ACI-24 Readout Very Muted. The Approach Works, but the Immunogenicity Levels are Lower than Expected (Hoped) at a Time When Sufficient Levels are Well Defined. On to the Next Cohort, but It's an NLRP3 Story for A While.

Research evidence excerpt

ACI-24 Readout Very Muted. The Approach Works, but the Immunogenicity Levels are Lower than Expected (Hoped) at a Time When Sufficient Levels are Well Defined. On to the Next Cohort, but It's an NLRP3 Story for A While.

ccinations, $26,500 per

patient per year in the U.S. with a 50% discount in the E.U. Company Description

■ ACI-35.030 for Preclinical AD — 35% PoS, 2031 market entry, 20% peak penetration AC Immune is a clinical-stage

in preclinical AD patients with confirmed Tau pathology willing to take vaccinations. biotechnology company with a broad

$26,500 per patient per year in the U.S. with a 50% discount in the E.U. pipeline of agents to both detect

■ ACI-7104.056 for PD — 25% PoS, 2031 market entry, 20% peak penetration in early and clear the toxic proteins that

PD. $26,500 per patient per year in the U.S. with a 50% discount in the E.U. drive neurodegeneration. Additionally,

AC Immune has developed a broad

Upside Scenario collection of small molecules that

bind specifically to toxic aggregates

■ ACIU secures additional development and commercialization partnerships for the including Aβ, Tau, α-synuclein, and

ongoing clinical and discovery programs (e.g., mAbs, morphomers, PET tracers) TDP-43 to inhibit aggregation or degrade

■ Robust changes in biomarkers of AD progression in favor of potential accelerated aggregates. The morphomer platform is

approval pathway for ACI-24.060 versatile and allows the development

of small-molecule PET imaging agents

specific for different protein aggregates

Downside Scenario found in patients.

■ Any unexpected safety signals from any of the active immunotherapy programs

■ Unexpected delays in preclinical/clinical development

BTIG, LLC Thomas Shrader, PhD, CFA (212) 527-3551 www.btig.com