AC Immune

Management has leaned on high‑quality partners to fund programs, limiting dilution: 100 million dollar upfront from Takeda in 2024 with up to about 2.1 billion dollars in milestones, and a 10 million Swiss franc upfront in April 2026 from Lilly for Tau small molecules.

Deferred revenue of roughly 86 million Swiss francs at year‑end 2025 reflects contracted future work. The company maintains an ATM facility but had no ATM share sales in 2025; treasury shares remain available. Capex is low; spend is overwhelmingly R&D.

While milestone reliance is a risk, the partnership‑first approach is rational for a platform biotech.