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Document and Entity Information	12 Months Ended
Document and Entity Information	Dec. 31, 2020 shares
Cover [Abstract]
Entity Registrant Name	AC Immune SA
Entity Central Index Key	0001651625
Document Type	20-F
Amendment Flag	false
Document Annual Report	true
Current Fiscal Year End Date	--12-31
Document Period End Date	Dec. 31, 2020
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	FY
Document Transition Report	false
Document Shell Company Report	false
Entity Address, Country	CH
Entity Common Stock, Shares Outstanding	71,936,738
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	true
Entity Ex Transition Period	false
Document Accounting Standard	International Financial Reporting Standards
Entity Shell Company	false

Balance Sheets - CHF (SFr) SFr in Thousands	Dec. 31, 2020	Dec. 31, 2019
Non-current assets
Property, plant and equipment	SFr 4,416	SFr 3,917
Right-of-use assets	2,223	2,255
Long-term financial assets	334	304
Total non-current assets	6,973	6,476
Current assets
Prepaid expenses	3,954	2,788
Accrued income	1,591	1,095
Other current receivables	329	304
Short-term financial assets	65,000	95,000
Cash and cash equivalents	160,893	193,587
Total current assets	231,767	292,774
Total assets	238,740	299,250
Shareholders' equity
Share capital	1,538	1,437
Share premium	346,890	346,526
Treasury shares	(100)	0
Accumulated losses	(132,850)	(75,521)
Total shareholders' equity	215,478	272,442
Non-current liabilities
Long-term lease liabilities	1,780	1,813
Net employee defined benefit liabilities	7,464	7,485
Total non-current liabilities	9,244	9,298
Current liabilities
Trade and other payables	2,184	142
Accrued expenses	11,085	11,797
Deferred income	306	4,477
Short-term financing obligation	0	652
Short-term lease liabilities	443	442
Total current liabilities	14,018	17,510
Total liabilities	23,262	26,808
Total shareholders' equity and liabilities	SFr 238,740	SFr 299,250

Statements of Income/(Loss) - CHF (SFr) SFr in Thousands	12 Months Ended
Statements of Income/(Loss) - CHF (SFr) SFr in Thousands	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Revenues
Contract revenue	SFr 15,431	SFr 110,456	SFr 6,912
Total revenue	15,431	110,456	6,912
Operating expenses
Research & development expenses	(59,487)	(50,432)	(44,277)
General & administrative expenses	(18,557)	(16,058)	(12,467)
Other operating income/(expense)	1,353	570	282
Total operating expenses	(76,691)	(65,920)	(56,462)
Operating income/(loss)	(61,260)	44,536	(49,550)
Financial income	78	303	127
Financial expense	(184)	(1,926)	(334)
Change in fair value of conversion feature	0	4,542	0
Exchange differences	(555)	(2,013)	(1,194)
Finance result, net	(661)	906	(1,401)
Income/(loss) before tax	(61,921)	45,442	(50,951)
Income tax expense	0	0	0
Income/(loss) for the period	SFr (61,921)	SFr 45,442	SFr (50,951)
Earnings/(loss) per share:
Basic income/(loss) for the period attributable to equity holders (in CHF per share)	SFr (0.86)	SFr 0.64	SFr (0.82)
Diluted income/(loss) for the period attributable to equity holders (in CHF per share)	SFr (0.86)	SFr 0.64	SFr (0.82)

Statements of Comprehensive Income/(Loss) - CHF (SFr) SFr in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Statements of Comprehensive Income/(Loss) [Abstract]
Income/(loss) for the period	SFr (61,921)	SFr 45,442	SFr (50,951)
Other comprehensive income/(loss) not to be reclassified to income or loss in subsequent periods (net of tax)
Remeasurement income/(losses) on defined benefit plans (net of tax)	726	(1,304)	(302)
Total comprehensive income/(loss), net of tax	SFr (61,195)	SFr 44,138	SFr (51,253)

- 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
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 1
-IssueDate 2020-01-01
-Paragraph 24
-Subparagraph b
-URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=1&code=ifrs-tx-2020-en-r&anchor=para_24_b&doctype=Standard
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 8
-IssueDate 2020-01-01
-Paragraph 28
-Subparagraph b
-URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=8&code=ifrs-tx-2020-en-r&anchor=para_28_b&doctype=Standard
-URIDate 2020-01-01

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Note Effective on first application of IFRS 9
-Name IFRS
-Number 4
-IssueDate 2020-01-01
-Paragraph 39L
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-URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=4&code=ifrs-tx-2020-en-b&anchor=para_39L_e&doctype=Standard
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
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Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Name IFRS
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-URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=12&code=ifrs-tx-2020-en-r&anchor=para_B10_b&doctype=Appendix&subtype=B
-URIDate 2020-01-01

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Name IAS
-Number 1
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-Paragraph 106
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-URIDate 2020-01-01

Reference 9: http://www.xbrl.org/2003/role/exampleRef
-Note Effective 2021-01-01
-Name IFRS
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-Subparagraph b
-URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=17&code=ifrs-tx-2020-en-r&anchor=para_113_b&doctype=Standard
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-URIDate 2020-01-01

+ Details

Statements of Changes in Equity - CHF (SFr) SFr in Thousands	Total	Share Capital [Member]	Share Premium [Member]	Treasury Shares [Member]	Accumulated Losses [Member]
Balance, beginning of period at Dec. 31, 2017	SFr 116,839	SFr 1,147	SFr 188,299	SFr 0	SFr (72,607)
Net income/(loss) for the period	(50,951)	0	0	0	(50,951)
Other comprehensive income/(loss)	(302)	0	0	0	(302)
Total comprehensive income/(loss), net of tax	(51,253)	0	0	0	(51,253)
Proceeds from public offerings, net of underwriting fees	111,529	200	111,329	0	0
Transaction offering costs	(2,015)	0	(2,015)	0	0
Share-based payments	2,518	0	0	0	2,518
Issuance of shares:
Restricted share awards	1	1	535	0	(535)
Exercise of options	4	3	1	0	0
Balance, end of period at Dec. 31, 2018	177,623	1,351	298,149	0	(121,877)
Net income/(loss) for the period	45,442	0	0	0	45,442
Other comprehensive income/(loss)	(1,304)	0	0	0	(1,304)
Total comprehensive income/(loss), net of tax	44,138	0	0	0	44,138
Proceeds from public offerings, net of underwriting fees	0
Share-based payments	2,834	0	0	0	2,834
Issuance of shares:
Conversion note agreement, net of transaction costs	47,778	73	47,705	0	0
Restricted share awards	1	1	616	0	(616)
Exercise of options	68	12	56	0	0
Balance, end of period at Dec. 31, 2019	272,442	1,437	346,526	0	(75,521)
Net income/(loss) for the period	(61,921)	0	0	0	(61,921)
Other comprehensive income/(loss)	726	0	0	0	726
Total comprehensive income/(loss), net of tax	(61,195)	0	0	0	(61,195)
Proceeds from public offerings, net of underwriting fees	0
Share-based payments	4,088	0	0	0	4,088
Issuance of shares:
Held as treasury shares, net of transaction costs	0	100	0	(100)	0
Restricted share awards	0	0	222	0	(222)
Exercise of options	143	1	142	0	0
Balance, end of period at Dec. 31, 2020	SFr 215,478	SFr 1,538	SFr 346,890	SFr (100)	SFr (132,850)

Statements of Cash Flows SFr in Thousands, $ in Millions	12 Months Ended
Statements of Cash Flows SFr in Thousands, $ in Millions	Dec. 31, 2020 CHF (SFr)	Dec. 31, 2019 CHF (SFr)	Dec. 31, 2018 CHF (SFr)
Operating activities
Net income/(loss) for the period	SFr (61,921)	SFr 45,442	SFr (50,951)
Adjustments to reconcile net income/(loss) for the period to net cash flows:
Depreciation of property, plant and equipment	1,535	1,274	961
Depreciation of right-of-use assets	432	420	0
Finance result, net	376	1,739	1,401
Share-based compensation expense	4,088	2,834	2,518
Changes in net employee defined benefit liability	705	516	437
Change in fair value of conversion feature	0	(4,542)	0
Interest expense	175	1,894	50
(Gain)/loss on sale of fixed assets	(64)	0	0
Changes in working capital:
(Increase) in prepaid expenses	(1,304)	(424)	(924)
(Increase)/decrease in accrued income	(507)	2,572	(868)
(Increase)/decrease in other current receivables	(25)	(68)	698
(Decrease)/increase in accrued expenses	(757)	1,289	2,113
(Decrease)/increase in deferred income	(4,157)	4,126	(18)
Decrease in financing obligation	0	0	(53)
Increase/(decrease) in trade and other payables	2,177	(1,845)	864
Cash (used in)/provided by operating activities	(59,247)	55,227	(43,772)
Interest income	78	304	29
Interest paid	(339)	(296)	0
Finance costs	(9)	(15)	(335)
Net cash flows (used in)/provided by operating activities	(59,517)	55,220	(44,078)
Investing activities
Short-term financial assets	30,000	(65,000)	(30,000)
Purchases of property, plant and equipment	(1,706)	(1,885)	(1,858)
Proceeds from sale of property, plant and equipment	64	0	0
Rental deposits	(29)	0	(178)
Net cash flows provided by/(used in) investing activities	28,329	(66,885)	(32,036)
Financing activities
Repayment of short-term financing obligation	(514)	0	(339)
Principal payments of lease obligations	(432)	(420)	0
Proceeds from issuance of common shares - option plan	143	69	5
Proceeds from issuance of treasury shares, net of transaction costs	100	0	0
Payment for the issuance of treasury shares	(100)	0	0
Proceeds from issuance of convertible loan	0	50,278	0
Transaction costs on issuance of shares	0	(510)	0
Proceeds from public offerings of common shares, net of underwriting fees	0	0	111,529
Transaction costs on public offerings of common shares	0	0	(2,015)
Proceeds from long-term financing obligation	0	199	198
Net cash flows (used in)/provided by financing activities	(803)	49,616	109,378
Net (decrease)/increase in cash and cash equivalents	(31,991)	37,951	33,264
Cash and cash equivalents, beginning of period	193,587	156,462	124,377
Exchange gains on cash and cash equivalents	(703)	(826)	(1,179)
Cash and cash equivalents, end of period	160,893	193,587	156,462
Net (decrease)/increase in cash and cash equivalents	SFr (31,991)	SFr 37,951	SFr 33,264

Statements of Cash Flows (Parenthetical) - CHF (SFr) SFr in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Supplementary non-cash activity includes the following:
Acquisition of property, plant and equipment	SFr 300
Convertible Note Agreement with Lilly [Member]
Supplementary non-cash activity includes the following:
Settlement of convertible loan		SFr 48,300
Share issue related cost		SFr 500

General information

12 Months Ended

Dec. 31, 2020

General information [Abstract]

General information

1.	General information

AC Immune SA (the “Company,” “AC Immune,” “ACIU,” “we,” “our,” “ours,” or “us”) 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 associated with protein misfolding. Misfolded proteins are generally recognized as the leading cause of neurodegenerative diseases, such as Alzheimer’s disease, or AD, and Parkinson’s disease, or PD, with common mechanisms and drug targets, such as Abeta, Tau, alpha-synuclein and TDP-43. Our corporate strategy is founded upon a three-pillar approach that targets (i) AD, (ii) focused non-Alzheimer’s neurodegenerative diseases including 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 transitioned into a stock company. The Company’s corporate headquarters are located at EPFL Innovation Park Building B, 1015 Lausanne, Switzerland.

Basis of preparation

12 Months Ended

Dec. 31, 2020

Basis of preparation [Abstract]

Basis of preparation

2.	Basis of preparation

Going concern

The financial statements have been prepared on the basis that the Company will continue as a going concern after considering the Company’s cash position of CHF 160.9 million and short-term financial assets of CHF 65 million as of December 31, 2020. This total derives from multiple capital raising efforts and revenues from license and collaboration agreements (LCAs). In 2020, the Company received CHF 10 million for a development milestone from its licensing agreement with Lilly. In 2019, the Company received CHF 80 million for an upfront payment, CHF 30 million for a development milestone and USD 50 (CHF 50.3) million from a convertible loan with Lilly. In 2018, the Company completed three offerings, raising USD 117.5 (CHF 116.3) million in gross proceeds before underwriting discounts and expenses.

To date, the Company has financed its cash requirements primarily from its public offerings, share issuances, contract revenues from license and collaboration agreements 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. 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.

In addition to the foregoing, based on the Company’s current assessment, the Company does not expect any material impact on its long-term development timeline, its liquidity or ability to remain a going concern due to the worldwide spread of the Covid-19 virus. The Company continues to assess the effect on its operations by carefully monitoring the spread of Covid-19 and taking appropriate steps intended to offset any negative impacts from the Covid-19 virus.

Statement of compliance

The financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB). These financial statements have been approved for issue by the Board of Directors on March 19, 2021.

Basis of measurement

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

Functional currency

The financial statements of the Company are presented in Swiss Francs (CHF), which is also the functional currency of the Company. All financial information presented in Swiss Francs (except for share capital and earnings per share data) has been rounded to the nearest thousand CHF (CHF thousands), unless otherwise indicated.

Summary of significant accounting policies

12 Months Ended

Dec. 31, 2020

Summary of significant accounting policies [Abstract]

Summary of significant accounting policies

3.	Summary of significant accounting policies

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

Current vs. non-current classification

The Company presents assets and liabilities in the balance sheet 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.

Foreign currency transactions

Foreign currency transactions are translated into the functional currency, CHF, using prevailing exchange rates at the dates of the transactions. Monetary assets and liabilities denominated in foreign currencies are translated into CHF at rates of exchange prevailing at reporting date. Any gains or losses from these translations are included in the statements of income/(loss) in the period in which they arise.

Revenue recognition

The Company has adopted 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 IP 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 IP. Each of these payments results in license, collaboration and other revenues, which are classified as contract revenue on the 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 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 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 12. Contract revenues.”

Research and development expenses

Given the stage of development of the Company’s products, all research expenditure is expensed as incurred. 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; and

●

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

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 accrue expenses as of the balance sheet date in the 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.

Grant income

The Company has received grants, from time to time, from the Michael J. Fox Foundation (MJFF) and other institutions to support certain research projects. Grants are recorded at their fair value in the statements of income/(loss) within other operating income/(expenses) 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

Effective January 1, 2019, the Company adopted IFRS 16 (Leases), which provides a new model for lessee accounting in which all leases, other than short-term and low-value leases, are accounted for by the recognition on the 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. The Company applied the modified retrospective approach, which required the recognition of the cumulative effect of initially applying IFRS 16 as of January 1, 2019 to accumulated losses and not restating previous years. As the Company recognized the right-of-use assets at the amount equal to the lease liabilities there was no impact to accumulated losses. For a complete discussion of accounting, see “Note 5. Right-of-use 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. 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 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 statements of income/(loss).

Fair value of financial assets and liabilities

The Company’s financial assets and liabilities are comprised of receivables, short-term financial assets, cash and cash equivalents, trade payables and financing obligations. 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 (Financial Instruments).

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.

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.

The Company assesses at each period whether there is objective evidence that financial assets are impaired.

Trade payables

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

Financing obligation

The Company’s financing obligation related to its agreement with a third party. This financing obligation has been fully repaid as of December 31, 2020.

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. See “Note 9. 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.

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 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 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 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 A, B, C and the 2016 Stock Option and Incentive Plan are valued using the Black-Scholes option-pricing model (see “Note 17. 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 non-vested stock awards (restricted shares and restricted share units) using a reasonable estimate of market value of the common stock on the date of the award. We classify our share-based payments as equity-classified awards as they are settled in shares of our common stock. 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.

Income taxes

As disclosed in “Note 15. 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 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 basic and 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) income taxes, (v) share-based compensation and (vi) right-of-use assets and lease liabilities. 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 all 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 attributable to the Company’s country of domicile, Switzerland.

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

The Company has not adopted any other 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.

Property, plant and equipment

12 Months Ended

Dec. 31, 2020

Property, plant and equipment [Abstract]

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, 2020 and 2019, respectively:

In CHF thousands	Furniture			IT equipment			Laboratory equipment			Leasehold improvements			Total
Acquisition cost:
Balance at December 31, 2019		158			1,187			6,698			402			8,445
Acquisitions		96			310			1,566			62			2,034
Disposals		(40	)		—			(306	)		—			(346	)
Balance at December 31, 2020		214			1,497			7,958			464			10,133

Accumulated depreciation:
Balance at December 31, 2019		(68	)		(627	)		(3,619	)		(214	)		(4,528	)
Depreciation expenses		(33	)		(343	)		(1,092	)		(67	)		(1,535	)
Disposals		40			—			306			—			346
Balance at December 31, 2020		(61	)		(970	)		(4,405	)		(281	)		(5,717	)

Carrying amount:
December 31, 2019		90			560			3,079			188			3,917
December 31, 2020		153			527			3,553			183			4,416

In CHF thousands	Furniture			IT equipment			Laboratory equipment			Leasehold improvements			Total
Acquisition cost:
Balance at December 31, 2018		126			1,025			5,367			350			6,868
Acquisitions		65			291			1,470			59			1,885
Disposals		(33	)		(129	)		(139	)		(7	)		(308	)
Balance at December 31, 2019		158			1,187			6,698			402			8,445

Accumulated depreciation:
Balance at December 31, 2018		(77	)		(455	)		(2,857	)		(155	)		(3,544	)
Depreciation expenses		(24	)		(285	)		(899	)		(66	)		(1,274	)
Disposals		33			113			137			7			290
Balance at December 31, 2019		(68	)		(627	)		(3,619	)		(214	)		(4,528	)

Carrying amount:
December 31, 2018		49			570			2,510			195			3,324
December 31, 2019		90			560			3,079			188			3,917

For the years ended December 31, 2020, 2019 and 2018, the Company incurred CHF 1.5 million, 1.3 million and CHF 1.0 million in depreciation expenses, respectively.

Right-of-use assets and lease liabilities

12 Months Ended

Dec. 31, 2020

Right-of-use assets and lease liabilities [Abstract]

Right-of-use assets and lease liabilities

5.	Right-of-use assets and lease liabilities

The Company recognized additions of right-of-use of leased assets for buildings or for office equipment totaling CHF 0.4 and CHF 0.5 million for the years ended December 31, 2020 and 2019, respectively.

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, 2020 are 2.5% for buildings, 4.2% for office equipment and 2.6% 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, 2020 and 2019, respectively:

In CHF thousands	Buildings			Office equipment			IT equipment			Total
Balance as of December 31, 2019		2,106			81			68			2,255
Additions		400			—			—			400
Disposals		—			—			—			—
Depreciation		(400	)		(18	)		(14	)		(432	)
Balance as of December 31, 2020		2,106			63			54			2,223

In CHF thousands	Buildings			Office equipment			IT equipment			Total
Balance as of January 1, 2019		2,106			79			—			2,185
Additions		400			29			71			500
Disposals		—			(10	)		—			(10	)
Depreciation		(400	)		(17	)		(3	)		(420	)
Balance as of December 31, 2019		2,106			81			68			2,255

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

For the years ended December 31, 2020, and 2019, the impact on the Company’s statements of income/(loss) and statements of cash flows is detailed in the table below.

	For the Years Ended December 31,
In CHF thousands	2020		2019
Statements of income/(loss)
Depreciation of right-of-use assets		432		420
Interest expense on lease liabilities		53		52
Expense for short-term leases and leases of low value		603		565
Total		1,088		1,037
Statements of cash flows
Total cash outflow for leases		1,088		1,037

The following table presents the contractual undiscounted cash flows for lease liabilities as of December 31, 2020 and 2019:

	As of December 31,
In CHF thousands	2020		2019
Within 1 year		485		485
Between 1 and 3 years		970		970
Between 3 and 5 years		912		948
Total		2,367		2,403

Cash and cash equivalents and financial assets

12 Months Ended

Dec. 31, 2020

Cash and cash equivalents and financial assets [Abstract]

Cash and cash equivalents and financial assets

6.	Cash and cash equivalents and financial assets

The Company’s cash and cash equivalents are maintained in the following respective currencies as of December 31, 2020 and 2019:

	As of December 31,
In CHF thousands	2020		2019
Cash and cash equivalents		160,893		193,587
Total		160,893		193,587
By currency
CHF		152,537		158,173
EUR		4,215		10,169
USD		4,141		25,245
Total cash and cash equivalents		160,893		193,587

At the balance sheet dates, Company funds were held in CHF, EUR and USD currencies. As of December 31, 2020 and 2019, funds in EUR and USD were translated into CHF at a rate of 1.095 and 0.891 and 1.096 and 0.978, respectively, for each currency and year.

The following table summarizes the Company’s short-term financial assets as of December 31, 2020 and 2019:

	As of December 31,
In CHF thousands	2020		2019
Short-term financial assets due in 1 year or less		65,000		95,000
Total		65,000		95,000

The Company also has two deposits in escrow accounts totaling CHF 0.3 million and CHF 0.3 million for the lease of the Company’s premises as of December 31, 2020 and 2019, respectively.

Prepaid expenses and accrued income

12 Months Ended

Dec. 31, 2020

Prepaid expenses and accrued income [Abstract]

Prepaid expenses and accrued income

7.	Prepaid expenses and accrued income

	As of December 31,
In CHF thousands	2020		2019
Prepaid expenses		3,954		2,788
Accrued income		1,591		1,095
Total		5,545		3,883

The prepaid expenses relate mainly to research contracts with down-payments at contract signature and the related activities will start or continue into 2021.

Accrued income consists of CHF 1.1 million as of December 31, 2020 associated with our Janssen collaboration (see “Note 12. Contract revenues”). This amount represents 68.1% of our total accrued income as of December 31, 2020.

Other current receivables

12 Months Ended

Dec. 31, 2020

Other current receivables [Abstract]

Other current receivables

8.	Other current receivables

	As of December 31,
In CHF thousands	2020		2019
Swiss VAT		309		234
Withholding tax		20		70
Total		329		304

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.

Share capital

12 Months Ended

Dec. 31, 2020

Share capital [Abstract]

Share capital

9.	Share capital

As of December 31, 2020 and 2019, the issued share capital amounted to CHF 1,538,896 and CHF 1,437,351, respectively, and is composed of common shares of 71,936,738 and 71,859,431, respectively, and treasury shares of 5,000,000 and nil, respectively.

The table below summarizes the Company’s capital structure:

						In CHF thousands
	Common shares		Treasury shares			Share capital		Share premium		Treasury shares
December 31, 2018		67,562,333		—			1,351		298,149		—
Issuance of shares – incentive plans		681,770		—			13		672		—
Conversion of note agreement, net of transaction costs		3,615,328		—			73		47,705		—
				—							—
December 31, 2019		71,859,431		—			1,437		346,526		—
Issuance of shares – incentive plans, net of RSU expiration and forfeiture		77,307		—			1		364		—
Issuance of shares to be held as treasury shares, net of transaction costs		5,000,000		(5,000,000	)		100		—		(100	)
December 31, 2020		76,936,738		(5,000,000	)		1,538		346,890		(100	)

The common shares and treasury shares have nominal values of CHF 0.02 per share. All shares have been fully paid. These treasury shares are held by the Company and are not considered outstanding shares as of December 31, 2020. Finally, as of December 31, 2020 the Company has an additional 9,500,000 authorized shares for issuance which have not been issued nor are outstanding. Additionally, 19,632 RSUs either expired or were forfeited in 2020.

At the market equity offering

In September 2020, the Company established an “at the market offering program” for the sale of up to USD 80 (CHF 71.3) 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. Issuance costs incurred in connection with establishing this facility and execution of the Sales Agreement with Jefferies primarily consist of legal, printing and accounting fees.

No common shares have been sold pursuant to the Sales Agreement as of December 31, 2020. For the years ended December 31, 2020, 2019 and 2018, the Company has expensed issuance costs of CHF 0.5 million, nil and nil, respectively, in the statement of income/(loss).

Convertible note agreement

The Company and Lilly entered into a convertible note agreement effective January 23, 2019 for USD 50 (CHF 50.3) million. In April 2019, the convertible note agreement with Lilly automatically converted in line with the terms of the agreement. As a result of this conversion, 3,615,328 of our common shares were issued to Lilly. This note is now fully settled and there is no further equity or cash consideration due to Lilly thereunder.

Follow-on offerings

On July 24, 2018, the Company announced that it had closed the first subscription rights offering and underwritten the primary offering of its common shares, and that the underwriters had exercised in full their option to purchase an additional 1,108,695 shares at a price per share of USD 11.75. The underwriters’ exercise of the option to purchase additional shares brought the total number of common shares sold by the Company to 8,500,000 shares, resulting in total gross proceeds raised in these offerings, before underwriting discounts and estimated expenses of the offering, to approximately USD 99.9 (CHF 98.9) million. On July 20, 2018, the Company commenced a second subscription rights offering of up to 1,500,000 shares. At closing of the second subscription rights offering on July 31, 2018, the Company issued 1,500,000 additional common shares, resulting in gross proceeds of approximately USD 17.6 (CHF 17.4) million.

At the conclusion of these three offerings, the Company raised gross proceeds of USD 117.5 (CHF 116.3) million. Net underwriting fees and transaction costs totaled CHF 6.8 million for a net total of CHF 109.5 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 May 4, 2018, the Company filed a Shelf Registration Statement on Form F-3 (Reg. No. 333-2246694) (the “Shelf Registration Statement”) with the SEC. The Shelf Registration Statement was declared effective by the SEC on June 8, 2018.

The Shelf Registration Statement allows the Company to offer and sell, from time to time, up to USD 350,000,000 of common stock, 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.

As the Company raised USD 117.5 (CHF 116.3) million in its three offerings completed in July 2018, the Company may execute one or more future offering of securities covered by the Shelf Registration Statement up to USD 232.5 million.

Trade payables and accrued liabilities

12 Months Ended

Dec. 31, 2020

Trade payables and accrued liabilities [Abstract]

Trade payables and accrued liabilities

10.	Trade payables and accrued liabilities

	As of December 31,
In CHF thousands	2020		2019
Trade and other payables		2,184		142
Total trade and other payables		2,184		142

Accrued research and development costs		5,298		7,228
Accrued payroll expenses		3,494		2,896
Other accrued expenses		2,293		1,673
Total accrued expenses		11,085		11,797

An accrual of CHF 2.1 million and CHF 1.8 million was recognized for performance-related remuneration within accrued payroll expenses for 2020 and 2019, respectively.

Financing obligation

12 Months Ended

Dec. 31, 2020

Financing obligation [Abstract]

Financing obligation

11.	Financing obligation

On January 4, 2016, September 13, 2016 and January 26, 2018 for the fiscal years 2016, 2017 and 2018, respectively, AC Immune obtained separate funding commitment notices from the LuMind Research Down Syndrome Foundation (LuMind) totaling USD 200 thousand in each instance. Per the Research Grant Agreement, AC Immune has an obligation to reimburse LuMind for an amount equal to 125% of the then funding commitment made by LuMind to AC Immune.

On October 31, 2018, LuMind and the Company modified the repayment terms in an effort to fund a Down Syndrome Clinical Trials Network. The repayment terms were modified such that the Company will repay the outstanding balance in three installments in 2018, 2019 and 2020, with the total repayment to equal the total the Company is to receive in funding plus the additional 25% interest.

As of December 31, 2020, the Company has fully repaid this financing obligation.

Contract revenues

12 Months Ended

Dec. 31, 2020

Contract revenues [Abstract]

Contract revenues

12.	Contract revenues

For the years ended December 31, 2020, 2019 and 2018, AC Immune generated contract revenues of CHF 15.4 million, CHF 110.5 million and CHF 6.9 million, respectively. For comparability, the Company reclassified CHF 0.3 million, CHF 0.6 million and CHF 0.3 million from contract revenues to other income/(expense) for the years ended December 31, 2020, 2019 and 2018, respectively for prior grants from the MJFF.

The following tables provide contract revenue amounts from its LCAs for the years ended December 31, 2020, 2019 and 2018, respectively.

	For the years ended December 31,
In CHF thousands	2020		2019		2018
Lilly		14,348		105,662		—
Genentech		—		—		—
Janssen		1,083		1,173		2,157
Life Molecular Imaging		—		2,206		—
Biogen		—		1,063		4,024
Other		—		352		731
Total contract revenue		15,431		110,456		6,912

Lilly accounted for 93% and 96% of our contract revenues in 2020 and 2019, respectively. Biogen and Janssen accounted for 58% and 31% of our contract revenues in 2018, respectively.

The following table presents changes in the Company’s contract assets and liabilities during the years ended December 31, 2020 and 2019:

In CHF Thousands	Balance at the beginning of the reporting period		Additions		Deductions			Balance at the end of the reporting period
Twelve months ended December 31, 2020:
Accrued income		1,095		2,354		(1,858	)		1,591
Deferred income		4,477		1,467		(5,638	)		306

Twelve months ended December 31, 2019:
Accrued income		3,667		2,211		(4,783	)		1,095
Deferred income		351		7,686		(3,560	)		4,477

During the years ended December 31, 2020, 2019 and 2018, 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 years ended December 31,
In CHF thousands	2020		2019		2018
Revenues recognized in the period from:
Amounts included in the contract liability at the beginning of the period		4,477		351		1,551
Performance obligations satisfied in previous periods		10,000		2,206		—

12.1	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 US 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. The program will be expanded to NeuroOrphan indications and ACI-3024 will be further evaluated for efficacy in models of rare Tauopathies.

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.

The Company’s preclinical and Phase 1 activities did not represent integrated services with the licensed IP for which Lilly contracted. Lilly purchased a license to the Company’s Tau therapeutic small-molecule program, which was delivered at commencement of the agreement, and AC Immune’s preclinical and Phase 1 activities did not affect the form or functionality of this license. The Company’s objective for the Phase 1 activity was to assess safety and tolerability and did not modify or customize ACI-3024. The completion of these preclinical and Phase 1 activities does not affect the licensed IP.

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. As of December 31, 2020, the Company has cumulatively recognized CHF 6.9 million in contract revenue, resulting in no deferred income (contract liability) on the 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. Through December 31, 2020, 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 IP 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, 2020, 2019 and 2018, we have recognized CHF 14.3 million, CHF 105.7 million and nil, respectively from this arrangement.

Anti-Abeta antibody in AD – 2006 agreement with Genentech, a member of the Roche Group

In November 2006, we signed an exclusive, worldwide licensing agreement for crenezumab, our humanized monoclonal therapeutic antibody targeting misfolded Abeta. The agreement was amended March 2009, January 2013, May 2014 and May 2015. The agreement also provides for the development of a second therapeutic product for a non-AD indication based on the same intellectual property and anti-Abeta antibody compound. The value of this partnership is potentially greater than USD 340 (CHF 303) million.

The term of the agreement commenced on the effective date and, unless sooner terminated by mutual agreement or pursuant to any other provision of the agreement, terminates on the date on which all obligations between the parties with respect to the payment of milestones or royalties with respect to licensed products have passed or expired. Either party may terminate the agreement for any material breach by the other party, provided a cure period of 90 days from the date when that notice is given.

Genentech commenced a first Phase 3 clinical study in March 2016 for crenezumab (CREAD). In March 2017, Genentech started a second Phase 3 clinical trial (CREAD 2). Since 2013, crenezumab has also been studied in a Phase 2 trial in individuals who carry the PSEN1 E280A autosomal-dominant mutation and do not meet the criteria for mild cognitive impairment due to AD or dementia due to AD and are, thus, in a preclinical phase of AD (autosomal dominant AD (ADAD)). In 2019, Genentech initiated a Tau Positron Emission Tomography (PET) substudy to the ongoing Phase 2 trial in ADAD to evaluate the effect of crenezumab on Tau burden, which may also increase the understanding of disease progression in the preclinical stage of ADAD.

If crenezumab receives regulatory approval, we will be entitled to receive royalties that are tied to annual sales volumes with different royalty rates applicable in the US and Europe ranging from the mid-single digits to mid-teens. To date, we have received total milestone payments of USD 65 million (CHF 70.1 million) comprised of an upfront payment of USD 25 (CHF 31.6) million and of USD 40 (CHF 38.2) million for clinical development milestones achieved all-in prior to January 1, 2017. Genentech may terminate the agreement at any time by providing 3 months’ notice to us. In such event all costs incurred are still refundable.

AC Immune assessed this arrangement in accordance with IFRS 15 and concluded that Genentech is a customer. The Company identified the following performance obligations under the contract: (i) a right-of-use license and (ii) conducting of research under a research plan. The Company considered the research and development capabilities of Genentech and Genentech’s right to sublicense to conclude that the license has stand-alone functionality and is distinct. The Company’s obligation to perform research does not significantly impact or modify the licenses’ granted functionality.

At execution of the agreement, the transaction price included the upfront consideration received of USD 25 (CHF 31.6) million. At inception, none of the clinical or regulatory milestones had been included in the transaction price, as all milestone amounts were fully constrained. The Company has received three milestone payments since inception, totaling USD 40 (CHF 38.2) million. The Company could receive greater than USD 275 (CHF 245) million or more for further regulatory milestones for this exclusive, worldwide alliance. In assessing that future regulatory milestones are fully constrained, 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 royalties will be recognized when the related sales occur as they were determined to relate predominantly to the license granted to Genentech 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.

On January 30, 2019, we announced that Roche, the parent of Genentech, is discontinuing the CREAD and CREAD 2 (BN29552 and BN29553) Phase 3 studies of crenezumab in people with prodromal-to-mild sporadic AD. The decision came after an interim analysis conducted by the Independent Data Monitoring Center (IDMC) indicated that crenezumab was unlikely to meet its primary endpoint of change from baseline in Clinical Dementia Rating-Sum of Boxes (CDR-SB) Score. This decision was not related to the safety of the investigational product. No safety signals for crenezumab were observed in this analysis and the overall safety profile was similar to that seen in previous trials.

Crenezumab continues to be studied in the Phase 2 preventive trial, which began in 2013 in Columbia, of cognitively healthy individuals who carry the PSEN1 E280A autosomal-dominant mutation and are in a preclinical phase of ADAD. This study will determine if treating people carrying this mutation with crenezumab prior to the onset of AD symptoms will slow or prevent the decline of cognitive and functional abilities.

For the years ended December 31, 2020, 2019 and 2018, we have recognized no revenues from this arrangement.

Anti-Tau antibody in AD – 2012 agreement with Genentech, a member of the Roche Group

In June 2012, we entered into a second agreement with Genentech to research, develop and commercialize our anti-Tau antibodies for use as immunotherapeutics and diagnostics. The agreement was amended in December 2015. The value of this exclusive, worldwide alliance is potentially greater than CHF 400 million and includes upfront and clinical, regulatory and commercial milestone payments. In addition to milestones, we will be eligible to receive royalties on sales at a percentage rate ranging from the mid-single digits to low-double digits. The agreement also provides for collaboration on at least one additional therapeutic indication outside of AD built on the same anti-Tau antibody program as well an anti-Tau diagnostic product for AD.

To date, we have received payments totaling CHF 59 million, including a milestone payment of CHF 14 million received and recognized in Q4 2017 associated with the first patient dosing in a Phase 2 clinical trial for AD with an anti-Tau monoclonal body known as semorinemab, a milestone payment of CHF 14 million recognized in Q2 2016 and received in July 2016, associated with the announcement of the commencement of the Phase 1 clinical study of semorinemab, and a milestone payment of CHF 14 million received in 2015 in connection with the ED-GO decision. As we met all performance obligations on reaching these milestones, we have recognized revenue in the respective periods. Genentech may terminate the agreement at any time by providing 3 months’ notice to us.

AC Immune assessed this arrangement in accordance with IFRS 15 and concluded that Genentech is a customer. The Company identified the following performance obligations under the contract: (i) a right-of-use license and (ii) conduct of research under a research plan. The Company considered the research and development capabilities of Genentech and Genentech’s right to sublicense to conclude that the license has stand-alone functionality and is distinct. The Company’s obligation to perform research does not significantly impact or modify the licenses’ granted functionality.

At execution of the agreement, the transaction price included an upfront consideration received of CHF 17 million. At inception, none of the clinical or regulatory milestones had been included in the transaction price, as all milestone amounts were fully constrained. The Company has received three milestones since inception totaling CHF 42 million. The Company could also receive up to an additional CHF 368.5 million in clinical, regulatory and commercial milestones. In assessing that future clinical, regulatory or commercial milestones are fully constrained, 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. 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 Genentech 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.

On September 23, 2020, the Company reported that Genentech informed us of top line results from a Phase 2 trial of the anti-Tau antibody, semorinemab, in early (prodromal to mild) Alzheimer’s disease (AD) which show that semorinemab did not meet its primary efficacy endpoint of reducing decline on Clinical Dementia Rating-Sum of Boxes (CDR-SB) compared to placebo. The primary safety endpoint was however met. Two secondary endpoints, Alzheimer’s Disease Assessment Scale-Cognitive Subscale 13 (ADAS-Cog13) and Alzheimer’s Disease Cooperative Study Group – Activities of Daily Living Inventory (ADCS-ADL), were not met. A second Phase 2 study of semorinemab in patients with moderate AD remains ongoing.

For the years ended December 31, 2020, 2019 and 2018, we have recognized no revenues from this arrangement, respectively.

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

In December 2014, we entered into an agreement with Janssen Pharmaceuticals, Inc. (Janssen) one of The Janssen Pharmaceutical Companies of Johnson & Johnson, to develop and commercialize therapeutic anti-Tau vaccines for the treatment of AD and potentially other Tauopathies. The value of this partnership 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. In April 2016, July 2017, January 2019 and November 2019, the companies entered into the first, second, third and fourth 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 are co-developing the second-generation lead therapeutic vaccines, ACI-35.030 and JACI-35.054, through Phase 1b/2a completion. 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 capped). From Phase 2b and onwards, Janssen will assume responsibility for the clinical development, manufacturing and commercialization of the second-generation vaccines.

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 vaccine 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. As we met all performance obligations on reaching the milestone, we have recognized this income as revenue.

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. The Company could also receive up to more than CHF 458 million in clinical, regulatory and commercial milestones as well as tiered, low-double digit to mid-teen royalties on aggregate net sales of products. 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, 2020, 2019 and 2018, we have recognized revenues totaling CHF 1.1 million, CHF 1.2 million and CHF 2.2 million, respectively from this arrangement.

Tau-PET imaging agent in AD –2014 agreement with Life Molecular Imaging (LMI) (formerly Piramal Imaging SA)

In May 2014, 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 159 (CHF 175) 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. The Company is eligible to receive variable consideration related to the achievement of certain clinical milestones totaling EUR 8 (CHF 9) 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 162) million. Finally, the Company is eligible for royalties from the mid-single digits to low-double digits.

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, 2020, 2019 and 2018, the Company has recognized nil, CHF 2.2 million and nil, respectively, from this arrangement.

A-syn and TDP-43 PET tracers – 2016 agreement with Biogen

On April 13, 2016, we entered into a non-exclusive research collaboration agreement with Biogen International GmbH, (Biogen). Under the agreement, we and Biogen have agreed to collaborate in the research and early clinical development of our a-syn PET tracer program for PD and other synucleinopathies, and a second program for the identification, research and development of novel PET ligands against TDP-43, a protein recently linked to neurodegeneration in diseases such as amyotrophic lateral sclerosis (ALS). In addition, we have agreed to share the costs of the collaboration, with Biogen primarily funding the majority of research costs, subject to a cap, which includes an upfront technology access fee and funding toward research and development personnel. We own all intellectual property rights to any invention relating to a-syn or TDP-43 PET tracers.

AC Immune assessed this arrangement in accordance with IFRS 15 and concluded that Biogen is a customer. The Company has identified two performance obligations in our Biogen collaboration: (i) technology access fee and (ii) research and development services. The Company determined the transaction price based on the defined terms allocated to each performance obligation specified in the contract. In instances where the Company is reimbursed for research and development contributions procured from third parties such as negotiated terms with clinical CROs, AC Immune records revenues for such services as it is acting as a principal in procuring the goods or services. The Company has the primary responsibility for fulfilling the promise to provide the specified good or service, it has inventory risk before transfer to the customer and it has discretion in negotiating the price with third parties. For other research and development services, revenues are recognized as work is performed, which correspond with and best depict the transfer of control to the customer in line with the terms outlined in the contract.

For the years ended December 31, 2020, 2019 and 2018, the Company has recognized nil, CHF 1.1 million and CHF 4.0 million, respectively, from this arrangement. This collaboration ended in April 2019.

12.2	Grant income

Grants from the Michael J. Fox Foundation

In Q3 2017, we formally signed a grant continuation with the MJFF. This grant provides funds for the development of PET tracers for pathological forms of the protein alpha-synuclein, to support the early diagnosis and clinical management of Parkinson’s disease. We subsequently signed two additional grants which facilitated the execution of a first-in-human study for a potential alpha-synuclein-PET tracer (PET tracer) with the current lead compound and to further develop the PET tracer. The Company retains its intellectual property rights for these alpha-synuclein-PET tracers. These grants concluded in Q2 2020.

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 2.9) million grant from the MJFF’s Ken Griffin Alpha-synuclein Imaging Competition. As part of this grant, AC Immune is eligible to receive USD 2.5 (CHF 2.2) million directly from the MJFF. Skåne will 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.

The MJFF expects that AC Immune and Skåne will complete tasks according to the agreed timelines. AC Immune’s funding is variable depending on the satisfactory achievement of these specific tasks within a specific period of time.

For the years ended December 31, 2020, 2019 and 2018, the Company has recognized CHF 1.3 million, CHF 0.6 million and CHF 0.3 million, respectively, from these grants.

Expenses by category

12 Months Ended

Dec. 31, 2020

Expenses by category [Abstract]

Expenses by category

13.	Expenses by category

Research and Development

	For the Years Ended December 31,
In CHF thousands	2020		2019		2018
Operating expenses		43,787		37,465		32,921
Payroll expenses		14,424		12,382		10,662
Share-based compensation		1,276		585		694
Total research and development expenses		59,487		50,432		44,277

For the year ended December 31, 2020, 2019 and 2018, the Company incurred CHF 59.5 million, CHF 50.4 million and CHF 44.3 million in research and development expenses, respectively. These increases are predominantly driven by increases in investments in our research and development projects and full-time equivalents (FTEs).

For the years ended December 31, 2020, 2019 and 2018, the Company had 115.3, 102.7 and 87 FTEs in research and development.

General and administrative

	For the Years Ended December 31,
In CHF thousands	2020		2019		2018
Operating expenses		7,471		6,637		4,903
Payroll expenses		8,274		7,172		5,740
Share-based compensation		2,812		2,249		1,824
Total general and administrative expenses		18,557		16,058		12,467

For the year ended December 31, 2020, 2019 and 2018, the Company incurred CHF 18.6 million, CHF 16.1 million and CHF 12.5 million in general and administrative expenses, respectively. These increases are predominantly driven by increases in full-time equivalents (FTEs).

For the years ended December 31, 2020, 2019 and 2018, the Company had 26.7, 24.1 and 17 FTEs general and administrative functions.

Financial result, net

	For the Years Ended December 31,
In CHF thousands	2020			2019			2018
Financial income		78			303			127
Financial expense		(184	)		(1,926	)		(334	)
Change in fair value of conversion feature		—			4,542			—
Exchange differences		(555	)		(2,013	)		(1,194	)
Finance result, net		(661	)		906			(1,401	)

Our financial income and expense primarily consist of interest income and interest expense associated with our lease liabilities and prior convertible debt instrument.

For the year ended December 31, 2020, the following items from 2019 did not repeat:

●

the CHF 4.5 million gain on the conversion feature related to the Company’s convertible loan due to Lilly in 2019;

●

CHF 1.4 million in interest expenses related to effective interest recorded to amortize the host debt per the convertible loan due to Lilly; and

●

a CHF 1.2 million remeasurement loss related to the settlement of the convertible loan.

Related-party transactions

12 Months Ended

Dec. 31, 2020

Related-party transactions

14.	Related-party transactions

For key management, including the board of directors (seven individuals excluding the CEO) and the executive management (five individuals including the CEO), compensation was as follows.

	For the years ended December 31,
In CHF thousands	2020		2019		2018
Short-term employee benefits		3,497		3,526		2,681
Post-employment benefits		214		215		160
Share-based compensation		2,578		2,155		1,683
Total		6,289		5,896		4,524

In 2018, as part of the Company’s subscription rights offering, a major shareholder and members of the board and executive management purchased an aggregate of 614,147 of the Company’s common shares on the same basis and otherwise on the same terms as the other participants in such rights offering.

Income taxes

12 Months Ended

Dec. 31, 2020

Income taxes [Abstract]

Income taxes

15.	Income taxes

The Company recognized no income tax expense or deferred tax asset or liability positions for the years ended December 31, 2020, 2019, and 2018.

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

	For the Years Ended December 31,
In CHF thousands	2020			2019			2018
Income/(loss) before income tax		(61,921	)		45,442			(50,951	)
Tax expense/(benefit) calculated at the statutory rate of 13.6% (13.6% for 2019 and 20.6% for 2018)		(8,441	)		6,194			(10,507	)
Income not subject to tax/(expenses) not deductible for tax purposes		462			(62	)		334
Effect of unused tax losses and tax offsets not recognized as deferred tax assets		7,979			(6,132	)		10,173
Effective income tax rate benefit/(expense)		—			—			—

The tax rate used for the 2020 reconciliations above is the corporate tax rate of 13.6% (13.6% in 2019 and 20.6% in 2018) payable by corporate entities in the Canton of Vaud, Switzerland on taxable profits under tax law in that jurisdiction.

	As of December 31,
In CHF thousands	2020		2019		2018
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		121,948		64,125		109,294
Deductible temporary differences related to:
Right-of-use assets and lease liabilities, net		—		—		—
Retirement benefit plan		7,464		7,485		5,665

Total		129,412		71,610		114,959

Tax losses expiry dates are shown in the table below:

	As of December 31,
In CHF thousands	2020		2019		2018
Tax losses split by expiry date:
December 31, 2019		—		—		16,566
December 31, 2020		—		—		10,338
December 31, 2021		—		—		—
December 31, 2022		—		—		—
December 31, 2023		—		—		7,628
December 31, 2024		15,231		15,231		25,868
December 31, 2025		48,894		48,894		48,894
December 31, 2026		—		—		—
December 31, 2027		57,824		—		—
Total		121,948		64,125		109,294

The tax losses available for future offset against taxable profits have increased by CHF 57.8 million from 2019, 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

12 Months Ended

Dec. 31, 2020

Retirement benefit plan [Abstract]

Retirement benefit plan

16.	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 the board of trustees, which consists of an equal number of employer and employee representatives. The board of trustees is responsible for the administration of the plan assets and for the definition of the investment strategy.

The collective foundation is governed by a foundation board. The board is made up of an equal number of employee and employer representatives of the different affiliated companies. 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 equally. 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.

As of January 1, 2019 the Company changed from a fully insured plan to a plan for which the Company now bears investment and old age risks. The new plan has a higher statutory coverage ratio, which led to an increase in plan assets of 10% (CHF 1.2 million) for the year ended December 31, 2019. The increase is presented in Table B as part of the line “Return on plan assets excluding interest income.”

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

	As of December 31,
In CHF thousands	2020			2019			2018
Defined benefit obligation		(30,213	)		(26,624	)		(17,942	)
Fair value of plan assets		22,749			19,139			12,277
Total liability		(7,464	)		(7,485	)		(5,665	)

The following amounts have been recorded as net pension cost in the statement of income:

	For the Years Ended December 31,
In CHF thousands	2020			2019			2018
Service cost		1,626			1,313			1,095
Interest cost		71			195			100
Interest income		(42	)		(133	)		(65	)
Net pension cost		1,655			1,375			1,130

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 Years Ended December 31,
In CHF thousands	2020			2019			2018
Defined benefit obligation as of January 1		(26,624	)		(17,942	)		(14,278	)
Service cost		(1,626	)		(1,313	)		(1,095	)
Interest cost		(71	)		(195	)		(100	)
Change in demographic assumptions		1,428			1,138			—
Change in financial assumptions		(71	)		(2,171	)		750
Change in experience assumptions		(931	)		(2,003	)		(888	)
Benefits deposited		(1,467	)		(3,382	)		(1,710	)
Employees’ contributions		(851	)		(756	)		(621	)
Defined benefit obligation as of December 31		(30,213	)		(26,624	)		(17,942	)

B.	Change in fair value of plan assets

	For the Years Ended December 31,
In CHF thousands	2020		2019		2018
Fair value of plan assets as of January 1		19,139		12,277		9,352
Interest income		42		133		65
Employees’ contributions		851		756		621
Employer’s contributions		950		859		693
Benefits deposited		1,467		3,382		1,710
Return on plan assets excluding interest income		300		1,732		(164	)
Fair value of plan assets as of December 31		22,749		19,139		12,277

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 1.1 million.

C.	Change in net defined benefit liability

	For the Years Ended December 31,
In CHF thousands	2020			2019			2018
Net defined benefit liabilities as of January 1		7,485			5,665			4,926
Net pension cost through statement of income		1,655			1,375			1,130
Remeasurement through other comprehensive loss		(726	)		1,304			302
Employer’s contribution		(950	)		(859	)		(693	)
Net defined benefit liabilities as of December 31		7,464			7,485			5,665

D.	Change in other comprehensive loss

	For the Years Ended December 31,
In CHF thousands	2020			2019			2018
Other comprehensive loss as of January 1		(5,587	)		(4,283	)		(3,981	)
Effect of changes in demographic assumptions		1,428			1,138			—
Effect of changes in financial assumptions		(71	)		(2,171	)		750
Effect of changes in experience assumptions		(931	)		(2,003	)		(888	)
Return on plan assets excluding interest income		300			1,732			(164	)
Other comprehensive loss as of December 31		(4,861	)		(5,587	)		(4,283	)

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 17.6 years and 19.3 years as of December 31, 2020 and 2019, 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, 2020, 2019 and 2018, respectively, are as follows:

	For the Years Ended December 31,
	2020			2019			2018
Discount rate		0.20	%		0.20	%		0.90	%
Rate of future increase in compensations		1.75	%		1.75	%		1.50	%
Rate of future increase in current pensions		0.00	%		0.00	%		0.50	%
Interest rate on retirement savings capital		0.50	%		0.50	%		0.90	%
Mortality and disability rates	BVG 2020-CMI			BVG 2015-CMI			BVG 2015G

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, 2020 is shown below:

	Discount rate					Future salary increase					Future pension cost					Interest rate on savings capital
Assumptions	0.5% increase		0.5% decrease			0.5% increase			0.5% decrease		0.5% increase			0.5% decrease		0.5% increase			0.5% decrease
	In CHF thousands
Potential defined benefit obligation		27,740		33,080			30,912			29,519		31,652			28,916		31,070			29,405
Decrease/(increase) from actual defined benefit obligation		2,473		(2,867	)		(699	)		694		(1,439	)		1,297		(857	)		808

A quantitative sensitivity analysis for significant assumptions as of December 31, 2019 is shown below:

	Discount rate					Future salary increase					Future pension cost					Interest rate on savings capital
Assumptions	0.5% increase		0.5% decrease			0.5% increase			0.5% decrease		0.5% increase			0.5% decrease		0.5% increase			0.5% decrease
	in CHF thousands
Potential defined benefit obligation		24,248		29,396			27,317			25,930		27,993			25,393		27,447			25,848
Decrease/(increase) from actual defined benefit obligation		2,376		(2,772	)		(693	)		694		(1,369	)		1,231		(823	)		776

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.

Share-based compensation

12 Months Ended

Dec. 31, 2020

Share-based compensation [Abstract]

Share-based compensation

17.	Share-based compensation

Share-based option awards

Through the year ended December 31, 2020, there are equity-based instruments outstanding that the Company has granted under four 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, 2020.

The following table summarizes equity-settled share option grants since inception under each plan type:

PLAN	Number of options awarded (since inception)		Vesting conditions	Contractual life of options
Share option plan A		362,750	At grant	15.5 years
Share option plan B		819,000	At grant	10.5 years
Share option plan C1		6,775,250	4 years’ service from grant date	10 years
2016 SOIP:
Executives and directors		1,898,222	1 year, 3 year and 4 years’ service from the date of grant, quarterly and annually	10 years
Employees		989,279	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 A, B, C1 and the 2016 SOIP are as follows:

	Number of options			Weighted-average exercise price (CHF)		Weighted-average remaining term (years)
Outstanding at January 1, 2018		1,359,891			2.09		5.8
Forfeited during the year		(73,624	)		9.16		—
Exercised during the year		(151,814	)		0.15		—
Granted during the year		484,403			9.79		—
Outstanding at December 31, 2018		1,618,856			4.25		6.3
Exercisable at December 31, 2018		932,175			1.25		4.4
Outstanding at January 1, 2019		1,618,856			4.25		6.3
Forfeited during the year		(73,699	)		6.71		—
Exercised during the year		(616,833	)		0.15		—
Granted during the year		1,053,305			5.24		—
Outstanding at December 31, 2019		1,981,629			5.93		8.3
Exercisable at December 31, 2019		602,218			4.94		6.5
Outstanding at January 1, 2019		1,981,629			5.93		8.3
Forfeited during the year		(53,591	)		6.03		—
Expired during the year		(26,729	)		4.38		—
Exercised during the year		(73,669	)		2.00		—
Granted during the year		1,073,027			6.29		—
Outstanding at December 31, 2020		2,900,667			5.90		8.2
Exercisable at December 31, 2020		1,099,015			5.49		7.0

The outstanding stock options as of December 31, 2020 have the following range of exercise prices. In fiscal year 2018, we began to grant awards solely with USD denominated exercise prices and discontinued granting awards with a CHF denominated exercise price.

	Total options		Range of expiration dates
Range of exercise prices
CHF 0.15		243,125		2020–2026
CHF 9.53		223,646		2027
USD 5.04 to USD 12.30		2,433,896		2028–2030
Total outstanding options		2,900,667

The weighted-average exercise price for options granted in 2020, 2019 and 2018 is USD 7.11 (CHF 6.29), USD 5.41 (CHF 5.24) and USD 9.97 (CHF 9.79), respectively. The range of exercise prices for outstanding options was CHF 0.15 to CHF 9.53 for awards previously granted in CHF and USD 5.04 to USD 12.30 for awards granted in USD as of December 31, 2020.

Prior to the IPO, the exercise price was set by the board of directors. The volatility is based on the historical trend of an appropriate sample of companies operating in the pharmaceutical and biopharmaceutical industries. The risk-free interest rate is based on the CHF swap rate for the expected life of the option. The weighted-average share price of common share options exercised in 2020 is USD 6.86 (CHF 6.07).

The weighted-average grant date fair values of the options granted in 2020, 2019 and 2018 are USD 5.25 (CHF 4.65), USD 3.71 (CHF 3.59) and USD 6.66 (CHF 6.54), 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 Years Ended December 31,
	2020			2019			2018
Exercise price	USD 5.04-9.16			USD 5.15–5.54			USD 8.33–12.30
Share price (weighted average)		7.11			5.41			9.87
Risk-free interest rate		0	%		0	%		0	%
Expected volatility		80	%		80	%		80	%
Expected term	6 years			6 years			6 years
Dividend yield		—			—			—

Restricted share awards

A summary of non-vested share awards (restricted share and restricted share units) activity as of December 31, 2020 and changes during the year then ended is presented below:

Grantee type	Number of non-vested share awards granted		Vesting conditions	Contractual life of non-vested share awards
Restricted share units
Directors		83,864	1 year service from date of grant, annually	10 years
Executives		110,839	4 years’ service from the date of grant, quarterly	10 years
Restricted share awards		4,023	2.75 years’ service from date of grant, quarterly	10 years

	Number of non-vested shares			Weighted-average grant date fair value (CHF)
Non-vested at December 31, 2017		122,014			9.59
Forfeited during the year		(25,673	)		9.48
Granted during the year		69,371			9.43
Vested during the year		(56,671	)		9.60
Non-vested at December 31, 2018		109,041			9.51
Vested and exercisable at December 31, 2018		64,012			9.65
Non-vested at December 31, 2018		109,041			9.51
Forfeited during the year		—			—
Granted during the year		—			—
Vested during the year		(66,278	)		9.51
Non-vested at December 31, 2019		42,763			9.52
Vested and exercisable at December 31, 2019		130,290			9.58
Non-vested at December 31, 2019		42,763			9.52
Forfeited during the year		(11,828	)		9.47
Expired during the year		(7,804	)		9.52
Exercised during the year		(84,638	)		9.51
Granted during the year		—			—
Vested during the year		(23,269	)		9.52
Non-vested at December 31, 2020		19,494			9.51
Vested and exercisable at December 31, 2020		49,289			9.47

The Company did not grant restricted share awards in 2020 or 2019, respectively. The weighted-average grant date fair value of the restricted share awards granted (restricted shares and restricted share units) was CHF 9.43 for the year ended December 31, 2018. The weighted-average grant date fair values of the remaining non-vested share awards as of the respective year end (restricted shares and restricted share units) was CHF 9.51, CHF 9.52 and CHF 9.51 for the years ended December 31, 2020, 2019 and 2018, respectively. These fair values of non-vested share awards granted have been determined using a reasonable estimate of market value of the common stock on the date of the award.

The expense charged against the income statement was CHF 4.1 million, CHF 2.8 million and CHF 2.5 million for the years ended December 31, 2020, 2019 and 2018, respectively. The expense is revised by the Company based on the number of instruments that are expected to become exercisable.

Commitments and contingencies

12 Months Ended

Dec. 31, 2020

Commitments and contingencies [Abstract]

Commitments and contingencies

18.	Commitments and contingencies

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, 2020, external research projects included in the schedule below for 2021 total CHF 24.7 million that have been committed.

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. Since January 1, 2019, the Company has applied IFRS 16 and recognized 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 and lease liabilities” for the contractual undiscounted cash flows for lease obligations.

	As of December 31,
In CHF thousands	2020		2019
Within 1 year		25,072		19,907
Between 1 and 3 years		8,885		12,993
Between 3 and 5 years		341		4,816
More than 5 years		57		2,193
Total		34,355		39,909

Earnings per share

12 Months Ended

Dec. 31, 2020

Earnings per share [Abstract]

Earnings per share

19.	Earnings per share

	For the Years Ended December 31,
In CHF thousands, except for share and per share data	2020			2019		2018
Basic income/(loss) per share (EPS):
Numerator:
Net income/(loss) attributable to equity holders of the Company		(61,921	)		45,442		(50,951	)
Denominator:
Weighted-average number of shares outstanding to equity holders		71,900,212			70,603,611		61,838,228
Basic income/(loss) for the period attributable to equity holders		(0.86	)		0.64		(0.82	)

Diluted income/(loss) per share (EPS):
Numerator:
Net income/(loss) attributable to equity holders of the Company		(61,921	)		45,442		(50,951	)
Denominator:
Weighted-average number of shares outstanding to equity holders		71,900,212			70,603,611		61,838,228
Effect of dilutive securities from equity incentive plans		—			499,730		—
Weighted-average number of shares outstanding – diluted to equity holders		71,900,212			71,103,341		61,838,228
Diluted income/(loss) for the period attributable to equity holders		(0.86	)		0.64		(0.82	)

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 and (ii) shares that were issued upon conversion of the convertible note as their inclusion would have been anti-dilutive. 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,
	2020		2019		2018
Share options issued and outstanding (in-the-money)		412,191		1,081,836		1,472,589
Restricted share awards subject to future vesting		28,418		—		109,041
Convertible shares		—		911,261		—
Total		440,609		1,993,097		1,581,630

Financial instruments and risk management

12 Months Ended

Dec. 31, 2020

Financial instruments and risk management [Abstract]

Financial instruments and risk management

20.	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	2020		2019
Financial assets
Long-term financial assets		334		304
Other current receivables		329		304
Short-term financial assets		65,000		95,000
Cash and cash equivalents		160,893		193,587
Total financial assets		226,556		289,195

	As of December 31,
In CHF thousands	2020		2019
Financial liabilities
Long-term lease liabilities		1,780		1,813
Trade and other payables		2,184		142
Accrued expenses		11,085		11,797
Short-term financing obligation		—		652
Short-term lease liabilities		443		442
Total financial liabilities		15,492		14,846

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 6. Cash and cash equivalents and financial assets”). The Company recognized a loss of CHF 0.7 million, CHF 0.8 million and CHF 1.2 million for the years ended December 31, 2020, 2019 and 2018, respectively, within “Finance result, net.”

As of December 31, 2020, 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 0.8 million (2019: CHF 3.5 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) are subject to negative interest rates at certain counterparty thresholds. As of December 31, 2020 if the interest rates charged by the counterparties had increased/decreased by 10%, the net income for the period would have been higher/lower by less than CHF 0.1 million. Interest income and interest expense are recorded within finance results, net in our 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, 2020, the Company’s cash and cash equivalents and short-term financial assets are held with four financial institutions, each with a high credit rating assigned by international credit-rating agencies. The maximum amount of credit risk is the carrying amount of the financial assets. Trade and other receivables are fully performing, not past due and not impaired (see “Note 6. Cash and cash equivalents and financial assets” and “Note 8. Other current receivables”).

Liquidity risk

Inherent in the Company’s business are various risks and uncertainties, including its limited operating history and 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 18 months. The Company has CHF 2.2 million in trade and other payables, 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 and lease liabilities” for detail of when corresponding lease liabilities are due.

Capital risk management

12 Months Ended

Dec. 31, 2020

Capital risk management [Abstract]

Capital risk management

21.	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.

Subsequent events

12 Months Ended

Dec. 31, 2020

Subsequent events [Abstract]

Subsequent events

22.	Subsequent events

Management has evaluated subsequent events after the balance sheet date, through the issuance of these financial statements, for appropriate accounting and disclosures. We raised USD 8.8 (CHF 8.0) million, net of sales agent commissions, from the sale 764,977 of our ordinary shares pursuant to our ATM program in February 2021.

Summary of significant accounting policies (Policies)

12 Months Ended

Dec. 31, 2020

Summary of significant accounting policies [Abstract]

Current vs. non-current classification

Foreign currency transactions

Revenue recognition

Licenses of intellectual property

Milestone payments

Research and development expenses

Given the stage of development of the Company’s products, all research expenditure is expensed as incurred. Research and development expenditures include:

●

fees and costs related to regulatory filings and activities;

●

costs associated with preclinical and clinical activities; and

●

employee-related expenses, including salaries and bonuses, benefits, travel and share-based compensation 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 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 statements of income/(loss).

Fair value of financial assets and liabilities

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.

Cash and cash equivalents

The Company assesses at each period whether there is objective evidence that financial assets are impaired.

Trade payables

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

Financing obligation

The Company’s financing obligation related to its agreement with a third party. This financing obligation has been fully repaid as of December 31, 2020.

Share capital and public offerings

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

Income taxes

Earnings per share

Critical judgments and accounting estimates

Segment reporting

The Company has one segment. The Company currently focuses all 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

Summary of significant accounting policies (Tables)

12 Months Ended

Dec. 31, 2020

Summary of significant accounting policies [Abstract]

Estimated Lease Term by Right-of-use Asset Categories

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

Buildings	5 years
Office equipment	5 years
IT equipment	5 years

Estimated useful life

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

Property, plant and equipment (Tables)

12 Months Ended

Dec. 31, 2020

Property, plant and equipment [Abstract]

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, 2020 and 2019, respectively:

In CHF thousands	Furniture			IT equipment			Laboratory equipment			Leasehold improvements			Total
Acquisition cost:
Balance at December 31, 2019		158			1,187			6,698			402			8,445
Acquisitions		96			310			1,566			62			2,034
Disposals		(40	)		—			(306	)		—			(346	)
Balance at December 31, 2020		214			1,497			7,958			464			10,133

Accumulated depreciation:
Balance at December 31, 2019		(68	)		(627	)		(3,619	)		(214	)		(4,528	)
Depreciation expenses		(33	)		(343	)		(1,092	)		(67	)		(1,535	)
Disposals		40			—			306			—			346
Balance at December 31, 2020		(61	)		(970	)		(4,405	)		(281	)		(5,717	)

Carrying amount:
December 31, 2019		90			560			3,079			188			3,917
December 31, 2020		153			527			3,553			183			4,416

In CHF thousands	Furniture			IT equipment			Laboratory equipment			Leasehold improvements			Total
Acquisition cost:
Balance at December 31, 2018		126			1,025			5,367			350			6,868
Acquisitions		65			291			1,470			59			1,885
Disposals		(33	)		(129	)		(139	)		(7	)		(308	)
Balance at December 31, 2019		158			1,187			6,698			402			8,445

Accumulated depreciation:
Balance at December 31, 2018		(77	)		(455	)		(2,857	)		(155	)		(3,544	)
Depreciation expenses		(24	)		(285	)		(899	)		(66	)		(1,274	)
Disposals		33			113			137			7			290
Balance at December 31, 2019		(68	)		(627	)		(3,619	)		(214	)		(4,528	)

Carrying amount:
December 31, 2018		49			570			2,510			195			3,324
December 31, 2019		90			560			3,079			188			3,917

Right-of-use assets and lease liabilities (Tables)

12 Months Ended

Dec. 31, 2020

Right-of-use assets and lease liabilities [Abstract]

Information about 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, 2020 and 2019, respectively:

In CHF thousands	Buildings			Office equipment			IT equipment			Total
Balance as of December 31, 2019		2,106			81			68			2,255
Additions		400			—			—			400
Disposals		—			—			—			—
Depreciation		(400	)		(18	)		(14	)		(432	)
Balance as of December 31, 2020		2,106			63			54			2,223

In CHF thousands	Buildings			Office equipment			IT equipment			Total
Balance as of January 1, 2019		2,106			79			—			2,185
Additions		400			29			71			500
Disposals		—			(10	)		—			(10	)
Depreciation		(400	)		(17	)		(3	)		(420	)
Balance as of December 31, 2019		2,106			81			68			2,255

Impact on Statements of income/(loss) and Statements of Cash Flows

For the years ended December 31, 2020, and 2019, the impact on the Company’s statements of income/(loss) and statements of cash flows is detailed in the table below.

	For the Years Ended December 31,
In CHF thousands	2020		2019
Statements of income/(loss)
Depreciation of right-of-use assets		432		420
Interest expense on lease liabilities		53		52
Expense for short-term leases and leases of low value		603		565
Total		1,088		1,037
Statements of cash flows
Total cash outflow for leases		1,088		1,037

Contractual Undiscounted Cash Flows

The following table presents the contractual undiscounted cash flows for lease liabilities as of December 31, 2020 and 2019:

	As of December 31,
In CHF thousands	2020		2019
Within 1 year		485		485
Between 1 and 3 years		970		970
Between 3 and 5 years		912		948
Total		2,367		2,403

Cash and cash equivalents and financial assets (Tables)

12 Months Ended

Dec. 31, 2020

Cash and cash equivalents and financial assets [Abstract]

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, 2020 and 2019:

	As of December 31,
In CHF thousands	2020		2019
Cash and cash equivalents		160,893		193,587
Total		160,893		193,587
By currency
CHF		152,537		158,173
EUR		4,215		10,169
USD		4,141		25,245
Total cash and cash equivalents		160,893		193,587

The following table summarizes the Company’s short-term financial assets as of December 31, 2020 and 2019:

	As of December 31,
In CHF thousands	2020		2019
Short-term financial assets due in 1 year or less		65,000		95,000
Total		65,000		95,000

Prepaid expenses and accrued income (Tables)

12 Months Ended

Dec. 31, 2020

Prepaid expenses and accrued income [Abstract]

Prepaid expenses and accrued income

	As of December 31,
In CHF thousands	2020		2019
Prepaid expenses		3,954		2,788
Accrued income		1,591		1,095
Total		5,545		3,883

Other current receivables (Tables)

12 Months Ended

Dec. 31, 2020

Other current receivables [Abstract]

Other current receivables

	As of December 31,
In CHF thousands	2020		2019
Swiss VAT		309		234
Withholding tax		20		70
Total		329		304

Share capital (Tables)

12 Months Ended

Dec. 31, 2020

Share capital [Abstract]

Summary of capital structure

The table below summarizes the Company’s capital structure:

						In CHF thousands
	Common shares		Treasury shares			Share capital		Share premium		Treasury shares
December 31, 2018		67,562,333		—			1,351		298,149		—
Issuance of shares – incentive plans		681,770		—			13		672		—
Conversion of note agreement, net of transaction costs		3,615,328		—			73		47,705		—
				—							—
December 31, 2019		71,859,431		—			1,437		346,526		—
Issuance of shares – incentive plans, net of RSU expiration and forfeiture		77,307		—			1		364		—
Issuance of shares to be held as treasury shares, net of transaction costs		5,000,000		(5,000,000	)		100		—		(100	)
December 31, 2020		76,936,738		(5,000,000	)		1,538		346,890		(100	)

Trade payables and accrued liabilities (Tables)

12 Months Ended

Dec. 31, 2020

Trade payables and accrued liabilities [Abstract]

Trade payables and accrued liabilities

	As of December 31,
In CHF thousands	2020		2019
Trade and other payables		2,184		142
Total trade and other payables		2,184		142

Accrued research and development costs		5,298		7,228
Accrued payroll expenses		3,494		2,896
Other accrued expenses		2,293		1,673
Total accrued expenses		11,085		11,797

Contract revenues (Tables)

12 Months Ended

Dec. 31, 2020

Contract revenues [Abstract]

Contract Revenues

The following tables provide contract revenue amounts from its LCAs for the years ended December 31, 2020, 2019 and 2018, respectively.

	For the years ended December 31,
In CHF thousands	2020		2019		2018
Lilly		14,348		105,662		—
Genentech		—		—		—
Janssen		1,083		1,173		2,157
Life Molecular Imaging		—		2,206		—
Biogen		—		1,063		4,024
Other		—		352		731
Total contract revenue		15,431		110,456		6,912

	For the years ended December 31,
In CHF thousands	2020		2019		2018
Revenues recognized in the period from:
Amounts included in the contract liability at the beginning of the period		4,477		351		1,551
Performance obligations satisfied in previous periods		10,000		2,206		—

Changes in Contract Assets and Contract Liabilities

The following table presents changes in the Company’s contract assets and liabilities during the years ended December 31, 2020 and 2019:

In CHF Thousands	Balance at the beginning of the reporting period		Additions		Deductions			Balance at the end of the reporting period
Twelve months ended December 31, 2020:
Accrued income		1,095		2,354		(1,858	)		1,591
Deferred income		4,477		1,467		(5,638	)		306

Twelve months ended December 31, 2019:
Accrued income		3,667		2,211		(4,783	)		1,095
Deferred income		351		7,686		(3,560	)		4,477

Expenses by category (Tables)

12 Months Ended

Dec. 31, 2020

Expenses by category [Abstract]

Research and Development

	For the Years Ended December 31,
In CHF thousands	2020		2019		2018
Operating expenses		43,787		37,465		32,921
Payroll expenses		14,424		12,382		10,662
Share-based compensation		1,276		585		694
Total research and development expenses		59,487		50,432		44,277

General and Administrative

General and administrative

	For the Years Ended December 31,
In CHF thousands	2020		2019		2018
Operating expenses		7,471		6,637		4,903
Payroll expenses		8,274		7,172		5,740
Share-based compensation		2,812		2,249		1,824
Total general and administrative expenses		18,557		16,058		12,467

Financial Result, net

Financial result, net

	For the Years Ended December 31,
In CHF thousands	2020			2019			2018
Financial income		78			303			127
Financial expense		(184	)		(1,926	)		(334	)
Change in fair value of conversion feature		—			4,542			—
Exchange differences		(555	)		(2,013	)		(1,194	)
Finance result, net		(661	)		906			(1,401	)

Related-party transactions (Tables)

12 Months Ended

Dec. 31, 2020

Key management compensation

For key management, including the board of directors (seven individuals excluding the CEO) and the executive management (five individuals including the CEO), compensation was as follows.

	For the years ended December 31,
In CHF thousands	2020		2019		2018
Short-term employee benefits		3,497		3,526		2,681
Post-employment benefits		214		215		160
Share-based compensation		2,578		2,155		1,683
Total		6,289		5,896		4,524

Income taxes (Tables)

12 Months Ended

Dec. 31, 2020

Income taxes [Abstract]

Income tax expense reconciled to loss

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

	For the Years Ended December 31,
In CHF thousands	2020			2019			2018
Income/(loss) before income tax		(61,921	)		45,442			(50,951	)
Tax expense/(benefit) calculated at the statutory rate of 13.6% (13.6% for 2019 and 20.6% for 2018)		(8,441	)		6,194			(10,507	)
Income not subject to tax/(expenses) not deductible for tax purposes		462			(62	)		334
Effect of unused tax losses and tax offsets not recognized as deferred tax assets		7,979			(6,132	)		10,173
Effective income tax rate benefit/(expense)		—			—			—

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

	As of December 31,
In CHF thousands	2020		2019		2018
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		121,948		64,125		109,294
Deductible temporary differences related to:
Right-of-use assets and lease liabilities, net		—		—		—
Retirement benefit plan		7,464		7,485		5,665

Total		129,412		71,610		114,959

Tax losses expiry dates

Tax losses expiry dates are shown in the table below:

	As of December 31,
In CHF thousands	2020		2019		2018
Tax losses split by expiry date:
December 31, 2019		—		—		16,566
December 31, 2020		—		—		10,338
December 31, 2021		—		—		—
December 31, 2022		—		—		—
December 31, 2023		—		—		7,628
December 31, 2024		15,231		15,231		25,868
December 31, 2025		48,894		48,894		48,894
December 31, 2026		—		—		—
December 31, 2027		57,824		—		—
Total		121,948		64,125		109,294

Retirement benefit plan (Tables)

12 Months Ended

Dec. 31, 2020

Retirement benefit plan [Abstract]

Defined benefit pension plan amounts recognized in the balance sheet and statement of income

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

	As of December 31,
In CHF thousands	2020			2019			2018
Defined benefit obligation		(30,213	)		(26,624	)		(17,942	)
Fair value of plan assets		22,749			19,139			12,277
Total liability		(7,464	)		(7,485	)		(5,665	)

The following amounts have been recorded as net pension cost in the statement of income:

	For the Years Ended December 31,
In CHF thousands	2020			2019			2018
Service cost		1,626			1,313			1,095
Interest cost		71			195			100
Interest income		(42	)		(133	)		(65	)
Net pension cost		1,655			1,375			1,130

Changes in defined benefit obligation, fair value of plan assets and unrecognized (gains) / losses

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 Years Ended December 31,
In CHF thousands	2020			2019			2018
Defined benefit obligation as of January 1		(26,624	)		(17,942	)		(14,278	)
Service cost		(1,626	)		(1,313	)		(1,095	)
Interest cost		(71	)		(195	)		(100	)
Change in demographic assumptions		1,428			1,138			—
Change in financial assumptions		(71	)		(2,171	)		750
Change in experience assumptions		(931	)		(2,003	)		(888	)
Benefits deposited		(1,467	)		(3,382	)		(1,710	)
Employees’ contributions		(851	)		(756	)		(621	)
Defined benefit obligation as of December 31		(30,213	)		(26,624	)		(17,942	)

B.	Change in fair value of plan assets

	For the Years Ended December 31,
In CHF thousands	2020		2019		2018
Fair value of plan assets as of January 1		19,139		12,277		9,352
Interest income		42		133		65
Employees’ contributions		851		756		621
Employer’s contributions		950		859		693
Benefits deposited		1,467		3,382		1,710
Return on plan assets excluding interest income		300		1,732		(164	)
Fair value of plan assets as of December 31		22,749		19,139		12,277

C.	Change in net defined benefit liability

	For the Years Ended December 31,
In CHF thousands	2020			2019			2018
Net defined benefit liabilities as of January 1		7,485			5,665			4,926
Net pension cost through statement of income		1,655			1,375			1,130
Remeasurement through other comprehensive loss		(726	)		1,304			302
Employer’s contribution		(950	)		(859	)		(693	)
Net defined benefit liabilities as of December 31		7,464			7,485			5,665

D.	Change in other comprehensive loss

	For the Years Ended December 31,
In CHF thousands	2020			2019			2018
Other comprehensive loss as of January 1		(5,587	)		(4,283	)		(3,981	)
Effect of changes in demographic assumptions		1,428			1,138			—
Effect of changes in financial assumptions		(71	)		(2,171	)		750
Effect of changes in experience assumptions		(931	)		(2,003	)		(888	)
Return on plan assets excluding interest income		300			1,732			(164	)
Other comprehensive loss as of December 31		(4,861	)		(5,587	)		(4,283	)

Actuarial assumptions and sensitivity analysis

	For the Years Ended December 31,
	2020			2019			2018
Discount rate		0.20	%		0.20	%		0.90	%
Rate of future increase in compensations		1.75	%		1.75	%		1.50	%
Rate of future increase in current pensions		0.00	%		0.00	%		0.50	%
Interest rate on retirement savings capital		0.50	%		0.50	%		0.90	%
Mortality and disability rates	BVG 2020-CMI			BVG 2015-CMI			BVG 2015G

A quantitative sensitivity analysis for significant assumptions as of December 31, 2020 is shown below:

	Discount rate					Future salary increase					Future pension cost					Interest rate on savings capital
Assumptions	0.5% increase		0.5% decrease			0.5% increase			0.5% decrease		0.5% increase			0.5% decrease		0.5% increase			0.5% decrease
	In CHF thousands
Potential defined benefit obligation		27,740		33,080			30,912			29,519		31,652			28,916		31,070			29,405
Decrease/(increase) from actual defined benefit obligation		2,473		(2,867	)		(699	)		694		(1,439	)		1,297		(857	)		808

A quantitative sensitivity analysis for significant assumptions as of December 31, 2019 is shown below:

	Discount rate					Future salary increase					Future pension cost					Interest rate on savings capital
Assumptions	0.5% increase		0.5% decrease			0.5% increase			0.5% decrease		0.5% increase			0.5% decrease		0.5% increase			0.5% decrease
	in CHF thousands
Potential defined benefit obligation		24,248		29,396			27,317			25,930		27,993			25,393		27,447			25,848
Decrease/(increase) from actual defined benefit obligation		2,376		(2,772	)		(693	)		694		(1,369	)		1,231		(823	)		776

Share-based compensation (Tables)

12 Months Ended

Dec. 31, 2020

Share-based compensation [Abstract]

Share-based compensation plans outstanding

The following table summarizes equity-settled share option grants since inception under each plan type:

PLAN	Number of options awarded (since inception)		Vesting conditions	Contractual life of options
Share option plan A		362,750	At grant	15.5 years
Share option plan B		819,000	At grant	10.5 years
Share option plan C1		6,775,250	4 years’ service from grant date	10 years
2016 SOIP:
Executives and directors		1,898,222	1 year, 3 year and 4 years’ service from the date of grant, quarterly and annually	10 years
Employees		989,279	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 A, B, C1 and the 2016 SOIP are as follows:

	Number of options			Weighted-average exercise price (CHF)		Weighted-average remaining term (years)
Outstanding at January 1, 2018		1,359,891			2.09		5.8
Forfeited during the year		(73,624	)		9.16		—
Exercised during the year		(151,814	)		0.15		—
Granted during the year		484,403			9.79		—
Outstanding at December 31, 2018		1,618,856			4.25		6.3
Exercisable at December 31, 2018		932,175			1.25		4.4
Outstanding at January 1, 2019		1,618,856			4.25		6.3
Forfeited during the year		(73,699	)		6.71		—
Exercised during the year		(616,833	)		0.15		—
Granted during the year		1,053,305			5.24		—
Outstanding at December 31, 2019		1,981,629			5.93		8.3
Exercisable at December 31, 2019		602,218			4.94		6.5
Outstanding at January 1, 2019		1,981,629			5.93		8.3
Forfeited during the year		(53,591	)		6.03		—
Expired during the year		(26,729	)		4.38		—
Exercised during the year		(73,669	)		2.00		—
Granted during the year		1,073,027			6.29		—
Outstanding at December 31, 2020		2,900,667			5.90		8.2
Exercisable at December 31, 2020		1,099,015			5.49		7.0

Outstanding options, exercise price range and expiry dates

	Total options		Range of expiration dates
Range of exercise prices
CHF 0.15		243,125		2020–2026
CHF 9.53		223,646		2027
USD 5.04 to USD 12.30		2,433,896		2028–2030
Total outstanding options		2,900,667

Weighted-average assumptions

	For the Years Ended December 31,
	2020			2019			2018
Exercise price	USD 5.04-9.16			USD 5.15–5.54			USD 8.33–12.30
Share price (weighted average)		7.11			5.41			9.87
Risk-free interest rate		0	%		0	%		0	%
Expected volatility		80	%		80	%		80	%
Expected term	6 years			6 years			6 years
Dividend yield		—			—			—

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

A summary of non-vested share awards (restricted share and restricted share units) activity as of December 31, 2020 and changes during the year then ended is presented below:

Grantee type	Number of non-vested share awards granted		Vesting conditions	Contractual life of non-vested share awards
Restricted share units
Directors		83,864	1 year service from date of grant, annually	10 years
Executives		110,839	4 years’ service from the date of grant, quarterly	10 years
Restricted share awards		4,023	2.75 years’ service from date of grant, quarterly	10 years

	Number of non-vested shares			Weighted-average grant date fair value (CHF)
Non-vested at December 31, 2017		122,014			9.59
Forfeited during the year		(25,673	)		9.48
Granted during the year		69,371			9.43
Vested during the year		(56,671	)		9.60
Non-vested at December 31, 2018		109,041			9.51
Vested and exercisable at December 31, 2018		64,012			9.65
Non-vested at December 31, 2018		109,041			9.51
Forfeited during the year		—			—
Granted during the year		—			—
Vested during the year		(66,278	)		9.51
Non-vested at December 31, 2019		42,763			9.52
Vested and exercisable at December 31, 2019		130,290			9.58
Non-vested at December 31, 2019		42,763			9.52
Forfeited during the year		(11,828	)		9.47
Expired during the year		(7,804	)		9.52
Exercised during the year		(84,638	)		9.51
Granted during the year		—			—
Vested during the year		(23,269	)		9.52
Non-vested at December 31, 2020		19,494			9.51
Vested and exercisable at December 31, 2020		49,289			9.47

Commitments and contingencies (Tables)

12 Months Ended

Dec. 31, 2020

Commitments and contingencies [Abstract]

Maturity of commitments and contingencies

	As of December 31,
In CHF thousands	2020		2019
Within 1 year		25,072		19,907
Between 1 and 3 years		8,885		12,993
Between 3 and 5 years		341		4,816
More than 5 years		57		2,193
Total		34,355		39,909

Earnings per share (Tables)

12 Months Ended

Dec. 31, 2020

Earnings per share [Abstract]

Earnings per share

	For the Years Ended December 31,
In CHF thousands, except for share and per share data	2020			2019		2018
Basic income/(loss) per share (EPS):
Numerator:
Net income/(loss) attributable to equity holders of the Company		(61,921	)		45,442		(50,951	)
Denominator:
Weighted-average number of shares outstanding to equity holders		71,900,212			70,603,611		61,838,228
Basic income/(loss) for the period attributable to equity holders		(0.86	)		0.64		(0.82	)

Diluted income/(loss) per share (EPS):
Numerator:
Net income/(loss) attributable to equity holders of the Company		(61,921	)		45,442		(50,951	)
Denominator:
Weighted-average number of shares outstanding to equity holders		71,900,212			70,603,611		61,838,228
Effect of dilutive securities from equity incentive plans		—			499,730		—
Weighted-average number of shares outstanding – diluted to equity holders		71,900,212			71,103,341		61,838,228
Diluted income/(loss) for the period attributable to equity holders		(0.86	)		0.64		(0.82	)

Antidilutive securities

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,
	2020		2019		2018
Share options issued and outstanding (in-the-money)		412,191		1,081,836		1,472,589
Restricted share awards subject to future vesting		28,418		—		109,041
Convertible shares		—		911,261		—
Total		440,609		1,993,097		1,581,630

Financial instruments and risk management (Tables)

12 Months Ended

Dec. 31, 2020

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	2020		2019
Financial assets
Long-term financial assets		334		304
Other current receivables		329		304
Short-term financial assets		65,000		95,000
Cash and cash equivalents		160,893		193,587
Total financial assets		226,556		289,195

	As of December 31,
In CHF thousands	2020		2019
Financial liabilities
Long-term lease liabilities		1,780		1,813
Trade and other payables		2,184		142
Accrued expenses		11,085		11,797
Short-term financing obligation		—		652
Short-term lease liabilities		443		442
Total financial liabilities		15,492		14,846

General information (Details)	Dec. 31, 2020 Platform
General information [Abstract]
Number of proprietary technology platforms	2

Basis of preparation (Details) SFr in Thousands, $ in Millions	12 Months Ended
	Dec. 31, 2020 CHF (SFr)	Dec. 31, 2020 USD ($)	Dec. 31, 2019 CHF (SFr)	Dec. 31, 2019 USD ($)	Dec. 31, 2018 CHF (SFr) Offering	Dec. 31, 2018 USD ($) Offering	Dec. 31, 2017 CHF (SFr)
Going concern [Abstract]
Company's cash position	SFr 160,893		SFr 193,587		SFr 156,462		SFr 124,377
Short-term financial assets	65,000		95,000
Proceeds from issue of convertible debt	0		50,278	$ 50.0	SFr 0
Number of public offerings \| Offering					3	3
Gross proceeds received	116,300	$ 117.5
2018 License Agreement with Eli Lilly and Company [Member]
Going concern [Abstract]
Upfront payment			80,000
Milestone payment received	SFr 10,000		SFr 30,000
Public Offering [Member]
Going concern [Abstract]
Gross proceeds received					SFr 116,300	$ 117.5

Summary of significant accounting policies, Right-of-use assets and lease liabilities (Details)	12 Months Ended
	Dec. 31, 2020
Buildings [Member]
Right-of-use assets and lease liabilities [Abstract]
Estimated lease term	5 years
Office Equipment [Member]
Right-of-use assets and lease liabilities [Abstract]
Estimated lease term	5 years
IT Equipment [Member]
Right-of-use assets and lease liabilities [Abstract]
Estimated lease term	5 years

Summary of significant accounting policies, Property, plant and equipment (Details)	12 Months Ended
	Dec. 31, 2020
IT Equipment [Member]
Estimated useful life [Abstract]
Estimated useful life	3 years
Laboratory Equipment [Member]
Estimated useful life [Abstract]
Estimated useful life	5 years
Leasehold Improvements/Furniture [Member]
Estimated useful life [Abstract]
Estimated useful life	5 years

Summary of significant accounting policies, Income taxes (Details) - CHF (SFr) SFr in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Income taxes [Abstract]
Tax loss carryforward period	7 years
Deferred tax assets	SFr 0	SFr 0	SFr 0

Summary of significant accounting policies, Segment reporting (Details)	12 Months Ended
	Dec. 31, 2020 Segment
Segment reporting [Abstract]
Number of operating segments	1
Number of reportable segments	1

Property, plant and equipment (Details) - CHF (SFr) SFr in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Property, plant and equipment [Abstract]
Property, plant and equipment, beginning of period	SFr 3,917	SFr 3,324
Property, plant and equipment, end of period	4,416	3,917	SFr 3,324
Acquisition Cost [Member]
Property, plant and equipment [Abstract]
Property, plant and equipment, beginning of period	8,445	6,868
Acquisitions	2,034	1,885
Disposals	(346)	(308)
Property, plant and equipment, end of period	10,133	8,445	6,868
Accumulated Depreciation [Member]
Property, plant and equipment [Abstract]
Property, plant and equipment, beginning of period	(4,528)	(3,544)
Depreciation expense	(1,535)	(1,274)	(961)
Disposals	346	290
Property, plant and equipment, end of period	(5,717)	(4,528)	(3,544)
Furniture [Member]
Property, plant and equipment [Abstract]
Property, plant and equipment, beginning of period	90	49
Property, plant and equipment, end of period	153	90	49
Furniture [Member] \| Acquisition Cost [Member]
Property, plant and equipment [Abstract]
Property, plant and equipment, beginning of period	158	126
Acquisitions	96	65
Disposals	(40)	(33)
Property, plant and equipment, end of period	214	158	126
Furniture [Member] \| Accumulated Depreciation [Member]
Property, plant and equipment [Abstract]
Property, plant and equipment, beginning of period	(68)	(77)
Depreciation expense	(33)	(24)
Disposals	40	33
Property, plant and equipment, end of period	(61)	(68)	(77)
IT Equipment [Member]
Property, plant and equipment [Abstract]
Property, plant and equipment, beginning of period	560	570
Property, plant and equipment, end of period	527	560	570
IT Equipment [Member] \| Acquisition Cost [Member]
Property, plant and equipment [Abstract]
Property, plant and equipment, beginning of period	1,187	1,025
Acquisitions	310	291
Disposals	0	(129)
Property, plant and equipment, end of period	1,497	1,187	1,025
IT Equipment [Member] \| Accumulated Depreciation [Member]
Property, plant and equipment [Abstract]
Property, plant and equipment, beginning of period	(627)	(455)
Depreciation expense	(343)	(285)
Disposals	0	113
Property, plant and equipment, end of period	(970)	(627)	(455)
Laboratory Equipment [Member]
Property, plant and equipment [Abstract]
Property, plant and equipment, beginning of period	3,079	2,510
Property, plant and equipment, end of period	3,553	3,079	2,510
Laboratory Equipment [Member] \| Acquisition Cost [Member]
Property, plant and equipment [Abstract]
Property, plant and equipment, beginning of period	6,698	5,367
Acquisitions	1,566	1,470
Disposals	(306)	(139)
Property, plant and equipment, end of period	7,958	6,698	5,367
Laboratory Equipment [Member] \| Accumulated Depreciation [Member]
Property, plant and equipment [Abstract]
Property, plant and equipment, beginning of period	(3,619)	(2,857)
Depreciation expense	(1,092)	(899)
Disposals	306	137
Property, plant and equipment, end of period	(4,405)	(3,619)	(2,857)
Leasehold Improvements [Member]
Property, plant and equipment [Abstract]
Property, plant and equipment, beginning of period	188	195
Property, plant and equipment, end of period	183	188	195
Leasehold Improvements [Member] \| Acquisition Cost [Member]
Property, plant and equipment [Abstract]
Property, plant and equipment, beginning of period	402	350
Acquisitions	62	59
Disposals	0	(7)
Property, plant and equipment, end of period	464	402	350
Leasehold Improvements [Member] \| Accumulated Depreciation [Member]
Property, plant and equipment [Abstract]
Property, plant and equipment, beginning of period	(214)	(155)
Depreciation expense	(67)	(66)
Disposals	0	7
Property, plant and equipment, end of period	SFr (281)	SFr (214)	SFr (155)

Right-of-use assets and lease liabilities (Details) SFr in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2020 CHF (SFr)	Dec. 31, 2020 USD ($)	Dec. 31, 2019 CHF (SFr)	Dec. 31, 2019 USD ($)
Right-of-use of leased assets [Abstract]
Balance, beginning of period	SFr 2,255		SFr 2,185
Additions	400		500
Disposals	0		(10)
Depreciation	(432)	$ (432)	(420)	$ (420)
Balance, end of period	2,223		2,255
Impact on statements of income/(loss) and cash flows [Abstract]
Depreciation of right-of-use assets	432	432	420	420
Interest expense on lease liabilities \| $		53		52
Expense for short-term leases and leases of low value \| $		603		565
Total \| $		1,088		1,037
Total cash outflow for leases \| $		1,088		1,037
Contractual undiscounted cash flows for lease liabilities [Abstract]
Contractual undiscounted cash flows for lease liabilities \| $		2,367		2,403
Within 1 Year [Member]
Contractual undiscounted cash flows for lease liabilities [Abstract]
Contractual undiscounted cash flows for lease liabilities \| $		485		485
Between 1 and 3 Years [Member]
Contractual undiscounted cash flows for lease liabilities [Abstract]
Contractual undiscounted cash flows for lease liabilities \| $		970		970
Between 3 and 5 Years [Member]
Contractual undiscounted cash flows for lease liabilities [Abstract]
Contractual undiscounted cash flows for lease liabilities \| $		$ 912		$ 948
Buildings [Member]
Right-of-use assets and lease liabilities [Abstract]
Weighted average incremental borrowing rate		2.50%
Right-of-use of leased assets [Abstract]
Balance, beginning of period	2,106		2,106
Additions	400		400
Disposals	0		0
Depreciation	(400)		(400)
Balance, end of period	2,106		2,106
Impact on statements of income/(loss) and cash flows [Abstract]
Depreciation of right-of-use assets	400		400
Office Equipment [Member]
Right-of-use assets and lease liabilities [Abstract]
Weighted average incremental borrowing rate		4.20%
Right-of-use of leased assets [Abstract]
Balance, beginning of period	81		79
Additions	0		29
Disposals	0		(10)
Depreciation	(18)		(17)
Balance, end of period	63		81
Impact on statements of income/(loss) and cash flows [Abstract]
Depreciation of right-of-use assets	18		17
IT Equipment [Member]
Right-of-use assets and lease liabilities [Abstract]
Weighted average incremental borrowing rate		2.60%
Right-of-use of leased assets [Abstract]
Balance, beginning of period	68		0
Additions	0		71
Disposals	0		0
Depreciation	(14)		(3)
Balance, end of period	54		68
Impact on statements of income/(loss) and cash flows [Abstract]
Depreciation of right-of-use assets	SFr 14		SFr 3

Cash and cash equivalents and financial assets, Cash and cash equivalents (Details) SFr in Thousands	Dec. 31, 2020 CHF (SFr) $ / SFr € / SFr	Dec. 31, 2019 CHF (SFr) $ / SFr € / SFr	Dec. 31, 2018 CHF (SFr)	Dec. 31, 2017 CHF (SFr)
Cash and cash equivalents [Abstract]
Cash and cash equivalents	SFr 160,893	SFr 193,587	SFr 156,462	SFr 124,377
CHF [Member]
Cash and cash equivalents [Abstract]
Cash and cash equivalents	152,537	158,173
EUR [Member]
Cash and cash equivalents [Abstract]
Cash and cash equivalents	SFr 4,215	SFr 10,169
Translation rate into CHF \| € / SFr	1.095	1.096
USD [Member]
Cash and cash equivalents [Abstract]
Cash and cash equivalents	SFr 4,141	SFr 25,245
Translation rate into CHF \| $ / SFr	0.891	0.978

Cash and cash equivalents and financial assets, Cash and cash equivalents and short-term financial assets (Details) SFr in Thousands	12 Months Ended
	Dec. 31, 2020 CHF (SFr) Deposit	Dec. 31, 2019 CHF (SFr)
Cash and cash equivalents and financial assets [Abstract]
Short-term financial assets due in one year or less	SFr 65,000	SFr 95,000
Number of deposits in escrow accounts \| Deposit	2
Deposits in escrow accounts	SFr 334	SFr 304

Prepaid expenses and accrued income (Details) - CHF (SFr) SFr in Thousands	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Prepaid Expenses and Accrued Income [Line Items]
Prepaid expenses	SFr 3,954	SFr 2,788
Accrued income	1,591	1,095	SFr 3,667
Total	5,545	SFr 3,883
Janssen [Member]
Prepaid Expenses and Accrued Income [Line Items]
Accrued income	SFr 1,100
Percentage of accrued income	68.10%

Other current receivables (Details) - CHF (SFr) SFr in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Other current receivables [abstract]
Swiss VAT	SFr 309	SFr 234
Withholding tax	20	70
Total	SFr 329	SFr 304
Top of Range [Member]
Other current receivables [abstract]
Maturity period of assets	3 months

Share capital (Details) - CHF (SFr) SFr / shares in Units, SFr in Thousands		12 Months Ended
	Apr. 25, 2019	Dec. 31, 2020	Dec. 31, 2019
Capital structure [Abstract]
Balance, beginning of period		SFr 272,442	SFr 177,623
Issuance of shares to be held as treasury shares, net of transaction costs		0
Conversion of note agreement, net of transaction costs			47,778
Conversion of note agreement, net of transaction costs (in shares)	3,615,328
Balance, end of period		SFr 215,478	SFr 272,442
Number of additional authorized shares (in shares)		9,500,000
Number of RSUs either expired or forfeited (in shares)		19,632
Common Shares [Member]
Capital structure [Abstract]
Balance, beginning of period (in shares)		71,859,431	67,562,333
Issuance of shares - incentive plans (in shares)			681,770
Issuance of shares - incentive plans, net of RSU expiration and forfeiture (in shares)		77,307
Issuance of shares to be held as treasury shares, net of transaction costs (in shares)		5,000,000
Conversion of note agreement, net of transaction costs (in shares)			3,615,328
Balance, end of period (in shares)		76,936,738	71,859,431
Shares outstanding, excluding treasury shares (in shares)		71,936,738
Share Capital [Member]
Capital structure [Abstract]
Balance, beginning of period		SFr 1,437	SFr 1,351
Issuance of shares - incentive plans			13
Issuance of shares - incentive plans, net of RSU expiration and forfeiture		1
Issuance of shares to be held as treasury shares, net of transaction costs		100
Conversion of note agreement, net of transaction costs			73
Balance, end of period		1,538	1,437
Share Premium [Member]
Capital structure [Abstract]
Balance, beginning of period		346,526	298,149
Issuance of shares - incentive plans			672
Issuance of shares - incentive plans, net of RSU expiration and forfeiture		364
Issuance of shares to be held as treasury shares, net of transaction costs		0
Conversion of note agreement, net of transaction costs			47,705
Balance, end of period		346,890	346,526
Treasury shares [member]
Capital structure [Abstract]
Balance, beginning of period		SFr 0	SFr 0
Balance, beginning of period (in shares)		0	0
Issuance of shares - incentive plans			SFr 0
Issuance of shares - incentive plans (in shares)			0
Issuance of shares - incentive plans, net of RSU expiration and forfeiture		SFr 0
Issuance of shares - incentive plans, net of RSU expiration and forfeiture (in shares)		0
Issuance of shares to be held as treasury shares, net of transaction costs		SFr (100)
Issuance of shares to be held as treasury shares, net of transaction costs (in shares)		(5,000,000)
Conversion of note agreement, net of transaction costs			SFr 0
Conversion of note agreement, net of transaction costs (in shares)			0
Balance, end of period		SFr (100)	SFr 0
Balance, end of period (in shares)		(5,000,000)	0
Nominal value per share (in CHF per share)		SFr 0.02

Share capital, Convertible Note Agreement an Follow-On Offerings (Details) $ / shares in Units, $ in Thousands						1 Months Ended		12 Months Ended
	Apr. 25, 2019 shares	Jul. 31, 2018 CHF (SFr) shares	Jul. 31, 2018 USD ($) shares	Jul. 24, 2018 CHF (SFr) shares	Jul. 24, 2018 USD ($) $ / shares shares	Sep. 30, 2020 CHF (SFr)	Sep. 30, 2020 USD ($)	Dec. 31, 2020 CHF (SFr) Offering shares	Dec. 31, 2020 USD ($) Offering shares	Dec. 31, 2019 CHF (SFr)	Dec. 31, 2018 CHF (SFr)	Jan. 23, 2019 CHF (SFr)	Jan. 23, 2019 USD ($)
Convertible Note Agreement and Follow-On Offerings [Abstract]
Convertible note agreement												SFr 50,300,000	$ 50,000
Shares issued to settle Convertible Note Agreement (in shares)	3,615,328
Gross proceeds received								SFr 116,300,000	$ 117,500
Issuance costs \| SFr											SFr 2,015,000
At the Market Equity Offering [Member]
Convertible Note Agreement and Follow-On Offerings [Abstract]
Number of common shares sold (in shares)								0	0
Issuance costs \| SFr								SFr 500,000		SFr 0	SFr 0
At the Market Equity Offering [Member] \| Top of Range [Member]
Convertible Note Agreement and Follow-On Offerings [Abstract]
Shares authorized for sale						SFr 71,300	$ 80
Follow-on Offerings [Member]
Convertible Note Agreement and Follow-On Offerings [Abstract]
Gross proceeds received								SFr 116,300,000	$ 117,500
Number of offerings \| Offering								3	3
Issuance costs \| SFr								SFr 6,800,000
Net proceeds \| SFr								SFr 109,500,000
Over-Allotment [Member]
Convertible Note Agreement and Follow-On Offerings [Abstract]
Shares issued (in shares)				1,108,695	1,108,695
First Subscription Rights [Member]
Convertible Note Agreement and Follow-On Offerings [Abstract]
Shares issued (in shares)				8,500,000	8,500,000
Share price (in dollars per share) \| $ / shares					$ 11.75
Gross proceeds received				SFr 98,900,000	$ 99,900
Second Subscription Rights [Member]
Convertible Note Agreement and Follow-On Offerings [Abstract]
Shares issued (in shares)		1,500,000	1,500,000
Gross proceeds received		SFr 17,400,000	$ 17,600

Share capital, Shelf Registration Statement (Details) SFr in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2020 CHF (SFr) Offering	Dec. 31, 2020 USD ($) Offering	May 04, 2018 shares
Shelf Registration Statement [Abstract]
Shares authorized under Shelf Registration Statement (in shares) \| shares			350,000,000
Gross proceeds received	SFr 116.3	$ 117.5
Bottom of Range [Member]
Shelf Registration Statement [Abstract]
Number of additional future public offerings \| Offering	1	1
Top of Range [Member]
Shelf Registration Statement [Abstract]
Additional proceeds from Shelf Registration Statement \| $		$ 232.5

Trade payables and accrued liabilities (Details) - CHF (SFr) SFr in Thousands	Dec. 31, 2020	Dec. 31, 2019
Trade payables and accrued liabilities [Abstract]
Total trade and other payables	SFr 2,184	SFr 142
Accrued research and development costs	5,298	7,228
Accrued payroll expenses	3,494	2,896
Other accrued expenses	2,293	1,673
Total accrued expenses	11,085	11,797
Accrual of performance-related remuneration	SFr 2,100	SFr 1,800

Financing obligation (Details) - Grants, LuMind Research Down Syndrome Foundation [Member] $ in Thousands	12 Months Ended
	Dec. 31, 2020 Installment	Dec. 31, 2018 USD ($)	Dec. 31, 2017 USD ($)	Dec. 31, 2016 USD ($)
Financing obligation [Abstract]
Funding commitment \| $		$ 200	$ 200	$ 200
Reimbursement percentage of funding commitment	125.00%
Number of installments \| Installment	3
Percentage of additional interest on total repayment	25.00%

Contract revenues, Contract Revenue Attributable to Licensing Arrangements (Details) - CHF (SFr) SFr in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Contract Revenue [Abstract]
Total contract revenue	SFr 15,431	SFr 110,456	SFr 6,912
Amount reclassified from contract revenue to other income/(expense)	300	600	300
Lilly [Member]
Contract Revenue [Abstract]
Total contract revenue	SFr 14,348	SFr 105,662	0
Percentage of contract revenues	93.00%	96.00%
Genentech [Member]
Contract Revenue [Abstract]
Total contract revenue	SFr 0	SFr 0	0
Janssen [Member]
Contract Revenue [Abstract]
Total contract revenue	1,083	1,173	SFr 2,157
Percentage of contract revenues			31.00%
Life Molecular Imaging [Member]
Contract Revenue [Abstract]
Total contract revenue	0	2,206	SFr 0
Biogen [Member]
Contract Revenue [Abstract]
Total contract revenue	0	1,063	SFr 4,024
Percentage of contract revenues			58.00%
Other [Member]
Contract Revenue [Abstract]
Total contract revenue	SFr 0	SFr 352	SFr 731

Contract revenues, Changes in Contract Assets and Liabilities (Details) - CHF (SFr) SFr in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Contract revenues [Abstract]
Accrued income, beginning balance	SFr 1,095	SFr 3,667
Accrued income, additions	2,354	2,211
Accrued income, deductions	(1,858)	(4,783)
Accrued income, ending balance	1,591	1,095
Deferred income, beginning balance	4,477	351
Deferred income, additions	1,467	7,686
Deferred income, deductions	(5,638)	(3,560)
Deferred income, ending balance	SFr 306	SFr 4,477

Contract revenues, Recognized Revenues (Details) - CHF (SFr) SFr in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Contract revenues [Abstract]
Amounts included in the contract liability at the beginning of the period	SFr 4,477	SFr 351	SFr 1,551
Performance obligations satisfied in previous periods	SFr 10,000	SFr 2,206	SFr 0

Contract revenues, Morphomer Tau small molecule - 2018 license agreement with Eli Lilly and Company (Details) SFr in Thousands	12 Months Ended
	Dec. 31, 2020 CHF (SFr) Installment Representative	Dec. 31, 2019 CHF (SFr)	Dec. 31, 2018 CHF (SFr)	Mar. 31, 2020 CHF (SFr)	Mar. 31, 2019 CHF (SFr)
Contract revenues [Abstract]
Recognized revenues	SFr 15,431	SFr 110,456	SFr 6,912
Deferred income	306	4,477	351
2018 License Agreement with Eli Lilly and Company [Member]
Contract revenues [Abstract]
Milestone payment received	10,000	30,000
Up-front consideration received		80,000
Recognized revenues	14,348	105,662	0
Morphomer Tau small molecule [Member] \| 2018 License Agreement with Eli Lilly and Company [Member]
Contract revenues [Abstract]
Milestone payment received	SFr 40,000
Up-front consideration received					SFr 80,000
Period to provide notice of termination of agreement	3 months
Number of representatives in joint steering committee by each party \| Representative	3
Recognized revenues	SFr 14,300	SFr 105,700	SFr 0
Deferred income	0
Morphomer Tau small molecule [Member] \| 2018 License Agreement with Eli Lilly and Company [Member] \| Clinical and Regulatory [Member]
Contract revenues [Abstract]
Expected transaction price allocation	880,000
Morphomer Tau small molecule [Member] \| 2018 License Agreement with Eli Lilly and Company [Member] \| Commercial [Member]
Contract revenues [Abstract]
Expected transaction price allocation	900,000
Morphomer Tau small molecule [Member] \| 2018 License Agreement with Eli Lilly and Company [Member] \| Research and Development [Member]
Contract revenues [Abstract]
Deferred research and development costs	6,900
Recognized revenues	6,900
Morphomer Tau small molecule [Member] \| 2018 License Agreement with Eli Lilly and Company [Member] \| Right-of-use License [Member]
Contract revenues [Abstract]
Expected transaction price allocation	SFr 73,100
Morphomer Tau small molecule [Member] \| 2018 License Agreement with Eli Lilly, First Amendment [Member]
Contract revenues [Abstract]
Total potential collaboration agreement value					60,000
Number of installments \| Installment	2
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 [Abstract]
Number of installments \| Installment	2
Milestone payment receivable				SFr 10,000
Morphomer Tau small molecule [Member] \| 2018 License Agreement with Eli Lilly, Second Amendment [Member] \| Phase 2 Clinical Study Licensed Product [Member]
Contract revenues [Abstract]
Milestone payment receivable	SFr 60,000

Contract revenues, Anti-Abeta Antibody in AD - 2006 Agreement with Genentech (Details) SFr in Thousands, $ in Millions	12 Months Ended
	Dec. 31, 2020 CHF (SFr) Payment	Dec. 31, 2020 USD ($) Payment	Dec. 31, 2019 CHF (SFr)	Dec. 31, 2019 USD ($)	Dec. 31, 2018 CHF (SFr)	Dec. 31, 2018 USD ($)	Dec. 31, 2020 USD ($)	Mar. 31, 2017 CHF (SFr)	Mar. 31, 2017 USD ($)
Contract revenues [Abstract]
Recognized revenues \| SFr	SFr 15,431		SFr 110,456		SFr 6,912
Anti-Abeta Antibody in AD [Member] \| 2006 Agreement with Genentech [Member]
Contract revenues [Abstract]
Period to provide notice of termination of agreement	90 days	90 days
Cumulative payments received	SFr 70,100						$ 65
Milestone payment recognized	31,600	$ 25
Milestone payment received	SFr 38,200	$ 40
Up-front consideration received								SFr 31,600	$ 25
Number of milestone payments received \| Payment	3	3
Recognized revenues \| $		$ 0		$ 0		$ 0
Anti-Abeta Antibody in AD [Member] \| 2006 Agreement with Genentech [Member] \| Bottom of Range [Member]
Contract revenues [Abstract]
Total potential collaboration agreement value	SFr 303,000						340
Total potential collaboration agreement value remaining	SFr 245,000						$ 275

Contract revenues, Anti-Tau Antibody in AD - 2012 Agreement with Genentech (Details) SFr in Thousands	1 Months Ended	3 Months Ended		12 Months Ended
	Jul. 31, 2016 CHF (SFr)	Dec. 31, 2017 CHF (SFr)	Jun. 30, 2016 CHF (SFr)	Dec. 31, 2020 CHF (SFr) Payment	Dec. 31, 2019 CHF (SFr)	Dec. 31, 2018 CHF (SFr)	Dec. 31, 2015 CHF (SFr)	Jun. 30, 2012 CHF (SFr)
Contract revenues [Abstract]
Recognized revenues				SFr 15,431	SFr 110,456	SFr 6,912
2012 Agreement with Genentech [Member]
Contract revenues [Abstract]
Recognized revenues				SFr 0	0	0
Anti-tau Antibody in AD [Member] \| 2012 Agreement with Genentech [Member]
Contract revenues [Abstract]
Period to provide notice of termination of agreement				90 days
Cumulative payments received				SFr 59,000
Milestone payment recognized			SFr 14,000
Milestone payment received	SFr 14,000	SFr 14,000		SFr 42,000			SFr 14,000
Up-front consideration received								SFr 17,000
Number of milestone payments received \| Payment				3
Recognized revenues				SFr 0	SFr 0	SFr 0
Anti-tau Antibody in AD [Member] \| 2012 Agreement with Genentech [Member] \| Bottom of Range [Member]
Contract revenues [Abstract]
Total potential collaboration agreement value								SFr 400,000
Total potential collaboration agreement value remaining				SFr 368,500

Contract revenues, Tau Vaccine in AD - 2014 Agreement with Janssen Pharmaceuticals (Details) - CHF (SFr) SFr in Thousands	1 Months Ended	12 Months Ended
	May 31, 2016	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2014
Contract revenues [Abstract]
Recognized revenues		SFr 15,431	SFr 110,456	SFr 6,912
2014 Agreement with Janssen Pharmaceuticals [Member]
Contract revenues [Abstract]
Recognized revenues		SFr 1,083	1,173	2,157
Tau Vaccine in AD [Member] \| 2014 Agreement with Janssen Pharmaceuticals [Member]
Contract revenues [Abstract]
Period to provide notice of termination of agreement		90 days
Cumulative payments received					SFr 25,900
Milestone payment received	SFr 4,900
Up-front consideration received					25,900
Recognized revenues		SFr 1,100	SFr 1,200	SFr 2,200
Tau Vaccine in AD [Member] \| 2014 Agreement with Janssen Pharmaceuticals [Member] \| Bottom of Range [Member]
Contract revenues [Abstract]
Total potential collaboration agreement value					SFr 500,000
Total potential collaboration agreement value remaining		SFr 458,000

Contract revenues, Tau-PET imaging agent in AD -2014 Agreement with Life Molecular Imaging (formerly Piramal Imaging SA) (Details) € in Thousands, SFr in Thousands	3 Months Ended				12 Months Ended
	Sep. 30, 2019 CHF (SFr)	Sep. 30, 2019 EUR (€)	Mar. 31, 2017 CHF (SFr)	Mar. 31, 2017 EUR (€)	Dec. 31, 2020 CHF (SFr)	Dec. 31, 2019 CHF (SFr)	Dec. 31, 2018 CHF (SFr)	Dec. 31, 2020 EUR (€)	Dec. 31, 2015 CHF (SFr)	Dec. 31, 2015 EUR (€)	May 31, 2014 CHF (SFr)	May 31, 2014 EUR (€)
Contract revenues [Abstract]
Recognized revenues					SFr 15,431	SFr 110,456	SFr 6,912
2014 Agreement with Life Molecular Imaging (formerly Piramal Imaging SA) Imaging [Member]
Contract revenues [Abstract]
Recognized revenues					SFr 0	2,206	0
Tau-PET Imaging Agent in AD [Member] \| 2014 Agreement with Life Molecular Imaging (formerly Piramal Imaging SA) Imaging [Member]
Contract revenues [Abstract]
Period to provide notice of termination of agreement					3 months
Cumulative payments received									SFr 664	€ 500
Milestone payment recognized	SFr 2,200	€ 2,000	SFr 1,100	€ 1,000
Collaboration contract receivable for clinical milestones					SFr 9,000			€ 8,000
Collaboration contract receivable for regulatory, commercialization and sales milestones					162,000			€ 148,000
Recognized revenues					SFr 0	SFr 2,200	SFr 0
Tau-PET Imaging Agent in AD [Member] \| 2014 Agreement with Life Molecular Imaging (formerly Piramal Imaging SA) Imaging [Member] \| Top of Range [Member]
Contract revenues [Abstract]
Total potential collaboration agreement value											SFr 175,000	€ 159,000

Contract revenues, A-syn and TDP-43 PET tracers - 2016 agreement with Biogen (Details) SFr in Thousands	12 Months Ended
	Dec. 31, 2020 CHF (SFr) Obligation	Dec. 31, 2019 CHF (SFr)	Dec. 31, 2018 CHF (SFr)
Contract revenues [Abstract]
Recognized revenues	SFr 15,431	SFr 110,456	SFr 6,912
2016 Agreement with Biogen [Member]
Contract revenues [Abstract]
Recognized revenues	SFr 0	1,063	4,024
A-syn and TDP-43 PET tracers - 2016 agreement with Biogen [Member] \| 2016 Agreement with Biogen [Member]
Contract revenues [Abstract]
Number of performance obligations identified \| Obligation	2
Recognized revenues	SFr 0	SFr 1,100	SFr 4,000

Contract revenues, Grants from the Michael J. Fox Foundation (Details) SFr in Thousands, $ in Millions	12 Months Ended
	Dec. 31, 2020 CHF (SFr) Grant	Dec. 31, 2019 CHF (SFr)	Dec. 31, 2018 CHF (SFr)	May 31, 2020 CHF (SFr)	May 31, 2020 USD ($)
Contract revenues [Abstract]
Recognized revenues	SFr 15,431	SFr 110,456	SFr 6,912
Grant from Michael J. Fox Foundation [Member]
Contract revenues [Abstract]
Number of grants received \| Grant	2
Total potential collaboration agreement value				SFr 2,900	$ 3.2
Eligible grant amount receivable				2,200	2.5
Recognized revenues	SFr 1,300	SFr 600	SFr 300
Grant from Michael J. Fox Foundation [Member] \| Bottom of Range [Member]
Contract revenues [Abstract]
Period of joint research agreement	2 years
Grant from Michael J. Fox Foundation [Member] \| Skane University Hospital [Member]
Contract revenues [Abstract]
Eligible grant amount receivable				SFr 700	$ 0.7

Expenses by category (Details) SFr in Thousands	12 Months Ended
Expenses by category (Details) SFr in Thousands	Dec. 31, 2020 CHF (SFr) Employee	Dec. 31, 2019 CHF (SFr) Employee	Dec. 31, 2018 CHF (SFr) Employee
Research and Development [Abstract]
Operating expenses	SFr 43,787	SFr 37,465	SFr 32,921
Payroll expenses	14,424	12,382	10,662
Share-based compensation	1,276	585	694
Total research and development expenses	SFr 59,487	SFr 50,432	SFr 44,277
Full-time equivalents in research and development \| Employee	115.3	102.7	87
General and administrative [Abstract]
Operating expenses	SFr 7,471	SFr 6,637	SFr 4,903
Payroll expenses	8,274	7,172	5,740
Share-based compensation	2,812	2,249	1,824
Total general and administrative expenses	SFr 18,557	SFr 16,058	SFr 12,467
Full-time equivalents in general and administrative functions \| Employee	26.7	24.1	17
Financial result, net [Abstract]
Financial income	SFr 78	SFr 303	SFr 127
Financial expense	(184)	(1,926)	(334)
Change in fair value of conversion feature	0	4,542	0
Exchange differences	(555)	(2,013)	(1,194)
Finance result, net	(661)	SFr 906	SFr (1,401)
Convertible Note Agreement with Lilly [Member]
Financial result, net [Abstract]
Net interest expense	1,400
Effective interest recorded to amortize the host debt	SFr 1,200

Related-party transactions (Details) SFr in Thousands		12 Months Ended
Related-party transactions (Details) SFr in Thousands	Jul. 31, 2018 shares	Dec. 31, 2020 CHF (SFr) Individual	Dec. 31, 2019 CHF (SFr)	Dec. 31, 2018 CHF (SFr)
Related-party transactions [Abstract]
Number of individuals, Board of Directors \| Individual		7
Number of individuals, Executive Management \| Individual		5
Short-term employee benefits		SFr 3,497	SFr 3,526	SFr 2,681
Post-employment benefits		214	215	160
Share-based compensation		2,578	2,155	1,683
Total		SFr 6,289	SFr 5,896	SFr 4,524
Number of shares purchased under subscription rights offering by related party (in shares) \| shares	614,147

Income taxes (Details) - CHF (SFr) SFr in Thousands	12 Months Ended
Income taxes (Details) - CHF (SFr) SFr in Thousands	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Income taxes [Abstract]
Income tax expense	SFr 0	SFr 0	SFr 0
Deferred tax assets	0	0	0
Deferred tax liabilities	0	0	0
Income tax expense reconciled to Income / (loss) [Abstract]
Income/(loss) before income tax	(61,921)	45,442	(50,951)
Tax expense/(benefit) calculated at the statutory rate of 13.6% (13.6% for 2019 and 20.6% for 2018)	(8,441)	6,194	(10,507)
Income not subject to tax/(expenses) not deductible for tax purposes	462		334
Income not subject to tax/(expenses) not deductible for tax purposes		(62)
Effect of unused tax losses and tax offsets not recognized as deferred tax assets	7,979	(6,132)	10,173
Effective income tax rate benefit/(expense)	SFr 0	SFr 0	SFr 0
Corporate tax rate	13.60%	13.60%	20.60%

Income taxes, Unrecognized Deductible Temporary Differences, Unused Tax Losses and Unused Tax Credits (Details) - CHF (SFr) SFr in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Unrecognized deductible temporary differences, unused tax losses and unused tax credits [Abstract]
Unrecognized deductible temporary differences, unused tax losses and unused tax credits	SFr 0	SFr 0	SFr 0
Unused tax losses and tax credits	129,412	71,610	114,959
Tax losses split by expiry date [Abstract]
Unused tax losses	121,948	64,125	109,294
Increase in tax losses available as an offset	57,800
Loss Expiry, December 31, 2019 [Member]
Tax losses split by expiry date [Abstract]
Unused tax losses	0	0	16,566
Loss Expiry, December 31, 2020 [Member]
Tax losses split by expiry date [Abstract]
Unused tax losses	0	0	10,338
Loss Expiry, December 31, 2021 [Member]
Tax losses split by expiry date [Abstract]
Unused tax losses	0	0	0
Loss Expiry, December 31, 2022 [Member]
Tax losses split by expiry date [Abstract]
Unused tax losses	0	0	0
Loss Expiry, December 31, 2023 [Member]
Tax losses split by expiry date [Abstract]
Unused tax losses	0	0	7,628
Loss Expiry, December 31, 2024 [Member]
Tax losses split by expiry date [Abstract]
Unused tax losses	15,231	15,231	25,868
Loss Expiry, December 31, 2025 [Member]
Tax losses split by expiry date [Abstract]
Unused tax losses	48,894	48,894	48,894
Loss Expiry, December 31, 2026 [Member]
Tax losses split by expiry date [Abstract]
Unused tax losses	0	0	0
Loss Expiry, December 31, 2027 [Member]
Tax losses split by expiry date [Abstract]
Unused tax losses	57,824	0	0
Tax Losses [Member]
Unrecognized deductible temporary differences, unused tax losses and unused tax credits [Abstract]
Unrecognized deductible temporary differences, unused tax losses and unused tax credits	121,948	64,125	109,294
Deductible Temporary Differences Related to Right-of-use Assets and Lease Liabilities [Member]
Unrecognized deductible temporary differences, unused tax losses and unused tax credits [Abstract]
Unrecognized deductible temporary differences, unused tax losses and unused tax credits	0	0	0
Deductible Temporary Differences Related to Retirement Benefit Plan [Member]
Unrecognized deductible temporary differences, unused tax losses and unused tax credits [Abstract]
Unrecognized deductible temporary differences, unused tax losses and unused tax credits	SFr 7,464	SFr 7,485	SFr 5,665

Retirement benefit plan (Details) - CHF (SFr) SFr in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Defined Benefit Obligation [Member]
Defined benefit pension plan amount recognized in balance sheet [Abstract]
Defined benefit obligation	SFr (30,213)	SFr (26,624)	SFr (17,942)
Fair value of plan assets	22,749	19,139	12,277
Total liability	(7,464)	(7,485)	(5,665)
Defined Benefit Plan [Member]
Net pension cost in statement of income [Abstract]
Service cost	1,626	1,313	1,095
Interest cost	71	195	100
Interest income	(42)	(133)	(65)
Net pension cost	1,655	1,375	1,130
Defined Benefit Plan [Member] \| Defined Benefit Obligation [Member]
Net pension cost in statement of income [Abstract]
Service cost	1,626	1,313	1,095
Interest cost	SFr 71	SFr 195	SFr 100
Employee [Member]
Disclosure of net defined benefit liability (asset) [line items]
Contributions paid to the plan by computing percentage in salary	47.00%
Employer [Member]
Disclosure of net defined benefit liability (asset) [line items]
Contributions paid to the plan by computing percentage in salary	53.00%
Percentage increase in plan assets	10.00%
Increase in plan assets	SFr 1,200

Retirement benefit plan, Changes in Defined Benefit Obligation (Details) - Defined Benefit Plan [Member] - CHF (SFr) SFr in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Changes in defined benefit obligation [Abstract]
Defined benefit obligation, beginning of period	SFr (7,485)	SFr (5,665)	SFr (4,926)
Service cost	(1,626)	(1,313)	(1,095)
Interest cost	(71)	(195)	(100)
Defined benefit obligation, end of period	(7,464)	(7,485)	(5,665)
Defined Benefit Obligation [Member]
Changes in defined benefit obligation [Abstract]
Defined benefit obligation, beginning of period	(26,624)	(17,942)	(14,278)
Service cost	(1,626)	(1,313)	(1,095)
Interest cost	(71)	(195)	(100)
Change in demographic assumptions	1,428	1,138	0
Change in financial assumptions	(71)	(2,171)	750
Change in experience assumptions	(931)	(2,003)	(888)
Benefits deposited	(1,467)	(3,382)	(1,710)
Employees' contributions	(851)	(756)	(621)
Defined benefit obligation, end of period	SFr (30,213)	SFr (26,624)	SFr (17,942)

Retirement benefit plan, Changes in Fair Value of Plan Assets (Details) - Defined Benefit Plan [Member] - CHF (SFr) SFr in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Changes in fair value of plan assets [Abstract]
Interest income	SFr 42	SFr 133	SFr 65
Employer's contributions	950	859	693
Fair Value of Plan Assets [Member]
Changes in fair value of plan assets [Abstract]
Fair value of plan assets, beginning of period	19,139	12,277	9,352
Interest income	42	133	65
Employees' contributions	851	756	621
Employer's contributions	950	859	693
Benefits deposited	1,467	3,382	1,710
Return on plan assets excluding interest income	300	1,732	(164)
Fair value of plan assets, end of period	22,749	SFr 19,139	SFr 12,277
Expected contribution by employer to be paid to post-retirement benefit plans	SFr 1,100

Retirement benefit plan, Change in Net Defined Benefit Liability (Details) - Defined Benefit Plan [Member] - CHF (SFr) SFr in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Change in net defined benefit liability [Abstract]
Net defined benefit liabilities, beginning of period	SFr 7,485	SFr 5,665	SFr 4,926
Net pension cost through statement of income	1,655	1,375	1,130
Remeasurement through other comprehensive loss	(726)	1,304	302
Employer's contribution	(950)	(859)	(693)
Net defined benefit liabilities, end of period	SFr 7,464	SFr 7,485	SFr 5,665

Retirement benefit plan, Change in Other Comprehensive Loss (Details) - Defined Benefit Plan [Member] - CHF (SFr) SFr in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Change in other comprehensive loss [Abstract]
Weighted average duration period for defined benefit obligation	17 years 7 months 6 days	19 years 3 months 18 days
Change in Other Comprehensive Loss [Member]
Change in other comprehensive loss [Abstract]
Other comprehensive loss, beginning of period	SFr (5,587)	SFr (4,283)	SFr (3,981)
Effect of changes in demographic assumptions	1,428	1,138	0
Effect of changes in financial assumptions	(71)	(2,171)	750
Effect of changes in experience assumptions	(931)	(2,003)	(888)
Return on plan assets excluding interest income	300	1,732	(164)
Other comprehensive loss, end of period	SFr (4,861)	SFr (5,587)	SFr (4,283)

Retirement benefit plan, Actuarial Assumptions and Sensitivity Analysis (Details) - Defined Benefit Plan [Member] - CHF (SFr) SFr in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Actuarial assumptions [Abstract]
Discount rate	0.20%	0.20%	0.90%
Rate of future increase in compensations	1.75%	1.75%	1.50%
Rate of future increase in current pensions	0.00%	0.00%	0.50%
Interest rate on retirement savings capital	0.50%	0.50%	0.90%
Mortality and disability rates	BVG 2020-CMI	BVG 2015-CMI	BVG 2015G
Sensitivity analysis [Abstract]
Potential defined benefit obligation	SFr 7,464	SFr 7,485	SFr 5,665	SFr 4,926
+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 [Member] \| +0.5% Increase [Member]
Sensitivity analysis [Abstract]
Potential defined benefit obligation	SFr 27,740	SFr 24,248
Decrease/(increase) from actual defined benefit obligation	2,473	2,376
Discount Rate [Member] \| -0.5% Decrease [Member]
Sensitivity analysis [Abstract]
Potential defined benefit obligation	33,080	29,396
Decrease/(increase) from actual defined benefit obligation	(2,867)	(2,772)
Future Salary Increase [Member] \| +0.5% Increase [Member]
Sensitivity analysis [Abstract]
Potential defined benefit obligation	30,912	27,317
Decrease/(increase) from actual defined benefit obligation	(699)	(693)
Future Salary Increase [Member] \| -0.5% Decrease [Member]
Sensitivity analysis [Abstract]
Potential defined benefit obligation	29,519	25,930
Decrease/(increase) from actual defined benefit obligation	694	694
Future Pension Cost [Member] \| +0.5% Increase [Member]
Sensitivity analysis [Abstract]
Potential defined benefit obligation	31,652	27,993
Decrease/(increase) from actual defined benefit obligation	(1,439)	(1,369)
Future Pension Cost [Member] \| -0.5% Decrease [Member]
Sensitivity analysis [Abstract]
Potential defined benefit obligation	28,916	25,393
Decrease/(increase) from actual defined benefit obligation	1,297	1,231
Interest Rate on Savings Capital [Member] \| +0.5% Increase [Member]
Sensitivity analysis [Abstract]
Potential defined benefit obligation	31,070	27,447
Decrease/(increase) from actual defined benefit obligation	(857)	(823)
Interest Rate on Savings Capital [Member] \| -0.5% Decrease [Member]
Sensitivity analysis [Abstract]
Potential defined benefit obligation	29,405	25,848
Decrease/(increase) from actual defined benefit obligation	SFr 808	SFr 776

Share-based compensation, Plans Outstanding (Details)	12 Months Ended
Share-based compensation, Plans Outstanding (Details)	Dec. 31, 2020 shares Plan	Dec. 31, 2019 shares	Dec. 31, 2018 shares
Share-based compensation [Abstract]
Number of equity-based instrument plans \| Plan	4
Share-based plans outstanding [Abstract]
Number of options awarded (in shares)	1,073,027	1,053,305	484,403
Stock Option Plan A [Member]
Share-based plans outstanding [Abstract]
Number of options awarded (in shares)	362,750
Contractual life of options	15 years 6 months
Stock Option Plan B [Member]
Share-based plans outstanding [Abstract]
Number of options awarded (in shares)	819,000
Contractual life of options	10 years 6 months
Stock 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)	1,898,222
Contractual life of options	10 years
2016 SOIP [Member] \| Employees [Member]
Share-based plans outstanding [Abstract]
Number of options awarded (in shares)	989,279
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

Share-based compensation, Weighted Average Exercise Prices (Details)	12 Months Ended
	Dec. 31, 2020 shares yr SFr / shares	Dec. 31, 2020 shares yr SFr / shares $ / shares	Dec. 31, 2019 shares yr SFr / shares	Dec. 31, 2019 shares yr SFr / shares $ / shares	Dec. 31, 2018 shares yr SFr / shares	Dec. 31, 2018 shares yr SFr / shares $ / shares	Dec. 31, 2017 shares SFr / shares
Number of options [Abstract]
Outstanding at beginning of period (in shares)	1,981,629	1,981,629	1,618,856	1,618,856	1,359,891	1,359,891
Forfeited during the year (in shares)	(53,591)	(53,591)	(73,699)	(73,699)	(73,624)	(73,624)
Expired during the year (in shares)	(26,729)	(26,729)
Exercised during the year (in shares)	(73,669)	(73,669)	(616,833)	(616,833)	(151,814)	(151,814)
Granted during the year (in shares)	1,073,027	1,073,027	1,053,305	1,053,305	484,403	484,403
Outstanding at end of period (in shares)	2,900,667	2,900,667	1,981,629	1,981,629	1,618,856	1,618,856	1,359,891
Exercisable (in shares)	1,099,015	1,099,015	602,218	602,218	932,175	932,175
Weighted average exercise price [Abstract]
Outstanding at beginning of period (in CHF per share) \| SFr / shares	SFr 5.93		SFr 4.25		SFr 2.09
Forfeited during the year (in CHF per share) \| SFr / shares	6.03		6.71		9.16
Expired during the year (in CHF per share) \| SFr / shares	4.38
Exercised during the year (in CHF per share) \| SFr / shares	2.00		0.15		0.15
Granted during the year (in CHF per share) \| (per share)	6.29	$ 7.11	5.24	$ 5.41	9.79	$ 9.97
Outstanding at end of period (in CHF per share) \| SFr / shares	5.90		5.93		4.25		SFr 2.09
Exercisable (in CHF per share) \| SFr / shares	SFr 5.49	$ 5.49	SFr 4.94	$ 4.94	SFr 1.25	$ 1.25
Weighted average remaining term (years) [Abstract]
Weighted average remaining term (years)	8 years 2 months 12 days	8 years 2 months 12 days	8 years 3 months 18 days	8 years 3 months 18 days	6 years 3 months 18 days	6 years 3 months 18 days	5 years 9 months 18 days
Exercisable \| yr	7.0	7.0	6.5	6.5	4.4	4.4

Share-based compensation, Outstanding Options, Range of Exercise prices and Expiration Dates (Details)	12 Months Ended
	Dec. 31, 2020 shares SFr / shares	Dec. 31, 2020 shares $ / shares	Dec. 31, 2019 shares SFr / shares	Dec. 31, 2019 shares $ / shares	Dec. 31, 2018 shares SFr / shares	Dec. 31, 2018 shares $ / shares	Dec. 31, 2017 shares
Outstanding options, exercise price range and expiry dates [Abstract]
Outstanding Options (in shares)	2,900,667	2,900,667	1,981,629	1,981,629	1,618,856	1,618,856	1,359,891
Weighted average exercise price for options granted (in CHF/USD per share) \| (per share)	SFr 6.29	$ 7.11	SFr 5.24	$ 5.41	SFr 9.79	$ 9.97
Weighted average share price of common share options exercised (in dollars per share) \| (per share)	6.07	6.86
Bottom of Range [Member]
Outstanding options, exercise price range and expiry dates [Abstract]
Weighted average exercise price for options granted (in CHF/USD per share) \| (per share)	0.15	5.04			SFr 9.79
Top of Range [Member]
Outstanding options, exercise price range and expiry dates [Abstract]
Weighted average exercise price for options granted (in CHF/USD per share) \| (per share)	SFr 9.53	$ 12.30
CHF 0.15 [Member]
Outstanding options, exercise price range and expiry dates [Abstract]
Outstanding Options (in shares)	243,125	243,125
CHF 0.15 [Member] \| Bottom of Range [Member]
Outstanding options, exercise price range and expiry dates [Abstract]
Expiration Dates	2020	2020
CHF 0.15 [Member] \| Top of Range [Member]
Outstanding options, exercise price range and expiry dates [Abstract]
Expiration Dates	2026	2026
CHF 9.53 [Member]
Outstanding options, exercise price range and expiry dates [Abstract]
Outstanding Options (in shares)	223,646	223,646
Expiration Dates	2027	2027
USD 5.04 to USD 12.30 [Member]
Outstanding options, exercise price range and expiry dates [Abstract]
Outstanding Options (in shares)	2,433,896	2,433,896
USD 5.04 to USD 12.30 [Member] \| Bottom of Range [Member]
Outstanding options, exercise price range and expiry dates [Abstract]
Expiration Dates	2028	2028
USD 5.04 to USD 12.30 [Member] \| Top of Range [Member]
Outstanding options, exercise price range and expiry dates [Abstract]
Expiration Dates	2030	2030

Share-based compensation, Weighted Average Grant date Fair Value and Assumptions (Details) SFr / shares in Units, SFr in Thousands	12 Months Ended
	Dec. 31, 2020 CHF (SFr) yr SFr / shares	Dec. 31, 2020 $ / shares	Dec. 31, 2019 CHF (SFr) yr SFr / shares	Dec. 31, 2019 $ / shares	Dec. 31, 2018 CHF (SFr) yr SFr / shares	Dec. 31, 2018 $ / shares
Number and weighted average exercise prices of options under the share option programs [Abstract]
Weighted average fair value, options granted (in USD/CHF per share) \| (per share)	SFr 4.65	$ 5.25	SFr 3.59	$ 3.71	SFr 6.54	$ 6.66
Weighted average fair value, restricted share awards granted (in CHF per share) \| SFr / shares	0		0		9.43
Weighted average fair value, non-vested restricted share awards granted (in CHF per share) \| SFr / shares	SFr 9.51		SFr 9.52		SFr 9.51
Weighted average assumptions [Abstract]
Share price, weighted average (in USD per share)		7.11		5.41		9.87
Risk free interest rate	0.00%		0.00%		0.00%
Expected volatility	80.00%		80.00%		80.00%
Expected term \| yr	6		6		6
Dividend yield	0.00%		0.00%		0.00%
Share-based compensation [Abstract]
Expense charged against the income statement \| SFr	SFr 4,088		SFr 2,834		SFr 2,518
Bottom of Range [Member]
Weighted average assumptions [Abstract]
Exercise price (in USD per share)		5.04		5.15		8.33
Top of Range [Member]
Weighted average assumptions [Abstract]
Exercise price (in USD per share)		$ 9.16		$ 5.54		$ 12.30

Share-based compensation, Non-vested Share Awards (Details)	12 Months Ended
	Dec. 31, 2020 shares SFr / shares	Dec. 31, 2019 shares SFr / shares	Dec. 31, 2018 shares SFr / shares
Weighted Average grant date fair value [Abstract]
Granted during the year (in CHF per share) \| SFr / shares	SFr 0	SFr 0	SFr 9.43
Non-vested Share Awards [Member]
Share-based payment arrangement [Abstract]
Number of non-vested share awards granted (in shares)	0	0	69,371
Number of non-vested shares [Abstract]
Non-vested at beginning of period (in shares)	42,763	109,041	122,014
Forfeited during the year (in shares)	(11,828)	0	(25,673)
Expired during the year (in shares)	(7,804)
Exercised during the year (in shares)	(84,638)
Granted during the year (in shares)	0	0	69,371
Vested during the year	(23,269)	(66,278)	(56,671)
Non-vested at end of period (in shares)	19,494	42,763	109,041
Vested and exercisable (in shares)	49,289	130,290	64,012
Weighted Average grant date fair value [Abstract]
Non-vested at beginning of period (in CHF per share) \| SFr / shares	SFr 9.52	SFr 9.51	SFr 9.59
Forfeited during the year (in CHF per share) \| SFr / shares	9.47	0	9.48
Expired during the year (in CHF per share) \| SFr / shares	9.52
Exercised during the year (in CHF per share) \| SFr / shares	9.51
Granted during the year (in CHF per share) \| SFr / shares	0	0	9.43
Vested during the year (in CHF per share) \| SFr / shares	9.52	9.51	9.60
Non-vested at end of period (in CHF per share) \| SFr / shares	9.51	9.52	9.51
Vested and exercisable (in CHF per share) \| SFr / shares	SFr 9.47	SFr 9.58	SFr 9.65
Restricted Share Awards [Member]
Share-based payment arrangement [Abstract]
Number of non-vested share awards granted (in shares)	4,023
Vesting conditions	2 years 9 months
Contractual life of non-vested share awards	10 years
Number of non-vested shares [Abstract]
Granted during the year (in shares)	4,023
Restricted Stock Units [Member] \| Directors [Member]
Share-based payment arrangement [Abstract]
Number of non-vested share awards granted (in shares)	83,864
Vesting conditions	1 year
Contractual life of non-vested share awards	10 years
Number of non-vested shares [Abstract]
Granted during the year (in shares)	83,864
Restricted Stock Units [Member] \| Executives [Member]
Share-based payment arrangement [Abstract]
Number of non-vested share awards granted (in shares)	110,839
Vesting conditions	4 years
Contractual life of non-vested share awards	10 years
Number of non-vested shares [Abstract]
Granted during the year (in shares)	110,839

Commitments and contingencies (Details) - CHF (SFr) SFr in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Commitments and contingencies [Abstract]
External research projects	SFr 24,700
Notice period for cancellation of rental contract	12 months
Commitments	SFr 34,355	SFr 39,909
Within 1 Year [Member]
Commitments and contingencies [Abstract]
Commitments	25,072	19,907
Between 1 and 3 Years [Member]
Commitments and contingencies [Abstract]
Commitments	8,885	12,993
Between 3 and 5 Years [Member]
Commitments and contingencies [Abstract]
Commitments	341	4,816
More Than 5 Years [Member]
Commitments and contingencies [Abstract]
Commitments	SFr 57	SFr 2,193

Earnings per share (Details) - CHF (SFr) SFr / shares in Units, SFr in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Numerator [Abstract]
Net income/(loss) attributable to equity holders of the Company	SFr (61,921)	SFr 45,442	SFr (50,951)
Denominator [Abstract]
Weighted-average number of shares outstanding to equity holders (in shares)	71,900,212	70,603,611	61,838,228
Basic income/(loss) for the period attributable to equity holders (in CHF per share)	SFr (0.86)	SFr 0.64	SFr (0.82)
Effect of dilutive securities from equity incentive plans (in shares)	0	499,730	0
Weighted-average number of shares outstanding - diluted to equity holders (in shares)	71,900,212	71,103,341	61,838,228
Diluted income/(loss) for the period attributable to equity holders (in CHF per share)	SFr (0.86)	SFr 0.64	SFr (0.82)
Antidilutive securities [Abstract]
Share options issued and outstanding (in-the-money) (in shares)	412,191	1,081,836	1,472,589
Restricted share awards subject to future vesting (in shares)	28,418	0	109,041
Convertible shares (in shares)	0	911,261	0
Total (in shares)	440,609	1,993,097	1,581,630

Financial instruments and risk management (Details) SFr in Thousands	12 Months Ended
	Dec. 31, 2020 CHF (SFr) Institution	Dec. 31, 2019 CHF (SFr)	Dec. 31, 2018 CHF (SFr)
Financial assets and liabilities [Abstract]
Financial assets	SFr 226,556	SFr 289,195
Financial liabilities	15,492	14,846
Financial risks [Abstract]
Loss in finance results, net	(555)	(2,013)	SFr (1,194)
Foreign Currency Exchange Risk [Member]
Financial risks [Abstract]
Loss in finance results, net	SFr (700)	(800)	SFr (1,200)
Percentage exchange rate strengthened	10.00%
Percentage exchange rate weakened	10.00%
Net loss for period decrease, result of foreign exchange rate increase	SFr 800	3,500
Credit Risk [Member]
Financial risks [Abstract]
Number of financial institutions holding cash and cash equivalents and short-term financial assets \| Institution	4
Liquidity Risk [Member]
Financial risks [Abstract]
Cash position rolling forecast period	18 months
Interest Rate [member]
Financial risks [Abstract]
Percentage of increase in interest rates	10.00%
Percentage of decrease in interest rates	10.00%
Interest Rate [member] \| Top of Range [Member]
Financial risks [Abstract]
Net loss for period increase, due to increase in interest rate	SFr 100
Net loss for period decrease, due to decrease in interest rate	100
Long-term Lease Liabilities [Member]
Financial assets and liabilities [Abstract]
Financial liabilities	1,780	1,813
Trade and Other Payables [Member]
Financial assets and liabilities [Abstract]
Financial liabilities	SFr 2,184	142
Trade and Other Payables [Member] \| Liquidity Risk [Member] \| Bottom of Range [Member]
Financial risks [Abstract]
Expected debt obligation payoff period	12 months
Accrued Expenses [Member]
Financial assets and liabilities [Abstract]
Financial liabilities	SFr 11,085	11,797
Short-term Financing Obligation [Member]
Financial assets and liabilities [Abstract]
Financial liabilities	0	652
Short-term Lease Liabilities [Member]
Financial assets and liabilities [Abstract]
Financial liabilities	443	442
Long-term Financial Assets [Member]
Financial assets and liabilities [Abstract]
Financial assets	334	304
Other Current Receivables [Member]
Financial assets and liabilities [Abstract]
Financial assets	329	304
Short-term Financial Assets [Member]
Financial assets and liabilities [Abstract]
Financial assets	65,000	95,000
Cash and Cash Equivalents [Member]
Financial assets and liabilities [Abstract]
Financial assets	SFr 160,893	SFr 193,587

Subsequent events (Details) - ATM Program [Member] SFr in Millions, $ in Millions	1 Months Ended
	Feb. 28, 2021 CHF (SFr) shares	Feb. 28, 2021 USD ($) shares	Dec. 31, 2020 shares
Subsequent events [Abstract]
Number of common shares sold (in shares)			0
Subsequent Events [Member]
Subsequent events [Abstract]
Proceeds from issuance of ordinary shares, net of agent commissions	SFr 8.0	$ 8.8
Number of common shares sold (in shares)	764,977	764,977