AC Immune

What AC Immune does

AC Immune SA is a clinical-stage biopharmaceutical company headquartered at the EPFL Innovation Park in Lausanne, Switzerland, developing precision medicines and diagnostics for neurodegenerative diseases including Alzheimer's, Parkinson's, and rare NeuroOrphan indications. The company's pipeline is built on two proprietary technology platforms: the SupraAntigen® liposome-based platform for active and passive immunotherapies targeting misfolded proteins, and the Morphomer® small molecule chemistry platform (a library of approximately 10,000 CNS-optimized non-dye compounds) for aggregation inhibitors. Clinical and preclinical candidates include anti-pTau immunotherapy ACI-35.030, anti-Abeta immunotherapy ACI-24.060, anti-alpha-synuclein immunotherapy ACI-7104.056, brain-penetrant NLRP3 inhibitor ACI-19764, and first-in-class PET tracers for Tau (PI-2620), TDP-43 (ACI-19626) and alpha-synuclein (ACI-12589).

AC Immune operates an asset-light, partnership-driven business model: the company out-licenses candidates to major pharmaceutical partners at optimal development stages in exchange for upfront payments, development/regulatory/commercial milestones, and tiered royalties. Named partners include Janssen Pharmaceuticals (ACI-35.030; up to CHF 500M plus royalties), Eli Lilly (Morphomer Tau; up to CHF 1.9B with April 2026 amendment adding CHF 10M upfront and >CHF 1.7B in potential milestones), Takeda (Abeta including ACI-24.060; $100M upfront, up to $2.1B plus double-digit royalties), and Lantheus (PI-2620; up to EUR 160M plus royalties). AC Immune reported CHF 3.6 million of contract revenues in FY2025 (down from CHF 27.3M in FY2024) with a net loss of CHF 70.5 million and CHF 91.4 million of cash as of December 2025, subsequently declining to CHF 74.8 million by March 2026 following a 30% workforce reduction intended to extend cash runway into Q3 2027. The company is listed on NASDAQ under ticker ACIU following a 2016 IPO and is led by Interim CEO Martin Zügel following founder Dr. Andrea Pfeifer's retirement in May 2026.

Name

AC Immune

Legal name

AC Immune SA

Website

https://acimmune.com

Company type

Public

Founded year

2003

Operating status

Operating

Headcount range

101–250 employees

Short description

AC Immune SA is a clinical-stage Swiss biopharmaceutical company developing precision immunotherapies, small molecule aggregation inhibitors, and PET diagnostics for neurodegenerative diseases including Alzheimer's, Parkinson's, and rare proteinopathies, monetizing its pipeline through out-licensing partnerships with Eli Lilly, Janssen, Takeda, and Lantheus.

Ownership category

akta.pro rank

Product category

Neurodegenerative Disease Therapeutics and Diagnostics

NAICS

Pharmaceutical Preparation Manufacturing (325412), Biological Product (except Diagnostic) Manufacturing (325414), Research and Development in Biotechnology (except Nanobiotechnology) (541714)

SIC

Biological Products, (No Disgnostic Substances) (2836), Pharmaceutical Preparations (2834), In Vitro & In Vivo Diagnostic Substances (2835)

akta.pro primary industry

Neurology & CNS Specialty Pharmaceuticals (HLAIACAC)

akta.pro secondary industries

Therapeutic Vaccines (e.g., Cancer/Chronic Infection) (HLAIAEAG), Antibody Discovery & Engineering Platforms (display tech, bispecifics, Fc engineering) (HLAAAIAB), Immunology & Inflammation Pharmaceuticals (HLAIAAAD)

Keywords

• Neurodegenerative disease therapeutics
• Active immunotherapy development
• PET tracer diagnostics
• Small molecule aggregation inhibitors
• Precision medicine biotech

Headquarters

HQ city

Lausanne

HQ country

Switzerland

HQ region

Europe

Offices2 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Technology or R&D, Personnel, Operations, Marketing or Sales

Revenue model

1. Partnership Milestones and Royalties: AC Immune generates revenue through upfront payments, development/regulatory/commercial milestones, and tiered royalties from pharmaceutical partnerships. Over CHF 450 million has been generated through partnering activities to date.
2. Grant Funding: Non-dilutive funding from charitable foundations for specific research programs, such as the $4 million grant from The Vijay and Marie Goradia Charitable Foundation for Parkinson's disease trial extension.
3. Equity Offering: Clinical-stage company raising capital through equity offerings to fund research and clinical development. Completed USD 50.1 million equity offering in December 2023.

Go-to-market motion2 records

Distribution channels1 record

Marketing channels5 records

Core offering

AC Immune is a clinical-stage biopharmaceutical company developing precision therapeutics and diagnostics for neurodegenerative diseases, including Alzheimer's, Parkinson's, and rare neuro indications. The company leverages two proprietary technology platforms—SupraAntigen® for liposome-based immunotherapies and Morphomer® for CNS-penetrant small molecules—to generate a diversified pipeline of active immunotherapies, monoclonal antibodies, small molecule inhibitors, and PET imaging tracers, which it out-licenses to global pharmaceutical partners.

Product overview

AC Immune is a clinical-stage biopharmaceutical company with a diversified pipeline of therapeutic and diagnostic candidates focused on neurodegenerative diseases. The company's product portfolio includes active immunotherapies (ACI-35.030, ACI-24.060, ACI-7104.056), small molecule inhibitors (ACI-19764), and diagnostic PET tracers (PI-2620, ACI-19626). These products are powered by two proprietary technology platforms: SupraAntigen® for liposome-based immunotherapies and antibodies, and Morphomer® for small molecule aggregation inhibitors. The company maintains strategic partnerships with Janssen (ACI-35.030), Takeda (ACI-24.060), Eli Lilly (Morphomer Tau), and Lantheus (PI-2620).

Differentiator

Problem solved

Functional benefit

Brands

• SupraAntigen: Technology platform for developing active and passive immunotherapy candidates using liposomes to stimulate immune responses against misfolded proteins.
• Morphomer

Products and services

• ACI-35.030 (JNJ-2056) First-in-class anti-pTau active immunotherapy candidate designed to elicit antibodies against extracellular phosphorylated Tau to prevent and reduce the spread of Tau pathology in Alzheimer's disease; partnered with Janssen Pharmaceuticals.
• ACI-24.060 Anti-Abeta active immunotherapy designed to generate antibodies specifically targeting misfolded Abeta, including oligomeric and pyroglutamate forms, to prevent accumulation and enhance clearance of amyloid plaques in Alzheimer's disease; partnered with Takeda.
• ACI-7104.056 Anti-alpha-synuclein active immunotherapy for early Parkinson's disease that generates target-specific antibody response against pathological oligomeric alpha-synuclein to inhibit spreading and downstream neurodegeneration.
• ACI-19764 Brain-penetrant NLRP3 inhibitor small molecule targeting the intracellular NLRP3 complex in microglia to inhibit production of pro-inflammatory factors for neuro-inflammation and neurodegenerative diseases.
• PI-2620 Tau-PET tracer designed to specifically bind pathological forms of human Tau in Alzheimer's disease and other Tauopathies, crossing the blood-brain barrier with high selectivity including 4-repeat Tau isoforms; partnered with Lantheus (formerly Life Molecular Imaging).
• ACI-19626 First-in-class TDP-43 PET tracer enabling imaging of TDP-43 pathology in the brain, with demonstrated higher brain uptake in ALS patients compared to healthy controls; intended for early diagnosis of TDP-43 proteinopathies including FTD, ALS, and LATE.
• ACI-12589 Novel alpha-synuclein PET tracer designed to detect alpha-synuclein in patients with Parkinson's disease and other alpha-synucleinopathies.

Quantifiable outcome

• Over CHF 450 million generated through partnering activities
• +4 more outcomes

Named customers4 records

Segments2 records

Ideal customer profiles2 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature5 records

Partnerships

Six partnerships are on record, tiered minor and core.

• The Vijay and Marie Goradia Charitable FoundationminorOthers · 1 June 2026$4 million research grant to extend Part 1 of Phase 2 VacSYn trial of ACI-7104 for early Parkinson's disease, funding an additional two years of safety and efficacy assessment. This is non-dilutive funding enabling continued development without financing.
• TakedacoreStrategic or Co-development Partner · 1 May 2024Exclusive worldwide option and license agreement for AC Immune's active immunotherapies targeting toxic forms of amyloid beta (Abeta), including ACI-24.060 for Alzheimer's disease. AC Immune receives $100 million upfront payment and is eligible for option exercise fee and additional potential milestones of up to approximately $2.1 billion, plus tiered double-digit royalties on worldwide net sales.
• Eli Lilly and CompanycoreStrategic or Co-development Partner · 1 December 2018License and collaboration agreement to research and develop Morphomer Tau small molecule aggregation inhibitors for Alzheimer's disease and other neurodegenerative diseases. AC Immune may receive payments totaling up to approximately CHF 1.9 billion plus royalties. Collaboration combines AC Immune's Morphomer platform with Lilly's clinical development expertise and commercial capabilities in CNS disorders. Amended in April 2026 to include CHF 10 million upfront payment and potential milestones exceeding CHF 1.7 billion.
• Janssen PharmaceuticalscoreStrategic or Co-development Partner · 1 December 2014Worldwide exclusive license agreement and research collaboration to develop and commercialize therapeutic vaccines targeting phosphorylated Tau for Alzheimer's disease and potentially other Tauopathies. Partnership value potentially up to CHF 500 million plus royalties. Partner launched first prevention trial for anti-pTau active immunotherapy in patients with preclinical AD.
• Lantheus (formerly Life Molecular Imaging)coreStrategic or Co-development Partner · 1 May 2014Exclusive worldwide out-licensing agreement for Tau protein PET tracer PI-2620 supporting early diagnosis and clinical management of Alzheimer's disease and other Tau-related disorders such as progressive supranuclear palsy (PSP). Agreement includes upfront and sales milestone payments totaling up to EUR 160 million plus royalties. Lantheus acquired Life Molecular Imaging in August 2025.
• EPFL (École Polytechnique Fédérale de Lausanne)coreStrategic or Co-development PartnerAC Immune is located at EPFL Innovation Park and collaborates regularly with academics from EPFL. The location provides access to a prolific pool of researchers and academic expertise in life sciences and technology.

Scale indicators10 records

Recent moves8 records

Expansion highlights5 records

Direct peers

• Biogen: Biogen is the largest commercial neurodegenerative biotech, with Leqembi (lecanemab) co-developed with Eisai for Alzheimer's. As a clinical-stage peer working in the same AD/Parkinson's space with amyloid and emerging tau assets, Biogen is the most relevant bellwether for AC Immune's late-stage clinical and partnership economics.
• Prothena Corporation: Prothena is a clinical-stage biotech focused on protein-misfolding therapeutics for neurodegenerative diseases, including tau and alpha-synuclein programs. AC Immune's SupraAntigen antibody work and Prothena's monoclonal antibody pipeline operate in the same disease biology, mirroring each other's competitive position across AD and PD.
• BioArctic AB: BioArctic is a Swedish clinical-stage neurodegenerative biotech that out-licensed lecanemab to Eisai/Biogen and continues to develop its own antibody pipeline against alpha-synuclein and Abeta. Its operating model — Swedish CNS biotech licensing to global pharma — is essentially AC Immune's template.
• Lantheus Holdings: Lantheus is the exclusive licensee of AC Immune's PI-2620 Tau-PET tracer following its 2025 acquisition of Life Molecular Imaging. As a major radiopharmaceutical and diagnostic imaging company, Lantheus is the most directly comparable diagnostic-partner peer — operating downstream of AC Immune's pipeline.

Broad incumbents

• Eli Lilly: Eli Lilly is a current AC Immune partner (Morphomer Tau, CHF 1.9B+ deal) and simultaneously the largest competitor in AD with Kisunla (donanemab) and remternetug. Lilly's combined partner/incumbent positioning makes it the most strategically coupled peer, with overlapping interests in tau-targeting therapeutics and diagnostics.
• Eisai Co., Ltd. Eisai developed and co-commercializes Leqembi with Biogen and operates a deep late-stage AD pipeline (including anti-MTBR Tau and preclinical assets). As the global AD commercial incumbent, Eisai provides the strategic benchmark AC Immune's tau and amyloid programs must compete against for partnership value.
• Roche / Genentech: Roche is a prior AC Immune partner (crenezumab and semorinemab) and remains a major AD player through gantenerumab and a broad CNS pipeline. Roche's legacy of working with AC Immune and its competitive tau/Abeta programs make it an incumbent whose strategic priorities heavily influence AC Immune's milestone realization.

Emerging players

• Cognition Therapeutics: Cognition Therapeutics is a clinical-stage biotech developing small molecules for AD and dry AMD, with a Phase 2 Sligo trial targeting synaptic pathology. Its focus on alternative mechanisms in AD positions it as a smaller-scale emerging peer operating in overlapping clinical-stage neurodegenerative space.
• Cassava Sciences: Cassava Sciences is a clinical-stage biotech developing simufilam for Alzheimer's disease. While its mechanism differs (filamin A modulation), it competes for the same AD-focused investor capital and partner attention as AC Immune's late-stage assets.
• Cerveau Technologies: Cerveau Technologies develops and supplies Tau PET imaging ligands (including flortaucipir precursor MK-6240 and tau agent partnerships with pharma) for Alzheimer's and other neurodegenerative disease research and clinical use. It is the most directly comparable emerging PET-tracer peer, competing with AC Immune's PI-2620 in the same diagnostic niche.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

• Xtwitter.com/AC_Immune_SA
• LinkedInlinkedin.com/company/ac-immune

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Subsidiaries1 record

Funding overview

Funding rounds6 records

Investors6 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about AC Immune