Estados financieros detallados de AC Immune S.A. (ACIU): cuenta de resultados, balance general y flujo de caja. Sigue la evolución de márgenes, deuda, liquidez y rentabilidad año a año con hasta 20 años de histórico.
Resumen del Análisis
AC Immune S.A. registró ingresos de $3.6M en el último ejercicio fiscal, con un CAGR de 5 años del -25.4%.
Márgenes de los últimos 12 meses: margen bruto 100.0%, margen operativo -252.3%, margen neto -246.5%.
Al precio actual de $2.65, ACIU presenta beneficios negativos (P/E no significativo) y un ROE del -99.17%. La capitalización bursátil es de $270M.
Cuenta de Resultados (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Ingresos | $23.2M | $20.3M | $7.2M | $110.5M | $15.4M | 0 | $3.9M | $14.8M | $27.3M | $3.6M |
| Coste de Ventas | $25.8M | $32.7M | $44.3M | $50.4M | $59.5M | 0 | 0 | $54.6M | $62.6M | 0 |
| Beneficio Bruto | -$2.6M | -$12.4M | -$37.1M | $60.0M | -$44.1M | 0 | $3.9M | -$39.8M | -$35.3M | $3.6M |
| I+D | $25.8M | $32.7M | $44.3M | $50.4M | $59.5M | $62.3M | $60.3M | $54.6M | $62.6M | $56.4M |
| Generales y Administrativos | $4.7M | $6.3M | $7.6M | $16.1M | $18.6M | $10.9M | $9.6M | $10.6M | $11.4M | $11.7M |
| Gastos Operativos | $33.7M | $42.8M | $56.7M | $15.5M | $17.2M | $79.0M | $74.8M | $13.8M | $17.1M | $72.4M |
| Beneficio Operativo | -$10.5M | -$22.5M | -$49.5M | $44.5M | -$61.3M | -$79.0M | -$70.8M | -$53.6M | -$52.4M | -$68.9M |
| EBITDA | -$6.8M | -$22.5M | -$49.7M | $45.8M | -$59.7M | -$70.0M | -$68.0M | -$51.8M | -$48.6M | -$67.8M |
| Gastos por Intereses | $256000 | $147000 | $334000 | $1.9M | $184000 | $581000 | $355000 | $176000 | $133000 | $191000 |
| Beneficio Antes de Impuestos | -$7.1M | -$26.4M | -$51.0M | $45.4M | -$61.9M | -$73.0M | -$70.7M | -$54.2M | -$50.9M | -$70.4M |
| Impuestos | 0 | $147000 | 0 | 0 | 0 | $3000 | $13000 | $10000 | $3000 | 0 |
| Beneficio Neto | -$7.1M | -$26.4M | -$51.0M | $45.4M | -$61.9M | -$73.0M | -$70.8M | -$54.2M | -$50.9M | -$70.4M |
| BPA | $-0.14 | $-0.46 | $-0.82 | $0.64 | $-0.86 | $-0.97 | $-0.85 | $-0.64 | $-0.51 | $-0.70 |
| BPA Diluido | $-0.14 | $-0.46 | $-0.82 | $0.64 | $-0.86 | $-0.97 | $-0.85 | $-0.64 | $-0.51 | $-0.70 |
| Acciones en Circulación (Diluidas) | $50.1M | $57.4M | $61.8M | $71.1M | $71.9M | $75.0M | $83.6M | $84.7M | $99.7M | $100.8M |
Cuenta de Resultados (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Ingresos | $939000 | $338000 | $1.1M | $15.1M |
| Beneficio Bruto | $939000 | $338000 | $1.1M | $15.1M |
| Beneficio Operativo | -$16.2M | -$14.4M | -$14.8M | $1.2M |
| EBITDA | -$15.5M | -$13.7M | -$14.7M | $1.9M |
| Beneficio Neto | -$15.9M | -$14.4M | -$14.8M | $1.9M |
| BPA | $-0.16 | $-0.14 | $-0.15 | $0.02 |
| BPA Diluido | $-0.16 | $-0.14 | $-0.15 | $0.02 |
Balance (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Caja y Equivalentes | $152.2M | $124.4M | $156.5M | $193.6M | $160.9M | $82.2M | $31.6M | $78.5M | $36.3M | $26.8M |
| Inversiones a Corto | 0 | 0 | $30.0M | $95.0M | $65.0M | $116.0M | $91.0M | $24.6M | $129.2M | $64.7M |
| Cuentas por Cobrar | $1.4M | $3.7M | $4.1M | $1.4M | $1.6M | $975000 | $408000 | $15.0M | $1.1M | $1.3M |
| Inventario | $389000 | -$1.4M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Activos Corrientes | $154.9M | $129.5M | $192.9M | $292.8M | $231.8M | $202.6M | $128.1M | $125.2M | $172.0M | $96.8M |
| Inmovilizado Material | $1.1M | $2.4M | $3.3M | $6.2M | $6.6M | $8.0M | $7.1M | $6.9M | $8.1M | $6.5M |
| Fondo de Comercio | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Activos Intangibles | 0 | 0 | 0 | 0 | 0 | $50.4M | $50.4M | $50.4M | $50.4M | $50.5M |
| Activos Totales | $156.1M | $132.0M | $196.6M | $299.2M | $238.7M | $261.4M | $185.9M | $182.8M | $230.9M | $154.4M |
| Cuentas por Pagar | $4.0M | $1.1M | $2.0M | $142000 | $2.2M | $2.0M | $929000 | $1.7M | $2.7M | $2.1M |
| Deuda a Corto | 0 | 0 | $332000 | $652000 | 0 | 0 | 0 | 0 | 0 | 0 |
| Pasivos Corrientes | $9.9M | $9.8M | $13.1M | $17.5M | $14.0M | $20.0M | $11.5M | $13.6M | $100.8M | $94.8M |
| Deuda a Largo | 0 | $494000 | $186000 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Pasivos Totales | $13.7M | $15.2M | $18.9M | $26.8M | $23.3M | $29.5M | $16.9M | $22.2M | $118.6M | $109.5M |
| Reservas | -$46.9M | -$72.6M | -$121.9M | -$75.5M | -$132.8M | -$200.9M | -$264.0M | -$316.2M | -$368.2M | -$439.5M |
| Patrimonio Neto | $142.4M | $116.8M | $177.6M | $272.4M | $215.5M | $232.0M | $169.0M | $160.6M | $112.3M | $44.9M |
| Deuda Total | 0 | $395000 | $518000 | $2.9M | $2.2M | $2.9M | $2.8M | $3.5M | $5.4M | $4.5M |
| Deuda Neta | -$152.2M | -$124.0M | -$185.9M | -$285.7M | -$223.7M | -$195.3M | -$119.8M | -$99.6M | -$160.1M | -$86.9M |
| Capital Circulante | $145.0M | $119.8M | $179.8M | $275.3M | $217.7M | $182.6M | $116.6M | $111.6M | $71.2M | $2.0M |
Balance (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Caja y Equivalentes | $27.7M | $26.8M | $19.2M | $27.8M |
| Activos Totales | $171.6M | $154.4M | $137.4M | $150.4M |
| Pasivos Totales | $109.2M | $109.5M | $105.9M | $115.2M |
| Patrimonio Neto | $62.4M | $44.9M | $31.5M | $35.2M |
| Deuda Total | $4.7M | $4.5M | $4.3M | $4.1M |
Flujo de Caja (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Beneficio Neto | -$7.1M | -$26.4M | -$51.0M | $45.4M | -$61.9M | -$73.0M | -$70.8M | -$54.2M | -$50.9M | -$67.3M |
| Amortizaciones | $278000 | $580000 | $961000 | $1.7M | $2.0M | $2.4M | $2.4M | $2.2M | $2.2M | $2.4M |
| Compensación en Acciones | $1.3M | $1.6M | $2.5M | $2.8M | $4.1M | $4.1M | $3.3M | $4.4M | $5.5M | 0 |
| Cambio en Capital Circulante | $3.3M | -$2.0M | $1.8M | $5.7M | -$4.6M | $6.8M | -$8.4M | -$15.2M | $107.5M | -$6.5M |
| Flujo de Caja Operativo | -$5.6M | -$22.1M | -$44.1M | $55.2M | -$59.5M | -$65.7M | -$73.6M | -$60.4M | $65.8M | -$66.1M |
| Inversiones (CapEx) | -$899000 | -$1.8M | -$1.9M | -$1.9M | -$1.7M | -$2.6M | -$1.2M | -$801000 | -$576000 | -$859541 |
| Adquisiciones | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | $14325 |
| Recompra de Acciones | 0 | 0 | 0 | 0 | -$100000 | 0 | -$8000 | 0 | 0 | 0 |
| Dividendos Pagados | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Flujo de Caja Libre | -$6.5M | -$23.9M | -$45.9M | $53.3M | -$61.2M | -$68.3M | -$74.8M | -$61.2M | $65.3M | -$67.0M |
Flujo de Caja (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Flujo de Caja Operativo | -$18.3M | -$16.4M | 0 | 0 |
| Inversiones (CapEx) | -$58000 | -$107162 | 0 | 0 |
| Flujo de Caja Libre | -$18.4M | -$16.6M | 0 | 0 |
| Dividendos Pagados | 0 | 0 | 0 | 0 |
| Compensación en Acciones | 0 | 0 | 0 | $2.6M |
Crecimiento y Márgenes (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Crecimiento Ingresos (anual) | | -12.7% | -64.5% | +1435.4% | -86.0% | -100.0% | | +276.1% | +84.5% | -86.9% |
| Crecimiento Beneficio Neto (anual) | | -272.2% | -92.9% | +189.2% | -236.3% | -17.9% | +3.1% | +23.3% | +6.1% | -38.4% |
| Crecimiento BPA (anual) | | -228.6% | -78.3% | +178.0% | -234.4% | -12.8% | +12.4% | +24.7% | +20.3% | -37.3% |
| Cambio en Acciones (anual) | | +14.5% | +7.8% | +15.0% | +1.1% | +4.2% | +11.5% | +1.4% | +17.7% | +1.1% |
| Crecimiento FCF (anual) | | -265.1% | -92.2% | +216.1% | -214.8% | -11.6% | -9.5% | +18.2% | +206.6% | -202.7% |
| Margen Bruto | -11.0% | -61.3% | -515.5% | 54.3% | -285.5% | | 100.0% | -268.9% | -129.1% | 100.0% |
| Margen Operativo | -45.0% | -111.3% | -688.8% | 40.3% | -397.0% | | -1800.4% | -362.3% | -191.8% | -1927.3% |
| Margen EBITDA | -29.3% | -111.3% | -690.2% | 41.5% | -387.0% | | -1728.7% | -350.2% | -178.0% | -1896.2% |
| Margen Neto | -30.6% | -130.4% | -708.2% | 41.1% | -401.3% | | -1798.0% | -366.4% | -186.4% | -1971.6% |
| Margen FCF | -28.2% | -118.0% | -638.5% | 48.3% | -396.8% | | -1901.1% | -413.5% | 239.0% | -1875.4% |
| Tasa Impositiva Efectiva | -0.0% | -0.6% | -0.0% | 0.0% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% |
Datos por Acción (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF por Acción | $-0.13 | $-0.42 | $-0.74 | $0.75 | $-0.85 | $-0.91 | $-0.90 | $-0.72 | $0.65 | $-0.67 |
| Dividendo por Acción | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Acciones en Circulación (Básicas) | $50.1M | $57.1M | $61.8M | $70.6M | $71.9M | $75.0M | $83.6M | $84.7M | $99.7M | $100.8M |
Qué mirar en Biotech
La mayoría de biotechs pequeñas pierden dinero. Analizarlas con P/E no tiene sentido — mira caja y pipeline.
- Cash Runway — Meses de caja al ritmo de gasto actual. <18 meses = riesgo de dilución urgente
- Cash burn anual — Ritmo al que queman caja operativa. Comparar con posición de caja para proyectar runway
- Total Debt — Biotech sin ingresos + deuda = receta para bancarrota
- I+D / Capitalización — Cuánto invierten en pipeline vs lo que vale la empresa — indicador de intensidad investigadora
- Market cap / Cash — Si cotiza cerca de su caja, el mercado le da ~0 valor al pipeline — puede ser oportunidad o trampa
Rentabilidad
| Rentabilidad sobre capital | -99.17% |
| Rentabilidad sobre capital invertido | -86.61% |
| Rentabilidad sobre activos | -28.70% |
| Margen bruto | 100.00% |
| Margen operativo | -252.25% |
| Margen neto | -246.49% |
Salud financiera
| Deuda / Patrimonio | 0.12 |
| Ratio corriente | 0.93 |
| Piotroski F-Score | 2 |
| Altman Z-Score | -4.04 |
Ratios Clave (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | -94.35 | -28.26 | -11.34 | 12.87 | -5.32 | -4.65 | -2.22 | -6.57 | -4.81 | -3.56 |
| P/VC | 4.65 | 6.35 | 3.24 | 2.14 | 1.53 | 1.46 | 0.93 | 2.22 | 2.18 | 5.58 |
| P/V | 28.50 | 36.64 | 79.92 | 5.27 | 21.33 | 0.00 | 40.03 | 24.06 | 8.95 | 70.23 |
| Margen Bruto | -11.0% | -61.3% | -515.5% | 54.3% | -285.5% | 0.0% | 100.0% | -268.9% | -129.1% | 100.0% |
| Margen Operativo | -45.0% | -111.3% | -688.8% | 40.3% | -397.0% | 0.0% | -1800.4% | -362.3% | -191.8% | -1927.3% |
| Margen Neto | -30.6% | -130.4% | -708.2% | 41.1% | -401.3% | 0.0% | -1798.0% | -366.4% | -186.4% | -1971.6% |