Tearsheet

Investment Highlights Why It Matters Which of these 2 stories sounds closer for this stock?

1. Generates cash flow

The stock generated 4% or more of the share price (called cash flow yield), and shows moderate 10-15% or more growth.

2. Riding a trend

Think Tesla during the pandemic of 2020 when EVs were riding a cultural high, or Nvidia in the current AI boom, or even Figma. These companies don’t have enough yield, or, enough growth, or both - however - they are riding a trend. They have momentum. These can be more volatile - they don’t have the floor of strong cash flow


0 Cash is significant % of market cap
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -32%
Weak multi-year price returns
2Y Excs Rtn is -47%, 3Y Excs Rtn is -62%
Not profitable at operating income level
Op Inc LTMOperating Income, Last Twelve Months is -73 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -1671%
1 Megatrend and thematic drivers
Megatrends include Precision Medicine, and Aging Population & Chronic Disease. Themes include Biopharmaceutical R&D, Targeted Therapies, Show more.
  Stock price has recently run up significantly
6M Rtn6 month market price return is 106%
2   Weak revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -89%, Rev Chg QQuarterly Revenue Change % is -96%
3   Not cash flow generative
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -1071%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -1091%
4   Valuation getting more expensive
P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 905%
5   Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -26%
0 Cash is significant % of market cap
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -32%
1 Megatrend and thematic drivers
Megatrends include Precision Medicine, and Aging Population & Chronic Disease. Themes include Biopharmaceutical R&D, Targeted Therapies, Show more.
2 Weak multi-year price returns
2Y Excs Rtn is -47%, 3Y Excs Rtn is -62%
3 Not profitable at operating income level
Op Inc LTMOperating Income, Last Twelve Months is -73 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -1671%
4 Stock price has recently run up significantly
6M Rtn6 month market price return is 106%
5 Weak revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -89%, Rev Chg QQuarterly Revenue Change % is -96%
6 Not cash flow generative
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -1071%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -1091%
7 Valuation getting more expensive
P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 905%
8 Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -26%

Market Valuation & Key Metrics

ACIU Stock


Why The Stock Moved


Qualitative Assessment

AI Generated Analysis | Feedback



AC Immune (ACIU) experienced a 49.5% stock movement between July 31, 2025, and November 14, 2025, driven by several key developments:

1. Extension of Cash Runway and Strategic Portfolio Focus. AC Immune announced on September 4, 2025, and reiterated in its Q3 2025 financial results on November 4, 2025, that a strategic review by executive management led to a sharpened investment focus on its most important assets, including three clinical-stage active immunotherapy programs and promising small molecule programs. This initiative, combined with a workforce reduction of approximately 30%, is projected to extend the company's cash runway to the end of Q3 2027, based on cash resources of CHF 108.5 million as of September 30, 2025.

2. Better-Than-Expected Q3 2025 Financial Results. On November 4, 2025, AC Immune reported its third-quarter 2025 financial results, showing an adjusted loss of 16 rappen per share. This figure surpassed analyst expectations, who had anticipated a loss of 19 rappen per share.

Show more

Stock Movement Drivers

Return vs. Risk


Price Returns Compared

 202020212022202320242025Total [1]
Returns
ACIU Return-39%-4%-59%145%-46%20%-62%
Peers Return-15%-9%-6%-3%-3%-17%-44%
S&P 500 Return16%27%-19%24%23%15%109%

Monthly Win Rates [3]
ACIU Win Rate50%42%17%75%42%50% 
Peers Win Rate18%15%23%31%22%62% 
S&P 500 Win Rate58%75%42%67%75%70% 

Max Drawdowns [4]
ACIU Max Drawdown-50%-7%-65%-9%-54%-45% 
Peers Max Drawdown-20%-13%-14%-15%-30%-27% 
S&P 500 Max Drawdown-31%-1%-25%-1%-2%-15% 


[1] Cumulative total returns since the beginning of 2020
[2] Peers: VRTX, APM, BBOT, GDTC, HIND.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2025 data is for the year up to 11/13/2025 (YTD)

How Low Can It Go

Unique KeyEventACIUS&P 500
2022 Inflation Shock2022 Inflation Shock  
2022 Inflation Shock% Loss% Loss-80.8%-25.4%
2022 Inflation Shock% Gain to Breakeven% Gain to Breakeven420.9%34.1%
2022 Inflation ShockTime to BreakevenTime to BreakevenNot Fully Recovered days464 days
2020 Covid Pandemic2020 Covid Pandemic  
2020 Covid Pandemic% Loss% Loss-57.1%-33.9%
2020 Covid Pandemic% Gain to Breakeven% Gain to Breakeven133.3%51.3%
2020 Covid PandemicTime to BreakevenTime to BreakevenNot Fully Recovered days148 days
2018 Correction2018 Correction  
2018 Correction% Loss% Loss-77.8%-19.8%
2018 Correction% Gain to Breakeven% Gain to Breakeven350.8%24.7%
2018 CorrectionTime to BreakevenTime to BreakevenNot Fully Recovered days120 days

Compare to VRTX, APM, BBOT, GDTC, HIND


In The Past

AC Immune's stock fell -80.8% during the 2022 Inflation Shock from a high on 2/17/2021. A -80.8% loss requires a 420.9% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth over time.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About AC Immune (ACIU)

Better Bets than AC Immune (ACIU)

Latest Trefis Analyses

TitleTopic
0DASHBOARDS 
1How Low Can AC Immune Stock Really Go?Return
Title
0ARTICLES

Trade Ideas

Select past ideas related to ACIU. For more, see Trefis Trade Ideas.

Unique KeyDateTickerCompanyCategoryTrade Strategy6M Fwd Rtn12M Fwd Rtn12M Max DD
GDRX_10312025_Dip_Buyer_High_FCF_Yield_ExInd_DE_RevG10312025GDRXGoodRxDip BuyDB | FCF Yield | Low D/EDip Buy with High Free Cash Flow Yield
Buying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap
-9.2%-9.2%-10.1%
DXCM_10312025_Monopoly_xInd_xCD_Getting_Cheaper10312025DXCMDexComMonopolyMY | Getting CheaperMonopoly-Like with P/S Decline
Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple
2.4%2.4%-5.8%
ACHC_10242025_Dip_Buyer_ValueBuy10242025ACHCAcadia HealthcareDip BuyDB | P/E OPMDip Buy with Low PE and High Margin
Buying dips for companies with tame PE and meaningfully high operating margin
-25.6%-25.6%-25.6%
PBH_10102025_Dip_Buyer_ValueBuy10102025PBHPrestige Consumer HealthcareDip BuyDB | P/E OPMDip Buy with Low PE and High Margin
Buying dips for companies with tame PE and meaningfully high operating margin
-0.8%-0.8%-1.9%
REGN_10032025_Dip_Buyer_ValueBuy10032025REGNRegeneron PharmaceuticalsDip BuyDB | P/E OPMDip Buy with Low PE and High Margin
Buying dips for companies with tame PE and meaningfully high operating margin
13.6%13.6%-7.0%
Unique KeyDateTickerCompanyCategoryTrade Strategy6M Fwd Rtn12M Fwd Rtn12M Max DD
GDRX_10312025_Dip_Buyer_High_FCF_Yield_ExInd_DE_RevG10312025GDRXGoodRxDip BuyDB | FCF Yield | Low D/EDip Buy with High Free Cash Flow Yield
Buying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap
-9.2%-9.2%-10.1%
DXCM_10312025_Monopoly_xInd_xCD_Getting_Cheaper10312025DXCMDexComMonopolyMY | Getting CheaperMonopoly-Like with P/S Decline
Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple
2.4%2.4%-5.8%
ACHC_10242025_Dip_Buyer_ValueBuy10242025ACHCAcadia HealthcareDip BuyDB | P/E OPMDip Buy with Low PE and High Margin
Buying dips for companies with tame PE and meaningfully high operating margin
-25.6%-25.6%-25.6%
PBH_10102025_Dip_Buyer_ValueBuy10102025PBHPrestige Consumer HealthcareDip BuyDB | P/E OPMDip Buy with Low PE and High Margin
Buying dips for companies with tame PE and meaningfully high operating margin
-0.8%-0.8%-1.9%
REGN_10032025_Dip_Buyer_ValueBuy10032025REGNRegeneron PharmaceuticalsDip BuyDB | P/E OPMDip Buy with Low PE and High Margin
Buying dips for companies with tame PE and meaningfully high operating margin
13.6%13.6%-7.0%

Recent Active Movers

Recent Active Movers

More From Trefis

Peer Comparisons for AC Immune

Financials

ACIUVRTXAPMBBOTGDTCHINDMedian
NameAC ImmuneVertex P.Aptorum BridgeBi.CytoMed .Vyome  
Mkt Price3.23434.521.4212.381.924.934.08
Mkt Cap0.3111.1----55.7
Rev LTM411,723-0--4
Op Inc LTM-73-92--93---92
FCF LTM-483,337--60---48
FCF 3Y Avg-222,064----1,021
CFO LTM-473,718--60---47
CFO 3Y Avg-222,419----1,199

Growth & Margins

ACIUVRTXAPMBBOTGDTCHINDMedian
NameAC ImmuneVertex P.Aptorum BridgeBi.CytoMed .Vyome  
Rev Chg LTM-89.3%10.3%-----39.5%
Rev Chg 3Y Avg1,365,670.2%10.5%----682,840.3%
Rev Chg Q-96.3%11.0%-----42.7%
QoQ Delta Rev Chg LTM-84.9%2.7%-----41.1%
Op Mgn LTM-1,671.4%-0.8%-----836.1%
Op Mgn 3Y Avg-2,293,254.2%26.2%-----1,146,614.0%
QoQ Delta Op Mgn LTM-1,498.2%1.0%-----748.6%
CFO/Rev LTM-1,070.9%31.7%-----519.6%
CFO/Rev 3Y Avg-2,054,454.7%23.1%-----1,027,215.8%
FCF/Rev LTM-1,091.1%28.5%-----531.3%
FCF/Rev 3Y Avg-2,076,995.3%19.8%-----1,038,487.8%

Valuation

ACIUVRTXAPMBBOTGDTCHINDMedian
NameAC ImmuneVertex P.Aptorum BridgeBi.CytoMed .Vyome  
Mkt Cap0.3111.1----55.7
P/S74.59.5----42.0
P/EBIT-4.524.9----10.2
P/E-4.530.2----12.8
P/CFO-7.029.9----11.5
Total Yield-22.1%3.3%-----9.4%
Dividend Yield0.0%0.0%----0.0%
FCF Yield 3Y Avg-10.3%2.3%-----4.0%
D/E0.00.0----0.0
Net D/E-0.3-0.0-----0.2

Returns

ACIUVRTXAPMBBOTGDTCHINDMedian
NameAC ImmuneVertex P.Aptorum BridgeBi.CytoMed .Vyome  
1M Rtn5.2%5.4%-10.7%12.8%-14.7%-7.0%-0.9%
3M Rtn51.6%11.3%-2.7%23.9%7.6%-11.3%
6M Rtn105.7%0.0%44.9%--17.6%-22.5%
12M Rtn3.2%-12.1%18.3%--13.5%--4.5%
3Y Rtn17.0%42.0%-77.6%---17.0%
1M Excs Rtn4.2%5.5%-10.5%2.6%-15.7%-8.5%-2.9%
3M Excs Rtn47.2%6.2%-2.3%11.8%2.2%-69.2%4.2%
6M Excs Rtn91.9%-13.8%31.0%--31.5%-8.6%
12M Excs Rtn-10.4%-25.7%-2.2%--31.9%--18.0%
3Y Excs Rtn-62.3%-34.2%-154.2%----62.3%

Financials

Segment Financials

Revenue by Segment

$ Mil20242023202220212020
Single Segment    110
Total    110


Assets by Segment
$ Mil20242023202220212020
Single Segment183186261239 
Total183186261239 


Price Behavior

Short Interest

Short Interest: As Of Date10312025
Short Interest: Shares Quantity1,612,940
Short Interest: % Change Since 101520252.3%
Average Daily Volume447,103
Days-to-Cover Short Interest3.61
Basic Shares Quantity100,893,716
Short % of Basic Shares1.6%

SEC Filings

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Report DateFiling DateFiling
9302025110420256-K 9/30/2025
630202580520256-K 6/30/2025
331202543020256-K 3/31/2025
12312024313202520-F 12/31/2024
9302024110520246-K 9/30/2024
630202480620246-K 6/30/2024
331202451320246-K 3/31/2024
12312023314202420-F 12/31/2023
9302023110320236-K 9/30/2023
630202380420236-K 6/30/2023
331202342820236-K 3/31/2023
12312022316202320-F 12/31/2022
9302022102820226-K 9/30/2022
630202272820226-K 6/30/2022
331202242820226-K 3/31/2022
12312021322202220-F 12/31/2021

Insider Activity

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