0001558370-24-003164 | 20-F | XBRL Viewer

Print Document View Excel Document

Share-based compensation, Non-vested Share Awards (Details)	12 Months Ended			86 Months Ended
	Dec. 31, 2023 CHF (SFr) EquityInstruments	Dec. 31, 2022 CHF (SFr) EquityInstruments	Dec. 31, 2021 CHF (SFr) EquityInstruments	Dec. 31, 2023 CHF (SFr) EquityInstruments
Weighted Average grant date fair value [Abstract]
Expense charged against the income statement \| SFr	SFr 4,400,000	SFr 3,300,000	SFr 4,100,000
Non-vested Share Awards [Member]
Share-based payment arrangement [Abstract]
Number of non-vested share awards granted (in shares)	1,187,570	239,194
Number of non-vested shares [Abstract]
Non-vested at beginning of period (in shares)	216,486	797	19,494
Forfeited during the year (in shares)	(134,947)
Exercised during the year (in shares)	(55,503)		(2,471)
Granted during the year (in shares)	1,187,570	239,194
Vested during the year	(265,366)	(23,505)	(18,697)
Non-vested at end of period (in shares)	1,003,743	216,486	797	1,003,743
Vested and exercisable (in shares)	298,883	89,020	65,515	298,883
Weighted Average grant date fair value [Abstract]
Weighted average grant date fair value, non-vested at beginning of period \| SFr	SFr 3.06	SFr 9.41	SFr 9.51
Weighted average grant date fair value, forfeited during the year \| SFr	2.05
Weighted average grant date fair value, exercised during the year \| SFr	2.37	3.06	9.46
Weighted average grant date fair value, granted during the year \| SFr	1.89
Weighted average grant date fair value, vested during the year \| SFr	2.46	3.28	9.52
Weighted average grant date fair value, non-vested at end of period \| SFr	1.97	3.06	9.41	SFr 1.97
Weighted average grant date fair value, vested and exercisable \| SFr	4.08	7.84	9.48	4.08
Restricted Stock Units
Weighted Average grant date fair value [Abstract]
Weighted average grant date fair value, non-vested at beginning of period \| SFr	3.06	9.41
Weighted average grant date fair value, non-vested at end of period \| SFr	SFr 1.97	SFr 3.06	SFr 9.41	SFr 1.97
Restricted Stock Units \| Directors [Member]
Share-based payment arrangement [Abstract]
Number of non-vested share awards granted (in shares)				257,329
Vesting conditions	1 year
Contractual life of options	10 years
Number of non-vested shares [Abstract]
Granted during the year (in shares)				257,329
Restricted Stock Units \| Executives [Member]
Share-based payment arrangement [Abstract]
Number of non-vested share awards granted (in shares)				905,803
Contractual life of options	10 years
Number of non-vested shares [Abstract]
Granted during the year (in shares)				905,803
Restricted Stock Units \| Employees [Member]
Share-based payment arrangement [Abstract]
Number of non-vested share awards granted (in shares)				458,335
Vesting conditions	3 years
Contractual life of options	10 years
Number of non-vested shares [Abstract]
Granted during the year (in shares)				458,335
Restricted Stock Units, first vesting conditions \| Executives [Member]
Share-based payment arrangement [Abstract]
Vesting conditions	3 years
Restricted Stock Units, second vesting conditions \| Executives [Member]
Share-based payment arrangement [Abstract]
Vesting conditions	4 years

Other current receivables (Tables)

12 Months Ended

Dec. 31, 2023

Other current receivables [Abstract]

Other current receivables


	As of
	December 31,
In CHF thousands	2023	2022
Other current receivable	45	124
Swiss VAT	259	249
Withholding tax	318	19
Total other current receivables	622	392

Expenses by category (Details) SFr in Thousands	12 Months Ended
Expenses by category (Details) SFr in Thousands	Dec. 31, 2023 CHF (SFr) employee	Dec. 31, 2022 CHF (SFr) employee	Dec. 31, 2021 CHF (SFr) employee
Disclosure of detailed information about borrowings [line items]
Operating expenses	SFr 68,425	SFr 74,782	SFr 79,010
Research and development expenses	54,606	60,336	62,282
General and administrative expenses	15,305	15,789	17,910
Decrease in research and development expense through reductions in various cost centers	5,800
Increase in research and development expense through increase in salaries and related costs	2,200
Decrease in general and administrative expense through reductions in various cost centers	1,500
Increase in general and administrative expense through increase in share-based compensation expense	1,100
Financial result, net [Abstract]
Financial income	1,044	69	6,485
Financial expense	(176)	(355)	(581)
Exchange differences	(1,467)	393	113
Finance result, net	(599)	107	6,017
Research and development expenses
Disclosure of detailed information about borrowings [line items]
Operating expenses	33,198	41,166	44,289
Payroll expenses	19,499	17,548	16,465
Share-based compensation	1,909	1,622	1,528
Total expenses by category	SFr 54,606	SFr 60,336	SFr 62,282
Average number of employees \| employee	115.4	122.4	108.6
General and administrative expenses
Disclosure of detailed information about borrowings [line items]
Operating expenses	SFr 4,729	SFr 6,207	SFr 7,031
Payroll expenses	7,755	7,874	8,281
Share-based compensation	2,821	1,708	2,598
Total expenses by category	SFr 15,305	SFr 15,789	SFr 17,910
Average number of employees \| employee	26.2	22.5	27.3

Share capital - Authorized capital (Details)	12 Months Ended
Share capital - Authorized capital (Details)	Dec. 31, 2023 CHF (SFr) SFr / shares shares
Share capital
Additional share capital that Board of Directors are authorized to issue \| SFr	SFr 114,000
Number of additional shares that Board of Directors are authorized to issue \| shares	5,700,000
Nominal value per share (in CHF per share) \| SFr / shares	SFr 0.02

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, 2020	SFr 1,538	SFr 346,890	SFr (100)	SFr (132,850)		SFr 215,478
Net income/(loss) for the period				(72,996)		(72,996)
Other comprehensive income/(loss)				956		956
Total comprehensive loss, net of tax				(72,040)		(72,040)
Share-based payments				4,126		4,126
Proceeds from sale of treasury shares in public offerings, net of underwriting fees and transaction costs		12,097	24			12,121
Issuance of shares, net of transaction costs:
IPR&D asset purchase	130	49,741				49,871
Asset acquisition - common shares	12	4,587				4,599
Conversion note agreement	61	16,683				16,744
Held as treasury shares	48		(48)
Restricted share awards	1	171		(178)		(6)
Exercise of options	4	1,082				1,086
Balance, end of period at Dec. 31, 2021	1,794	431,251	(124)	(200,942)		231,979
Net income/(loss) for the period				(70,753)		(70,753)
Other comprehensive income/(loss)				4,426	SFr 10	4,436
Total comprehensive loss, net of tax				(66,327)	10	(66,317)
Share-based payments				3,330		3,330
Proceeds from sale of treasury shares in public offerings, net of underwriting fees and transaction costs		(8)	0			(8)
Issuance of shares, net of transaction costs:
Restricted share awards	0	76		(76)		0
Exercise of options	3	4				7
Balance, end of period at Dec. 31, 2022	1,797	431,323	(124)	(264,015)	10	168,991
Net income/(loss) for the period				(54,233)		(54,233)
Other comprehensive income/(loss)				(1,669)	(61)	(1,730)
Total comprehensive loss, net of tax				(55,902)	(61)	(55,963)
Share-based payments				4,365		4,365
Proceeds from public offerings, net of underwriting fees, transaction costs and stamp duty	286	40,249				40,535
Proceeds from sale of treasury shares in public offerings, net of underwriting fees and transaction costs		2,631	19			2,650
Issuance of shares, net of transaction costs:
Restricted share awards	5	645		(645)		5
Exercise of options	1	59				60
Balance, end of period at Dec. 31, 2023	SFr 2,089	SFr 474,907	SFr (105)	SFr (316,197)	SFr (51)	SFr 160,643

Cash and cash equivalents and short-term financial assets

12 Months Ended

Dec. 31, 2023

Cash and cash equivalents and financial assets

Cash and cash equivalents and short-term financial assets

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

The Company’s cash and cash equivalents are maintained in the following respective currencies as of December 31, 2023 and 2022:


	As of
	December 31,
In CHF thousands	2023	2022
Cash and cash equivalents	78,494	31,586
Total	78,494	31,586
By currency
CHF	52,437	24,418
EUR	8,155	1,313
USD	17,902	5,855
Total cash and cash equivalents	78,494	31,586

As of December 31, 2023 and 2022, the Company’s funds were held in CHF, EUR and USD currencies. Funds held in EUR and USD were translated into CHF at a rate of 0.942 and 0.851 and 0.994 and 0.933, respectively, for each currency and year.

The following table summarizes the Company’s short-term financial assets as of December 31, 2023 and 2022:


	As of
	December 31,
In CHF thousands	2023	2022
Short-term financial assets due in one year or less	24,554	91,000
Total	24,554	91,000
By currency
CHF	22,000	91,000
USD	2,554	—
Total short-term financial assets	24,554	91,000

Contract revenues - Grants from the Michael J. Fox Foundation (Details) SFr in Thousands, $ in Millions	1 Months Ended					12 Months Ended
	Feb. 28, 2023 CHF (SFr)	Feb. 28, 2023 USD ($)	Aug. 31, 2022 CHF (SFr)	Aug. 31, 2022 USD ($)	Dec. 31, 2021 CHF (SFr) item	Dec. 31, 2023 CHF (SFr)	Dec. 31, 2022 CHF (SFr)	Dec. 31, 2021 CHF (SFr)	Dec. 31, 2021 USD ($)	May 31, 2020 CHF (SFr)	May 31, 2020 USD ($)
Contract revenues
Revenue from contracts with customers						SFr 14,801	SFr 3,935	SFr 0
Income from grants						1,486	1,343	1,182
Accrued income						246	408
Deferred income						138	587
Grant revenue [Member]
Contract revenues
Income from grants						SFr 1,200	SFr 1,200	1,100
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
Total potential collaboration agreement value										SFr 3,000	$ 3.2
Eligible grant amount receivable										2,300	2.5
Additional grant awarded	SFr 400	$ 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
Eligible grant amount receivable										SFr 700	0.7
Grant from Michael J. Fox Foundation \| Alpha-synuclein PET imaging diagnostic agent \| Minimum
Contract revenues
Period of joint research agreement						2 years
Grant from Michael J. Fox Foundation \| Advance small molecule PD programs
Contract revenues
Number of grants received \| item					2
Total potential collaboration agreement value					SFr 1,400			SFr 1,400	$ 1.5
Grant from Michael J. Fox Foundation \| Skane University Hospital
Contract revenues
Eligible grant amount receivable \| $											$ 0.7

Retirement benefit plan - Amounts recorded in consolidated statements of income (loss) (Details) - CHF (SFr) SFr in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Retirement benefit plan
Current service cost	SFr 1,453	SFr 1,712	SFr 1,648
Interest cost	804	126	79
Past service cost	903
Interest income	(705)	(87)	(48)
Net pension cost	SFr 2,455	SFr 1,751	SFr 1,679

Retirement benefit plan - Change in other comprehensive gains (losses) (Details) - CHF (SFr) SFr in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Other comprehensive gains/(losses) [Abstract]
Effect of changes in demographic assumptions	SFr 136	SFr 29	SFr 0
Effect of changes in financial assumptions	(2,908)	8,397	156
Effect of changes in experience assumptions	(57)	(1,726)	(252)
Return on plan assets excluding interest income	1,160	(2,274)	1,052
Total other comprehensive gain	SFr (1,669)	SFr 4,426	SFr 956
Weighted average duration period for defined benefit obligation	15 years 6 months	14 years 10 months 24 days

Contract revenues - Tau Vaccine in AD - 2014 Agreement with Janssen Pharmaceuticals (Details) - CHF (SFr) SFr in Thousands	1 Months Ended			12 Months Ended
	Dec. 31, 2023	May 31, 2016	Dec. 31, 2014	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2014
Contract revenues
Current trade receivables	SFr 14,800			SFr 14,800
Revenue from contracts with customers				14,801	SFr 3,935	SFr 0
2014 Agreement with Janssen Pharmaceuticals [Member]
Contract revenues
Revenue from contracts with customers				SFr 14,800	0	0
Tau Vaccine in AD [Member] \| 2014 Agreement with Janssen Pharmaceuticals [Member]
Contract revenues
Period to provide notice of termination of agreement				90 days
Milestone payment received		SFr 4,900
Current trade receivables	14,800			SFr 14,800
Revenue from contracts with customers	14,800	SFr 4,900	SFr 25,900	14,800	SFr 0	SFr 0
Collaborative agreement, upfront payments received							SFr 25,900
Tau Vaccine in AD [Member] \| 2014 Agreement with Janssen Pharmaceuticals [Member] \| Maximum
Contract revenues
Total potential collaboration agreement value			SFr 500,000				SFr 500,000
Total potential collaboration agreement value remaining	SFr 443,000			SFr 443,000

Summary of material accounting policies (Tables)

12 Months Ended

Dec. 31, 2023

Summary of material accounting policies

Schedule of exchange rates used for translation of financial statements

The following exchange rates have been used for the translation of the financial statements of AC Immune USA:


	For the Year Ended
	December 31,
	2023	2022	2021
CHF/USD
Closing rate, USD 1	0.851	0.933	0.923
Weighted average exchange rate, USD 1	0.908	0.965	0.929

Estimated Lease Term by Right-of-use Asset Categories


Buildings	5	years
Office equipment	5	years
IT equipment	5	years

Estimated useful life


IT equipment	3	years
Laboratory equipment	5	years
Leasehold improvements/furniture	5	years

Retirement benefit plan - Changes in Defined Benefit Obligation (Details) - CHF (SFr) SFr in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Changes in defined benefit obligation [Abstract]
At beginning of period	SFr (3,213)	SFr (7,098)	SFr (7,464)
At end of period	(5,770)	(3,213)	(7,098)
Defined Benefit Obligation [Member]
Changes in defined benefit obligation [Abstract]
At beginning of period	(32,410)	(33,889)	(30,213)
Current service cost	(1,453)	(1,712)	(1,648)
Past service cost	(903)
Interest cost	(804)	(126)	(79)
Change in demographic assumptions	136	29	0
Change in financial assumptions	(2,908)	8,397	156
Change in experience assumptions	(57)	(1,726)	(252)
Benefits deposited	(1,265)	(2,327)	(894)
Employees' contributions	(1,396)	(1,056)	(959)
At end of period	SFr (41,060)	SFr (32,410)	SFr (33,889)

Right-of-use assets, long-term financial assets and lease liabilities (Details) - CHF (SFr) SFr in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Right-of-use assets and lease liabilities:
Additions and reassessment	SFr 1,243	SFr 460
Right-of-use of leased assets:
Balance, beginning of period	2,808	2,914
Depreciation	(543)	(566)
Balance, end of period	3,508	2,808
Buildings
Right-of-use assets and lease liabilities:
Additions and reassessment	SFr 1,243	SFr 460
Weighted average incremental borrowing rate	3.50%	3.50%
Right-of-use of leased assets:
Balance, beginning of period	SFr 2,708	SFr 2,776
Depreciation	(505)	(528)
Balance, end of period	3,446	2,708
Office Equipment
Right-of-use assets and lease liabilities:
Additions and reassessment	SFr 0	SFr 0
Weighted average incremental borrowing rate	5.30%	5.30%
Right-of-use of leased assets:
Balance, beginning of period	SFr 74	SFr 98
Depreciation	(24)	(24)
Balance, end of period	50	74
IT Equipment
Right-of-use assets and lease liabilities:
Additions and reassessment	SFr 0	SFr 0
Weighted average incremental borrowing rate	2.60%	2.60%
Right-of-use of leased assets:
Balance, beginning of period	SFr 26	SFr 40
Depreciation	(14)	(14)
Balance, end of period	SFr 12	SFr 26

Income taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income taxes [Abstract]

Income tax expense reconciled to loss

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


	For the Year Ended
	December 31,
In CHF thousands	2023	2022	2021
Loss before income tax	(54,223)	(70,740)	(72,993)
Tax benefit calculated at the domestic rates applicable in the respective countries	(7,371)	(9,616)	(9,930)
(Income not subject to tax)/expenses not deductible for tax purposes	611	455	(375)
Effect of unused tax losses and tax offsets not recognized as deferred tax assets	6,770	9,174	10,308
Effective income tax rate expense	10	13	3

Unrecognized deductible temporary differences, unused tax losses and unused tax credits

The below table details the total unrecognized deductible temporary differences, unused tax losses and unused tax credits:


	As of
	December 31,
In CHF thousands	2023	2022	2021
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	312,972	264,089	197,152
Deductible temporary differences related to:
Right-of-use assets and lease liabilities, net	—	—	—
Retirement benefit plan	5,770	3,213	7,098
Total	318,742	267,302	204,250

Tax losses carry forwards and respective expiry dates

The following table details the tax losses carry forwards of the Company and their respective expiry dates:


	As of
	December 31,
In CHF thousands	2023	2022	2021
Tax losses split by expiry date:
December 31, 2024	15,231	15,231	15,231
December 31, 2025	48,894	48,894	48,894
December 31, 2026	—	—	—
December 31, 2027	57,824	57,824	57,824
December 31, 2028	75,204	75,204	75,204
December 31, 2029	66,936	66,936	—
December 31, 2030	48,883	—	—
Total unrecorded tax loss carryforwards	312,972	264,089	197,153

General information (Details)	Dec. 31, 2023 item
General information
Number of proprietary technology platforms	2

Income taxes, Unrecognized Deductible Temporary Differences, Unused Tax Losses and Unused Tax Credits (Details) - CHF (SFr) SFr in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Unrecognized deductible temporary differences, unused tax losses and unused tax credits [Abstract]
Deductible temporary differences for which no deferred tax asset is recognised	SFr 318,742	SFr 267,302	SFr 204,250
Tax losses split by expiry date [Abstract]
Unrecorded tax loss carryforwards	312,972	264,089	197,153
Increase (decrease) in tax losses available for offset against future taxable profits	48,900
December 31, 2024
Tax losses split by expiry date [Abstract]
Unrecorded tax loss carryforwards	15,231	15,231	15,231
December 31, 2025
Tax losses split by expiry date [Abstract]
Unrecorded tax loss carryforwards	48,894	48,894	48,894
December 31, 2026
Tax losses split by expiry date [Abstract]
Unrecorded tax loss carryforwards	0	0	0
December 31, 2027
Tax losses split by expiry date [Abstract]
Unrecorded tax loss carryforwards	57,824	57,824	57,824
December 31, 2028
Tax losses split by expiry date [Abstract]
Unrecorded tax loss carryforwards	75,204	75,204	75,204
December 31, 2029
Tax losses split by expiry date [Abstract]
Unrecorded tax loss carryforwards	66,936	66,936	0
December 31, 2030
Tax losses split by expiry date [Abstract]
Unrecorded tax loss carryforwards	48,883	0	0
Tax Losses
Unrecognized deductible temporary differences, unused tax losses and unused tax credits [Abstract]
Deductible temporary differences for which no deferred tax asset is recognised	312,972	264,089	197,152
Right of use assets and lease liabilities, net
Unrecognized deductible temporary differences, unused tax losses and unused tax credits [Abstract]
Deductible temporary differences for which no deferred tax asset is recognised	0	0	0
Retirement benefit plan
Unrecognized deductible temporary differences, unused tax losses and unused tax credits [Abstract]
Deductible temporary differences for which no deferred tax asset is recognised	SFr 5,770	SFr 3,213	SFr 7,098

Earnings per share - Antidilutive securities (Details) - shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disclosure of instruments with potential future dilutive effect not included in calculation of diluted earnings per share [line items]
Number of instruments that are antidilutive in period presented	1,257,923	253,119	1,188,113
Share options issued and outstanding (in-the-money)
Disclosure of instruments with potential future dilutive effect not included in calculation of diluted earnings per share [line items]
Number of instruments that are antidilutive in period presented	97,683	135,827	1,140,388
Restricted share awards subject to future vesting
Disclosure of instruments with potential future dilutive effect not included in calculation of diluted earnings per share [line items]
Number of instruments that are antidilutive in period presented	1,160,240	117,292	6,264
Convertible shares
Disclosure of instruments with potential future dilutive effect not included in calculation of diluted earnings per share [line items]
Number of instruments that are antidilutive in period presented			41,461

Summary of material accounting policies, Income taxes (Details) - CHF (SFr) SFr in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Income taxes
Tax loss carryforward period	7 years
Deferred tax assets	SFr 0	SFr 0

Retirement benefit plan - Changes in Fair Value of Plan Assets (Details) - CHF (SFr) SFr in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Changes in fair value of plan assets [Abstract]
At beginning of period	SFr (3,213)	SFr (7,098)	SFr (7,464)
Employer's contributions	1,567	1,210	1,089
At end of period	(5,770)	(3,213)	(7,098)
Expected contributions by the employer to be paid to the post-employment benefit plans during the annual period beginning after the end of the reporting period	1,600
Fair Value of Plan Assets [Member]
Changes in fair value of plan assets [Abstract]
At beginning of period	29,197	26,791	22,749
Interest income	705	87	48
Employees' contributions	1,396	1,056	959
Employer's contributions	1,567	1,210	1,089
Benefits deposited	1,265	2,327	894
Return on plan assets excluding interest income	1,160	(2,274)	1,052
At end of period	SFr 35,290	SFr 29,197	SFr 26,791

Share capital - Conditional share capital for financing and other purposes (Details)	12 Months Ended
	Dec. 31, 2023 CHF (SFr) SFr / shares shares
Conditional Share Capital [Abstract]
Nominal value per share (in CHF per share)	SFr 0.02
Conditional share capital for financing and other purposes
Conditional Share Capital [Abstract]
Nominal value per share (in CHF per share)	SFr 0.02
Conditional share capital for financing and other purposes \| Top of Range [Member]
Conditional Share Capital [Abstract]
Potential increase is equity through conversion of debt instruments \| SFr	SFr 100,000
Potential number of shares issued from conversion of debt instruments \| shares	5,000,000

Share-based compensation, Weighted Average Grant date Fair Value and Assumptions (Details)	12 Months Ended
	Dec. 31, 2023 CHF (SFr) Y SFr / shares	Dec. 31, 2023 CHF (SFr) Y $ / shares	Dec. 31, 2022 CHF (SFr) Y $ / shares	Dec. 31, 2021 CHF (SFr) Y $ / shares	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Number and weighted average exercise prices of options under the share option programs [Abstract]
Weighted average fair value at measurement date, share options granted	SFr 1.33	SFr 1.33	SFr 2.20	SFr 4.78	$ 1.57	$ 2.38	$ 5.23
Weighted average assumptions [Abstract]
Share price (USD and weighted average)		SFr 2.08	SFr 3.44	SFr 6.95
Share price, weighted average (in USD per share) \| (per share)	SFr 2.68	SFr 3.18
Risk free interest rate				0.00%
Expected volatility				80.00%
Dividend yield	0.00%	0.00%	0.00%	0.00%
Minimum
Weighted average assumptions [Abstract]
Exercise price (USD)		SFr 2.03	SFr 2.76	SFr 5.31
Risk free interest rate	4.00%	4.00%	0.00%
Expected volatility	72.00%	72.00%	67.00%
Expected term (in years) \| Y	5.5	5.5	5.5	5.1
Top of Range [Member]
Weighted average assumptions [Abstract]
Exercise price (USD)		SFr 3.11	SFr 4.57	SFr 7.72
Risk free interest rate	4.60%	4.60%	2.40%
Expected volatility	86.00%	86.00%	80.00%
Expected term (in years) \| Y	6	6	6.25	6

Retirement benefit plan - Actuarial Assumptions and Sensitivity Analysis (Details) - CHF (SFr) SFr in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Actuarial assumptions [Abstract]
Discount rate	1.50%	2.25%	0.30%
Rate of future increase in compensations	1.75%	1.75%	1.75%
Rate of future increase in current pensions	0.00%	0.00%	0.00%
Interest rate on retirement savings capital	1.50%	2.25%	0.75%
Sensitivity analysis [Abstract]
Potential defined benefit obligation	SFr 41,060	SFr 32,410	SFr 33,889
+0.5% Increase [Member]
Sensitivity analysis [Abstract]
Percentage increase in actuarial assumption	0.50%	0.50%
-0.5% Decrease [Member]
Sensitivity analysis [Abstract]
Percentage decrease in actuarial assumption	0.50%	0.50%
Discount rate \| +0.5% Increase [Member]
Sensitivity analysis [Abstract]
Percentage increase in actuarial assumption	0.50%	0.50%
Potential defined benefit obligation	SFr 38,132	SFr 30,201
Decrease/(increase) from actual defined benefit obligation	SFr 2,928	SFr 2,209
Discount rate \| -0.5% Decrease [Member]
Sensitivity analysis [Abstract]
Percentage decrease in actuarial assumption	0.50%	0.50%
Potential defined benefit obligation	SFr 44,390	SFr 34,916
Decrease/(increase) from actual defined benefit obligation	SFr (3,330)	SFr (2,506)
Future salary increase \| +0.5% Increase [Member]
Sensitivity analysis [Abstract]
Percentage increase in actuarial assumption	0.50%	0.50%
Potential defined benefit obligation	SFr 41,997	SFr 32,940
Decrease/(increase) from actual defined benefit obligation	SFr (937)	SFr (530)
Future salary increase \| -0.5% Decrease [Member]
Sensitivity analysis [Abstract]
Percentage decrease in actuarial assumption	0.50%	0.50%
Potential defined benefit obligation	SFr 40,205	SFr 31,841
Decrease/(increase) from actual defined benefit obligation	SFr 855	SFr 569
Future pension cost \| +0.5% Increase [Member]
Sensitivity analysis [Abstract]
Percentage increase in actuarial assumption	0.50%	0.50%
Potential defined benefit obligation	SFr 42,681	SFr 33,601
Decrease/(increase) from actual defined benefit obligation	SFr (1,621)	SFr (1,191)
Future pension cost \| -0.5% Decrease [Member]
Sensitivity analysis [Abstract]
Percentage decrease in actuarial assumption	0.50%	0.50%
Potential defined benefit obligation	SFr 39,578	SFr 31,322
Decrease/(increase) from actual defined benefit obligation	SFr 1,482	SFr 1,088
Interest rate on savings capital \| +0.5% Increase [Member]
Sensitivity analysis [Abstract]
Percentage increase in actuarial assumption	0.50%	0.50%
Potential defined benefit obligation	SFr 42,158	SFr 33,322
Decrease/(increase) from actual defined benefit obligation	SFr (1,098)	SFr (912)
Interest rate on savings capital \| -0.5% Decrease [Member]
Sensitivity analysis [Abstract]
Percentage decrease in actuarial assumption	0.50%	0.50%
Potential defined benefit obligation	SFr 40,030	SFr 31,545
Decrease/(increase) from actual defined benefit obligation	SFr 1,030	SFr 865

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

12 Months Ended

Dec. 31, 2023

Cash and cash equivalents and financial assets

Schedule of cash and cash equivalents by currency

The Company’s cash and cash equivalents are maintained in the following respective currencies as of December 31, 2023 and 2022:


	As of
	December 31,
In CHF thousands	2023	2022
Cash and cash equivalents	78,494	31,586
Total	78,494	31,586
By currency
CHF	52,437	24,418
EUR	8,155	1,313
USD	17,902	5,855
Total cash and cash equivalents	78,494	31,586

Schedule of short-term financial assets

The following table summarizes the Company’s short-term financial assets as of December 31, 2023 and 2022:


	As of
	December 31,
In CHF thousands	2023	2022
Short-term financial assets due in one year or less	24,554	91,000
Total	24,554	91,000
By currency
CHF	22,000	91,000
USD	2,554	—
Total short-term financial assets	24,554	91,000

Right-of-use assets, long-term financial assets and lease liabilities - Contractual undiscounted cash flows for lease obligations (Details) SFr in Thousands	Dec. 31, 2023 CHF (SFr) item	Dec. 31, 2022 CHF (SFr)
Contractual undiscounted cash flows for lease liabilities:
Contractual undiscounted cash flows for lease obligations	SFr 3,815	SFr 3,055
Number of deposits in escrow accounts \| item	2
Escrow deposits	SFr 400	400
Less than one year
Contractual undiscounted cash flows for lease liabilities:
Contractual undiscounted cash flows for lease obligations	784	638
1-3 years
Contractual undiscounted cash flows for lease liabilities:
Contractual undiscounted cash flows for lease obligations	1,526	1,230
3-5 years
Contractual undiscounted cash flows for lease liabilities:
Contractual undiscounted cash flows for lease obligations	SFr 1,505	SFr 1,187

Property, plant and equipment (Details) - CHF (SFr) SFr in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Property, plant and equipment:
Property, plant and equipment, beginning of period	SFr 4,259	SFr 5,116
Property, plant and equipment, end of period	3,376	4,259	SFr 5,116
Acquisition Cost
Property, plant and equipment:
Property, plant and equipment, beginning of period	13,602	12,666
Additions	801	936
Disposals	(31)
Property, plant and equipment, end of period	14,372	13,602	12,666
Accumulated depreciation
Property, plant and equipment:
Property, plant and equipment, beginning of period	(9,343)	(7,550)
Depreciation expense	(1,672)	(1,793)	(1,900)
Disposals	19
Property, plant and equipment, end of period	(10,996)	(9,343)	(7,550)
Furniture
Property, plant and equipment:
Property, plant and equipment, beginning of period	126	159
Property, plant and equipment, end of period	97	126	159
Furniture \| Acquisition Cost
Property, plant and equipment:
Property, plant and equipment, beginning of period	285	265
Additions	24	20
Disposals	0
Property, plant and equipment, end of period	309	285	265
Furniture \| Accumulated depreciation
Property, plant and equipment:
Property, plant and equipment, beginning of period	(159)	(106)
Depreciation expense	(53)	(53)
Property, plant and equipment, end of period	(212)	(159)	(106)
IT Equipment
Property, plant and equipment:
Property, plant and equipment, beginning of period	310	438
Property, plant and equipment, end of period	317	310	438
IT Equipment \| Acquisition Cost
Property, plant and equipment:
Property, plant and equipment, beginning of period	1,909	1,754
Additions	278	151
Transfers		4
Disposals	(19)
Property, plant and equipment, end of period	2,168	1,909	1,754
IT Equipment \| Accumulated depreciation
Property, plant and equipment:
Property, plant and equipment, beginning of period	(1,599)	(1,316)
Depreciation expense	(271)	(283)
Disposals	19
Property, plant and equipment, end of period	(1,851)	(1,599)	(1,316)
Lab Equipment
Property, plant and equipment:
Property, plant and equipment, beginning of period	2,748	3,403
Property, plant and equipment, end of period	2,132	2,748	3,403
Lab Equipment \| Acquisition Cost
Property, plant and equipment:
Property, plant and equipment, beginning of period	9,765	9,142
Additions	468	576
Transfers		47
Disposals	0
Property, plant and equipment, end of period	10,233	9,765	9,142
Lab Equipment \| Accumulated depreciation
Property, plant and equipment:
Property, plant and equipment, beginning of period	(7,017)	(5,739)
Depreciation expense	(1,084)	(1,278)
Property, plant and equipment, end of period	(8,101)	(7,017)	(5,739)
Leasehold Improvements
Property, plant and equipment:
Property, plant and equipment, beginning of period	1,072	421
Property, plant and equipment, end of period	830	1,072	421
Leasehold Improvements \| Acquisition Cost
Property, plant and equipment:
Property, plant and equipment, beginning of period	1,640	810
Additions	31	184
Transfers	3	646
Disposals	(12)
Property, plant and equipment, end of period	1,662	1,640	810
Leasehold Improvements \| Accumulated depreciation
Property, plant and equipment:
Property, plant and equipment, beginning of period	(568)	(389)
Depreciation expense	(264)	(179)
Property, plant and equipment, end of period	(832)	(568)	(389)
Assets under construction
Property, plant and equipment:
Property, plant and equipment, beginning of period	3	695
Property, plant and equipment, end of period		3	695
Assets under construction \| Acquisition Cost
Property, plant and equipment:
Property, plant and equipment, beginning of period	3	695
Additions		5
Transfers	(3)	(697)
Disposals	0
Property, plant and equipment, end of period		SFr 3	SFr 695
Laboratory and IT equipment
Property, plant and equipment:
Additions	SFr 700
Percentage of increase in equipment	6.00%

Summary of material accounting policies, Right-of-use assets and lease liabilities (Details)	12 Months Ended
	Dec. 31, 2023
Buildings
Right-of-use assets and lease liabilities:
Estimated lease term	5 years
Office Equipment
Right-of-use assets and lease liabilities:
Estimated lease term	5 years
IT Equipment
Right-of-use assets and lease liabilities:
Estimated lease term	5 years

Prepaid expenses and accrued income

12 Months Ended

Dec. 31, 2023

Prepaid expenses and accrued income

Prepaid expenses and accrued income

9.Prepaid expenses and accrued income


	As of
	December 31,
In CHF thousands	2023	2022
Prepaid expenses	6,437	4,708
Accrued income	246	408
Total prepaid expenses and accrued income	6,683	5,116

The Company’s prepaid expenses relate mainly to research contracts with down-payments at contract signature with the related activities to start or continue into 2024, prepaid expenses recorded as part of our cost sharing arrangement with Janssen, as well as prepaid payroll-related expenses.

Related-party transactions (Tables)

12 Months Ended

Dec. 31, 2023

Key management compensation

Key management includes the board of directors and executive management. For 2023, there were eight members (2022 and 2021: eight) of the Board (excluding the CEO) and seven members (2022: seven and 2021: six) of executive management (including the CEO). Compensation was as follows:


	For the Year Ended
	December 31,
In CHF thousands	2023	2022	2021
Short-term employee benefits	4,661	4,187	4,403
Post-employment benefits	446	295	266
Share-based compensation	3,251	2,503	2,997
Total compensation	8,358	6,985	7,666

Related-party transactions

12 Months Ended

Dec. 31, 2023

Related-party transactions

16.Related-party transactions

Board of directors and executive management compensation


	For the Year Ended
	December 31,
In CHF thousands	2023	2022	2021
Short-term employee benefits	4,661	4,187	4,403
Post-employment benefits	446	295	266
Share-based compensation	3,251	2,503	2,997
Total compensation	8,358	6,985	7,666

Basis of preparation

12 Months Ended

Dec. 31, 2023

Basis of preparation

Basis of preparation

2.Basis of preparation

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 20-F, after considering the Company’s cash position of CHF 78.5 million and short-term financial assets of CHF 24.6 million as of December 31, 2023. Hence, these 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 license 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.

Statement of compliance

The consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) Accounting Standards as issued by the International Accounting Standards Board (IASB). These consolidated financial statements were approved for issue by the Board of Directors on March 13, 2024.

Basis of measurement

The consolidated financial statements have been prepared under the historical cost convention except for items that are required to be accounted for at fair value.

Basis of preparation - Going concern (Details) - CHF (SFr) SFr in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Going concern
Company's cash position	SFr 78,494	SFr 31,586	SFr 82,216	SFr 160,893
Short-term financial assets	SFr 24,554	SFr 91,000

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

12 Months Ended

Dec. 31, 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

The following tables show the movements in the net book values of right-of-use of leased assets for the years ended December 31, 2023 and 2022, respectively:


		Office	IT
In CHF thousands	Buildings	equipment	equipment	Total
Balance as of December 31, 2022	2,708	74	26	2,808
Additions and reassessment	1,243	—	—	1,243
Depreciation	(505)	(24)	(14)	(543)
Balance as of December 31, 2023	3,446	50	12	3,508


		Office	IT
In CHF thousands	Buildings	equipment	equipment	Total
Balance as of December 31, 2021	2,776	98	40	2,914
Additions and reassessment	460	—	—	460
Depreciation	(528)	(24)	(14)	(566)
Balance as of December 31, 2022	2,708	74	26	2,808

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

For the years ended December 31, 2023, and 2022, the impact on the Company’s consolidated statements of income/(loss) and consolidated statements of cash flows is detailed in the table below.


	For the Year Ended
	December 31,
In CHF thousands	2023	2022
Statements of income/(loss)
Depreciation of right-of-use assets	543	566
Interest expense on lease liabilities	90	68
Expense for short-term leases and leases of low value	793	750
Total	1,426	1,384

Statements of cash flows
Total cash outflow for leases	1,431	1,388

Schedule of contractual undiscounted cash flows for lease obligations

The following table presents the contractual undiscounted cash flows for lease liabilities as of December 31, 2023 and 2022:


	As of
	December 31,
In CHF thousands	2023	2022
Less than one year	784	638
1-3 years	1,526	1,230
3-5 years	1,505	1,187
Total	3,815	3,055

Share capital - Conditional share capital for employee benefit plans (Details)	12 Months Ended
	Dec. 31, 2023 CHF (SFr) SFr / shares shares
Conditional Share Capital [Abstract]
Nominal value per share (in CHF per share) \| SFr / shares	SFr 0.02
Number of shares issued upon exercise of options and restricted share units \| shares	97,540
Employee Benefit Plans [Member]
Conditional Share Capital [Abstract]
Nominal value per share (in CHF per share) \| SFr / shares	SFr 0.02
Employee Benefit Plans [Member] \| Top of Range [Member]
Conditional Share Capital [Abstract]
Maximum aggregate amount of ordinary shares \| SFr	SFr 93,795
Issuance of ordinary shares (in shares) \| shares	4,689,750

Summary of material accounting policies

12 Months Ended

Dec. 31, 2023

Summary of material accounting policies

Summary of material accounting policies

3.Summary of material accounting policies

The principal accounting policies adopted in the preparation of these consolidated financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Functional and reporting currency

These 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 U.S. Dollar (USD). The respective functional currency represents the primary economic environment in which the entities operate.

The following exchange rates have been used for the translation of the financial statements of AC Immune USA:


	For the Year Ended
	December 31,
	2023	2022	2021
CHF/USD
Closing rate, USD 1	0.851	0.933	0.923
Weighted average exchange rate, USD 1	0.908	0.965	0.929

The results and financial position of AC Immune USA are translated into the presentation currency as follows:

assets and liabilities for each balance sheet presented are translated at the closing rate at the date of that balance sheet;

ii.

income and expenses for each statement of income/(loss) are translated at average exchange rates; and

iii.

all resulting exchange differences are recognized in other comprehensive income/(loss), within cumulative translation differences.

Basis of consolidation

The annual closing date of the individual financial statements is December 31. The Company fully-owns its Subsidiary and fully consolidates its financial statements into these consolidated financial statements. All intercompany transactions have been eliminated.

Foreign currency transactions

Foreign currency transactions are translated into the respective functional currency using prevailing exchange rates at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognized in the consolidated statements of income/(loss). Any gains or losses from these translations are included in the consolidated statements of income/(loss) in the period in which they arise.

Current vs. non-current classification

The Company presents assets and liabilities in the consolidated balance sheets based on current/non-current classification. The Company classifies all amounts to be realized or settled within 12 months after the reporting period to be current and all other amounts to be non-current.

Revenue recognition

The Company applies IFRS 15 Revenue from Contracts with Customers. This standard applies to all contracts with customers, except for contracts that are within the scope of other standards, such as leases, insurance, collaboration arrangements and financial instruments. Under IFRS 15, an entity recognizes revenue when its customer obtains control of promised goods or services, in an amount that reflects the consideration that the entity expects to receive in exchange for those goods or services. To determine revenue recognition for arrangements that an entity determines are within the scope of IFRS 15, the entity performs the following five steps: (i) identify the contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) the entity satisfies a performance obligation. The Company applies the five-step model to contracts only when it is probable that the entity will collect the consideration it is entitled to in exchange for the goods or services it transfers to the customer. At contract inception, once the contract is determined to be within the scope of IFRS 15, the Company assesses the goods or services promised within each contract, and determines those that are performance obligations, and assesses whether each promised good or service is distinct. The Company then recognizes as revenue the amount of the transaction price that is allocated to the respective performance obligation when (or as) the performance obligation is satisfied.

The Company enters into LCAs which are within the scope of IFRS 15, under which it licenses certain rights to its product candidates and intellectual property to third parties. The terms of these arrangements typically include payment to the Company of one or more of the following: non-refundable, upfront license fees, development, regulatory and/or commercial milestone payments; payments for research and clinical services the Company provides through either its full-time employees or third-party vendors, and royalties on net sales of licensed products commercialized from the Company’s intellectual property. Each of these payments results in license, collaboration and other revenues, which are classified as contract revenue on the consolidated statements of income/(loss).

Licenses of intellectual property

If the license to the Company’s intellectual property is determined to be distinct from the other performance obligations identified in the arrangement, the Company recognizes revenues from non-refundable, upfront fees allocated to the license when the license is transferred to the customer and the customer is able to use and benefit from the license. For licenses that are sold in conjunction with a related service, the Company uses judgment to assess the nature of the combined performance obligation to determine whether the combined performance obligation is satisfied over time or at a point in time. If the performance obligation is settled over time, the Company determines the appropriate method of measuring progress for purposes of recognizing revenue from non-refundable, upfront fees. The Company evaluates the measure of progress each reporting period and, if necessary, adjusts the measure of performance and related revenue recognition.

Milestone payments

At the inception of each arrangement that includes development, regulatory and/or commercial milestone payments, the Company evaluates whether the milestones are considered highly probable of being reached and estimates the amount to be included in the transaction price using the most likely amount method. If it is highly probable that a significant cumulative revenue reversal would not occur in future periods, the associated milestone value is included in the transaction price. These amounts for the performance obligations under the contract are recognized as they are satisfied. At the end of each subsequent reporting period, the Company re-evaluates the probability of achievement of such milestones and any related constraint, and if necessary, adjusts its estimate of the overall transaction price. Any such adjustments recorded would affect contract revenues and earnings in the period of adjustment.

Research and development services

The Company has certain arrangements with our collaboration partners that include contracting our employees for research and development programs. The Company assesses if these services are considered distinct in the context of each contract and, if so, they are accounted for as separate performance obligations. These revenues are recorded in contract revenue as the services are performed.

Sublicense revenues

The Company has certain arrangements with our collaboration partners that include provisions for sublicensing. The Company recognizes any sublicense revenues at the point in time it is highly probable to obtain and not subject to reversal in the future.

Contract balances

The Company receives payments and determines credit terms from its customers for its various performance obligations based on billing schedules established in each contract. The timing of revenue recognition, billings and cash collections results in billed other current receivables, accrued income (contract assets), and deferred income (contract liabilities) on the consolidated balance sheets. Amounts are recorded as other current receivables when the Company’s right to consideration is unconditional. The Company does not assess whether a contract has a significant financing component if the expectation at contract inception is such that the period between payment by the licensees and the transfer of the promised goods or services to the licensees will be 1 year or less.

For a complete discussion of accounting for contract revenue, see “Note 14. Contract revenues.”

Research and development expenses

Given the stage of development of the Company’s products, all research and development expenditure is expensed as incurred as it does not meet the capitalization criteria outlined in IAS 38 Intangible Assets. The Company has not capitalized any R&D expenses to date. Research and development expenditures include:

●

the cost of acquiring, developing and manufacturing active pharmaceutical ingredients for product candidates that have not received regulatory approval, clinical trial materials and other research and development materials;

●

fees and expenses incurred under agreements with contract research organizations, investigative sites and other entities in connection with the conduct of clinical trials and preclinical studies and related services, such as administrative, data-management and laboratory services;

●

fees and costs related to regulatory filings and activities;

●

costs associated with preclinical and clinical activities;

●

employee-related expenses, including salaries and bonuses, benefits, travel and share-based compensation expenses; and

●

all other allocated expenses such as facilities and information technology (IT) costs.

For external research contracts, expenses include those associated with contract research organizations, or CROs, or contract manufacturing organizations, or CMOs. The invoicing from CROs or CMOs for services rendered do not always align with work performed. We accrue the cost of services rendered in connection with CRO or CMO activities based on our estimate of the “stage of completion” for such contracted services. We maintain regular communication with our CRO or CMO vendors to gauge the reasonableness of our estimates and accrued expenses as of the balance sheet date in the consolidated financial statements based on facts and circumstances known at the time.

Registration costs for patents are part of the expenditure for research and development projects. Therefore, registration costs for patents are expensed when incurred as long as the research and development project concerned does not meet the criteria for capitalization.

General and administrative expenses

General and administrative expenses are expensed as incurred and 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 certain IT, facilities and depreciation expenses.

Grant income

The Company has received grants, from time to time, from the Michael J. Fox Foundation (MJFF), the Target ALS Foundation (Target ALS) and other institutions to support certain research projects. Grants are recorded at their fair value in the consolidated statements of income/(loss) within other operating income/(expenses), net when there is reasonable assurance that the Company will satisfy the underlying grant conditions and the grants will be received. In certain circumstances, grant income may be recognized before formal grantor acknowledgement of milestone achievements. To the extent required, grant income is deferred and recognized on a systematic basis over the periods in which the Company expects to recognize the related expenses for which the grants are intended to compensate.

Leases

The Company applies IFRS 16 Leases, which provides the model for lessee accounting in which all leases, other than short-term and low-value leases, are accounted for by the recognition on the consolidated balance sheet of a right-of-use asset and a lease liability, and the subsequent amortization of the right-of-use asset over the earlier of the end of the useful life or the lease term. In accordance with IFRS 16, the Company (i) does not recognize right-of-use assets and lease liabilities for leases of low value (i.e. approximate fair value of USD 5,000). For a complete discussion of accounting, see “Note 5. Right-of-use assets, long-term financial assets and lease liabilities.”

Right-of-use assets and lease liabilities

At inception of a leasing contract, the Company assesses whether a contract is, or contains, a lease based on whether the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. The Company recognizes a right-of-use asset and a lease liability at the lease commencement date. The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the Company’s incremental borrowing rate. The lease liabilities are classified as current or non-current based on the due dates of the underlying principal payments.

Lease payments generally are fixed for the contract term. The lease liability is measured at amortized cost using the effective interest method. The lease liability is re-measured if there is a change in the estimated lease term, a change in future lease payments arising from a change in an index or rate, a change in the Company’s estimate of the amount expected to be payable under a residual value guarantee or a change in assessment of whether it will exercise a purchase, extension or termination option.

At inception, the right-of-use asset comprises the initial lease liability and any initial direct costs. The right-of-use asset is depreciated over the shorter of the lease term or the useful life of the underlying asset. The right-of-use asset is periodically reduced by impairment losses, if any, and adjusted for certain re-measurements of the lease liability performed on as certain potential triggering events may arise (e.g. lease modifications). When the lease liability is re-measured, a corresponding adjustment is made to the carrying amount of the right-of-use asset or is recorded in profit or loss if the carrying amount of the right-of-use asset has been reduced to zero.

The estimated lease term by right-of-use asset categories are as follows:


Buildings	5	years
Office equipment	5	years
IT equipment	5	years

Both the right-of-use-assets and lease liabilities are recognized in the consolidated balance sheets.

Property, plant and equipment

Equipment is shown at historical acquisition cost, less accumulated depreciation and any accumulated impairment losses. Historical costs include expenditures that are directly attributable to the acquisition of the property, plant and equipment. Depreciation is calculated using a straight-line method to write off the cost of each asset to its residual value over its estimated useful life as follows:


IT equipment	3	years
Laboratory equipment	5	years
Leasehold improvements/furniture	5	years

The assets’ residual values and useful lives are reviewed, and adjusted if appropriate, at each balance sheet date. Where an asset’s carrying amount is greater than its estimated recoverable amount, it is written down to its recoverable amount.

Gains and losses on disposals are determined by comparing the disposal proceeds with the carrying amount and are included in the consolidated statements of income/(loss).

Intangible assets

AC Immune’s acquired in process research and development (IPR&D) asset is stated at cost less any impairments. The Company does not deem this asset ready for use until the asset obtains market approval. Therefore, during the development period after the date of acquisition until market approval, the IPR&D asset is not amortized. Upon market approval, the Company will determine the useful life of the asset, reclassify it from IPR&D and commence amortization. If the associated R&D effort is abandoned, the related IPR&D will likely be written off and we will record the relevant impairment charge. Finally, the Company will not capitalize future development costs in respect to this IPR&D asset until they meet the criteria for capitalization of research and development costs in accordance with IAS 38 Intangible Assets.

Our IPR&D asset is subject to impairment testing at least annually or when there are indications that the carrying value may not be recoverable until the completion of the development process. The determination of the recoverable amounts include key estimates which are highly sensitive to, and dependent upon, key assumptions.

The Company uses a discounted cash flow method to determine the fair value less costs to sell (recoverable amount) of our IPR&D intangible asset. The Company starts with a forecast of all the expected net cash flows, which incorporates the consideration of a terminal value and then the Company applies a discount rate to arrive at a risk-adjusted net present value amount.

Any impairment losses are recognized immediately in the consolidated statements of income/(loss).

Fair value of financial assets and liabilities

The Company’s financial assets and liabilities are composed of receivables, short-term financial assets, cash and cash equivalents, trade payables and 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.

Receivables

Receivables are recognized at their billing value. An allowance for doubtful accounts is recorded for potential estimated losses when there is evidence of the debtor’s inability to make required payments and the Company assesses on a forward-looking basis the expected credit losses associated with these receivables held at amortized cost.

Short-term financial assets

Short-term financial assets are held with external financial institutions and comprise fixed-term deposits with maturities ranging from more than 3 through 12 months in duration.

The Company assesses whether there is objective evidence that financial assets are impaired annually or whenever potential impairment triggers may occur.

Cash and cash equivalents

Cash and cash equivalents include deposits held with external financial institutions and cash on hand. All cash and cash equivalents are either in cash or in deposits with original duration of less than 3 months.

Trade payables

Trade payables are amounts due to third parties in the ordinary course of business.

Share capital and public offerings

Common shares are classified as equity. Share issuance costs are capitalized as incurred and will be shown in equity as a deduction, net of tax, from the proceeds received from existing or future offerings. Should a planned equity offering not be assessed as probable, the issuance costs would be expensed immediately in the consolidated statements of income/(loss). See “Note 12. Share capital.”

Treasury shares

Treasury shares are recognized at acquisition cost and deducted from shareholders’ equity at the time of acquisition, until they are subsequently resold, distributed or cancelled. Where such shares are subsequently sold, any consideration received is included in shareholders’ equity. See “Note 12. Share capital.”

Employee benefits

Post-employment benefits

The Company operates the mandatory pension schemes for its employees in Switzerland. The schemes are generally funded through payments to insurance companies. The Company has a pension plan designed to pay pensions based on accumulated contributions on individual savings accounts. However, this plan is classified as a defined benefit plan under IAS 19.

The net defined benefit liability is the present value of the defined benefit obligation at the balance sheet date minus the fair value of plan assets. Significant estimates are used in determining the assumptions incorporated in the calculation of the pension obligations, which is supported by input from independent actuaries. The defined benefit obligation is calculated annually with the assistance of an independent actuary using the projected unit credit method, which reflects services rendered by employees to the date of valuation, incorporates assumptions concerning employees’ projected salaries and pension increases as well as discount rates of highly liquid corporate bonds that have terms to maturity approximating the terms of the related liability.

To the extent that the fair value of the plan assets is greater than the present value of the defined benefit obligation as calculated by our independent actuary, the Company accounts for the effect of the asset ceiling test under IAS 19.

Re-measurements of the net defined benefit liability, which comprise actuarial gains and losses and the return on plan assets (excluding interest) are recognized immediately in the consolidated statements of other comprehensive income/(loss). Past service costs, including curtailment gains or losses, are recognized immediately as a split in research and development and general and administrative expenses within the operating results. Settlement gains or losses are recognized in either research and development and/or general and administrative expenses within the operating results. The Company determines the net interest expense/(income) on the net defined benefit liability for the period by applying the discount rate used to measure the defined benefit obligation at the beginning of the annual period or in case of any significant events between measurement dates to the then-net defined benefit liability, considering any changes in the net defined benefit liability during the period as a result of contributions and benefit payments. Net interest expense/(income) and other expenses related to defined benefit plans are recognized in the consolidated statements of income/(loss).

Share-based compensation

The Company operates an equity-settled, share-based compensation plan. The fair value of the employee services received in exchange for the grant of equity-based awards is recognized as an expense. The total amount to be expensed over the vesting period is determined by reference to the fair value of the instruments granted, excluding the impact of any non-market vesting conditions. Non-market vesting conditions are included in assumptions about the number of instruments that are expected to become exercisable. At each balance sheet date, the Company revises its estimates of the number of instruments that are expected to become exercisable. It recognizes the impact of the revision of original estimates, if any, prospectively in the consolidated statements of income/(loss), and a corresponding adjustment to equity over the remaining vesting period.

Stock options granted under the Company’s stock option plans C1 and the 2016 Stock Option and Incentive Plan are valued using the Black-Scholes option-pricing model (see “Note 19. Share-based compensation”). This valuation model as well as parameters used such as expected volatility and expected term of the stock options are partially based on management’s estimates.

The proceeds received net of any directly attributable transaction costs are credited to share capital (nominal value) and share premium when the options are exercised.

We estimate the fair value of restricted share units using a reasonable estimate of market value of the common shares on the date of the award. We classify our share-based payments as equity-classified awards as they are settled in common shares. We measure equity-classified awards at their grant date fair value and do not subsequently re-measure them. Compensation costs related to equity-classified awards are equal to the fair value of the award at grant date amortized over the vesting period of the award using the graded method. We reclassify that portion of vested awards to share capital and share premium as the awards vest.

Provisions

Provisions are recognized when the Company has a present legal or constructive obligation as a result of past events where it is more likely than not that an outflow of resources will be required to settle the obligation, and a reliable estimate of the amount can be made.

Taxation

Current income tax assets and liabilities for the period are measured at the amount expected to be recovered from or paid to the taxation authorities. The tax rates and tax laws used to compute the tax amounts are those that are enacted or substantively enacted, at the reporting date in accordance with the fiscal regulations of the respective country where the Company operates and generates taxable income. Deferred tax is provided using the liability method on temporary differences between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes at the reporting date.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the year when the asset is realized or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted at the reporting date. If required, deferred taxation is provided in full using the liability method, on all temporary differences at the reporting dates. It is calculated at the tax rates that are expected to apply to the period when it is anticipated the liabilities will be settled, and it is based on tax rates (and laws) that have been enacted or substantively enacted at the reporting date.

Deferred income tax assets are recognized to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilized. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realized. Although the Company has substantial tax loss carry-forwards, historically, due to the fact that the Company had limited certainty on the achievement of key milestones, it has not recognized any deferred tax assets as the probability for use is low.

As disclosed in “Note 17. Income taxes,” the Company has tax losses that can generally be carried forward for a period of 7 years from the period the loss was incurred. These tax losses represent potential value to the Company to the extent that the Company is able to create taxable profits before the expiry period of these tax losses. The Company has not recorded any deferred tax assets in relation to these tax losses.

Earnings per share

The Company presents basic earnings per share for each period in the consolidated financial statements. The earnings per share are calculated by dividing the earnings of the period by the weighted-average number of shares outstanding during the period. Diluted earnings per share reflect the potential dilution that could occur if dilutive securities such as share options or non-vested restricted share units were vested or exercised into common shares or resulted in the issuance of common shares that would participate in net income. Anti-dilutive shares are excluded from the dilutive earnings per share calculation.

Critical judgments and accounting estimates

The preparation of financial statements in conformity with IFRS requires management to make judgments, estimates and assumptions that affect the application of accounting policies and 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) revenue recognition on LCAs, (ii) clinical development accruals, (iii) net employee defined benefit liability, (iv) share-based compensation, (v) right-of-use assets and lease liabilities and (vi) 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.

Segment reporting

The Company has one segment. The Company currently focuses most of its resources on discovering and developing therapeutic and diagnostic products targeting misfolded proteins.

The Company is managed and operated as one business. A single management team that reports to the chief operating decision maker comprehensively manages the entire business. Accordingly, the Company views its business and manages its operations as one operating segment. Non-current assets are located in, and revenue is allocated and recorded within, the Company’s country of domicile, Switzerland.

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

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.

Share-based compensation, Weighted Average Exercise Prices (Details)	12 Months Ended
	Dec. 31, 2023 Options SFr / shares	Dec. 31, 2023 Options SFr / shares $ / shares	Dec. 31, 2022 Options SFr / shares	Dec. 31, 2022 Options SFr / shares $ / shares	Dec. 31, 2021 Options SFr / shares	Dec. 31, 2021 Options SFr / shares $ / shares	Dec. 31, 2020 Options SFr / shares
Number of options [Abstract]
Outstanding at beginning of period (in shares)	4,261,017	4,261,017	3,585,689	3,585,689	2,900,667	2,900,667
Forfeited during the year (in shares)	(824,084)	(824,084)	(304,738)	(304,738)	(207,331)	(207,331)
Exercised during the year (in shares)	(42,037)	(42,037)	(110,250)	(110,250)	(218,561)	(218,561)
Granted during the year (in shares)	1,554,281	1,554,281	1,090,316	1,090,316	1,110,914	1,110,914
Outstanding at end of period (in shares)	4,949,177	4,949,177	4,261,017	4,261,017	3,585,689	3,585,689	2,900,667
Exercisable (in shares)	3,022,345	3,022,345	2,345,648	2,345,648	1,613,242	1,613,242
Weighted average exercise price [Abstract]
Outstanding at beginning of period (in CHF per share) \| SFr / shares	SFr 5.65		SFr 6.21		SFr 5.90
Forfeited during the year (in CHF per share) \| SFr / shares	5.34		6.32		6.13
Exercised during the year (in CHF per share) \| SFr / shares	1.52		0.15		4.97
Granted during the year (in CHF per share) \| (per share)	1.75	$ 2.08	3.18	$ 3.44	6.34	$ 6.95
Outstanding at end of period (in CHF per share) \| SFr / shares	4.11		5.65		6.21		SFr 5.90
Exercisable (in CHF per share) \| SFr / shares	SFr 4.88	$ 4.88	SFr 6.41	$ 6.41	SFr 6.13	$ 6.13
Weighted average remaining term (years) [Abstract]
Weighted average remaining term (years), options outstanding	7 years 2 months 12 days	7 years 2 months 12 days	7 years 7 months 6 days	7 years 7 months 6 days	7 years 9 months 18 days	7 years 9 months 18 days	8 years 2 months 12 days
Weighted average remaining term (years), options exercisable	6 years 4 months 24 days	6 years 4 months 24 days	6 years 7 months 6 days	6 years 7 months 6 days	6 years 9 months 18 days	6 years 9 months 18 days

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

12 Months Ended

Dec. 31, 2023

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

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

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

The Company recognized additions and reassessment of right-of-use of leased assets for buildings or for office equipment totaling CHF 1.2 million and CHF 0.5 million for the years ended December 31, 2023 and 2022, respectively. In 2023, these increases are predominantly associated with a new lease and the reassessment of our existing leased office space.

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 as of December 31, 2023 are 3.5% (3.5% for 2022) for buildings, 5.3% (5.3% for 2022) for office equipment and 2.6% (2.6% for 2022) for IT equipment.

The following tables show the movements in the net book values of right-of-use of leased assets for the years ended December 31, 2023 and 2022, respectively:


		Office	IT
In CHF thousands	Buildings	equipment	equipment	Total
Balance as of December 31, 2022	2,708	74	26	2,808
Additions and reassessment	1,243	—	—	1,243
Depreciation	(505)	(24)	(14)	(543)
Balance as of December 31, 2023	3,446	50	12	3,508


		Office	IT
In CHF thousands	Buildings	equipment	equipment	Total
Balance as of December 31, 2021	2,776	98	40	2,914
Additions and reassessment	460	—	—	460
Depreciation	(528)	(24)	(14)	(566)
Balance as of December 31, 2022	2,708	74	26	2,808

For the years ended December 31, 2023, and 2022, the impact on the Company’s consolidated statements of income/(loss) and consolidated statements of cash flows is detailed in the table below.


	For the Year Ended
	December 31,
In CHF thousands	2023	2022
Statements of income/(loss)
Depreciation of right-of-use assets	543	566
Interest expense on lease liabilities	90	68
Expense for short-term leases and leases of low value	793	750
Total	1,426	1,384

Statements of cash flows
Total cash outflow for leases	1,431	1,388

The following table presents the contractual undiscounted cash flows for lease liabilities as of December 31, 2023 and 2022:


	As of
	December 31,
In CHF thousands	2023	2022
Less than one year	784	638
1-3 years	1,526	1,230
3-5 years	1,505	1,187
Total	3,815	3,055

The Company also has two deposits in escrow accounts totaling CHF 0.4 million for the lease of the Company’s premises as of December 31, 2023 and 2022, respectively.

Subsequent Events (Details) SFr in Millions	Feb. 01, 2024 CHF (SFr)
2014 Agreement with Janssen Pharmaceuticals [Member] \| Tau Vaccine in AD [Member] \| Receipt of milestone payments
Disclosure of non-adjusting events after reporting period [line items]
Collaboration Agreement, Mile Stone Payment Received	SFr 14.8

Commitments and contingencies (Details) - CHF (SFr) SFr in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Commitments and contingencies [Abstract]
Notice period for cancellation of rental contract	12 months
Contractual capital commitments	SFr 47,568	SFr 52,488
Within 1 Year
Commitments and contingencies [Abstract]
Contractual capital commitments other than for leases	21,400
Contractual capital commitments	21,746	23,336
1-3 years
Commitments and contingencies [Abstract]
Contractual capital commitments	16,920	18,516
3-5 years
Commitments and contingencies [Abstract]
Contractual capital commitments	7,632	9,229
More Than 5 Years [Member]
Commitments and contingencies [Abstract]
Contractual capital commitments	SFr 1,270	SFr 1,407

Commitments and contingencies

12 Months Ended

Dec. 31, 2023

Commitments and contingencies [Abstract]

Commitments and contingencies

20.Commitments and contingencies

The Company’s commitments and contingencies relate to its ongoing operating activities, mainly research and development programs, as well as its leased corporate space.

In the normal course of business, we conduct product research and development programs through collaborative programs that include, among others, arrangements with universities, contract research organizations and clinical research sites. We have contractual arrangements with these organizations. As of December 31, 2023, we have contractual obligations, other than for leases (see below), totaling CHF 21.4 million for 2024.

We lease our corporate, laboratory and other facilities under multiple leases at the EPFL Innovation Park in Ecublens, near Lausanne, Canton of Vaud, Switzerland. Our lease agreements have no termination clauses longer than a 12-month contractual notice period. The Company recognizes a right-of-use asset for its leases, except for short-term and low-value leases as indicated in Note 3. See “Note 5. Right-of-use assets, long-term financial assets and lease liabilities” for the contractual undiscounted cash flows for lease obligations.


	As of
	December 31,
In CHF thousands	2023	2022
Within 1 year	21,746	23,336
Between 1 and 3 years	16,920	18,516
Between 3 and 5 years	7,632	9,229
More than 5 years	1,270	1,407
Total	47,568	52,488

Property, plant and equipment (Tables)

12 Months Ended

Dec. 31, 2023

Property, plant and equipment.

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

The following tables show the movements in the net book values of property, plant and equipment for the years ended December 31, 2023 and 2022, respectively:


	As of December 31, 2023
		IT	Laboratory	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	24	278	468	31	—	801
Disposals	—	(19)	—	(12)	—	(31)
Transfers	—	—	—	3	(3)	—
Balance at December 31, 2023	309	2,168	10,233	1,662	—	14,372

Accumulated depreciation:
Balance at December 31, 2022	(159)	(1,599)	(7,017)	(568)	—	(9,343)
Depreciation expenses	(53)	(271)	(1,084)	(264)	—	(1,672)
Disposals	—	19	—	—	—	19
Balance at December 31, 2023	(212)	(1,851)	(8,101)	(832)	—	(10,996)

Carrying amount:
December 31, 2022	126	310	2,748	1,072	3	4,259
December 31, 2023	97	317	2,132	830	—	3,376


	As of December 31, 2022
		IT	Laboratory	Leasehold	Assets under
In CHF thousands	Furniture	equipment	equipment	improvements	construction	Total
Acquisition cost:
Balance at December 31, 2021	265	1,754	9,142	810	695	12,666
Additions	20	151	576	184	5	936
Transfers	—	4	47	646	(697)	—
Balance at December 31, 2022	285	1,909	9,765	1,640	3	13,602

Accumulated depreciation:
Balance at December 31, 2021	(106)	(1,316)	(5,739)	(389)	—	(7,550)
Depreciation expenses	(53)	(283)	(1,278)	(179)	—	(1,793)
Balance at December 31, 2022	(159)	(1,599)	(7,017)	(568)	—	(9,343)

Carrying amount:
December 31, 2021	159	438	3,403	421	695	5,116
December 31, 2022	126	310	2,748	1,072	3	4,259

Earnings per share (Details) - CHF (SFr) SFr / shares in Units, SFr in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Numerator
Net loss attributable to equity holders of the Company	SFr (54,233)	SFr (70,753)	SFr (72,996)
Denominator
Weighted-average number of shares outstanding used to compute EPS basic attributable to equity holders	84,694,616	83,554,412	74,951,833
Basic loss per share for the period attributable to equity holders	SFr (0.64)	SFr (0.85)	SFr (0.97)
Diluted loss per share for the period attributable to equity holders	SFr (0.64)	SFr (0.85)	SFr (0.97)

Share capital - Convertible note agreement (Details) $ in Millions	12 Months Ended
	Dec. 31, 2023 CHF (SFr)	Dec. 31, 2022 CHF (SFr)	Dec. 31, 2021 CHF (SFr) agreement shares	Dec. 31, 2021 USD ($) shares	Dec. 31, 2021 USD ($) agreement
Convertible Note Agreement [Abstract]
Net proceeds \| SFr	SFr 0	SFr 0	SFr 23,463,000
Convertible note agreements
Convertible Note Agreement [Abstract]
Number of separate convertible note agreements \| agreement			2		2
Aggregate principal amount of each convertible note			SFr 11,700,000		$ 12.5
Proceeds from conversion of convertible debt, per individual note			SFr 11,700,000	$ 12.5
Number of shares issued through conversion of convertible notes			3,026,634	3,026,634
Outstanding equity or cash consideration due under convertible note agreements \| SFr			SFr 0
Convertible note agreements \| Athos Service GmbH [Member]
Convertible Note Agreement [Abstract]
Number of shares issued through conversion of convertible notes			1,513,317	1,513,317
Convertible note agreements \| First Capital Partner GmbH [Member]
Convertible Note Agreement [Abstract]
Number of shares issued through conversion of convertible notes			1,513,317	1,513,317
Convertible note agreements \| Top of Range [Member] \| If notes are converted
Convertible Note Agreement [Abstract]
Net proceeds			SFr 23,500,000	$ 25.0

Retirement benefit plan - Change in Net Defined Benefit Liability (Details) - CHF (SFr) SFr in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Change in net defined benefit liability [Abstract]
Net defined benefit liabilities, beginning of period	SFr 3,213	SFr 7,098	SFr 7,464
Net pension cost through statement of income/(loss)	2,455	1,751	1,679
Remeasurement through other comprehensive income/(loss)	1,669	(4,426)	(956)
Employer's contribution	(1,567)	(1,210)	(1,089)
Net defined benefit liabilities, end of period	SFr 5,770	SFr 3,213	SFr 7,098

Expenses by category (Tables)

12 Months Ended

Dec. 31, 2023

Expenses by category [Abstract]

Research and Development

Research and development


	For the Year Ended
	December 31,
In CHF thousands	2023	2022	2021
Operating expenses	33,198	41,166	44,289
Payroll expenses	19,499	17,548	16,465
Share-based compensation	1,909	1,622	1,528
Total research and development expenses	54,606	60,336	62,282

General and Administrative

General and administrative


	For the Year Ended
	December 31,
In CHF thousands	2023	2022	2021
Operating expenses	4,729	6,207	7,031
Payroll expenses	7,755	7,874	8,281
Share-based compensation	2,821	1,708	2,598
Total general and administrative expenses	15,305	15,789	17,910

Disclosure of finance income (cost) [text block]

Financial result, net


	For the Year Ended
	December 31,
In CHF thousands	2023	2022	2021
Financial income	1,044	69	6,485
Financial expense	(176)	(355)	(581)
Exchange differences	(1,467)	393	113
Finance result, net	(599)	107	6,017

Other current receivables

12 Months Ended

Dec. 31, 2023

Other current receivables [Abstract]

Other current receivables

11.Other current receivables


	As of
	December 31,
In CHF thousands	2023	2022
Other current receivable	45	124
Swiss VAT	259	249
Withholding tax	318	19
Total other current receivables	622	392

The maturity of these assets is less than 3 months. The Company considers the counterparty risk as low and the carrying amount of these receivables is considered to approximate their fair value.

Related-party transactions (Details) SFr in Thousands	12 Months Ended
Related-party transactions (Details) SFr in Thousands	Dec. 31, 2023 CHF (SFr) person	Dec. 31, 2022 CHF (SFr) person	Dec. 31, 2021 CHF (SFr) person
Related-party transactions [Abstract]
Number of individuals, Board of Directors \| person	8	8	8
Number of individuals, Executive Management \| person	7	7	6
Short-term employee benefits	SFr 4,661	SFr 4,187	SFr 4,403
Post-employment benefits	446	295	266
Share-based compensation	3,251	2,503	2,997
Total compensation	SFr 8,358	SFr 6,985	SFr 7,666

Contract revenues (Tables)

12 Months Ended

Dec. 31, 2023

Contract revenues

Schedule of contract revenues


	For the Year Ended
	December 31,
In CHF thousands	2023	2022	2021
Janssen	14,800	—	—
Life Molecular Imaging	—	3,935	—
Other	1	—	—
Total contract revenues	14,801	3,935	—

Schedule of contract revenue of performance obligations satisfied


	For the Year Ended
	December 31,
In CHF thousands	2023	2022	2021
Revenues recognized in the period from:
Amounts included in the contract liability at the beginning of the period	—	—	—
Performance obligations satisfied in previous periods	14,801	3,935	—

Right-of-use assets, long-term financial assets and lease liabilities - Statement of income/(loss) and cash flow (Details) - CHF (SFr) SFr in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Statements of income/(loss) and cash flows
Depreciation of right-of-use assets	SFr 543	SFr 566
Interest expense on lease liabilities	90	68
Expense for short-term leases and leases of low value	793	750
Total	1,426	1,384
Total cash outflow for leases	SFr 1,431	SFr 1,388

Share capital - Follow-On Offering (Details) SFr in Thousands, $ in Millions			12 Months Ended
	Dec. 19, 2023 CHF (SFr) shares	Dec. 19, 2023 USD ($) shares	Dec. 31, 2023 CHF (SFr)	Dec. 31, 2022 CHF (SFr)	Dec. 31, 2021 CHF (SFr)
Share capital
Issuance costs			SFr 0	SFr 0	SFr 776
Follow on Offering
Share capital
Number of shares issued during the period \| shares	14,300,000	14,300,000
Issuance costs	SFr 3,300
Net proceeds from issuance of shares	40,500
Proceeds from issue of ordinary shares	SFr 43,800	$ 50.1

Consolidated Balance Sheets - CHF (SFr) SFr in Thousands	Dec. 31, 2023	Dec. 31, 2022
Non-current assets
Property, plant and equipment	SFr 3,376	SFr 4,259
Right-of-use assets	3,508	2,808
Intangible asset	50,416	50,416
Long-term financial assets	361	361
Total non-current assets	57,661	57,844
Current assets
Prepaid expenses	6,437	4,708
Accrued income	246	408
Other current receivables	622	392
Accounts receivable	14,800
Short-term financial assets	24,554	91,000
Cash and cash equivalents	78,494	31,586
Total current assets	125,153	128,094
Total assets	182,814	185,938
Shareholders' equity
Share capital	2,089	1,797
Share premium	474,907	431,323
Treasury shares	(105)	(124)
Currency translation differences	(51)	10
Accumulated losses	(316,197)	(264,015)
Total shareholders' equity	160,643	168,991
Non-current liabilities
Long-term lease liabilities	2,825	2,253
Net employee defined benefit liabilities	5,770	3,213
Total non-current liabilities	8,595	5,466
Current liabilities
Trade and other payables	1,679	929
Accrued expenses	11,087	9,417
Deferred income	138	587
Short-term lease liabilities	672	548
Total current liabilities	13,576	11,481
Total liabilities	22,171	16,947
Total shareholders' equity and liabilities	SFr 182,814	SFr 185,938

Share capital

12 Months Ended

Dec. 31, 2023

Share capital

Share capital

12.Share capital

As of December 31, 2023 and 2022, the issued share capital amounted to CHF 2,088,823 and CHF 1,796,675, respectively, and is composed of outstanding common shares of 99,197,829 and 83,620,364, respectively, and treasury shares of 5,243,958 and 6,214,021, respectively.

The table below summarizes the Company’s capital structure:


			In CHF thousands
	Common	Treasury	Share	Share	Treasury
	shares	shares	capital	premium	shares
December 31, 2021	89,700,630	(6,221,617)	1,794	431,251	(124)
Proceeds from sale of treasury shares in public offerings, net of underwriting fees and transaction costs	—	7,596	—	(8)	0
Issuance of shares – incentive plans, net of transaction costs	133,755	—	3	80	—
December 31, 2022	89,834,385	(6,214,021)	1,797	431,323	(124)
Proceeds from public offerings, net of underwriting fees and transaction costs	14,300,000	—	286	40,249	—
Proceeds from sale of treasury shares in public offerings, net of underwriting fees and transaction costs	—	970,063	—	2,631	19
Issuance of shares – incentive plans, net of transaction costs	307,402	—	6	704	—
December 31, 2023	104,441,787	(5,243,958)	2,089	474,907	(105)

The common shares and treasury shares have nominal values of CHF 0.02 per share. All shares have been fully paid. These treasury shares held by the Company are not considered outstanding shares as of December 31, 2023 or 2022.

Authorized capital

The Company’s Board of Directors is authorized to increase the share capital, in one or several steps, until June 24, 2024, by a maximum amount of CHF 114,000 by issuing a maximum of 5,700,000 registered shares with a par value of CHF 0.02 each, to be fully paid up. An increase of the share capital (i) by means of an offering underwritten by a financial institution, a syndicate or another third party or third parties, followed by an offer to the then-existing shareholders of the Company and (ii) in partial amounts, shall also be permissible.

Conditional share capital for financing and other purposes

The Company’s share capital may be increased by a maximum aggregate amount of CHF 100,000 through the issuance of a maximum of 5,000,000 registered shares, payable in full, each with a nominal value of CHF 0.02 per share, through the exercise of conversion and/or option or warrant rights granted in connection with bonds or similar

instruments, issued or to be issued by the Company or by subsidiaries of the Company, including convertible debt instruments.

Conditional share capital for employee benefit plans

The Company’s share capital may be increased by a maximum aggregate amount of CHF 93,795 through the issuance of not more than 4,689,750 common shares, payable in full, each with a nominal value of CHF 0.02 per share, by the exercise of options rights that have been granted to employees, consultants, members of the board of directors, or other person providing services to the Company or a subsidiary. As of December 31, 2023, 97,540 of our common shares, which were issued upon the exercise of options and restricted share units, have not yet been registered with the commercial register of the Canton of Vaud.

Follow-On Offering

On December 19, 2023, the Company announced that it had closed an underwritten offering of 14,300,000 common shares, resulting in gross proceeds of approximately USD 50.1 (CHF 43.8) million. Net underwriting fees and transaction costs totaled CHF 3.3 million for net proceeds of CHF 40.5 million. Transaction costs associated with these offerings and related to the issuance of new shares were charged directly against the share premium account thereby reducing the total equity reported.

Shelf registration statement

On April 28, 2021, the Company filed a Shelf Registration Statement on Form F-3 (Reg. No. 333-255576) (the “Shelf Registration Statement”) with the SEC. The Shelf Registration Statement was declared effective by the SEC on May 5, 2021.

The Shelf Registration Statement allows the Company to offer and sell, from time to time, up to USD 350,000,000 of common shares, debt securities, warrants, purchase contracts, units, subscription rights or any combination of the foregoing in one or more future public offerings. The terms of any future offering would be determined at the time of the offering and would be subject to market conditions and approval by the Company’s Board of Directors. Any offering of securities covered by the Shelf Registration Statement will be made only by means of a written prospectus and prospectus supplement authorized and filed by the Company.

At the market equity offering

In Q3 2020, AC Immune issued 5,000,000 common shares with a nominal value of CHF 0.02, which became treasury shares. The Company also established an “at the market offering program” (“ATM”) for the sale of up to USD 80.0 (CHF 68.1) million worth of our common shares issued from time to time by entering into an Open Market Sale Agreement (“Sales Agreement”) with Jefferies LLC (“Jefferies”) as the sales agent under a prior registration statement on Form F-3 which expired in Q2 2021.

In Q2 2021, the Company filed a new registration statement on Form F-3 and an accompanying prospectus supplement in order to renew its ATM program. The Company also entered into a second Open Market Sale Agreement (the “new Sales Agreement”) with Jefferies to continue the ATM program.

In Q3, 2021, the Company issued 2,393,160 common shares with a nominal value of CHF 0.02 to be held as treasury shares.

Through December 31, 2023, the Company has sold 2,149,202 common shares previously held as treasury shares pursuant to the new Sales Agreement, raising USD 16.3 (CHF 14.8) million, net of underwriting fees and transaction costs. We have paid commissions to Jefferies totaling USD 0.5 (CHF 0.5) million through December 31, 2023, for share issuances in accordance with our ATM programs.

Convertible note agreement

Concurrently with the Asset Purchase Agreement, the Company entered into two separate Convertible Note Agreements with entities affiliated with each of Athos Service GmbH and First Capital Partner GmbH, both of which entities are shareholders of Affiris. Each Convertible Note Agreement provided for the sale of an unsecured subordinated Convertible Note of the Company with an aggregate principal amount of USD 12.5 (CHF 11.7) million for total net proceeds of USD 25 (CHF 23.5) million.

In 2021, the affiliated entities exercised their options to convert their respective USD 12.5 (CHF 11.7) million notes. As a result of these conversions, 1,513,317 common shares were issued to each Investor, totaling 3,026,634 common shares. The Company recorded an increase to its share capital for the nominal value of its shares and share premium for the difference associated with settlement of this liability. The Company also settled its derivative financial assets, which were embedded conversion features associated with the convertible debt, via an offset to its share premium. These convertible notes and derivative financial assets were fully settled in 2021 and there is no further equity or cash consideration due to the affiliated entities thereunder.

Contract revenues - Contract Revenue Attributable to Licensing Arrangements (Details) - CHF (SFr) SFr in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Contract Revenue [Abstract]
Total contract revenues	SFr 14,801	SFr 3,935	SFr 0
Janssen
Contract Revenue [Abstract]
Total contract revenues	14,800	0	0
Life Molecular Imaging [Member]
Contract Revenue [Abstract]
Total contract revenues	0	3,935	0
Other [Member]
Contract Revenue [Abstract]
Total contract revenues	SFr 1	SFr 0	SFr 0

Prepaid expenses and accrued income (Details) - CHF (SFr) SFr in Thousands	Dec. 31, 2023	Dec. 31, 2022
Prepaid expenses and accrued income [Abstract]
Prepaid expenses	SFr 6,437	SFr 4,708
Accrued income	246	408
Total prepaid expenses and accrued income	SFr 6,683	SFr 5,116

Share-based compensation, Outstanding Options, Range of Exercise prices and Expiration Dates (Details)	12 Months Ended
	Dec. 31, 2023 Options SFr / shares	Dec. 31, 2023 Options SFr / shares $ / shares	Dec. 31, 2022 Options SFr / shares	Dec. 31, 2022 Options SFr / shares $ / shares	Dec. 31, 2021 Options SFr / shares	Dec. 31, 2021 Options SFr / shares $ / shares	Dec. 31, 2023 Options $ / shares	Dec. 31, 2020 Options SFr / shares
Outstanding options, exercise price range and expiry dates [Abstract]
Outstanding Options (in shares)	4,949,177	4,949,177	4,261,017	4,261,017	3,585,689	3,585,689	4,949,177	2,900,667
Weighted average exercise price for options granted (in CHF/USD per share) \| (per share)	SFr 1.75	$ 2.08	SFr 3.18	$ 3.44	SFr 6.34	$ 6.95
Weighted average exercise price of share options outstanding in share-based payment arrangement \| SFr / shares	4.11	$ 4.11	SFr 5.65	$ 5.65	SFr 6.21	$ 6.21		SFr 5.90
Weighted average share price \| (per share)	2.68	$ 3.18
Minimum \| Switzerland, Francs
Outstanding options, exercise price range and expiry dates [Abstract]
Weighted average exercise price of share options outstanding in share-based payment arrangement \| SFr / shares	0.15	$ 0.15
Minimum \| United States of America, Dollars
Outstanding options, exercise price range and expiry dates [Abstract]
Weighted average exercise price of share options outstanding in share-based payment arrangement \| $ / shares							$ 2.03
Top of Range [Member] \| Switzerland, Francs
Outstanding options, exercise price range and expiry dates [Abstract]
Weighted average exercise price of share options outstanding in share-based payment arrangement \| SFr / shares	SFr 9.53	$ 9.53
Top of Range [Member] \| United States of America, Dollars
Outstanding options, exercise price range and expiry dates [Abstract]
Weighted average exercise price of share options outstanding in share-based payment arrangement \| $ / shares							$ 12.30
CHF 0.15
Outstanding options, exercise price range and expiry dates [Abstract]
Outstanding Options (in shares)	92,875	92,875					92,875
CHF 9.53
Outstanding options, exercise price range and expiry dates [Abstract]
Outstanding Options (in shares)	109,665	109,665					109,665
USD 5.04 to USD 12.30
Outstanding options, exercise price range and expiry dates [Abstract]
Outstanding Options (in shares)	2,417,545	2,417,545					2,417,545
USD 2.76 to USD 4.57
Outstanding options, exercise price range and expiry dates [Abstract]
Outstanding Options (in shares)	1,034,326	1,034,326					1,034,326
USD 2.03 to USD 2.32
Outstanding options, exercise price range and expiry dates [Abstract]
Outstanding Options (in shares)	1,294,766	1,294,766					1,294,766

Income taxes - Summary of Income Tax Expense (Details) - CHF (SFr) SFr in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Income tax expense	SFr (10)	SFr (13)	SFr (3)
Deferred tax assets	0	0
Deferred tax liabilities		SFr 0
Applicable tax rate		13.60%	13.60%
Income tax expense reconciled to Income / (loss) [Abstract]
Loss before income tax	(54,223)	SFr (70,740)	SFr (72,993)
Tax benefit calculated at the domestic rates applicable in the respective countries	(7,371)	(9,616)	(9,930)
(Income not subject to tax)/expenses not deductible for tax purposes	611	455	(375)
Effect of unused tax losses and tax offsets not recognized as deferred tax assets	6,770	9,174	10,308
Effective income tax rate (benefit)/expense	SFr 10	SFr 13	SFr 3
SWITZERLAND
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Applicable tax rate	13.60%
Minimum
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Applicable tax rate	13.60%	13.60%	13.60%
Weighted average
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Applicable tax rate	13.60%	13.60%	13.60%
Maximum
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Income tax expense	SFr (100)
Applicable tax rate	33.80%	33.80%	32.90%
Income tax expense reconciled to Income / (loss) [Abstract]
Effective income tax rate (benefit)/expense	SFr 100

Share-based compensation

12 Months Ended

Dec. 31, 2023

Share-based compensation [Abstract]

Share-based compensation

19.Share-based compensation

Share-based option awards

As of December 31, 2023, there are equity-based instruments outstanding that the Company has granted under two different plans.

The Company’s 2016 Share Option and Incentive Plan (SOIP) was approved by the shareholders at the ordinary shareholders’ meeting in November 2016. The 2016 Plan authorizes the grant of incentive and non-qualified share options, share appreciation rights, restricted share awards, restricted share units, unrestricted share awards, performance share awards, performance-based awards to covered employees and dividend equivalent rights. The Company only grants equity-based instruments from the SOIP as of December 31, 2023.

The following table summarizes equity-settled share option grants for plans that existed during the period:


	Number of
	options awarded		Contractual
Plan	(since inception)	Vesting conditions	life of options
Share option plan C1	6,775,250	4 years’ service from grant date	10 years
2016 SOIP:
Executives and directors	4,831,325	1 year, 3 year and 4 years’ service from the date of grant, quarterly and annually	10 years
Employees	1,811,687	4 years’ service from the date of grant, annually	10 years

The number and weighted-average exercise prices (in CHF) of options under the share option programs for Plans C1 and the 2016 SOIP are as follows:


		Weighted-	Weighted-
		average	average
	Number of	exercise price	remaining
	options	(CHF)	term (years)
Outstanding at January 1, 2021	2,900,667	5.90	8.2
Forfeited during the year	(207,331)	6.13	—
Exercised during the year	(218,561)	4.97	—
Granted during the year	1,110,914	6.34	—
Outstanding at December 31, 2021	3,585,689	6.21	7.8
Exercisable at December 31, 2021	1,613,242	6.13	6.8
Outstanding at January 1, 2022	3,585,689	6.21	7.8
Forfeited during the year	(304,738)	6.32	—
Exercised during the year	(110,250)	0.15	—
Granted during the year	1,090,316	3.18	—
Outstanding at December 31, 2022	4,261,017	5.65	7.6
Exercisable at December 31, 2022	2,345,648	6.41	6.6
Outstanding at January 1, 2023	4,261,017	5.65	7.6
Forfeited during the year	(824,084)	5.34	—
Exercised during the year	(42,037)	1.52	—
Granted during the year	1,554,281	1.75	—
Outstanding at December 31, 2023	4,949,177	4.11	7.2
Exercisable at December 31, 2023	3,022,345	4.88	6.4

The outstanding stock options as of December 31, 2023 have the following range of exercise prices:


		Range of
		expiration
	Total options	dates
Range of exercise prices
CHF 0.15	92,875	2024–2026
CHF 9.53	109,665	2027
USD 5.04 to USD 12.30	2,417,545	2027–2031
USD 2.76 to USD 4.57	1,034,326	2032–2033
USD 2.03 to USD 2.32	1,294,766	2032–2033
Total outstanding options	4,949,177

The weighted-average exercise price for options granted in 2023, 2022 and 2021 is USD 2.08 (CHF 1.75), USD 3.44 (CHF 3.18) and USD 6.95 (CHF 6.34), respectively. The range of exercise prices for outstanding options was CHF 0.15 to CHF 9.53 for awards previously granted in CHF (prior to 2018) and USD 2.03 to USD 12.30 for awards granted in USD as of December 31, 2023.

For awards issued in 2023, the volatility is based on the Company’s actual volatility for the period congruent with the expected term of the underlying option. The risk-free interest rate is based on yields of long-dated U.S. Treasury notes that align with the expected term of the award. The weighted-average share price of common share options exercised in 2023 is USD 3.18 (CHF 2.68).

The weighted-average grant date fair values of the options granted in 2023, 2022 and 2021 are USD 1.57 (CHF 1.33), USD 2.38 (CHF 2.20) and USD 5.23 (CHF 4.78), respectively. The following table illustrates the weighted-average assumptions for the Black-Scholes option-pricing model used in determining the fair value of these awards:


	For the Year Ended
	December 31,
	2023		2022		2021
Exercise price (USD)	2.03-3.11		2.76-4.57		5.31-7.72
Share price (USD and weighted average)	2.08		3.44		6.95
Risk-free interest rate	4.0-4.6	%	0-2.4	%	0	%
Expected volatility	72-86	%	67-80	%	80	%
Expected term (in years)	5.5-6		5.5 - 6.25		5.1 - 6
Dividend yield	—		—		—

Restricted share awards

A summary of share awards (restricted share and restricted share units) activity as of December 31, 2023 and changes during the year then ended is presented below:


			Contractual
	Number of		life of non-
	share awards		vested share
Grantee type	granted	Vesting conditions	awards
Restricted share units
Directors	257,329	1 year service from date of grant, annually	10 years
Executives	905,803	3 year and 4 years’ service from the date of grant, quarterly and semi-annually	10 years
Employees	458,335	3 years’ service from the date of grant, annually	10 years


		Weighted-
		average
	Number of	grant date fair
	shares	value (CHF)
Non-vested at January 1, 2021	19,494	9.51
Exercised during the year	(2,471)	9.46
Vested during the year	(18,697)	9.52
Non-vested at December 31, 2021	797	9.41
Vested and exercisable at December 31, 2021	65,515	9.48
Non-vested at December 31, 2021	797	9.41
Granted during the year	239,194	3.06
Vested during the year	(23,505)	3.28
Non-vested at December 31, 2022	216,486	3.06
Vested and exercisable at December 31, 2022	89,020	7.84
Non-vested at December 31, 2022	216,486	3.06
Forfeited during the year	(134,947)	2.05
Exercised during the year	(55,503)	2.37
Granted during the year	1,187,570	1.89
Vested during the year	(265,366)	2.46
Non-vested at December 31, 2023	1,003,743	1.97
Vested and exercisable at December 31, 2023	298,883	4.08

The weighted-average grant date fair values of the remaining non-vested share awards as of the respective year end for the restricted share units were CHF 1.97, CHF 3.06 and CHF 9.41 for the years ended December 31, 2023, 2022 and 2021, respectively. The fair values of these non-vested share awards granted were determined using a reasonable estimate of market value of the common shares on the date of the award.

The expense charged against the income statement was CHF 4.4 million, CHF 3.3 million and CHF 4.1 million for the years ended December 31, 2023, 2022 and 2021, respectively. The expense is revised by the Company based on the number of instruments that are expected to become exercisable.

Consolidated Statements of Cash Flows - CHF (SFr) SFr in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Operating activities
Loss for the period	SFr (54,233)	SFr (70,753)	SFr (72,996)
Adjustments to reconcile net loss for the period to net cash flows:
Depreciation of property, plant and equipment	1,672	1,793	1,897
Depreciation of right-of-use assets	543	566	509
Finance (income)/expense, net	922	(559)	(6,769)
Share-based compensation expense	4,365	3,330	4,126
Change in net employee defined benefit liability	888	541	590
Interest expense	176	355	573
(Gain)/loss on sale of fixed assets	0	0	13
Changes in working capital:
(Increase)/decrease in prepaid expenses	(1,748)	(1,718)	791
(Increase)/decrease in accrued income	162	567	594
(Increase)/decrease in accounts receivable	(14,800)
(Increase)/decrease in other current receivables	(232)	36	(99)
(Decrease)/increase in accrued expenses	1,137	(6,114)	5,214
(Decrease)/increase in deferred income	(449)	(130)	425
(Decrease)/increase in trade and other payables	770	(1,073)	(84)
Cash used in operating activities	(60,827)	(73,159)	(65,216)
Interest received	595	69	0
Interest paid	(163)	(470)	(465)
Finance expenses paid	(13)	(8)	(8)
Net cash flows used in operating activities	(60,408)	(73,568)	(65,689)
Investing activities
Short-term financial assets, net	66,446	25,000	(51,000)
Purchases of property, plant and equipment	(801)	(1,239)	(2,635)
Rental deposits	0	2	(29)
Net cash flows provided by/(used in) investing activities	65,645	23,763	(53,664)
Financing activities
Proceeds from issuance of convertible loan	0	0	23,463
Transaction costs on issuance of shares	0	0	(6)
Proceeds from public offerings of common shares, net of underwriting fees and transaction costs	41,056
Proceeds from sale of treasury shares in public offerings, net of underwriting fees and transaction costs	2,677	(8)	12,121
Proceeds from issuance of common shares - asset acquisition, net of transaction costs	0	0	4,599
Proceeds from issuance of common shares - equity plan, net of transaction costs	65	7	1,082
Principal payments of lease obligations	(548)	(569)	(513)
Transaction costs associated with issuance of shares in relation to asset acquisition previously recorded in Accrued expenses	0	(776)	0
Net cash flows (used in)/provided by financing activities	43,250	(1,346)	40,746
Net increase/(decrease) in cash and cash equivalents	48,487	(51,151)	(78,607)
Cash and cash equivalents at beginning of period	31,586	82,216	160,893
Exchange gain/(loss) on cash and cash equivalents	(1,579)	521	(70)
Cash and cash equivalents at end of the period	78,494	31,586	82,216
Supplemental non-cash activity
Capital expenditures in Trade and other payables or Accrued expenses	0	0	303
Issuance of shares for purchase of IPR&D asset in asset acquisition	0	0	50,416
Transaction costs associated with issuance of shares in relation to the asset acquisition recorded in Accrued expenses	0	0	776
Settlement of convertible notes recorded within Shareholders' equity	0	0	16,920
Transaction costs and stamp duty associated with the public offerings of common shares recorded in Accrued expenses	521
Transaction costs associated with the sale of treasury shares in public offering recorded in Accrued expenses	SFr 27	SFr 0	SFr 0

Accounts receivable (Details) - Dec. 31, 2023 SFr in Thousands, $ in Millions	CHF (SFr)	USD ($)
Disclosure of financial assets [line items]
Accounts receivable \| SFr	SFr 14,800
J&J Innovative Medicine
Disclosure of financial assets [line items]
Accounts receivable \| $		$ 14.8

Consolidated Statements of Comprehensive Income/(Loss) - CHF (SFr) SFr in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Consolidated Statements of Comprehensive Income/(Loss)
Loss for the period	SFr (54,233)	SFr (70,753)	SFr (72,996)
Items that may be reclassified to income or loss in subsequent periods (net of tax):
Currency translation differences	(61)	10	0
Items that will not to be reclassified to income or loss in subsequent periods (net of tax):
Remeasurement gains/(losses) on defined-benefit plans (net of tax)	(1,669)	4,426	956
Other comprehensive income/(loss)	(1,730)	4,436	956
Total comprehensive loss, net of tax	SFr (55,963)	SFr (66,317)	SFr (72,040)

- 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 2023-01-01
-Paragraph 18
-Subparagraph b
-URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=7&code=ifrs-tx-2023-en-r&anchor=para_18_b&doctype=Standard
-URIDate 2023-03-23

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 1
-IssueDate 2023-01-01
-Paragraph 32
-Subparagraph a
-Clause ii
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=1&code=ifrs-tx-2023-en-r&anchor=para_32_a_ii&doctype=Standard
-URIDate 2023-03-23

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 1
-IssueDate 2023-01-01
-Paragraph 24
-Subparagraph b
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=1&code=ifrs-tx-2023-en-r&anchor=para_24_b&doctype=Standard
-URIDate 2023-03-23

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 8
-IssueDate 2023-01-01
-Paragraph 28
-Subparagraph b
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=8&code=ifrs-tx-2023-en-r&anchor=para_28_b&doctype=Standard
-URIDate 2023-03-23

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 8
-IssueDate 2023-01-01
-Paragraph 23
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=8&code=ifrs-tx-2023-en-r&anchor=para_23&doctype=Standard
-URIDate 2023-03-23

Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Name IFRS
-Number 12
-IssueDate 2023-01-01
-Paragraph B10
-Subparagraph b
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=12&code=ifrs-tx-2023-en-r&anchor=para_B10_b&doctype=Appendix&subtype=B
-URIDate 2023-03-23

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Name IFRS
-Number 17
-IssueDate 2023-01-01
-Paragraph 113
-Subparagraph b
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=17&code=ifrs-tx-2023-en-r&anchor=para_113_b&doctype=Standard
-URIDate 2023-03-23

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Name IAS
-Number 1
-IssueDate 2023-01-01
-Paragraph 81A
-Subparagraph a
-URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=1&code=ifrs-tx-2023-en-r&anchor=para_81A_a&doctype=Standard
-URIDate 2023-03-23

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Name IAS
-Number 1
-IssueDate 2023-01-01
-Paragraph 106
-Subparagraph d
-Clause i
-URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=1&code=ifrs-tx-2023-en-r&anchor=para_106_d_i&doctype=Standard
-URIDate 2023-03-23

+ Details

Asset acquisition (Tables)

12 Months Ended

Dec. 31, 2023

Asset acquisition

Schedule of Transferred Assets acquired

The following table summarizes the amounts of the Transferred Assets acquired:


In CHF thousands
Cash		4,634
IPR&D asset		50,416
Total		55,050

Expenses by category

12 Months Ended

Dec. 31, 2023

Expenses by category [Abstract]

Expenses by category

15.Expenses by category

Research and development


	For the Year Ended
	December 31,
In CHF thousands	2023	2022	2021
Operating expenses	33,198	41,166	44,289
Payroll expenses	19,499	17,548	16,465
Share-based compensation	1,909	1,622	1,528
Total research and development expenses	54,606	60,336	62,282

The decrease in 2023 is mainly driven by a decrease of CHF 5.8 million in direct R&D expenditures across various programs. This is partially offset by an increase of CHF 2.2 million in salaries and related costs, including share-based compensation expenses.

For the years ended December 31, 2023, 2022 and 2021, the Company had 115.4, 122.4 and 108.6 FTEs in our research and development functions.

General and administrative


	For the Year Ended
	December 31,
In CHF thousands	2023	2022	2021
Operating expenses	4,729	6,207	7,031
Payroll expenses	7,755	7,874	8,281
Share-based compensation	2,821	1,708	2,598
Total general and administrative expenses	15,305	15,789	17,910

The decrease in 2023 compared with the prior year predominantly relates to a reduction of CHF 1.5 million across various cost centers. This is partially offset by an increase of CHF 1.1 million in share-based compensation expenses.

For the years ended December 31, 2023, 2022 and 2021, the Company had 26.2, 22.5 and 27.3 FTEs in our general and administrative functions.

Financial result, net


	For the Year Ended
	December 31,
In CHF thousands	2023	2022	2021
Financial income	1,044	69	6,485
Financial expense	(176)	(355)	(581)
Exchange differences	(1,467)	393	113
Finance result, net	(599)	107	6,017

Our finance result primarily consists of interest expense associated with our short-term financial assets and lease liabilities as well as foreign currency exchange differences.

For the year ended December 31, 2023, the decrease in financial result, net relates primarily to unfavorable foreign currency exchange differences related to movement in the CHF versus foreign currencies, predominantly the US Dollar. This is partially offset by an increase in financial income, combined with a decrease in financial expense, due to the transition from negative to positive interest rates for our interest-bearing deposit accounts.

Other current receivables (Details) - CHF (SFr) SFr in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Other current receivables [abstract]
Other current receivable	SFr 45	SFr 124
Swiss VAT	259	249
Withholding tax	318	19
Total other current receivables	SFr 622	SFr 392
Top of Range [Member]
Other current receivables [abstract]
Maturity period, other current receivables	3 months

Property, plant and equipment

12 Months Ended

Dec. 31, 2023

Property, plant and equipment.

Property, plant and equipment

4.Property, plant and equipment

The following tables show the movements in the net book values of property, plant and equipment for the years ended December 31, 2023 and 2022, respectively:


	As of December 31, 2023
		IT	Laboratory	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	24	278	468	31	—	801
Disposals	—	(19)	—	(12)	—	(31)
Transfers	—	—	—	3	(3)	—
Balance at December 31, 2023	309	2,168	10,233	1,662	—	14,372

Accumulated depreciation:
Balance at December 31, 2022	(159)	(1,599)	(7,017)	(568)	—	(9,343)
Depreciation expenses	(53)	(271)	(1,084)	(264)	—	(1,672)
Disposals	—	19	—	—	—	19
Balance at December 31, 2023	(212)	(1,851)	(8,101)	(832)	—	(10,996)

Carrying amount:
December 31, 2022	126	310	2,748	1,072	3	4,259
December 31, 2023	97	317	2,132	830	—	3,376


	As of December 31, 2022
		IT	Laboratory	Leasehold	Assets under
In CHF thousands	Furniture	equipment	equipment	improvements	construction	Total
Acquisition cost:
Balance at December 31, 2021	265	1,754	9,142	810	695	12,666
Additions	20	151	576	184	5	936
Transfers	—	4	47	646	(697)	—
Balance at December 31, 2022	285	1,909	9,765	1,640	3	13,602

Accumulated depreciation:
Balance at December 31, 2021	(106)	(1,316)	(5,739)	(389)	—	(7,550)
Depreciation expenses	(53)	(283)	(1,278)	(179)	—	(1,793)
Balance at December 31, 2022	(159)	(1,599)	(7,017)	(568)	—	(9,343)

Carrying amount:
December 31, 2021	159	438	3,403	421	695	5,116
December 31, 2022	126	310	2,748	1,072	3	4,259

AC Immune continues to enhance its laboratory equipment to support its R&D functions. This effort has continued for the year ended December 31, 2023, with CHF 0.7 million invested in lab equipment and IT equipment, representing an increase of 6%.

For the years ended December 31, 2023, 2022 and 2021, the Company incurred CHF 1.7 million, CHF 1.8 million and CHF 1.9 million in depreciation expenses, respectively.

Contract revenues - Recognized Revenues (Details) - CHF (SFr) SFr in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Contract revenues
Amounts included in the contract liability at the beginning of the period	SFr 0
Performance obligations satisfied in previous periods	SFr 14,801	SFr 3,935

Cash and cash equivalents and financial assets, Cash and cash equivalents (Details) SFr in Thousands	Dec. 31, 2023 CHF (SFr) SFr / $ SFr / €	Dec. 31, 2022 CHF (SFr) SFr / $ SFr / €	Dec. 31, 2021 CHF (SFr) SFr / $	Dec. 31, 2020 CHF (SFr)
Cash and cash equivalents [Abstract]
Cash and cash equivalents	SFr 78,494	SFr 31,586	SFr 82,216	SFr 160,893
Translation rate into CHF \| SFr / $	0.851	0.933	0.923
CHF [Member]
Cash and cash equivalents [Abstract]
Cash and cash equivalents	SFr 52,437	SFr 24,418
EUR [Member]
Cash and cash equivalents [Abstract]
Cash and cash equivalents	SFr 8,155	SFr 1,313
Translation rate into CHF \| SFr / €	0.942	0.994
USD [Member]
Cash and cash equivalents [Abstract]
Cash and cash equivalents	SFr 17,902	SFr 5,855
Translation rate into CHF \| SFr / $	0.851	0.933

Trade and other payables and accrued expenses

12 Months Ended

Dec. 31, 2023

Accrued expenses

Trade and other payables and accrued expenses

13.Trade and other payables and accrued expenses


	As of
	December 31,
In CHF thousands	2023	2022
Trade and other payables	1,679	929
Total trade and other payables	1,679	929

Accrued research and development costs	4,722	5,360
Accrued payroll expenses	4,649	2,898
Other accrued expenses	1,716	1,159
Total accrued expenses	11,087	9,417

The increase in accrued payroll expenses is mostly due to the timing of certain payroll-related payments and an increase in performance-related remuneration. Additionally, CHF 0.4 million was recognized as accrued stamp duty within other accrued expenses for the issuance of shares as part of the Company’s follow-on offering as of December 31, 2023.

Retirement benefit plan

12 Months Ended

Dec. 31, 2023

Retirement benefit plan

Retirement benefit plan

18.Retirement benefit plan

The Company participates in a collective foundation covering all of its employees including its executive officers. In addition to retirement benefits, the plan provides death or long-term disability benefits.

Contributions paid to the plan are computed as a percentage of salary, adjusted for the age of the employee and shared approximately 47% and 53% by employee and employer, respectively.

This plan is governed by the Swiss Law on Occupational Retirement, Survivors and Disability Pension Plans (BVG), which requires contributions to be made to a separately administered fund. The fund has the legal form of a foundation and it is governed by a board of trustees, which consists of an equal number of employer and employee representatives of its members. The board of trustees is responsible for the administration of the plan assets and for the definition of the investment strategy. The Company has no direct influence on the investment strategy of the foundation board.

The assets are invested by the pension plan, to which many companies contribute, in a diversified portfolio that respects the requirements of the Swiss BVG. Therefore, disaggregation of the pension assets and presentation of plan assets in classes that distinguish the nature and risks of those assets is not possible. Under the plan, both the Company and the employee share the costs. The structure of the plan and the legal provisions of the BVG mean that the employer is exposed to actuarial risks. The main risks are investment risk, interest risk, disability risk and the life expectancy of pensioners. Through our affiliation with the pension plan, the Company has minimized these risks, as they are shared between a much greater number of participants. On leaving the Company, a departing employee’s retirement savings are transferred to the pension institution of the new employer or to a vested benefits institution. This transfer mechanism may result in pension payments varying considerably from year to year.

The pension plan is exposed to Swiss inflation, interest rate risks and changes in the life expectancy for pensioners. For accounting purposes under IFRS, the plan is treated as a defined benefit plan in accordance with IAS 19.

The following table sets forth the status of the defined benefit pension plan and the amount that is recognized in the consolidated balance sheets:


	As of
	December 31,
In CHF thousands	2023	2022	2021
Defined benefit obligation	(41,060)	(32,410)	(33,889)
Fair value of plan assets	35,290	29,197	26,791
Total liability	(5,770)	(3,213)	(7,098)

The following amounts have been recorded as net pension cost in the consolidated statements of income/(loss):


	For the Year Ended
	December 31,
In CHF thousands	2023	2022	2021
Current service cost	1,453	1,712	1,648
Past service cost	903	—	—
Interest cost	804	126	79
Interest income	(705)	(87)	(48)
Net pension cost	2,455	1,751	1,679

The changes in defined benefit obligation, fair value of plan assets and unrecognized gains/(losses) are as follows.

A. Change in defined benefit obligation


	For the Year Ended
	December 31,
In CHF thousands	2023	2022	2021
Defined benefit obligation as of January 1	(32,410)	(33,889)	(30,213)
Current service cost	(1,453)	(1,712)	(1,648)
Past service cost	(903)	—	—
Interest cost	(804)	(126)	(79)
Change in demographic assumptions	136	29	—
Change in financial assumptions	(2,908)	8,397	156
Change in experience assumptions	(57)	(1,726)	(252)
Benefits deposited	(1,265)	(2,327)	(894)
Employees’ contributions	(1,396)	(1,056)	(959)
Defined benefit obligation as of December 31	(41,060)	(32,410)	(33,889)

B.Change in fair value of plan assets


	For the Year Ended
	December 31,
In CHF thousands	2023	2022	2021
Fair value of plan assets as of January 1	29,197	26,791	22,749
Interest income	705	87	48
Employees’ contributions	1,396	1,056	959
Employer’s contributions	1,567	1,210	1,089
Benefits deposited	1,265	2,327	894
Return on plan assets excluding interest income	1,160	(2,274)	1,052
Fair value of plan assets as of December 31	35,290	29,197	26,791

Expected contributions by the employer to be paid to the post-employment benefit plans during the annual period beginning after the end of the reporting period amount to approximately CHF 1.6 million.

C.Change in net defined benefit liability


	For the Year Ended
	December 31,
In CHF thousands	2023	2022	2021
Net defined benefit liabilities as of January 1	3,213	7,098	7,464
Net pension cost through statement of income/(loss)	2,455	1,751	1,679
Remeasurement through other comprehensive income/(loss)	1,669	(4,426)	(956)
Employer’s contribution	(1,567)	(1,210)	(1,089)
Net defined benefit liabilities as of December 31	5,770	3,213	7,098

D.Other comprehensive gains/(losses)


	For the Year Ended
	December 31,
In CHF thousands	2023	2022	2021
Effect of changes in demographic assumptions	136	29	—
Effect of changes in financial assumptions	(2,908)	8,397	156
Effect of changes in experience assumptions	(57)	(1,726)	(252)
Return on plan assets excluding interest income	1,160	(2,274)	1,052
Total other comprehensive gain/(loss)	(1,669)	4,426	956

In 2022, the change in experience assumptions results from an increased sum of insured salaries.

The fair value of the plan assets is the cash surrender value of the insurance with the insurance company (AXA). The investment strategy defined by the board of trustees follows a conservative profile.

The plan assets are primarily held within instruments with quoted market prices in an active market, with the exception of real estate and mortgages.

The weighted-average duration of the defined benefit obligation is 15.5 years and 14.9 years as of December 31, 2023 and 2022, respectively.

The actuarial assumptions used for the calculation of the pension cost and the defined benefit obligation of the defined benefit pension plan for the years ended December 31, 2023, 2022 and 2021, respectively, are as follows:


	For the Year Ended
	December 31,
	2023		2022		2021
Discount rate	1.50	%	2.25	%	0.30	%
Rate of future increase in compensations	1.75	%	1.75	%	1.75	%
Rate of future increase in current pensions	0.00	%	0.00	%	0.00	%
Interest rate on retirement savings capital	1.50	%	2.25	%	0.75	%
Mortality and disability rates	BVG 2020 GT (CMI)		BVG 2020-CMI		BVG 2020-CMI

In defining the benefits, the minimum requirements of the Swiss BVG and its implementing provisions must be observed. The BVG defines the minimum pensionable salary and the minimum retirement credits.

A quantitative sensitivity analysis for significant assumptions as of December 31, 2023 is shown below:

Interest rate on

Discount rate

Future salary increase

Future pension cost

savings capital

0.5%

Assumptions

increase

decrease

increase

decrease

increase

decrease

increase

decrease

In CHF thousands

Potential defined benefit obligation

38,132

44,390

41,997

40,205

42,681

39,578

42,158

40,030

Decrease/(increase) from actual defined benefit obligation

2,928

(3,330)

(937)

855

(1,621)

1,482

(1,098)

1,030

A quantitative sensitivity analysis for significant assumptions as of December 31, 2022 is shown below:

Interest rate on

Discount rate

Future salary increase

Future pension cost

savings capital

0.5%

Assumptions

increase

decrease

increase

decrease

increase

decrease

increase

decrease

in CHF thousands

Potential defined benefit obligation

30,201

34,916

32,940

31,841

33,601

31,322

33,322

31,545

Decrease/(increase) from actual defined benefit obligation

2,209

(2,506)

(530)

569

(1,191)

1,088

(912)

865

The sensitivity analyses above are subject to limitations and have been determined based on a method that extrapolates the impact on net defined benefit obligation as a result of reasonable changes in key assumptions occurring at the end of the reporting period.

Retirement benefit plan (Tables)

12 Months Ended

Dec. 31, 2023

Retirement benefit plan

Schedule of amounts recognized in balance sheet from defined benefit plans

The following table sets forth the status of the defined benefit pension plan and the amount that is recognized in the consolidated balance sheets:


	As of
	December 31,
In CHF thousands	2023	2022	2021
Defined benefit obligation	(41,060)	(32,410)	(33,889)
Fair value of plan assets	35,290	29,197	26,791
Total liability	(5,770)	(3,213)	(7,098)

Schedule of amounts recognized in statement of profit and loss from defined benefit plans

The following amounts have been recorded as net pension cost in the consolidated statements of income/(loss):


	For the Year Ended
	December 31,
In CHF thousands	2023	2022	2021
Current service cost	1,453	1,712	1,648
Past service cost	903	—	—
Interest cost	804	126	79
Interest income	(705)	(87)	(48)
Net pension cost	2,455	1,751	1,679

Schedule of changes in defined benefit obligations, fair value of plan assets and net defined benefit liability

The changes in defined benefit obligation, fair value of plan assets and unrecognized gains/(losses) are as follows.

A. Change in defined benefit obligation


	For the Year Ended
	December 31,
In CHF thousands	2023	2022	2021
Defined benefit obligation as of January 1	(32,410)	(33,889)	(30,213)
Current service cost	(1,453)	(1,712)	(1,648)
Past service cost	(903)	—	—
Interest cost	(804)	(126)	(79)
Change in demographic assumptions	136	29	—
Change in financial assumptions	(2,908)	8,397	156
Change in experience assumptions	(57)	(1,726)	(252)
Benefits deposited	(1,265)	(2,327)	(894)
Employees’ contributions	(1,396)	(1,056)	(959)
Defined benefit obligation as of December 31	(41,060)	(32,410)	(33,889)

B.Change in fair value of plan assets


	For the Year Ended
	December 31,
In CHF thousands	2023	2022	2021
Fair value of plan assets as of January 1	29,197	26,791	22,749
Interest income	705	87	48
Employees’ contributions	1,396	1,056	959
Employer’s contributions	1,567	1,210	1,089
Benefits deposited	1,265	2,327	894
Return on plan assets excluding interest income	1,160	(2,274)	1,052
Fair value of plan assets as of December 31	35,290	29,197	26,791

C.Change in net defined benefit liability


	For the Year Ended
	December 31,
In CHF thousands	2023	2022	2021
Net defined benefit liabilities as of January 1	3,213	7,098	7,464
Net pension cost through statement of income/(loss)	2,455	1,751	1,679
Remeasurement through other comprehensive income/(loss)	1,669	(4,426)	(956)
Employer’s contribution	(1,567)	(1,210)	(1,089)
Net defined benefit liabilities as of December 31	5,770	3,213	7,098

Schedule of amounts recognized in statement of other comprehensive income from defined benefit plans

D.Other comprehensive gains/(losses)


	For the Year Ended
	December 31,
In CHF thousands	2023	2022	2021
Effect of changes in demographic assumptions	136	29	—
Effect of changes in financial assumptions	(2,908)	8,397	156
Effect of changes in experience assumptions	(57)	(1,726)	(252)
Return on plan assets excluding interest income	1,160	(2,274)	1,052
Total other comprehensive gain/(loss)	(1,669)	4,426	956

Actuarial assumptions and sensitivity analysis


	For the Year Ended
	December 31,
	2023		2022		2021
Discount rate	1.50	%	2.25	%	0.30	%
Rate of future increase in compensations	1.75	%	1.75	%	1.75	%
Rate of future increase in current pensions	0.00	%	0.00	%	0.00	%
Interest rate on retirement savings capital	1.50	%	2.25	%	0.75	%
Mortality and disability rates	BVG 2020 GT (CMI)		BVG 2020-CMI		BVG 2020-CMI

A quantitative sensitivity analysis for significant assumptions as of December 31, 2023 is shown below:

Interest rate on

Discount rate

Future salary increase

Future pension cost

savings capital

0.5%

Assumptions

increase

decrease

increase

decrease

increase

decrease

increase

decrease

In CHF thousands

Potential defined benefit obligation

38,132

44,390

41,997

40,205

42,681

39,578

42,158

40,030

Decrease/(increase) from actual defined benefit obligation

2,928

(3,330)

(937)

855

(1,621)

1,482

(1,098)

1,030

A quantitative sensitivity analysis for significant assumptions as of December 31, 2022 is shown below:

Interest rate on

Discount rate

Future salary increase

Future pension cost

savings capital

0.5%

Assumptions

increase

decrease

increase

decrease

increase

decrease

increase

decrease

in CHF thousands

Potential defined benefit obligation

30,201

34,916

32,940

31,841

33,601

31,322

33,322

31,545

Decrease/(increase) from actual defined benefit obligation

2,209

(2,506)

(530)

569

(1,191)

1,088

(912)

865

Asset acquisition (Details) - Program portfolio of therapeutics targeting asyn from Affiris SFr in Thousands, $ in Millions	12 Months Ended
	Dec. 31, 2021 CHF (SFr) shares	Dec. 31, 2021 USD ($)
Disclosure of detailed information about intangible assets [line items]
Shares transferred as consideration in asset acquisition \| shares	7,106,840
Total consideration transferred, acquisition-date fair value, asset acquisition	SFr 55,100	$ 58.7
Cash	4,634	5.0
IPR&D asset	50,416
Total assets acquired	55,050
IPR&D intangible asset associated with ACI 7104.056
Disclosure of detailed information about intangible assets [line items]
IPR&D asset	SFr 50,400	$ 53.7
IPR&D intangible asset associated with ACI 7104.056 \| Discount rate, measurement input
Disclosure of detailed information about intangible assets [line items]
Discount rate	0.15	0.15

Accounts receivable

12 Months Ended

Dec. 31, 2023

Accounts receivable

Accounts receivable

10.Accounts receivable

As of December 31, 2023, accounts receivable includes the CHF 14.8 million milestone payment due from Janssen as part of our collaboration and license agreement for reaching the programmed launch of the Phase 2b clinical study. This balance was not overdue as of December 31, 2023.

Share capital - At the market equity offering (Details) SFr / shares in Units, SFr in Thousands, $ in Millions	3 Months Ended			12 Months Ended
	Sep. 30, 2021 SFr / shares shares	Sep. 30, 2020 CHF (SFr) SFr / shares shares	Sep. 30, 2020 USD ($) shares	Dec. 31, 2023 CHF (SFr) SFr / shares shares	Dec. 31, 2023 USD ($) shares	Dec. 31, 2022 CHF (SFr)	Dec. 31, 2021 CHF (SFr)
At the Market Equity Offering [Abstract]
Nominal value per share (in CHF per share) \| SFr / shares				SFr 0.02
Issuance costs \| SFr				SFr 0		SFr 0	SFr 776
At the Market Equity Offering [Member]
At the Market Equity Offering [Abstract]
Issuance of shares to be held as treasury shares \| shares	2,393,160	5,000,000	5,000,000
Nominal value per share (in CHF per share) \| SFr / shares	SFr 0.02	SFr 0.02
Shares authorized for sale		SFr 68,100	$ 80.0
New Sales Agreement [Member]
At the Market Equity Offering [Abstract]
Number of treasury share issued (in shares) \| shares				2,149,202	2,149,202
Proceeds from issuance of treasury shares, net of underwriting fees and transaction costs				SFr 14,800	$ 16.3
Commissions paid				SFr 500	$ 0.5

Summary of material accounting policies, Segment reporting (Details)	12 Months Ended
	Dec. 31, 2023 segment
Segment reporting
Number of operating segments	1
Number of reportable segments	1

Share capital - Narratives (Details) - CHF (SFr)	Dec. 31, 2023	Dec. 31, 2022
Disclosure of classes of share capital [line items]
Issued share capital	SFr 2,089,000	SFr 1,797,000
Number of treasury shares outstanding	5,243,958	6,214,021
Common Shares [Member]
Disclosure of classes of share capital [line items]
Issued share capital	SFr 2,088,823	SFr 1,796,675
Number of shares	99,197,829	83,620,364

Trade and other payables and accrued expenses (Details) - CHF (SFr) SFr in Thousands	Dec. 31, 2023	Dec. 31, 2022
Trade and other payables and accrued expenses
Trade and other payables	SFr 1,679	SFr 929
Accrued research and development costs	4,722	5,360
Accrued payroll expenses	4,649	2,898
Other accrued expenses	1,716	1,159
Total	11,087	9,417
Accrual of performance-related remuneration	4,649	SFr 2,898
Accrued stamp duty	SFr 400

Intangible assets (Tables)

12 Months Ended

Dec. 31, 2023

Intangible assets

Schedule of net book value of intangible assets

As of December 31, 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

Summary of material accounting policies, Property, plant and equipment (Details)	12 Months Ended
	Dec. 31, 2023
IT Equipment
Estimated useful life
Estimated useful life	3 years
Lab Equipment
Estimated useful life
Estimated useful life	5 years
Leasehold Improvements/Furniture
Estimated useful life
Estimated useful life	5 years

Income taxes

12 Months Ended

Dec. 31, 2023

Income taxes [Abstract]

Income taxes

17.Income taxes

The Group recognized less than CHF 0.1 million in income taxes and no deferred tax asset or liability positions for the years ended December 31, 2023, 2022 and 2021, respectively. The Group’s expected tax expense for each year is based on the applicable tax rates in each jurisdiction. In 2023, these rates ranged from 13.6% to 33.8% (13.6% - 33.8% for 2022 and 13.6% - 32.9% for 2021) in the Group’s respective tax jurisdictions. The weighted average tax rate applicable to the Group was 13.6% (13.6% for 2022 and 2021, respectively).

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


	For the Year Ended
	December 31,
In CHF thousands	2023	2022	2021
Loss before income tax	(54,223)	(70,740)	(72,993)
Tax benefit calculated at the domestic rates applicable in the respective countries	(7,371)	(9,616)	(9,930)
(Income not subject to tax)/expenses not deductible for tax purposes	611	455	(375)
Effect of unused tax losses and tax offsets not recognized as deferred tax assets	6,770	9,174	10,308
Effective income tax rate expense	10	13	3

The Swiss tax rate used for the 2023 reconciliations is the corporate tax rate of 13.6% (13.6% in 2022 and 2021, respectively) payable by corporate entities in the Canton of Vaud, Switzerland on taxable profits under tax law in that jurisdiction.

The below table details the total unrecognized deductible temporary differences, unused tax losses and unused tax credits:


	As of
	December 31,
In CHF thousands	2023	2022	2021
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	312,972	264,089	197,152
Deductible temporary differences related to:
Right-of-use assets and lease liabilities, net	—	—	—
Retirement benefit plan	5,770	3,213	7,098
Total	318,742	267,302	204,250

The following table details the tax losses carry forwards of the Company and their respective expiry dates:


	As of
	December 31,
In CHF thousands	2023	2022	2021
Tax losses split by expiry date:
December 31, 2024	15,231	15,231	15,231
December 31, 2025	48,894	48,894	48,894
December 31, 2026	—	—	—
December 31, 2027	57,824	57,824	57,824
December 31, 2028	75,204	75,204	75,204
December 31, 2029	66,936	66,936	—
December 31, 2030	48,883	—	—
Total unrecorded tax loss carryforwards	312,972	264,089	197,153

The tax losses available for future offset against taxable profits have increased by CHF 48.9 million from 2022, representing the amount of tax losses that are additionally available as an offset, subject to expiration as disclosed in the table above, against future taxable income.

Consistent with prior years, the Company has not recorded any deferred tax assets in relation to the past tax losses available for offset against future profits as the recognition criteria were not met at the balance sheet date.

Retirement benefit plan - Summary of Benefit Plan (Details) - CHF (SFr) SFr in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Retirement benefit plan
Defined benefit plans, percentage of contributions by employees	47.00%
Defined benefit plans, percentage of contributions by employer	53.00%
Defined benefit pension plan amount recognized in balance sheet [Abstract]
Defined benefit obligation	SFr (41,060)	SFr (32,410)	SFr (33,889)
Fair value of plan assets	35,290	29,197	26,791
Total liability	SFr (5,770)	SFr (3,213)	SFr (7,098)

Consolidated Statements of Income/(Loss) - CHF (SFr) SFr in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Revenue
Contract revenue	SFr 14,801	SFr 3,935	SFr 0
Total revenue	14,801	3,935	0
Operating expenses
Research & development expenses	(54,606)	(60,336)	(62,282)
General & administrative expenses	(15,305)	(15,789)	(17,910)
Other operating income/(expense), net	1,486	1,343	1,182
Total operating expenses	(68,425)	(74,782)	(79,010)
Operating loss	(53,624)	(70,847)	(79,010)
Financial income	1,044	69	6,485
Financial expense	(176)	(355)	(581)
Exchange differences	(1,467)	393	113
Finance result, net	(599)	107	6,017
Loss before tax	(54,223)	(70,740)	(72,993)
Income tax expense	(10)	(13)	(3)
Loss for the period	SFr (54,233)	SFr (70,753)	SFr (72,996)
Loss per share:
Basic loss per share for the period attributable to equity holders	SFr (0.64)	SFr (0.85)	SFr (0.97)
Diluted loss per share for the period attributable to equity holders	SFr (0.64)	SFr (0.85)	SFr (0.97)

Document and Entity Information	12 Months Ended
Document and Entity Information	Dec. 31, 2023 shares
Entity Addresses [Line Items]
Document Type	20-F
Entity Registrant Name	AC IMMUNE SA
Document Registration Statement	false
Entity Central Index Key	0001651625
Document Period End Date	Dec. 31, 2023
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2023
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Annual Report	true
Document Transition Report	false
Document Shell Company Report	false
Entity File Number	001-37891
Entity Incorporation, State or Country Code	V8
Entity Address, Address Line One	EPFL INNOVATION PARK
Entity Address, Address Line Two	Building B
Entity Address, Postal Zip Code	1015
Entity Address, City or Town	Lausanne
Entity Address, Country	CH
Title of 12(b) Security	Common Shares, nominal value CHF 0.02 per share
Trading Symbol	ACIU
Security Exchange Name	NASDAQ
Entity Common Stock, Shares Outstanding	99,197,829
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Accounting Standard	International Financial Reporting Standards
Entity Shell Company	false
Auditor Firm ID	1358
Auditor Name	PricewaterhouseCoopers SA
Auditor Location	Lausanne, Switzerland
Document Financial Statement Error Correction [Flag]	false
Business Contact [Member]
Entity Addresses [Line Items]
Entity Address, Address Line One	EPFL INNOVATION PARK
Entity Address, Address Line Two	Building B
Entity Address, Postal Zip Code	1015
Entity Address, City or Town	Lausanne
Entity Address, Country	CH
Contact Personnel Name	Andrea Pfeifer
City Area Code	41
Local Phone Number	21 345 91 21

Prepaid expenses and accrued income (Tables)

12 Months Ended

Dec. 31, 2023

Prepaid expenses and accrued income

Prepaid expenses and accrued income


	As of
	December 31,
In CHF thousands	2023	2022
Prepaid expenses	6,437	4,708
Accrued income	246	408
Total prepaid expenses and accrued income	6,683	5,116

Contract revenues - Tau-PET imaging agent -2014 Agreement with Life Molecular Imaging (formerly Piramal Imaging SA) (Details) € in Thousands, SFr in Thousands			3 Months Ended						12 Months Ended
	Dec. 31, 2015 CHF (SFr)	Dec. 31, 2015 EUR (€)	Sep. 30, 2022 CHF (SFr)	Sep. 30, 2022 EUR (€)	Sep. 30, 2019 CHF (SFr)	Sep. 30, 2019 EUR (€)	Mar. 31, 2017 CHF (SFr)	Mar. 31, 2017 EUR (€)	Dec. 31, 2023 CHF (SFr)	Dec. 31, 2022 CHF (SFr)	Dec. 31, 2021 CHF (SFr)	Dec. 31, 2023 EUR (€)	May 31, 2014 CHF (SFr)	May 31, 2014 EUR (€)
Contract revenues
Revenue from contracts with customers									SFr 14,801	SFr 3,935	SFr 0
2014 Agreement with Life Molecular Imaging (formerly Piramal Imaging SA) [Member]
Contract revenues
Revenue from contracts with customers									SFr 0	3,935	0
Tau-PET Imaging Agent [Member] \| 2014 Agreement with Life Molecular Imaging (formerly Piramal Imaging SA) [Member]
Contract revenues
Period to provide notice of termination of agreement									3 months
Revenue from contracts with customers	SFr 664	€ 500	SFr 3,900	€ 4,000	SFr 2,200	€ 2,000			SFr 0	SFr 3,900	SFr 0
Collaborative agreement, Milestone payment received							SFr 1,100	€ 1,000
Tau-PET Imaging Agent [Member] \| 2014 Agreement with Life Molecular Imaging (formerly Piramal Imaging SA) [Member] \| Clinical milestones
Contract revenues
Total potential collaboration agreement value remaining									4,000			€ 4,000
Tau-PET Imaging Agent [Member] \| 2014 Agreement with Life Molecular Imaging (formerly Piramal Imaging SA) [Member] \| Regulatory and sales-based milestones
Contract revenues
Total potential collaboration agreement value remaining									SFr 139,000			€ 148,000
Tau-PET Imaging Agent [Member] \| 2014 Agreement with Life Molecular Imaging (formerly Piramal Imaging SA) [Member] \| Top of Range [Member]
Contract revenues
Total potential collaboration agreement value													SFr 151,000	€ 160,000

Financial instruments and risk management (Details) SFr in Thousands	12 Months Ended
	Dec. 31, 2023 CHF (SFr) Institution	Dec. 31, 2022 CHF (SFr)	Dec. 31, 2021 CHF (SFr)
Financial assets and liabilities [Abstract]
Financial assets	SFr 122,339	SFr 126,147
Financial liabilities	16,263	13,147
Financial risks [Abstract]
Foreign exchange gains (losses)	(1,467)	393	SFr 113
Long-term lease liabilities
Financial assets and liabilities [Abstract]
Financial liabilities	2,825	2,253
Trade and other payables
Financial assets and liabilities [Abstract]
Financial liabilities	1,679	929
Accrued expenses
Financial assets and liabilities [Abstract]
Financial liabilities	11,087	9,417
Short-term lease liabilities
Financial assets and liabilities [Abstract]
Financial liabilities	672	548
Right-of-use assets
Financial assets and liabilities [Abstract]
Financial assets	3,508	2,808
Long-term financial assets
Financial assets and liabilities [Abstract]
Financial assets	361	361
Other current receivables
Financial assets and liabilities [Abstract]
Financial assets	622	392
Accounts receivable
Financial assets and liabilities [Abstract]
Financial assets	14,800
Short-term financial assets
Financial assets and liabilities [Abstract]
Financial assets	24,554	91,000
Cash and cash equivalents
Financial assets and liabilities [Abstract]
Financial assets	78,494	31,586
Foreign Currency Exchange Risk [Member]
Financial risks [Abstract]
Foreign exchange gains (losses)	SFr (1,500)	500	SFr (100)
Percentage of reasonably possible strengthening or weakening of reporting currency against other relevant currencies	10.00%
Increase (decrease) in profit (loss) resulting from reasonably possible strengthening or weakening of reporting currency against other relevant currencies	SFr 2,600	SFr 700
Credit Risk [Member]
Financial risks [Abstract]
Number of financial institutions holding cash and cash equivalents and short-term financial assets \| Institution	5
Liquidity Risk [Member] \| Trade and other payables
Financial assets and liabilities [Abstract]
Financial liabilities	SFr 1,700
Liquidity Risk [Member] \| Accrued expenses
Financial assets and liabilities [Abstract]
Financial liabilities	SFr 11,100
Interest Rate [member]
Financial risks [Abstract]
Percentage of reasonably possible increase or decrease in interest rates	10.00%
Interest Rate [member] \| Top of Range [Member]
Financial risks [Abstract]
Increase (decrease) in profit (loss) resulting from reasonably possible increase or decrease in interest rates	SFr 100

Intangible assets

12 Months Ended

Dec. 31, 2023

Intangible assets

Intangible assets

7.Intangible assets

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

As of December 31, 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 was not impaired as of December 31, 2023 and 2022, respectively.

The key assumptions used in the valuation model in accordance with an income approach to determine the recoverable amount include observable and unobservable key inputs as follows:

●

Anticipated research and development costs;

●

Anticipated costs of goods and sales and marketing expenditures;

●

Probability of achieving clinical and regulatory development milestones in accordance with certain industry benchmarks;

●

Target indication prevalence and incidence rates;

●

Anticipated market share;

●

General commercialization expectations such as anticipated pricing and uptake;

●

Expected patent life and market exclusivity periods; and

●

Other metrics such as the tax rate.

The Company’s valuation model calculates the risk-adjusted, net cash flows through the projected period of market exclusivity across target sales regions. The Company uses a discount rate of 17% (17% for 2022), based on the assumed cost of capital for the Company over the forecast period.

Summary of material accounting policies - Functional and reporting currency (Details) - SFr / $	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Functional and reporting currency
Closing rate, USD 1	0.851	0.933	0.923
Weighted average exchange rate, USD 1	0.908	0.965	0.929

Financial instruments and risk management

12 Months Ended

Dec. 31, 2023

Financial instruments and risk management [Abstract]

Financial instruments and risk management

22.Financial instruments and risk management

The Company’s activities expose it to the following financial risks: market risk (foreign exchange and interest rate risk), credit risk and liquidity risk. The Company’s overall risk management program focuses on the unpredictability of financial markets and seeks to minimize potential adverse effects on the Company’s financial performance.

The following table shows the carrying amounts of financial assets and financial liabilities:


	As of
	December 31,
In CHF thousands	2023	2022
Financial assets
Right-of-use assets	3,508	2,808
Long-term financial assets	361	361
Other current receivables	622	392
Accounts receivable	14,800	—
Short-term financial assets	24,554	91,000
Cash and cash equivalents	78,494	31,586
Total financial assets	122,339	126,147


	As of
	December 31,
In CHF thousands	2023	2022
Financial liabilities
Long-term lease liabilities	2,825	2,253
Trade and other payables	1,679	929
Accrued expenses	11,087	9,417
Short-term lease liabilities	672	548
Total financial liabilities	16,263	13,147

Foreign exchange risk

The Company is exposed to foreign exchange risk arising from currency exposures, primarily with respect to the EUR, USD and to a lesser extent to GBP, DKK and SEK. The currency exposure is not hedged. However, the Company has a policy of matching its cash holdings to the currency structure of its expenses, which means that the Company holds predominately CHF, with lesser balances of EUR and USD (see “Note 8. Cash and cash equivalents and short-term financial assets”). The Company recognized a loss of CHF 1.5 million, a gain of CHF 0.5 million and a loss of CHF 0.1 million for the years ended December 31, 2023, 2022 and 2021, respectively, within “Finance result, net.”

As of December 31, 2023, if the CHF had strengthened/weakened by 10% against the EUR and the USD with all other variables held constant, the net loss for the period would have been lower/higher by CHF 2.6 million (2022: CHF 0.7 million), mainly as a result of foreign exchange gains/losses on predominantly EUR/USD denominated cash and cash equivalents and short-term financial assets.

Interest rates

The Company’s CHF cash holdings (inclusive of those held in short-term financial assets) were subject to positive interest rates at certain counterparty thresholds through 2023. As of December 31, 2023 if the interest rates granted by the counterparties had increased/decreased by 10%, the net income for the period would have been higher/lower by CHF 0.1 million. Interest income and interest expense are recorded within finance results, net in our consolidated statements of income/(loss).

Credit risk

The Company maintains a formal treasury risk and investment management policy to limit counterparty credit risk. As of December 31, 2023, the Company’s cash and cash equivalents and short-term financial assets are held with five financial institutions, each with a high credit rating ranging from A+ to AA- assigned by international credit-rating agencies. The maximum amount of credit risk is the carrying amount of the financial assets. Accounts receivable and other receivables are fully performing, not past due and not impaired (see “Note 8. Cash and cash equivalents and short-term financial assets”, “Note 10. Accounts receivable” and “Note 11. Other current receivables”).

Liquidity risk

Inherent in the Company’s business are various risks and uncertainties, including the high uncertainty that new therapeutic concepts will succeed. AC Immune’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) acquire and keep key personnel employed and (iv) acquire additional capital to support its operations.

The Company’s approach of managing liquidity is to ensure sufficient cash to meet its liabilities when due. Therefore, management closely monitors the cash position on rolling forecasts based on expected cash flow to enable the Company to finance its operations for at least 12 months. The Company has CHF 1.7 million in trade and other payables, and CHF 11.1 million in accrued expenses which are due within 12 months from the reporting date. Finally, as it relates to the Company’s lease liabilities please see “Note 5. Right-of-use assets, long-term financial assets and lease liabilities” for detail of when corresponding lease liabilities are due.

Contract revenues - Morphomer Tau small molecule - 2018 license agreement with Eli Lilly and Company (Details) SFr in Thousands			3 Months Ended		12 Months Ended			42 Months Ended	59 Months Ended
	Mar. 31, 2020 CHF (SFr) installment	Jan. 23, 2019 CHF (SFr)	Sep. 30, 2019 CHF (SFr) installment	Mar. 31, 2019 CHF (SFr)	Dec. 31, 2023 CHF (SFr) item	Dec. 31, 2022 CHF (SFr)	Dec. 31, 2021 CHF (SFr)	Dec. 31, 2022 CHF (SFr)	Dec. 31, 2023 CHF (SFr)
Contract revenues
Revenue from contracts with customers					SFr 14,801	SFr 3,935	SFr 0
Deferred income					SFr 138	587		SFr 587	SFr 138
Morphomer Tau Small Molecule [Member] \| 2018 License Agreement with Eli Lilly and Company [Member]
Contract revenues
Milestone payment received				SFr 80,000
Period to provide notice of termination of agreement					3 months
Number of representatives in joint steering committee by each party \| item					3
Revenue from contracts with customers					SFr 0	SFr 0	SFr 0
Deferred income					0				0
Morphomer Tau Small Molecule [Member] \| 2018 License Agreement with Eli Lilly and Company [Member] \| Clinical and Regulatory [Member]
Contract revenues
Expected transaction price allocation					880,000				880,000
Morphomer Tau Small Molecule [Member] \| 2018 License Agreement with Eli Lilly and Company [Member] \| Commercial [Member]
Contract revenues
Expected transaction price allocation					SFr 900,000				900,000
Morphomer Tau Small Molecule [Member] \| 2018 License Agreement with Eli Lilly and Company [Member] \| Research and Development [Member]
Contract revenues
Deferred research and development costs		SFr 6,900
Revenue from contracts with customers									SFr 6,900
Morphomer Tau Small Molecule [Member] \| 2018 License Agreement with Eli Lilly and Company [Member] \| Right-of-use License [Member]
Contract revenues
Revenue from contracts with customers		SFr 73,100						SFr 40,000
Morphomer Tau Small Molecule [Member] \| 2018 License Agreement with Eli Lilly, First Amendment [Member]
Contract revenues
Total potential collaboration agreement value			SFr 60,000
Number of installments \| installment			2
Morphomer Tau Small Molecule [Member] \| 2018 License Agreement with Eli Lilly, First Amendment [Member] \| Quarter 3, 2019
Contract revenues
Milestone payment receivable			SFr 30,000
Morphomer Tau Small Molecule [Member] \| 2018 License Agreement with Eli Lilly, First Amendment [Member] \| March 31, 2020
Contract revenues
Milestone payment receivable	SFr 30,000		SFr 30,000
Morphomer Tau Small Molecule [Member] \| 2018 License Agreement with Eli Lilly, Second Amendment [Member]
Contract revenues
Number of installments \| installment	2
Morphomer Tau Small Molecule [Member] \| 2018 License Agreement with Eli Lilly, Second Amendment [Member] \| March 31, 2020
Contract revenues
Milestone payment receivable	SFr 10,000
Morphomer Tau Small Molecule [Member] \| 2018 License Agreement with Eli Lilly, Second Amendment [Member] \| Upon first patient dosed in a Phase 2 clinical study of a licensed product in the U.S. or EU.
Contract revenues
Milestone payment receivable	SFr 60,000

General information

12 Months Ended

Dec. 31, 2023

General information

General information

1.General 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 registered and 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 Company was initially incorporated as a limited liability company on February 13, 2003 in Basel, and effective August 25, 2003 was transformed into a stock company. The Company’s corporate headquarters are located at EPFL Innovation Park Building B, 1015 Lausanne, Switzerland.

Asset acquisition

12 Months Ended

Dec. 31, 2023

Asset acquisition

Asset acquisition

6.Asset acquisition

In 2021, the Company closed its acquisition with Affiris AG (Affiris) for the program portfolio of therapeutics targeting a-syn, notably ACI-7104.056 (previously PD01), a clinically-validated active immunotherapy candidate for the treatment of Parkinson’s disease (the Transferred Assets). The Company acquired the Transferred Assets and USD 5.0 (CHF 4.6) million in cash in exchange for 7,106,840 shares of the Company at closing, for a total value of USD 58.7 (CHF 55.1) million.

With the closing of this transaction, the Company recorded an IPR&D intangible asset associated with ACI-7104.056 for USD 53.7 (CHF 50.4) million. The Company used a risk-adjusted discounted cash flow method to determine the fair value of the intangible asset using a discount rate of 15%. See “Note 7. Intangible assets” for further details on assumptions used.

As the Company transferred its own equity instruments in consideration for the asset transferred, the acquisition was assessed in accordance with IFRS 2 Share-based Payment.

The Company determined that the acquisition of the Transferred Assets did not qualify as a business combination in accordance with IFRS 3 Business Combinations and therefore was accounted for as an asset acquisition. Most of the fair value of the Transferred Assets is attributable to a single identifiable asset which is the in-process research and development asset. The purchase consideration for the Transferred Assets was allocated based on their relative fair values.

The following table summarizes the amounts of the Transferred Assets acquired:


In CHF thousands
Cash		4,634
IPR&D asset		50,416
Total		55,050

Earnings per share

12 Months Ended

Dec. 31, 2023

Earnings per share

Earnings per share

21.Earnings per share


	For the Year Ended
	December 31,
In CHF thousands except for share and per share data	2023	2022	2021
Loss per share (EPS)
Numerator
Net loss attributable to equity holders of the Company	(54,233)	(70,753)	(72,996)
Denominator
Weighted-average number of shares outstanding used to compute EPS basic and diluted attributable to equity holders	84,694,616	83,554,412	74,951,833
Basic and diluted loss per share for the period attributable to equity holders	(0.64)	(0.85)	(0.97)

In periods for which we have a loss, basic net loss per share is the same as diluted net loss per share. We have excluded from our calculation of diluted loss per share all potentially dilutive in-the-money (i) share options, (ii) non-vested restricted share awards and (iii) shares that were issued upon conversion of two different convertible notes as their inclusion would have been anti-dilutive. 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:


	As of
	December 31,
	2023	2022	2021
Share options issued and outstanding (in-the-money)	97,683	135,827	1,140,388
Restricted share awards subject to future vesting	1,160,240	117,292	6,264
Convertible shares	—	—	41,461
Total potentially dilutive securities	1,257,923	253,119	1,188,113

Share capital - Capital Structure (Details) - CHF (SFr) SFr / shares in Units, SFr in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Treasury shares
Treasury shares outstanding at beginning of period	(6,214,021)
Treasury shares outstanding at end of period	(5,243,958)	(6,214,021)
Changes in equity
Balance, beginning of period	SFr 168,991	SFr 231,979	SFr 215,478
Proceeds from public offerings, net of underwriting fees, transaction costs	40,535
Proceeds from sale of treasury shares in public offerings, net of underwriting fees and transaction costs	2,650	(8)	12,121
Balance, end of period	SFr 160,643	SFr 168,991	SFr 231,979
Nominal value per share (in CHF per share)	SFr 0.02
Common Shares
Common shares
Common shares outstanding at beginning of period	89,834,385	89,700,630
Issuance of shares - incentive plans, net of transaction costs (in shares)	307,402	133,755
Proceeds from public offerings, net of underwriting fees and transaction, equity, shares	14,300,000
Common shares outstanding at end of period	104,441,787	89,834,385	89,700,630
Treasury shares
Treasury shares
Treasury shares outstanding at beginning of period	(6,214,021)	(6,221,617)
Proceeds from sale of treasury shares in public offerings, net of underwriting fees and transaction costs (in shares)	970,063	7,596
Treasury shares outstanding at end of period	(5,243,958)	(6,214,021)	(6,221,617)
Share capital
Changes in equity
Balance, beginning of period	SFr 1,797	SFr 1,794	SFr 1,538
Proceeds from public offerings, net of underwriting fees, transaction costs	286
Issuance of shares - incentive plans, net of transaction costs	6	3
Balance, end of period	2,089	1,797	1,794
Share premium
Changes in equity
Balance, beginning of period	431,323	431,251	346,890
Proceeds from public offerings, net of underwriting fees, transaction costs	40,249
Proceeds from sale of treasury shares in public offerings, net of underwriting fees and transaction costs	2,631	(8)	12,097
Issuance of shares - incentive plans, net of transaction costs	704	80
Balance, end of period	474,907	431,323	431,251
Treasury shares
Changes in equity
Balance, beginning of period	(124)	(124)	(100)
Proceeds from sale of treasury shares in public offerings, net of underwriting fees and transaction costs	19	0	24
Balance, end of period	SFr (105)	SFr (124)	SFr (124)

Intangible assets (Details) SFr in Thousands	Dec. 31, 2023 CHF (SFr)	Dec. 31, 2022 CHF (SFr)
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
Accumulated Amortization
Disclosure of intangible assets material to entity [abstract]
Intangible Assets	0	0
Acquired IPR&D Asset
Disclosure of intangible assets material to entity [abstract]
Intangible Assets	SFr 50,416	SFr 50,416
Acquired IPR&D Asset \| Discount rate, measurement input
Disclosure of intangible assets material to entity [abstract]
Discount rate	0.17	0.17
Acquired IPR&D Asset \| Gross Carrying Amount
Disclosure of intangible assets material to entity [abstract]
Intangible Assets	SFr 50,416	SFr 50,416
Acquired IPR&D Asset \| Accumulated Amortization
Disclosure of intangible assets material to entity [abstract]
Intangible Assets	SFr 0	SFr 0

Share-based compensation (Tables)

12 Months Ended

Dec. 31, 2023

Share-based compensation [Abstract]

Share-based compensation plans outstanding

The following table summarizes equity-settled share option grants for plans that existed during the period:


	Number of
	options awarded		Contractual
Plan	(since inception)	Vesting conditions	life of options
Share option plan C1	6,775,250	4 years’ service from grant date	10 years
2016 SOIP:
Executives and directors	4,831,325	1 year, 3 year and 4 years’ service from the date of grant, quarterly and annually	10 years
Employees	1,811,687	4 years’ service from the date of grant, annually	10 years

Number and weighted average exercise prices of options under share option programs

The number and weighted-average exercise prices (in CHF) of options under the share option programs for Plans C1 and the 2016 SOIP are as follows:


		Weighted-	Weighted-
		average	average
	Number of	exercise price	remaining
	options	(CHF)	term (years)
Outstanding at January 1, 2021	2,900,667	5.90	8.2
Forfeited during the year	(207,331)	6.13	—
Exercised during the year	(218,561)	4.97	—
Granted during the year	1,110,914	6.34	—
Outstanding at December 31, 2021	3,585,689	6.21	7.8
Exercisable at December 31, 2021	1,613,242	6.13	6.8
Outstanding at January 1, 2022	3,585,689	6.21	7.8
Forfeited during the year	(304,738)	6.32	—
Exercised during the year	(110,250)	0.15	—
Granted during the year	1,090,316	3.18	—
Outstanding at December 31, 2022	4,261,017	5.65	7.6
Exercisable at December 31, 2022	2,345,648	6.41	6.6
Outstanding at January 1, 2023	4,261,017	5.65	7.6
Forfeited during the year	(824,084)	5.34	—
Exercised during the year	(42,037)	1.52	—
Granted during the year	1,554,281	1.75	—
Outstanding at December 31, 2023	4,949,177	4.11	7.2
Exercisable at December 31, 2023	3,022,345	4.88	6.4

Outstanding options, exercise price range and expiry dates

The outstanding stock options as of December 31, 2023 have the following range of exercise prices:


		Range of
		expiration
	Total options	dates
Range of exercise prices
CHF 0.15	92,875	2024–2026
CHF 9.53	109,665	2027
USD 5.04 to USD 12.30	2,417,545	2027–2031
USD 2.76 to USD 4.57	1,034,326	2032–2033
USD 2.03 to USD 2.32	1,294,766	2032–2033
Total outstanding options	4,949,177

Weighted-average assumptions


	For the Year Ended
	December 31,
	2023		2022		2021
Exercise price (USD)	2.03-3.11		2.76-4.57		5.31-7.72
Share price (USD and weighted average)	2.08		3.44		6.95
Risk-free interest rate	4.0-4.6	%	0-2.4	%	0	%
Expected volatility	72-86	%	67-80	%	80	%
Expected term (in years)	5.5-6		5.5 - 6.25		5.1 - 6
Dividend yield	—		—		—

Summary of non-vested share awards (restricted share and restricted share units)

A summary of share awards (restricted share and restricted share units) activity as of December 31, 2023 and changes during the year then ended is presented below:


			Contractual
	Number of		life of non-
	share awards		vested share
Grantee type	granted	Vesting conditions	awards
Restricted share units
Directors	257,329	1 year service from date of grant, annually	10 years
Executives	905,803	3 year and 4 years’ service from the date of grant, quarterly and semi-annually	10 years
Employees	458,335	3 years’ service from the date of grant, annually	10 years


		Weighted-
		average
	Number of	grant date fair
	shares	value (CHF)
Non-vested at January 1, 2021	19,494	9.51
Exercised during the year	(2,471)	9.46
Vested during the year	(18,697)	9.52
Non-vested at December 31, 2021	797	9.41
Vested and exercisable at December 31, 2021	65,515	9.48
Non-vested at December 31, 2021	797	9.41
Granted during the year	239,194	3.06
Vested during the year	(23,505)	3.28
Non-vested at December 31, 2022	216,486	3.06
Vested and exercisable at December 31, 2022	89,020	7.84
Non-vested at December 31, 2022	216,486	3.06
Forfeited during the year	(134,947)	2.05
Exercised during the year	(55,503)	2.37
Granted during the year	1,187,570	1.89
Vested during the year	(265,366)	2.46
Non-vested at December 31, 2023	1,003,743	1.97
Vested and exercisable at December 31, 2023	298,883	4.08

Capital risk management

12 Months Ended

Dec. 31, 2023

Capital risk management [Abstract]

Capital risk management

23.Capital risk management

The Company’s objectives when managing capital are to safeguard the Company’s ability to continue as a going concern and to preserve the capital on the required statutory level in order to succeed in developing a cure against (i) AD, (ii) focused non-Alzheimer’s neurodegenerative diseases including NeuroOrphan indications and (iii) diagnostics.

Contract revenues

12 Months Ended

Dec. 31, 2023

Contract revenues

Contract revenues

14.Contract revenues

For the years ended December 31, 2023, 2022 and 2021, AC Immune generated contract revenues of CHF 14.8 million, CHF 3.9 million and nil, respectively.

The following tables provide contract revenue amounts from its LCAs for the years ended December 31, 2023, 2022 and 2021, respectively.


	For the Year Ended
	December 31,
In CHF thousands	2023	2022	2021
Janssen	14,800	—	—
Life Molecular Imaging	—	3,935	—
Other	1	—	—
Total contract revenues	14,801	3,935	—

During the years ended December 31, 2023, 2022 and 2021, the Company recognized the following contract revenues as a result of changes in the contract asset and the contract liability balances in the respective periods:


	For the Year Ended
	December 31,
In CHF thousands	2023	2022	2021
Revenues recognized in the period from:
Amounts included in the contract liability at the beginning of the period	—	—	—
Performance obligations satisfied in previous periods	14,801	3,935	—

14.1 Licensing and collaboration agreements

Morphomer Tau small molecule – 2018 license agreement with Eli Lilly and Company

In December 2018, we entered into an exclusive, worldwide licensing agreement with Eli Lilly and Company (Lilly) to research and develop Morphomer Tau small molecules for the treatment of AD and other neurodegenerative diseases. More specifically, this is an exclusive license with the right to Lilly to grant sublicenses under the ACIU Patents, the ACIU know-how, and ACIU’s interests in the Joint Patents and the joint know-how to Exploit the Licensed Compounds and Licensed Products. The agreement became effective on January 23, 2019 (the “effective date”) when the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, expired. In Q3 2019, the Company and Lilly entered into the first amendment to divide the first discretionary milestone payment under the agreement of CHF 60 million into two installments, with the first CHF 30 million paid in Q3 2019 and the second CHF 30 million to be paid on or before March 31, 2020 unless Lilly terminated the agreement earlier. In Q1 2020, the Company and Lilly entered into a second amendment to replace the second CHF 30 million to be paid on or before March 31, 2020 with two milestone payments, one of CHF 10 million to be paid on or before March 31, 2020 and the other of CHF 60 million following the first patient dosed in a Phase 2 clinical study of a licensed product in the U.S. or EU.

Per the terms of the agreement, the Company received an initial upfront payment of CHF 80 million in Q1 2019 for the rights granted by the Company to Lilly. To date, the Company has completed a Phase 1 clinical study with ACI-3024.

Additionally, the Company and Lilly have continued candidate characterization across the research program, identifying new and highly differentiated candidates with desired cerebrospinal fluid exposure and selectivity for pathological aggregated Tau. These will be broadly developed in Tau-dependent neurodegenerative diseases by Lilly. Lilly is responsible for leading and funding further clinical development and will retain global commercialization rights for all indications.

Per the terms of the agreement, the Company may become eligible to receive additional milestone payments totaling up to approximately CHF 880 million for clinical and regulatory milestones and CHF 900 million upon achievement of certain commercial milestones. In addition to milestones, we will be eligible to receive royalties on sales at a percentage rate ranging from the low double-digits to the mid-teens. The agreement will terminate by the date of expiration of the last royalty term for the last licensed product. However, under the terms of the agreement, Lilly may terminate the agreement at any time by providing 3 months’ prior notice to us.

AC Immune assessed this arrangement in accordance with IFRS 15 and concluded that Lilly is a customer. The Company identified the following significant performance obligations under the contract: (i) a right-of-use license and (ii) research and development activities outlined in the development plan. Per the agreement, the Company was responsible for the preclinical and Phase 1 activities for the first clinical candidate, ACI-3024, which the Company determined was distinct and capable of being completed by Lilly or a third party. Preclinical activities for which AC Immune was responsible prior to their completion in Q2 2019 included final manufacturing of materials for use in the regulatory submission of the protocol and in the Phase 1 study. For the completed Phase 1, AC Immune was responsible for leading the study design, obtaining relevant regulatory agency approvals, arranging necessary third-party contracts, completing patient selection, ensuring patient treatment, following up with patients, drafting the clinical study report

development and other relevant clinical activities to ensure that the primary objective of the study was completed. The Company used CMOs for certain of its preclinical activities and CROs to complete certain Phase 1 activities and to issue the final clinical study report.

Finally, per the agreement, each party has three representatives on a joint steering committee (JSC). Depending upon the agenda, additional field experts can attend the JSC to provide the technical and scientific contribution required. The JSC meets on a regular basis depending on agreements between the representatives. The JSC is responsible for serving as the forum to (i) discuss, review and approve certain activities by reviewing and discussing the development progress with updates on back-up candidates, (ii) discuss, review and approve all amendments to the global development plan, (iii) periodically discuss and review commercialization of licensed products and (iv) review and approve reports related to development costs among other activities. The JSC is intended to ensure that communication between the parties remains consistent and that the development plan is progressing as intended.

The valuation of each performance obligation involves estimates and assumptions with revenue recognition timing to be determined by either delivery or the provision of services.

The Company used the residual approach to estimate the selling price for the right-of-use license and an expected cost plus margin approach for estimating the research and development activities. The right-of-use license was delivered on the effective date. The research and development activities were delivered over time as the services were performed. For these services, revenue was recognized over time using the input method, based on costs incurred to perform the services, as the level of costs incurred over time is thought to best reflect the transfer of services to Lilly. The Company determined the value of the research and development activities to be CHF 6.9 million and deferred this balance from the effective date. To date, the Company has cumulatively recognized CHF 6.9 million in contract revenue, resulting in no deferred income (contract liability) on the consolidated balance sheets. The remaining CHF 73.1 million from the upfront payment was allocated to the right-of-use license and recognized on the effective date.

At inception of the agreement, none of the clinical, regulatory or commercial milestones had been included in the transaction price, as all milestone amounts were fully constrained. To date, the Company has recognized CHF 40 million from milestone payments triggered in Q3 2019 and Q1 2020 related to the right-of-use license for intellectual property as there were no further constraints related to these milestones. In assessing that future clinical, regulatory or commercial milestones are fully constrained, the Company considered numerous factors to determine that these milestones are not highly probable to obtain, including that receipt of the milestones is outside the control of the Company and contingent upon success in future clinical trials and the licensee’s efforts. Any consideration related to sales-based milestones (including royalties) will be recognized when the related sales occur as they were determined to relate predominantly to the license granted to Lilly and therefore have also been excluded from the transaction price. The Company will re-evaluate the transaction price in each reporting period and as uncertain events are resolved or other changes in circumstances occur.

For the years ended December 31, 2023, 2022 and 2021, we have recognized no revenues from this arrangement.

Tau active immunotherapy in AD – 2014 agreement with Janssen Pharmaceuticals, Inc.

In December 2014, we entered into an agreement with Janssen Pharmaceuticals, Inc. (Janssen), part of the Janssen Pharmaceutical Companies of Johnson & Johnson, to develop and commercialize therapeutic anti-Tau active immunotherapies for the treatment of AD and potentially other Tauopathies. The value of this collaboration is potentially up to CHF 500 million and includes upfront and clinical, regulatory and commercial milestones. In addition to milestones, we will be eligible to receive royalties on sales at a percentage rate ranging from the low-double digits to the mid-teens for the ACI-35.030 active immunotherapy program. In April 2016, July 2017, January 2019, November 2019, December 2022, and November 2023, the companies entered into the first, second, third, fourth, fifth and sixth amendments, respectively. These amendments allow for the alignment of certain payment and activity provisions with the Development Plan and Research Plan activities. We and Janssen have completed the co-development of the second-generation lead active immunotherapies, ACI-35.030 and JACI-35.054, through Phase 1b/2a. In November 2022, it was announced that ACI-35.030 was selected to advance into further development based on interim data from the ongoing Phase 1b/2a trial. In December 2023, it was announced that Janssen has programmed the launch of Phase 2b clinical

study to evaluate ACI-35.030 (JNJ-64042056) in patients with preclinical AD, those individuals not yet showing symptoms. AC Immune and Janssen will jointly share research and development costs until the completion of the first Phase 2b (AC Immune’s contribution to the first Phase 2b trial is capped). From Phase 2b and onwards, Janssen will assume responsibility for the clinical development, manufacturing and commercialization of ACI-35.030.

Under the terms of the agreement, Janssen may terminate the agreement at any time after completion of the first Phase 1b clinical study in 2016 by providing 90 days’ notice to us. If not otherwise terminated, the agreement shall continue until the expiration of all royalty obligations as outlined in the contract.

The agreement also allows for the expansion to a second indication based on the same anti-Tau active immunotherapy program and based on intellectual property related to this program.

The Company received an upfront, non-refundable license fee of CHF 25.9 million, which we recognized as revenue in 2014. In May 2016, we received a payment of CHF 4.9 million for reaching a clinical milestone in the first Phase 1b study. In December 2023, we were entitled to receive a milestone payment of CHF 14.8 million for the commencement of the first Phase 2b clinical study. The Company recognized this income as revenue because we deemed it highly probable that this milestone would be obtained and would not be subject to reversal in the future.

AC Immune assessed this arrangement in accordance with IFRS 15 and concluded that Janssen is a customer. The Company identified the following performance obligations under the contract: (i) a right-of-use license and (ii) research and development services including a development and chemistry, manufacturing and controls work plan. The Company considered the research and development capabilities of Janssen, Janssen’s right to sublicense, and the fact that the research and development services are not proprietary and can be provided by other vendors, to conclude that the license has stand-alone functionality and is distinct. The Company’s obligation to perform research and development services does not significantly impact or modify the licenses’ granted functionality. Based on these assessments, the Company identified the license and the research and development services as the performance obligations at the inception of the arrangement, which were deemed to be distinct in the context of the contract.

At execution of the agreement, the transaction price included only the upfront consideration received of CHF 25.9 million. At inception, none of the clinical, regulatory or commercial milestones has been included in the transaction price, as all milestone amounts were fully constrained. The Company did receive a payment of CHF 4.9 million for reaching a clinical milestone in the first Phase 1b study in May 2016 and was entitled, in December 2023, to receive a milestone payment of CHF 14.8 million for the commencement of the Phase above. The Company could also receive up to more than CHF 443 million in clinical, regulatory and commercial milestones as well as tiered, low-double digits to mid-teen royalties on aggregate net sales for the ACI-35.030 active immunotherapy program. In assessing that future clinical, regulatory or commercial milestones are fully constrained, the Company considered numerous factors to determine that these milestones are not highly probable to obtain, including that receipt of the milestones is outside the control of the Company and contingent upon success in future clinical trials and the licensee’s efforts. Any consideration related to sales-based milestones (including royalties) will be recognized when the related sales occur as they were determined to relate predominantly to the license granted to Janssen and therefore have also been excluded from the transaction price. The Company will re-evaluate the transaction price in each reporting period and as uncertain events are resolved or other changes in circumstances occur.

For the years ended December 31, 2023, 2022 and 2021, we have recognized CHF 14.8 million, nil and nil, respectively, from this arrangement.

Tau-PET imaging agent –2014 agreement with Life Molecular Imaging (LMI)

In May 2014 (as amended in June 2022), we entered into an agreement, our first diagnostic partnership, with LMI, the former Piramal Imaging SA. The partnership with LMI is an exclusive, worldwide licensing agreement for the research, development and commercialization of the Company’s Tau protein PET tracers supporting the early diagnosis and clinical management of AD and other Tau-related disorders and includes upfront and sales milestone payments totaling up to EUR 160 (CHF 151) million, plus royalties on sales at a percentage rate ranging from mid-single digits to low-teens. LMI may terminate the LCA at any time by providing 3 months’ notice to us.

In connection with this agreement, AC Immune received a payment of EUR 500 (CHF 664) thousand, which was fully recognized in 2015. In Q1 2017, we recorded a milestone payment of EUR 1 (CHF 1.1) million related to the initiation of “Part B” of the first-in-man Phase 1 study. In Q3 2019, the Company recognized EUR 2 (CHF 2.2) million in connection with the initiation of a Phase 2 trial of Tau-PET tracer in patients with mild cognitive impairment and mild–to-moderate AD in comparison with non-demented control participants. In Q3 2022, the Company recognized EUR 4 (CHF 3.9) million linked to the progression of the Tau-PET tracer into late-stage development in AD. The Company is eligible to receive additional variable consideration related to the achievement of certain clinical milestones totaling EUR 4 (CHF 4) million should the compound make it through Phase 3 clinical studies. We are also eligible to receive potential regulatory and sales-based milestones totaling EUR 148 (CHF 139) million. Finally, the Company is eligible for royalties from the mid-single digits to low-teens.

AC Immune assessed this arrangement in accordance with IFRS 15 and concluded that LMI is a customer. The Company has identified that the right-of-use license as the only performance obligation. The Company determined that transaction price based on the defined terms allocated to each performance obligation specified in the contract.

The upfront payment constitutes the amount of consideration to be included in the transaction price and has been allocated to the license. None of the clinical, regulatory or commercial milestones has been included in the transaction price as these variable consideration elements are considered fully constrained. As part of its evaluation of the constraint, the Company considered numerous factors, including that receipt of the milestones is outside the control of the Company and contingent upon success in future clinical trials and the licensee’s efforts.

Any consideration related to sales-based milestones (including royalties) will be recognized when the related sales occur as these amounts have been determined to relate predominantly to the license granted to LMI and therefore are recognized at the later of when the performance obligation is satisfied or the related sales occur. The Company considered LMI’s right to sublicense and develop the Tau protein PET tracers, and the fact that LMI could perform the research and development work themselves within the license term without AC Immune, to conclude that the license has stand-alone functionality and is distinct. The Company believes that the contracted amount represents the fair value. The Company will re-evaluate the transaction price in each reporting period and as uncertain events are resolved or other changes in circumstances occur.

For the years ended December 31, 2023, 2022 and 2021, the Company has recognized nil, CHF 3.9 million and nil, respectively, from this arrangement.

14.2 Grant income

Grants from the Michael J. Fox Foundation

In May 2020, the Company, as part of a joint arrangement with Skåne University Hospital (Skåne) in Sweden, was awarded a USD 3.2 (CHF 3.0) million grant from the MJFF’s Ken Griffin Alpha-synuclein Imaging Competition. As part of this grant, AC Immune was eligible to receive USD 2.5 (CHF 2.3) million directly from the MJFF. Skåne was to receive USD 0.7 (CHF 0.7) million of the total grant directly from the MJFF over two years to conduct and support the clinical arm of the project. In August 2022, the Company received follow-on grant funding as part of its joint arrangement with 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 received USD 0.1 (CHF 0.1) million of the total grant directly from the MJFF over the duration of the grant period.

In December 2021, the Company announced that it had been awarded two grants totaling USD 1.5 (CHF 1.4) million to advance small molecule PD programs. One award supported an existing early-stage program to develop small molecules that can prevent intracellular aggregation and spreading of a-syn. The other award funded research on the therapeutic potential of chemically and mechanistically novel, brain penetrant small molecule inhibitors of NLRP3 inflammasome activation for the treatment of PD.

In February 2023, the Company announced that it had been awarded a new grant totaling USD 0.5 (CHF 0.4) million from the MJFF to support the development of its TDP-43 PET tracer program.

For the years ended December 31, 2023, 2022 and 2021, the Company has recognized CHF 1.2 million, CHF 1.2 million and CHF 1.1 million, respectively, from its MJFF grants, under “Other operating income/(expense), net”.

Commitments and contingencies (Tables)

12 Months Ended

Dec. 31, 2023

Commitments and contingencies [Abstract]

Schedule of commitments


	As of
	December 31,
In CHF thousands	2023	2022
Within 1 year	21,746	23,336
Between 1 and 3 years	16,920	18,516
Between 3 and 5 years	7,632	9,229
More than 5 years	1,270	1,407
Total	47,568	52,488

Financial instruments and risk management (Tables)

12 Months Ended

Dec. 31, 2023

Financial instruments and risk management [Abstract]

Carrying amounts of financial assets and financial liabilities

The following table shows the carrying amounts of financial assets and financial liabilities:


	As of
	December 31,
In CHF thousands	2023	2022
Financial assets
Right-of-use assets	3,508	2,808
Long-term financial assets	361	361
Other current receivables	622	392
Accounts receivable	14,800	—
Short-term financial assets	24,554	91,000
Cash and cash equivalents	78,494	31,586
Total financial assets	122,339	126,147


	As of
	December 31,
In CHF thousands	2023	2022
Financial liabilities
Long-term lease liabilities	2,825	2,253
Trade and other payables	1,679	929
Accrued expenses	11,087	9,417
Short-term lease liabilities	672	548
Total financial liabilities	16,263	13,147

Subsequent events

12 Months Ended

Dec. 31, 2023

Subsequent events

Subsequent events

24.Subsequent events

Management has evaluated subsequent events after the balance sheet date, through the issuance of these consolidated financial statements, for appropriate accounting and disclosures.

On January 22, 2024, the Company announced that it will regain all global rights to the anti-amyloid beta antibody crenezumab and the anti-Tau antibody semorinemab following termination of the collaboration agreements with Genentech, a member of the Roche Group, and Roche, which termination will be effective in April 2024. Both antibodies have been evaluated in clinical studies for AD. AC Immune will also regain rights to existing GMP drug-product for clinical testing as well as associated data generated under each of the agreements. AC Immune will carefully

review and evaluate available data sets, including the final open label extension results from the Lauriet trial when they become available and are received in full by AC Immune, before decisions are made on potential further development and other opportunities.

On February 1, 2024, the Company received the milestone payment of CHF 14.8 million due from Janssen for the commencement of first Phase 2b clinical study.

Trade and other payables and accrued expenses (Tables)

12 Months Ended

Dec. 31, 2023

Trade and other payables and accrued expenses

Schedule of trade and other payables and accrued expenses


	As of
	December 31,
In CHF thousands	2023	2022
Trade and other payables	1,679	929
Total trade and other payables	1,679	929

Accrued research and development costs	4,722	5,360
Accrued payroll expenses	4,649	2,898
Other accrued expenses	1,716	1,159
Total accrued expenses	11,087	9,417

Summary of material accounting policies (Policies)

12 Months Ended

Dec. 31, 2023

Summary of material accounting policies

Functional and reporting currency

The following exchange rates have been used for the translation of the financial statements of AC Immune USA:


	For the Year Ended
	December 31,
	2023	2022	2021
CHF/USD
Closing rate, USD 1	0.851	0.933	0.923
Weighted average exchange rate, USD 1	0.908	0.965	0.929

The results and financial position of AC Immune USA are translated into the presentation currency as follows:

assets and liabilities for each balance sheet presented are translated at the closing rate at the date of that balance sheet;

ii.

income and expenses for each statement of income/(loss) are translated at average exchange rates; and

iii.

all resulting exchange differences are recognized in other comprehensive income/(loss), within cumulative translation differences.

Basis of consolidation

Foreign currency transactions

Current vs. non-current classification

Revenue recognition

Licenses of intellectual property

Milestone payments

Research and development services

Sublicense revenues

Contract balances

For a complete discussion of accounting for contract revenue, see “Note 14. Contract revenues.”

Research and development expenses

●

fees and costs related to regulatory filings and activities;

●

costs associated with preclinical and clinical activities;

●

employee-related expenses, including salaries and bonuses, benefits, travel and share-based compensation expenses; and

●

all other allocated expenses such as facilities and information technology (IT) costs.

General and administrative expenses

Grant income

Leases

Right-of-use assets and lease liabilities

The estimated lease term by right-of-use asset categories are as follows:


Buildings	5	years
Office equipment	5	years
IT equipment	5	years

Both the right-of-use-assets and lease liabilities are recognized in the consolidated balance sheets.

Property, plant and equipment


IT equipment	3	years
Laboratory equipment	5	years
Leasehold improvements/furniture	5	years

Gains and losses on disposals are determined by comparing the disposal proceeds with the carrying amount and are included in the consolidated statements of income/(loss).

Intangible assets

Fair value of financial assets and liabilities

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.

Receivables

Short-term financial assets

Short-term financial assets are held with external financial institutions and comprise fixed-term deposits with maturities ranging from more than 3 through 12 months in duration.

The Company assesses whether there is objective evidence that financial assets are impaired annually or whenever potential impairment triggers may occur.

Cash and cash equivalents

Trade payables

Trade payables are amounts due to third parties in the ordinary course of business.

Share capital and public offerings

Treasury Shares

Treasury shares

Employee benefits

Post-employment benefits

Share-based compensation

The proceeds received net of any directly attributable transaction costs are credited to share capital (nominal value) and share premium when the options are exercised.

Provisions

Taxation

Earnings per share

Critical judgments and accounting estimates

Segment reporting

The Company has one segment. The Company currently focuses most of its resources on discovering and developing therapeutic and diagnostic products targeting misfolded proteins.

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

Earnings per share (Tables)

12 Months Ended

Dec. 31, 2023

Earnings per share

Schedule of earnings per share


	For the Year Ended
	December 31,
In CHF thousands except for share and per share data	2023	2022	2021
Loss per share (EPS)
Numerator
Net loss attributable to equity holders of the Company	(54,233)	(70,753)	(72,996)
Denominator
Weighted-average number of shares outstanding used to compute EPS basic and diluted attributable to equity holders	84,694,616	83,554,412	74,951,833
Basic and diluted loss per share for the period attributable to equity holders	(0.64)	(0.85)	(0.97)

Schedule of antidilutive securities


	As of
	December 31,
	2023	2022	2021
Share options issued and outstanding (in-the-money)	97,683	135,827	1,140,388
Restricted share awards subject to future vesting	1,160,240	117,292	6,264
Convertible shares	—	—	41,461
Total potentially dilutive securities	1,257,923	253,119	1,188,113

Share capital (Tables)

12 Months Ended

Dec. 31, 2023

Share capital

Summary of capital structure

The table below summarizes the Company’s capital structure:


			In CHF thousands
	Common	Treasury	Share	Share	Treasury
	shares	shares	capital	premium	shares
December 31, 2021	89,700,630	(6,221,617)	1,794	431,251	(124)
Proceeds from sale of treasury shares in public offerings, net of underwriting fees and transaction costs	—	7,596	—	(8)	0
Issuance of shares – incentive plans, net of transaction costs	133,755	—	3	80	—
December 31, 2022	89,834,385	(6,214,021)	1,797	431,323	(124)
Proceeds from public offerings, net of underwriting fees and transaction costs	14,300,000	—	286	40,249	—
Proceeds from sale of treasury shares in public offerings, net of underwriting fees and transaction costs	—	970,063	—	2,631	19
Issuance of shares – incentive plans, net of transaction costs	307,402	—	6	704	—
December 31, 2023	104,441,787	(5,243,958)	2,089	474,907	(105)

Share-based compensation, Plans Outstanding (Details)	12 Months Ended			86 Months Ended
Share-based compensation, Plans Outstanding (Details)	Dec. 31, 2023 Options plan	Dec. 31, 2022 Options	Dec. 31, 2021 Options	Dec. 31, 2023 Options
Share-based plans outstanding [Abstract]
Number of Equity-based Instrument Plans \| plan	2
Number of options awarded (in shares)	1,554,281	1,090,316	1,110,914
Share Option Plan C1 [Member]
Share-based plans outstanding [Abstract]
Number of options awarded (in shares)				6,775,250
Vesting conditions	4 years
Contractual life of options	10 years
2016 SOIP [Member] \| Executives and Directors [Member]
Share-based plans outstanding [Abstract]
Number of options awarded (in shares)				4,831,325
Contractual life of options	10 years
2016 SOIP [Member] \| Employees [Member]
Share-based plans outstanding [Abstract]
Number of options awarded (in shares)				1,811,687
Vesting conditions	4 years
Contractual life of options	10 years
2016 SOIP, Vesting Condition 1 [Member] \| Executives and Directors [Member]
Share-based plans outstanding [Abstract]
Vesting conditions	1 year
2016 SOIP, Vesting Condition 2 [Member] \| Executives and Directors [Member]
Share-based plans outstanding [Abstract]
Vesting conditions	3 years
2016 SOIP, Vesting Condition 3 [Member] \| Executives and Directors [Member]
Share-based plans outstanding [Abstract]
Vesting conditions	4 years

Cash and cash equivalents and financial assets, Cash and cash equivalents and short-term financial assets (Details) - CHF (SFr) SFr in Thousands	Dec. 31, 2023	Dec. 31, 2022
Miscellaneous current assets [abstract]
Short-term financial assets due in one year or less	SFr 24,554	SFr 91,000
CHF [Member]
Miscellaneous current assets [abstract]
Short-term financial assets due in one year or less	22,000	SFr 91,000
USD [Member]
Miscellaneous current assets [abstract]
Short-term financial assets due in one year or less	SFr 2,554

Share capital - Shelf registration statement (Details)	Apr. 28, 2021 CHF (SFr)
Top of Range [Member]
Disclosure of classes of share capital [line items]
Capital authorized to be issued under Shelf Registration Statement	SFr 350,000,000