Condensed Consolidated Balance Sheets (Unaudited) (in CHF thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of September 30, ​ As of December 31, Bala

83590948728879670.160.220.160.220.620.7183537655726386980.620.7100016516252022-09-30Q32022--12-316-KAC IMMUNE SAfalse

Condensed Consolidated Balance Sheets (Unaudited)

The accompanying notes are 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)

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

Condensed Consolidated Statements of Changes in Equity (Unaudited)

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

Condensed Consolidated Statements of Cash Flows (Unaudited)

The 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 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.

The Interim Condensed Consolidated Financial Statements of AC Immune SA as of and for the three and nine months ended September 30, 2022 were authorized for issuance by the Company's Audit and Finance Committee on October 27, 2022.

Statement of compliance

These Interim Condensed Consolidated Financial Statements as of September 30, 2022 and for the three and nine months ended September 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.

Functional 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:

Critical judgments 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 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 September 30, 2022, after considering the Company's cash position of CHF 44.5 million and short-term financial assets of CHF 96.0 million as of September 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.

3.Contract revenues and other operating income

For the three and nine months ended September 30, 2022, AC Immune generated CHF 3.9 million in contract revenues compared with no contract revenues in the prior comparable periods, respectively.

The following table presents changes in the Company's contract assets and liabilities during the nine months ended September 30, 2022 and 2021:

3.1Licensing and collaboration agreements

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 of our Annual Report on Form 20-F for the year ended December 31, 2021 filed on March 22, 2022.

During the three and nine months ended September 30, 2022 and 2021, the Company recognized the following contract revenues as a result of performance obligations satisfied in previous periods:

As it relates to contract revenue recognition, in September 2022, the Company earned a milestone linked to the progression of the Tau PET Tracer PI-2620 partnered with Life Molecular Imaging (LMI) into late-stage development in Alzheimer's disease. The Company recorded EUR 4 (CHF 3.9) million in contract revenue for the three and nine months ended September 30, 2022 as a result of achieving this milestone. The Company recorded this EUR 4 (CHF 3.9) million milestone within other current receivables on its condensed consolidated balance sheets as of September 30, 2022.

Grants from the Michael J. Fox Foundation

For a discussion of our Grants from the Michael J. Fox Foundation (MJFF) for the fiscal year ended December 31, 2021, please refer to Note 13.2 Grant Income of our Annual Report on Form 20-F for the year ended December 31, 2021 filed on March 22, 2022.

In August 2022, the Company received follow-om grant funding as part of its joint arrangement with Sk ne University Hospital (Sk ne) in Sweden totaling USD 0.5 (CHF 0.5) million for the continued development of its alpha-synuclein PET imaging diagnostic agent. As part of this grant, AC Immune received USD 0.4 (CHF 0.4) million directly from the MJFF. Sk ne will receive USD 0.1 (CHF 0.1) million of the total grant directly from the MJFF duration of the grant period.

For the three months ended September 30, 2022 and 2021, the Company has recognized CHF 0.2 million in grant income, respectively. For the nine months ended September 30, 2022 and 2021, the Company has recognized CHF 0.8 million in grant income, respectively. As of September 30, 2022, the Company has recorded CHF 0.5 million in deferred income, respectively.

Grant from the Target ALS Foundation

For a discussion of our Grants from the Target ALS Foundation (Target ALS) for the fiscal year ended December 31, 2021, please refer to Note 13.2 Grant Income of our Annual Report on Form 20-F for the year ended December 31, 2021 filed on March 22, 2022.

For the three and nine months ended September 30, 2022 and 2021, the Company recognized less than CHF 0.1 million and CHF 0.1 million, respectively. As of September 30, 2022, the Company has recorded less than CHF 0.1 million in deferred income.

Potentially dilutive securities that were not included in the diluted per share calculations because they would be anti-dilutive were as follows:

5.Property, plant and equipment

The following table shows the movement in the net book values of property, plant and equipment for the nine months ended September 30, 2022:

AC Immune continues to enhance its laboratory equipment to support its R&D functions and IT equipment. This effort has continued since the year ended December 31, 2021, with CHF 0.8 million invested in lab equipment, including the expansion of our leased lab space, and IT equipment, representing an increase of 7.0% from the beginning of the year in these categories.

6.Right-of-use assets, long-term financial assets and lease liabilities

AC Immune recognized no additions for its right-of-use of leased assets for the nine months ended September 30, 2022.

Regarding lease liabilities, the amortization depends on the rate implicit in the contract or the incremental borrowing rate for the respective lease component. The weighted averages of the incremental borrowing rates are 2.5% for buildings, 5.3% for office equipment and 2.6% for IT equipment, respectively.

The following table shows the movements in the net book values of right-of-use of leased assets for the nine months ended September 30, 2022:

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

For the three and nine months ended September 30, 2022, and 2021, the impact on the Company's condensed consolidated statements of income/(loss) and the condensed consolidated statements of cash flows is as follows:

The following table presents the contractual undiscounted cash flows for lease obligations as of September 30, 2022:

The Company also has deposits in escrow accounts totaling CHF 0.4 million for leases of the Company's premises as of both September 30, 2022 and December 31, 2021, respectively. These deposits are presented in Long-term financial assets on the Company's condensed consolidated balance sheets.

7.Net employee defined benefit liabilities

The Company used its independent actuaries to update the calculation of the defined benefit obligation and plan assets in Q2 2022. For the three and nine months ended September 30, 2022, the Company recognized a remeasurement gain of CHF 0.2 million and CHF 7.6 million on the Company's condensed consolidated statements of comprehensive income/(loss) related to its net employee defined benefit liability, respectively. The primary component of the remeasurement gain as for the nine months period ended September 30, 2022 relates to the increase in the discount rate by 195 basis points to 2.25% from 0.3% as of December 31, 2021.

The resulting impact as a result of the asset ceiling test is to record nil for the net employee defined benefit liability on the Company's condensed consolidated balance sheets as of September 30, 2022 compared to CHF 7.1 million as of December 31, 2021.

The Company paid CHF 3.7 million in the period for a previous accrual associated with our cost sharing arrangement with Janssen and CHF 2.3 million related to performance-related remuneration for the nine months ended September 30, 2022.

AC Immune's acquired IPR&D asset is a clinically-validated active vaccine candidate for the treatment of Parkinson's disease. The asset is not yet ready for use until the asset obtains market approval and is therefore not currently being amortized. The carrying amount and net book value are detailed below:

In accordance with IAS 36 Impairment of Assets, the IPR&D asset is reviewed at least annually for impairment by assessing the fair value less costs to sell (recoverable amount) and comparing this to the carrying value of the asset. The valuation is considered to be Level 3 in the fair value hierarchy in accordance with IFRS 13 Fair Value Measurement due to unobservable inputs used in the valuation. The Company has determined the IPR&D asset not to be impaired as of September 30, 2022.

Prepaid expenses include prepaid R&D costs, administrative costs and employee social obligations totaling CHF 2.9 million and CHF 3.0 million as of September 30, 2022 and December 31, 2021, respectively.

11.Cash and cash equivalents and financial assets

The following table summarizes AC Immune's cash and cash equivalents and short-term financial assets as of September 30, 2022 and December 31, 2021:

For the nine months ended September 30, 2022, the Company sold a net CHF 20.0 million in short-term financial assets compared with purchasing a net CHF 30.0 million for the prior period.

For a discussion of our at the market offering program with Jefferies LLC for the fiscal year ended December 31, 2021, please refer to Note 11 Share capital of our Annual Report on Form 20-F for the year ended December 31, 2021 filed on March 22, 2022.

As of September 30, 2022, the Company has 6,221,617 treasury shares remaining.

13.Finance result, net

For the three months ended September 30, 2022 and 2021, AC Immune recorded less than CHF 0.1 million in net financial losses and CHF 4.4 million in net financial gains, respectively. The Company recorded CHF 4.4 million in finance income associated with the change in fair value of derivative financial assets in the prior period which did not repeat in the current period.

For the nine months ended September 30, 2022 and 2021, the Company recorded CHF 0.2 million and CHF 4.5 million in net financial gains, respectively. The Company recorded CHF 4.4 million in finance income associated with the change in fair value of derivative financial assets in the prior period which did not repeat in the current period.

14.Subsequent events

Management has evaluated subsequent events after the balance sheet date, through the issuance of these Interim Condensed Consolidated Financial Statements, for appropriate accounting and disclosures. The Company has determined that there were no other such events that warrant disclosure or recognition in these Interim Condensed Consolidated Financial Statements.