Exhibit 99.2

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION

AND RESULTS OF OPERATIONS

This management’s discussion and analysis is designed to provide you with a narrative explanation of our financial condition and results of operations. We recommend that you read this in conjunction with our unaudited interim condensed consolidated financial information as of and for the six months ended June 30, 2026, included as Exhibit 99.1 to this Report on Form 6-K. We also recommend that you read our management’s discussion and analysis and our audited consolidated financial statements and the notes thereto, which appear in our Annual Report on Form 20-F for the year ended December 31, 2025 on file with the U.S. Securities and Exchange Commission (the “SEC”).

Unless otherwise indicated or the context otherwise requires, the terms “Company,” “AC Immune,” “ACIU,” “we,” “our,” “ours,” or “us” refer to AC Immune SA together with its fully-owned subsidiary, AC Immune USA, Inc.

We prepare and report our consolidated financial statements and financial information in accordance with IFRS Accounting Standards (IFRS) as issued by the International Accounting Standards Board (IASB). None of our consolidated financial statements were prepared in accordance with generally accepted accounting principles in the United States. We maintain our books and records in Swiss Francs (CHF). We have made rounding adjustments to some of the figures included in this management’s discussion and analysis. Accordingly, numerical figures shown as totals in some tables may not be an arithmetic aggregation of the figures that precede them. Unless otherwise indicated, all references to currency amounts in this discussion and analysis are in Swiss Francs.

This discussion and analysis is dated as of August 5, 2026.

Business Overview

AC Immune is a clinical stage biopharmaceutical company developing a pipeline of products, including both active immunotherapies and small molecules targeting key misfolded proteins and pathways for the treatment of different neurodegenerative diseases.

The company has a growing focus on its wholly owned proprietary clinical stage programs, including: ACI-7104, an active immunotherapy targeting alpha-synuclein (a-syn), in a Phase 2 clinical trial (VacSYn) for Parkinson's disease; and ACI-19764, a small molecule inhibitor of the NLRP3 inflammasome, in a Phase 1 trial in healthy volunteers soon to be expanded to include patients with elevated hsCRP. In addition, an early-stage Morphomer small molecule development program targeting intracellular a-syn is advancing towards the clinic.

The Company has secured strategic partnerships with leading global pharmaceutical companies around therapeutic programs in development for Alzheimer’s disease, including: a collaboration with Takeda on ACI-24 targeting Abeta in a Phase 1b/2 clinical study (ABATE); a collaboration with Janssen-J&J on ACI-35 targeting phospho-Tau in a Phase 2b clinical study (ReTain); and a collaboration with Lilly developing brain-penetrant small molecule inhibitors for the intracellular targeting of Tau.

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Our wholly-owned clinical-stage therapeutic product candidates include:

Our product candidates being developed in collaborations with pharma partners include:

ABATE is a multicenter, adaptive, double-blind, randomized, placebo-controlled study designed to assess the safety, tolerability, immunogenicity, and pharmacodynamic effects of ACl-24 in subjects with prodromal AD and in adults with Down Syndrome (DS) with evidence of brain amyloid plaques at PET scan. The Clinical Trial Application (CTA) was approved by the UK Medicines and Healthcare Products Regulatory Agency (MHRA) and Spanish Agency for Medicines and Health Products (AEMPS) with the first AD patient dosed in June 2022. In June 2023, AC Immune received Fast Track designation from the FDA for ACI-24, for the treatment of AD. This followed FDA clearance of the Investigational New Drug (IND) application in May 2023 enabling the ABATE study to include clinical trial sites to enroll participants with DS in the U.S. Based on the safety profile and induction of an anti-Abeta antibody response post-dosing of ACI-24 in patients with AD, dosing of the first individual with DS occurred in June 2023. Recruitment of participants into the three DS cohorts has been concluded. ACI-24 has been shown to be generally well tolerated in individuals with AD and with Down syndrome, noting in particular that no case of Amyloid-Related Imaging Abnormalities-vasogenic edema (ARIA-E) has been reported at brain MRI in these two study populations. Based on data available as of June 2026, there has been no death. In subjects with AD, two serious adverse events are considered possibly related to the study treatment.

On June 30, 2026, headline interim results were reported for the first three cohorts (AD1, AD2 & AD3) of 74 patients with prodromal Alzheimer’s disease (AD) in the Phase 1b/2 ABATE trial following 12 months of treatment with ACI-24 anti-amyloid beta (Abeta) active immunotherapy. Anti-Abeta antibody responses were detected at every dose level with a dose response. A fourth cohort, AD4, is currently evaluating ACI-24 with an additional adjuvant to boost immunogenicity and antibody responses.

As announced on May 13, 2024, this program is the subject of an exclusive option and license agreement with Takeda Pharmaceuticals USA, Inc. (Takeda). Under the terms of the agreement, AC Immune received an upfront payment of USD 100.0 (CHF 92.3) million from Takeda and is eligible to receive payments of up to approximately USD 2.1 (CHF 1.7) billion including an option exercise fee in the low-to-mid nine-figure USD range and potential development, commercial and sales-based milestone payments. Upon commercialization, AC Immune will be entitled to receive tiered mid-to-high teens percentages royalties on worldwide net sales. Further details related to the agreement are available on the Current Report on Form 6-K furnished by the Company on May 13, 2024 with the SEC.

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ACI-35/JNJ-2056 is now being assessed in an ongoing Phase 2 study, ReTain (NCT06544616) in subjects with preclinical (i.e., pre-symptomatic) AD with confirmed early-stage Tau pathology. JNJ-2056 was granted Fast Track designation by the FDA, for the treatment of AD in July 2024. In September 2024, AC Immune received a milestone payment related to the ReTain trial and the first patient was dosed in H2 2024. As announced on

February 17, 2026, recruitment of new participants into the ongoing trial was paused. Janssen is seeking a protocol amendment for the ReTain study to enable earlier insights into the biological activity of JNJ-2056 and its potential for clinical benefit. The study remains active, with enrollment paused, and there is no change for enrolled participants at this time. The study is ongoing based on ~60 enrolled patients with a minimum of 12 months and up to 24 months of treatment and follow-up.

As announced on April 7, 2026, AC Immune and Lilly amended 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 received a CHF 10 million upfront payment and will receive a subsequent milestone payment subject to Phase 1 dosing, in addition to other potential development, regulatory and commercial milestones of over CHF 1.7 billion, plus tiered percentage royalty payments in the low double digits, as previously disclosed.

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Our wholly-owned clinical-stage diagnostic product candidates include:

H1 2026 Company highlights

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Wholly-Owned Programs

AC Immune’s wholly-owned pipeline is built around three differentiated programs against α-synuclein, TDP-43, and NLRP3, targeting key mechanisms underlying neurodegenerative disease based on extensive preclinical data. The following updates focus on our clinical stage programs. ACI-7104 is an active immunotherapy targeting pathological α-synuclein in Parkinson’s disease, designed to generate a targeted immune response with the potential to modify disease progression. ACI-19764 is a small-molecule NLRP3 inflammasome inhibitor aimed at reducing neuroinflammation, a fundamental driver of multiple neurodegenerative disorders. ACI-19626 is a first-in-class TDP-43 PET tracer designed to visualize TDP-43 pathology in living patients, addressing a major unmet need in ALS and related diseases. Together, these assets provide multiple near-term data catalysts and showcase AC Immune’s ability to translate deep neuroscience expertise into both therapeutics and diagnostics.

ACI-7104: anti-a-syn active immunotherapy

ACI-19764: brain penetrant NLRP3 inhibitor

ACI-19626: TDP-43 PET tracer

Partnered Programs

AC Immune’s partnered portfolio validates the strength of its neuroscience platform through collaborations with leading global pharmaceutical companies. The pipeline includes anti-amyloid and anti-tau programs developed in collaboration with Takeda, Lilly, and Janssen, leveraging AC Immune’s expertise in protein misfolding and neurodegenerative disease biology. The portfolio also includes diagnostic imaging assets developed with partners to improve patient identification, stratification and treatment monitoring. These partnerships provide access to substantial development resources, milestone and royalty opportunities, and multiple clinical catalysts.

ACI-24: anti-Abeta active immunotherapy

Morphomer-Tau small molecule program

Corporate Governance

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Results of Operations

Comparison of the six months ended June 30, 2026 and 2025

Contract revenues

For the six months ended June 30, 2026, the Company generated CHF 16.2 million in contract revenues compared to CHF 2.3 million in the comparable period. This represents an increase of CHF 13.9 million. The following table summarizes our contact revenues during the six months ended June 30, 2026 and 2025:

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For the six months ended June 30, 2026, the increase of CHF 13.9 million compared with the prior period is due to:

Research and development expenses

Research and development activities are essential to our business and represent the majority of our costs incurred. Costs for certain development activities, such as clinical trials, are recognized based on an evaluation of the progress to completion of specific tasks using information from the clinical sites and our vendors. Our collaboration agreements have different agreements to share costs for the development of our product candidates.

We intend to continue investing in the development of our active immunotherapy programs, ACI-7104.056 targeting a-syn in Parkinson's disease and ACI-24.060 targeting abeta, through mid- and late-stage clinical development. We have completed our co-development cost obligations with Janssen related to the Phase 1b/2a studies of ACI-35.030, and the Phase 2b development costs, including clinical development, manufacturing and commercialization are borne by Janssen, and any remaining costs to AC Immune are not expected to be material. We also intend to continue investing in our intracellular programs, including our NLRP3 inhibitor, ACI-19764.

Finally, we intend to further advance the characterization of our other clinical and preclinical candidates, such as our Morphomer programs. In addition to the collaborative arrangements and proprietarily held assets, we expect that our total future R&D costs will be lower than previous years following the reorganization in September 2025.

The table below provides a breakdown of our R&D costs, including direct R&D costs, manufacturing costs related to R&D and other R&D costs not allocated directly to programs for the periods covered by these Interim Condensed Consolidated Financial Statements. The R&D costs not allocated to specific programs include personnel costs, regulatory, quality assurance and intellectual property costs. We do not assign our internal costs, such as salary and benefits, share-based compensation expenses, laboratory supplies, and other indirect expenses and infrastructure costs to individual R&D projects, because the employees within our R&D groups are typically deployed across multiple R&D programs.

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For the six months ended June 30, 2026, R&D expenses totaled CHF 22.2 million compared with CHF 32.7 million for the comparable period in 2025. This represents a decrease of CHF 10.5 million. The following table presents the R&D expenses during the six months ended June 30, 2026 and 2025:

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For the six months ended June 30, 2026:

Discovery and preclinical expenses decreased by CHF 2.6 million, primarily due to reduced activities in early-stage programs such as our MorADC and PET tracer programs, and reduction in expenses related to ACI-19764 whereby the pre-clinical development activities were completed in prior periods.

Clinical expenses decreased by CHF 3.9 million as a result of the following variances:

The variances in Group function expenses are related to lower support costs related to regulatory and quality assurance, and intellectual property costs.

Payroll expenses decreased by CHF 2.3 million as a result of reduced headcount following the reorganization in Q3 of 2025.

Other non-allocated expenses are related to infrastructure and functional expenses not allocated to direct R&D expenses. These R&D support costs have reduced following the portfolio prioritization initiatives in Q3 of 2025.

General and administrative expenses

General and administrative expenses consist of salaries and related costs, including share-based compensation, professional fees such as legal and accounting related services, infrastructure expenses, and other operating expenses.

For the six months ended June 30, 2026, general and administrative expenses totaled CHF 7.7 million compared with CHF 8.3 million for the comparable period in 2025. This represents a decrease of CHF 0.6 million. The following table presents the general and administrative expenses during the six months ended June 30, 2026 and 2025:

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For the six months ended June 30, 2026, this decrease is primarily due to:

Other operating income/(expense), net

Other operating income/(expense), net consists primarily of income associated with foundation grants such as those from the Goradia grant.

For the six months ended June 30, 2026, other operating income/(expense), net totaled CHF 0.1 million compared with less than CHF 0.1 million for the comparable period in 2025. The following table presents the other operating income/(expense), net during the six months ended June 30, 2026 and 2025:

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For the six months ended June 30, 2026, the increase of CHF 0.1 million in grant income primarily derived from activities related to our Goradia award that was initiated in June of 2026.

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Finance result, net

For the six months ended June 30, 2026, net finance result was a CHF 0.7 million gain compared with a CHF 1.5 million loss for the comparable period in 2025. This represents an increase of CHF 2.1 million. The following table presents the finance result, net during the six months ended June 30, 2026 and 2025:

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For the six months ended June 30, 2026, the increase of CHF 2.1 million in finance result, net primarily related to:

Liquidity and Capital Resources

To date, the Company has financed its cash requirements primarily from its public offerings, share issuances, contract revenues from option, license and collaboration agreements (OLCAs) and grants. The Company is a clinical stage company and is exposed to all the risks inherent to establishing a business. Inherent to the Company’s business are various risks and uncertainties, including the substantial uncertainty as to whether current projects will succeed and our ability to raise additional capital as needed. These risks may require us to take certain measures such as delaying, reducing or eliminating certain programs. The Company’s success may depend in part upon its ability to (i) establish and maintain a strong patent position and protection, (ii) enter into collaborations with partners in the pharmaceutical and biopharmaceutical industries, (iii) successfully move its product candidates through clinical development, (iv) attract and retain key personnel and (v) acquire capital to support its operations. As of June 30, 2026, we had cash and cash equivalents of CHF 27.8 million and short-term financial assets of CHF 47.6 million for a total liquidity balance of CHF 75.4 million.

Our primary uses of capital are, and we expect will continue to be, R&D expenses, compensation and related expenses and other operating expenses including rent. Cash and cash equivalents used to fund operating expenses are impacted by the timing of when we pay expenses, as reflected in the change in our outstanding trade and other payables and accrued expenses. We expect to incur substantial expenses in connection with our product candidates in various stages of clinical development. In December 2023, it was announced that Janssen has programmed the launch of a Phase 2b clinical study to evaluate ACI-35.030 (JNJ-2056) in patients with preclinical AD, those individuals not yet showing symptoms. AC Immune and Janssen will jointly share research and development costs until the completion of the first Phase 2b, however AC Immune’s contribution to the first Phase 2b trial is capped (and remaining costs for AC Immune are non-material). From Phase 2b and onwards, Janssen will assume responsibility for the clinical development, manufacturing and commercialization of ACI-35.030. We intend to increase our R&D costs associated with the advancement of the active immunotherapies, ACI-24.060 targeting Abeta in AD and AD in DS and ACI-7104.056 targeting a-syn in PD, through clinical development, as well as through investments in our diagnostic programs.

We plan to continue to fund our operating and capital funding needs through proceeds received from OLCAs and through equity or other forms of financing.

Cash Flows

The following table summarizes AC Immune’s cash flows for the periods indicated:

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Operating activities

Net cash used in operating activities was CHF 15.6 million for the six months ended June 30, 2026, compared with net cash used in operating activities of CHF 34.4 million for the six months ended June 30, 2025. The change in cash used in operating activities for the six months ended June 30, 2026 was due to i) the Company’s reporting a net loss of CHF 12.9 million for the period, compared with a net loss of CHF 40.2 million for the same period in 2025 combined with ii) the increase in short term deferred revenue of CHF 7.1 million period over period. These two changes were offset by fluctuations including i) an increase in accounts receivable of CHF 9.9 million in the current period compared to nil in the prior period; ii) a decrease in operating cash flows related to finance (income), net of CHF 1.7 million representing a lower loss due to foreign exchange rates; and iii) a 2.2 million fluctuation in prepaid expenses as a result of a CHF 0.4 million increase in the current period compared to CHF 1.8 million decrease in the prior period.

Investing activities

Net cash provided by investing activities was CHF 16.6 million for the six months ended June 30, 2026, compared with net cash provided by investing activities of CHF 26.9 million for the six months ended June 30, 2025. The change primarily reflects a net maturation of CHF 27.8 million in short-term financial assets in the prior period compared to a net maturation of CHF 17.0 million in the current period.

Financing activities

Net cash provided by financing activities was CHF 0.1 million for the six months ended June 30, 2026, compared with net cash used in financing activities of CHF 0.5 million for the six months ended June 30, 2025. The change of CHF 0.6 million is primarily related to the net proceeds received from the sale of treasury shares through our ATM program during the six months ended 2026.

Operating Capital Requirements and Plan of Operations

We do not expect to generate revenues from royalties based on product sales unless and until our partners or we obtain regulatory approval of, and successfully commercialize, our current or any future product candidates. As of June 30, 2026, we had cash and cash equivalents of CHF 27.8 million and short-term financial assets of CHF 47.6 million, resulting in CHF 75.4 million of liquidity. The decrease of CHF 16.0 million relative to December 31, 2025 was predominantly related to R&D spending on our major discovery and R&D programs, the strengthening of the Company’s infrastructure, systems and organization and other operating expenditures. We believe that our existing capital resources, assuming no other milestone payments, will be sufficient to meet our projected operating requirements through Q4 2027. There can be no certainty as to the exact timing of future milestone payments (including option exercise fees), or in fact, whether any of these will ever be made, given that they are contingent on clear milestones being reached.

We expect to generate losses for the foreseeable future, and these losses could increase as we continue product development until we successfully achieve regulatory approvals for our product candidates and begin to commercialize any approved products. We are subject to all the risks pertinent to the development of new products, and we may encounter unforeseen expenses, difficulties, complications, delays and other unknown factors that may harm our business. We anticipate that we will need substantial additional funding in connection with our continuing operations. If

we need to raise additional capital to fund our operations and complete our ongoing and planned clinical studies, funding may not be available to us on acceptable terms, or at all.

Our future funding requirements will depend on many factors, including but not limited to the following:

Quantitative and Qualitative Disclosures about Market Risk

During the six months ended June 30, 2026, there were no significant changes to our quantitative and qualitative disclosures about market risk described under the heading “Management’s Discussion and Analysis of Financial Condition and Results of Operations – Quantitative and Qualitative Disclosures About Market Risk” in the Annual Report on Form 20-F.

Critical judgments and accounting estimates

There have been no material changes to the material accounting policies and estimates described under the heading “Management’s Discussion and Analysis of Financial Condition and Results of Operations – Critical Judgments and Accounting Estimates” in the Annual Report on Form 20-F.

Cautionary statement regarding forward looking statements

This discussion and analysis contains statements that constitute forward-looking statements. All statements other than statements of historical facts contained in this discussion and analysis, including statements regarding our future results of operations and financial position, business strategy, product candidates, product pipeline, ongoing and planned clinical studies, including those of our collaboration partners, regulatory approvals, R&D costs, timing and likelihood of success, as well as plans and objectives of management for future operations are forward-looking statements. Many of the forward-looking statements contained in this prospectus can be identified by the use of forward-looking words such as “anticipate,” “believe,” “could,” “expect,” “should,” “plan,” “intend,” “estimate,” “will” and “potential,” among others. Forward-looking statements appear in a number of places in this discussion and analysis and include, but are not limited to, statements regarding our intent, belief or current expectations. Forward-looking statements are based on our management’s beliefs and assumptions and on information currently available to our management. Such statements are subject to risks and uncertainties, and actual results may differ materially from those expressed or implied in the forward-looking statements due to various factors, including, but not limited to, those identified under the section entitled “Risk Factors” in our Annual Report on Form 20-F. These forward-looking statements speak only as of the date of this discussion and analysis, and are subject to a number of risks, uncertainties and assumptions as described under the sections in our Annual Report on Form 20-F entitled “Risk Factors” and in this discussion and analysis. Because forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified and some of which are beyond our control, you should not rely on these forward-looking statements as predictions of future events. The events and circumstances reflected in our forward-looking statements may not be achieved or occur, and actual results could differ materially from those projected in the forward-looking statements. Moreover, we operate in an evolving environment. New risk factors and uncertainties may emerge from time to time and it is not possible for management to predict all risk factors and uncertainties. Except as required by applicable law, we do not plan to publicly update or revise any forward-looking statements contained herein, whether as a result of any new information, future events, changed circumstances or otherwise.