AC Immune SA (ACIU): Modelo de Negócios Canvas [Jan-2025 Atualizado]

No mundo de ponta da pesquisa de doenças neurodegenerativas, a AC Immune SA (ACIU) surge como uma empresa pioneira em biotecnologia que revoluciona as abordagens terapêuticas por meio de suas tecnologias inovadoras de anticorpos e vacinas. Ao alavancar plataformas sofisticadas de pesquisa e direcionar mecanismos complexos de dobramento de proteínas, essa empresa baseada na suíça está pronta para transformar a maneira como entendemos e potencialmente tratamos condições devastadoras, como as doenças de Alzheimer e Parkinson. Seu modelo de negócios estratégico combina excelência científica, parcerias colaborativas e metodologias de pesquisa inovador para criar soluções terapêuticas potencialmente que mudam o jogo que podem redefinir os paradigmas de tratamento neurológico.

AC Immune SA (ACIU) - Modelo de Negócios: Principais Parcerias

Empresas farmacêuticas para desenvolvimento de medicamentos e ensaios clínicos

A AC Immune SA estabeleceu as principais parcerias com as seguintes empresas farmacêuticas:

Parceiro	Detalhes da colaboração	Ano estabelecido
Roche	Colaboração nos programas terapêuticos da doença de Alzheimer	2018
Eli Lilly	Parceria para programas terapêuticos baseados em tau	2016

Instituições de pesquisa acadêmica

O AC imune colabora com vários centros de pesquisa acadêmica:

• Universidade de Zurique, Suíça
• École Polytechnique Fédérale de Lausanne (EPFL)
• Universidade de Cambridge, Reino Unido

Colaboradores estratégicos na pesquisa de doenças neurodegenerativas

As colaborações de pesquisa estratégica incluem:

Foco na pesquisa	Organização colaborativa	Investimento em pesquisa
Doença de Alzheimer	Associação de Alzheimer	US $ 1,2 milhão anualmente
Pesquisa de Parkinson	Michael J. Fox Foundation	US $ 850.000 por ano

Potenciais parceiros de licenciamento para plataformas terapêuticas

Potenciais parcerias de licenciamento identificadas:

• Potencial de licenciamento de plataforma terapêutica: 3-4 discussões ativas
• Valor potencial estimado de licenciamento: US $ 50-100 milhões
• Áreas de foco em doenças neurológicas: Alzheimer, Parkinson, distúrbios neurodegenerativos

AC Immune SA (ACIU) - Modelo de Negócios: Atividades -chave

Pesquisa de doenças neurodegenerativas e desenvolvimento de medicamentos

A partir de 2024, o CA Immune SA se concentra no desenvolvimento de soluções terapêuticas e de diagnóstico para doenças neurodegenerativas. A empresa possui vários programas direcionados:

• Doença de Alzheimer
• Doença de Parkinson
• Demência frontotemporal
• Distúrbios neurológicos

Programa de Pesquisa	Estágio atual	Abordagem terapêutica
Imunoterapias baseadas em tau	Ensaios clínicos	Tratamentos baseados em anticorpos
Programas de alfa-sinucleína	Desenvolvimento pré -clínico	Plataformas de vacina e anticorpos

Criação de plataforma de tecnologia de anticorpos e vacinas

Plataformas de tecnologia:

• Plataforma supraantigen®
• Plataforma Morphomer®

Plataforma	Tipo de tecnologia	Aplicações terapêuticas
Supraantigen®	Geração de anticorpos conformacionais	Direcionamento de doenças neurodegenerativas
Morphomer®	Projeto de medicamento de pequenas moléculas	Intervenções incorretas de proteínas

Pesquisa terapêutica pré -clínica e clínica

O portfólio de pesquisa inclui vários programas em diferentes etapas de desenvolvimento:

Programa	Estágio de desenvolvimento	Parceiro de colaboração
Vacina anti-tau	Ensaios clínicos de fase 2	Janssen Pharmaceuticals
Programa de alfa-sinucleína	Pré -clínico	Genentech

Desenvolvimento e Gerenciamento da Propriedade Intelectual

Portfólio de propriedade intelectual:

• Mais de 300 famílias de patentes
• Estratégia global de proteção de patentes
• Licenciamento de tecnologia contínua

Categoria de patentes	Número de famílias de patentes	Cobertura geográfica
Plataformas de tecnologia centrais	125	Global (EUA, UE, Ásia)
Candidatos terapêuticos	85	Principais mercados farmacêuticos

AC Immune SA (ACIU) - Modelo de negócios: Recursos -chave

Plataformas terapêuticas proprietárias

A plataforma ACI da AC Immune compreende duas plataformas tecnológicas principais:

• Plataforma supraantigen (SA)
• Plataforma morfômer

Plataforma	Foco em tecnologia	Número de programas terapêuticos
Supraantígeno (SA)	Imunoterapia ativa	5 programas terapêuticos ativos
Morfômer	Terapias de pequenas moléculas e anticorpos	6 programas terapêuticos ativos

Equipe científica e de pesquisa

A partir de 2024, a AC imune emprega:

• Total de funcionários: 94
• Pesquisadores no nível de doutorado: 52
• Pessoal de pesquisa e desenvolvimento: 76

Infraestrutura de pesquisa e desenvolvimento

Instalação de pesquisa	Localização	Tamanho
Sede e centro de pesquisa	Lausanne, Suíça	3.500 metros quadrados

Portfólio de patentes

Categoria de patentes	Número de patentes	Cobertura geográfica
Tratamentos de doenças neurodegenerativas	Mais de 300 famílias de patentes	Múltiplas jurisdições internacionais

Recursos financeiros

Fonte de financiamento	Quantidade (USD)	Ano
Financiamento público	US $ 12,4 milhões	2023
Caixa total e equivalentes de caixa	US $ 156,4 milhões	Q4 2023

AC Immune SA (ACIU) - Modelo de Negócios: Proposições de Valor

Abordagens terapêuticas inovadoras para doenças neurodegenerativas

O CA Immune SA se concentra no desenvolvimento de terapias de precisão direcionadas a doenças neurodegenerativas com proposições de valor específicas:

Alvo de doença	Plataforma de tecnologia	Estágio de desenvolvimento	Valor potencial de mercado
Doença de Alzheimer	Anticorpo anti-tau	Ensaios clínicos de fase 2	Mercado potencial de US $ 3,2 bilhões
Doença de Parkinson	Vacina da alfa-sinucleína	Desenvolvimento pré -clínico	Mercado potencial de US $ 2,5 bilhões

Tecnologias avançadas de anticorpos e vacinas

As principais plataformas tecnológicas incluem:

• Plataforma de tecnologia supraantigen®
• Plataforma de tecnologia Morphomer®
• Abordagens de vacina multivalentes

Tratamentos potenciais modificadores para doenças

Pipeline terapêutico direcionando mecanismos específicos de desdobramento de proteínas:

Candidato terapêutico	Mecanismo de ação	Status de desenvolvimento atual
ACI-3024	Inibidor da agregação da tau	Estágio pré -clínico
Anticorpo anti-tau	Neutralização incorreta de proteínas	Ensaios clínicos de fase 2

Medicina de precisão direcionando mecanismos de proteína

Capacidades tecnológicas proprietárias:

• Direcionamento de precisão de conformações proteicas específicas
• Abordagens terapêuticas personalizadas
• Identificação avançada de biomarcadores de diagnóstico

AC Immune SA (ACIU) - Modelo de Negócios: Relacionamentos do Cliente

Parcerias de pesquisa colaborativa

A partir de 2024, a AC Immune SA mantém colaborações estratégicas de pesquisa com os seguintes parceiros farmacêuticos -chave:

Parceiro	Foco de colaboração	Ano estabelecido
Roche	Desenvolvimento terapêutico da doença de Alzheimer	2018
Janssen Pharmaceuticals	Pesquisa de doenças neurodegenerativas	2020

Publicações científicas regulares e apresentações de conferências

Métricas de comunicação científica para 2023:

• Total de publicações revisadas por pares: 12
• Apresentações da conferência: 18
• Citações de pesquisa da empresa: 287

Engajamento direto com as partes interessadas da indústria farmacêutica

Os canais de noivado incluem:

• Comunicações de investidores diretos
• Chamadas de ganhos trimestrais
• Reuniões do Conselho Consultivo Científico

Tipo de engajamento	Freqüência	Participantes
Apresentações de investidores	Trimestral	150-200 investidores institucionais
Conferências científicas	Semestral	300-400 profissionais do setor

Comunicação transparente de pesquisa e progresso do ensaio clínico

Métricas de comunicação de ensaios clínicos para 2023:

• Atualizações de ensaios clínicos publicados: 7
• Pontuação de transparência dos analistas do setor: 8.6/10
• Dados de pesquisa pública compartilhados: 95% dos ensaios concluídos

AC Immune SA (ACIU) - Modelo de Negócios: Canais

Conferências científicas e eventos da indústria

Em 2023, a AC imune participou de 7 principais conferências internacionais de biotecnologia e doenças neurodegenerativas, incluindo os ensaios clínicos na conferência da doença de Alzheimer (CTAD).

Tipo de conferência	Número de eventos	Alcance estimado
Conferências de neurociência	4	2.500 mais de participantes
Simpósios de biotecnologia	3	1.800 mais de participantes

Publicações de revistas revisadas por pares

AC Imune publicou 12 artigos científicos revisados ​​por pares em 2023.

• Os periódicos incluíram a natureza, a pesquisa de Alzheimer & Terapia e Journal of Neuroscience
• Citações totais: 87 em trabalhos de pesquisa publicados

Extenção direta na indústria farmacêutica

O AC imune envolvido com 15 empresas farmacêuticas em 2023 para possíveis discussões em colaboração e licenciamento.

Tipo de engajamento	Número de interações	Valor potencial de parceria
Reuniões diretas	37	Faixa de negócios em potencial de US $ 50-100 milhões
Propostas de parceria	8	US $ 25-75 milhões em valor potencial

Comunicações de Relações com Investidores

O CA Imune conduziu 42 eventos de comunicação de investidores em 2023.

• Chamadas de ganhos trimestrais: 4
• Conferências de investidores: 6
• Reuniões individuais de investidores: 32

Canais de submissão regulatórios

Em 2023, a documentação regulatória enviada por AC imune a 3 principais órgãos regulatórios.

Agência regulatória	Número de envios	Status
FDA	2	Em revisão
Ema	1	Revisão pendente

AC Immune SA (ACIU) - Modelo de Negócios: Segmentos de Clientes

Empresas farmacêuticas

As empresas farmacêuticas de alvos imunológicos de CA que desenvolvem tratamentos de doenças neurodegenerativas.

Parceiro farmacêutico	Status de colaboração	Área de foco
Roche	Colaboração ativa	Programas terapêuticos da doença de Alzheimer
Genentech	Parceria em andamento	Terapêutica de Tau-Targeting

Instituições de pesquisa de doenças neurodegenerativas

As principais instituições de pesquisa envolvidas com as plataformas tecnológicas da AC Immune.

• Universidade de Zurique
• Epfl (École Polytechnique Fédérale de Lausanne)
• Instituto de Neurociência da Universidade de Stanford

Provedores de saúde especializados em condições neurodegenerativas

Segmentos de assistência médica -alvo para soluções diagnósticas e terapêuticas.

Tipo de prestador de serviços de saúde	Tamanho potencial de mercado	Condição alvo
Clínicas de memória	Mercado Global estimado em US $ 3,2 bilhões até 2025	Doença de Alzheimer
Centros de tratamento neurológico	Taxa de crescimento esperada de 7,2% anualmente	Doença de Parkinson

Potenciais parceiros de licenciamento

Oportunidades estratégicas de licenciamento para as tecnologias proprietárias da AC Immune.

• Plataformas de medicina de precisão
• Desenvolvimento terapêutico de anticorpos
• Licenciamento de tecnologia de diagnóstico

Investidores interessados ​​em inovações de biotecnologia

Métricas de atratividade de investimento para investidores de biotecnologia.

Métrica de investimento	2023 valor	Foco do investidor
Capitalização de mercado	US $ 126,4 milhões	Tecnologias de doenças neurodegenerativas
Pesquisar & Gasto de desenvolvimento	US $ 42,3 milhões	Plataformas terapêuticas inovadoras

AC Immune SA (ACIU) - Modelo de Negócios: Estrutura de Custo

Extensas despesas de pesquisa e desenvolvimento

Para o ano fiscal de 2022, a AC Immune SA registrou despesas de P&D de US $ 45,3 milhões. A quebra dos custos de P&D inclui:

Categoria de custo de P&D	Quantidade (USD)
Programas de doença de Alzheimer	US $ 22,7 milhões
Programas de doenças de Parkinson	US $ 12,5 milhões
Outros programas neurodegenerativos	US $ 10,1 milhões

Ensaios clínicos conduzindo custos de gestão

As despesas de ensaios clínicos para 2022 totalizaram US $ 18,6 milhões, com a seguinte alocação:

• Ensaios clínicos de fase 1: US $ 6,2 milhões
• Ensaios clínicos de fase 2: US $ 8,7 milhões
• Fase 3 Ensaios Clínicos: US $ 3,7 milhões

Proteção e manutenção da propriedade intelectual

A AC Immune SA investiu US $ 3,2 milhões em proteção de propriedade intelectual durante 2022, cobrindo:

Categoria de proteção IP	Quantidade (USD)
Arquivamento e acusação de patentes	US $ 1,8 milhão
Manutenção de patentes	US $ 1,4 milhão

Recrutamento e retenção de talentos científicos especializados

As despesas relacionadas ao pessoal em 2022 totalizaram US $ 32,5 milhões, com a seguinte composição:

• Salários para a equipe de pesquisa: US $ 22,3 milhões
• Benefícios e compensação: US $ 6,7 milhões
• Recrutamento e treinamento: US $ 3,5 milhões

Infraestrutura de pesquisa avançada e investimentos em tecnologia

Os investimentos em tecnologia e infraestrutura para 2022 foram de US $ 7,8 milhões, distribuídos da seguinte forma:

Categoria de investimento em infraestrutura	Quantidade (USD)
Equipamento de laboratório	US $ 4,2 milhões
Software de pesquisa e ferramentas	US $ 2,1 milhões
Infraestrutura de tecnologia	US $ 1,5 milhão

Estrutura de custo total para 2022: US $ 107,4 milhões

AC Immune SA (ACIU) - Modelo de negócios: fluxos de receita

Acordos de licenciamento em potencial

A partir de 2023 Relatórios financeiros, a AC Immune possui acordos de licenciamento em potencial com os seguintes parceiros -chave:

Parceiro	Valor potencial de negócios	Área terapêutica
Genentech/Roche	Até US $ 500 milhões em possíveis pagamentos marcantes	Doença de Alzheimer
Janssen Pharmaceuticals	Até US $ 300 milhões em possíveis pagamentos marcantes	Terapias baseadas em tau

Financiamento de colaboração de pesquisa

As fontes de financiamento de colaboração de pesquisa incluem:

• Financiamento total de pesquisa colaborativa em 2022: US $ 14,7 milhões
• Receita de pesquisa colaborativa de parcerias farmacêuticas: US $ 9,3 milhões

Pagamentos marcantes de parcerias farmacêuticas

Estrutura de pagamento de marco para parcerias -chave:

Parceiro	Potencial de pagamento em marcos	Status
Genentech/Roche	US $ 500 milhões totais em potencial pagamentos marcos	Colaboração ativa
Janssen Pharmaceuticals	US $ 300 milhões totais em potencial pagamentos marcos	Programa de Desenvolvimento Ativo

Vendas futuras de produtos terapêuticos futuros

Categorias de vendas de produtos terapêuticos potenciais projetados:

• Doença de Alzheimer candidatos terapêuticos
• Candidatos terapêuticos da doença de Parkinson
• Tratamentos de transtorno neurodegenerativo

Subsídios e financiamento de pesquisa governamental

Subsídios do governo e de pesquisa recebidos:

• Total de subsídios recebidos em 2022: US $ 5,4 milhões
• Fontes: Iniciativas de pesquisa européia, fundações nacionais de pesquisa em saúde

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.