Print Page     Close Window     

SEC Filings

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

General and Administrative Expenses

 

The following table summarizes our general and administrative expenses during the years ended December 31, 2018 and 2017:

 

  For the Years Ended
December 31, 
 
in CHF thousands 2018   2017   Change
Operating expenses (1) 4,903   3,857   1,046
Salaries and related costs (2) 7,564   6,274   1,290
Total general and administrative expenses 12,467   10,131   2,336

_________________

(1)Includes depreciation expense
(2)Includes share-based compensation

 

For the year ended December 31, 2018 our general and administrative expenses totaled CHF 12.5 million, up by CHF 2.3 million from CHF 10.1 million we incurred during the year ended December 31, 2017. The increase is due to a CHF 1.3 million increase in salary and benefit related costs, including higher stock based compensation expense of CHF 0.5 million relating predominantly to an increase of stock options and non-vested stock awards issued to executive officers and directors.

 

Operating expenses were CHF 1.0 million higher driven by increased operating expenses in line with the growth of the Company recorded in General and Administrative expenses in 2018 compared to 2017. Rental and IT support expenditures increased CHF 0.5 million along with an increase of CHF 0.5 million for professional services.

 

Finance Result, Net

 

The following table summarizes our financial income and expenses during the years ended December 31, 2018 and 2017:

 

  For the Years Ended
December 31, 
 
in CHF thousands 2018   2017   Change
Interest income/(expense), net (269)    184   (453)
Foreign currency remeasurement gain/(loss), net (1,194)   (4,049)   2,855
Other finance costs 62    (7)   69 
Finance result, net (1,401)    (3,872)   2,471 

 

Net finance result was a loss of CHF 1.4 million for the year ended December 31, 2018, a reduction in loss from CHF 3.9 million for the year ended December 31, 2017. The decrease was driven by a reduced loss related to foreign exchange rates on our cash balances in U.S. dollars of CHF 1.2 million in 2018 compared to a CHF 4.2 million loss in 2017. The Company also recorded a CHF 0.1 gain on extinguishment within other finance costs. The variance is offset by an increase in net interest expense of CHF 0.3 million, predominantly for cash held on deposit.

 

Comparison of the Years Ended December 31, 2017 and 2016

 

Revenue

 

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

 

 

For the Years Ended

December 31,

in CHF thousands    2017   2016   Change
Contract revenue   20,255   23,214   (2,959)
Total revenues   20,255   23,214   (2,959)

 

 

 110


© AC Immune 2015