AC Immune S.A. (ACIU) Income Statement

Two quarters, 2024Q3 and 2026Q2, contributed $40.6M of the roughly $47M booked across the ten-period window, implying that a handful of transactions determine whether ACIU prints an operating profit. The 10.6% growth shown for 2026Q2 is computed against a $1.1M base and should be treated as statistically meaningless; the more relevant question for analysts is whether new contract signings can be observed in upcoming filings.

With no cost of goods reported, gross margin cannot signal pricing power or manufacturing efficiency; the operative metric is operating margin, which has oscillated across a 71-point range without a discernible trend tied to cost structure. This implies ACIU's profitability is a function of revenue timing rather than structural margin expansion, a sharp contrast to peers such as NRXP that carry a real 58.8% gross margin and therefore a meaningful gross-to-operating conversion question.

Excluding the two revenue-spike quarters, quarterly operating losses still averaged roughly $18M, which suggests the fixed cost base has not materially reset and that operating leverage remains unproven. The R&D contraction is a genuine positive for burn, but because revenue did not scale alongside it, investors cannot yet conclude that ACIU has reached a structurally better cost-revenue configuration.

The lean SG&A line suggests disciplined corporate overhead relative to research intensity, which is typical for a pre-commercial biotech but also means there is little fat left to cut if funding tightens. The negative SG&A entries are analytically important: if they represent expense reversals rather than true negative spend, then the underlying loss run rate in 2024Q4 and 2025Q4 was worse than the reported operating figures imply.