Print Page     Close Window     

SEC Filings

20-F
AC IMMUNE SA filed this Form 20-F on 03/21/2019
Entire Document
 

 

(ii) we will allocate more funding to existing programs to advance the development of these programs;

 

(iii) we will increase our research and development efforts on non-AD indications including neuro-orphans and diagnostics; and

 

(iv) we will initiate a number of new research initiatives that are complementary to our existing and planned research initiatives.

 

We expect that our total future research and development costs will continue to increase over current levels in line with our three-pillar strategy that focuses on (i) Alzheimer’s disease, (ii) other significant neurodegenerative diseases and neuro-orphan indications, and (iii) diagnostics for early detection and earlier treatment of these diseases.

 

General and Administrative Expenses

 

General and administrative expenses include personnel costs, expenses for outside professional services, and all other allocated expenses. Personnel costs consist of salaries, cash bonuses, benefits and share-based compensation. Outside professional services consist of legal, accounting and audit services, IT and other consulting fees. Allocated expenses consist of rent expense related to our office and research and development facility. We continue to incur additional expenses as a result of operating as a public company, including expenses related to compliance with the rules and regulations of the SEC, and those of any national securities exchange on which our securities are traded (Nasdaq), additional insurance expenses, investor relations activities and other administrative and professional services.

 

Finance Result, net

 

Financial income and expenses include bank fees associated with charges levied by banks on foreign payments and foreign exchange transactions and remeasurement gains and losses which arise from our cash held in currency other than Swiss Francs, certain collaboration agreements such as the collaboration agreements with Genentech and Life Molecular Imaging being denominated in currencies other than Swiss Francs and selected purchases, which we effect in foreign currencies.

 

Interest income consists of interest received from banks on our cash balances. Interest expense relates to interest paid to banks and accrued interest for our debt obligation (Note 10).

 

Taxation

 

We are subject to corporate taxation in Switzerland.

 

We are also entitled under Swiss laws to carry forward any losses incurred for a period of seven years and can offset our losses carried forward against future taxes. As of December 31, 2018, we had tax loss carryforwards totaling CHF 108.7 million. There is no certainty that we will make sufficient profits to be able to utilize these tax loss carryforwards in full.

 

The ordinary corporate tax rate in the Canton of Vaud where we are domiciled is currently 13.63% as from January 1, 2019 onwards. There might be additional changes regarding the applicable tax rate depending on the outcome of the Tax Proposal 17.

 

Value Added Tax, or VAT, is charged on all qualifying goods and services by VAT-registered businesses. An amount of 7.7% of the value of the goods or services is added to all sales invoices and is payable to the Swiss tax authorities. Similarly, VAT paid on purchase invoices is reclaimable from the Swiss tax authorities.

 

 Results of Operations

 

The numbers below have been derived from our audited financial statements included elsewhere herein. The discussion below should be read along with these financial statements and it is qualified in its entirety by reference to them.

 

 107


© AC Immune 2015