AC Immune SA remains focused on advancing immunotherapies for neurodegenerative diseases, operating without approved products or commercial sales. The company’s 2025 revenue declined sharply to CHF 3.6 million due to the termination of key collaborations and reacquisition of development rights. Despite a net loss of CHF 70.4 million, strong cash management sustains operations through Q3 2027. Ongoing partnerships with Janssen, Takeda, and Lilly complement internal development efforts as AC Immune progresses clinical pipelines independently amid typical biotech risks.