AC Immune S.A.
ACIUHealthcare|Biotechnology|CH
$2.23
+0.12 (+5.69%)
Tangible Book / Share
$0.27
Cash / Share
$0.74
Financials
Financial Snapshot
Market Cap
$227.0M
Enterprise Value
$171.5M
Revenue (TTM)
$19.8M
Net Income (TTM)
-$36.0M
Cash & Investments
$73.9M
Net Cash
$70.0M
Free Cash Flow (TTM)
-$35.0M
Operating CF (TTM)
-$34.8M
Debt/Equity
0.14
Cash Runway & Burn Rate
Cash on Hand
$73.9M
Quarterly Burn
$8.7M
Monthly Burn
$2.9M
Est. Runway
~8.5 quarters
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Investments | $152.2M | $124.4M | $186.5M | $288.6M | $225.9M | $198.2M | $122.6M | $103.0M | $165.5M | $91.4M | $73.9M | |
| Operating Cash Flow | -$5.6M | -$22.1M | -$44.1M | $55.2M | -$59.5M | -$65.7M | -$73.6M | -$60.4M | $65.8M | -$66.1M | -$34.8M | |
| Free Cash Flow | -$6.5M | -$23.9M | -$45.9M | $53.3M | -$61.2M | -$68.3M | -$74.8M | -$61.2M | $65.3M | -$67.0M | -$35.0M | |
| Capital Expenditure | -$899.0K | -$1.8M | -$1.9M | -$1.9M | -$1.7M | -$2.6M | -$1.2M | -$801.0K | -$576.0K | -$859.5K | -$165.2K | |
| Financing Cash Flow | $78.8M | $271.0K | $109.4M | $49.6M | -$803.0K | $40.7M | -$1.3M | $43.3M | -$1.1M | -$974.1K | -$514.0K |
R&D Spending
R&D (TTM)
$42.6M
R&D Intensity
215.1%
R&D Growth vs Prior
-24.5%
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $23.2M | $20.3M | $7.2M | $110.5M | $15.4M | $0.00 | $3.9M | $14.8M | $27.3M | $3.6M | $19.8M | |
| R&D Expense | $25.8M | $32.7M | $44.3M | $50.4M | $59.5M | $62.3M | $60.3M | $54.6M | $62.6M | $56.4M | $42.6M | |
| R&D % of Revenue | 111.0% | 161.3% | 615.5% | 45.7% | 385.5% | — | 1533.3% | 368.9% | 229.1% | 1579.5% | 215.1% | |
| SG&A | $4.7M | $6.3M | $7.6M | $16.1M | $18.6M | $10.9M | $9.6M | $10.6M | $11.4M | $11.7M | $11.0M |
Income Statement
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $23.2M | $20.3M | $7.2M | $110.5M | $15.4M | $0.00 | $3.9M | $14.8M | $27.3M | $3.6M | $19.8M | |
| Cost of Revenue | $25.8M | $32.7M | $44.3M | $50.4M | $59.5M | $0.00 | $0.00 | $54.6M | $62.6M | $0.00 | $0.00 | |
| Gross Profit | -$2.6M | -$12.4M | -$37.1M | $60.0M | -$44.1M | $0.00 | $3.9M | -$39.8M | -$35.3M | $3.6M | $19.8M | |
| R&D | $25.8M | $32.7M | $44.3M | $50.4M | $59.5M | $62.3M | $60.3M | $54.6M | $62.6M | $56.4M | $42.6M | |
| SG&A | $4.7M | $6.3M | $7.6M | $16.1M | $18.6M | $10.9M | $9.6M | $10.6M | $11.4M | $11.7M | $11.0M | |
| Operating Income | -$10.5M | -$22.5M | -$49.5M | $44.5M | -$61.3M | -$79.0M | -$70.8M | -$53.6M | -$52.4M | -$68.9M | -$37.8M | |
| Interest Expense | $256.0K | $147.0K | $334.0K | $1.9M | $184.0K | $581.0K | $355.0K | $176.0K | $133.0K | $191.0K | $226.7K | |
| Pretax Income | -$7.1M | -$26.4M | -$51.0M | $45.4M | -$61.9M | -$73.0M | -$70.7M | -$54.2M | -$50.9M | -$70.4M | -$36.0M | |
| Net Income | -$7.1M | -$26.4M | -$51.0M | $45.4M | -$61.9M | -$73.0M | -$70.8M | -$54.2M | -$50.9M | -$70.4M | -$36.0M | |
| EPS (Diluted) | -0.14 | -0.46 | -0.82 | 0.64 | -0.86 | -0.97 | -0.85 | -0.64 | -0.51 | -0.70 | -0.40 | |
| EBITDA | -$6.8M | -$22.5M | -$49.7M | $46.2M | -$59.3M | -$70.0M | -$68.0M | -$51.8M | -$48.6M | -$67.8M | -$35.2M | |
| Shares Out. (M) | 50.10 | 57.36 | 61.84 | 71.10 | 71.90 | 74.95 | 83.55 | 84.69 | 99.69 | 100.75 | 99.43 |
Balance Sheet
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $152.2M | $124.4M | $156.5M | $193.6M | $160.9M | $82.2M | $31.6M | $78.5M | $36.3M | $26.8M | $18.7M | |
| Short-Term Investments | $0.00 | $0.00 | $30.0M | $95.0M | $65.0M | $116.0M | $91.0M | $24.6M | $129.2M | $64.7M | $55.2M | |
| Total Current Assets | $154.9M | $129.5M | $192.9M | $292.8M | $231.8M | $202.6M | $128.1M | $125.2M | $172.0M | $96.8M | $82.6M | |
| Total Assets | $156.1M | $132.0M | $196.6M | $299.3M | $238.7M | $261.4M | $185.9M | $182.8M | $230.9M | $154.4M | $139.2M | |
| Total Current Liabilities | $9.9M | $9.8M | $13.1M | $17.5M | $14.0M | $20.0M | $11.5M | $13.6M | $100.8M | $94.8M | $97.7M | |
| Long-Term Debt | $0.00 | $494.0K | $186.0K | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Total Liabilities | $13.7M | $15.2M | $18.9M | $26.8M | $23.3M | $29.5M | $16.9M | $22.2M | $118.6M | $109.5M | $112.3M | |
| Stockholders' Equity | $142.4M | $116.8M | $177.6M | $272.4M | $215.5M | $232.0M | $169.0M | $160.6M | $112.3M | $44.9M | $26.9M | |
| Retained Earnings | -$46.9M | -$72.6M | -$121.9M | -$75.5M | -$132.8M | -$200.9M | -$264.0M | -$316.2M | -$368.2M | -$439.5M | -$459.3M |
Cash Flow Statement
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$5.6M | -$22.1M | -$44.1M | $55.2M | -$59.5M | -$65.7M | -$73.6M | -$60.4M | $65.8M | -$66.1M | -$34.8M | |
| Capital Expenditure | -$899.0K | -$1.8M | -$1.9M | -$1.9M | -$1.7M | -$2.6M | -$1.2M | -$801.0K | -$576.0K | -$859.5K | -$165.2K | |
| Free Cash Flow | -$6.5M | -$23.9M | -$45.9M | $53.3M | -$61.2M | -$68.3M | -$74.8M | -$61.2M | $65.3M | -$67.0M | -$35.0M | |
| Investing Cash Flow | -$899.0K | -$1.8M | -$32.0M | -$66.9M | $28.3M | -$53.7M | $23.8M | $65.6M | -$105.3M | $60.7M | $36.6M | |
| Financing Cash Flow | $78.8M | $271.0K | $109.4M | $49.6M | -$803.0K | $40.7M | -$1.3M | $43.3M | -$1.1M | -$974.1K | -$514.0K | |
| Issuance of Stock | $69.7M | $0.00 | $111.5M | $0.00 | $100.0K | $17.8M | $7.0K | $43.8M | $111.0K | $5.7K | $3.0K | |
| Repurchase of Stock | $0.00 | $0.00 | $0.00 | $0.00 | -$100.0K | $0.00 | -$8.0K | $0.00 | $0.00 | $0.00 | $0.00 | |
| Net Debt Issuance | $0.00 | $200.0K | $198.0K | $50.1M | -$946.0K | $22.9M | -$569.0K | -$548.0K | -$683.0K | -$1.0M | -$518.0K | |
| Stock Based Comp. | $1.3M | $1.6M | $2.5M | $2.8M | $4.1M | $4.1M | $3.3M | $4.4M | $5.5M | $0.00 | $2.6M | |
| Net Change in Cash | $75.7M | -$27.8M | $32.1M | $37.1M | -$32.7M | -$78.7M | -$50.6M | $46.9M | -$42.2M | -$4.9M | -$8.8M |
Dilution Tracker
Shares outstanding grew 40.1% over 5 years — significant dilution
Shares Outstanding
102M
5-Year Share Growth
+40.1%
Stock Issuance (TTM)
$3.0K
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Shares Out. (M) | 50.10 | 57.36 | 61.84 | 71.10 | 71.90 | 74.95 | 83.55 | 84.69 | 99.69 | 100.75 | 99.43 | |
| Change vs Prior % | — | 14.5% | 7.8% | 15.0% | 1.1% | 4.2% | 11.5% | 1.4% | 17.7% | 1.1% | -1.3% | |
| Stock Issuance | $69.7M | $0.00 | $111.5M | $0.00 | $100.0K | $17.8M | $7.0K | $43.8M | $111.0K | $5.7K | $3.0K | |
| Stock Repurchase | $0.00 | $0.00 | $0.00 | $0.00 | -$100.0K | $0.00 | -$8.0K | $0.00 | $0.00 | $0.00 | $0.00 | |
| Stock Based Comp. | $1.3M | $1.6M | $2.5M | $2.8M | $4.1M | $4.1M | $3.3M | $4.4M | $5.5M | $0.00 | $2.6M |
Margins & Profitability
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin % | -11.0% | -61.3% | -515.5% | 54.3% | -285.5% | — | 100.0% | -268.9% | -129.1% | 100.0% | 100.0% | |
| Operating Margin % | -45.0% | -111.3% | -688.8% | 40.3% | -397.0% | — | -1800.4% | -362.3% | -191.8% | -1927.3% | -190.8% | |
| Net Margin % | -30.6% | -130.4% | -708.2% | 41.1% | -401.3% | — | -1798.0% | -366.4% | -186.4% | -1971.6% | -181.9% | |
| EBITDA Margin % | -29.3% | -111.3% | -690.2% | 41.9% | -384.2% | — | -1728.7% | -350.2% | -178.0% | -1896.2% | -177.5% | |
| FCF Margin % | -28.2% | -118.0% | -638.5% | 48.3% | -396.8% | — | -1901.1% | -413.5% | 239.0% | -1875.4% | -176.4% | |
| ROE % | -5.0% | -22.6% | -28.7% | 16.7% | -28.7% | -31.5% | -41.9% | -33.8% | -45.4% | -156.8% | -104.1% | |
| ROA % | -4.5% | -20.0% | -25.9% | 15.2% | -25.9% | -27.9% | -38.1% | -29.7% | -22.0% | -45.6% | -25.9% | |
| ROIC % | -7.2% | -18.4% | -27.0% | 15.7% | -27.2% | -32.7% | -40.5% | -31.6% | -40.0% | -113.9% | -89.2% | |
| R&D / Revenue % | 111.0% | 161.3% | 615.5% | 45.7% | 385.5% | — | 1533.3% | 368.9% | 229.1% | 1579.5% | 215.1% |
Growth (Year over Year)
Fiscal years. Rising share count growth means dilution.
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | -40.6% | -12.7% | -64.5% | 1435.4% | -86.0% | -100.0% | 0.0% | 276.1% | 84.5% | -86.9% | |
| Gross Profit | -111.6% | -384.7% | -198.9% | 261.9% | -173.4% | 100.0% | 0.0% | -1111.6% | 11.4% | 110.1% | |
| Operating Income | -156.1% | -115.6% | -119.8% | 189.9% | -237.6% | -29.0% | 10.3% | 24.3% | 2.3% | -31.5% | |
| Net Income | -135.0% | -272.2% | -92.9% | 189.2% | -236.3% | -17.9% | 3.1% | 23.3% | 6.1% | -38.4% | |
| EPS (Diluted) | -137.8% | -228.6% | -78.3% | 178.0% | -234.4% | -12.8% | 12.4% | 24.7% | 20.3% | -37.3% | |
| Operating Cash Flow | -112.8% | -291.3% | -99.5% | 225.3% | -207.8% | -10.4% | -12.0% | 17.9% | 209.0% | -200.5% | |
| Free Cash Flow | -114.9% | -265.1% | -92.2% | 216.1% | -214.8% | -11.6% | -9.5% | 18.2% | 206.6% | -202.7% | |
| R&D Expense | 51.2% | 26.7% | 35.6% | 13.9% | 18.0% | 4.7% | -3.1% | -9.5% | 14.6% | -9.8% | |
| SG&A Expense | 131.8% | 32.7% | 20.6% | 112.3% | 15.6% | -41.4% | -11.9% | 10.4% | 8.1% | 1.9% | |
| Total Assets | 95.3% | -15.4% | 48.9% | 52.2% | -20.2% | 9.5% | -28.9% | -1.7% | 26.3% | -33.1% | |
| Book Value / Share | 121.6% | -28.0% | 40.3% | 34.3% | -22.3% | 3.3% | -34.7% | -6.2% | -40.6% | -60.4% | |
| Debt | 0.0% | 0.0% | 31.1% | 461.2% | -23.5% | 30.9% | -3.7% | 24.8% | 55.2% | -16.2% | |
| Diluted Shares | -9.6% | 14.5% | 7.8% | 15.0% | 1.1% | 4.2% | 11.5% | 1.4% | 17.7% | 1.1% |
Valuation
P/E (TTM)At Loss
P/S9.40
10Y Low / Med / High5.27 / 28.50 / 79.92
P/B6.76
10Y Low / Med / High0.93 / 2.22 / 6.09
EV/EBITDAAt Loss
EV/Revenue8.66
10Y Low / Med / High3.54 / 21.95 / 63.99
P/FCFAt Loss
Intrinsic Value Models (per share)
Tangible Book / Share
$0.27
Cash / Share
$0.74
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| P/E Ratio | -94.35 | -27.10 | -11.34 | 12.87 | -5.32 | -4.65 | -2.22 | -6.57 | -4.81 | -3.56 | -4.57 | |
| P/S Ratio | 28.50 | 35.13 | 79.92 | 5.27 | 21.33 | 0.00 | 40.03 | 24.06 | 8.95 | 70.23 | 9.40 | |
| P/B Ratio | 4.65 | 6.09 | 3.24 | 2.14 | 1.53 | 1.46 | 0.93 | 2.22 | 2.18 | 5.58 | 6.76 | |
| EV/EBITDA | -74.80 | -26.07 | -8.44 | 8.46 | -2.88 | -3.70 | -1.89 | -5.42 | -4.39 | -3.37 | -4.88 | |
| EV/Revenue | 21.95 | 29.01 | 58.24 | 3.54 | 11.05 | 0.00 | 32.72 | 18.99 | 7.82 | 63.99 | 8.66 |
Analyst Estimates & Quality
Altman Z-Score
-4.46
Distress
Piotroski F-Score
2
Weak
Forward Estimates (consensus)
| Metric | FY2026 | FY2027 | FY2028 |
|---|---|---|---|
| Revenue | $22.2M | $120.7M | $109.4M |
| Net Income | -$35.4M | $22.8M | $31.3M |
| EPS | $-0.40 | $0.21 | $0.37 |
| # Analysts (EPS) | 2 | 2 | 3 |