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SEC Filings

20-F
AC IMMUNE SA filed this Form 20-F on 03/21/2019
Entire Document
 

 

Our future funding requirements will depend on many factors, including but not limited to the following:

 

  · the scope, rate of progress, results and cost of our pre-clinical and clinical studies and other related activities;

 

  · the cost of manufacturing clinical supplies and establishing commercial supplies of our existing product candidates and any other products we may develop;

 

  · the cost, timing, and outcomes of regulatory approvals;

 

  · the cost and timing of establishing sales, marketing and distribution capabilities;

 

  · the terms and timing of any collaborative, licensing, and other arrangements that currently exist or that we may establish in the future, including any required milestone and royalty payments thereunder;

 

  · the emergence of competing technologies or other adverse market developments; and

 

  · the potential cost and timing of managing and protecting our portfolio of intellectual property.

 

Cash Flows

 

Comparison of the Years Ended December 31, 2017 and 2016

 

The following table summarizes our cash flows for the years ended December 31, 2017 and 2016:

 

  For the Years Ended
December 31, 
 
in CHF thousands 2017   2016   Change
Net cash provided by (used in):          
Operating activities (22,094)   (5,646)   (16,448)
Investing activities (1,842)   (899)   (943)
Financing activities 271   78,790   (78,519)
Net change in cash and cash equivalents (23,665)   72,245   (95,910)

 

Operating activities

 

The net cash used in operating activities was CHF 22.1 million for the year ended December 31, 2017, compared to net cash used in operating activities of CHF 5.6 million for the year ended December 31, 2016. The change in operating cash flows is driven by three factors: (i) reporting a net loss of CHF 26.4 million in 2017 compared with a CHF 7.1 million net loss for 2016, (ii) a CHF 7.2 million variance in financial results, net driven by a CHF 4.2 million foreign currency loss on cash and cash equivalents compared to a CHF 3.4 million gain in 2016, and (iii) offsets due to changes in working capital.

 

Investing activities

 

Net cash used in investing activities was CHF 1.8 million for the year ended December 31, 2017, compared with CHF 0.9 million for the year ended December 31, 2016. The CHF 0.9 million increase in cash used in investing activities was due to an increase in investments in fixed assets, primarily for laboratory equipment.

 

Financing activities

 

Net cash provided by financing activities was CHF 0.3 million for the year ended December 31, 2017, compared to CHF 78.8 million for the year ended December 31, 2016. The decrease in financing activity cash inflows was driven primarily by the CHF 74.5 million in gross proceeds (CHF 65.3 million net underwriting fees and IPO related costs) raised from the IPO in September 2016 and a Series E Private Placement Extension in 2016 of CHF 13.2 million. There were no such financing activities completed in 2017.

 

C.Research and development, patents and licenses, etc.

 

See “Item 4. Information on the Company – B. Business Overview” and Item 5. Operating and Financial Review and Prospects –A. Operating Results – Results of Operations.”

 

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© AC Immune 2015