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

Condensed Consolidated Balance Sheets (Unaudited)

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

Condensed Consolidated Statements of Income/(Loss)

(in CHF thousands except for per share

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

Condensed Consolidated Statements of Changes

in Equity (Unaudited)

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

Condensed Consolidated Statements of Cash

accompanying notes are 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 Company controls a fully-owned subsidiary, AC Immune USA, Inc. ("AC Immune

USA" or "Subsidiary" and, together with AC Immune SA, "AC Immune," "ACIU," "Company,"

"we," "our," "ours," "us"), which was registered and is organized under the laws of Delaware,

USA in June 2021. The Company and its Subsidiary form the Group (See "Note 2. Basis of preparation and changes to the Company's

accounting policies").

AC Immune SA is a clinical-stage

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

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

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

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

upon a three-pillar approach that targets (i) AD, (ii) focused non-AD NDD including Parkinson's disease, ALS and NeuroOrphan indications

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

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

Interim Condensed Consolidated Financial Statements of AC Immune SA as of and for the three and six months ended June 30, 2022 were authorized

for issuance by the Company's Audit and Finance Committee on July 27, 2022.

Statement of compliance

Interim Condensed Consolidated Financial Statements as of June 30, 2022 and for the three and six months ended June 30, 2022 and 2021,

have been prepared in accordance with International Accounting Standard 34 (IAS 34), Interim Financial Reporting,

as issued by the International Accounting Standards Board (IASB), and such financial information should be read in conjunction with the

audited consolidated financial statements in AC Immune's Annual Report on Form 20-F for the year ended December 31, 2021.

Basis of measurement

These Interim Condensed

Consolidated Financial Statements have been prepared under the historical cost convention.

and reporting currency

These Interim Condensed

Consolidated Financial Statements and accompanying notes are presented in Swiss Francs (CHF), which is AC Immune SA's functional

currency and the Group's reporting currency. The Company's subsidiary has a functional currency of the US Dollar (USD). The

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

and accounting estimates

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 where AC Immune has had to make judgments,

estimates and assumptions relate to (i) revenue recognition on Licensing and Collaboration Agreements, (ii) clinical development

accruals, (iii) net employee defined benefit liability, (iv) income taxes, (v) share-based compensation, (vi) right-of-use

assets and lease liabilities and (vii) our IPR&D asset. Actual results may differ from these estimates. Estimates and underlying assumptions

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

in any future periods affected.

Fair value of financial assets and liabilities

The Company's financial assets and liabilities

are composed of receivables, short-term and long-term financial assets, cash and cash equivalents, trade and other payables, accrued expenses

and lease liabilities. The fair value of these financial instruments approximates their respective carrying values due to the short-term

maturity of these instruments, and are held at their amortized cost in accordance with IFRS 9, unless otherwise explicitly noted.

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 consolidated financial statements for the year ended December 31, 2021.

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, 2022, after considering the

Company's cash position of CHF 63.1 million and short-term financial assets of CHF 91.0 million as of June 30, 2022. 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, 2022 and 2021, AC Immune generated no contract revenues.

The following table presents

changes in the Company's contract assets and liabilities during the six months ended June 30, 2022 and 2021:

During the three and

six months ended June 30, 2022 and 2021, the Company did not recognize contract revenues as a result of changes in the contract asset

and the contract liability balances in the respective periods nor from performance obligations satisfied in previous periods.

For a discussion of our licensing and collaboration

agreements for the fiscal year ended December 31, 2021, please refer to Note 13.1 "Licensing and Collaboration agreements"