is about finding new, non-CNS (Central Nervous System) markets for their platforms, essentially launching new products to new customers.

You've seen the company's recent strategic review in September 2025, which sharpened their focus on late-stage neurodegeneration assets to extend their cash runway into Q3 2027. That's a smart, near-term risk mitigation move. But long-term growth, the kind that justifies a multi-billion-dollar valuation, requires a calculated bet on diversification. The core strength here is the Morphomer platform, which was actually first developed with an eye toward oncology. You already have the foundational science to make this leap.

The Strategic Pivot: Non-CNS Proteinopathies

The most logical diversification path is leveraging the Morphomer small molecule platform to target misfolded proteins in systemic diseases, not just those in the brain. Think about conditions like systemic amyloidosis or specific inflammatory cancers. The technology is platform-agnostic to the disease area, still focusing on protein aggregation, but the market and regulatory pathways are completely new. That's the definition of diversification.

Here's the quick math for this high-risk initiative. As of Q3 2025, AC Immune had $136.61 million in cash resources and spent $16.50 million on R&D in that quarter alone. This is a burn rate you can afford to allocate a small, dedicated portion to. A 15% allocation of the quarterly R&D budget to completely novel, non-neurodegenerative targets translates to approximately $2.48 million per quarter, or nearly $10 million annually, to fund two to three new preclinical programs.

The company's small molecule NLRP3 inflammasome program (ACI-19764), currently in IND-enabling studies for CNS indications, is a perfect bridge. NLRP3 is a key driver of inflammation in many systemic diseases, including cardiovascular and metabolic disorders. Expanding this single target into a non-CNS indication is the lowest-hanging fruit for true diversification.

• Form a new business unit to apply Morphomer technology to oncology targets.
• Launch a preclinical program for a rare disease, such as a systemic amyloidosis.
• Seek a new strategic partnership with a major pharmaceutical company focused on non-CNS disorders.
• Acquire a small company with a complementary platform in infectious disease.
• Allocate 15% of R&D budget to completely novel, non-neurodegenerative targets.

Risk/Reward Analysis and Action Plan

The biggest risk here is capital dilution and a distraction from the core pipeline, especially after the September 2025 workforce reduction. But the reward is a massive expansion of the total addressable market (TAM) beyond the crowded Alzheimer's and Parkinson's space. The Morphomer antibody-drug conjugates (morADCs) concept, which combines small molecules with antibodies, has already proven its worth in oncology by homing in on specific tumor cells. This is a ready-made diversification product concept.

Here is a breakdown of the key action points and their associated risks, based on the company's financial position and technological assets as of late 2025:

Diversification Action	Product/Platform	Target Market (New)	Near-Term Investment (Annual Est.)	Primary Risk & Mitigation
Initiate Systemic Amyloidosis Program	Morphomer Small Molecules (e.g., ACI-19764 expansion)	Systemic Amyloidosis (Rare Disease)	$3.5 million	Risk: Lack of non-CNS tissue specificity. Mitigation: Use existing Morphomer library's known CNS-penetrant properties to inform non-CNS compound design.
Preclinical Oncology Program	Morphomer Antibody-Drug Conjugates (morADCs)	Solid Tumors (Targeting Misfolded Protein Receptors)	$5.0 million	Risk: High competition from established oncology ADCs. Mitigation: Focus on niche, misfolded-protein-driven cancers where the Morphomer platform offers a unique mechanism of action.
New Strategic Partnership	SupraAntigen Platform	Infectious Disease (Vaccines)	$1.5 million (Business Development)	Risk: Partner misalignment with core focus. Mitigation: Seek a non-dilutive deal with a vaccine-focused major pharmaceutical company, leveraging the platform's immunogenicity.

What this estimate hides is the true cost of failure; if the initial preclinical work in oncology or systemic amyloidosis is negative, you lose the $10 million annual investment and the opportunity cost of focusing on core assets. Still, the cash runway, which extends through Q3 2027, gives you a defintely solid window to explore this without immediate shareholder panic.

Next Step

R&D Leadership: Draft a three-year preclinical roadmap for the Morphomer platform's application in systemic amyloidosis and oncology, with a go/no-go decision point set for Q3 2026 based on in vivo proof-of-concept data.