AC Immune SA is a US-listed company in the biotechnology industry. Its financial year ends in December.
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Third-party market data · may be delayed
Under review: every model's value for AC Immune SA is far from the share price, which usually points to a data problem (a merger, a share-count change, a one-off) rather than a bargain or a bubble.
Under review: data-quality checks not passed. We'll show the comparison once resolved.
AC Immune SA valuation: adjust assumptions and compare models →
What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.
AC Immune SA has little or no product revenue yet; it used $85m of cash in the twelve months. It passes 2 of our 3 financial-health checks.
Our model value for AC Immune SA is under review, so past values are not shown until it is resolved.
Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.
AC Immune SA's trailing-twelve-month revenue fell 86.1% year on year, with a free-cash-flow margin of -1963.7%.
Current signal Revenue growth decelerating: TTM revenue growth slowed to -86.1% (-174.3pp vs the prior quarter), the 2nd consecutive quarterly slowdown.
Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.
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Third-party market data · may be delayed
Company announcements, filed results and changes that matter to shareholders.
No recent updates are available for ACIU from the sources we follow. See filings →
The inputs used by the models below have passed source checks. Individual model values are available below and in the interactive valuator. Their differences are shown explicitly; the platform combined value and recommendation remain withheld.
We value AC Immune SA as an operating company, with every model that fits that kind of business. Cost of equity 9.9%: the 10-year Treasury yield (4.9%) plus a beta of 1.1 times a 4.5% equity risk premium.
| Model | Value per share | In the combined value? |
|---|---|---|
| Revenue-to-maturity model Revenue grown to maturity with the cash margin moving to the industry's; for companies not yet profitable. | — | Does not apply: This model is withheld pending its input or assumption review. |
| Price-to-earnings vs peers Earnings per share times peers' typical (harmonic-mean) price-to-earnings. | — | Does not apply: This model is withheld pending its input or assumption review. |
| Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. | — | Does not apply: This model is withheld pending its input or assumption review. |
| Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. | — | Does not apply: This model is withheld pending its input or assumption review. |
| Price-to-sales vs peers Sales per share times peers' typical price-to-sales; used only when earnings are negative. | ~$0.1 ~$0.1–$0.4 | Left out: out of range vs price (0.02x) |
| Combined value Individual source-checked model scenarios are available. The platform combined value and recommendation remain withheld. | — | Combined value withheld. Review the individual models and their assumptions. |
Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare AC Immune SA with Biotechnology in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.
Not assessed: fewer than five years of comparable figures in the filings. AI disruption exposure for this industry: Medium.
Next results: November 4, 2026, before the open.
No analyst estimates are published for AC Immune SA: too few analysts cover it.
| Quarter to | Estimate | Actual | Surprise |
|---|---|---|---|
| Jun 2026 | −$0.11 | $0.02 | +117.8% |
| Mar 2026 | −$0.14 | −$0.15 | −7.1% |
| Dec 2025 | −$0.17 | −$0.14 | +17.1% |
| Sept 2025 | −$0.17 | −$0.16 | +7.8% |
Adjusted EPS as companies report it, against the average analyst estimate.
Source: SEC EDGAR filings. Retrieved November 2, 2026.
| Period | Revenue (TTM) |
|---|---|
| FY17 Q4 | $20.5M |
| FY18 Q1 | $20.1M |
| FY18 Q2 | $21.4M |
| FY18 Q3 | $22.6M |
| FY18 Q4 | $7.3M |
| FY19 Q4 | $111.2M |
| FY20 Q4 | $16.5M |
| FY21 Q4 | $0 |
| FY22 Q4 | $4.1M |
| FY23 Q4 | $16.5M |
| FY24 Q4 | $31M |
| FY25 Q4 | $4.3M |
Source: SEC EDGAR filings. Retrieved November 2, 2026.
| Period | Revenue growth, TTM YoY |
|---|---|
| FY16 Q4 | -42.0% |
| FY17 Q4 | -13.0% |
| FY18 Q4 | -64.2% |
| FY19 Q4 | 1413.0% |
| FY20 Q4 | -85.2% |
| FY21 Q4 | -100.0% |
| FY23 Q4 | 299.8% |
| FY24 Q4 | 88.2% |
| FY25 Q4 | -86.1% |
Source: SEC EDGAR filings. Retrieved November 2, 2026.
| Period | Operating margin (TTM) |
|---|---|
| FY16 Q4 | -45.0% |
| FY17 Q4 | -111.9% |
| FY18 Q1 | -135.1% |
| FY18 Q2 | -142.7% |
| FY18 Q3 | -145.3% |
| FY18 Q4 | -688.7% |
| FY19 Q4 | 40.3% |
| FY20 Q4 | -397.0% |
| FY22 Q4 | -1800.4% |
| FY23 Q4 | -362.3% |
| FY24 Q4 | -191.8% |
| FY25 Q4 | -1940.1% |
Source: SEC EDGAR filings. Retrieved November 2, 2026.
| Period | FCF margin (TTM) |
|---|---|
| FY15 Q4 | 112.2% |
| FY16 Q4 | -28.2% |
| FY17 Q4 | -118.3% |
| FY18 Q4 | -639.3% |
| FY19 Q4 | 48.3% |
| FY20 Q4 | -396.8% |
| FY22 Q4 | -1901.1% |
| FY23 Q4 | -413.5% |
| FY24 Q4 | 239.0% |
| FY25 Q4 | -1963.7% |
| Fiscal year | 2015 Dec 2015 | 2016 Dec 2016 | 2017 Dec 2017 | 2018 Dec 2018 | 2019 Dec 2019 | 2020 Dec 2020 | 2021 Dec 2021 | 2022 Dec 2022 | 2023 Dec 2023 | 2024 Dec 2024 | 2025 Dec 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Income | |||||||||||
| Revenue | 41 | 24 | 21 | 7 | 111 | 16 | 0 | 4 | 16 | 31 | 4 |
| Operating income | 19 | −11 | −23 | −51 | 45 | −65 | −86 | −74 | −60 | −59 | −84 |
| Net income | 21 | −7 | −27 | −52 | 46 | −66 | −80 | −74 | −60 | −58 | −85 |
| Diluted EPS | $0.46 | −$0.14 | −$0.47 | −$0.84 | $0.64 | −$0.92 | −$1.06 | −$0.89 | −$0.71 | −$0.58 | −$0.84 |
| Growth (year on year) | |||||||||||
| Revenue | — | −42.0% | −12.7% | −65.7% | +>999% | −85.2% | −100.0% | — | +299.8% | +88.2% | −86.1% |
| Operating income | — | −154.8% | — | — | — | −245.7% | — | — | — | — | — |
| Net income | — | −134.2% | — | — | — | −244.3% | — | — | — | — | — |
| Diluted EPS | — | −131.1% | — | — | — | −242.3% | — | — | — | — | — |
| Margins | |||||||||||
| Operating margin | 47.6% | −45.0% | −111.3% | −716.9% | 40.3% | −397.0% | — | <−999% | −362.3% | −191.8% | <−999% |
| Net margin | 51.9% | −30.6% | −130.4% | −737.1% | 41.1% | −401.3% | — | <−999% | −366.4% | −186.4% | <−999% |
| Free-cash-flow margin | 112.2% | −28.2% | −118.0% | −664.6% | 48.3% | −396.8% | — | <−999% | −413.5% | 239.0% | <−999% |
| Cash flow | |||||||||||
| Cash from operations | 46 | −6 | −22 | −45 | 56 | −63 | −72 | −77 | −67 | 75 | −84 |
| Capital spending | 0 | 1 | 2 | 2 | 2 | 2 | 3 | 1 | 1 | 1 | 1 |
| Free cash flow | 46 | −7 | −24 | −47 | 54 | −65 | −75 | −78 | −68 | 74 | −85 |
| Stock-based pay | 1 | 1 | 2 | 3 | 3 | 4 | 5 | 3 | 5 | 6 | 5 |
| Free cash flow after stock pay | 45 | −8 | −26 | −50 | 51 | −70 | −79 | −82 | −73 | 68 | −90 |
| Balance sheet | |||||||||||
| Cash | 76 | 150 | 128 | 159 | 200 | 182 | 90 | 34 | 93 | 40 | 34 |
| Total debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net debt (negative = net cash) | −76 | −150 | −128 | −159 | −200 | −182 | −90 | −34 | −93 | −40 | −34 |
| Diluted shares | 46m | 50m | 57m | 62m | 71m | 72m | 75m | 84m | 85m | 100m | 101m |
| Returned to shareholders | |||||||||||
| Buybacks | — | — | — | 0 | 0 | 0 | 0 | 0 | — | — | — |
| Total returned | — | — | — | 0 | 0 | 0 | 0 | 0 | — | — | — |
| Quarter | 2017 Q1 Mar 2017 | 2017 Q2 Jun 2017 | 2017 Q3 Sept 2017 | 2017 Q4 Dec 2017 | 2018 Q1 Mar 2018 | 2018 Q2 Jun 2018 | 2018 Q3 Sept 2018 | 2018 Q4 Dec 2018 |
|---|---|---|---|---|---|---|---|---|
| Income | ||||||||
| Revenue | 2 | 1 | 1 | 17 | 2 | 2 | 2 | 1 |
| Operating income | −8 | −8 | −10 | 3 | −12 | −12 | −12 | −15 |
| Net income | −9 | −13 | −9 | 4 | −12 | −11 | −14 | −15 |
| Diluted EPS | −$0.17 | −$0.22 | −$0.16 | $0.07 | — | — | — | — |
| Growth (year on year) | ||||||||
| Revenue | — | — | — | — | −23.1% | +169.1% | +110.0% | −91.5% |
| Operating income | — | — | — | — | — | — | — | −550.3% |
| Net income | — | — | — | — | — | — | — | −449.3% |
| Margins | ||||||||
| Operating margin | −390.5% | <−999% | −897.6% | 19.4% | −776.5% | −570.5% | −528.0% | <−999% |
| Net margin | −471.3% | <−999% | −818.7% | 25.4% | −796.6% | −549.5% | −586.4% | <−999% |
| Last 12 months unless stated | ACIU | CRIS | CAMP | ENSC | OCGN | TRDA | Median |
|---|---|---|---|---|---|---|---|
| Revenue, last 12 months | $4m | $4m | $4m | $5m | $5m | $5m | $55m |
| Revenue growth, last 12 months | −86.1% | −62.2% | 40.2% | −39.3% | −3.7% | −94.1% | 12.2% |
| Revenue growth, 3-year average | −43.2% | −25.0% | — | 14.6% | 26.3% | — | 13.1% |
| Revenue growth, latest quarter | −91.5% | −100.0% | 18.8% | −15.1% | 8.4% | −53.9% | 10.2% |
| Operating margin | <−999% | −203.2% | <−999% | −281.3% | <−999% | <−999% | −191.1% |
| Operating margin, 3-year average | −826.6% | −341.2% | — | −347.6% | <−999% | <−999% | −365.3% |
| Net margin | <−999% | −490.3% | <−999% | −280.5% | <−999% | <−999% | −172.8% |
| Cash from operations / revenue | <−999% | −709.0% | −678.2% | −196.8% | <−999% | <−999% | −168.8% |
| Free-cash-flow margin | <−999% | −709.0% | −681.2% | −197.2% | <−999% | <−999% | −168.1% |
| Free-cash-flow margin, 3-year average | −796.2% | −465.5% | — | −165.8% | <−999% | <−999% | −313.4% |
| Stock pay / revenue | 123.0% | 66.4% | 131.4% | 1.8% | 201.1% | 413.3% | 20.7% |
| Change in share count | 1.1% | 90.7% | — | 74.6% | 14.1% | −0.6% | 8.1% |
| Manager | Value | Shares | Share of 13F value | Shares QoQ |
|---|---|---|---|---|
| Bvf Inc | $47.2M | 19.8M | 81.0% | 0.0% |
| Wells Fargo & Company | $2.4M | 1.0M | 4.1% | 0.0% |
| Renaissance Technologies LLC | $2M | 840K | 3.4% | ▲ 34.6% |
| Millennium Management LLC | $1.8M | 774K | 3.2% | ▼ 2.4% |
| Blackrock, Inc. | $1.2M | 519K | 2.1% | ▼ 1.0% |
| Dimensional Fund Advisors LP | $812,145 | 340K | 1.4% | ▼ 12.8% |
| Arrowstreet Capital, Limited Partnership | $554,428 | 233K | 1.0% | ▼ 42.6% |
| Citadel Advisors LLC | $494,103 | 208K | 0.8% | ▼ 22.3% |
| Morgan Stanley | $313,720 | 132K | 0.5% | ▲ 47.7% |
| Two Sigma Investments, LP | $244,723 | 103K | 0.4% | ▲ 163.0% |
| Qube Research & Technologies Ltd | $219,795 | 92K | 0.4% | New |
| UBS Group AG | $203,762 | 86K | 0.3% | ▼ 15.8% |
From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not AC Immune SA's complete shareholder register. Values are as reported by the filers .
| Insider | Date | Trade | Shares | Price | Value |
|---|---|---|---|---|---|
| Pfeifer Andrea Chief Executive Officer | May 15, 2026 | Sell pre-set plan | 10,000 | $2.79 | $27,900 |
| Pfeifer Andrea Chief Executive Officer | April 15, 2026 | Buy pre-set plan | 10,000 | $3.14 | $31,400 |
| Pfeifer Andrea Chief Executive Officer | April 15, 2026 | Sell pre-set plan | 10,000 | $3.14 | $31,400 |
From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.
| Data | Last updated | Source |
|---|---|---|
| Share price | Exchange closing prices | |
| Financial statements | SEC 10-K and 10-Q filings | |
| News and updates | Company releases and SEC 8-K filings | |
| Analyst estimates | Aggregated analyst estimates | |
| Valuation and scores | Our models, from the filed figures |
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