LAUSANNE, Switzerland, April 28, 2021 (GLOBE NEWSWIRE) -- AC Immune SA (NASDAQ: ACIU), a clinical-stage biopharmaceutical company pioneering precision medicine for neurodegenerative diseases, today reported its financial results for the quarter ended March 31, 2021. The Company also provided an overview of its recent clinical and corporate highlights and anticipated milestones for 2021.

Prof. Andrea Pfeifer, CEO of AC Immune SA, commented: “Our clinical and R&D accomplishments over the last quarter serve to strengthen our leadership in precision medicine for neurodegenerative diseases. Encouraging clinical results from both of our Alzheimer’s vaccine programs further reinforce our belief that early intervention, and ultimately prevention, using vaccines represents a key strategy in neurodegenerative diseases. To enable this strategy, we are advancing our suite of novel diagnostics, such as our alpha-synuclein imaging agent, which recently entered the clinic in Parkinson’s disease. Our vision is to address the heterogeneity of neurodegenerative diseases by pairing earlier, more accurate diagnosis with highly selective treatments that address the right proteinopathy, in the right patient, at the right time.”

Prof. Pfeifer continued: “We are poised to achieve four additional clinical readouts in 2021, as we continue progressing our first-in-class preclinical programs addressing alpha-synuclein, TDP-43, and NLRP3-ASC towards the clinic, driving significant future value creation.

Q1 2021 Highlights

Clinical and R&D

Thought leadership

Strengthening of Board

Achieved and Anticipated 2021 milestones

Clinical Milestones

Preclinical Milestones

Therapeutic and Diagnostic Pipeline Overview

On March 23, 2021, the Company provided a comprehensive overview highlighting strong progress across its clinical and preclinical development pipeline. This supplemental material can be viewed and downloaded in the investor section of the Company’s website.

Analysis of Financial Statements for the quarter ended March 31, 2021

2021 Financial Guidance 

For the full year 2021, the Company expects its total cash burn to range between CHF 65 million ‒75 million.

About AC Immune SA
AC Immune SA is clinical-stage biopharmaceutical company that aims to become a global leader in precision medicine for neurodegenerative diseases, including Alzheimer’s disease, Parkinson’s disease, and NeuroOrphan indications driven by misfolded proteins. The Company’s two clinically validated technology platforms, SupraAntigenTM and MorphomerTM, fuel its broad and diversified pipeline of first- and best-in-class assets, which currently features nine therapeutic and three diagnostic candidates, six of which are currently in clinical trials. AC Immune has a strong track record of securing strategic partnerships with leading global pharmaceutical companies including Genentech, a member of the Roche Group, Eli Lilly and Company, and Janssen Pharmaceuticals, Inc., resulting in substantial non-dilutive funding to advance its proprietary programs and >$3 billion in potential milestone payments.

For further information, please contact:

Head of Investor Relations and
Corporate Communications
Joshua Drumm, Ph.D.
AC Immune
Phone : +1 917 809 0814
Email: joshua.drumm@acimmune.com
U.S. Media
Katie Gallagher
LaVoie Health Science
Phone: +1 617 792 3937
Email: kgallagher@lavoiehealthscience.com

  
 European Investors & Media
Chris Maggos
LifeSci Advisors
Phone : +41 79 367 6254
Email : chris@lifesciadvisors.com

Forward-looking statements
This press release contains statements that constitute “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements are statements other than historical fact and may include statements that address future operating, financial or business performance or AC Immune’s strategies or expectations. In some cases, you can identify these statements by forward-looking words such as “may,” “might,” “will,” “should,” “expects,” “plans,” “anticipates,” “believes,” “estimates,” “predicts,” “projects,” “potential,” “outlook” or “continue,” and other comparable terminology. Forward-looking statements are based on management’s current expectations and beliefs and involve significant risks and uncertainties that could cause actual results, developments and business decisions to differ materially from those contemplated by these statements. These risks and uncertainties include those described under the captions “Item 3. Key Information – Risk Factors” and “Item 5. Operating and Financial Review and Prospects” in AC Immune’s Annual Report on Form 20-F and other filings with the Securities and Exchange Commission. These include: the impact of Covid-19 on our business, suppliers, patients and employees and any other impact of Covid-19. Forward-looking statements speak only as of the date they are made, and AC Immune does not undertake any obligation to update them in light of new information, future developments or otherwise, except as may be required under applicable law. All forward-looking statements are qualified in their entirety by this cautionary statement.



Balance Sheets
(In CHF thousands)

 As of March 31, 2021 As of December 31, 2020
ASSETS   
Non-current assets   
Property, plant and equipment4,896 4,416
Right-of-use assets2,147 2,223
Long-term accrued income93 —
Long-term financial assets334 334
Total non-current assets7,470 6,973
Current assets   
Prepaid expenses3,330 3,954
Short-term accrued income688 1,591
Other current receivables379 329
Short-term financial assets65,000 65,000
Cash and cash equivalents151,092 160,893
Total current assets220,489 231,767
Total assets 227,959 238,740
    
SHAREHOLDERS’ EQUITY AND LIABILITIES   
Shareholders’ equity   
Share capital1,539 1,538
Share premium354,736 346,890
Treasury shares(85) (100)
Accumulated losses(148,774) (132,850)
Total shareholders’ equity207,416 215,478
    
Non-current liabilities   
Long-term deferred income93 —
Long-term lease liabilities1,706 1,780
Net employee defined-benefit liabilities7,619 7,464
Total non-current liabilities9,418 9,244
    
Current liabilities   
Trade and other payables370 2,184
Accrued expenses9,734 11,085
Short-term deferred income580 306
Short-term lease liabilities441 443
Total current liabilities11,125 14,018
Total liabilities20,543 23,262
Total shareholders’ equity and liabilities227,959 238,740




Statements of Income/(Loss)
(In CHF thousands, except for per-share data)

 For the Three Months
Ended March 31,
 2021 2020
Revenue   
Contract revenue— 12,281
Total revenue— 12,281
    
Operating expenses   
Research & development expenses(13,329) (15,209)
General & administrative expenses(4,338) (4,504)
Other operating income/(expense)416 130
Total operating expenses(17,251) (19,583)
Operating loss(17,251) (7,302)
    
Financial income— 59
Financial expense(26) (57)
Exchange differences543 (389)
Finance result, net517 (387)
Loss before tax(16,734) (7,689)
Income tax expense— —
Loss for the period(16,734) (7,689)
Loss per share:   
Basic and diluted loss for the period attributable to equity holders(0.23) (0.11)

Statements of Comprehensive Income/(Loss)
(In CHF thousands)

 For the Three Months
Ended March 31,
 2021 2020
Loss for the period        (16,734) (7,689)
Other comprehensive loss not to be reclassified to income or loss in subsequent periods (net of tax):   
Re-measurement losses on defined-benefit plans (net of tax)— —
Total comprehensive loss, net of tax(16,734) (7,689)



Reconciliation of loss to adjusted loss and
loss per share to adjusted loss per share

  For the Three Months
Ended March 31,
In CHF thousands, except for share and per share data 2021 2020
Loss (16,734) (7,689)
Adjustments    
Non-cash share-based payments1 857 852
Foreign currency (gains)/losses2 (621) 454
Adjusted Loss (16,498) (6,383)
     
Loss per share – basic (0.23) (0.11)
Loss per share – diluted (0.23) (0.11)
Adjustment to loss per share – basic 0.00 0.02
Adjustment to loss per share – diluted 0.00 0.02
Adjusted loss per share – basic (0.23) (0.09)
Adjusted loss per share – diluted (0.23) (0.09)
Weighted-average number of shares outstanding Adjusted loss –basic 72,305,949 71,864,213
Weighted-average number of shares outstanding Adjusted loss –diluted 72,305,949 71,882,607


1Reflects non-cash expenses associated with share-based compensation for equity awards issued to Directors, Management and employees of the Company. This expense reflects the awards’ fair value recognized for the portion of the equity award which is vesting over the period.
2Reflects foreign currency re-measurement gains and losses for the period, predominantly impacted by the change in the exchange rate between the US Dollar and Euro with the Swiss Franc.

Adjustments for the three months ended March 31, 2021 and March 31, 2020 decreased net loss by CHF 0.2 million and CHF 1.3 million, respectively. The Company recorded CHF 0.9 million for share-based compensation expenses, respectively. There were foreign currency re-measurement gains of CHF 0.6 million compared to foreign currency re-measurement losses of CHF 0.5 million, respectively, primarily related to a favorable movement in the USD-CHF exchange rate during the period as well as the non-repetition of a CHF 0.1 million loss on a forward contract.