Interim Condensed Financial Statements (Unaudited) Interim Condensed Financial Statements (Unaudited) (IFRS) as of and for the Three and Six Months Ended

Interim Condensed Financial Statements (Unaudited)

Interim Condensed Financial

Statements (Unaudited) (IFRS) as of and for the Three and Six Months Ended June 30, 2019

EPFL Innovation Park

The accompanying notes form an integral

part of these Interim Condensed Financial Statements (Unaudited).

Statements of Income/(Loss)

Statements of Comprehensive Income/(Loss)

The accompanying notes form an integral

part of these Interim Condensed Financial Statements (Unaudited).

Statements of Changes in Equity

The accompanying notes form an integral

part of these Interim Condensed Financial Statements (Unaudited).

Statements of Cash Flows

Additional Information:

The Company settled its convertible loan

via equity for CHF 48.3 million, gross of CHF 510 thousand for transaction costs. The acquisition of CHF 22 thousand of property,

plant and equipment purchases was non-cash and recorded within trade and other payables.

The 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 share and per share amounts)

AC Immune SA (the "Company,"

or "AC Immune," "ACIU," "we," "our," "ours," "us") is a

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

proprietary medicines for prevention, diagnosis 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 six months ended June 30, 2019 were authorized for issuance by the Company's

Audit Committee on August 12, 2019.

Statement of compliance

These interim condensed financial statements

as of and for the three and six months ended June 30, 2019 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, 2018, and any public announcements

made by the Company during the interim reporting period.

Basis of measurement

The financial statements have been prepared

under the historical cost convention.

The Company enters into licensing agreements

which are within the scope of IFRS 15, under which it licenses certain proprietary 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, up-front 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 commercialized products depending on 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 commercialized products depending on the Company's IP, which are classified as royalty revenues.

Licenses on intellectual property:

If the license to the Company's intellectual property is determined to be distinct from the other performance obligations

identified in the arrangement, the Company recognizes revenues from non-refundable, up-front 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, up-front fees. The Company evaluates the measure of progress each reporting period and, if necessary, adjusts the

measure of performance and related revenue recognition.

Milestone payments: 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.

Research and development services:

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

Sublicense 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 the future.

Royalties: 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.

Contract balances: The Company receives

payments and determines credit terms from its licensees 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 sheet. 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.

Critical judgments and accounting estimates

The preparation of the Company's

interim condensed financial statements in conformity with IAS 34 requires management to make judgments, estimates and assumptions

that affect the amounts reported in the interim condensed financial statements and accompanying notes and the related application