AC Immune

Revenue is minimal and milestone‑driven, while free cash flow is negative and dependent on R&D cadence and partner inflows.

Key value drivers are binary: ABATE Phase 2 12‑month interim AD data in Q2 2026, Parkinson’s Part 1 final data H2 2026, and the trajectory of Janssen’s ReTain Phase 2b where enrollment is paused pending a protocol amendment to yield earlier biological insights. These uncertainties materially limit forecasting reliability.