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SEC Filings

AC IMMUNE SA filed this Form 20-F on 03/21/2019
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Short-term employee benefits comprise of salaries, bonuses, social security and expense allowances. On December 6, 2018, our former CSO Dr. Andreas Muhs passed away. His salary, bonus, social security and expense allowance for his time as a member of our Executive Management team have been included in the reconciliation above within short-term employee benefits and post-employment benefits.


On July 31, 2018, as part of the Company’s previously announced second subscription rights offering, a major shareholder and members of the Board and Executive Management purchased an aggregate of 614,147 of the Company’s common shares on the same basis and otherwise on the same terms as the other participants in such rights offering.


14.Income taxes


The Company recognized no income tax expense or deferred tax asset or liability positions for the years ended December 31, 2018, 2017, and 2016.


The income tax expense for each year can be reconciled to loss before tax as follows:



For the Years Ended

December 31, 

in CHF thousands 2018   2017   2016
Loss before income tax (50,951)   (26,411)   (7,096)
Tax benefit calculated at the statutory rate of 20.6% (20.5% for 2017 and 21% for 2016) (10,507)   (5,420)   (1,504)
Permanent differences 334   40   (166)
Effect of unrecognized carry forward tax loss    
Effect of unused tax losses and tax offsets not recognized as deferred tax assets 10,173   5,380   1,670
Effective income tax rate benefit / (expense)    


The tax rate used for the 2018 reconciliations above is the corporate tax rate of 20.6% (20.5%: 2017 and 21%: 2016) payable by corporate entities in the Canton of Vaud, Switzerland on taxable profits under tax law in that jurisdiction.



As of

December 31,

in CHF thousands 2018   2017   2016
Unrecognized deductible temporary differences, unused tax losses and unused tax credits          
Deductible temporary differences, unused tax losses and unused tax credits for which no deferred tax assets have been recognized are attributable to the following:          
- Tax losses 109,294   62,575   36,707
- Deductible temporary differences related to the retirement benefit plan 5,665   4,926   3,798
Total 114,959   67,501   40,505



© AC Immune 2015