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SEC Filings

AC IMMUNE SA filed this Form 6-K on 08/09/2017
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Reconciliation of Income/(Loss) to Adjusted Income/(Loss) and

Earnings/(Loss) Per Share to Adjusted Earnings/(Loss) Per Share


   For the Three Months
Ended June 30,
  For the Six Months
Ended June 30,
   2017  2016  2017  2016
in CHF thousands except for share and per share data            
Income/(Loss)   (12,327)   12,944    (21,782)   6,774 
Non-cash share-based payments (a)   154    98    254    150 
Foreign currency (gains)/losses (b)   3,997    (589)   5,615    (207)
Adjusted Income/(loss)   (8,176)   12,453    (15,913)   6,717 
Earnings/(Loss) per share – basic   (0.22)   0.27    (0.38)   0.14 
Earnings/(Loss) per share – diluted   (0.22)   0.25    (0.38)   0.13 
Adjustment to earnings/(loss) per share – basic   0.08    (0.01)   0.10    0.00 
Adjustment to earnings/(loss) per share – diluted   0.08    (0.01)   0.10    0.00 
Adjusted Earnings (Loss) per share – basic   (0.14)   0.26    (0.28)   0.14 
Adjusted Earnings(Loss) per share – diluted   (0.14)   0.24    (0.28)   0.13 
Weighted-average number of shares used to compute Adjusted Earnings (Loss) per share – basic   57,048,187    48,017,453    56,951,306    47,209,976 
Weighted-average number of shares used to compute Adjusted Earnings (Loss) per share – diluted   57,048,187    51,096,175    56,951,306    50,465,568 


(a)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.


(b)Reflects foreign currency remeasurement gains and losses for the period, predominantly impacted by the change in the exchange rate between the US Dollar and the Swiss Franc.


Non-IFRS Expenditures


Adjustments for the three and six months ended June 30, 2017 were CHF 4.1 million and CHF 5.9 million, respectively. These were largely due to foreign currency remeasurement losses of CHF 4.0 million and CHF 5.6 million, respectively, predominantly related to the cash balance of the Company as a result of a weakening of the US Dollar against the Swiss Franc. The Company also recorded CHF 0.15 million and CHF 0.25 million for the three and six months, respectively, for share-based compensation expenses.


About AC Immune


AC Immune is a clinical stage Swiss-based biopharmaceutical company focused on neurodegenerative diseases with four product candidates in clinical trials. The Company designs, discovers and develops therapeutic and diagnostic products intended to prevent and modify diseases caused by misfolding proteins. AC Immune’s two proprietary technology platforms create antibodies, small molecules and vaccines designed to address a broad spectrum of neurodegenerative indications, such as Alzheimer’s disease. The Company’s pipeline features seven therapeutic and three diagnostic product candidates. The most advanced of these is crenezumab, an anti-Abeta antibody in phase 3 clinical studies that is being advanced by the collaboration partner Genentech, Inc., a wholly owned subsidiary of Roche. Other business partners include Biogen, Janssen Pharmaceuticals, Nestlé Institute of Health Sciences, Piramal Imaging and Essex Bio-Technology.



© AC Immune 2015