Exhibit 99.1

Condensed Consolidated Balance Sheets (Unaudited)

(In CHF thousands)


		As of
		March 31,	December 31,
	Note	2023	2022
Assets
Non-current assets
Property, plant and equipment	5	4,011	4,259
Right-of-use assets	6	2,674	2,808
Intangible asset	8	50,416	50,416
Long-term financial assets	6	361	361
Total non-current assets		57,462	57,844

Current assets
Prepaid expenses	9	5,438	4,708
Accrued income	3	218	408
Other current receivables		598	392
Short-term financial assets	10	48,000	91,000
Cash and cash equivalents	10	57,434	31,586
Total current assets		111,688	128,094
Total assets		169,150	185,938

Shareholders' equity and liabilities

Shareholders’ equity
Share capital		1,797	1,797
Share premium		431,365	431,323
Treasury shares	11	(124)	(124)
Currency translation differences		2	10
Accumulated losses		(280,105)	(264,015)
Total shareholders’ equity		152,935	168,991

Non-current liabilities
Long-term lease liabilities	6	2,115	2,253
Net employee defined benefit liabilities		3,345	3,213
Total non-current liabilities		5,460	5,466

Current liabilities
Trade and other payables		1,136	929
Accrued expenses	7	8,653	9,417
Deferred income	3	415	587
Short-term lease liabilities	6	551	548
Total current liabilities		10,755	11,481
Total liabilities		16,215	16,947
Total shareholders’ equity and liabilities		169,150	185,938

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
		Ended March 31,
	Note	2023	2022
Revenue
Contract revenue	3	—	—
Total revenue		—	—

Operating expenses
Research & development expenses		(13,873)	(15,123)
General & administrative expenses		(4,106)	(4,166)
Other operating income/(expense), net	3	408	459
Total operating expenses		(17,571)	(18,830)
Operating loss		(17,571)	(18,830)

Financial income		209	—
Financial expense		(97)	(154)
Exchange differences		(51)	140
Finance result, net	12	61	(14)

Loss before tax		(17,510)	(18,844)
Income tax expense		(3)	(4)
Loss for the period		(17,513)	(18,848)

Loss per share:	4
Basic and diluted loss per share for the period attributable to equity holders		(0.21)	(0.23)

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

(In CHF thousands)


		For the Three Months
		ended March 31,
	Note	2023	2022
Loss for the period		(17,513)	(18,848)
Items that will be reclassified to income or loss in subsequent periods (net of tax):
Currency translation differences		(8)	10
Items that will not to be reclassified to income or loss in subsequent periods (net of tax):
Remeasurement gains on defined-benefit plans (net of tax)		—	—
Other comprehensive income/(loss)		(8)	10
Total comprehensive loss, net of tax		(17,521)	(18,838)

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, 2022		1,794	431,251	(124)	(200,942)	—	231,979
Net loss for the period		—	—	—	(18,848)	—	(18,848)
Other comprehensive income		—	—	—	—	10	10
Total comprehensive loss		—	—	—	(18,848)	10	(18,838)

Share-based payments		—	—	—	989	—	989
Issuance of shares, net of transaction costs:
restricted share awards		—	2	—	(2)	—	—
exercise of options		1	—	—	—	—	1
Balance as of March 31, 2022		1,795	431,253	(124)	(218,803)	10	214,131


						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		—	—	—	(17,513)	—	(17,513)
Other comprehensive loss		—	—	—	—	(8)	(8)
Total comprehensive loss		—	—	—	(17,513)	(8)	(17,521)

Share-based payments		—	—	—	1,472	—	1,472
Issuance of shares, net of transaction costs:
restricted share awards		0	49	—	(49)	—	0
exercise of options		—	(7)	—	—	—	(7)
Balance as of March 31, 2023		1,797	431,365	(124)	(280,105)	2	152,935

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 Three Months
		Ended March 31,
	Note	2023	2022
Operating activities
Loss for the period		(17,513)	(18,848)
Adjustments to reconcile net loss for the period to net cash flows:
Depreciation of property, plant and equipment	5	436	460
Depreciation of right-of-use assets	6	134	140
Finance (income), net	12	(59)	(179)
Share-based compensation expense		1,472	989
Change in net employee defined benefit liability		132	183
Interest expense	12	97	151
Changes in working capital:
(Increase)/decrease in prepaid expenses	9	(737)	186
Decrease in accrued income	3	190	828
(Increase)/decrease in other current receivables		(206)	162
(Decrease) in accrued expenses	7	(751)	(5,128)
(Decrease) in deferred income	3	(172)	(459)
Increase/(decrease) in trade and other payables		208	(1,493)
Cash used in operating activities		(16,769)	(23,008)
Interest received		67	—
Interest paid		(97)	(132)
Finance expenses paid		(2)	(3)
Net cash flows used in operating activities		(16,801)	(23,143)

Investing activities
Short-term financial assets, net	10	43,000	—
Purchases of property, plant and equipment	5	(200)	(540)
Net cash flows provided by/(used in) investing activities		42,800	(540)

Financing activities
Principal payments of lease obligations	6	(135)	(141)
Transaction costs associated with issuance of shares		—	(776)
Proceeds from issuance of common shares		(6)	1
Net cash flows (used in) financing activities		(141)	(916)

Net increase/(decrease) in cash and cash equivalents		25,858	(24,599)

Cash and cash equivalents at January 1		31,586	82,216
Exchange gain on cash and cash equivalents		(10)	218
Cash and cash equivalents at March 31		57,434	57,835
Net increase/(decrease) in cash and cash equivalents		25,858	(24,599)

Supplemental non-cash activity
Capital expenditures in Trade and other payables or Accrued expenses	5	—	15

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 months ended March 31, 2023 were authorized for issuance by the Company’s Audit and Finance Committee on April 26, 2023.

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

Statement of compliance

These Interim Condensed Consolidated Financial Statements as of March 31, 2023 and for the three months ended March 31, 2023 and 2022, 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, 2022.

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 U.S. 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 March 31,		Year Ended December 31,
	2023	2022	2022
CHF/USD
Closing rate, USD 1	0.923	0.932	0.933
Weighted-average exchange rate, USD 1	0.935	0.933	0.965

3.1Licensing and collaboration agreements

For a discussion of our licensing and collaboration agreements for the fiscal year ended December 31, 2022, please refer to Note 13.1 “Licensing and Collaboration agreements” of our Annual Report on Form 20-F for the year ended December 31, 2022 filed on March 16, 2023.

As it relates to revenue recognition, there have been no significant events or transactions associated with our license and collaboration agreements that have occurred for the three months ended March 31, 2023.

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, 2022, please refer to Note 13.2 “Grant Income” of our Annual Report on Form 20-F for the year ended December 31, 2022 filed on March 16, 2023.

In August 2022, the Company received follow-on grant funding as part of its joint arrangement with Skåne University Hospital (Skåne) 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. Skåne will receive USD 0.1 (CHF 0.1) million of the total grant directly from the MJFF duration of the grant period.

In February 2023, the Company was awarded a new grant from the MJFF totaling USD 0.5 (CHF 0.5) million to support the development of its TDP-43 PET tracer program.

For the three months ended March 31, 2023 and 2022, the Company has recognized CHF 0.4 million in grant income, respectively. As of March 31, 2023, the Company has recorded CHF 0.3 million in deferred income.

4.Loss per share


	For the Three Months
	Ended March 31,
In CHF thousands except for share and per share data	2023	2022
Loss per share (EPS)
Numerator
Net loss attributable to equity holders of the Company	(17,513)	(18,848)
Denominator
Weighted-average number of shares outstanding used to compute EPS basic and diluted attributable to equity holders	83,625,826	83,486,354
Basic and diluted loss per share for the period attributable to equity holders	(0.21)	(0.23)

The weighted-average 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 March 31,
	2023	2022
Share options issued and outstanding	97,875	199,636
Restricted share awards subject to future vesting	1,236,774	521

5.Property, plant and equipment

The following table shows the movement in the net book values of property, plant and equipment for the three months ended March 31, 2023:


	As of March 31, 2023
		IT	Lab	Leasehold	Assets under
In CHF thousands	Furniture	equipment	equipment	improvements	construction	Total
Acquisition cost:
Balance at December 31, 2022	285	1,909	9,765	1,640	3	13,602
Additions	—	154	46	—	—	200
Disposals	—	—	—	(12)	—	(12)
Transfers	—	—	—	3	(3)	—
Balance at March 31, 2023	285	2,063	9,811	1,631	—	13,790

Accumulated depreciation:
Balance at December 31, 2022	(159)	(1,599)	(7,017)	(568)	—	(9,343)
Depreciation expense	(14)	(68)	(288)	(66)	—	(436)
Balance at March 31, 2023	(173)	(1,667)	(7,305)	(634)	—	(9,779)

Carrying amount:
December 31, 2022	126	310	2,748	1,072	3	4,259
March 31, 2023	112	396	2,506	997	—	4,011

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, 2022, with CHF 0.2 million invested in lab equipment, including the expansion of our leased lab space, and IT equipment, representing an increase of 1.7% 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 three months ended March 31, 2023.

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, 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 three months ended March 31, 2023:


		Office	IT
In CHF thousands	Buildings	equipment	equipment	Total
Balance as of December 31, 2022	2,708	74	26	2,808
Depreciation	(124)	(6)	(4)	(134)
Balance as of March 31, 2023	2,584	68	22	2,674

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 months ended March 31, 2023, and 2022, 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 March 31,
In CHF thousands	2023	2022
Statements of income/(loss)
Depreciation of right-of-use assets	134	140
Interest expense on lease liabilities	24	18
Expense for short-term leases and leases of low value	298	174
Total	456	332

Statements of cash flows
Total cash outflow for leases	458	333

The following table presents the contractual undiscounted cash flows for lease obligations as of March 31, 2023:


		As of
In CHF thousands		March 31, 2023
Less than one year		636
1-3 years		1,222
3-5 years		1,038
Total		2,896

The Company also has deposits in escrow accounts totaling CHF 0.4 million for leases of the Company’s premises as of both March 31, 2023 and December 31, 2022, respectively. These deposits are presented in Long-term financial assets on the Company’s condensed consolidated balance sheets.

7.Accrued expenses


	As of
In CHF thousands	March 31, 2023	December 31, 2022
Accrued expenses	8,653	9,417
Total accrued expenses	8,653	9,417

Accrued expenses consists of accrued R&D costs, accrued payroll expenses and other accrued expenses totaling CHF 8.7 million and CHF 9.4 million as of March 31, 2023 and December 31, 2022, respectively.

8.Intangible assets

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:

As of March 31, 2023

As of December 31, 2022

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, 2022. As of March 31, 2023, 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, administrative costs and employee social obligations totaling CHF 5.4 million and CHF 4.7 million as of March 31, 2023 and December 31, 2022, 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 March 31, 2023 and December 31, 2022:


	As of
In CHF thousands	March 31, 2023	December 31, 2022
Cash and cash equivalents	57,434	31,586
Total cash and cash equivalents	57,434	31,586


	As of
In CHF thousands	March 31, 2023	December 31, 2022
Short-term financial assets due in one year or less	48,000	91,000
Total short-term financial assets	48,000	91,000

For the three months ended March 31, 2023, a net amount of CHF 43.0 million in short-term financial assets matured compared to no net maturation in the comparable prior period.

11.Treasury shares

For a discussion of our at the market offering program with Jefferies LLC for the fiscal year ended December 31, 2022, please refer to Note 11 “Share capital” of our Annual Report on Form 20-F for the year ended December 31, 2022 filed on March 16, 2023.

As of March 31, 2023 and December 31, 2022, the Company had 6,214,021 treasury shares remaining, respectively.

12.Finance result, net

For the three months ended March 31, 2023 and 2022, AC Immune recorded CHF 0.1 million in net financial gains and less than CHF 0.1 million in net financial losses, respectively.

13.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.