The company's liquidity position has deteriorated significantly, with the current ratio compressing to 1.02 as of 2025Q4 from 9.22 in 2023Q4, signaling heightened financial vulnerability.
| Total Current Assets | 96.83M | 171.99M | 125.15M | 128.09M | 202.63M | 231.77M | 292.77M | 192.93M | 129.53M | 154.89M | 79.35M | 29.67M | 11.96M |
| Cash & Short-Term Investments | 91.52M | 165.49M | 103.05M | 122.59M | 198.22M | 225.89M | 288.59M | 186.46M | 124.38M | 152.21M | 76.52M | 3.31M | 11.25M |
| Cash Only | 26.83M | 36.27M | 78.49M | 31.59M | 82.22M | 160.89M | 193.59M | 156.46M | 124.38M | 152.21M | 76.52M | 3.31M | 11.25M |
| Short-Term Investments | 64.69M | 129.21M | 24.55M | 91M | 116M | 65M | 95M | 30M | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 681.77K | 1.1M | 15.05M | 408K | 975K | 1.59M | 1.4M | 4.1M | 3.72M | 1.41M | 316K | 25.99M | 0 |
| Days Sales Outstanding | 69.65 | 14.69 | 371.04 | 37.84 | - | 37.63 | 4.62 | 208.12 | 66.98 | 22.11 | 2.95 | 313.38 | - |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -1.36M | 389K | 2.46M | 320K | 0 |
| Days Inventory Outstanding | - | - | - | - | - | - | - | - | - | 5.51 | 52.69 | 7.25 | - |
| Other Current Assets | 0 | 1.1M | 622K | 392K | 428K | 329K | 0 | 0 | 0 | 0 | 2.44M | 0 | 191K |
| Total Non-Current Assets | 57.59M | 58.92M | 57.66M | 57.84M | 58.81M | 6.97M | 6.48M | 3.63M | 2.48M | 1.21M | 585K | 629K | 795K |
| Property, Plant & Equipment | 6.54M | 8.09M | 6.88M | 7.07M | 8.03M | 6.64M | 6.17M | 3.32M | 2.35M | 1.12M | 500K | 544K | 713K |
| Fixed Asset Turnover | 0.55x | 3.38x | 2.15x | 0.56x | - | 2.32x | 17.90x | 2.16x | 8.61x | 20.73x | 78.18x | 55.64x | 12.11x |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 50.47M | 50.42M | 50.42M | 50.42M | 50.42M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 584.66K | 0 | 361K | 0 | 0 | 0 | 304K | 304K | 126K | 86K | 85K | 0 | 0 |
| Other Non-Current Assets | 0 | 415K | 0 | 361K | 363K | 334K | 0 | 0 | 0 | 0 | 0 | 85K | 82K |
| Total Assets | 154.43M | 230.91M | 182.81M | 185.94M | 261.44M | 238.74M | 299.25M | 196.56M | 132.01M | 156.1M | 79.93M | 30.3M | 12.75M |
| Asset Turnover | 0.02x | 0.12x | 0.08x | 0.02x | - | 0.06x | 0.37x | 0.04x | 0.15x | 0.15x | 0.49x | 1.00x | 0.68x |
| Asset Growth % | -33.12% | 26.31% | -1.68% | -28.88% | 9.51% | -20.22% | 52.25% | 48.89% | -15.43% | 95.29% | 163.83% | 137.6% | - |
| Total Current Liabilities | 94.8M | 100.84M | 13.58M | 11.48M | 20.03M | 14.02M | 17.51M | 13.08M | 9.75M | 9.92M | 6.1M | 4.42M | 7.89M |
| Accounts Payable | 2.07M | 2.66M | 1.68M | 929K | 2M | 2.18M | 142K | 1.98M | 1.09M | 4.04M | 1.72M | 1.58M | 1.24M |
| Days Payables Outstanding | - | 15.51 | 11.22 | - | - | 13.4 | 1.03 | 16.31 | 12.2 | 57.14 | 36.8 | 35.87 | 26.41 |
| Short-Term Debt | 852.97K | 0 | 0 | 0 | 0 | 0 | 652K | 332K | 0 | 0 | 0 | 0 | 0 |
| Deferred Revenue (Current) | 83.8M | 0 | 138K | 0 | 0 | 0 | 4.48M | 351K | 355K | 521K | 45K | 205K | 0 |
| Other Current Liabilities | 3.83M | 85.06M | 0 | 587K | 717K | 306K | 0 | 0 | 0 | 0 | 0 | 0 | 3.92M |
| Current Ratio | 1.02x | 1.71x | 9.22x | 11.16x | 10.12x | 16.53x | 16.72x | 14.75x | 13.28x | 15.61x | 13.01x | 6.71x | 1.52x |
| Quick Ratio | 1.02x | 1.71x | 9.22x | 11.16x | 10.12x | 16.53x | 16.72x | 14.75x | 13.42x | 15.57x | 12.60x | 6.64x | 1.52x |
| Cash Conversion Cycle | - | - | - | - | - | - | - | - | - | -29.53 | 18.84 | 284.75 | - |
| Total Non-Current Liabilities | 14.69M | 17.8M | 8.6M | 5.47M | 9.44M | 9.24M | 9.3M | 5.85M | 5.42M | 3.8M | 2.79M | 2.41M | 0 |
| Long-Term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 186K | 494K | 0 | 0 | 0 | 0 |
| Capital Lease Obligations | 3.69M | 4.4M | 2.83M | 2.25M | 2.34M | 1.78M | 1.81M | 0 | 395K | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 8.66M | 13.4M | 5.77M | 3.21M | 7.1M | 7.46M | 7.49M | 5.67M | 4.53M | 3.8M | 2.79M | 2.41M | 0 |
| Total Liabilities | 109.49M | 118.64M | 22.17M | 16.95M | 29.46M | 23.26M | 26.81M | 18.93M | 15.17M | 13.72M | 8.89M | 6.83M | 7.89M |
| Total Debt | 4.55M | 5.43M | 3.5M | 2.8M | 2.91M | 2.22M | 2.91M | 518K | 395K | 0 | 0 | 0 | 0 |
| Net Debt | -22.28M | -30.85M | -75M | -28.79M | -79.31M | -158.67M | -190.68M | -155.94M | -123.98M | -152.21M | -76.52M | -3.31M | -11.25M |
| Debt / Equity | 0.10x | 0.05x | 0.02x | 0.02x | 0.01x | 0.01x | 0.01x | 0.00x | 0.00x | - | - | - | - |
| Debt / EBITDA | - | - | - | - | - | - | 0.06x | - | - | - | - | - | - |
| Net Debt / EBITDA | - | - | - | - | - | - | -4.16x | - | - | - | -4.05x | -0.30x | - |
| Interest Coverage | -367.83x | -381.80x | -307.09x | -198.27x | -124.63x | -332.93x | 23.12x | -151.55x | -178.67x | -27.69x | 779.62x | 2687.00x | - |
| Total Equity | 44.93M | 112.27M | 160.64M | 168.99M | 231.98M | 215.48M | 272.44M | 177.62M | 116.84M | 142.38M | 71.04M | 23.47M | 3.93M |
| Equity Growth % | -59.98% | -30.11% | -4.94% | -27.15% | 7.66% | -20.91% | 53.38% | 52.02% | -17.94% | 100.41% | 202.74% | 496.97% | - |
| Book Value per Share | 0.45 | 1.13 | 1.90 | 2.02 | 3.10 | 3.00 | 3.83 | 2.87 | 2.04 | 2.84 | 1.28 | 0.42 | 0.10 |
| Total Shareholders' Equity | 44.93M | 112.27M | 160.64M | 168.99M | 231.98M | 215.48M | 272.44M | 177.62M | 116.84M | 142.38M | 71.04M | 23.47M | 3.93M |
| Common Stock | 2.26M | 2.23M | 2.09M | 1.8M | 1.79M | 1.54M | 1.44M | 1.35M | 1.15M | 1.14M | 928K | 854K | 812K |
| Retained Earnings | -439.52M | -368.24M | -316.2M | -264.01M | -200.94M | -132.85M | -75.52M | -121.88M | -72.61M | -46.92M | -40.38M | -60.45M | -70.09M |
| Treasury Stock | -218.25K | -218K | -105K | -124K | -124K | -100K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 7.01K | -5K | -51K | 10K | 0 | 0 | 0 | -3.54M | 179.35M | -2.15M | -1.88M | -1.59M | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Liquidity and Milestone Dependency
As reported in recent financial statements, AC Immune's total assets have contracted from $230.9 million in 2024Q4 to $154.4 million by 2025Q4, reflecting a persistent depletion of the company's resource base as it continues to fund intensive clinical research without consistent, recurring revenue inflows.
The consistent decline in total assets alongside a widening accumulated deficit suggests that the company is consuming its capital base to sustain operations. This trajectory warrants close monitoring, as the shrinking asset cushion reduces the company's flexibility to navigate potential clinical trial delays or partnership renegotiations.
Based on the latest quarterly data, AC Immune's current ratio has compressed to 1.02 as of 2025Q4, a significant decline from the 9.22 ratio observed in 2023Q4, indicating that the company's immediate liquidity buffer is rapidly diminishing relative to its short-term operational obligations.
The rapid compression of the current ratio suggests that the company is approaching a point where its cash reserves may no longer comfortably cover near-term liabilities. Investors should consider that this liquidity profile leaves little room for error, making the timing of future milestone payments or external financing events increasingly vital.
According to the company's balance sheet, the accumulated deficit has deepened to -$439.5 million as of 2025Q4, which continues to weigh heavily on total equity and underscores the long-term capital intensity required to advance the company's neurodegenerative pipeline toward potential commercialization.
The persistent growth of the accumulated deficit reflects the ongoing, non-profitable nature of the company's R&D-heavy business model. This trend suggests that equity value remains entirely speculative, tied to the future success of clinical milestones rather than current operational profitability or retained earnings growth.
As noted in recent filings, goodwill remains a significant component of the balance sheet at $50.5 million, representing approximately 32.7% of total assets, which may potentially overstate the tangible value available to shareholders in the event of a pivot or liquidation of the current pipeline.
The reliance on goodwill as a major asset category suggests that a substantial portion of the balance sheet is tied to intangible valuations rather than liquid or productive assets. This concentration warrants further investigation, as any impairment of these intangible assets could lead to a material deterioration of the company's reported book value.
Quick answers to the most common questions about buying ACIU stock.
As of 2025, AC Immune S.A. (ACIU) had total assets of $154.4M including $96.8M in current assets.
AC Immune S.A. (ACIU) carries total debt of $4.5M, offset by $91.5M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
AC Immune S.A. (ACIU) has total shareholders' equity (book value) of $44.9M ($0.45 book value per share). Book value represents the net worth of the company belonging to common stock holders.
AC Immune S.A. (ACIU) reported a current ratio of 1.02x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.