Condensed Consolidated Balance Sheets (Unaudited) (in CHF thousands) Balance Sheets Notes As of

Condensed Consolidated Balance Sheets (Unaudited)

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

Condensed Consolidated

Statements of Income/(Loss) (Unaudited)

(in CHF thousands except for per share data)

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

Condensed Consolidated

Statements of Changes in Equity (Unaudited)

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

Condensed Consolidated

Statements of Cash Flows (Unaudited)

Additional Information:

For the six months ended June 30, 2021, the acquisition

of CHF 0.2 million of property, plant and equipment was non-paid and recorded within accrued expenses.

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

Notes to the Interim Condensed Consolidated

Financial Statements (Unaudited)

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

AC Immune SA was founded

in 2003. The terms "Company," "AC Immune," "ACIU," "we,"

"our," "ours," or "us" refer to AC Immune SA together with its fully-owned subsidiary, AC Immune USA,

Inc., included in the "Scope of consolidation" (See Note 2).

AC Immune SA is a clinical-stage

biopharmaceutical company leveraging our two proprietary technology platforms to discover, design and develop novel proprietary medicines

and diagnostics for prevention and treatment of neurodegenerative diseases (NDD) associated with protein misfolding. Misfolded proteins

are generally recognized as the leading cause of NDD, such as Alzheimer's disease (AD) and Parkinson's disease (PD), with

common mechanisms and drug targets, such as amyloid beta (Abeta), Tau, alpha-synuclein (a-syn) and TDP-43. Our corporate strategy is founded

upon a three-pillar approach that targets (i) AD, (ii) focused non-AD NDD (including NeuroOrphan indications) and (iii) diagnostics. We

use our two unique proprietary platform technologies, SupraAntigen (conformation-specific biologics) and Morphomer (conformation-specific

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

Interim Condensed Consolidated Financial Statements of AC Immune SA as of and for the three and six months ended June 30, 2021 were authorized

for issuance by the Company's Audit and Finance Committee on August 2, 2021.

Statement of compliance

Interim Condensed Consolidated Financial Statements as of June 30, 2021 and for the three and six months ended June 30, 2021 and 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 AC Immune's Annual Report

on Form 20-F for the year ended December 31, 2020, and any public announcements made by the Company during the interim reporting period.

Basis of measurement

The consolidated financial

statements have been prepared under the historical cost convention.

and accounting estimates

The preparation of the

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

and assumptions that affect the amounts reported in the Interim Condensed Consolidated Financial Statements and accompanying notes, and

the related application of accounting policies as it relates to the reported amounts of assets, liabilities, income and expenses.

The areas in which the

Company has had to make judgments, estimates and assumptions relate to (i) revenue recognition on licensing and collaboration agreements

("LCAs"), (ii) clinical development accruals, (iii) net employee defined-benefit liability, (iv) income taxes, (v) share-based

compensation, and (vi) right-of-use assets and lease liabilities. Actual results may differ from these estimates. Estimates and underlying

assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimates are

Scope of consolidation

Company commenced financial operations in the United States in Q2 2021 via the opening of its fully-owned subsidiary, AC Immune USA, Inc.

("the Subsidiary"). The Subsidiary is registered and organized under the laws of Delaware, USA and fully consolidated in these

Interim Condensed Consolidated Financial Statements.

Fair value of financial assets and liabilities

The Company's financial assets and liabilities

are comprised of receivables, short-term financial assets, cash and cash equivalents, trade payables and lease liabilities. The fair value

of these financial instruments approximate their respective carrying values due to the short-term maturity of these instruments, and are

held at their amortized cost in accordance with IFRS 9.

Accounting policies, new standards, interpretations

and amendments adopted by the Company

The accounting policies

adopted in the preparation of the Interim Condensed Consolidated Financial Statements are consistent with those followed in the preparation

of the Company's annual financial statements for the year ended December 31, 2020.

The Company has not adopted

any other standard, interpretation or amendment that has been issued but is not yet effective. Such standards are not currently expected

to have a material impact on the entity in the current or future reporting periods, and on foreseeable future transactions.

The Company believes

that it will be able to meet all of its obligations as they fall due for at least 12 months from June 30, 2021, after considering the

Company's cash position of CHF 104.1 million and short-term financial assets of CHF 95.0 million as of June 30, 2021. Hence, the

unaudited Interim Condensed Consolidated Financial Statements have been prepared on a going-concern basis.

To date, the Company

has financed its cash requirements primarily from its public offerings, share issuances, contract revenues from license and collaboration

agreements and grants. The Company is a clinical-stage company and is exposed to all the risks inherent to establishing a business. Inherent

to the Company's business are various risks and uncertainties, including the substantial uncertainty as to whether current projects

will succeed. The Company's success may depend in part upon its ability to (i) establish and maintain a strong patent position and

protection; (ii) enter into collaborations with partners in the pharmaceutical and biopharmaceutical industries; (iii) successfully move

its product candidates through clinical development; (iv) attract and retain key personnel; and (v) acquire capital to support its operations.

In addition to the foregoing,

based on the Company's current assessment, the Company does not expect any material impact on its long-term development timeline,

its liquidity or ability to remain a going concern due to the worldwide spread of the Covid-19 virus. The Company continues to assess

the effect on its operations by carefully monitoring the spread of Covid-19 and taking appropriate steps intended to offset any negative

impacts from the Covid-19 virus.

For the three and six

months ended June 30, 2021, AC Immune generated no contract revenues compared with CHF 1.1 million and CHF 13.4 million for the comparable

periods in 2020, respectively. This represents a decrease of CHF 1.1 million and CHF 13.4 million, respectively. The

Company reclassified CHF 0.2 million and CHF 0.3 million for the comparable periods in 2020, respectively, from contract revenues to other

operating income/(expense) for prior grants from the Michael J. Fox Foundation for Parkinson's Research ("MJFF").

The following table presents

changes in the Company's contract assets and liabilities during the six months ended June 30, 2021 and 2020:

During the three and