| Valuation method | Value, $ | Upside, % |
|---|---|---|
| Artificial intelligence (AI) | 115.70 | 4661 |
| Intrinsic value (DCF) | 370.86 | 15162 |
| Graham-Dodd Method | n/a | |
| Graham Formula | n/a |
AC Immune SA (NASDAQ: ACIU) is a clinical-stage biopharmaceutical company pioneering innovative therapies and diagnostic tools for neurodegenerative diseases, particularly those linked to protein misfolding, such as Alzheimer's disease (AD). Headquartered in Lausanne, Switzerland, the company leverages its proprietary SupraAntigen and Morphomer platforms to develop precision medicines, including vaccines, antibodies, and small molecules. Key candidates in its pipeline include Crenezumab (Phase II for AD prevention), ACI-24 (anti-Abeta vaccine in Phase II), and ACI-35 (anti-Tau vaccine). AC Immune also advances Tau-PET imaging tracers and inhibitors targeting TDP-43 and alpha-synuclein. Strategic collaborations with industry leaders like Genentech, Biogen, and Eli Lilly bolster its R&D and commercialization potential. With a focus on unmet medical needs in neurodegeneration, AC Immune combines cutting-edge science with a diversified pipeline, positioning it as a key player in the high-growth neurodegenerative therapeutics market.
AC Immune presents a high-risk, high-reward opportunity for investors focused on neurodegenerative disease innovation. Its clinical-stage pipeline, particularly in Alzheimer’s (Crenezumab, ACI-24), offers significant upside if trials succeed, given the vast AD market potential. Partnerships with Biogen and Genentech mitigate funding risks and validate its technology. However, the company’s negative EPS (-$0.51) and net income (-$50.9M in FY 2023) reflect the inherent volatility of biotech investing. A high beta (1.62) signals sensitivity to market swings. Liquidity is supported by $36.3M in cash and positive operating cash flow ($65.8M), but reliance on milestone payments and further dilution risk remain concerns. Investors should weigh the long-term promise against near-term clinical and financial uncertainties.
AC Immune competes in the fiercely contested neurodegenerative disease space, where differentiation hinges on platform technology and clinical outcomes. Its SupraAntigen and Morphomer platforms enable precise targeting of misfolded proteins, a competitive edge over broader amyloid-beta approaches. Crenezumab’s focus on oligomeric Aβ (vs. competitors’ plaque-targeting antibodies) may reduce ARIA side effects, a key differentiator. However, the company trails larger peers like Biogen (Aduhelm, Leqembi) in commercialization resources. AC Immune’s Tau-targeted therapies (ACI-35) could capture niche demand if Tau pathology gains traction as a treatment pathway. Its diagnostic pipeline (Tau-PET) adds diversification, though rivals like Roche (Eli Lilly partner) dominate imaging. Collaborations with WuXi Biologics and Janssen enhance manufacturing scalability but don’t offset the scale of Big Pharma competitors. The company’s Swiss base offers cost efficiencies but limits U.S. market proximity. Success hinges on mid-to-late-stage trial readouts and partnership execution.