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20-F
AC IMMUNE SA filed this Form 20-F on 03/21/2019
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Our revenues experience fluctuations as a result of securing new collaboration agreements, the timing of milestone achievements and the size of each milestone payment. The decline in revenues in 2017 compared to the same period in 2016 is primarily related to the timing and size of clinical milestones recognized in each of those periods. In 2017, the Company recorded a CHF 14 million milestone for Genentech dosing the first patient in a Phase 2 clinical trial for Alzheimer’s disease (AD) with an anti-Tau monoclonal antibody known as RG6100. The Company also recorded a CHF 1.1 million milestone from Life Molecular related to the initiation of “Part B” of the first-in-man Phase 1 clinical trial for PSP (Progressive Supranuclear Palsy). Finally, in its collaboration with Biogen, AC Immune recognized CHF 0.5 million for the Technology Access Fee. As AC Immune began the second year of its collaboration with Biogen in April 2017, the Company additionally recognized CHF 3.4 million for research and collaboration services which were not recorded in 2016.

 

In 2016, revenues resulted from the recognition of a CHF 4.9 million clinical milestone and CHF 1.5 million recognized for research contributions received related to ACI-35 pursuant to our collaboration agreement with Janssen, the recognition of a CHF 14 million milestone payment for commencement of Phase 1 clinical studies for the anti-Tau antibody under collaboration with Genentech, the recognition of an approximate CHF 1.0 million share of the Biogen upfront payment received in April 2016 that was recognized over a twelve month period and CHF 1.1 million in research contribution revenues related to the Biogen collaboration.

 

Research and Development Expenses

 

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

 

Detailed Research and Development Expenditures by Major Development Category

 

  For the Years Ended December 31,  
in CHF thousands  2017 2016 Change
Alzheimer’s disease 10,473 10,678 (205)
Non-Alzheimer’s diseases 2,259 2,039 220
Diagnostics 1,759 1,031 728
New discovery programs 7,871 4,111 3,760
Total Programs 22,362 17,859 4,503
R&D Expenses not allocated to specific programs 10,301 7,915 2,386
Total 32,663 25,774 6,889

 

R&D expenses in Alzheimer’s disease were driven by the investments related to the completion of the Phase 1b study for ACI-35, as well as costs related to the Phase 2 for ACI-24 AD. In addition, the Company incurred costs for the next stages of clinical development for each of these respective candidates. In Non-Alzheimer’s diseases, the Company continues to incur costs in ACI-24 for Down syndrome’s Phase 1b clinical study. Diagnostic investments entail predominantly increases in spending related to our alpha-synuclein and TDP-43 PET tracer programs. New discovery programs increase CHF 3.8 million was driven by CHF 3.3 million related to finalizing the proof-of-concept and manufacturing activities for studies related to our lead compounds in the Anti-Tau Morphomers and investments in new therapeutic and preventive vaccine technology. R&D Expenses not allocated to specific programs increased CHF 2.4 million predominantly driven by a CHF 1.8 million increase in salaries and related costs, CHF 0.3 million in depreciation expense and CHF 0.1 million in regulatory costs. Our total research and development costs are likely to rise substantially in the coming years as the Company continues to develop and advance product candidates from the pre-clinical to clinical stages across its three-pillar strategy.

 

  For the Years Ended
December 31, 
 
in CHF thousands 2017   2016   Change
Operating expenses (1) 23,822   18,767   5,055
Salaries and related costs (2) 8,841   7,007   1,834
Total research and development expenses 32,663   25,774   6,889

_________________

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

 

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© AC Immune 2015