Bull case
AC Immune is attractive fundamentally because its platform spans active immunotherapy, small molecules, and diagnostics across Aβ, Tau, αSyn, and NLRP3, giving it multiple shots on goal in neurodegeneration while addressing areas where simpler administration, lower cost, and longer-lasting responses can be differentiating. The company’s ACI-24 program has shown strong immunogenicity with no ARIA-E events reported, Takeda has already provided a $100M upfront payment, and the agreement still carries up to about $2.1B in potential milestones plus royalties, which materially de-risks the pipeline. Positive PD signals from ACI-7104.056, including biomarker stabilization and encouraging motor readouts, alongside a $26,500 U.S. annual price assumption and 25% PoS with 2031 market entry, support meaningful long-term upside if clinical translation continues.