AC Immune SA 6-K, filed Apr 28, 2022

AC Immune SA (ACIU)

6-K 2022-04-28 For: 2022-04-28

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Added on April 09, 2026

About this 6-K

AC Immune SA filed this 6-K on April 28, 2022.

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	AC IMMUNE SA


	By:	/s/ Andrea Pfeifer
		Name: Andrea Pfeifer
		Title: Chief Executive Officer

	By:	/s/ Joerg Hornstein
		Name: Joerg Hornstein
		Title: Chief Financial Officer

Exhibit Number	Description
99.1	Interim Condensed Consolidated Financial Statements (Unaudited) (IFRS) as of and for the three months ended March 31, 2022
99.2	Management’s Discussion and Analysis of Financial Condition and Results of Operations
99.3	Press Release dated April 28, 2022

Balance Sheets	Notes		As of March 31, 2022			As of December 31, 2021
ASSETS
Non-current assets
Property, plant and equipment		5		4,908			5,116
Right-of-use assets		6		2,774			2,914
Intangible asset		8		50,416			50,416
Long-term financial assets		6		363			363
Total non-current assets				58,461			58,809

Current assets
Prepaid expenses		9		2,805			3,015
Accrued income		3		152			975
Other current receivables				266			428
Short-term financial assets		10		116,000			116,000
Cash and cash equivalents		10		57,835			82,216
Total current assets				177,058			202,634
Total assets				235,519			261,443

SHAREHOLDERS’ EQUITY AND LIABILITIES

Shareholders’ equity
Share capital				1,795			1,794
Share premium				431,253			431,251
Treasury shares		11		(124	)		(124	)
Accumulated losses				(218,793	)		(200,942	)
Total shareholders’ equity				214,131			231,979

Non-current liabilities
Long-term lease liabilities		6		2,196			2,340
Net employee defined benefit liabilities				7,281			7,098
Total non-current liabilities				9,477			9,438

Current liabilities
Trade and other payables				501			2,003
Accrued expenses		7		10,571			16,736
Deferred income		3		266			717
Short-term lease liabilities		6		573			570
Total current liabilities				11,911			20,026
Total liabilities				21,388			29,464
Total shareholders’ equity and liabilities				235,519			261,443

		For the Three Months Ended March 31,
	Notes	2022			2021
Revenue
Contract revenue	3		—			—
Total revenue			—			—

Operating expenses
Research & development expenses			(15,123	)		(13,329	)
General & administrative expenses			(4,166	)		(4,338	)
Other operating income/(expense)	3		459			416
Total operating expenses			(18,830	)		(17,251	)
Operating loss			(18,830	)		(17,251	)

Financial income	12		—			—
Financial expense	12		(154	)		(26	)
Exchange differences	12		140			543
Finance result, net	12		(14	)		517

Loss before tax			(18,844	)		(16,734	)
Income tax expense			(4	)		—
Loss for the period			(18,848	)		(16,734	)

Loss per share:	4
Basic and diluted loss per share for the period attributable to equity holders			(0.23	)		(0.23	)

		For the Three Months ended March 31,
(in CHF thousands)	Note	2022			2021

Loss for the period			(18,848	)		(16,734	)
Items that may be reclassified to income or loss in subsequent periods (net of tax):
Currency translation differences			10			—
Items that will not be reclassified to income or loss in subsequent periods (net of tax):
Re-measurement losses on defined-benefit plans			—			—
Other comprehensive income/(loss)			10			—
Total comprehensive loss, net of tax			(18,838	)		(16,734	)

	Notes	Share capital		Share premium			Treasury shares			Accumulated losses			Total
Balance as of January 1, 2021			1,538		346,890			(100	)		(132,850	)		215,478
Loss for the period			—		—			—			(16,734	)		(16,734	)
Other comprehensive income/(loss)			—		—			—			—			—
Total comprehensive loss			—		—			—			(16,734	)		(16,734	)
								—
Share-based payments			—		—			—			857			857
Proceeds from sale of treasury shares in public offerings, net of underwriting fees	11		—		7,937			15			—			7,952
Transaction offering costs					(125	)								(125	)
Issuance of shares, net of transaction costs:
restricted share awards			1		39			—			(47	)		(7	)
exercise of options			—		(5	)		—			—			(5	)
Balance as of March 31, 2021			1,539		354,736			(85	)		(148,774	)		207,416

Supplemental non-cash activity
Capital expenditures in Trade and other payables or Accrued expenses			5				15				131

	For the Three Months Ended March 31
	2022		2021
CHF/USD
Closing rate, USD 1		0.932		—
Weighted average exchange rate, USD 1		0.933		—

in CHF thousands	Balance at the beginning of the reporting period		Additions		Deductions			Balance at the end of the reporting period
Three months ended March 31, 2022:
Accrued income		975		164		(987	)		152
Deferred income		717		—		(451	)		266

Three months ended March 31, 2021:
Accrued income	1,591	781	(1,591	)	781
Deferred income	306	781	(414	)	673

	For the Three Months March 31,
in CHF thousands except for share and per share data	2022			2021
Loss per share (EPS)
Numerator
Net loss attributable to equity holders of the Company		(18,848	)		(16,734	)
Denominator
Weighted-average number of shares outstanding used to compute EPS basic and diluted attributable to equity holders		83,486,354			72,305,949
Basic and diluted loss per share for the period attributable to equity holders		(0.23	)		(0.23	)

	As of March 31, 2022
in CHF thousands	Furniture			IT Equipment			Lab Equipment			Leasehold Improvements			Assets Under Construction			Total
Acquisition Cost
Balance at December 31, 2021		263			1,756			9,142			810			695			12,666
Additions		3			38			173			2			36			252
Transfers		—			4			17			8			(29	)		—
Balance at March 31, 2022		266			1,798			9,332			820			702			12,918

Accumulated depreciation
Balance at December 31, 2021		(106	)		(1,316	)		(5,739	)		(389	)		—			(7,550	)
Depreciation expense		(13	)		(72	)		(339	)		(36	)		—			(460	)
Balance at March 31, 2022		(119	)		(1,388	)		(6,078	)		(425	)		—			(8,010	)

Carrying Amount
December 31, 2021		157			440			3,403			421			695			5,116
March 31, 2022		147			410			3,254			395			702			4,908

in CHF thousands	Buildings			Office Equipment			IT Equipment			Total
Balance as of December 31, 2021		2,776			98			40			2,914
Depreciation		(131	)		(6	)		(3	)		(140	)
Balance as of March 31, 2022		2,645			92			37			2,774

	For the Three Months Ended March 31,
in CHF thousands	2022		2021
Consolidated statements of income/(loss)
Depreciation of right-of-use assets		140		107
Interest expense on lease liabilities		18		14
Expense for short-term leases and leases of low value		174		187
Total		332		308

Consolidated statements of cash flows
Total cash outflow for leases		333		308

in CHF thousands	As of March 31, 2022
Less than one year		638
1-3 years		1,253
3-5 years		1,052
Total		2,943

	As of
in CHF thousands	March 31, 2022	December 31, 2021
Accrued Expenses	10,571	16,736
Total	10,571	16,736

	As of March 31, 2022						As of December 31, 2021
In CHF thousands	Gross Carrying Amount		Accumulated Amortization		Net Book Value		Gross Carrying Amount		Accumulated Amortization		Net Book Value
Acquired IPR&D Asset		50,416		—		50,416		50,416		—		50,416
Total Intangible Assets		50,416		—		50,416		50,416		—		50,416

	As of
in CHF thousands	March 31, 2022		December 31, 2021
Cash and cash equivalents		57,835		82,216
Total		57,835		82,216

	For the Three Months Ended March 31,
in CHF thousands, unaudited	2022		2021		Change
Discovery and preclinical expenses		4,301		4,940		(639	)
Clinical expenses		3,070		2,143		927
Group function expenses		399		285		114
Total Direct R&D		7,770		7,368		402
Payroll expenses		4,341		4,500		(159	)
Share-based compensation		393		316		77
Other non-allocated		2,619		1,145		1,474
Total R&D		15,123		13,329		1,794

	¹	Includes depreciation expense
	²	Includes share-based compensation expense

ACI-12589 a-syn-PET tracer	Reported results from first-in-human study at AD/PD™ 2022 conference
ACI-35.030 anti-pTau vaccine	Reported Phase 1b/2a interim analysis from highest dose group in Q1; Expect to disclose future late-stage development plans in H2 2022
ACI-24 (optimized) anti-Abeta vaccine	ACI-24 (optimized vaccine formulation) Phase 1b/2a first-patient-in (AD) in H1 2022 Phase 1b in AD readout and decision to move into DS expected in H2 2022
Crenezumab anti-Abeta antibody	Top line Phase 2 results from AD prevention trial in patients with autosomal dominant AD expected in H1 2022
Semorinemab anti-Tau antibody	Additional fluid biomarker data from the Phase 2 Lauriet study in mild-to-moderate AD expected in H2 2022
PI-2620 Tau-PET tracer	Phase 2 and Phase 1 results in AD and progressive supranuclear palsy (PSP) respectively, expected in H2 2022
ACI-7104 anti-a-syn vaccine	Initiation of Phase 2 trial in early PD expected in H2 2022

	As of March 31, 2022			As of December 31, 2021
ASSETS
Non-current assets
Property, plant and equipment		4,908			5,116
Right-of-use assets		2,774			2,914
Intangible asset		50,416			50,416
Long-term financial assets		363			363
Total non-current assets		58,461			58,809
Current assets
Prepaid expenses		2,805			3,015
Accrued income		152			975
Other current receivables		266			428
Short-term financial assets		116,000			116,000
Cash and cash equivalents		57,835			82,216
Total current assets		177,058			202,634
Total assets		235,519			261,443

SHAREHOLDERS’ EQUITY AND LIABILITIES
Shareholders’ equity
Share capital		1,795			1,794
Share premium		431,253			431,251
Treasury shares		(124	)		(124	)
Accumulated losses		(218,793	)		(200,942	)
Total shareholders’ equity		214,131			231,979

Non-current liabilities
Long-term lease liabilities		2,196			2,340
Net employee defined-benefit liabilities		7,281			7,098
Total non-current liabilities		9,477			9,438

Current liabilities
Trade and other payables		501			2,003
Accrued expenses		10,571			16,736
Deferred income		266			717
Short-term lease liabilities		573			570
Total current liabilities		11,911			20,026
Total liabilities		21,388			29,464
Total shareholders’ equity and liabilities		235,519			261,443

	For the Three Months Ended March 31,
In CHF thousands, except for share and per share data	2022			2021
Loss		(18,848	)		(16,734	)
Adjustments
Non-cash share-based payments¹		989			857
Foreign currency (gains)/losses²		(218	)		(621	)
Adjusted Loss		(18,077	)		(16,498	)

Loss per share – basic and diluted		(0.23	)		(0.23	)
Adjustment to loss per share – basic and diluted		0.01			0.00
Adjusted loss per share – basic and diluted		(0.22	)		(0.23	)
Weighted-average number of shares outstanding Adjusted loss –basic and diluted		83,486,354			72,305,949