AC Immune SA Balance Sheets (in CHF thousands) Notes As of

accompanying notes form an integral part of these Interim Condensed Financial Statements (Unaudited).

Statements of Income/(Loss)

(in CHF thousands except per share

accompanying notes form an integral part of these Interim Condensed Financial Statements (Unaudited).

Statements of Changes in Equity

accompanying notes form an integral part of these Interim Condensed Financial Statements (Unaudited).

Statements of Cash Flows

Additional Information:

For the nine months ended September 30,

2020, the acquisition of CHF 0.2 million of property, plant and equipment was non-cash. For the nine months ended September 30,

2019, the Company settled its convertible loan via equity for CHF 48.3 million, gross of CHF 510 thousand for transaction costs.

accompanying notes form an integral part of these Interim Condensed Financial Statements (Unaudited).

Notes to the Interim Condensed Financial

Statements (Unaudited)

(in CHF thousands except for share and per share amounts)

"Company," "AC Immune," "ACIU," "we," "our," "ours," or

"us") is a clinical stage biopharmaceutical company leveraging our two proprietary technology platforms to discover,

design and develop novel, proprietary medicines and diagnostics for prevention and treatment of neurodegenerative diseases associated

with protein misfolding. Misfolded proteins are generally recognized as the leading cause of neurodegenerative diseases, such as

Alzheimer's disease, or AD, and Parkinson's disease, or PD, with common mechanisms and drug targets, such as Abeta,

Tau and alpha-synuclein. Our corporate strategy is founded upon a three-pillar approach that targets Alzheimer's disease,

non-Alzheimer's neurodegenerative diseases, including NeuroOrphan indications, and diagnostics. We use our two unique proprietary

platform technologies, SupraAntigen (conformation-specific biologics) and Morphomer (conformation-specific small

molecules), to discover, design and develop novel medicines and diagnostics to target misfolded proteins.

The Interim Condensed

Financial Statements of AC Immune SA as of and for the three and nine months ended September 30, 2020, were authorized for issuance

by the Company's Audit and Finance Committee on November 11, 2020.

Condensed Financial Statements as of and for the three and nine months ended September 30, 2020, have been prepared in accordance

with International Accounting Standard 34 (IAS 34), Interim Financial Reporting, and such financial information should be

read in conjunction with the audited financial statements in the Company's Annual Report on Form 20-F for the year ended

December 31, 2019, and any public announcements made by the Company during the interim reporting period.

Basis of measurement

statements have been prepared under the historical cost convention.

The Company enters into licensing and collaboration

agreements ("LCAs") which are within the scope of IFRS 15, under which it licenses certain rights to its product candidates

and intellectual property ("IP") to third parties. The terms of these arrangements typically include payment to the

Company of one or more of the following: non-refundable, upfront license fees, development, regulatory and/or commercial milestone

payments; payments for research and clinical services the Company provides through either its full-time employees or third-party

vendors; and royalties on net sales of licensed products commercialized from the Company's IP. Each of these payments results

in license, collaboration and other revenues, which are classified as contract revenue on the statements of income/(loss), except

for revenues from royalties on net sales of products commercialized from the Company's IP, which are classified as royalty

intellectual property: If the license to the Company's IP 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.

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.

development services: The Company has certain arrangements with our collaboration partners that include contracting our employees

for research and development programs. The Company assesses if these services are considered distinct in the context of each contract

and, if so, they are accounted for as separate performance obligations. These revenues are recorded in contract revenue as the

services are performed.

revenues: The Company has certain arrangements with our collaboration partners that include provisions for sublicensing. The

Company recognizes any sublicense revenues at the point in time it is highly probable to obtain and not subject to reversal in

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 LCAs.

The Company receives payments and determines credit terms from its customers for its various performance obligations based on billing

schedules established in each contract. The timing of revenue recognition, billings and cash collections results in billed other

current receivables, accrued income (contract assets), and deferred income (contract liabilities) on the balance sheets. Amounts

are recorded as other current receivables when the Company's right to consideration is unconditional. The Company does not

assess whether a contract has a significant financing component if the expectation at contract inception is such that the period

between payment by the licensees and the transfer of the promised goods or services to the licensees will be one year or less.

the Company received grants from the Michael J. Fox Foundation ("MJFF") to support certain research projects. Grants

are recorded at their fair value in the statements of income/(loss) within other operating income/(expenses) when there is reasonable

assurance that the Company will satisfy the underlying grant conditions and the grants will be received. In certain circumstances,

grant income may be recognized before formal grantor acknowledgement of milestone achievements. To the extent required, grant income

is deferred and recognized on a systematic basis over the periods in which the Company expects to recognize the related expenses

for which the grants are intended to compensate.

Share issuance costs

In September 2020, the Company established

an "at the market offering program" for the sale of up to USD 80 (CHF 74.3) million worth of our common shares issued

from time to time by entering into an Open Market Sale Agreement ("Sales Agreement") with Jefferies LLC ("Jefferies")

as the sales agent. Issuance costs incurred in connection with establishing this facility and execution of the Sales Agreement

with Jefferies primarily consist of legal, accounting and other professional fees.

Issuance costs are capitalized as incurred

and will be shown in equity as a deduction, net of tax, from the proceeds received from future offerings. Should a planned equity

offering not be assessed as probable, the issuance costs would be expensed immediately.

No common shares have been sold pursuant

to the Sales Agreement as of September 30, 2020. As of September 30, 2020 and December 31, 2019, CHF 0.5 million and

nil, respectively, of issuance costs were expensed in the statement of income/(loss) for the period.

Critical judgments and accounting

of the Company's Interim Condensed Financial Statements in conformity with IAS 34 requires management to make judgments,