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SEC Filings

20-F
AC IMMUNE SA filed this Form 20-F on 03/21/2019
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Our research and development expenses increased to CHF 32.7 million for the year ended December 31, 2017, from CHF 25.8 million, an increase of CHF 6.9 million, as compared to year ended December 31, 2016 as discussed in the Major Development Category comparison above.

 

Our salaries and costs related to our research and development activities rose by CHF 1.8 million to CHF 8.8 million for the year ended December 31, 2017 from CHF 7.0 million for the year ended December 31, 2016. The increase is primarily due to the hiring of more than 15 full time equivalent employees in the Company’s research and development organization to accelerate the development of its proprietary and partnered pipeline candidates.

 

General and Administrative Expenses

 

The following table summarizes our general and administrative expenses during the years ended December 31, 2017 and 2016:

 

  For the Years Ended
December 31, 
 
in CHF thousands 2017   2016   Change
Operating expenses (1) 3,857   3,168   689
Salaries and related costs (2) 6,274   4,728   1,546
Total general and administrative expenses 10,131   7,896   2,235

 

  (1) Includes share-based compensation.

 

For the year ended December 31, 2017 our general and administrative expenses totaled CHF 10.1 million, up by CHF 2.2 million from CHF 7.9 million we incurred during the year ended December 31, 2016. The increase is due to a CHF 1.5 million increase in salary and benefit related costs, including higher stock based compensation expense of CHF 0.8 million relating to stock options and non-vested stock awards issued to executive officers and directors, board compensation as we were a U.S. public company for all of 2017 and bonus accruals. Additionally, there was an increase of CHF 0.3 million increase in temporary assistance as the Company expanded operations in 2017.

 

Operating expenses were CHF 0.7 million higher driven by increased professional service costs recorded in General and Administrative expenses in 2017 compared to 2016, such as legal and audit fees costs. AC Immune was a public company for the full year in 2017. Additionally, certain legal and audit fees were offset within equity as transaction costs associated with the IPO in 2016 and not reflected in the statements of loss. This net increase totaled CHF 248 thousand. The Company also incurred incremental costs for public relations and rents of CHF 250 thousand in 2017 compared to 2016.

 

Finance Result, Net

 

The following table summarizes our financial income and expenses during the years ended December 31, 2017 and 2016:

 

  For the Years Ended
December 31, 
 
in CHF thousands 2017   2016   Change
Interest income/(expense), net  184   36    148
Foreign currency remeasurement gain/(loss), net (4,049)   3,443   (7,492)
Other finance costs  (7)   (119)   112 
Finance result, net  (3,872)   3,360   (7,232) 

 

Net finance result was a loss of CHF 3.9 million for the year ended December 31, 2017, from a gain of CHF 3.4 million for the year ended December 31, 2016. The decrease was driven by losses related to foreign exchange rates on our cash balances in U.S. dollars of CHF 4.2 million in 2017 compared to a CHF 3.4 million gain in 2016. The variance is offset by an increase in net interest income of CHF 148 thousand.

 

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© AC Immune 2015