AC Immune
ACIU Healthcare Biotechnology
AC Immune’s revenue for fiscal 2025 (year ended December 2025) was $4.3 million, down 86.1% from fiscal 2024. In the quarter to June 2026, revenue grew 29.7%, EPS grew 9.52% and free cash flow grew 4.66%, each against the same quarter a year earlier.
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AC Immune (ACIU) Beneish M-score
AC Immune's Beneish M-score for fiscal 2025 is 1.01; values above −1.78 are the model's flag for possible earnings manipulation — a statistical screen, not a finding.
Beneish M-score, annual
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Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2025 | 1.01 | 7.57 |
| FY2024 | −6.56 | (15.68) |
| FY2023 | 9.12 | 7.34 |
| FY2020 | 1.77 | (9.40) |
| FY2019 | 11.17 | 14.23 |
| FY2018 | −3.06 | (1.41) |
| FY2017 | −1.65 | (0.26) |
| FY2016 | −1.38 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 6.77 | — | 6.23 | |
| Gross margin index | 1.00 | — | 0.53 | |
| Asset quality index | 1.48 | — | 0.60 | |
| Sales growth index | 0.14 | — | 0.12 | |
| Depreciation index | 0.81 | — | 0.09 | |
| SG&A index | 7.13 | — | −1.23 | |
| Total accruals to total assets | (0.01) | — | −0.04 | |
| Leverage index | 1.41 | — | −0.46 | |
| Beneish M-score | Flagged by the model | 1.01 | ||
How the Beneish M-score works
M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.
| below −2.22 | Low — no pattern the model associates with manipulation |
|---|---|
| −2.22 to −1.78 | Elevated |
| above −1.78 | Flagged by the model |
−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.
When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.
Beneish M-score against peers
| Company | Beneish M-score |
|---|---|
| LCTX Lineage Cell Therapeutics, Inc. compare | −4.0× |
| VNDA Vanda Pharmaceuticals Inc. compare | −3.9× |
| ACIU AC Immune | 1.0× |
| XFOR X4 Pharmaceuticals, Inc. compare | 8.0× |
| SABS SAB Biotherapeutics, Inc. compare | — |
| BBOT BridgeBio Oncology Therapeutics, Inc compare | — |
| CABA Cabaletta Bio, Inc. compare | — |
| IKT Inhibikase Therapeutics, Inc. compare | — |
| RCKT Rocket Pharmaceuticals, Inc. compare | — |
What Beneish M-score is
The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.
−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI