and Administrative (G&A) Expenses
expenses amounted to CHF 7.9 million in the twelve months ended December 31, 2016, compared with CHF 3.4 million in the same period
in 2015. The increase in G&A expenses is largely related to higher professional service costs, such as legal costs,
associated with the Company becoming a public company, as well as remuneration expenses.
/ (loss) for the period
For the twelve
months ended December 31, 2016, AC Immune had a net loss of CHF 7.1 million compared with a profit of CHF 20.3 million in the
twelve months period ended December 31, 2015. The decline in profitability is mostly attributable to the decline in revenues and
increased R&D and G&A expenses outlined above.
As at December
31, 2016, AC Immune had total cash of CHF 152.2 million which includes CHF 69.4 million in net proceeds, prior to transaction costs,
received from the sale of 6.9 million shares at $11.00 per share in the Company’s IPO on the NASDAQ in September 2016. Earlier
in 2016, the Company also completed its Financing Round E which raised CHF 42.7 million.
shareholders’ equity increased to CHF 142.4 million as at December 31, 2016, reflecting the issuance of new shares for the
December 31, 2016 the Company had approximately 56.8 million common shares outstanding, which includes the issuance of 6.9
million common shares as part of the September IPO.
For a more
detailed review of our financial performance, please refer to “Item 5. Operating and Financial Review and Prospects”
in our Annual Report on Form 20-F filed today with the U.S. Securities and Exchange Commission and on our website under the tab
labelled “Investors - Financial Information”.
Year 2016 Highlights of R&D Programs
– anti-Abeta antibody for Alzheimer’s disease (AD) partnered with Genentech in Phase 3
|§||At the Clinical Trials on Alzheimer’s Disease
(CTAD) meeting our partner Genentech presented results from a Phase 1b dose-escalation study and
model, which support the 60mg/kg dose in CREAD Phase 3.|
publication in Cell Reports describing the crystal structure of crenezumab targeting
Abeta oligomers, the most toxic type of Abeta.|
CREAD Phase 3 trial to be started by partner Genentech with 750 patients with prodromal
or mild Alzheimer’s disease (announced February 28, 2017).|