0001558370-23-013301 | 6-K | XBRL Viewer

Print Document View Excel Document

Contract revenues and other operating income - Licensing and collaboration agreement (Details) - CHF (SFr) SFr in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Contract revenues and other operating income
Contract revenue	SFr 0.0	SFr 0.0	SFr 0.0	SFr 0.0

Accrued expenses

6 Months Ended

Jun. 30, 2023

Accrued expenses

Accrued expenses

8.Accrued expenses


	As of
In CHF thousands	June 30, 2023	December 31, 2022
Accrued expenses	8,818	9,417
Total accrued expenses	8,818	9,417

Accrued expenses consists of accrued R&D costs, accrued payroll expenses and other accrued expenses totaling CHF 8.8 million and CHF 9.4 million as of June 30, 2023 and December 31, 2022, respectively.

Corporate information

6 Months Ended

Jun. 30, 2023

Corporate information

Corporate information

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited)
(in CHF thousands, except share and per share amounts)

1.	Corporate information

AC Immune SA was founded in 2003. The Company controls a fully-owned subsidiary, AC Immune USA, Inc. (“AC Immune USA” or “Subsidiary” and, together with AC Immune SA, “AC Immune,” “ACIU,” “Company,” “we,” “our,” “ours,” “us”), which was organized under the laws of Delaware, USA in June 2021. The Company and its Subsidiary form the Group.

AC Immune SA is a clinical-stage biopharmaceutical company leveraging our two proprietary technology platforms to discover, design and develop novel proprietary medicines and diagnostics for prevention and treatment of neurodegenerative diseases (NDD) associated with protein misfolding. Misfolded proteins are generally recognized as the leading cause of NDD, such as Alzheimer’s disease (AD) and Parkinson’s disease (PD), with common mechanisms and drug targets, such as amyloid beta (Abeta), Tau, alpha-synuclein (a-syn) and TDP-43. Our corporate strategy is founded upon a three-pillar approach that targets (i) AD, (ii) focused non-AD NDD including Parkinson’s disease, ALS and NeuroOrphan indications and (iii) diagnostics. We use our two unique proprietary platform technologies, SupraAntigen (conformation-specific biologics) and Morphomer (conformation-specific small molecules), to discover, design and develop novel medicines and diagnostics to target misfolded proteins.

The Interim Condensed Consolidated Financial Statements of AC Immune SA as of and for the three and six months ended June 30, 2023 were authorized for issuance by the Company’s Audit and Finance Committee on August 3, 2023.

Cash and cash equivalents and short-term financial assets - Cash and cash equivalents (Details) SFr in Thousands	Jun. 30, 2023 CHF (SFr) SFr / $	Dec. 31, 2022 CHF (SFr) SFr / $	Jun. 30, 2022 CHF (SFr) SFr / $	Dec. 31, 2021 CHF (SFr)
Cash and cash equivalents [Abstract]
Cash and cash equivalents \| SFr	SFr 40,007	SFr 31,586	SFr 63,147	SFr 82,216
Translation rate into CHF \| SFr / $	0.908	0.933	0.965

Contract revenues and other operating income - Grants from the Michael J. Fox Foundation (Details) SFr in Thousands, $ in Millions	1 Months Ended				3 Months Ended		6 Months Ended
	Feb. 28, 2023 CHF (SFr)	Feb. 28, 2023 USD ($)	Aug. 31, 2022 CHF (SFr)	Aug. 31, 2022 USD ($)	Jun. 30, 2023 CHF (SFr)	Jun. 30, 2022 CHF (SFr)	Jun. 30, 2023 CHF (SFr)	Jun. 30, 2022 CHF (SFr)	Dec. 31, 2022 CHF (SFr)
Contract revenues
Revenue from contracts with customers					SFr 0	SFr 0	SFr 0	SFr 0
Income from grants					317	207	725	677
Accrued income					675		675		SFr 408
Deferred income					430		430		SFr 587
Grant revenue [Member]
Contract revenues
Income from grants					300	SFr 200	700	SFr 600
Deferred income					SFr 400		SFr 400
Grant from Michael J. Fox Foundation \| Alpha-synuclein PET imaging diagnostic agent
Contract revenues
Follow-on grant funding received, total for joint arrangement			SFr 500	$ 0.5
Follow-on grant funding received			400	0.4
Additional grant awarded	SFr 500	$ 0.5
Grant from Michael J. Fox Foundation \| Alpha-synuclein PET imaging diagnostic agent \| Skane University Hospital
Contract revenues
Follow-on grant funding received			SFr 100	$ 0.1

Right-of-use assets, long-term financial assets and lease liabilities - Contractual undiscounted cash flows for lease obligations (Details) - CHF (SFr) SFr in Thousands	Jun. 30, 2023	Dec. 31, 2022
Contractual undiscounted cash flows for lease liabilities:
Contractual undiscounted cash flows for lease liabilities	SFr 2,735
Escrow deposits	400	SFr 400
Less than one year
Contractual undiscounted cash flows for lease liabilities:
Contractual undiscounted cash flows for lease liabilities	633
1-3 years
Contractual undiscounted cash flows for lease liabilities:
Contractual undiscounted cash flows for lease liabilities	1,214
3-5 years
Contractual undiscounted cash flows for lease liabilities:
Contractual undiscounted cash flows for lease liabilities	SFr 888

Prepaid expenses

6 Months Ended

Jun. 30, 2023

Prepaid expenses

Prepaid expenses

10.Prepaid expenses

Prepaid expenses include prepaid R&D costs, administrative costs and employee social obligations totaling CHF 5.2 million and CHF 4.7 million as of June 30, 2023 and December 31, 2022, respectively.

Loss per share (Tables)

6 Months Ended

Jun. 30, 2023

Loss per share

Schedule of earnings per share


	For the Three Months
	Ended June 30,
In CHF thousands except for share and per share data	2023	2022
Loss per share (EPS)
Numerator
Net loss attributable to equity holders of the Company	(16,833)	(19,643)
Denominator
Weighted-average number of shares outstanding used to compute EPS basic and diluted attributable to equity holders	84,612,997	84,462,675
Basic and diluted loss per share for the period attributable to equity holders	(0.20)	(0.23)


	For the Six Months
	Ended June 30,
In CHF thousands except for share and per share data	2023	2022
Loss per share (EPS)
Numerator
Net loss attributable to equity holders of the Company	(34,346)	(38,489)
Denominator
Weighted-average number of shares outstanding used to compute EPS basic and diluted attributable to equity holders	83,654,663	83,510,567
Basic and diluted loss per share for the period attributable to equity holders	(0.41)	(0.46)

Schedule of antidilutive securities

The weighted-average number of potentially dilutive securities that were not included in the diluted per share calculations because they would be anti-dilutive were as follows:


	For the Three Months
	Ended June 30,
	2023	2022
Share options issued and outstanding	97,875	149,457
Restricted share awards subject to future vesting	1,213,703	16,039


	For the Six Months
	Ended June 30,
	2023	2022
Share options issued and outstanding	97,875	174,408
Restricted share awards subject to future vesting	1,225,175	8,328

Property, plant and equipment

6 Months Ended

Jun. 30, 2023

Property, plant and equipment.

Property, plant and equipment

5.Property, plant and equipment

The following table shows the movement in the net book values of property, plant and equipment for the six months ended June 30, 2023:


	As of June 30, 2023
		IT	Lab	Leasehold	Assets under
In CHF thousands	Furniture	equipment	equipment	improvements	construction	Total
Acquisition cost:
Balance at December 31, 2022	285	1,909	9,765	1,640	3	13,602
Additions	6	160	189	—	—	355
Disposals	—	(19)	—	(12)	—	(31)
Transfers	—	—	—	3	(3)	—
Balance at June 30, 2023	291	2,050	9,954	1,631	—	13,926

Accumulated depreciation:
Balance at December 31, 2022	(159)	(1,599)	(7,017)	(568)	—	(9,343)
Depreciation expense	(27)	(136)	(547)	(132)	—	(842)
Disposals	—	19	—	—	—	19
Balance at June 30, 2023	(186)	(1,716)	(7,564)	(700)	—	(10,166)

Carrying amount:
December 31, 2022	126	310	2,748	1,072	3	4,259
June 30, 2023	105	334	2,390	931	—	3,760

AC Immune continues to enhance its laboratory equipment to support its R&D functions and continues to invest in its IT infrastructure. This effort has continued since the year ended December 31, 2022, with CHF 0.3 million invested in lab equipment, including the expansion of our leased lab space, and IT equipment, representing an increase of 3.0% from the beginning of the year in these categories.

Loss per share

6 Months Ended

Jun. 30, 2023

Loss per share

Loss per share

4.Loss per share


	For the Three Months
	Ended June 30,
In CHF thousands except for share and per share data	2023	2022
Loss per share (EPS)
Numerator
Net loss attributable to equity holders of the Company	(16,833)	(19,643)
Denominator
Weighted-average number of shares outstanding used to compute EPS basic and diluted attributable to equity holders	84,612,997	84,462,675
Basic and diluted loss per share for the period attributable to equity holders	(0.20)	(0.23)


	For the Six Months
	Ended June 30,
In CHF thousands except for share and per share data	2023	2022
Loss per share (EPS)
Numerator
Net loss attributable to equity holders of the Company	(34,346)	(38,489)
Denominator
Weighted-average number of shares outstanding used to compute EPS basic and diluted attributable to equity holders	83,654,663	83,510,567
Basic and diluted loss per share for the period attributable to equity holders	(0.41)	(0.46)

The weighted-average number of potentially dilutive securities that were not included in the diluted per share calculations because they would be anti-dilutive were as follows:


	For the Three Months
	Ended June 30,
	2023	2022
Share options issued and outstanding	97,875	149,457
Restricted share awards subject to future vesting	1,213,703	16,039


	For the Six Months
	Ended June 30,
	2023	2022
Share options issued and outstanding	97,875	174,408
Restricted share awards subject to future vesting	1,225,175	8,328

Basis of preparation and changes to the Company's accounting policies - Functional and reporting currency (Details) - SFr / $	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Functional and reporting currency [Abstract]
Closing rate, USD 1	0.908	0.965	0.908	0.965	0.933
Weighted average exchange rate, USD 1	0.908	0.987	0.921	0.991	0.965

Basis of preparation and changes to the Company's accounting policies

6 Months Ended

Jun. 30, 2023

Basis of preparation and changes to the Company's accounting policies.

Basis of preparation and changes to the Company's accounting policies

2.	Basis of preparation and changes to the Company’s accounting policies

Statement of compliance

These Interim Condensed Consolidated Financial Statements as of June 30, 2023 and for the three and six months ended June 30, 2023 and 2022, have been prepared in accordance with International Accounting Standard 34 (IAS 34), Interim Financial Reporting, as issued by the International Accounting Standards Board (IASB), and such financial information should be read in conjunction with the audited consolidated financial statements in AC Immune’s Annual Report on Form 20-F for the year ended December 31, 2022.

Basis of measurement

These Interim Condensed Consolidated Financial Statements have been prepared under the historical cost convention.

Functional and reporting currency

These Interim Condensed Consolidated Financial Statements and accompanying notes are presented in Swiss Francs (CHF), which is AC Immune SA’s functional currency and the Group’s reporting currency. The Company’s subsidiary has a functional currency of the US Dollar (USD). The following exchange rates have been used for the translation of the financial statements of AC Immune USA:


	For the
	Three Months Ended June 30,		Six Months Ended June 30,		Year Ended December 31,
	2023	2022	2023	2022	2022
CHF/USD
Closing rate, USD 1	0.908	0.965	0.908	0.965	0.933
Weighted average exchange rate, USD 1	0.908	0.987	0.921	0.991	0.965

Critical judgments and accounting estimates

The preparation of the Company’s Interim Condensed Consolidated Financial Statements in conformity with IAS 34 requires management to make judgments, estimates and assumptions that affect the amounts reported in the Interim Condensed Consolidated Financial Statements and accompanying notes, and the related application of accounting policies as it relates to the reported amounts of assets, liabilities, income and expenses.

The areas where AC Immune has had to make judgments, estimates and assumptions relate to (i) clinical development accruals, (ii) net employee defined benefit liability, (iii) share-based compensation, (iv) right-of-use assets, short-term lease liabilities and long-term lease liabilities and (v) our IPR&D asset. Actual results may differ from these estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimates are revised and in any future periods affected.

Fair value of financial assets and liabilities

The Company’s financial assets and liabilities are composed of receivables, short-term and long-term financial assets, cash and cash equivalents, trade and other payables, accrued expenses, short-term lease liabilities and long-term lease liabilities. The fair value of these financial instruments approximates their respective carrying values due to the short-term maturity of these instruments, and are held at their amortized cost in accordance with IFRS 9, unless otherwise explicitly noted.

Accounting policies, new standards, interpretations and amendments adopted by the Company

The accounting policies adopted in the preparation of the Interim Condensed Consolidated Financial Statements are consistent with those followed in the preparation of the Company’s annual consolidated financial statements for the year ended December 31, 2022.

There are no new IFRS standards, amendments or interpretations that are mandatory as of January 1, 2023 that are relevant to the Company. Additionally, the Company has not adopted any standard, interpretation or amendment that has been issued but is not yet effective. Such standards are not currently expected to have a material impact on the entity in the current or future reporting periods and on foreseeable future transactions.

Going concern

The Company believes that it will be able to meet all of its obligations as they fall due for at least 12 months from the filing date of this Form 6-K, after considering the Company’s cash position of CHF 40.0 million and short-term financial assets of CHF 53.0 million as of June 30, 2023. Hence, these unaudited Interim Condensed Consolidated Financial Statements have been prepared on a going-concern basis.

To date, the Company has financed its cash requirements primarily from its public offerings, share issuances, contract revenues from its Licensing and Collaboration Agreements (LCAs) and grants. The Company is a clinical stage company and is exposed to all the risks inherent to establishing a business. Inherent to the Company’s business are various risks and uncertainties, including the substantial uncertainty as to whether current projects will succeed and our ability to raise additional capital as needed. These risks may require us to take certain measures such as delaying, reducing or eliminating certain programs. The Company’s success may depend in part upon its ability to (i) establish and maintain a strong patent position and protection, (ii) enter into collaborations with partners in the pharmaceutical and biopharmaceutical industries, (iii) successfully move its product candidates through clinical development, (iv) attract and retain key personnel and (v) acquire capital to support its operations.

Condensed Consolidated Statements of Cash Flows - CHF (SFr) SFr in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Operating activities
Loss for the period	SFr (34,346)	SFr (38,489)
Adjustments to reconcile net loss for the period to net cash flows:
Depreciation of property, plant and equipment	842	893
Depreciation of right-of-use assets	269	282
Finance (income), net	(132)	(598)
Share-based compensation expense	2,701	1,886
Change in net employee defined benefit liability	558	283
Interest expense	125	274
Changes in working capital:
(Increase) in prepaid expenses	(471)	(601)
(Increase) / decrease in accrued income	(267)	552
Decrease in other current receivables	89	93
(Decrease) in accrued expenses	(633)	(4,982)
(Decrease)/increase in deferred income	(157)	(306)
Increase / (decrease) in trade and other payables	433	(1,584)
Cash used in operating activities	(30,989)	(42,297)
Interest received	197
Interest paid	(120)	(322)
Finance expenses paid	(5)	(5)
Net cash flows used in operating activities	(30,917)	(42,624)
Investing activities
Short-term financial assets, net	38,000	25,000
Purchases of property, plant and equipment	(355)	(1,077)
Rental deposits		2
Net cash flows provided by investing activities	37,645	23,925
Financing activities
Principal payments of lease obligations	(270)	(283)
Proceeds from sale of treasury shares in public offerings, net of underwriting fees and transaction costs	2,057
Transaction costs associated with issuance of shares in relation to asset acquisition previously recorded in Accrued expenses		(776)
Proceeds from issuance of common shares, net of transaction costs	(13)	6
Net cash flows provided by/(used in) financing activities	1,774	(1,053)
Net increase/(decrease) in cash and cash equivalents	8,502	(19,752)
Cash and cash equivalents at beginning of period	31,586	82,216
Exchange (loss)/gain on cash and cash equivalents	(81)	683
Cash and cash equivalents at end of the period	40,007	63,147
Supplemental non-cash activity
Capital expenditures in Trade and other payables or Accrued expenses		SFr 1
Transaction costs associated with the sale of treasury shares in public offering recorded in Accrued expenses	SFr 46

Treasury shares

6 Months Ended

Jun. 30, 2023

Treasury shares,

Treasury shares

12.Treasury shares

For a discussion of our at the market offering program with Jefferies LLC for the fiscal year ended December 31, 2022, please refer to Note 11 “Share capital” of our Annual Report on Form 20-F for the year ended December 31, 2022 filed on March 16, 2023.

In Q2 2023, the Company sold 712,993 common shares previously held as treasury shares pursuant to the Sales Agreement, raising USD 2.3 (CHF 2.1) million, net of underwriting fees.

As of June 30, 2023 and December 31, 2022, the Company had 5,501,028 and 6,214,021 treasury shares remaining, respectively.

Intangible assets (Details) - CHF (SFr) SFr in Thousands	Jun. 30, 2023	Dec. 31, 2022
Disclosure of intangible assets material to entity [abstract]
Intangible Assets	SFr 50,416	SFr 50,416
Gross Carrying Amount
Disclosure of intangible assets material to entity [abstract]
Intangible Assets	50,416	50,416
Acquired IPR&D Asset
Disclosure of intangible assets material to entity [abstract]
Intangible Assets	50,416	50,416
Acquired IPR&D Asset \| Gross Carrying Amount
Disclosure of intangible assets material to entity [abstract]
Intangible Assets	SFr 50,416	SFr 50,416

Property, plant and equipment (Tables)

6 Months Ended

Jun. 30, 2023

Property, plant and equipment.

Schedule of movement in the net book values of property, plant and equipment


	As of June 30, 2023
		IT	Lab	Leasehold	Assets under
In CHF thousands	Furniture	equipment	equipment	improvements	construction	Total
Acquisition cost:
Balance at December 31, 2022	285	1,909	9,765	1,640	3	13,602
Additions	6	160	189	—	—	355
Disposals	—	(19)	—	(12)	—	(31)
Transfers	—	—	—	3	(3)	—
Balance at June 30, 2023	291	2,050	9,954	1,631	—	13,926

Accumulated depreciation:
Balance at December 31, 2022	(159)	(1,599)	(7,017)	(568)	—	(9,343)
Depreciation expense	(27)	(136)	(547)	(132)	—	(842)
Disposals	—	19	—	—	—	19
Balance at June 30, 2023	(186)	(1,716)	(7,564)	(700)	—	(10,166)

Carrying amount:
December 31, 2022	126	310	2,748	1,072	3	4,259
June 30, 2023	105	334	2,390	931	—	3,760

Right-of-use assets, long-term financial assets and lease liabilities

6 Months Ended

Jun. 30, 2023

Right-of-use assets, long-term financial assets and lease liabilities

Right-of-use assets, long-term financial assets and lease liabilities

6.Right-of-use assets, long-term financial assets and lease liabilities

AC Immune recognized no additions for its right-of-use leased assets for the six months ended June 30, 2023.

Regarding lease liabilities, the amortization depends on the rate implicit in the contract or the incremental borrowing rate for the respective lease component. The weighted averages of the incremental borrowing rates are 3.5% for buildings, 5.3% for office equipment and 2.6% for IT equipment, respectively.

The following table shows the movements in the net book values of right-of-use of leased assets for the six months ended June 30, 2023:


		Office	IT
In CHF thousands	Buildings	equipment	equipment	Total
Balance as of December 31, 2022	2,708	74	26	2,808
Depreciation	(250)	(12)	(7)	(269)
Balance as of June 30, 2023	2,458	62	19	2,539

There are no variable lease payments that are not included in the measurement of lease obligations. All extension options have been included in the measurement of lease obligations.

For the three and six months ended June 30, 2023, and 2022, the impact on the Company’s condensed consolidated statements of income/(loss) and the condensed consolidated statements of cash flows is as follows:


	For the Three Months
	Ended June 30,
In CHF thousands	2023	2022
Statements of income/(loss)
Depreciation of right-of-use assets	134	141
Interest expense on lease liabilities	24	18
Expense for short-term leases and leases of low value	189	173
Total	347	332

Statements of cash flows
Total cash outflow for leases	349	333


	For the Six Months
	Ended June 30,
In CHF thousands	2023	2022
Statements of income/(loss)
Depreciation of right-of-use assets	269	282
Interest expense on lease liabilities	47	36
Expense for short-term leases and leases of low value	488	347
Total	804	665

Statements of cash flows
Total cash outflow for leases	805	666

The following table presents the contractual undiscounted cash flows for lease obligations as of June 30, 2023:


		As of
In CHF thousands		June 30, 2023
Less than one year		633
1-3 years		1,214
3-5 years		888
Total		2,735

The Company also has deposits in escrow accounts totaling CHF 0.4 million for leases of the Company’s premises as of both June 30, 2023 and December 31, 2022, respectively. These deposits are presented in Long-term financial assets on the Company’s condensed consolidated balance sheets.

Condensed Consolidated Statements of Comprehensive Income/(Loss) - CHF (SFr) SFr in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Condensed Consolidated Statements of Comprehensive Income/(Loss)
Loss for the period	SFr (16,833)	SFr (19,643)	SFr (34,346)	SFr (38,489)
Items that will be reclassified to income or loss in subsequent periods (net of tax):
Currency translation differences	(8)	39	(16)	49
Items that will not to be reclassified to income or loss in subsequent periods (net of tax):
Remeasurement gains on defined-benefit plans		7,381		7,381
Other comprehensive income			(16)	7,430
Total comprehensive loss, net of tax	SFr (16,841)	SFr (12,223)	SFr (34,362)	SFr (31,059)

- Definition

The amount of change in equity resulting from transactions and other events, other than those changes resulting from transactions with owners in their capacity as owners.

+ References + Details

- Definition

The total of income less expenses from continuing and discontinued operations, excluding the components of other comprehensive income. [Refer: Other comprehensive income]

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Name IAS
-Number 7
-IssueDate 2022-03-24
-Paragraph 18
-Subparagraph b
-URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=7&code=ifrs-tx-2022-en-r&anchor=para_18_b&doctype=Standard
-URIDate 2022-03-24

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 1
-IssueDate 2022-03-24
-Paragraph 32
-Subparagraph a
-Clause ii
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=1&code=ifrs-tx-2022-en-r&anchor=para_32_a_ii&doctype=Standard
-URIDate 2022-03-24

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 1
-IssueDate 2022-03-24
-Paragraph 24
-Subparagraph b
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=1&code=ifrs-tx-2022-en-r&anchor=para_24_b&doctype=Standard
-URIDate 2022-03-24

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 8
-IssueDate 2022-03-24
-Paragraph 28
-Subparagraph b
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=8&code=ifrs-tx-2022-en-r&anchor=para_28_b&doctype=Standard
-URIDate 2022-03-24

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Note Effective on first application of IFRS 9
-Name IFRS
-Number 4
-IssueDate 2022-03-24
-Paragraph 39L
-Subparagraph e
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=4&code=ifrs-tx-2022-en-b&anchor=para_39L_e&doctype=Standard
-URIDate 2022-03-24

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 8
-IssueDate 2022-03-24
-Paragraph 23
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=8&code=ifrs-tx-2022-en-r&anchor=para_23&doctype=Standard
-URIDate 2022-03-24

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Name IFRS
-Number 12
-IssueDate 2022-03-24
-Paragraph B10
-Subparagraph b
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=12&code=ifrs-tx-2022-en-r&anchor=para_B10_b&doctype=Appendix&subtype=B
-URIDate 2022-03-24

Reference 8: http://www.xbrl.org/2003/role/exampleRef
-Note Effective 2023-01-01
-Name IFRS
-Number 17
-IssueDate 2022-03-24
-Paragraph 113
-Subparagraph b
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=17&code=ifrs-tx-2022-en-r&anchor=para_113_b&doctype=Standard
-URIDate 2022-03-24

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Name IAS
-Number 1
-IssueDate 2022-03-24
-Paragraph 81A
-Subparagraph a
-URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=1&code=ifrs-tx-2022-en-r&anchor=para_81A_a&doctype=Standard
-URIDate 2022-03-24

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name IAS
-Number 1
-IssueDate 2022-03-24
-Paragraph 106
-Subparagraph d
-Clause i
-URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=1&code=ifrs-tx-2022-en-r&anchor=para_106_d_i&doctype=Standard
-URIDate 2022-03-24

+ Details

Prepaid expenses (Details) - CHF (SFr) SFr in Thousands	Jun. 30, 2023	Dec. 31, 2022
Prepaid expenses
Accrued income	SFr 675	SFr 408
Prepaid expenses	SFr 5,167	SFr 4,708

Right-of-use assets, long-term financial assets and lease liabilities (Tables)

6 Months Ended

Jun. 30, 2023

Right-of-use assets, long-term financial assets and lease liabilities

Schedule of the movements in the net value book value of right-of-use assets


		Office	IT
In CHF thousands	Buildings	equipment	equipment	Total
Balance as of December 31, 2022	2,708	74	26	2,808
Depreciation	(250)	(12)	(7)	(269)
Balance as of June 30, 2023	2,458	62	19	2,539

Schedule of impact on condensed consolidated statements of income/(loss) and cash flows


	For the Three Months
	Ended June 30,
In CHF thousands	2023	2022
Statements of income/(loss)
Depreciation of right-of-use assets	134	141
Interest expense on lease liabilities	24	18
Expense for short-term leases and leases of low value	189	173
Total	347	332

Statements of cash flows
Total cash outflow for leases	349	333


	For the Six Months
	Ended June 30,
In CHF thousands	2023	2022
Statements of income/(loss)
Depreciation of right-of-use assets	269	282
Interest expense on lease liabilities	47	36
Expense for short-term leases and leases of low value	488	347
Total	804	665

Statements of cash flows
Total cash outflow for leases	805	666

Schedule of contractual undiscounted cash flows for lease obligations


		As of
In CHF thousands		June 30, 2023
Less than one year		633
1-3 years		1,214
3-5 years		888
Total		2,735

Net employee defined benefit liabilities (Details) SFr in Millions	6 Months Ended
	Jun. 30, 2023 CHF (SFr)
Net employee defined benefit liabilities
Expense, defined benefit plans	SFr 0.6

Accrued expenses (Details) - CHF (SFr) SFr in Thousands	Jun. 30, 2023	Dec. 31, 2022	Jun. 30, 2022
Trade and other payables and accrued liabilities [Line Items]
Trade and other payables	SFr 1,352	SFr 929
Accrued Expenses	8,818	9,417
Total	SFr 8,818	SFr 9,417	SFr 9,400

Basis of preparation and changes to the Company's accounting policies - Going concern (Details) - CHF (SFr) SFr in Thousands	Jun. 30, 2023	Dec. 31, 2022	Jun. 30, 2022	Dec. 31, 2021
Going concern [Abstract]
Company's cash position	SFr 40,007	SFr 31,586	SFr 63,147	SFr 82,216
Short-term financial assets	SFr 53,000	SFr 91,000

Cash and cash equivalents and short-term financial assets (Tables)

6 Months Ended

Jun. 30, 2023

Cash and cash equivalents and short-term financial assets

Schedule of cash and cash equivalents and short-term financial assets


	As of
In CHF thousands	June 30, 2023	December 31, 2022
Cash and cash equivalents	40,007	31,586
Total cash and cash equivalents	40,007	31,586


	As of
In CHF thousands	June 30, 2023	December 31, 2022
Short-term financial assets due in one year or less	53,000	91,000
Total short-term financial assets	53,000	91,000

Property, plant and equipment (Details) SFr in Thousands	6 Months Ended
Property, plant and equipment (Details) SFr in Thousands	Jun. 30, 2023 CHF (SFr)
Property, plant and equipment:
Property, plant and equipment, beginning of period	SFr 4,259
Property, plant and equipment, end of period	3,760
Acquisition Cost
Property, plant and equipment:
Property, plant and equipment, beginning of period	13,602
Additions	355
Disposals	(31)
Property, plant and equipment, end of period	13,926
Accumulated depreciation
Property, plant and equipment:
Property, plant and equipment, beginning of period	(9,343)
Disposals	19
Depreciation expense	(842)
Property, plant and equipment, end of period	(10,166)
Furniture
Property, plant and equipment:
Property, plant and equipment, beginning of period	126
Property, plant and equipment, end of period	105
Furniture \| Acquisition Cost
Property, plant and equipment:
Property, plant and equipment, beginning of period	285
Additions	6
Property, plant and equipment, end of period	291
Furniture \| Accumulated depreciation
Property, plant and equipment:
Property, plant and equipment, beginning of period	(159)
Depreciation expense	(27)
Property, plant and equipment, end of period	(186)
IT and laboratory equipment \| Acquisition Cost
Property, plant and equipment:
Additions	SFr 300
Percentage of increase in equipment	3.00%
IT Equipment
Property, plant and equipment:
Property, plant and equipment, beginning of period	SFr 310
Property, plant and equipment, end of period	334
IT Equipment \| Acquisition Cost
Property, plant and equipment:
Property, plant and equipment, beginning of period	1,909
Additions	160
Disposals	(19)
Property, plant and equipment, end of period	2,050
IT Equipment \| Accumulated depreciation
Property, plant and equipment:
Property, plant and equipment, beginning of period	(1,599)
Disposals	19
Depreciation expense	(136)
Property, plant and equipment, end of period	(1,716)
Lab Equipment
Property, plant and equipment:
Property, plant and equipment, beginning of period	2,748
Property, plant and equipment, end of period	2,390
Lab Equipment \| Acquisition Cost
Property, plant and equipment:
Property, plant and equipment, beginning of period	9,765
Additions	189
Property, plant and equipment, end of period	9,954
Lab Equipment \| Accumulated depreciation
Property, plant and equipment:
Property, plant and equipment, beginning of period	(7,017)
Depreciation expense	(547)
Property, plant and equipment, end of period	(7,564)
Leasehold Improvements
Property, plant and equipment:
Property, plant and equipment, beginning of period	1,072
Property, plant and equipment, end of period	931
Leasehold Improvements \| Acquisition Cost
Property, plant and equipment:
Property, plant and equipment, beginning of period	1,640
Disposals	(12)
Transfers	3
Property, plant and equipment, end of period	1,631
Leasehold Improvements \| Accumulated depreciation
Property, plant and equipment:
Property, plant and equipment, beginning of period	(568)
Depreciation expense	(132)
Property, plant and equipment, end of period	(700)
Assets under construction
Property, plant and equipment:
Property, plant and equipment, beginning of period	3
Assets under construction \| Acquisition Cost
Property, plant and equipment:
Property, plant and equipment, beginning of period	3
Transfers	SFr (3)

Condensed Consolidated Balance Sheets - CHF (SFr) SFr in Thousands	Jun. 30, 2023	Dec. 31, 2022
Non-current assets
Property, plant and equipment	SFr 3,760	SFr 4,259
Right-of-use assets	2,539	2,808
Intangible asset	50,416	50,416
Long-term financial assets	361	361
Total non-current assets	57,076	57,844
Current assets
Prepaid expenses	5,167	4,708
Accrued income	675	408
Other current receivables	303	392
Short-term financial assets	53,000	91,000
Cash and cash equivalents	40,007	31,586
Total current assets	99,152	128,094
Total assets	156,228	185,938
Shareholders' equity
Share capital	1,800	1,797
Share premium	433,699	431,323
Treasury shares	(110)	(124)
Currency translation differences	(6)	10
Accumulated losses	(296,055)	(264,015)
Total shareholders' equity	139,328	168,991
Non-current liabilities
Long-term lease liabilities	1,976	2,253
Net employee defined benefit liabilities	3,771	3,213
Total non-current liabilities	5,747	5,466
Current liabilities
Trade and other payables	1,352	929
Accrued expenses	8,818	9,417
Deferred income	430	587
Short-term lease liabilities	553	548
Total current liabilities	11,153	11,481
Total liabilities	16,900	16,947
Total shareholders' equity and liabilities	SFr 156,228	SFr 185,938

Net employee defined benefit liabilities

6 Months Ended

Jun. 30, 2023

Net employee defined benefit liabilities

Net employee defined benefit liabilities

7.Net employee defined benefit liabilities

For the six months ended June 30, 2023, the Company recorded CHF 0.6 million in service cost in the condensed consolidated statements of income/(loss), related to the impact of a plan amendment effected in H1 2023, as well as current service costs.

Basis of preparation and changes to the Company's accounting policies (Policies)

6 Months Ended

Jun. 30, 2023

Basis of preparation and changes to the Company's accounting policies

Functional and reporting currency


	For the
	Three Months Ended June 30,		Six Months Ended June 30,		Year Ended December 31,
	2023	2022	2023	2022	2022
CHF/USD
Closing rate, USD 1	0.908	0.965	0.908	0.965	0.933
Weighted average exchange rate, USD 1	0.908	0.987	0.921	0.991	0.965

Critical judgments and accounting estimates

Fair value of financial assets and liabilities

Accounting policies, new standards, interpretations and amendments adopted by the Company

Treasury shares (Details) - Treasury shares [Member] SFr in Millions, $ in Millions	3 Months Ended
	Jun. 30, 2023 CHF (SFr) shares	Jun. 30, 2023 USD ($) shares	Dec. 31, 2022 shares
Disclosure of classes of share capital [line items]
Number of treasury shares sold during period	712,993	712,993
Proceeds from sale of treasury shares	SFr 2.1	$ 2.3
Number of treasury shares outstanding	5,501,028	5,501,028	6,214,021

Corporate information (Details)	Jun. 30, 2023
Corporate information
Number of technology platforms	2

Cash and cash equivalents and short-term financial assets - Cash and cash equivalents and short-term financial assets (Details) - CHF (SFr) SFr in Thousands	Jun. 30, 2023	Dec. 31, 2022
Cash and cash equivalents and short-term financial assets
Short-term financial assets due in one year or less	SFr 53,000	SFr 91,000

Intangible assets

6 Months Ended

Jun. 30, 2023

Intangible assets

Intangible assets

9.Intangible assets

AC Immune’s acquired IPR&D asset is a clinically-validated active vaccine candidate for the treatment of Parkinson’s disease. The asset is not yet ready for use until the asset obtains market approval and is therefore not currently being amortized. The carrying amount and net book value are detailed below:

As of June 30, 2023

As of December 31, 2022

Gross

Carrying

Accumulated

Net Book

Carrying

Accumulated

Net Book

In CHF thousands

Amount

Amortization

Value

Amount

Amortization

Value

Acquired IPR&D asset

50,416

—

50,416

—

50,416

Total intangible assets

50,416

—

50,416

—

50,416

In accordance with IAS 36 Impairment of Assets, the IPR&D asset is reviewed at least annually for impairment by assessing the fair value less costs to sell (recoverable amount) and comparing this to the carrying value of the asset. The valuation is considered to be Level 3 in the fair value hierarchy in accordance with IFRS 13 Fair Value Measurement due to unobservable inputs used in the valuation. The Company has determined the IPR&D asset not to be impaired as of December 31, 2022. As of June 30, 2023, the Company did not identify any triggering events that could result in an impairment of the IPR&D asset.

Cash and cash equivalents and short-term financial assets (Details) - CHF (SFr) SFr in Millions	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Cash and cash equivalents and short-term financial assets
Maturity of short-term financial assets	SFr 38.0	SFr 25.0

Right-of-use assets, long-term financial assets and lease liabilities - Statement of income/(loss) and cash flow (Details) - CHF (SFr) SFr in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Statements of income/(loss) and cash flows
Depreciation of right-of-use assets	SFr 134	SFr 141	SFr 269	SFr 282
Interest expense on lease liabilities	24	18	47	36
Expense for short-term leases and leases of low value	189	173	488	347
Total	347	332	804	665
Total cash outflow for leases	SFr 349	SFr 333	SFr 805	SFr 666

Contract revenues and other operating income

6 Months Ended

Jun. 30, 2023

Contract revenues and other operating income

Contract revenues and other operating income

3.Contract revenues and other operating income

For the three and six months ended June 30, 2023 and 2022 AC Immune generated no contract revenues.

3.1Licensing and collaboration agreements

For a discussion of our licensing and collaboration agreements for the fiscal year ended December 31, 2022, please refer to Note 13.1 “Licensing and Collaboration agreements” of our Annual Report on Form 20-F for the year ended December 31, 2022 filed on March 16, 2023.

As it relates to revenue recognition, there have been no significant events or transactions associated with our license and collaboration agreements that have occurred for the three and six months ended June 30, 2023.

3.2Grant income

Grants from the Michael J. Fox Foundation

For a discussion of our Grants from the Michael J. Fox Foundation (MJFF) for the fiscal year ended December 31, 2022, please refer to Note 13.2 “Grant Income” of our Annual Report on Form 20-F for the year ended December 31, 2022 filed on March 16, 2023.

In August 2022, the Company received follow-on grant funding as part of its joint arrangement with Skåne University Hospital (Skåne) in Sweden totaling USD 0.5 (CHF 0.5) million for the continued development of its alpha-synuclein PET imaging diagnostic agent. As part of this grant, AC Immune received USD 0.4 (CHF 0.4) million directly from the MJFF. Skåne will receive USD 0.1 (CHF 0.1) million of the total grant directly from the MJFF duration of the grant period.

In February 2023, the Company was awarded a new grant from the MJFF totaling USD 0.5 (CHF 0.5) million to support the development of its TDP-43 PET tracer program.

For the three months ended June 30, 2023 and 2022, the Company has recognized CHF 0.3 million and CHF 0.2 million in grant income, respectively. For the six months ended June 30, 2023 and 2022, the Company has recognized CHF 0.7 million and CHF 0.6 million in grant income, respectively. As of June 30, 2023, the Company has recorded CHF 0.4 million in deferred income.

Basis of preparation and changes to the Company's accounting policies (Tables)

6 Months Ended

Jun. 30, 2023

Basis of preparation and changes to the Company's accounting policies

Schedule of exchange rates used for translation of financial statements


	For the
	Three Months Ended June 30,		Six Months Ended June 30,		Year Ended December 31,
	2023	2022	2023	2022	2022
CHF/USD
Closing rate, USD 1	0.908	0.965	0.908	0.965	0.933
Weighted average exchange rate, USD 1	0.908	0.987	0.921	0.991	0.965

Right-of-use assets, long-term financial assets and lease liabilities (Details) - CHF (SFr) SFr in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Right-of-use assets and lease liabilities:
Additions and remeasurements			SFr 0
Right-of-use of leased assets:
Balance, beginning of period			2,808
Depreciation	SFr (134)	SFr (141)	(269)	SFr (282)
Balance, end of period	SFr 2,539		2,539
Variable lease payments that are not included in the measurement of lease obligations			SFr 0
Buildings
Right-of-use assets and lease liabilities:
Weighted average incremental borrowing rate	3.50%		3.50%
Right-of-use of leased assets:
Balance, beginning of period			SFr 2,708
Depreciation			(250)
Balance, end of period	SFr 2,458		SFr 2,458
Office Equipment
Right-of-use assets and lease liabilities:
Weighted average incremental borrowing rate	5.30%		5.30%
Right-of-use of leased assets:
Balance, beginning of period			SFr 74
Depreciation			(12)
Balance, end of period	SFr 62		SFr 62
IT Equipment
Right-of-use assets and lease liabilities:
Weighted average incremental borrowing rate	2.60%		2.60%
Right-of-use of leased assets:
Balance, beginning of period			SFr 26
Depreciation			(7)
Balance, end of period	SFr 19		SFr 19

Subsequent events

6 Months Ended

Jun. 30, 2023

Subsequent events

Subsequent events

13.Subsequent events

Management has evaluated subsequent events after the balance sheet date, through the issuance of these Interim Condensed Consolidated Financial Statements, for appropriate accounting and disclosures. The Company has determined that there were no other such events that warrant disclosure or recognition in these Interim Condensed Consolidated Financial Statements.

Intangible assets (Tables)

6 Months Ended

Jun. 30, 2023

Intangible assets

Schedule of net book value of intangible assets

As of June 30, 2023

As of December 31, 2022

Gross

Carrying

Accumulated

Net Book

Carrying

Accumulated

Net Book

In CHF thousands

Amount

Amortization

Value

Amount

Amortization

Value

Acquired IPR&D asset

50,416

—

50,416

—

50,416

Total intangible assets

50,416

—

50,416

—

50,416

Condensed Consolidated Statements of Changes in Equity - CHF (SFr) SFr in Thousands	Share capital	Share premium	Treasury shares	Accumulated losses	Currency translation differences	Total
Balance, beginning of period at Dec. 31, 2021	SFr 1,794	SFr 431,251	SFr (124)	SFr (200,942)		SFr 231,979
Net income/(loss) for the period				(38,489)		(38,489)
Other comprehensive income/(loss)				7,381	SFr 49	7,430
Total comprehensive loss, net of tax				(31,108)	49	(31,059)
Share-based payments				1,886		1,886
Issuance of shares, net of transaction costs:
Restricted share awards		5		(5)
Exercise of options	2	4				6
Balance, end of period at Jun. 30, 2022	1,796	431,260	(124)	(230,169)	49	202,812
Balance, beginning of period at Dec. 31, 2022	1,797	431,323	(124)	(264,015)	10	168,991
Net income/(loss) for the period				(34,346)		(34,346)
Other comprehensive income/(loss)					(16)	(16)
Total comprehensive loss, net of tax				(34,346)	(16)	(34,362)
Share-based payments				2,701		2,701
Proceeds from sale of treasury shares in public offerings, net of underwriting fees and transaction costs		1,997	14			2,011
Issuance of shares, net of transaction costs:
Restricted share awards	3	388		(395)		(4)
Exercise of options		(9)				(9)
Balance, end of period at Jun. 30, 2023	SFr 1,800	SFr 433,699	SFr (110)	SFr (296,055)	SFr (6)	SFr 139,328

- Definition

The amount of change in equity resulting from transactions and other events, other than those changes resulting from transactions with owners in their capacity as owners.

+ References + Details

- Definition

The amount of residual interest in the assets of the entity after deducting all its liabilities.

+ References + Details

- Definition

The total of income less expenses from continuing and discontinued operations, excluding the components of other comprehensive income. [Refer: Other comprehensive income]

+ References

+ Details

Accrued expenses (Tables)

6 Months Ended

Jun. 30, 2023

Accrued expenses

Schedule of accrued expenses


	As of
In CHF thousands	June 30, 2023	December 31, 2022
Accrued expenses	8,818	9,417
Total accrued expenses	8,818	9,417

Document and Entity Information	6 Months Ended
Document and Entity Information	Jun. 30, 2023
Cover [Abstract]
Document Type	6-K
Entity Registrant Name	AC IMMUNE SA
Entity Central Index Key	0001651625
Document Period End Date	Jun. 30, 2023
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2023
Amendment Flag	false
Current Fiscal Year End Date	--12-31

Condensed Consolidated Statements of Income/(Loss) - CHF (SFr) SFr in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Revenue
Contract revenue	SFr 0	SFr 0	SFr 0	SFr 0
Operating expenses
Research & development expenses	(13,682)	(15,692)	(27,555)	(30,815)
General & administrative expenses	(3,681)	(4,374)	(7,787)	(8,550)
Other operating income/(expense), net	317	207	725	677
Total operating expenses	(17,046)	(19,859)	(34,617)	(38,688)
Operating loss	(17,046)	(19,859)	(34,617)	(38,688)
Financial income	259		468
Financial expense	(27)	(126)	(124)	(279)
Exchange differences	(16)	345	(67)	485
Finance result, net	216	219	277	206
Loss before tax	(16,830)	(19,640)	(34,340)	(38,482)
Income tax expense	(3)	(3)	(6)	(7)
Loss for the period	SFr (16,833)	SFr (19,643)	SFr (34,346)	SFr (38,489)
Loss per share:
Basic loss per share for the period attributable to equity holders	SFr (0.20)	SFr (0.23)	SFr (0.41)	SFr (0.46)
Diluted loss per share for the period attributable to equity holders	SFr (0.20)	SFr (0.23)	SFr (0.41)	SFr (0.46)

Loss per share (Details) - CHF (SFr) SFr / shares in Units, SFr in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Numerator
Net loss attributable to equity holders of the Company	SFr (16,833)	SFr (19,643)	SFr (34,346)	SFr (38,489)
Denominator
Weighted-average number of shares outstanding used to compute EPS basic attributable to equity holders	84,612,997	84,462,675	83,654,663	83,510,567
Weighted-average number of shares outstanding used to compute EPS diluted attributable to equity holders	84,612,997	84,462,675	83,654,663	83,510,567
Basic loss per share for the period attributable to equity holders	SFr (0.20)	SFr (0.23)	SFr (0.41)	SFr (0.46)
Diluted loss per share for the period attributable to equity holders	SFr (0.20)	SFr (0.23)	SFr (0.41)	SFr (0.46)
Antidilutive securities
Share options issued and outstanding (in-the-money)	97,875	149,457	97,875	174,408
Restricted share awards subject to future vesting	1,213,703	16,039	1,225,175	8,328

Cash and cash equivalents and short-term financial assets

6 Months Ended

Jun. 30, 2023

Cash and cash equivalents and short-term financial assets

Cash and cash equivalents and short-term financial assets

11.Cash and cash equivalents and short-term financial assets

The following table summarizes AC Immune’s cash and cash equivalents and short-term financial assets as of June 30, 2023 and December 31, 2022:


	As of
In CHF thousands	June 30, 2023	December 31, 2022
Cash and cash equivalents	40,007	31,586
Total cash and cash equivalents	40,007	31,586


	As of
In CHF thousands	June 30, 2023	December 31, 2022
Short-term financial assets due in one year or less	53,000	91,000
Total short-term financial assets	53,000	91,000

For the six months ended June 30, 2023, a net amount of CHF 38.0 million in short-term financial assets matured compared to a CHF 25.0 million net maturation in the comparable prior period.