AC Immune SA (ACIU): Business Model Canvas [Dec-2025 Updated]

You're trying to figure out how a clinical-stage biotech like AC Immune SA actually makes money and manages its risk, especially with their focus on complex neurodegenerative diseases. Honestly, the whole business model boils down to a powerful equation: proprietary technology platforms (SupraAntigen and Morphomer) plus deep-pocketed pharmaceutical partners. As of late 2025, their strategic position is clear: they are burning through R&D at around CHF 16.8 million for Q2 2025, but that spend is backed by CHF 108.5 million in cash and the potential for over $4.5 billion in future milestone payments from those collaborations. It's a high-stakes, high-reward model where they defintely need to keep hitting those clinical endpoints, so let's break down the nine key building blocks that drive this entire operation.

AC Immune SA (ACIU) - Canvas Business Model: Key Partnerships

AC Immune's strategy is built on securing large, non-dilutive funding and accessing global commercialization expertise through strategic partnerships. This approach has generated over $4.5 billion in potential milestone payments plus royalties across its history, which is critical for a clinical-stage biotech like this one.

The core of the business model is to partner its proprietary SupraAntigen® and Morphomer® platform assets with major pharmaceutical companies, typically after demonstrating early clinical promise. This allows AC Immune to focus its limited resources-like the estimated 2025 total cash expenditure range of CHF 75-85 million-on early-stage discovery and clinical proof-of-concept.

Global pharmaceutical companies for co-development and licensing

These partnerships are the primary engine for funding clinical development and providing the commercial reach AC Immune lacks. The company currently has three active immunotherapy programs in Phase 2 clinical development, two of which are partnered with global pharma leaders.

The most significant recent deal is the exclusive option and license agreement with Takeda Pharmaceutical Company for ACI-24.060, a move that substantially bolstered AC Immune's cash position. Another key collaboration is with Janssen Pharmaceuticals (a Johnson & Johnson company), focusing on a therapeutic vaccine for Alzheimer's disease.

Here's the quick math on the major partnerships and their 2025 financial impact:

Partner	Program	Asset Type	Total Potential Value (Milestones + Royalties)	2025 Financial Impact (Q1-Q2)
Takeda Pharmaceutical Company	ACI-24.060 (Alzheimer's disease)	Active Immunotherapy	Up to approx. $2.1 billion, plus tiered double-digit royalties	CHF 2.3 million in contract revenue (Six months ended June 30, 2025)
Janssen Pharmaceuticals	JNJ-2056 (ACI-35.030) (Alzheimer's disease)	Active Immunotherapy	Undisclosed (part of >$4.5 billion total potential)	CHF 24.6 million milestone payment (Q1 2025)
Eli Lilly and Company	Morphomer® Tau Aggregation Inhibitors	Small Molecule Drug	Up to approx. CHF 1.9 billion, plus royalties	Ongoing R&D collaboration
Lantheus Holdings (via Life Molecular Imaging)	PI-2620 (Tau PET tracer)	Diagnostic	Up to EUR 160 million, plus royalties	Acquisition completed August 2025

Takeda Pharmaceutical Company for contract-based research and development

The partnership with Takeda is structured to transfer the heavy lifting of late-stage development and commercialization while AC Immune retains control over the Phase 2 trial. Takeda paid an upfront fee of $100 million in May 2024 to secure the exclusive option and license.

AC Immune is responsible for completing the ongoing Phase 1b/2 ABATE trial for ACI-24.060. Following Takeda's option exercise, they will take on the responsibility to fund and conduct all further clinical development, global regulatory activities, and worldwide commercialization. This is a defintely smart way to balance risk and reward.

For the three months ended June 30, 2025, AC Immune recorded CHF 1.3 million in contract revenues directly related to the efforts made under this agreement, illustrating the ongoing R&D work AC Immune is performing on Takeda's behalf.

Academic and research institutions for early-stage science and innovation

Collaborating with academic centers allows AC Immune to access cutting-edge research and novel targets, fueling its early-stage pipeline. These partnerships focus on the foundational science of neurodegenerative diseases, which is then translated into drug candidates using AC Immune's proprietary platforms.

A concrete example is the research partnership extension with the Center for Neurodegenerative Disease Research at the Perelman School of Medicine at the University of Pennsylvania (Penn). This collaboration focuses on the pathological mechanism of the TDP-43 protein, a major driver of diseases like ALS and frontotemporal lobar degeneration.

• Access world-class expertise on pathological protein species.
• Develop novel experimental models for disease mechanisms.
• Advance the TDP-43-PET tracer, with an initial Phase 1 readout expected in the second half of 2025.

Contract Research Organizations (CROs) for clinical trial execution

Like most clinical-stage biopharma companies, AC Immune relies heavily on Contract Research Organizations (CROs) to manage and execute its clinical trials globally. This outsourcing model is essential for running multiple Phase 2 trials simultaneously, such as the ABATE trial for ACI-24.060 and the VacSYn trial for ACI-7104.056.

The cost of engaging CROs is the largest component of the company's Research and Development (R&D) expenditures. For the three months ended June 30, 2025, R&D expenses were CHF 16.8 million, primarily driven by ongoing clinical trial costs. This is where the CROs get paid.

Using CROs helps AC Immune manage risk and scale operations quickly, but it also means the company must maintain a strong internal quality assurance framework to oversee these third-party activities. If onboarding takes 14+ days, churn risk rises.

Finance: Track total 2025 R&D spend against the CHF 75-85 million full-year guidance by the end of Q4.

AC Immune SA (ACIU) - Canvas Business Model: Key Activities

Late-stage clinical development of three Phase 2 active immunotherapies

The central activity for AC Immune SA is managing and executing late-stage clinical trials, which are the primary drivers of near-term value. This isn't just lab work; it's a massive logistical and regulatory undertaking. As of late 2025, the company is intensely focused on three active immunotherapies (essentially, vaccines that teach the body to fight disease-causing proteins) currently in Phase 2 development for neurodegenerative diseases.

The wholly-owned asset, ACI-7104.056 for Parkinson's disease (PD), is a major focus. Interim results from the Phase 2 VacSYn trial, reported in 2025, showed a strong immune response, with an average 20-fold increase in anti-alpha-synuclein antibodies compared to placebo. The company expects to see crucial pharmacodynamic and biomarker data in the second half of 2025, which will dictate if they move to the next part of the trial.

The two partnered programs are also hitting critical points. ACI-24.060, an anti-Abeta active immunotherapy for Alzheimer's disease (AD) in the Phase 2 ABATE trial, is set to have its third cohort (AD3) reach the 12-month treatment mark in December 2025, with interim results following in early 2026. The third Phase 2 program, ACI-35.030 (partnered with Janssen Pharmaceuticals, Inc.), targets phosphorylated Tau (pTau) in preclinical AD patients, a key step toward precision prevention.

Research and development (R&D) using SupraAntigen and Morphomer platforms

R&D is the engine of the business, fueled by the two proprietary technology platforms: SupraAntigen and Morphomer. SupraAntigen uses liposomes (small fat bubbles) to present antigens to the immune system, which is how they create their active immunotherapies like ACI-24.060. Morphomer is their small molecule platform, designed to create drugs that can penetrate the blood-brain barrier and target proteins inside the cell.

The Morphomer platform is driving the next wave of pipeline candidates. For example, their small molecule NLRP3 inhibitor, ACI-19764, has advanced to IND-enabling studies, with an Investigational New Drug (IND) or Clinical Trial Application (CTA) filing expected by the end of 2025. Similarly, IND-enabling studies for a Morphomer-Tau aggregation inhibitor are also on track for year-end 2025.

Here's the quick math on the R&D burn rate for the first three quarters of the year:

Period	R&D Expenses (in CHF millions)	Notes
Q1 2025	15.9	Mostly ongoing clinical trial and personnel costs.
Q2 2025	16.8	Higher costs in the Morphomer Inflammasome program (ACI-19764).
Q3 2025	13.1	Decrease due to lower spend on the ACI-24.060 ABATE study and ACI-7104.056.
9M 2025 Total (Est.)	45.8	Sum of Q1-Q3.

Strategic portfolio management and operational efficiency improvements

A key activity in 2025 was a decisive strategic shift to extend the financial runway. Honestly, this is a necessary move in the high-cost biotech world. Following a September 2025 strategic review, AC Immune SA announced a workforce reduction of around 30%. This wasn't just cost-cutting; it was a move to sharpen the investment focus exclusively on the three Phase 2 immunotherapies and the most promising small molecule programs (NLRP3, Tau, and alpha-synuclein).

The result of this operational efficiency is a significantly extended cash runway. The cash resources of CHF 108.5 million as of September 30, 2025, are now projected to fund operations to the end of Q3 2027, which is a defintely a better position than before, and that's before factoring in any new milestone payments. The restructuring itself incurred a one-time expense of CHF 0.5 million in Q3 2025.

Securing non-dilutive funding via collaboration milestone payments

For a clinical-stage biotech, securing non-dilutive funding (money that doesn't dilute shareholder equity) through partnerships is as critical as the science itself. AC Immune SA's business model is built on this, leveraging its platforms to attract global pharmaceutical partners like Takeda, Janssen Pharmaceuticals, Inc., and Eli Lilly and Company.

This activity has already generated more than CHF 450 million in funding. More importantly, the future potential is massive, with over $4.5 billion (or CHF 4 billion) in potential milestone payments plus royalties tied to the success of its partnered programs.

Near-term funding activities include:

• Generating contract revenues, which were CHF 1.3 million in Q2 2025, primarily from the Takeda agreement.
• Anticipating a milestone payment in 2025 related to the Phase 2b ReTain trial of ACI-35.030, based on achieving enrollment targets.
• Engaging in business development activities to secure new deals for other high-value assets in the pipeline, further extending the runway beyond Q3 2027.

AC Immune SA (ACIU) - Canvas Business Model: Key Resources

When you look at AC Immune SA, their key resources aren't just about cash in the bank; they're fundamentally about intellectual property (IP) and specialized human capital. Their entire business model-pioneering precision therapeutics for neurodegenerative diseases-is built on two proprietary technology platforms and the financial runway to keep pushing those assets through the clinical gauntlet.

Proprietary SupraAntigen and Morphomer technology platforms

The core of AC Immune's value proposition rests on its two clinically validated, proprietary technology platforms: SupraAntigen and Morphomer. These are the engines that generate their diverse pipeline of therapeutic and diagnostic candidates, which is why they are a critical intellectual resource.

The platforms allow them to attack misfolded proteins-the hallmark of neurodegenerative diseases-using two distinct modalities:

• SupraAntigen: This platform uses small spherical lipid bilayer vesicles (liposomes) to present specific antigens, designed to stimulate the patient's immune system to generate conformation-specific, antigen-targeting antibodies (active immunotherapies).
• Morphomer: This platform focuses on identifying and developing central nervous system (CNS)-optimized small molecule drugs. These small molecules are designed to target and inhibit pathological protein aggregates in both extra- and intracellular brain compartments.

This dual-platform approach is defintely a strategic advantage, enabling them to pursue both large-molecule (biologics) and small-molecule drug development in parallel.

Cash resources totaling CHF 108.5 million as of September 30, 2025

Financial resources are paramount for a clinical-stage biopharmaceutical company, and AC Immune's cash position as of late 2025 provides a solid operational foundation. As of September 30, 2025, the company reported total cash resources of CHF 108.5 million.

Here's the quick math on their runway: this cash balance is composed of CHF 27.7 million in cash and cash equivalents and CHF 80.7 million in short-term financial assets. Management has stated this capital is expected to provide sufficient funding to the end of Q3 2027, and that's before factoring in any potential milestone payments from their existing partnerships.

This extended runway is a direct result of a strategic restructuring announced in September 2025, which included a workforce reduction to optimize operational efficiencies.

Extensive patent portfolio and intellectual property protecting key drug candidates

Beyond the core technologies, the formal intellectual property (IP) portfolio-the collection of patents and applications-is a crucial resource that protects their competitive edge and underpins their lucrative collaboration deals. The IP covers everything from the platform technologies themselves to specific drug candidates and diagnostic tools.

For example, their portfolio includes patents and applications for:

• Humanized antibodies for the therapeutic and diagnostic use in amyloidosis, including Alzheimer's disease, often developed in collaboration with partners like Genentech, Inc.
• Compounds for imaging Tau protein aggregates using Positron Emission Tomography (PET) Imaging, which is vital for diagnosis and monitoring treatment efficacy in diseases like Alzheimer's.

This IP is what has attracted global pharmaceutical leaders like Janssen Pharmaceuticals, Takeda, and Eli Lilly and Co., resulting in collaboration agreements with potential non-dilutive funding and over $4.5 billion in potential milestone payments plus royalties.

Highly specialized scientific and clinical development personnel

The human resource is the final, non-replaceable asset. This is a team of highly specialized scientists and clinical development experts focused solely on neurodegenerative diseases. Their deep knowledge of proteinopathies-the misfolded proteins underlying these diseases-is what makes the SupraAntigen and Morphomer platforms work.

Following a strategic review in September 2025, the company implemented a workforce reduction of approximately 30% to focus resources on the most valuable, late-stage assets. This strategic right-sizing means the remaining team is laser-focused on advancing the prioritized pipeline, which includes three Phase 2 active immunotherapies and key small molecule programs targeting NLRP3, Tau, and alpha-synuclein ($\alpha$-syn).

The team's current focus is clear:

Prioritized Program Focus	Development Stage	Target
Active Immunotherapy Programs	Phase 2 (Three programs)	Alzheimer's disease, Parkinson's disease
Small Molecule Programs	Preclinical/IND-enabling	NLRP3, Tau, $\alpha$-syn

This is a leaner, more efficient team, but one whose expertise is now more concentrated on the highest-potential value-inflection points.

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.