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

Condensed Financial Statements (Unaudited)

Statements (Unaudited) (IFRS) as of and for the Three Months Ended March 31, 2020

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

Statements of Income/(Loss)

(in CHF thousands except for share

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

Statements of Changes in Equity

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

Statements of Cash Flows

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)

"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 months ended March 31, 2020 were authorized for issuance by the

Company's Audit and Finance Committee on May 1, 2020.

Condensed Financial Statements as of and for the three months ended March 31, 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.

into licensing agreements 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, 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 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 statement 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 intellectual property 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 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 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 licensing and collaboration

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.

Fair value of financial assets and

Company's financial assets and liabilities are comprised of receivables, short-term financial assets, cash and cash

equivalents, trade payables, financing obligations and derivative instruments. 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, unless otherwise explicitly noted.

Derivative financial

foreign currency exchange rate contracts to manage its exposure to changes in currency exchange rates. At inception of the contracts,

the Company designated the derivatives as freestanding. These are not designated as a hedge and therefore changes in the value

of these contracts are recorded through the statements of income/(loss), therefore offsetting the current earnings effect of the

related change in value of foreign currency denominated assets and cash flows. The Company recognizes corresponding forward contract

liabilities on the balance sheets within "other short-term liabilities". These derivatives will mature in Q2 2020.

subjects the Company to certain risks, such as market and credit risks. The Company may be exposed to credit-related losses in

the event of nonperformance by its counterparties to derivatives. Credit risk is monitored through established approval and monitoring

procedures, including setting concentration limits by counterparty and regular reviewing credit ratings, Tier 1 capital ratios

and CDS scores of the financial counterparties. Please see Note 10, "Fair Value Measurements" for the presentation

of the Company's derivative liabilities.

and accounting estimates

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

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 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 revised.