Exhibit 99.1

Condensed Consolidated Balance Sheets (Unaudited)

(In CHF thousands)


		As of
		September 30,	December 31,
	Note	2024	2023
Assets
Non-current assets
Property, plant and equipment	5	2,736	3,376
Right-of-use assets	6	3,091	3,508
Intangible asset	8	50,416	50,416
Long-term financial assets	6	415	361
Total non-current assets		56,658	57,661

Current assets
Prepaid expenses	9	3,446	6,437
Accrued income		780	246
Other current receivables		869	622
Accounts receivable	11	24,600	14,800
Short-term financial assets	10	125,478	24,554
Cash and cash equivalents	10	32,417	78,494
Total current assets		187,590	125,153
Total assets		244,248	182,814

Shareholders' equity and liabilities

Shareholders’ equity
Share capital	12	2,218	2,089
Share premium		477,126	474,907
Treasury shares	12	(218)	(105)
Currency translation differences		(24)	(51)
Accumulated losses		(348,937)	(316,197)
Total shareholders’ equity		130,165	160,643

Non-current liabilities
Long-term deferred contract revenue	3	4,790	—
Long-term lease liabilities	6	2,389	2,825
Net employee defined benefit liabilities		5,917	5,770
Total non-current liabilities		13,096	8,595

Current liabilities
Trade and other payables		1,416	1,679
Accrued expenses	7	12,899	11,087
Short-term deferred income		16	138
Short-term deferred contract revenue	3	85,962	—
Short-term lease liabilities	6	694	672
Total current liabilities		100,987	13,576
Total liabilities		114,083	22,171
Total shareholders’ equity and liabilities		244,248	182,814

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)


		For the Three Months		For the Nine Months
		Ended September 30,		Ended September 30,
	Note	2024	2023	2024	2023
Revenue
Contract revenues	3	25,485	—	26,172	—
Total revenue		25,485	—	26,172	—

Operating expenses
Research & development expenses		(14,482)	(12,407)	(46,785)	(39,962)
General & administrative expenses		(3,753)	(3,465)	(13,275)	(11,252)
Other operating income/(expense), net		19	406	128	1,131
Total operating expenses		(18,216)	(15,466)	(59,932)	(50,083)
Operating income/(loss)		7,269	(15,466)	(33,760)	(50,083)

Financial income	13	939	285	2,307	753
Financial expense	13	(33)	(26)	(103)	(150)
Exchange differences, net	13	(2,672)	67	(3,563)	—
Finance result, net		(1,766)	326	(1,359)	603

Income/(loss) before tax		5,503	(15,140)	(35,119)	(49,480)
Income tax expense		—	(3)	—	(9)
Income/(loss) for the period		5,503	(15,143)	(35,119)	(49,489)

Earnings/(loss) per share:	4
Basic earnings/(loss) for the period attributable to equity holders		0.06	(0.18)	(0.35)	(0.59)
Diluted earnings/(loss) for the period attributable to equity holders		0.05	(0.18)	(0.35)	(0.59)

Condensed Consolidated Statements of Comprehensive Income/(Loss) (Unaudited)

(In CHF thousands)


		For the Three Months		For the Nine Months
		Ended September 30,		Ended September 30,
	Note	2024	2023	2024	2023
Income/(loss) for the period		5,503	(15,143)	(35,119)	(49,489)
Items that will be reclassified to income or loss in subsequent periods (net of tax):
Currency translation differences		11	11	27	(5)
Items that will not to be reclassified to income or loss in subsequent periods (net of tax):
Remeasurement gains on defined-benefit plans		—	—	—	—
Other comprehensive income/(loss)		11	11	27	(5)
Total comprehensive income/(loss) (net of tax)		5,514	(15,132)	(35,092)	(49,494)

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

Condensed Consolidated Statements of Changes in Equity (Unaudited)

(In CHF thousands)


						Currency
		Share	Share	Treasury	Accumulated	translation
	Note	capital	premium	shares	losses	differences	Total
Balance as of January 1, 2023		1,797	431,323	(124)	(264,015)	10	168,991
Net loss for the period		—	—	—	(49,489)	—	(49,489)
Other comprehensive loss		—	—	—	—	(5)	(5)
Total comprehensive loss		—	—	—	(49,489)	(5)	(49,494)
		—	—
Share-based payments		—	—	—	3,568	—	3,568
Proceeds from sale of treasury shares in public offerings, net of underwriting fees and transaction costs	12	—	2,522	18	—	—	2,540
Issuance of shares, net of transaction costs:
restricted share awards		4	548	—	(552)	—	—
exercise of options		1	58	—	—	—	59
Balance as of September 30, 2023		1,802	434,451	(106)	(310,488)	5	125,664


						Currency
		Share	Share	Treasury	Accumulated	translation
	Note	capital	premium	shares	losses	differences	Total
Balance as of January 1, 2024		2,089	474,907	(105)	(316,197)	(51)	160,643
Net loss for the period		—	—	—	(35,119)	—	(35,119)
Other comprehensive income		—	—	—	—	27	27
Total comprehensive income/(loss)		—	—	—	(35,119)	27	(35,092)

Share-based payments		—	—	—	4,503	—	4,503
Proceeds from sale of treasury shares in public offerings, net of underwriting fees and transaction costs	12	—	103	1	—	—	104
Issuance of shares to be held as treasury shares	12	114	—	(114)	—	—	—
Issuance of shares, net of transaction costs:
restricted share awards		15	2,109	0	(2,124)	—	0
exercise of options		0	7	—	—	—	7
Balance as of September 30, 2024		2,218	477,126	(218)	(348,937)	(24)	130,165

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

Condensed Consolidated Statements of Cash Flows (Unaudited)

(In CHF thousands)


		For the Nine Months
		Ended September 30,
	Note	2024	2023
Operating activities
Loss for the period		(35,119)	(49,489)
Adjustments to reconcile net loss for the period to net cash flows:
Depreciation of property, plant and equipment	5	1,126	1,255
Depreciation of right-of-use assets	6	507	405
Finance expense/(income), net		2,482	(369)
Share-based compensation expense		4,503	3,568
Change in net employee defined benefit liability		147	561
Interest expense		98	151
Changes in working capital:
(Increase)/decrease in prepaid expenses	9	2,992	(841)
(Increase)/decrease in accrued income		(534)	96
(Increase)/decrease in accounts receivable	11	(9,800)	—
(Increase)/decrease in other current receivables		(202)	(14)
(Decrease)/increase in accrued expenses	7	2,333	(98)
(Decrease)/increase in deferred contract revenue, short-term	3	85,962	—
(Decrease)/increase in deferred income		(122)	(249)
(Decrease)/increase in trade and other payables		(265)	567
(Decrease)/increase in deferred contract revenue, long-term	3	4,790	—
Cash from/(used in) operating activities		58,898	(44,457)
Interest received		1,110	391
Interest paid		(88)	(142)
Finance expenses paid		(12)	(9)
Net cash flows from/(used in) operating activities		59,908	(44,217)

Investing activities
Short-term financial assets, net	10	(100,924)	43,000
Purchases of property, plant and equipment	5	(486)	(635)
Rental deposits	6	(54)	—
Net cash flows (used in)/provided by investing activities		(101,464)	42,365

Financing activities
Proceeds from sale of treasury shares in public offerings, net of underwriting fees and transaction costs	12	129	2,571
Proceeds from issuance of common shares – equity plan, net of transaction costs		7	60
Transaction costs and stamp duty associated with the public offerings of common shares previously recorded in Accrued expenses		(521)	—
Transaction costs associated with the sale of treasury shares in public offering previously recorded in Accrued expenses		(26)	—
Principal payments of lease obligations	6	(512)	(409)
Net cash flows provided by/(used in) financing activities		(923)	2,222

Net increase/(decrease) in cash and cash equivalents		(42,479)	370

Cash and cash equivalents at January 1		78,494	31,586
Exchange (loss)/gain on cash and cash equivalents		(3,598)	(29)
Cash and cash equivalents at September 30		32,417	31,927
Net increase/(decrease) in cash and cash equivalents		(42,479)	370

Supplemental non-cash activity
Transaction costs associated with the sale of treasury shares in public offering recorded in Accrued expenses	12	25	31

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)

1.	Corporate information

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.

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, 2024 were authorized for issuance by the Company’s Audit and Finance Committee on November 4, 2024.

2.	Basis of preparation and changes to the Company’s accounting policies

Statement of compliance

These Interim Condensed Consolidated Financial Statements as of September 30, 2024 and for the three and nine months ended September 30, 2024 and 2023, 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, 2023.

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:


	For the
	Three Months Ended September 30,		Nine Months Ended September 30,		Year Ended December 31,
	2024	2023	2024	2023	2023
CHF/USD
Closing rate, USD 1	0.850	0.924	0.850	0.924	0.851
Weighted average exchange rate, USD 1	0.877	0.892	0.891	0.911	0.908

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

3.Contract revenues and other operating income

For the three and nine months ended September 30, 2024, AC Immune generated CHF 25.5 million and CHF 26.2 million in contract revenues compared with no contract revenue in the prior comparable periods, respectively.


	For the Three Months
	Ended September 30,
In CHF thousands, unaudited	2024	2023
Janssen	24,600	—
Takeda	885	—
Total contract revenues	25,485	—


	For the Nine Months
	Ended September 30,
In CHF thousands, unaudited	2024	2023
Janssen	24,600	—
Takeda	1,572	—
Total contract revenues	26,172	—

3.1Licensing and collaboration agreements

For a discussion of our licensing and collaboration agreements for the fiscal year ended December 31, 2023, please refer to Note 14.1 “Licensing and Collaboration agreements” of our Annual Report on Form 20-F for the year ended December 31, 2023 filed on March 14, 2024.

On January 22, 2024, the Company announced that the development of semorinemab and crenezumab in the collaboration agreements with Genentech, a member of the Roche Group, was terminated. These terminations became effective in April 2024.

Anti-Abeta Active Immunotherapy in AD – 2024 agreement with Takeda Pharmaceuticals, USA, Inc.

In May 2024, the Company entered into a worldwide option and license agreement with Takeda Pharmaceuticals, USA, Inc. (Takeda) for our active immunotherapies targeting Abeta, including ACI-24.060 for the treatment of AD. AC Immune will be responsible for completing the ABATE trial. Following option exercise, Takeda would conduct and fund all further clinical development and be responsible for all global regulatory activities as well as worldwide commercialization. Under the terms of the agreement, AC Immune received an upfront payment of USD 100.0 (CHF 92.3) million in May 2024 and is eligible to receive an option exercise fee in the low-to-mid nine-figure USD range and additional potential development, commercial and sales-based milestones of up to approximately USD 2.1 (CHF 1.8) billion if all related milestones are achieved over the course of the agreement. Upon commercialization, AC Immune will be entitled to receive tiered mid-to-high teens percentages royalties on worldwide net sales.

Under the terms of the agreement, Takeda may terminate the agreement at any time by providing 90 days’ notice to the Company. If not otherwise terminated, the agreement shall continue until Takeda decides not to exercise its license option or until the expiration of all royalty obligations as outlined in the contract.

AC Immune assessed this arrangement in accordance with IFRS 15 and concluded that Takeda is a customer. The Company identified the following performance obligations under the contract: (i) a license option and (ii) development, chemistry, manufacturing, and controls (“CMC”) and regulatory activities as outlined in the development and CMC plans, which are necessary to deliver the data package to Takeda. AC Immune concluded that the license option is considered a material right, as the value of the license exceeds the option exercise fee, thereby considering it a distinct performance obligation. The development, CMC, and regulatory activities are treated as one distinct performance

obligation because the underlying activities are not distinguishable in the context of the contract and are inputs to an integrated development program that will generate valuable data and information for Takeda in determining whether to exercise the option.

At the agreement's execution, the transaction price included only the upfront and non-refundable consideration of USD 100.0 (CHF 92.3) million. At inception, none of the development milestones, which may occur prior to the Takeda option exercise, were included in the transaction price, as all milestone amounts were fully constrained. The Takeda option exercise payment and any future development and commercial milestone payments, and royalties following the Takeda option exercise were excluded from the initial transaction price at contract inception. The option exercise fee is considered variable consideration as it depends on Takeda's decision to exercise. In assessing that future development or commercial milestones are fully constrained, the Company considered numerous factors, including that the receipt of these milestones is contingent upon success in future clinical trials and the licensee’s efforts, and thus not highly probable to obtain. Any consideration related to sales-based milestones (including royalties) will be recognized when the related sales occur, as they predominantly relate to the license that will be granted to Takeda upon exercise and therefore have also been excluded from the transaction price. The Company will re-evaluate the transaction price in each reporting period as uncertain events are resolved or other changes in circumstances occur.

The valuation of each performance obligation involves estimates and assumptions, with the timing of revenue recognition determined by either delivery or the provision of services. In line with the allocation objective under IFRS 15, the Company allocated the USD 100.0 (CHF 92.3) million upfront payment within the transaction price to the license option and development, CMC, and regulatory activities, using the relative stand-alone selling price method. For the standalone selling price of the license option, the Company utilized an income-based approach, which included key assumptions such as the post-option development timeline and costs, revenue forecasts, discount rates, and probabilities of development and regulatory success. The standalone selling price for the development, CMC and regulatory activities was calculated using a cost-plus margin approach based on the estimated development timeline. The Company allocated the transaction price based on the relative standalone selling prices, assigning USD 87.4 (CHF 80.7) million to the license option and USD 12.6 (CHF 11.6) million to development, CMC, and regulatory activities.

The Company has deferred revenue recognition for the license option and will recognize the entirety of the revenue either when the option is exercised and Takeda obtains the exclusive license, or when the option expires. The Company will recognize revenue related to the development, CMC and regulatory performance obligation over the estimated period of completion of these obligations, using an input method reflecting the costs incurred relative to the total costs expected to be incurred.

During the three and nine months ended September 30, 2024, the Company recorded contract revenue of CHF 0.9 million and CHF 1.6 million, respectively, reflecting its efforts under this agreement. As of September 30, 2024, the Company recorded CHF 90.7 million in deferred contract revenue related to the unsatisfied performance obligations under this agreement. The deferred contract revenue allocated to the license option is classified as short-term on the condensed consolidated balance sheets because, in accordance with IAS 1, the Company does not have the right to defer the settlement of that portion for at least twelve months after the reporting period. The deferred contract revenue allocated to development, CMC, and regulatory activities will be recognized over the remaining performance period and classified as either current or non-current on the condensed consolidated balance sheets, based on the expected timing of satisfaction of the performance obligations.

Tau active immunotherapy in AD – 2014 agreement with Janssen Pharmaceuticals, Inc.

In April 2016, July 2017, January 2019, November 2019, December 2022, November 2023 and September 2024, the companies entered into the first, second, third, fourth, fifth, sixth and seventh amendments, respectively, of the License, Development and Commercialization Agreement (the Janssen Agreement) between Janssen Pharmaceuticals, Inc. (Janssen), a Johnson & Johnson company, and the Company. These amendments allow for the alignment of certain payment and activity provisions with the Development Plan and Research Plan activities.

In September 2024, the Company announced that it will receive the second ReTain-related milestone payment of CHF 24.6 million under its agreement with Janssen. This milestone payment was triggered by the rapid rate of

prescreening in the potentially registrational Phase 2b ReTain trial investigating active-immunotherapy candidate ACI-35.030 (now called “JNJ-2056”) to treat preclinical (pre-symptomatic) AD. The Company recognized this milestone of CHF 24.6 million as revenue because we deemed it highly probable that this milestone would be obtained and would not be subject to reversal in the future.

3.2Grant income

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, 2023, please refer to Note 14.2 “Grant Income” of our Annual Report on Form 20-F for the year ended December 31, 2023 filed on March 14, 2024.

For the three months ended September 30, 2024 and 2023, the Company has recognized less than CHF 0.1 million and CHF 0.3 million in grant income under other operating income/(expense), net, respectively. For the nine months ended September 30, 2024 and 2023, the Company has recognized CHF 0.1 million and CHF 1.0 million in grant income, respectively.

4.Earnings and loss per share


	For the Three Months
	Ended September 30,
In CHF thousands except for share and per share data	2024	2023
Basic earnings/(loss) per share (EPS):
Numerator
Net income/(loss) attributable to equity holders of the Company	5,503	(15,143)
Denominator
Weighted-average number of shares outstanding used to compute EPS basic attributable to equity holders	99,840,693	84,715,515
Basic earnings/(loss) per share for the period attributable to equity holders	0.06	(0.18)

Diluted earnings/(loss) per share (EPS):
Numerator
Net income/(loss) attributable to equity holders of the Company	5,503	(15,143)
Denominator
Weighted-average number of shares outstanding used to compute EPS basic attributable to equity holders	99,840,693	84,715,515
Effect of dilutive securities from equity incentive plans	1,018,251	—
Weighted-average number of shares outstanding – diluted attributable to equity holders	100,858,944	84,715,515
Diluted earnings/(loss) per share for the period attributable to equity holders	0.05	(0.18)


	For the Nine Months
	Ended September 30,
In CHF thousands except for share and per share data	2024	2023
Loss per share (EPS)
Numerator
Net loss attributable to equity holders of the Company	(35,119)	(49,489)
Denominator
Weighted-average number of shares outstanding used to compute EPS basic and diluted attributable to equity holders	99,592,932	84,012,166
Basic and diluted loss per share for the period attributable to equity holders	(0.35)	(0.59)

The outstanding number of potentially dilutive securities that were not included in the diluted per share calculations because they would be anti-dilutive were as follows:


	For the Three Months
	Ended September 30,
	2024	2023
Share options issued and outstanding	3,109,214	4,939,773
Restricted share awards subject to future vesting	—	1,045,648


	For the Nine Months
	Ended September 30,
	2024	2023
Share options issued and outstanding	5,098,280	4,939,773
Restricted share awards subject to future vesting	1,265,458	1,045,648

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, 2024:


	As of September 30, 2024
		IT	Lab	Leasehold	Assets under
In CHF thousands	Furniture	equipment	equipment	improvements	construction	Total
Acquisition cost:
Balance at December 31, 2023	309	2,168	10,233	1,662	—	14,372
Additions	15	150	285	36	—	486
Balance at September 30, 2024	324	2,318	10,518	1,698	—	14,858

Accumulated depreciation:
Balance at December 31, 2023	(212)	(1,851)	(8,101)	(832)	—	(10,996)
Depreciation expense	(35)	(151)	(739)	(201)	—	(1,126)
Balance at September 30, 2024	(247)	(2,002)	(8,840)	(1,033)	—	(12,122)

Carrying amount:
December 31, 2023	97	317	2,132	830	—	3,376
September 30, 2024	77	316	1,678	665	—	2,736

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

AC Immune recognized additions of CHF 0.1 million for its right-of-use leased assets for the nine months ended September 30, 2024.

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 3.5% for buildings, 3.3% for office equipment and 7.2% 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, 2024:


		Office	IT
In CHF thousands	Buildings	equipment	equipment	Total
Balance as of December 31, 2023	3,446	50	12	3,508
Additions and remeasurements	—	64	26	90
Depreciation	(479)	(17)	(11)	(507)
Balance as of September 30, 2024	2,967	97	27	3,091

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, 2024, and 2023, the impact on the Company’s condensed consolidated statements of income/(loss) and the condensed consolidated statements of cash flows is as follows:


	For the Three Months
	Ended September 30,
In CHF thousands	2024	2023
Statements of income/(loss)
Depreciation of right-of-use assets	170	136
Interest expense on lease liabilities	28	22
Expense for short-term leases and leases of low value	177	109
Total	375	267

Statements of cash flows
Total cash outflow for leases	377	268


	For the Nine Months
	Ended September 30,
In CHF thousands	2024	2023
Statements of income/(loss)
Depreciation of right-of-use assets	507	405
Interest expense on lease liabilities	87	69
Expense for short-term leases and leases of low value	551	596
Total	1,145	1,070

Statements of cash flows
Total cash outflow for leases	1,150	1,075

The following table presents the contractual undiscounted cash flows for lease obligations as of September 30, 2024:


		As of
In CHF thousands		September 30, 2024
Less than one year		791
1-3 years		1,558
3-5 years		975
Total		3,324

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, 2024 and December 31, 2023, respectively. These deposits are presented in Long-term financial assets on the Company’s condensed consolidated balance sheets.

7.Accrued expenses

Accrued expenses consist of accrued R&D costs, accrued payroll expenses and other accrued expenses totaling CHF 12.9 million and CHF 11.1 million as of September 30, 2024 and December 31, 2023, respectively.

8.Intangible assets

AC Immune’s acquired IPR&D asset is a clinically-validated active immunotherapy 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:

As of September 30, 2024

As of December 31, 2023

Gross

Carrying

Accumulated

Net Book

Carrying

Accumulated

Net Book

In CHF thousands

Amount

Amortization

Value

Amount

Amortization

Value

Acquired IPR&D asset

50,416

—

50,416

—

50,416

Total intangible assets

50,416

—

50,416

—

50,416

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 December 31, 2023. As of September 30, 2024, the Company did not identify any triggering events that could result in an impairment of the IPR&D asset.

9.Prepaid expenses

Prepaid expenses include prepaid R&D costs and administrative costs totaling CHF 3.4 million and CHF 6.4 million as of September 30, 2024 and December 31, 2023, respectively.

10.Cash and cash equivalents and short-term financial assets

The following table summarizes AC Immune’s cash and cash equivalents and short-term financial assets as of September 30, 2024 and December 31, 2023:


	As of
In CHF thousands	September 30, 2024	December 31, 2023
Cash and cash equivalents	32,417	78,494
Total cash and cash equivalents	32,417	78,494


	As of
In CHF thousands	September 30, 2024	December 31, 2023
Short-term financial assets due in one year or less	125,478	24,554
Total short-term financial assets	125,478	24,554

For the nine months ended September 30, 2024, the net investments associated with the short-term financial assets amounted to CHF 100.9 million, compared to net proceeds associated with the maturity of investments of CHF 43.0 million in the prior comparable period.

11.Accounts receivable

As of December 31, 2023, the balance of accounts receivable included the CHF 14.8 million milestone payment due under the Janssen Agreement for reaching the programmed launch of the Phase 2b ReTain trial study. This amount was received in Q1 2024.

As of September 30, 2024, the balance of accounts receivable included the CHF 24.6 million milestone payment due under the Janssen Agreement for triggering the rapid rate of prescreening in the potentially registrational Phase 2b ReTain trial investigating active-immunotherapy candidate ACI-35.030. This amount was received in October 2024.