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26624000 17942000 14278000 196000 961000 1274000 580000 24000 285000 50000 899000 18000 697000 66000 400000 3000 17000 420000 <div style="font-family: 'Times New Roman'; font-size: 10pt;"><div style="font-weight: bold;">Earnings per share</div><div><br /></div><div style="text-indent: 18pt;">The Company presents basic earnings per share for each period in the financial statements. The earnings per share is calculated by dividing the earnings of the period by the weighted average number of shares (common and preferred) outstanding during the period. Diluted earnings per share reflect the potential dilution that could occur if dilutive securities such as share options 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.</div></div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><div style="font-weight: bold;">Employee benefits</div><div><br /></div><div style="font-style: italic; font-weight: bold; margin-left: 9.35pt;">Post-employment benefits</div><div style="margin-left: 9.35pt;"><br /></div><div style="text-indent: 18pt;">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.</div><div style="text-indent: 18pt;"><br /></div><div style="text-indent: 18pt;">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<font style="color: rgb(0, 0, 0);"> defined benefit obligation is calculated annually with the assistance of an independent actuary</font> using the projected unit credit method, which reflects services rendered by employees to the date of valuation, incorporates assumptions concerning employees&#8217; projected salaries, pension increases as well as discount rates of highly liquid corporate bonds which have terms to maturity approximating the terms of the related liability.</div><div><br /></div><div style="color: rgb(0, 0, 0); text-indent: 18pt;">Remeasurements of the net defined benefit liability, which comprise actuarial gains and losses, the return on plan assets (excluding interest), are recognized immediately in 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, taking into account any changes in the net defined benefit liability during the period as a result of contributions and benefit payments. Net interest expense and other expenses related to defined benefit plans are recognized in the statements of income/(loss).</div><div style="text-indent: 18pt;"><br /></div><div style="font-style: italic; font-weight: bold; margin-left: 9.35pt;">Share-based compensation</div><div><br /></div><div style="text-indent: 18pt;">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.</div><div style="text-indent: 18pt;"><br /></div><div style="text-indent: 18pt;">Stock options granted under the Company&#8217;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 &#8220;Share-based compensation&#8221;). This valuation model as well as parameters used such as expected volatility and expected term of the stock options are partially based on management&#8217;s estimates.</div><div style="text-indent: 18pt;"><br /></div><div style="text-indent: 18pt;">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.</div><div><br /></div><div style="text-indent: 18pt;">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 remeasure 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 premium as the awards vest.</div></div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><div style="font-weight: bold;">Foreign currency transactions</div><div><br /></div><div style="text-indent: 18pt;">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.</div></div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><div style="font-weight: bold;">Taxation</div><div><br /></div><div style="text-indent: 18pt;">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.</div><div style="text-indent: 18pt;"><br /></div><div style="text-indent: 18pt;">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.</div><div style="text-indent: 18pt;"><br /></div><div style="text-indent: 18pt;">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 carryforwards, 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.</div><div style="text-indent: 18pt;"><br /></div><div style="font-style: italic; font-weight: bold;">Income taxes</div><div><br /></div><div style="text-indent: 18pt;">As disclosed in Note 15 &#8220;Income taxes,&#8221; the Company has tax losses that can generally be carried forward for a period of seven 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.</div></div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><div style="font-weight: bold;">Share capital and public offerings</div><div><br /></div><div style="text-indent: 18pt;">Ordinary (Common) Shares are classified as equity, as were all Preferred Shares previously outstanding prior to the IPO. Expenses directly attributable to the issuance of new shares are shown in equity as a deduction, net of tax, from the proceeds. See Note 9 &#8220;Share Capital.&#8221;</div></div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><div style="font-weight: bold;">Property, plant and equipment</div><div><br /></div><div style="text-indent: 18pt;">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:</div><div style="text-indent: 18pt;"><br /></div><table align="center" border="0" cellpadding="0" cellspacing="0" style="width: 100%; color: #000000; font-size: 10pt; text-align: left;"><tr><td rowspan="1" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 50%;">IT equipment</td><td rowspan="1" style="vertical-align: bottom; background-color: rgb(204, 238, 255); text-align: right; width: 50px;">3 years</td></tr><tr><td rowspan="1" style="vertical-align: bottom; background-color: rgb(255, 255, 255); width: 50%;">Laboratory equipment</td><td rowspan="1" style="vertical-align: bottom; background-color: rgb(255, 255, 255); text-align: right; width: 50px;">5 years</td></tr><tr><td rowspan="1" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 50%;">Leasehold improvements/furniture</td><td rowspan="1" style="vertical-align: bottom; background-color: rgb(204, 238, 255); text-align: right; width: 50px;">5 years</td></tr></table><div style="text-indent: 18pt;"><br /></div><div style="text-indent: 18pt;">The assets&#8217; residual values and useful lives are reviewed, and adjusted if appropriate, at each balance sheet date. Where an asset&#8217;s carrying amount is greater than its estimated recoverable amount, it is written down to its recoverable amount.</div><div style="text-indent: 18pt;"><br /></div><div style="text-indent: 18pt;">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).</div></div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><div style="font-weight: bold;">Provisions</div><div><br /></div><div style="text-indent: 18pt;">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.</div></div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><div style="font-weight: bold;">Revenue recognition</div><div><br /></div><div style="color: rgb(0, 0, 0); text-indent: 18pt;">Effective January 1, 2018, the Company adopted IFRS 15 <font style="font-style: italic;">Revenue from Contracts with Customers</font>, without though deeming any adjustments necessary in the transition to the new standard. 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 which 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 only applies the five-step model to contracts 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. For a complete discussion of accounting for contract revenue, see Note 12 &#8220;Revenues.&#8221;</div><div style="text-indent: 18pt;"><br /></div><div style="font-style: italic; font-weight: bold; margin-left: 18.35pt;">Licenses on intellectual property</div><div style="margin-left: 9.35pt;"><br /></div><div style="color: rgb(0, 0, 0); text-indent: 18pt;">If the license to the Company&#8217;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.</div><div style="text-indent: 18pt;"><br /></div><div style="font-style: italic; font-weight: bold; margin-left: 18.35pt;">Milestone payments</div><div style="margin-left: 9.35pt;"><br /></div><div style="color: rgb(0, 0, 0); text-indent: 18pt;">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.</div><div><br /></div><div style="font-style: italic; font-weight: bold; margin-left: 18.35pt;">Research and development services</div><div><br /></div><div style="color: rgb(0, 0, 0); text-indent: 18pt;">The Company has certain arrangements with our collaboration partners that include contracting our full-time 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.</div><div><br /></div><div style="font-style: italic; font-weight: bold; margin-left: 18.35pt;">Sublicense revenues</div><div><br /></div><div style="color: rgb(0, 0, 0); text-indent: 18pt;">The Company has certain arrangements with our collaboration partners that include provisions for sublicensing. 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text-align: right; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td></tr><tr><td valign="bottom" style="width: 64%; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div style="text-indent: -9pt; margin-left: 9pt;">Weighted-average number of shares outstanding to equity holders</div></td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div>70,603,611</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div>61,838,228</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div>57,084,295</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td></tr><tr><td valign="bottom" style="width: 64%; 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text-align: right; vertical-align: bottom; background-color: rgb(255, 255, 255);"><div>&#8212;</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; vertical-align: bottom; background-color: rgb(255, 255, 255);"><div>&#8212;</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td></tr><tr><td valign="bottom" style="width: 64%; padding-bottom: 2px; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div style="text-indent: -9pt; margin-left: 9pt;">Weighted-average number of shares outstanding &#8211; 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text-align: right; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; background-color: rgb(204, 238, 255);">&#160;</td><td colspan="1" valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; background-color: rgb(204, 238, 255);"><div><div style="text-align: right;">61,838,228</div></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; text-align: right; padding-bottom: 2px; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td><td colspan="1" valign="bottom" style="width: 1%; text-align: right; padding-bottom: 2px; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td><td colspan="1" valign="bottom" style="width: 1%; text-align: right; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; background-color: rgb(204, 238, 255);">&#160;</td><td colspan="1" valign="bottom" style="width: 9%; 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vertical-align: bottom;">&#160;</td><td colspan="1" valign="bottom" style="padding-bottom: 2px; vertical-align: bottom;">&#160;</td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid;"><div style="text-align: center; font-weight: bold;">2019</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="padding-bottom: 2px; vertical-align: bottom;">&#160;</td><td colspan="1" valign="bottom" style="padding-bottom: 2px; vertical-align: bottom;">&#160;</td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid;"><div style="text-align: center; font-weight: bold;">2018</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="padding-bottom: 2px; vertical-align: bottom;">&#160;</td><td colspan="1" valign="bottom" style="padding-bottom: 2px; vertical-align: bottom;">&#160;</td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid;"><div style="text-align: center; font-weight: bold;">2017</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="padding-bottom: 2px; vertical-align: bottom;">&#160;</td></tr><tr><td valign="bottom" style="width: 64%; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div><div style="text-indent: -9pt; margin-left: 9pt;">Share options issued and outstanding (in-the-money)</div></div></td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div><div>1,081,836</div></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; 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padding-bottom: 4px; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="width: 1%; padding-bottom: 4px; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 4px; border-bottom-style: double; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 4px; border-bottom-style: double; background-color: rgb(255, 255, 255);"><div><div>1,463,056</div></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; padding-bottom: 4px; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td></tr></table></div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;"><tr style="vertical-align: top;"><td style="width: 18pt; vertical-align: top;"><div style="text-align: left; text-indent: 0.3pt;"><font style="font-weight: bold;">16.</font></div></td><td style="width: auto; vertical-align: top; align: left;"><div style="text-align: left; text-indent: 0.3pt;"><font style="font-weight: bold;">Retirement benefit plan</font></div></td></tr></table><div><br /></div><div style="text-indent: 18pt;">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.</div><div style="text-indent: 18pt;"><br /></div><div style="text-indent: 18pt;">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.</div><div style="text-indent: 18pt;"><br /></div><div style="text-indent: 18pt;">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&#8217;s and employee&#8217;s representatives. The board of trustees is responsible for the administration of the plan assets and for the definition of the investment strategy.</div><div style="text-indent: 18pt;"><br /></div><div style="text-indent: 18pt;">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.</div><div style="text-indent: 18pt;"><br /></div><div style="text-indent: 18pt;">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, since they are shared between a much greater number of participants. On leaving the Company, a departing employee&#8217;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.</div><div style="text-indent: 18pt;"><br /></div><div style="text-indent: 18pt;">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.</div><div style="text-indent: 18pt;"><br /></div><div style="text-indent: 18pt;"><div style="text-align: left; text-indent: 18pt; font-family: 'Times New Roman'; font-size: 10pt;"><div style="text-align: left; text-indent: 18pt; font-family: 'Times New Roman'; font-size: 10pt;">As of January 1, 2019 the Company changed from a fully insured plan to a plan where the company now bears investment and old age risks. 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font-weight: bold;">As of</div><div style="text-align: center; font-weight: bold;">December 31,</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="padding-bottom: 2px; vertical-align: bottom;">&#160;</td></tr><tr><td valign="bottom" style="padding-bottom: 2px; vertical-align: bottom;"><div style="text-align: center; font-weight: bold;">in CHF thousands</div></td><td colspan="1" valign="bottom" style="padding-bottom: 2px; vertical-align: bottom;">&#160;</td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid;"><div style="text-align: center; font-weight: bold;">2019</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="padding-bottom: 2px; vertical-align: bottom;">&#160;</td><td colspan="1" valign="bottom" style="padding-bottom: 2px; vertical-align: bottom;">&#160;</td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid;"><div style="text-align: center; font-weight: bold;">2018</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="padding-bottom: 2px; vertical-align: bottom;">&#160;</td><td colspan="1" valign="bottom" style="padding-bottom: 2px; vertical-align: bottom;">&#160;</td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid;"><div style="text-align: center; font-weight: bold;">2017</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="padding-bottom: 2px; vertical-align: bottom;">&#160;</td></tr><tr><td valign="bottom" style="width: 64%; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div><div style="text-indent: -9pt; margin-left: 9pt;">Defined benefit obligation</div></div></td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div><div>(26,624</div></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div><div>)</div></div></td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div><div>(17,942</div></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div><div>)</div></div></td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div><div>(14,278</div></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div><div>)</div></div></td></tr><tr><td valign="bottom" style="width: 64%; padding-bottom: 2px; vertical-align: bottom; background-color: rgb(255, 255, 255);"><div><div style="text-indent: -9pt; margin-left: 9pt;">Fair value of plan assets</div></div></td><td colspan="1" valign="bottom" style="width: 1%; padding-bottom: 2px; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); 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font-weight: bold;">2019</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="padding-bottom: 2px; vertical-align: bottom;">&#160;</td><td colspan="1" valign="bottom" style="padding-bottom: 2px; vertical-align: bottom;">&#160;</td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid;"><div style="text-align: center; font-weight: bold;">2018</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="padding-bottom: 2px; vertical-align: bottom;">&#160;</td><td colspan="1" valign="bottom" style="padding-bottom: 2px; vertical-align: bottom;">&#160;</td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid;"><div style="text-align: center; font-weight: bold;">2017</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="padding-bottom: 2px; vertical-align: bottom;">&#160;</td></tr><tr><td valign="bottom" style="width: 64%; 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vertical-align: top;"><div style="text-align: left; font-weight: bold;">A.</div></td><td style="width: auto; vertical-align: top; align: left;"><div style="text-align: left; font-weight: bold;">Change in defined benefit obligation</div></td></tr></table><div><br /></div><table cellpadding="0" cellspacing="0" style="width: 100%; text-align: left; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;"><tr><td valign="bottom" style="padding-bottom: 2px; vertical-align: bottom;">&#160;</td><td colspan="1" valign="bottom" style="padding-bottom: 2px; vertical-align: bottom;">&#160;</td><td colspan="10" nowrap="nowrap" valign="bottom" style="vertical-align: top; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid;"><div style="text-align: center; font-weight: bold;">For the Years Ended</div><div style="text-align: center; font-weight: bold;">December 31,</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="padding-bottom: 2px; vertical-align: bottom;">&#160;</td></tr><tr><td valign="bottom" style="padding-bottom: 2px; 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vertical-align: bottom;">&#160;</td><td colspan="1" valign="bottom" style="padding-bottom: 2px; vertical-align: bottom;">&#160;</td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid;"><div style="text-align: center; font-weight: bold;">2018</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="padding-bottom: 2px; vertical-align: bottom;">&#160;</td><td colspan="1" valign="bottom" style="padding-bottom: 2px; vertical-align: bottom;">&#160;</td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid;"><div style="text-align: center; font-weight: bold;">2017</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="padding-bottom: 2px; vertical-align: bottom;">&#160;</td></tr><tr><td valign="bottom" style="width: 64%; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div><div style="text-indent: -9pt; 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vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; vertical-align: bottom; background-color: rgb(255, 255, 255);"><div><div>1,375</div></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; vertical-align: bottom; background-color: rgb(255, 255, 255);"><div><div>1,130</div></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; 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vertical-align: bottom;">&#160;</td><td colspan="1" valign="bottom" style="padding-bottom: 2px; vertical-align: bottom;">&#160;</td><td colspan="10" nowrap="nowrap" valign="bottom" style="vertical-align: top; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid;"><div style="text-align: center; font-weight: bold;">For the Years Ended</div><div style="text-align: center; font-weight: bold;">December 31,</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="padding-bottom: 2px; vertical-align: bottom;">&#160;</td></tr><tr><td valign="bottom" style="padding-bottom: 2px; vertical-align: bottom;">&#160;</td><td colspan="1" valign="bottom" style="padding-bottom: 2px; vertical-align: bottom;">&#160;</td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid;"><div style="text-align: center; font-weight: bold;">2019</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="padding-bottom: 2px; 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margin-left: 9pt;">Discount rate</div></div></td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div><div>0.20</div></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div><div>%</div></div></td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div><div>0.90</div></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; 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vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; vertical-align: bottom; background-color: rgb(255, 255, 255);"><div><div>1.50</div></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"><div><div>%</div></div></td></tr><tr><td valign="bottom" style="width: 64%; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div><div style="text-indent: -9pt; margin-left: 9pt;">Rate of future increase in current pensions</div></div></td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div><div>0.00</div></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div><div>%</div></div></td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div><div>0.50</div></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div><div>%</div></div></td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td><td colspan="1" valign="bottom" style="width: 1%; 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vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 4px; border-bottom-style: double; background-color: rgb(204, 238, 255);">&#160;</td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 4px; border-bottom-style: double; background-color: rgb(204, 238, 255);"><div><div>7,485</div></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; padding-bottom: 4px; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td><td colspan="1" valign="bottom" style="width: 1%; padding-bottom: 4px; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 4px; border-bottom-style: double; background-color: rgb(204, 238, 255);">&#160;</td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; 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vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div><div>193,587</div></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; padding-bottom: 2px; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td><td colspan="1" valign="bottom" style="width: 1%; padding-bottom: 2px; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; vertical-align: bottom; 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vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div><div>11,471</div></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td></tr><tr><td valign="bottom" style="width: 76%; padding-bottom: 2px; vertical-align: bottom; background-color: rgb(255, 255, 255);"><div><div style="text-indent: -9pt; margin-left: 9pt;">USD</div></div></td><td colspan="1" valign="bottom" style="width: 1%; padding-bottom: 2px; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="width: 9%; 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padding-bottom: 2px; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td><td colspan="1" valign="bottom" style="width: 1%; padding-bottom: 2px; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; background-color: rgb(204, 238, 255);">&#160;</td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; background-color: rgb(204, 238, 255);"><div><div>156,462</div></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; padding-bottom: 2px; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td></tr><tr><td valign="bottom" style="width: 76%; padding-bottom: 4px; vertical-align: bottom; background-color: rgb(255, 255, 255);"><div><div style="font-weight: bold;">Total</div></div></td><td colspan="1" valign="bottom" style="width: 1%; padding-bottom: 4px; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 4px; border-bottom-style: double; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 4px; border-bottom-style: double; background-color: rgb(255, 255, 255);"><div><div style="font-weight: normal;">193,587</div></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; padding-bottom: 4px; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="width: 1%; padding-bottom: 4px; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); 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vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div><div>193,587</div></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; padding-bottom: 2px; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td><td colspan="1" valign="bottom" style="width: 1%; padding-bottom: 2px; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; vertical-align: bottom; 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padding-bottom: 4px; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="width: 1%; padding-bottom: 4px; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; vertical-align: bottom; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div><div style="font-weight: normal;">156,462</div></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; padding-bottom: 4px; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td></tr><tr><td valign="bottom" style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div><div style="text-indent: -9pt; font-weight: bold; margin-left: 9pt;">By currency</div></div></td><td colspan="1" valign="bottom" style="width: 1%; 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vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div><div>11,471</div></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td></tr><tr><td valign="bottom" style="width: 76%; padding-bottom: 2px; vertical-align: bottom; background-color: rgb(255, 255, 255);"><div><div style="text-indent: -9pt; margin-left: 9pt;">USD</div></div></td><td colspan="1" valign="bottom" style="width: 1%; padding-bottom: 2px; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="width: 9%; 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Biogen and Janssen accounted for 56% and 30% of our contract revenues in 2018, respectively. Genentech and Biogen accounted for 69% and 19% of our contract revenues in 2017, respectively.</div><div><br /></div><div style="font-style: italic; margin-left: 18pt;">Tau Morphomer Small Molecule &#8211; 2018 license agreement with Eli Lilly and Company</div><div>&#160;</div><div style="text-indent: 18pt;"><div style="text-align: left; text-indent: 18pt; font-family: 'Times New Roman'; font-size: 10pt;">In December 2018, we entered into an exclusive, worldwide licensing agreement with Eli Lilly and Company (&#8220;Lilly&#8221;) to research and develop Tau Morphomer small molecules for the treatment of Alzheimer&#8217;s disease and other neurodegenerative diseases. More specifically, this is an exclusive license with the right to grant sublicenses, under the ACIU Patents, the ACIU Know-How, and ACIU&#8217;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 &#8220;Effective Date&#8221;) when the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, expired. On September 19, 2019, the Company and Lilly entered into <font style="font-size: 10pt; font-family: 'Times New Roman';">the first</font> 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 earlier terminates the agreement.<font style="font-size: 10pt; font-family: 'Times New Roman';"> On March 20, 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, a CHF 10 million milestone payment to be paid on or before March 31, 2020 and a CHF 60 million milestone payment following the first patient dosed in a Phase 2 clinical study of a licensed product in the U.S. or European Union.</font></div></div><div>&#160;</div><div style="text-indent: 18pt;">Per the terms of the agreement, the Company received an initial upfront payment of CHF 80 million in February 2019 for the rights granted by the Company to Lilly. The Company is conducting the development of ACI-3024, our lead candidate from our Tau Morphomer small molecules program through the completion of Phase 1, which commenced in the first half of 2019. Lilly will lead and fund further clinical development and will retain global commercialization rights for all indications, including Alzheimer&#8217;s disease, Progressive Supranuclear Palsy and other neurodegenerative diseases. As it relates to our lead compound, ACI-3024, Lilly will lead development after the completion of Phase 1 and retain commercialization rights. As of December 31, 2019, Lilly is engaged in certain Preclinical activities of its own as defined in the agreement, which are intended to provide further data in support of the Phase 2 clinical study design.</div><div>&#160;</div><div style="text-indent: 18pt;">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 after March 31, 2020 by providing three months&#8217; notice to us.</div><div>&#160;</div><div style="text-indent: 18pt;">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 is responsible for the preclinical and Phase 1 activities, which the Company determined are 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 May 2019 included final manufacturing of materials for use in the Phase 1 and regulatory submission of the protocols. For the current Phase 1, AC Immune is 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 is completed. The Company used CMOs for certain of its preclinical activities and is currently using CROs to complete certain Phase 1 activities.</div><div style="text-indent: 18pt;"><br /></div><div style="text-indent: 18pt;">The Company&#8217;s preclinical and Phase 1 activities do not represent integrated services with the licensed IP for which Lilly contracted. Lilly purchased a license to the Company&#8217;s Tau therapeutic small molecule program, which was delivered at commencement of the agreement and AC Immune&#8217;s preclinical and Phase 1 activities do not affect the form or functionality of this license. The Company&#8217;s objective of the current Phase 1 activity is to assess safety and tolerability and does not modify or customize the lead compound and the completion of these preclinical and Phase 1 activities does not affect the licensed IP.</div><div><br /></div><div style="text-indent: 18pt;">Finally, per the agreement, each party has three representatives in a joint steering committee (&#8220;JSC&#8221;); 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 (i) serving as the forum to discuss, review and approve certain activities by reviewing and discussing the development progress and updates to make, (ii) discuss, review and approve all amendments to the global development plan, (iii) periodically serve as forum to 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 both agreed to and progressing as intended.</div><div><br /></div><div style="text-indent: 18pt;">The valuation of each performance obligation involves estimates and assumptions with revenue recognition timing to be determined either by delivery or the provision of services.</div><div>&#160;</div><div style="text-indent: 18pt;">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 are expected to be delivered over time as the services are performed. For these services, revenue will be recognized over time using the input method, based on costs incurred to perform the services, since 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, 2019, the Company has recognized CHF 2.6 million in revenue, resulting in a deferred income (contract liability) balance of CHF 4.3 million which is all classified on the balance sheet as current within &#8220;Deferred income.&#8221; The remaining CHF 73.1 million from the upfront payment was allocated to the right-of-use license and recognized on the effective date.</div><div>&#160;</div><div style="text-indent: 18pt;">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. As acknowledged in the first amendment completed between the Company and Lilly in Q3 2019, the Company earned and received a CHF 30 million milestone payment related to the right-of-use license for IP. The Company recognized contract revenues in Q3 2019 as there were no further constraints related to this milestone. 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&#8217;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.</div><div>&#160;</div><div style="font-style: italic; margin-left: 18pt;">Anti-Abeta antibody in AD &#8211; 2006 agreement with Genentech</div><div>&#160;</div><div style="text-indent: 18pt;">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-Alzheimer&#8217;s disease indication based on the same intellectual property and anti-Abeta antibody compound. The value of this partnership is potentially greater than USD 340 (CHF 333) million.</div><div>&#160;</div><div style="text-indent: 18pt;">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 that notice is given.</div><div><br /></div><div style="text-indent: 18pt;">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 is also 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.</div><div>&#160;</div><div style="text-indent: 18pt;">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 U.S. and Europe. To date, we have received total milestone payments of USD 65 million (CHF 70.1 million) comprised of a USD 25 (CHF 31.6) million upfront payment and 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 three months&#8217; notice to us. In such event all costs incurred are still refundable.</div><div>&#160;</div><div style="text-indent: 18pt;">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&#8217;s right to sublicense to conclude that the license has stand-alone functionality and is distinct. The Company&#8217;s obligation to perform research does not significantly impact or modify the licenses&#8217; granted functionality.</div><div>&#160;</div><div style="text-indent: 18pt;">At execution of the agreement, the transaction price included the USD 25 (CHF 31.6) million upfront consideration received. 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 269) 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&#8217;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.</div><div>&#160;</div><div style="text-indent: 18pt;">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 (&#8220;IDMC&#8221;) 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.</div><div>&#160;</div><div style="text-indent: 18pt;">Crenezumab continues to be studied in the Phase 2 preventive trial, which began in 2013, of cognitively healthy individuals in Columbia 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.</div><div>&#160;</div><div style="text-indent: 18pt;">For the years ended December 31, 2019, 2018 and 2017, we have recognized no revenues from this arrangement.</div><div>&#160;</div><div style="font-style: italic; margin-left: 18pt;">Anti-Tau antibody in AD &#8211; 2012 agreement with Genentech</div><div>&#160;</div><div style="text-indent: 18pt;">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 the high-single digits. The agreement also provides for collaboration on at least an additional therapeutic indication outside of Alzheimer&#8217;s disease built on the same anti-Tau antibody program as well an anti-Tau diagnostic products for Alzheimer&#8217;s disease.</div><div>&#160;</div><div style="text-indent: 18pt;">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 that notice is given.</div><div><br /></div><div style="text-indent: 18pt;">To date, we have received payments totaling CHF 59 million, including a CHF 14 million milestone payment 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 CHF 14 million milestone payment 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 CHF 14 million milestone payment 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 three months&#8217; notice to us.</div><div>&#160;</div><div style="text-indent: 18pt;">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&#8217;s right to sublicense to conclude that the license has stand-alone functionality and is distinct. The Company&#8217;s obligation to perform research does not significantly impact or modify the licenses&#8217; granted functionality.</div><div>&#160;</div><div style="text-indent: 18pt;">At execution of the agreement, the transaction price included CHF 17 million upfront consideration received. 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.</div><div>&#160;</div><div style="text-indent: 18pt;">For the years ended December 31, 2019, 2018 and 2017, we have recognized nil, nil and CHF 14 million from this arrangement, respectively.</div><div><br /></div><div style="font-style: italic; margin-left: 18pt;">Tau Vaccine in AD &#8211; 2014 agreement with Janssen Pharmaceuticals</div><div>&#160;</div><div style="text-indent: 18pt;">In December 2014, we entered into an agreement with Janssen Pharmaceuticals, Inc. (&#8220;Janssen&#8221;) one of the Janssen Pharmaceutical Companies of Johnson &amp; 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 will co-develop 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. From Phase 2b and onwards, Janssen will assume responsibility for the clinical development, manufacturing and commercialization of the second generation vaccines.</div><div>&#160;</div><div style="text-indent: 18pt;">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&#8217; notice to us. If not otherwise terminated, the agreement shall continue until the expiration of all royalty obligations as outlined in the contract.</div><div>&#160;</div><div style="text-indent: 18pt;">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.</div><div>&#160;</div><div style="text-indent: 18pt;">The Company received a CHF 25.9 million upfront, non-refundable license fee which we recognized as revenue in 2014. In May 2016, we received a CHF 4.9 million payment 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.</div><div>&#160;</div><div style="text-indent: 18pt;">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 CMC work plan. The Company considered the research and development capabilities of Janssen, Janssen&#8217;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&#8217;s obligation to perform research and development services does not significantly impact or modify the licenses&#8217; 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.</div><div>&#160;</div><div style="text-indent: 18pt;">At execution of the agreement, the transaction price included only the CHF 25.9 million upfront consideration received. 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 CHF 4.9 million payment 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&#8217;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.</div><div>&#160;</div><div style="text-indent: 18pt;">For the years ended December 31, 2019, 2018 and 2017, we have recognized revenues totaling CHF 1.2 million, CHF 2.2 million and CHF 1.2 million, respectively.</div><div><br /></div><div style="font-style: italic; margin-left: 18pt;">Tau-PET imaging agent in AD &#8211;2014 agreement with Life Molecular Imaging (formerly Piramal Imaging SA)</div><div>&#160;</div><div style="text-indent: 18pt;">In May 2014, we entered into an agreement, our first diagnostic partnership, with Life Molecular, the former Piramal Imaging SA. The partnership with Life Molecular is an exclusive, worldwide licensing agreement for the research, development and commercialization of the Company&#8217;s Tau protein Positron Emission Tomography (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 double digits. Life Imaging may terminate the LCA at any time by providing three months&#8217; notice to us.</div><div><br /></div><div style="text-indent: 18pt;">In connection with this agreement, AC Immune received a EUR 500 (CHF 664) thousand payment which was fully recognized in 2015. In Q1 2017, we recorded a EUR 1 (CHF 1.1) million milestone related to the initiation of &#8220;Part B&#8221; 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 (MCI) and mild to moderate AD in comparison with non-demented control (NDC) 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.</div><div>&#160;</div><div style="text-indent: 18pt;">AC Immune assessed this arrangement in accordance with IFRS 15 and concluded that Life Molecular 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.</div><div>&#160;</div><div style="text-indent: 18pt;">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 and commercial milestones have 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&#8217;s efforts.</div><div>&#160;</div><div style="text-indent: 18pt;">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 Life Molecular and therefore are recognized at the later of when the performance obligation is satisfied or the related sales occur. The Company considered Life Molecular&#8217;s right to sublicense and develop the Tau Protein PET tracers, and the fact that Life Molecular 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.</div><div>&#160;</div><div style="text-indent: 18pt;">For the years ended December 31, 2019, 2018 and 2017, the Company has recognized CHF 2.2 million, nil and CHF 1.1 million, respectively.</div><div><br /></div><div style="font-style: italic; margin-left: 18pt;">Alpha-synuclein and TDP-43 PET tracers in AD &#8211; 2016 agreement with Biogen</div><div>&#160;</div><div style="text-indent: 18pt;">On April 13, 2016, we entered into a non-exclusive research collaboration agreement with Biogen International GmbH, (&#8220;Biogen&#8221;). Under the agreement, we and Biogen have agreed to collaborate in the research and early clinical development of our alpha-synuclein PET tracer program for Parkinson&#8217;s disease 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 towards research and development personnel. We own all intellectual property rights to any invention relating to alpha-synuclein or TDP-43 PET tracers.</div><div>&#160;</div><div style="text-indent: 18pt;">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 research organizations, 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.</div><div>&#160;</div><div style="text-indent: 18pt;">For the years ended December 31, 2019, 2018 and 2017, the Company has recognized CHF 1.1 million, CHF 4.0 million and CHF 3.9 million, respectively. <font style="color: rgb(0, 0, 0);">This collaboration ended in April 2019.</font></div><div>&#160;</div><div style="text-indent: 18pt; font-style: italic;">Recombinant protein therapeutic candidate &#8211;2017 agreement with Essex Bio-Technology Limited</div><div>&#160;</div><div style="text-indent: 18pt;">On May 19, 2017, we entered into a Research Project agreement with Essex to develop a recombinant protein therapeutic candidate acting on a unique neuroprotective mechanism for treatment of neurological diseases, such as AD and FTLD. Essex will provide joint research commitment as well as financial support to AC Immune for the pre-IND development of the biological agent.</div><div>&#160;</div><div style="text-indent: 18pt;">As part of this agreement, the parties have agreed to an initial two-year Research Plan, which intends to develop a basic Fibroblast Growth Factor as a therapeutic for the treatment of neurodegenerative diseases and to generate novel antibody therapeutics.</div><div>&#160;</div><div style="text-indent: 18pt;">Subject to the terms of this agreement, Essex and the Company have the right to terminate by providing 60 days&#8217; notice to the other Party. Otherwise, the agreement shall remain in force until the later of the (i) completion of the Research and Development program or (ii) five years from the Effective date.</div><div>&#160;</div><div style="text-indent: 18pt;">AC Immune assessed this arrangement in accordance with IFRS 15 and concluded that Essex Bio-Technology is a customer. AC Immune has identified that its performance obligation is for full-time employees to provide research support.</div><div>&#160;</div><div style="text-indent: 18pt;">The transaction price consists of the contractual amounts to recognize for the full-time employee charges. For the full-time employee charges, we recorded revenues throughout the period based on the contractual rates over the service period as this best depicts the transfer of control to Essex.</div><div>&#160;</div><div style="text-indent: 18pt;">The transaction price consists of the contractual amounts to recognize for the full-time employee charges. For the full-time employee charges, we recorded revenues throughout the period based on the contractual rates over the service period as this best depicts the transfer of control to Essex. For the years ended December 31, 2019, 2018 and 2017, the Company has recognized CHF 0.4 million, CHF 0.7 million and CHF 0.1 million, respectively.</div><div><br /></div><div style="text-indent: 18pt; font-style: italic;">Grants from the Michael J. Fox Foundation</div><div><br /></div><div style="text-indent: 18pt;">On September 16, 2017, we formally signed a grant continuation with the Michael J. Fox Foundation for Parkinson&#8217;s disease research (&#8220;MJFF&#8221;). 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&#8217;s disease. We have since received two additional grants. The first in November 2018 was to conduct a first-in-human (&#8220;FiH&#8221;) study in 2019. This grant aimed to facilitate the execution of a FiH study for a potential alpha-synuclein PET tracer (&#8220;PET tracer&#8221;) with the current lead compound. The second in August 2019 is a supplement for the further development of the PET tracer. The Company retains its intellectual property rights for these programs.</div><div>&#160;</div><div style="text-indent: 18pt;">As part of both the November 2018 and August 2019 grants, the MJFF expects that AC Immune will complete tasks according to the agreed timelines. AC Immune&#8217;s funding is variable depending on the satisfactory achievement of specific tasks. The Company identified various milestones to achieve and these are outputs of the Company&#8217;s standard services to develop its PET tracer. The services themselves over time are considered the performance obligation and not each a distinct performance obligation. Therefore, AC Immune has determined it has one performance obligation in the arrangement: the clinical and regulatory services in support of the development of the alpha-synuclein PET tracer.</div><div>&#160;</div><div style="text-indent: 18pt;">The transaction price consists of the contractual amount of CHF 0.3 million and CHF 0.6 million for the two grants, respectively which is allocated to the services performed. However, the consideration is variable dependent upon AC Immune&#8217;s completion of key milestones. Using the most likely amount method, AC Immune assessed the project funding and likelihood of milestone obtainment. Our deliverables under the November 2018 grant have been completed. Management estimated a 100% likelihood of completing all milestones under the terms of the August 2019 grant and no discount of the transaction price is taken. The Company therefore recognizes the revenues associated with these grants as services are performed. Quarterly, the Company estimates its progress and whether to constrain further revenue recognition. 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text-indent: 21.3pt;">The Company and Lilly entered into a convertible note agreement effective January 23, 2019 for USD 50.0 (CHF 50.3) million. 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The underwriters&#8217; 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.</div><div><br /></div><div style="text-indent: 18pt;"><font style="color: rgb(0, 0, 0);">At the conclusion of these three offerings, the Company raised gross proceeds of USD 117.5 (CHF 116.3) million. 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The Shelf Registration Statement was declared effective by the SEC on June 8, 2018.</div><div><br /></div><div style="color: rgb(0, 0, 0); text-indent: 18pt;">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&#8217;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.</div><div><br /></div><div style="color: rgb(0, 0, 0); text-indent: 18pt;">Since 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.</div></div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;"><tr style="vertical-align: top;"><td style="width: 18pt; vertical-align: top;"><div style="text-align: left; font-weight: bold;">17.</div></td><td style="width: auto; vertical-align: top; align: left;"><div style="text-align: left; font-weight: bold;">Share-based compensation</div></td></tr></table><div style="text-indent: 18pt;"><br /></div><div style="text-indent: 18pt; font-style: italic;">Share based option awards</div><div><br /></div><div style="text-indent: 18pt;">Through the year ended December 31, 2019, there are equity-based instruments outstanding that the Company has granted under four different plans.</div><div><br /></div><div style="text-indent: 18pt;">The Company&#8217;s 2016 Share Option and Incentive Plan (&#8220;Plan&#8221;) was approved by the shareholders at the Ordinary Shareholder&#8217;s 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. 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vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td><td valign="bottom" style="width: 29.33%; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div><div style="text-align: center;">4 years&#8217; service from grant date</div></div></td><td valign="bottom" style="width: 29.33%; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div><div style="text-align: center;">10 years</div></div></td></tr><tr><td valign="bottom" style="width: 29.33%; vertical-align: bottom; background-color: rgb(255, 255, 255);"><div><div style="text-indent: -9pt; margin-left: 9pt;">2016 Share Option and Incentive Plan:</div></div></td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td><td valign="bottom" style="width: 29.33%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td><td valign="bottom" style="width: 29.33%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;&#160;&#160;</td></tr><tr><td valign="bottom" style="width: 29.33%; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div><div style="text-indent: -9pt; margin-left: 9pt;">Executives and Directors</div></div></td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div><div>1,208,522</div></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; 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padding-bottom: 4px; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 4px; border-bottom-style: double; background-color: rgb(204, 238, 255);">&#160;</td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 4px; border-bottom-style: double; background-color: rgb(204, 238, 255);"><div><div>932,175</div></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; padding-bottom: 4px; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td><td colspan="1" valign="bottom" style="width: 1%; padding-bottom: 4px; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 4px; border-bottom-style: double; background-color: rgb(204, 238, 255);">&#160;</td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 4px; border-bottom-style: double; background-color: rgb(204, 238, 255);"><div><div>1.25</div></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; padding-bottom: 4px; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td><td colspan="1" valign="bottom" style="width: 1%; padding-bottom: 4px; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 4px; border-bottom-style: double; background-color: rgb(204, 238, 255);">&#160;</td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 4px; 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The weighted average grant date fair value of the restricted share awards granted (restricted shares and restricted share units) was CHF 9.43 and CHF 9.62 for the years ended December 31, 2018 and 2017, respectively. The weighted average grant date fair values of the non-vested share awards as of the respective year end (restricted shares and restricted share units) was CHF 9.51 and CHF 9.59 for the years ended December 31, 2018 and 2017, 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.</div><div><br /></div><div style="text-indent: 18pt;">The expense charged against the income statement was CHF 2,834, CHF 2,518 thousand and CHF 1,579 thousand for the years ended December 31, 2019, 2018 and 2017, respectively. The expense is revised by the Company based on the number of instruments that are expected to become exercisable.</div></div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;"><tr style="vertical-align: top;"><td style="width: 18pt; vertical-align: top;"><div style="text-align: left; text-indent: 0.3pt;"><font style="font-weight: bold;">3.</font></div></td><td style="width: auto; vertical-align: top; align: left;"><div style="text-align: left; text-indent: 0.3pt;"><font style="font-weight: bold;">Summary of significant accounting policies</font></div></td></tr></table><div><br /></div><div style="text-indent: 18pt;">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.</div><div style="text-indent: 18pt;"><br /></div><div style="font-weight: bold;">Current vs. non-current classification</div><div><br /></div><div style="text-indent: 18pt;">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.</div><div style="text-indent: 18pt;"><br /></div><div style="font-weight: bold;">Foreign currency transactions</div><div><br /></div><div style="text-indent: 18pt;">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.</div><div style="text-indent: 18pt;"><br /></div><div style="font-weight: bold;">Revenue recognition</div><div><br /></div><div style="color: rgb(0, 0, 0); text-indent: 18pt;">Effective January 1, 2018, the Company adopted IFRS 15 <font style="font-style: italic;">Revenue from Contracts with Customers</font>, without though deeming any adjustments necessary in the transition to the new standard. 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 which 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 only applies the five-step model to contracts 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. For a complete discussion of accounting for contract revenue, see Note 12 &#8220;Revenues.&#8221;</div><div style="text-indent: 18pt;"><br /></div><div style="font-style: italic; font-weight: bold; margin-left: 18.35pt;">Licenses on intellectual property</div><div style="margin-left: 9.35pt;"><br /></div><div style="color: rgb(0, 0, 0); text-indent: 18pt;">If the license to the Company&#8217;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.</div><div style="text-indent: 18pt;"><br /></div><div style="font-style: italic; font-weight: bold; margin-left: 18.35pt;">Milestone payments</div><div style="margin-left: 9.35pt;"><br /></div><div style="color: rgb(0, 0, 0); text-indent: 18pt;">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.</div><div><br /></div><div style="font-style: italic; font-weight: bold; margin-left: 18.35pt;">Research and development services</div><div><br /></div><div style="color: rgb(0, 0, 0); text-indent: 18pt;">The Company has certain arrangements with our collaboration partners that include contracting our full-time 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.</div><div><br /></div><div style="font-style: italic; font-weight: bold; margin-left: 18.35pt;">Sublicense revenues</div><div><br /></div><div style="color: rgb(0, 0, 0); text-indent: 18pt;">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.</div><div><br /></div><div style="font-style: italic; font-weight: bold; margin-left: 18.35pt;">Royalties</div><div><br /></div><div style="color: rgb(0, 0, 0); text-indent: 18pt;">For arrangements that include sales-based royalties, including milestone payments based on the level of sales, and the license is deemed to be the predominant item to which the royalties relate, the Company recognizes revenue at the later of (i) when the related sales occur, or (ii) when the performance obligation to which some or all of the royalty has been allocated has been satisfied (or partially satisfied). To date, the Company has not recognized any royalty revenue resulting from any of its licensing and collaboration agreements.</div><div><br /></div><div style="font-style: italic; font-weight: bold; margin-left: 18.35pt;">Contract balances</div><div><br /></div><div style="text-align: justify; color: rgb(0, 0, 0); text-indent: 18pt;">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&#8217;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 one year or less.</div><div><br /></div><div style="text-indent: 18pt; font-weight: bold;">Research and development expenses</div><div><br /></div><div style="text-indent: 18pt;">Given the stage of development of the Company&#8217;s products, all research expenditure is recognized as expense when incurred. Research and development expenditures include:</div><div><br /></div><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="width: 100%; text-align: left; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;"><tr><td style="width: 18pt;"><br /></td><td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td><td style="width: auto; vertical-align: top;"><div>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;</div></td></tr></table><div><br /></div><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="width: 100%; text-align: left; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;"><tr><td style="width: 18pt;"><br /></td><td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td><td style="width: auto; vertical-align: top;"><div>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;</div></td></tr></table><div><br /></div><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="width: 100%; text-align: left; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;"><tr><td style="width: 18pt;"><br /></td><td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td><td style="width: auto; vertical-align: top;"><div>fees and costs related to regulatory filings and activities;</div></td></tr></table><div><br /></div><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="width: 100%; text-align: left; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;"><tr><td style="width: 18pt;"><br /></td><td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td><td style="width: auto; vertical-align: top;"><div>costs associated with preclinical and clinical activities; and</div></td></tr></table><div><br /></div><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="width: 100%; text-align: left; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;"><tr><td style="width: 18pt;"><br /></td><td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td><td style="width: auto; vertical-align: top;"><div>employee-related expenses, including salaries and bonuses, benefits, travel and stock-based compensation expense</div></td></tr></table><div style="text-indent: 18pt;"><br /></div><div style="text-indent: 18pt;">For external research contracts, <font style="color: rgb(0, 0, 0);">expenses include those associated with CROs. The invoicing from CROs for services rendered do not always align with work performed. We accrue the cost of services rendered in connection with CRO activities based on our estimate of the &#8220;stage of completion&#8221; for such contracted services. We maintain regular communication with our CRO vendors to gauge the reasonableness of our estimates and</font> accrue expenses as of the balance sheet date in the financial statements based on facts and circumstances known at the time.</div><div style="text-indent: 18pt;"><br /></div><div style="text-indent: 18pt;">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.</div><div style="text-indent: 18pt;"><br /></div><div style="font-weight: bold;">Property, plant and equipment</div><div><br /></div><div style="text-indent: 18pt;">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:</div><div style="text-indent: 18pt;"><br /></div><table align="center" border="0" cellpadding="0" cellspacing="0" style="width: 100%; color: #000000; font-size: 10pt; text-align: left;"><tr><td rowspan="1" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 50%;">IT equipment</td><td rowspan="1" style="vertical-align: bottom; background-color: rgb(204, 238, 255); text-align: right; width: 50px;">3 years</td></tr><tr><td rowspan="1" style="vertical-align: bottom; background-color: rgb(255, 255, 255); width: 50%;">Laboratory equipment</td><td rowspan="1" style="vertical-align: bottom; background-color: rgb(255, 255, 255); text-align: right; width: 50px;">5 years</td></tr><tr><td rowspan="1" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 50%;">Leasehold improvements/furniture</td><td rowspan="1" style="vertical-align: bottom; background-color: rgb(204, 238, 255); text-align: right; width: 50px;">5 years</td></tr></table><div style="text-indent: 18pt;"><br /></div><div style="text-indent: 18pt;">The assets&#8217; residual values and useful lives are reviewed, and adjusted if appropriate, at each balance sheet date. Where an asset&#8217;s carrying amount is greater than its estimated recoverable amount, it is written down to its recoverable amount.</div><div style="text-indent: 18pt;"><br /></div><div style="text-indent: 18pt;">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).</div><div style="text-indent: 18pt;"><br /></div><div style="font-weight: bold;">Fair value of financial assets and liabilities</div><div><br /></div><div style="text-indent: 18pt;">The Company&#8217;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 approximate their respective carrying values due to the short term maturity of these instruments and<font style="color: rgb(0, 0, 0);"> are held at their amortized cost in accordance with IFRS 9.</font></div><div><br /></div><div style="font-style: italic; font-weight: bold; margin-left: 9.35pt;">Receivables</div><div style="margin-left: 9.35pt;"><br /></div><div style="text-indent: 18pt;">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&#8217;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.</div><div><br /></div><div style="font-style: italic; font-weight: bold; margin-left: 9.35pt;">Short-term financial assets</div><div style="margin-left: 9.35pt;"><br /></div><div style="text-indent: 18pt;">Short-term financial assets are held with external financial institutions and comprise fixed-term deposits with maturities ranging from more than 3 until 12 months in duration.</div><div><br /></div><div style="font-style: italic; font-weight: bold; margin-left: 9.35pt;">Cash and cash equivalents</div><div style="margin-left: 9.35pt;"><br /></div><div style="text-indent: 18pt;">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.</div><div style="text-indent: 18pt;"><br /></div><div style="text-indent: 18pt;">The Company assesses at each period whether there is objective evidence that financial assets are impaired.</div><div><br /></div><div style="font-style: italic; font-weight: bold; margin-left: 9.35pt;">Trade payables</div><div style="margin-left: 9.35pt;"><br /></div><div style="text-indent: 18pt;">Trade payables are amounts <font style="color: rgb(0, 0, 0);">due to third parties in the ordinary course of business.</font></div><div><br /></div><div style="font-style: italic; font-weight: bold; margin-left: 9.35pt;">Financing obligation</div><div style="margin-left: 9.35pt;"><br /></div><div style="text-indent: 18pt;">The Company&#8217;s financing obligation relates to its agreement with a third party.</div><div><br /></div><div style="font-weight: bold;">Share capital and public offerings</div><div><br /></div><div style="text-indent: 18pt;">Ordinary (Common) Shares are classified as equity, as were all Preferred Shares previously outstanding prior to the IPO. Expenses directly attributable to the issuance of new shares are shown in equity as a deduction, net of tax, from the proceeds. See Note 9 &#8220;Share Capital.&#8221;</div><div><br /></div><div style="font-weight: bold;">Employee benefits</div><div><br /></div><div style="font-style: italic; font-weight: bold; margin-left: 9.35pt;">Post-employment benefits</div><div style="margin-left: 9.35pt;"><br /></div><div style="text-indent: 18pt;">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.</div><div style="text-indent: 18pt;"><br /></div><div style="text-indent: 18pt;">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<font style="color: rgb(0, 0, 0);"> defined benefit obligation is calculated annually with the assistance of an independent actuary</font> using the projected unit credit method, which reflects services rendered by employees to the date of valuation, incorporates assumptions concerning employees&#8217; projected salaries, pension increases as well as discount rates of highly liquid corporate bonds which have terms to maturity approximating the terms of the related liability.</div><div><br /></div><div style="color: rgb(0, 0, 0); text-indent: 18pt;">Remeasurements of the net defined benefit liability, which comprise actuarial gains and losses, the return on plan assets (excluding interest), are recognized immediately in 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, taking into account any changes in the net defined benefit liability during the period as a result of contributions and benefit payments. Net interest expense and other expenses related to defined benefit plans are recognized in the statements of income/(loss).</div><div style="text-indent: 18pt;"><br /></div><div style="font-style: italic; font-weight: bold; margin-left: 9.35pt;">Share-based compensation</div><div><br /></div><div style="text-indent: 18pt;">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.</div><div style="text-indent: 18pt;"><br /></div><div style="text-indent: 18pt;">Stock options granted under the Company&#8217;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 &#8220;Share-based compensation&#8221;). 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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 premium as the awards vest.</div><div>&#160;</div><div style="font-weight: bold;">Provisions</div><div><br /></div><div style="text-indent: 18pt;">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.</div><div><br /></div><div style="font-weight: bold;">Taxation</div><div><br /></div><div style="text-indent: 18pt;">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.</div><div style="text-indent: 18pt;"><br /></div><div style="text-indent: 18pt;">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.</div><div style="text-indent: 18pt;"><br /></div><div style="text-indent: 18pt;">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 carryforwards, 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.</div><div style="text-indent: 18pt;"><br /></div><div style="font-style: italic; font-weight: bold;">Income taxes</div><div><br /></div><div style="text-indent: 18pt;">As disclosed in Note 15 &#8220;Income taxes,&#8221; the Company has tax losses that can generally be carried forward for a period of seven 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.</div><div><br /></div><div style="font-weight: bold;">Earnings per share</div><div><br /></div><div style="text-indent: 18pt;">The Company presents basic earnings per share for each period in the financial statements. The earnings per share is calculated by dividing the earnings of the period by the weighted average number of shares (common and preferred) outstanding during the period. Diluted earnings per share reflect the potential dilution that could occur if dilutive securities such as share options were vested or exercised into common shares or resulted in the issuance of common shares that would participate in net income. 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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.</div><div style="text-indent: 18pt;"><br /></div><div style="font-weight: bold;">Segment reporting</div><div><br /></div><div style="text-indent: 18pt;">The Company has one segment. The Company currently focuses all of its resources on discovering and developing therapeutic and diagnostic products targeting misfolded proteins.</div><div style="text-indent: 18pt;"><br /></div><div style="text-indent: 18pt;">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. 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The Company applied the modified retrospective approach, which requires the recognition of the cumulative effect of initially applying IFRS 16 as of January 1, 2019 to accumulated losses and not to restate prior years. Since the Company recognized the right-of-use assets at the amount equal to the lease liabilities there was no impact to accumulated losses. 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Comparative information has not been restated. The Company&#8217;s statements of income/(loss) for the year ended December 31, 2019 was impacted by an increase for depreciation of right-of-use of leased assets CHF 0.4 million. The impact for interest expense was CHF 0.1 million. During the same period, the Company&#8217;s cash flow statement was impacted by a shift from the cash generated from operations of CHF 0.4 million to the net cash used in financing activities. 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style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td></tr><tr><td valign="bottom" style="width: 64%; padding-bottom: 4px; vertical-align: bottom; background-color: rgb(255, 255, 255);"><div><div style="text-indent: -9pt; font-weight: bold; margin-left: 9pt;">Total</div></div></td><td colspan="1" valign="bottom" style="width: 1%; padding-bottom: 4px; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 4px; border-bottom-style: double; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" 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&#8220;our,&#8221; &#8220;ours,&#8221; or &#8220;us&#8221;) 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&#8217;s disease, or AD, and Parkinson&#8217;s disease, or PD, with common mechanisms and drug targets, such as Abeta, Tau and alpha-synuclein. Our corporate strategy is founded upon a three-pillar approach that targets Alzheimer&#8217;s disease, non-Alzheimer&#8217;s neurodegenerative diseases including NeuroOrphan indications and diagnostics. We use our two unique proprietary platform technologies, SupraAntigen&#8482; (conformation-specific biologics) and Morphomer&#8482; (conformation-specific small molecules), to discover, design and develop novel medicines and diagnostics to target misfolded proteins.</div><div><br /></div><div style="text-indent: 18pt;">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. 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vertical-align: bottom;">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom;"><div><div style="text-indent: -9pt; font-weight: bold; margin-left: 9pt;">Financial liabilities</div></div></td><td colspan="1" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;">&#160;</td></tr><tr><td valign="bottom" style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div><div style="text-indent: -9pt; margin-left: 9pt;">Long-term financing obligation</div></div></td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; 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margin-left: 9pt;">Total financial liabilities</div></div></td><td colspan="1" valign="bottom" style="width: 1%; padding-bottom: 4px; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 4px; border-bottom-style: double; background-color: rgb(204, 238, 255);">&#160;</td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 4px; border-bottom-style: double; background-color: rgb(204, 238, 255);"><div><div>14,846</div></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; padding-bottom: 4px; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td><td colspan="1" valign="bottom" style="width: 1%; padding-bottom: 4px; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 4px; border-bottom-style: double; background-color: rgb(204, 238, 255);">&#160;</td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 4px; border-bottom-style: double; background-color: rgb(204, 238, 255);"><div><div>12,917</div></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; padding-bottom: 4px; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td></tr></table></div> 2 1 2 P12M P12M 100000 3000000 3500000 4 0.1 0.1 100000 0.1 0.1 P18M