AC Immune SA (ACIU): Business Model Canvas [Jan-2025 Mis à jour]

Dans le monde de pointe de la recherche sur les maladies neurodégénératives, AC Immune SA (ACIU) émerge comme une entreprise biotechnologique pionnière révolutionnant les approches thérapeutiques à travers ses technologies innovantes d'anticorps et de vaccination. En tirant parti des plates-formes de recherche sophistiquées et en ciblant les mécanismes complexes de mauvais repliement des protéines, cette entreprise suisse est prête à transformer la façon dont nous comprenons et potentiellement traiter des conditions dévastatrices comme les maladies d'Alzheimer et de Parkinson. Leur modèle commercial stratégique combine l'excellence scientifique, les partenariats collaboratifs et les méthodologies de recherche révolutionnaire pour créer des solutions thérapeutiques révolutionnaires qui pourraient redéfinir les paradigmes de traitement neurologique.

AC Immune SA (ACIU) - Modèle d'entreprise: partenariats clés

Sociétés pharmaceutiques pour le développement de médicaments et les essais cliniques

AC Immune SA a établi des partenariats clés avec les sociétés pharmaceutiques suivantes:

Partenaire	Détails de collaboration	Année établie
Roche	Collaboration sur les programmes thérapeutiques de la maladie d'Alzheimer	2018
Eli Lilly	Partenariat pour les programmes thérapeutiques basés sur les tau	2016

Établissements de recherche universitaire

AC immunitaire collabore avec plusieurs centres de recherche universitaire:

• Université de Zurich, Suisse
• École Polytechnique Fédéral de Lausanne (EPFL)
• Université de Cambridge, Royaume-Uni

Collaborateurs stratégiques dans la recherche sur les maladies neurodégénératives

Les collaborations de recherche stratégique comprennent:

Focus de recherche	Organisation collaborative	Investissement en recherche
Maladie d'Alzheimer	Association d'Alzheimer	1,2 million de dollars par an
La recherche de Parkinson	Fondation Michael J. Fox	850 000 $ par an

Partners de licence potentiels pour les plateformes thérapeutiques

Partenariats potentiels de licence identifiés:

• Potentiel de licence de plate-forme thérapeutique: 3-4 discussions actives
• Valeur de licence potentielle estimée: 50 à 100 millions de dollars
• Zones de mise au point des maladies neurologiques: Alzheimer, Parkinson's, Troubles neurodégénératifs

AC Immune SA (ACIU) - Modèle d'entreprise: activités clés

Recherche des maladies neurodégénératives et développement de médicaments

En 2024, AC Immune SA se concentre sur le développement de solutions thérapeutiques et diagnostiques pour les maladies neurodégénératives. L'entreprise dispose de plusieurs programmes de ciblage:

• Maladie d'Alzheimer
• Maladie de Parkinson
• Démence frontotemporale
• Troubles neurologiques

Programme de recherche	Étape actuelle	Approche thérapeutique
Immunothérapies à base de tau	Essais cliniques	Traitements basés sur les anticorps
Programmes alpha-synucléine	Développement préclinique	Plates-formes de vaccin et d'anticorps

Création de plate-forme de technologie d'anticorps et de vaccinations

Plates-formes technologiques:

• Plateforme Supraantigen®
• Plate-forme Morphomer®

Plate-forme	Type de technologie	Applications thérapeutiques
Supraantigen®	Génération d'anticorps conformationnels	Ciblage des maladies neurodégénératives
Morphomer®	Conception de médicaments à petite molécule	Interventions de mauvais repliement des protéines

Recherche thérapeutique de scène préclinique et clinique

Le portefeuille de recherche comprend plusieurs programmes à différentes étapes de développement:

Programme	Étape de développement	Partenaire de collaboration
Vaccin anti-tau	Essais cliniques de phase 2	Janssen Pharmaceuticals
Programme alpha-synucléine	Préclinique	Genentech

Développement et gestion de la propriété intellectuelle

Portefeuille de propriété intellectuelle:

• Plus de 300 familles de brevets
• Stratégie mondiale de protection des brevets
• Licence de technologie continue

Catégorie de brevet	Nombre de familles de brevets	Couverture géographique
Plateformes technologiques de base	125	Global (États-Unis, UE, Asie)
Candidats thérapeutiques	85	Principaux marchés pharmaceutiques

AC Immune SA (ACIU) - Modèle d'entreprise: Ressources clés

Plates-formes thérapeutiques propriétaires

La plate-forme ACI d'AC Immune comprend deux plates-formes technologiques de base:

• Plateforme Supraantigen (SA)
• Plate-forme de morphomère

Plate-forme	Focus technologique	Nombre de programmes thérapeutiques
Supraantigène (SA)	Immunothérapie active	5 programmes thérapeutiques actifs
Morphomère	Thérapies à petite molécule et aux anticorps	6 programmes thérapeutiques actifs

Équipe scientifique et de recherche

En 2024, AC Immune utilise:

• Total des employés: 94
• Chercheurs au niveau du doctorat: 52
• Personnel de recherche et développement: 76

Infrastructure de recherche et de développement

Installation de recherche	Emplacement	Taille
Siège et centre de recherche	Lausanne, Suisse	3 500 mètres carrés

Portefeuille de brevets

Catégorie de brevet	Nombre de brevets	Couverture géographique
Traitements des maladies neurodégénératives	Plus de 300 familles de brevets	Plusieurs juridictions internationales

Ressources financières

Source de financement	Montant (USD)	Année
Financement public	12,4 millions de dollars	2023
Équivalents en espèces totaux et en espèces	156,4 millions de dollars	Q4 2023

AC Immune SA (ACIU) - Modèle d'entreprise: propositions de valeur

Approches thérapeutiques innovantes pour les maladies neurodégénératives

AC Immune SA se concentre sur le développement de thérapies de précision ciblant les maladies neurodégénératives avec des propositions de valeur spécifiques:

Cible de la maladie	Plate-forme technologique	Étape de développement	Valeur marchande potentielle
Maladie d'Alzheimer	Anticorps anti-tau	Essais cliniques de phase 2	Marché potentiel de 3,2 milliards de dollars
Maladie de Parkinson	Vaccin alpha-synucléine	Développement préclinique	Marché potentiel de 2,5 milliards de dollars

ANTICODES AVANCÉS ET TECHNOLOGIES VACCINE

Les plates-formes technologiques clés comprennent:

• Plateforme technologique Supraantigen®
• Plate-forme technologique Morphomer®
• Approches de vaccin multivalent

Traitements potentiels modifiant la maladie

Pipeline thérapeutique ciblant les mécanismes de repliement des protéines spécifiques:

Candidat thérapeutique	Mécanisme d'action	État de développement actuel
ACI-3024	Inhibiteur de l'agrégation tau	Étape préclinique
Anticorps anti-tau	Neutralisation de mauvais repliement des protéines	Essais cliniques de phase 2

Médecine de précision ciblant les mécanismes des protéines

Capacités technologiques propriétaires:

• Ciblage de précision de conformations protéiques spécifiques
• Approches thérapeutiques personnalisées
• Identification avancée du biomarqueur diagnostique

AC Immune SA (ACIU) - Modèle d'entreprise: relations avec les clients

Partenariats de recherche collaborative

En 2024, AC Immune SA maintient des collaborations de recherche stratégique avec les principaux partenaires pharmaceutiques suivants:

Partenaire	Focus de la collaboration	Année établie
Roche	Développement thérapeutique de la maladie d'Alzheimer	2018
Janssen Pharmaceuticals	Recherche de maladies neurodégénératives	2020

Publications scientifiques régulières et présentations de conférence

Métriques de communication scientifique pour 2023:

• Publications totales à comité de lecture: 12
• Présentations de la conférence: 18
• Citations de la recherche sur les entreprises: 287

Engagement direct avec les parties prenantes de l'industrie pharmaceutique

Les canaux de fiançailles comprennent:

• Communications des investisseurs directs
• Appels de résultats trimestriels
• Réunions du conseil consultatif scientifique

Type d'engagement	Fréquence	Participants
Présentations des investisseurs	Trimestriel	150-200 investisseurs institutionnels
Conférences scientifiques	Semestriel	300-400 professionnels de l'industrie

Communication transparente de la recherche et des progrès des essais cliniques

Métriques de communication des essais cliniques pour 2023:

• Mises à jour des essais cliniques publiés: 7
• Score de transparence des analystes de l'industrie: 8.6 / 10
• Données de recherche publique partagées: 95% des essais terminés

AC Immune SA (ACIU) - Modèle d'entreprise: canaux

Conférences scientifiques et événements de l'industrie

En 2023, AC immunitaire a participé à 7 principales conférences internationales de biotechnologie et de maladies neurodégénératives, y compris la conférence clinique sur la maladie d'Alzheimer (CTAD).

Type de conférence	Nombre d'événements	Portée estimée
Conférences de neurosciences	4	2 500+ participants
Symposiums de biotechnologie	3	1 800+ participants

Publications de journal évaluées par des pairs

AC Immune a publié 12 articles scientifiques évalués par des pairs en 2023.

• Les revues comprenaient la nature, la recherche d'Alzheimer & Thérapie et Journal of Neuroscience
• Total des citations: 87 dans tous les articles de recherche publiés

Sensibilisation directe de l'industrie pharmaceutique

AC Immune s'est engagé dans 15 sociétés pharmaceutiques en 2023 pour des discussions potentielles de collaboration et de licence.

Type d'engagement	Nombre d'interactions	Valeur de partenariat potentiel
Réunions directes	37	Plage de transactions potentielles de 50 à 100 millions de dollars
Propositions de partenariat	8	Valeur potentielle de 25 à 75 millions de dollars

Communications des relations avec les investisseurs

AC Immune a organisé 42 événements de communication des investisseurs en 2023.

• Rendez-vous trimestriel: 4
• Conférences des investisseurs: 6
• RÉUNIÈRES DE L'INVECONSEUR individuelles: 32

Canaux de soumission réglementaires

En 2023, AC immunitaire a soumis la documentation réglementaire à 3 organismes de réglementation majeurs.

Agence de réglementation	Nombre de soumissions	Statut
FDA	2	En cours d'examen
Ema	1	Examen en attente

AC Immune SA (ACIU) - Modèle d'entreprise: segments de clientèle

Sociétés pharmaceutiques

AC cible immunitaire des sociétés pharmaceutiques développant des traitements de maladies neurodégénératives.

Partenaire pharmaceutique	Statut de collaboration	Domaine de mise au point
Roche	Collaboration active	Programmes thérapeutiques de la maladie d'Alzheimer
Genentech	Partenariat en cours	Thérapeutique ciblant le tau

Institutions de recherche sur les maladies neurodégénératives

Les principales institutions de recherche se sont engagées dans les plateformes technologiques d'AC Immunicale.

• Université de Zurich
• EPFL (École Polytechnique Fédéral de Lausanne)
• Institut de neurosciences de l'Université de Stanford

Fournisseurs de soins de santé spécialisés dans les conditions neurodégénératives

Cibler les segments de soins de santé pour les solutions diagnostiques et thérapeutiques.

Type de prestataire de soins de santé	Taille du marché potentiel	Condition cible
Cliniques de mémoire	Marché mondial estimé à 3,2 milliards de dollars d'ici 2025	Maladie d'Alzheimer
Centres de traitement neurologique	Taux de croissance attendu de 7,2% par an	Maladie de Parkinson

Partenaires de licence potentiels

Possibilités de licence stratégique pour les technologies propriétaires d'AC Imune.

• Plateformes de médecine de précision
• Développement des anticorps thérapeutiques
• Licence de technologie de diagnostic

Investisseurs intéressés par les innovations de biotechnologie

Mesures d'attractivité des investissements pour les investisseurs en biotechnologie.

Métrique d'investissement	Valeur 2023	Focus des investisseurs
Capitalisation boursière	126,4 millions de dollars	Technologies de maladies neurodégénératives
Recherche & Dépenses de développement	42,3 millions de dollars	Plates-formes thérapeutiques innovantes

AC Immune SA (ACIU) - Modèle d'entreprise: Structure des coûts

Dépenses de recherche et développement approfondies

Pour l'exercice 2022, AC Immune SA a déclaré des frais de R&D de 45,3 millions de dollars. La répartition des coûts de R&D comprend:

Catégorie de coût de R&D	Montant (USD)
Programmes de la maladie d'Alzheimer	22,7 millions de dollars
Programmes de la maladie de Parkinson	12,5 millions de dollars
Autres programmes neurodégénératifs	10,1 millions de dollars

Essais cliniques menant les frais de gestion et de gestion

Les dépenses des essais cliniques pour 2022 ont totalisé 18,6 millions de dollars, l'allocation suivante:

• Essais cliniques de phase 1: 6,2 millions de dollars
• Essais cliniques de phase 2: 8,7 millions de dollars
• Essais cliniques de phase 3: 3,7 millions de dollars

Protection et entretien de la propriété intellectuelle

AC Immune SA a investi 3,2 millions de dollars dans la protection de la propriété intellectuelle en 2022, couvrant:

Catégorie de protection IP	Montant (USD)
Dépôt de brevet et poursuite	1,8 million de dollars
Entretien de brevets	1,4 million de dollars

Recrutement et rétention des talents scientifiques spécialisés

Les dépenses liées au personnel pour 2022 s'élevaient à 32,5 millions de dollars, avec la composition suivante:

• Salaires du personnel de recherche: 22,3 millions de dollars
• Avantages et rémunération: 6,7 millions de dollars
• Recrutement et formation: 3,5 millions de dollars

Infrastructure de recherche avancée et investissements technologiques

Les investissements technologiques et infrastructures pour 2022 étaient de 7,8 millions de dollars, distribués comme suit:

Catégorie d'investissement dans l'infrastructure	Montant (USD)
Équipement de laboratoire	4,2 millions de dollars
Logiciel et outils de recherche	2,1 millions de dollars
Infrastructure technologique	1,5 million de dollars

Structure totale des coûts pour 2022: 107,4 millions de dollars

AC Immune SA (ACIU) - Modèle d'entreprise: Strots de revenus

Accords de licence potentiels

En 2023, AC Immune a des accords de licence potentiels avec les partenaires clés suivants:

Partenaire	Valeur potentielle de l'accord	Zone thérapeutique
Genentech / Roche	Jusqu'à 500 millions de dollars en paiements de jalons potentiels	Maladie d'Alzheimer
Janssen Pharmaceuticals	Jusqu'à 300 millions de dollars en paiements de jalons potentiels	Thérapies à base de tau

Financement de collaboration de recherche

Les sources de financement de la collaboration de recherche comprennent:

• Financement total de recherche collaborative en 2022: 14,7 millions de dollars
• Revenus de recherche collaborative des partenariats pharmaceutiques: 9,3 millions de dollars

Payments d'étape provenant des partenariats pharmaceutiques

Structure de paiement d'étape pour les partenariats clés:

Partenaire	Potentiel de paiement d'étape	Statut
Genentech / Roche	500 millions de dollars de paiement de jalons potentiels totaux	Collaboration active
Janssen Pharmaceuticals	300 millions de dollars de paiements de jalons potentiels totaux	Programme de développement actif

Ventes potentielles de produits thérapeutiques potentiels

Catégories de ventes de produits thérapeutiques potentielles projetées:

• Candidats thérapeutiques de la maladie d'Alzheimer
• Candidats thérapeutiques de la maladie de Parkinson
• Traitements des troubles neurodégénératifs

Subventions et financement de recherche gouvernementale

Subventions gouvernementales et de recherche reçues:

• Total des subventions reçues en 2022: 5,4 millions de dollars
• Sources: initiatives de recherche européenne, fondations nationales de recherche sur la santé

AC Immune SA (ACIU) - Canvas Business Model: Value Propositions

The core value proposition of AC Immune SA is clear: they are pioneering precision prevention for the world's most devastating neurodegenerative diseases, moving beyond just treating symptoms. You are buying into a differentiated, multi-target pipeline that uses two validated technology platforms, SupraAntigen® and Morphomer®, to go after the root causes of Alzheimer's disease (AD), Parkinson's disease (PD), and other proteinopathies.

This isn't just another biotech story; it's a focused strategy to provide first-in-class therapeutics and diagnostics that can stratify patients and intervene before irreversible damage occurs. The company's cash resources of CHF 108.5 million as of September 30, 2025, show they are defintely funded into Q3 2027, giving them a long runway to hit key milestones.

Pioneering precision therapeutics for neurodegenerative diseases

AC Immune SA is a clinical-stage biopharmaceutical company that has built its value on the idea of precision medicine in neurodegeneration. This means identifying the specific misfolded protein-like Tau or alpha-synuclein (a-syn)-in a patient and then targeting it with a tailored drug candidate. Their two proprietary platforms, SupraAntigen® (for active immunotherapies/vaccines) and Morphomer® (for small molecules and diagnostics), enable this targeted approach.

The company is focused on developing therapeutics that can cross the blood-brain barrier and clear the pathological protein aggregates, which is a major hurdle in this field. Their strategy is to hit multiple targets with different modalities, which is a smart way to de-risk a pipeline.

Broad pipeline targeting multiple misfolded proteins (e.g., Tau, alpha-synuclein)

The company's most significant value is its deep and diversified pipeline, which targets the key pathologies in neurodegenerative diseases: Amyloid-beta (Abeta), Tau, and alpha-synuclein (a-syn). They have three active immunotherapies in Phase 2 clinical development, which is a major value inflection point.

Here's the quick snapshot of their late-stage, high-value assets as of late 2025:

Target Protein	Candidate Name	Modality	Indication	2025 Status/Milestone
Alpha-synuclein (a-syn)	ACI-7104.056	Active Immunotherapy	Parkinson's Disease (PD)	Phase 2 (VacSYn) interim results showed strong immunogenicity; further data expected in H2 2025.
Tau (pTau)	ACI-35.030 (JNJ-64042056)	Active Immunotherapy	Preclinical Alzheimer's Disease (AD)	In Phase 2b (ReTain) trial; Phase 1b/2a data showed a rapid, potent polyclonal response.
Amyloid-beta (Abeta)	ACI-24.060	Active Immunotherapy	Alzheimer's Disease (AD)	Phase 2 (ABATE) AD3 cohort reaches 12 months of treatment in December 2025; interim results expected early 2026.

The Tau program, ACI-35.030, is partnered with Janssen Pharmaceuticals, Inc., a Johnson & Johnson company, and is the first Tau-targeting active immunotherapy to be investigated in a large Phase 2b trial of approximately 500 participants. That's a huge vote of confidence from a major pharmaceutical partner.

Potential for first-in-class active immunotherapy for prevention

The biggest value driver is the focus on active immunotherapy (essentially a vaccine) for prevention. Unlike passive immunotherapy (infusing antibodies), an active approach teaches the patient's own immune system to produce antibodies against the toxic protein, like a-syn or Tau.

This approach offers several key benefits that differentiate it from competitors:

• Convenience: Easier administration, potentially a few shots a year, compared to bi-weekly or monthly infusions.
• Cost-Effectiveness: Lower long-term costs due to fewer doses and less frequent administration.
• Durability: Generates a sustained, long-lasting immune response, as seen with ACI-35.030 maintaining 94-100% response rates through week 74 in high-dose cohorts.

This preventative angle is critical because most neurodegenerative diseases start silently a decade or more before symptoms appear. Getting in early with a safe, convenient 'vaccine' is the ultimate goal.

Diagnostics (PET tracers) to enable early disease detection

You can't treat what you can't see, so the diagnostic arm is an essential part of the precision medicine value chain. AC Immune SA is developing positron emission tomography (PET) tracers to image the pathological proteins in the living brain, allowing for earlier diagnosis and patient selection for clinical trials.

Their most exciting diagnostic asset is the first-in-class TDP-43 PET tracer, ACI-19626. TDP-43 is a key pathology in Amyotrophic Lateral Sclerosis (ALS), Frontotemporal Degeneration (FTD), and LATE (Limbic-predominant Age-related TDP-43 Encephalopathy), and it's a co-pathology in AD and PD.

The value here is that ACI-19626 is currently in a Phase 1 clinical trial, with initial data readout expected in Q4 2025. This tracer could revolutionize differential diagnosis for these complex diseases, which currently share many overlapping clinical symptoms. They also have an a-syn PET tracer, ACI-12589, which has shown diagnostic activity in Multiple System Atrophy (MSA) patients.

Finance: draft a report on the potential non-dilutive milestone revenue from the partnered programs based on the >$4.5 billion potential figure by next Tuesday.

AC Immune SA (ACIU) - Canvas Business Model: Customer Relationships

The core of AC Immune SA's customer relationships is a dual-track strategy: ultra-high-touch, multi-billion-dollar collaborations with Big Pharma, and a more transactional, project-based approach for its research and wholly-owned pipeline assets. This structure is defintely designed to mitigate risk while maximizing the non-dilutive funding needed for a clinical-stage biotech.

High-touch, long-term strategic collaborations with large pharma partners

Your most critical customer relationship is with global pharmaceutical leaders like Janssen Pharmaceuticals, Takeda, and Eli Lilly and Company. These are not simple vendor-client arrangements; they are deep, strategic partnerships where AC Immune SA provides its proprietary platforms-SupraAntigen® and Morphomer®-to co-develop and co-fund clinical candidates like ACI-24.060 and ACI-35.030, both of which are in Phase 2 trials.

The relationship is structured as a long-term economic alignment, where AC Immune SA receives substantial non-dilutive funding, often measured in billions of dollars in potential payouts. Here's the quick math on the potential value of these long-term customer relationships:

Partner	Program Type	Potential Milestone Payments (Approx.)
Takeda	Active Immunotherapy (Abeta/Alzheimer's)	Up to approx. $2.1 billion (plus royalties)
Eli Lilly and Company	Morphomer® Small Molecule (Tau/Neurodegeneration)	Up to approx. CHF 1.9 billion (plus royalties)
Janssen Pharmaceuticals, Inc.	Active Immunotherapy (Phospho-Tau/Alzheimer's)	Up to approx. CHF 500 million (plus royalties)
Total Potential Value	Across all partnerships	Over $4.5 billion (plus royalties)

The revenue stream is lumpy, driven by milestones-a CHF 24.6 million milestone from Janssen Pharmaceuticals, Inc. was recognized in Q3 2024, for example, which drastically impacted the Q3 2025 net loss of CHF 15.9 million by comparison. For Q2 2025, contract revenues were relatively small at CHF 1.3 million, primarily tied to the Takeda agreement. These relationships require constant scientific and business development engagement from the highest levels of management.

Transactional and project-based relationships with CROs and research institutions

For its wholly-owned pipeline-like the anti-alpha-synuclein active immunotherapy ACI-7104.056 for Parkinson's disease, or the Morphomer® NLRP3 inhibitor ACI-19764-AC Immune SA uses transactional relationships with Contract Research Organizations (CROs) and academic institutions. This is pure project-based work: you pay for a service to advance a specific clinical trial or preclinical program.

The financial impact of this is seen in the R&D expenditure, which was CHF 16.8 million in Q2 2025. A large portion of this expense covers the operational costs of clinical trials, which are often outsourced to CROs for global execution.

These relationships are crucial for pipeline validation but are managed at the operational level, not the strategic partnership level. One example is the ongoing research collaboration with the University of Pennsylvania (Penn) focused on the pathogenic TDP-43 protein, which supports the company's early-stage discovery efforts.

Investor relations managed through financial reporting and scientific presentations (AD/PD™ 2025)

Your third key customer is the financial community-investors, analysts, and shareholders. The relationship is managed through a highly transparent, data-driven communication model focused on clinical progress and cash runway.

The goal is retention and acquisition of capital, so the communication is frequent and authoritative, centered on key scientific and financial events:

• Clinical Data Showcasing: Hosting a symposium on active immunotherapies at the International Conference on Alzheimer's and Parkinson's Diseases (AD/PD™ 2025) in April 2025.
• Financial Roadshows: Participating in high-profile events like the Leerink Partners 2025 Global Healthcare Conference and the Barclays 27th Annual Global Healthcare Conference in March 2025.
• Cash Runway Clarity: Quarterly financial reporting, such as the Q3 2025 update on November 4, 2025, which confirmed cash resources of CHF 108.5 million as of September 30, 2025, providing funding into Q3 2027 (excluding potential milestones).

This is a self-service relationship model, where the company provides the data, and the investor makes the decision. The cash runway is the most important number here. Your next step should be to ensure the Q4 2025 and Q1 2026 investor presentations are locked down, focusing on the upcoming interim results for the ABATE trial of ACI-24.060 expected in early 2026.

AC Immune SA (ACIU) - Canvas Business Model: Channels

AC Immune SA's channels are not about selling pills directly; they are a strategic, multi-layered communication and distribution system focused on monetizing intellectual property (IP) and advanced clinical data. This effectively means their key customers are major pharmaceutical companies and the investment community, so their channels are built for high-precision, high-value transfer.

The entire channel strategy is designed to de-risk the pipeline by securing non-dilutive funding, which is critical for a clinical-stage biotech. The company's cash resources of CHF 108.5 million as of September 30, 2025, are projected to fund operations into Q3 2027, but that runway is significantly bolstered by milestone payments from these partnership channels.

Out-licensing and co-development agreements with major pharmaceutical partners

The primary channel for commercializing AC Immune SA's therapeutic and diagnostic candidates is through strategic out-licensing and co-development deals with global pharmaceutical leaders. This model transfers the massive cost and infrastructure burden of late-stage clinical trials and commercialization to partners, allowing AC Immune SA to focus on its core strength: discovery and early-stage development using its SupraAntigen® and Morphomer® platforms.

These alliances have already generated more than CHF 450 million in funding, and the total potential value from future milestone payments and royalties is substantial, exceeding CHF 4 billion. This is how a biotech company converts scientific promise into financial security.

Here's a quick look at the most active co-development channels in 2025:

• Janssen Pharmaceuticals, Inc. (a Johnson & Johnson company): Co-developing the anti-pTau active immunotherapy ACI-35.030 (now JNJ-2056), which is in the Phase 2b ReTain trial. A recent milestone payment of CHF 24.6 million was triggered by the rapid prescreening rate in this trial.
• Takeda: Partnering on the anti-Abeta active immunotherapy ACI-24.060. Contract revenues related to the Takeda agreement were CHF 1.3 million for the three months ended June 30, 2025.
• Eli Lilly and Company: A long-standing partner on key diagnostic programs, proving the value of the diagnostic pipeline as a separate, monetizable channel.

Scientific publications in high-impact, peer-reviewed journals

Scientific publications are not just academic output; they are a critical channel for validating the company's technology and value proposition to partners and key opinion leaders (KOLs). A high-impact journal publication is a form of non-dilutive marketing and external validation that no press release can match.

In late 2025, two major publications served this purpose defintely:

• Nature Communications: Published preclinical data on the first-in-class brain PET tracer, ACI-19626, for imaging TDP-43 pathology on October 24, 2025.
• eBioMedicine: Published peer-reviewed results from the Phase 1b/2a trial of the anti-pTau active immunotherapy ACI-35.030 on September 25, 2025.

These publications directly support the clinical advancement of candidates and provide the scientific community with the data needed to accept the company's precision medicine approach.

Direct communication with regulatory bodies (FDA, EMA) for clinical trial approvals

The regulatory channel is the gatekeeper to market access, and direct, proactive communication with the U.S. Food and Drug Administration (FDA) and the European Medicines Agency (EMA) is a constant, high-stakes channel. It's not a sales channel, but a critical risk-mitigation channel.

The most significant regulatory milestone communicated through this channel in the past year was the Fast Track designation granted by the FDA for ACI-35.030 (JNJ-2056). This designation accelerates the review process, which is a massive value-add for the Janssen partnership.

Ongoing regulatory engagement is focused on multiple assets, including the anticipated Investigational New Drug (IND) or Clinical Trial Application (CTA) filing for the Morphomer® inflammasome program (ACI-19764) in Q4 2025. This filing is a clear action point for the near-term.

Investor roadshows and corporate presentations to raise capital

The investor relations channel is essential for maintaining liquidity and attracting new capital. The company uses a mix of financial reporting and industry conference presentations to communicate its value-inflection points to the market.

Key investor events in late 2025 included:

• Third Quarter 2025 Financial Results: Reported on November 4, 2025, which confirmed a cash position of CHF 108.5 million as of September 30, 2025.
• Jefferies 2025 London Healthcare Conference: An upcoming presentation in November 2025 to engage with institutional investors.
• AD/PD™ 2025 Conference: Hosted an industry symposium in April 2025, highlighting the three Phase 2 active immunotherapies: ACI-7104.056, ACI-35.030/JNJ-2056, and ACI-24.060.

This channel directly influences the stock price and future financing. The company's market capitalization is a function of its clinical progress, and these events are the primary way to communicate that progress to Wall Street.

Channel Type	Primary Partner/Audience	2025 Key Data/Action	Strategic Purpose
Out-licensing/Co-development	Major Pharma (Janssen, Takeda)	Received CHF 24.6 million milestone payment from Janssen; Q2 2025 contract revenue of CHF 1.3 million from Takeda.	Non-dilutive funding, risk mitigation, and access to late-stage development resources.
Scientific Publications	KOLs, Research Community	Publication of ACI-19626 PET tracer data in Nature Communications (Oct 2025).	External scientific validation and credibility for pipeline assets.
Regulatory Body Communication	FDA, EMA	ACI-35.030 (JNJ-2056) holds FDA Fast Track designation; IND/CTA filing for ACI-19764 expected in Q4 2025.	Accelerated market access and clinical trial approval.
Investor Relations	Institutional Investors, Shareholders	Cash reserves of CHF 108.5 million (Sept 30, 2025); Presentation at Jefferies 2025 London Healthcare Conference (Nov 2025).	Capital raising, liquidity maintenance, and valuation management.

AC Immune SA (ACIU) - Canvas Business Model: Customer Segments

You're looking for a clear map of who AC Immune SA (ACIU) actually serves, and honestly, the customer base for a clinical-stage biotech is rarely who you think it is. The real money and immediate strategic focus aren't on the final user yet. The primary customer is the large, global pharmaceutical company, which acts as the crucial financial and commercialization partner.

AC Immune's strategy is to de-risk and advance its proprietary technology platforms, SupraAntigen® and Morphomer®, and then license the most promising candidates to industry giants. This model is all about non-dilutive funding (cash that doesn't come from selling more stock) and leveraging massive commercial scale.

Large global pharmaceutical and biotechnology companies (primary customers)

This is the segment that pays the bills right now. They are buying a proven, de-risked asset and access to AC Immune's proprietary technology platforms. The value proposition here is a way to enter the multi-billion dollar neurodegenerative disease market without the high, early-stage research failure rate.

The numbers speak for themselves on the scale of this customer segment's commitment. AC Immune has secured a potential total of over $4.5 billion in future milestone payments plus royalties from its strategic partnerships.

Here's the quick math on the near-term revenue visibility based on 2025 data:

Partner	Collaboration Focus	Potential Milestones + Royalties	2025 Financial Insight
Takeda	ACI-24.060 (anti-Abeta active immunotherapy for AD)	Up to approx. $2.1 billion	Q2 2025 Contract Revenue: CHF 1.3 million
Eli Lilly and Company	Morphomer® Tau small molecule aggregation inhibitors	Up to approx. CHF 1.9 billion	Ongoing R&D collaboration payments
Janssen Pharmaceuticals, Inc.	ACI-35.030 (anti-pTau active immunotherapy for AD)	Part of the >$4.5 billion total potential	A CHF 24.6 million milestone was recognized in Q3 2024, setting the precedent for future 2025-2027 payments.

The Q2 2025 contract revenue of CHF 1.3 million, mainly from the Takeda agreement, shows the current run-rate of funding from this segment, but the real value is in the massive, long-term milestone payments. That's why they're the primary customer.

Academic and government research institutions

This segment is less about direct revenue and more about scientific credibility and early-stage validation. They're not paying customers in the traditional sense; they're collaborators who provide essential scientific input and validation, often through joint research programs or clinical trial sites. AC Immune leverages these alliances to strengthen the scientific basis of their work and access the latest advancements in neurodegenerative disease research.

Patients suffering from neurodegenerative diseases (Alzheimer's, Parkinson's)

This is the ultimate beneficiary segment, not the direct customer, but their immense size is the engine that drives the pharmaceutical customer segment. The market opportunity here is huge, and that's what the partners are buying. The global neurodegenerative disorder therapeutics market is projected to reach approximately $20.04 billion in 2025, growing at an 8.1% compound annual growth rate.

The patient population in the US alone is staggering, which is what fuels the urgency for new therapies:

• Over 6.7 million Americans were living with Alzheimer's disease in 2024.
• This number is projected to rise to around 14 million by 2050.
• AC Immune's pipeline focuses on precision prevention for Alzheimer's disease, Parkinson's disease, and other neurodegenerative diseases.

The whole business model hinges on successfully translating R&D into a product that can address this massive, unmet medical need. It's a moral and economic imperative, defintely.

Medical professionals who will defintely prescribe future products

This segment-neurologists, geriatricians, and specialized primary care physicians-is the gatekeeper for future product sales, and their engagement is currently managed through clinical trial data and key opinion leader (KOL) presentations. They are the future revenue drivers, once a product is commercialized by a partner like Takeda or Eli Lilly and Company.

Their interest is directly tied to the progress of AC Immune's Phase 2 pipeline in 2025, which is focused on active immunotherapies:

• ACI-7104.056 (Parkinson's disease): Interim results from the Phase 2 VacSYn trial in April 2025 showed strong immunogenicity and a favorable safety profile.
• ACI-24.060 (Alzheimer's disease): The Phase 2 ABATE trial's third cohort is set to reach the 12-month treatment mark in December 2025.
• ACI-19764 (NLRP3 inhibitor): This small molecule program is moving into IND-enabling studies in 2025, representing a novel therapeutic class for future prescribers.

The action here is clear: Finance needs to draft a 13-week cash view by Friday, factoring in potential 2025 milestone payments from partners, as that capital directly funds the trials that validate the products for the medical professional segment.

AC Immune SA (ACIU) - Canvas Business Model: Cost Structure

You're looking at AC Immune SA's cost structure, and the simple truth is this: in a clinical-stage biopharma company, costs are dominated by one thing-the pursuit of scientific breakthroughs. It's a cost-intensive model, plain and simple, and the numbers from the 2025 fiscal year defintely reflect that focus on Research & Development (R&D). The strategic moves made in Q3 2025, though, show a clear effort to sharpen the focus and extend their cash runway.

Here's the quick math on their primary cost drivers for the first three quarters of 2025, which gives you a clear picture of where the cash is going:

Cost Category	Q1 2025 Amount (CHF)	Q2 2025 Amount (CHF)	Q3 2025 Amount (CHF)
Research & Development (R&D) Expenses	15.9 million	16.8 million	13.1 million
General & Administrative (G&A) Expenses	4.4 million	3.9 million	3.6 million
Restructuring Costs	Nil	Nil	0.5 million
Total Operating Expenses (Approx.)	20.3 million	20.7 million	17.2 million

Heavy R&D Expenses

The biggest cost center, by a wide margin, is R&D, which is typical for a company with a deep pipeline of drug candidates. For the three months ending June 30, 2025 (Q2 2025), R&D expenses totaled CHF 16.8 million. This high spend is the engine of the business model-it funds the clinical trials and the basic science needed to move a drug from discovery to market.

To be fair, R&D expenses actually saw a slight decrease compared to the prior year, and the Q3 2025 R&D spend dropped to CHF 13.1 million. This reduction in Q2 was primarily due to less activity in early-stage discovery programs and lower expenses on the ACI-7104.056 program. Still, R&D consistently accounts for over 80% of quarterly operating expenses, so it's the number to watch.

Clinical Trial Execution and Manufacturing Costs for Drug Candidates

The vast majority of R&D expense is tied directly to moving their portfolio through the regulatory pipeline. These costs are highly variable, spiking when a trial moves to a new phase or when manufacturing batches are produced for a large study. The R&D line item covers the direct costs of running trials, which includes patient recruitment, investigator site fees, and data monitoring.

The current cost structure is heavily influenced by the progression of their key assets, including:

• Funding the Phase 2 trial of the anti-alpha-synuclein active immunotherapy, ACI-7104.056, for Parkinson's disease.
• Costs associated with the Phase 2 ABATE trial of anti-Abeta ACI-24.060 for Alzheimer's disease.
• Increased costs in Q2 2025 for the Morphomer Inflammasome program (ACI-19764), which is moving into IND-enabling studies.
• Personnel costs, regulatory filings, quality assurance, and maintaining intellectual property (IP) rights are all bundled into this high R&D figure.

General and Administrative (G&A) Expenses

G&A costs are the overhead needed to keep the lights on and manage the business side of a publicly traded company. For Q2 2025, G&A expenses were manageable at CHF 3.9 million. This is a fixed-ish cost base that supports the entire operation, covering corporate functions like finance, legal, human resources, and executive management.

The G&A expense actually decreased slightly in Q2 2025 compared to the prior year, mainly because of lower legal fees related to business development and licensing activities that were executed in the past. By Q3 2025, G&A had dropped further to CHF 3.6 million, showing a trend toward tighter corporate spending.

Restructuring Costs of CHF 0.5 Million Recognized in Q3 2025

A notable, non-recurring cost appeared in Q3 2025: a restructuring charge of CHF 0.5 million. This expense is a direct result of a strategic review aimed at sharpening the pipeline focus on their most valuable assets. The big takeaway here is the action behind the number: the Company is reducing its workforce by around 30% to streamline operations. While the charge itself is a one-time cost, the underlying action is a critical move to reduce future fixed costs and extend their cash for operations to the end of Q3 2027. Finance: track the actual G&A and R&D savings from this restructuring in Q4 2025.

AC Immune SA (ACIU) - Canvas Business Model: Revenue Streams

For a clinical-stage biopharma company like AC Immune SA, revenue streams are not built on product sales yet; they are a sophisticated mix of contracted research payments, upfront licensing fees, and the massive potential of future milestone and royalty payments. Your current focus should be on the stability provided by contract revenues and the long-term value locked in the >$4.5 billion in potential milestones.

The core of AC Immune's financial model is its ability to secure and maintain strategic partnerships, which is the engine for its non-dilutive funding (money that doesn't require issuing new stock). This structure allows the company to fund its extensive research and development (R&D) pipeline without constantly tapping the equity markets, which is a smart move for managing shareholder dilution.

Contract Revenues from Collaborations

The most immediate and reliable revenue stream for AC Immune comes from contract revenues, which are payments for the R&D work performed under their collaboration agreements. This is essentially fee-for-service revenue tied to the progression of partnered drug candidates.

The Q2 2025 financial results showed contract revenues of CHF 1.3 million for the three months ended June 30, 2025. This specific revenue was primarily related to the ongoing efforts under the agreement with Takeda. However, you need to be a realist: this revenue stream is variable. The Q3 2025 revenue dropped significantly to CHF 939.00K, highlighting the lumpy, non-recurring nature of these payments. This is defintely the nature of early-stage biotech finance.

Period (2025)	Contract Revenue (CHF)	Primary Source
Q2 (Three Months Ended June 30)	1.3 million	Takeda agreement
Q3 (Three Months Ended September 30)	939.00K	Collaboration agreements

Significant Potential Milestone Payments from Partners

The true financial upside for AC Immune lies in its potential milestone payments. These are large, one-time payments triggered by the achievement of specific development, regulatory, or commercial goals-like a drug entering Phase 3 trials or receiving FDA approval. The total value of these contingent payments is substantial.

The company has secured strategic partnerships with global pharmaceutical companies that include >$4.5 billion in potential future milestone payments. This massive figure represents the maximum value if all partnered programs successfully navigate the entire clinical and regulatory gauntlet. Here's the quick math: one successful Phase 2 readout can unlock tens of millions, but a regulatory approval can trigger hundreds of millions.

Future Royalties on Net Sales of Commercialized, Partnered Products

In addition to the milestone payments, the collaboration agreements also include provisions for future royalties on net sales. This is the ultimate, long-tail revenue stream that would transform the company from a research-driven entity to a commercial one.

If a partnered product, such as ACI-24.060 (for Alzheimer's disease) or ACI-35.030, reaches the market, AC Immune will receive a percentage of the net sales. This royalty structure is the payoff for years of R&D investment, representing a passive, high-margin income stream that could fuel the next generation of their proprietary pipeline.

Equity Financing and Grants (Non-Dilutive Funding)

Maintaining a strong cash position is critical for a biotech, and AC Immune has been successful in securing non-dilutive funding, which means they get cash without selling more equity and diluting existing shareholders.

As of September 30, 2025, the company's cash resources stood at CHF 108.5 million. This cash runway is projected to extend funding until the end of Q3 2027, and that's before factoring in any potential income from those milestone payments. This stability is a key part of their business model.

• Cash resources as of September 30, 2025: CHF 108.5 million.
• Funding runway: Extended to the end of Q3 2027 (excluding milestones).
• Grant funding history: Includes 2 Grant (prize money) rounds, with past support from groups like The Michael J. Fox Foundation.