Contract revenues and other operating income

For the six months ended June 30, 2026, AC Immune generated CHF 16.2 million in contract revenue compared with CHF 2.3 million in the prior comparable period.

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3.1Licensing and collaboration agreements

For a discussion of our licensing and collaboration agreements for the fiscal year ended December 31, 2025, please refer to Note 14.1 “Licensing and Collaboration agreements” of our Annual Report on Form 20-F for the year ended December 31, 2025 filed on March 13, 2026.

Anti-Abeta Active Immunotherapy in AD – 2026 amendment agreement Takeda Pharmaceuticals, USA, Inc.

In February 2026, pursuant to the existing agreement described below, the Company signed an amendment to initiate the final Cohort in the ongoing phase 1b/2 ABATE trial of anti-Abeta active immunotherapy (“Cohort AD4” or “AD4”). Under the terms of the agreement, AC Immune is eligible to earn milestone payments upon pre-defined clinical achievements over the course of the study.

AC Immune assessed this arrangement in accordance with IFRS 15 and concluded that the scope and price of this arrangement were defined at their standalone selling price in the original agreement below with no material right given. As a result, the activation of this amendment has been treated as a separate contract, and the responsibility for development, CMC, and regulatory activities of AD4 is considered a distinct performance obligation. This performance obligation is to be recognized over time, with the transaction price constrained by the achievement of future milestones throughout the study.

The Company achieved the first milestone under this arrangement in April 2026 upon the treatment of first patient in Cohort AD4 in ABATE in the amount of $12.0 million (CHF 9.5 million at the transaction date of April 30, 2026). The Company will recognize revenue related to the fulfilment of its obligation over time, using an input method reflecting the costs incurred relative to the total costs expected to be incurred. During the six months ended June 30, 2026, the Company recorded contract revenue of CHF 3.1 million related to this milestone, and deferred revenue of CHF 6.4 million, all of which is classified within short-term deferred contract revenue as the Company expects to realize the remainder within 12 months of the reporting date. The $12.0 million (CHF 9.8 million) milestone is outstanding in accounts receivable as of June 30, 2026.

Anti-Abeta Active Immunotherapy in AD – 2024 agreement 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 1.7) 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 six months ended June 30, 2026, the Company recorded contract revenue of CHF 2.1 million, reflecting its efforts under this agreement. As of June 30, 2026, the Company recorded CHF 84.0 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.

Morphomer Tau small molecule – 2018 license agreement with Eli Lilly and Company

In April 2026, the Company announced an agreement with Eli Lilly and Company (Lilly) to amend their 2018 license and collaboration agreement to research and develop Tau aggregation inhibitor small molecules for the potential treatment of Alzheimer’s disease (AD) and other neurodegenerative diseases. The amendment continues the research and collaboration to cover development of new lead Tau Morphomer^® candidates and potential back-up compounds. AC Immune is eligible for further development, regulatory and commercial milestones of over CHF 1.7 billion, plus tiered percentage royalty payments in the low double digits, as previously disclosed.

Under this amendment, AC Immune received a CHF 10.0 million upfront payment and a subsequent milestone payment of CHF 1.0 million in the six months ended, June 30, 2026. The upfront payment was received upon delivery of a new pre-clinical data package for new lead Tau Morphomer^® molecules under the amended agreement. The upfront payment and the subsequent milestone payment totaling CHF 11.0 million were fully recognized as contract revenue in the six months ended June 30, 2026 as the related performance obligations had been satisfied.

3.2Grant income

Grant from Vijay and Marie Goradia Charitable Foundation

In June 2026, the Company finalized the terms to receive a research grant of $4 million (CHF 3.2 million at transaction date) from The Vijay and Marie Goradia Charitable Foundation. The grant will support extending Part 1 of the ongoing Phase 2 VacSYn trial of ACI-7104, AC Immune’s anti-alpha-synuclein (a-syn) active immunotherapy, in early Parkinson’s disease (PD). As the Company has reasonable assurance that it will satisfy the underlying grant conditions and the grant will be received, the Company has recorded other current receivables of $4 million (CHF 3.2 million at recognition date) and related deferred income in the same amount. The deferred income will be recognized over the life of the study. As of June 30, 2026, CHF 0.1 million has been recognized under the arrangement, and CHF 3.1 million of income remains deferred. CHF 1.3 million of the deferred income is expected to be recognized over the next year and is thereby classified as short-term.