AC Immune SA (ACIU) Cash Flow Statement
Where ACIU’s cash came from and went, 2025
December 31, 2025 · Swiss francs- Cash from operations
- −CHF 66.1M −200.5% vs 2024
- Capital expenditures
- CHF 859,541 24.1% of revenue
- Free cash flow
- −CHF 67.0M −1,875.4% margin
- Returned to shareholders
- —
- Change in cash
- −CHF 4.9M cash at year-end CHF 26.8M
Cash from operations
−CHF 66.1M
Capital expenditures
−CHF 859,541
Investments (net)
+CHF 64.6M
Acquisitions & other
−CHF 3.1M
Net borrowing (repayment)
−CHF 1.0M
Currency & other
+CHF 1.6M
Change in cash
−CHF 4.9M
Drawn to scale: where the cash came from and how it was used. Hover for values.
ACIU operating cash flow, capex and free cash flow
Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)
ACIU cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | −CHF 5.6M2016 | −CHF 66.1M2025 | — | |
| Capital expenditures | CHF 899,0002016 | CHF 859,5412025 | −0.5%/yr | |
| Free cash flow | −CHF 6.5M2016 | −CHF 67.0M2025 | — | |
| Free cash flow margin | −28.2%2016 | −1,875.4%2025 | −1,847.2 pts | |
| Stock-based compensation | CHF 1.3M2016 | CHF 4.4M2025 | +14.3%/yr | |
| Dividends paid | CHF 02016 | CHF 7,0002022 | — | |
| Share buybacks (net) | CHF 02016 | CHF 8,0002022 | — | |
| Capex / revenue | 3.9%2016 | 24.1%2025 | +20.2 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
ACIU cash flow by activity
OperatingInvestingFinancingChange in cash
ACIU net income vs operating cash flow
Net incomeOperating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
ACIU cash flow statement in Swiss francs
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | −CHF 67.3M | −CHF 50.9M | −CHF 54.2M | −CHF 70.8M | −CHF 73.0M | −CHF 61.9M | CHF 45.4M | −CHF 51.0M | −CHF 26.4M | −CHF 7.1M |
| Depreciation & amortization | CHF 2.5M | CHF 2.2M | CHF 2.2M | CHF 2.4M | CHF 2.4M | CHF 2.0M | CHF 1.7M | CHF 961,000 | CHF 580,000 | CHF 278,000 |
| Stock-based compensation | CHF 4.4M | CHF 5.5M | CHF 4.4M | CHF 3.3M | CHF 4.1M | CHF 4.1M | CHF 2.8M | CHF 2.5M | CHF 1.6M | CHF 1.3M |
| Change in working capital | −CHF 6.5M | CHF 107.5M | −CHF 15.2M | −CHF 8.4M | CHF 6.8M | −CHF 4.6M | CHF 5.7M | CHF 1.8M | −CHF 2.0M | CHF 3.3M |
| Other non-cash items | CHF 703,141 | CHF 1.6M | CHF 2.4M | −CHF 72,000 | −CHF 6.1M | CHF 922,000 | −CHF 400,000 | CHF 1.6M | CHF 4.1M | −CHF 3.4M |
| Cash from operating activities | −CHF 66.1M | CHF 65.8M | −CHF 60.4M | −CHF 73.6M | −CHF 65.7M | −CHF 59.5M | CHF 55.2M | −CHF 44.1M | −CHF 22.1M | −CHF 5.6M |
| Investing activities | ||||||||||
| Capital expenditures | −CHF 859,541 | −CHF 576,000 | −CHF 801,000 | −CHF 1.2M | −CHF 2.6M | −CHF 1.7M | −CHF 1.9M | −CHF 1.9M | −CHF 1.8M | −CHF 899,000 |
| Investments (net) | CHF 64.6M | −CHF 105.3M | CHF 65.6M | CHF 23.8M | −CHF 53.7M | CHF 30.0M | −CHF 66.9M | −CHF 32.0M | −CHF 1.8M | −CHF 899,000 |
| Acquisitions & other investing | −CHF 3.1M | CHF 576,000 | CHF 801,000 | CHF 1.2M | CHF 2.6M | CHF 35,000 | CHF 1.9M | CHF 1.9M | CHF 1.8M | CHF 899,000 |
| Cash from investing activities | CHF 60.7M | −CHF 105.3M | CHF 65.6M | CHF 23.8M | −CHF 53.7M | CHF 28.3M | −CHF 66.9M | −CHF 32.0M | −CHF 1.8M | −CHF 899,000 |
| Financing activities | ||||||||||
| Dividends paid | — | — | — | −CHF 7,000 | — | — | CHF 0 | CHF 0 | CHF 0 | CHF 0 |
| Share repurchases & issuance (net) | — | — | — | −CHF 8,000 | CHF 0 | −CHF 100,000 | CHF 69,000 | CHF 111.5M | CHF 71,000 | CHF 82.9M |
| Net borrowing (repayment) | −CHF 1.0M | −CHF 683,000 | −CHF 548,000 | −CHF 569,000 | CHF 22.9M | −CHF 946,000 | CHF 50.1M | −CHF 141,000 | CHF 200,000 | CHF 200,000 |
| Shares issued | CHF 6,000 | CHF 111,000 | CHF 43.8M | CHF 4.3M | CHF 16.7M | CHF 100,000 | CHF 0 | CHF 111.5M | CHF 0 | CHF 0 |
| Other financing | CHF 45,857 | −CHF 548,000 | CHF 0 | −CHF 5.1M | CHF 1.1M | CHF 143,000 | −CHF 510,000 | −CHF 113.5M | CHF 0 | −CHF 4.3M |
| Cash from financing activities | −CHF 974,143 | −CHF 1.1M | CHF 43.2M | −CHF 1.3M | CHF 40.7M | −CHF 803,000 | CHF 49.6M | CHF 109.4M | CHF 271,000 | CHF 78.8M |
| Summary | ||||||||||
| Net change in cash | −CHF 4.9M | −CHF 42.2M | CHF 46.9M | −CHF 50.6M | −CHF 78.7M | −CHF 32.7M | CHF 37.1M | CHF 32.1M | −CHF 27.8M | CHF 75.7M |
| Cash at end of period | CHF 26.8M | CHF 36.3M | CHF 78.5M | CHF 31.6M | CHF 82.2M | CHF 160.9M | CHF 193.6M | CHF 156.5M | CHF 124.4M | CHF 152.2M |
| Free cash flow | −CHF 67.0M | CHF 65.3M | −CHF 61.2M | −CHF 74.8M | −CHF 68.3M | −CHF 61.2M | CHF 53.3M | −CHF 45.9M | −CHF 23.9M | −CHF 6.5M |
| Free cash flow margin | −1,875.4% | 239.0% | −413.5% | −1,901.1% | −7,237.7% | −396.8% | 48.3% | −638.5% | −118.0% | −28.2% |
| Capex / revenue | 24.1% | 2.1% | 5.4% | 31.5% | 279.1% | 11.1% | 1.7% | 25.8% | 8.9% | 3.9% |
| Operating cash flow / net income | — | — | — | — | — | — | 1.22 | — | — | — |
| Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | −CHF 14.3M | −CHF 15.9M | −CHF 21.2M | −CHF 19.0M | −CHF 15.8M | CHF 5.5M | −CHF 22.8M | −CHF 17.9M | −CHF 4.7M | −CHF 15.1M |
| Depreciation & amortization | CHF 650,022 | CHF 613,000 | CHF 623,000 | CHF 612,000 | CHF 529,000 | CHF 529,000 | CHF 548,000 | CHF 556,000 | CHF 555,000 | CHF 549,000 |
| Stock-based compensation | CHF 904,000 | CHF 813,000 | CHF 1.1M | CHF 1.6M | CHF 967,000 | CHF 1.2M | CHF 608,000 | CHF 1.9M | CHF 797,000 | CHF 298,000 |
| Change in working capital | −CHF 3.8M | −CHF 99,000 | CHF 1.5M | −CHF 2.3M | CHF 22.4M | −CHF 24.2M | CHF 91.2M | CHF 18.1M | −CHF 14.6M | CHF 425,000 |
| Other non-cash items | CHF 34,881 | −CHF 3.8M | CHF 2.3M | CHF 339,000 | −CHF 2.1M | CHF 2.8M | CHF 3.4M | −CHF 1.7M | CHF 1.8M | CHF 571,000 |
| Cash from operating activities | −CHF 16.4M | −CHF 18.3M | −CHF 15.6M | −CHF 18.8M | CHF 5.9M | −CHF 14.1M | CHF 73.0M | CHF 1.0M | −CHF 16.2M | −CHF 13.3M |
| Investing activities | ||||||||||
| Capital expenditures | −CHF 107,162 | −CHF 58,000 | −CHF 373,000 | −CHF 362,000 | −CHF 90,000 | −CHF 169,000 | −CHF 68,000 | −CHF 249,000 | −CHF 166,000 | −CHF 280,000 |
| Investments (net) | CHF 16.1M | CHF 20.6M | CHF 23.9M | CHF 3.0M | −CHF 3.8M | −CHF 2.1M | −CHF 75.8M | −CHF 23.6M | CHF 23.3M | CHF 4.7M |
| Acquisitions & other investing | −CHF 62,746 | CHF 58,000 | CHF 373,000 | CHF 362,000 | CHF 90,000 | CHF 169,000 | CHF 68,000 | CHF 249,000 | CHF 166,000 | CHF 280,000 |
| Cash from investing activities | CHF 15.9M | CHF 20.6M | CHF 23.9M | CHF 3.0M | −CHF 3.8M | −CHF 2.1M | −CHF 75.8M | −CHF 23.6M | CHF 23.3M | CHF 4.7M |
| Financing activities | ||||||||||
| Share repurchases & issuance (net) | — | — | — | −CHF 5,000 | — | — | — | — | — | — |
| Net borrowing (repayment) | −CHF 260,000 | −CHF 258,000 | −CHF 255,000 | −CHF 253,000 | −CHF 171,000 | −CHF 172,000 | — | — | — | — |
| Shares issued | CHF 0 | CHF 4,000 | CHF 0 | CHF 0 | CHF 0 | CHF 0 | CHF 135,000 | CHF 2,000 | CHF 41.2M | CHF 574,000 |
| Other financing | CHF 47 | CHF 0 | CHF 8,000 | CHF 0 | −CHF 26,000 | −CHF 1,000 | −CHF 197,000 | −CHF 690,000 | −CHF 139,000 | −CHF 126,000 |
| Cash from financing activities | −CHF 259,953 | −CHF 254,000 | −CHF 247,000 | −CHF 258,000 | −CHF 197,000 | −CHF 173,000 | −CHF 62,000 | −CHF 688,000 | CHF 41.0M | CHF 448,000 |
| Summary | ||||||||||
| Net change in cash | −CHF 828,396 | CHF 2.0M | CHF 5.8M | −CHF 16.3M | CHF 3.9M | −CHF 19.1M | −CHF 5.4M | −CHF 21.5M | CHF 46.6M | −CHF 8.1M |
| Cash at end of period | CHF 26.8M | CHF 27.7M | CHF 25.7M | CHF 20.0M | CHF 36.3M | CHF 32.4M | CHF 51.6M | CHF 57.0M | CHF 78.5M | CHF 31.9M |
| Free cash flow | −CHF 16.6M | −CHF 18.4M | −CHF 16.0M | −CHF 19.2M | CHF 5.8M | −CHF 14.3M | CHF 73.0M | CHF 775,000 | −CHF 16.4M | −CHF 13.6M |
| Free cash flow margin | −4,897.9% | −1,959.3% | −1,222.9% | −1,937.2% | 514.0% | −56.2% | 10,619.9% | 112.8% | −110.5% | — |
| Capex / revenue | 31.7% | 6.2% | 28.6% | 36.6% | 7.9% | 0.7% | 9.9% | 36.2% | 1.1% | — |
| Operating cash flow / net income | — | — | — | — | — | −2.57 | — | — | — | — |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in Swiss francs as reported; data from EODHD.
ACIU cash generation
In fiscal 2025 (ended December 31, 2025), AC Immune generated -CHF 66.1 million of cash from operations (down 200.5%) and spent CHF 0.9 million on capital expenditures, leaving free cash flow of -CHF 67.0 million, −1,875.4% of revenue. Cash and equivalents fell by CHF 4.9 million over the year.
Related: ACIU income statement, ACIU balance sheet. See the ACIU stock overview for the latest quote and news.
ACIU cash flow FAQ
What is AC Immune's free cash flow?
AC Immune's free cash flow was -CHF 67.0 million in fiscal 2025: -CHF 66.1 million of operating cash flow minus CHF 0.9 million of capital expenditures It was CHF 65.3 million a year earlier..
How much cash does AC Immune generate from operations?
AC Immune generated -CHF 66.1 million of cash from operating activities in fiscal 2025.
How much does AC Immune spend on capital expenditures?
AC Immune spent CHF 0.9 million on capital expenditures in fiscal 2025, 24.1% of revenue, compared with CHF 0.6 million the year before.