AC Immune Reports First Quarter 2021 Financial Results and Provides Corporate Update
- Reported potent interim immunogenicity results for anti-pTau Alzheimer’s vaccine in ongoing Phase 1b/2a study, which support further development into Phase 2/3
- Initiated first-in-human clinical study for next-generation alpha-synuclein PET diagnostic with results expected in Q3 2021
- Advanced multiple candidates targeting the NLRP3 inflammasome pathway for CNS and non-CNS indications
- Strong financial position of
CHF 216.1 million in cash ensures the Company is fully financed through at least Q1 2024
LAUSANNE,
Prof.
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
- Reported encouraging top line results from a first-of-its-kind Phase 1b study of anti-Abeta vaccine candidate ACI-24 in people with Down syndrome (DS). These results support further development in Down syndrome-related Alzheimer’s disease (AD).
AC Immune also reported promising preclinical results for an optimized anti-Abeta vaccine formulation, for which it expects to file an investigational new drug application (IND) in Q4 2021. - Reported promising interim Phase 1b/2a results for ACI-35.030, a novel anti-phospho-Tau (pTau) vaccine candidate, showing strong safety and high titers of antigen-specific antibodies in 100% of older patients with early Alzheimer’s disease. The study is currently enrolling patients into the highest dose group, with further clinical readouts expected this year.
- Advanced next-generation alpha-synuclein positron emission tomography (PET) tracer candidate, ACI-12589, into a first-in-human clinical study, with an expected data readout in Q3 2021
- Identified and characterized the first biologically active small molecule Morphomer™ alpha-synuclein aggregation inhibitors, which significantly decreased alpha-synuclein aggregate formation in cellular assays by interfering with the fibrillation process
- Reported key advancements for several therapeutic programs targeting the (NOD)-like receptor protein 3 (NLRP3) inflammasome, including small molecule inhibitors, which showed the first evidence of in vivo activity in a model of peripheral inflammation, as well as high-affinity monoclonal antibodies that bind extracellular components of the NLRP3 pathway and inhibit inflammasome-mediated immune response in vitro
Thought leadership
- Co-sponsored a virtual
Global Down Syndrome Forum that brought together thought leaders on Down syndrome and Down syndrome-related Alzheimer’s disease to discuss the unmet need and underlying causes of this important health challenge, as well as the broader implications for clinical development in other Alzheimer’s disease populations. - Hosted a comprehensive webinar focusing on the Company’s proprietary Morphomer™ platform underlying the generation of therapeutic and diagnostic small molecules, which featured presentations and a Q&A session with members of AC Immune’s Management and R&D Teams.
Strengthening of Board
- Welcomed Dr.
Alan Colowick , an experienced biotech and investment executive, to the Company’s Board of Directors
Achieved and Anticipated 2021 milestones
Clinical Milestones
- ACI-35.030 anti-pTau vaccine: reported Phase 1b/2a in AD interim results in Q1 (second highest dose); further Phase 1b/2a interim analysis in Q4 (highest dose)
- JACI-35.054 alternative anti-pTau vaccine: Phase 1b/2a in AD interim analysis in Q2 (low dose)
- Alpha-synuclein PET imaging agent: advanced third-generation candidate to first-in-human clinical study in Q1; readout expected in Q3
- ACI-24 anti-Abeta vaccine in DS: reported Phase 1b top line results in Q1; to present further study results at the Alzheimer's
Association International Conference ® 2021 in Q3 - ACI-24 in AD: reported Phase 2, 12-month interim analysis in Q1; 18-month interim analysis in Q2
- Semorinemab anti-Tau antibody: Phase 2 trial primary completion (estimated last patient, last visit) in moderate AD in Q2
- ACI-3024 small molecule MorphomerTM Tau aggregation inhibitor: select NeuroOrphan indication for further development in Q2
- ACI-24 in DS: submit investigational new drug (IND) application for optimized vaccine formulation in Q4
Preclinical Milestones
- Alpha-synuclein small molecule inhibitor: identified first biologically active small molecule in Q1; start in vivo proof-of-concept studies in Q3
- TDP-43 imaging agent: initiate investigational new drug (IND)-enabling studies in Q3
- Morphomer™ NLRP3-ASC: report in vivo proof-of-concept results in a non-central nervous system (CNS) disease model and begin in vivo proof-of-concept studies with validated candidate in CNS in Q4
- Anti-NLRP3-ASC antibody: begin in vivo proof-of-concept studies in Q4
- Anti-TDP-43 antibody: initiate IND-enabling toxicology studies in Q4
- TDP-43 biofluid diagnostic: establish validation-ready assay in Q4
Therapeutic and Diagnostic Pipeline Overview
On
Analysis of Financial Statements for the quarter ended
- Cash Position: The Company had a total cash balance of CHF 216.1 million, composed of CHF 151.1 million in cash and cash equivalents and CHF 65 million in short-term financial assets. This compares to a total cash balance of CHF 225.9 million as of December 31, 2020. The Company’s cash balance provides enough capital resources to progress through at least Q1 2024 without potential incoming milestone payments.
- Contract Revenues: The Company did not record contract revenues for the three months ended
March 31, 2021 , a decrease ofCHF 12.3 million from the comparable period. The decrease is predominantly related to aCHF 10 million milestone payment as well asCHF 2.1 million in R&D activities recognized in 2020, which did not repeat. - R&D Expenditures: R&D expenses decreased by
CHF 1.9 million for the three months endedMarch 31, 2021 toCHF 13.3 million .- Discovery and preclinical expenses (+1.2 million): The Company increased expenditures across a variety of its discovery and preclinical programs. These include investments to advance the optimized formulation of our ACI-24 vaccine, the expansion of our Morphomer™ Tau program into NeuroOrphan indications and various other investments across our programs.
- Clinical expenses (-4.1 million): The Company decreased expenditures across multiple clinical programs, as certain clinical activities completed or incurred significant scaling up in the prior period. For example, the Company completed its clinical activities to complete the Phase 1 trial of our Morphomer™ Tau asset in partnership with Lilly. Additionally, the Company incurred less expense for ACI-24 for DS-related AD as a result of prior period scaling up activities for a Phase 2 clinical trial which were not repeated in the current period.
- Salary- and benefit-related costs (+1.1 million): The Company’s salary- and benefit-related costs increased primarily due to the internal reallocation of certain employees’ salaries and annualization of 2020 hires and increases in share-based compensation
- G&A Expenditures: For the three months ended
March 31, 2021 , G&A decreased byCHF 0.2 million to 4.3 million. This decrease is predominantly related to the internal reallocation of certain employees’ salaries. - Other Operating Income: The Company recognized
CHF 0.4 million in grant income for R&D activities performed under our MJFF and Target ALS grants, an increase ofCHF 0.3 million compared to the prior period - IFRS Loss for the Period: The Company reported a net loss after taxes of
CHF 16.7 million for the three months endedMarch 31, 2021 , compared with net loss ofCHF 7.7 million for the comparable period in 2020
2021 Financial Guidance
For the full year 2021, the Company expects its total cash burn to range between
About
For further information, please contact:
Head of Investor Relations and Phone : +1 917 809 0814 Email: joshua.drumm@acimmune.com |
LaVoie Health Science Phone: +1 617 792 3937 Email: kgallagher@lavoiehealthscience.com |
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
Balance Sheets
(In CHF thousands)
As of |
As of |
||
ASSETS | |||
Non-current assets | |||
Property, plant and equipment | 4,896 | 4,416 | |
Right-of-use assets | 2,147 | 2,223 | |
Long-term accrued income | 93 | — | |
Long-term financial assets | 334 | 334 | |
Total non-current assets | 7,470 | 6,973 | |
Current assets | |||
Prepaid expenses | 3,330 | 3,954 | |
Short-term accrued income | 688 | 1,591 | |
Other current receivables | 379 | 329 | |
Short-term financial assets | 65,000 | 65,000 | |
Cash and cash equivalents | 151,092 | 160,893 | |
Total current assets | 220,489 | 231,767 | |
Total assets | 227,959 | 238,740 | |
SHAREHOLDERS’ EQUITY AND LIABILITIES | |||
Shareholders’ equity | |||
Share capital | 1,539 | 1,538 | |
Share premium | 354,736 | 346,890 | |
(85) | (100) | ||
Accumulated losses | (148,774) | (132,850) | |
Total shareholders’ equity | 207,416 | 215,478 | |
Non-current liabilities | |||
Long-term deferred income | 93 | — | |
Long-term lease liabilities | 1,706 | 1,780 | |
Net employee defined-benefit liabilities | 7,619 | 7,464 | |
Total non-current liabilities | 9,418 | 9,244 | |
Current liabilities | |||
Trade and other payables | 370 | 2,184 | |
Accrued expenses | 9,734 | 11,085 | |
Short-term deferred income | 580 | 306 | |
Short-term lease liabilities | 441 | 443 | |
Total current liabilities | 11,125 | 14,018 | |
Total liabilities | 20,543 | 23,262 | |
Total shareholders’ equity and liabilities | 227,959 | 238,740 |
Statements of Income/(Loss)
(In CHF thousands, except for per-share data)
For the Three Months Ended |
|||
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 differences | 543 | (389) | |
Finance result, net | 517 | (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 |
|||
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 |
|||||
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 |
1 | Reflects 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. |
2 | Reflects 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
Source: AC Immune SA