A Biogen focused purely on innovative precision medicines for Alzheimer's and Parkinson's.

An Eli Lilly dedicated exclusively to researching and developing therapies for neurodegenerative diseases.

• Crenezumab: An investigational anti-amyloid-beta antibody developed for the treatment of Alzheimer's disease, co-developed with Genentech/Roche.
• Semorinemab: An investigational anti-tau antibody designed to treat Alzheimer's disease and other tauopathies, co-developed with Genentech/Roche.
• ACI-35.030: An investigational active immunotherapy (vaccine) targeting pathological tau protein for neurodegenerative diseases, co-developed with Janssen.
• ACI-7104: An investigational active immunotherapy (vaccine) targeting alpha-synuclein for the treatment of Parkinson's disease.
• Tau-PET Tracers: Diagnostic imaging agents, such as PI-2620, used to detect and quantify tau protein pathology in the brain for neurodegenerative diseases.

• Roche (OTCQX: RHHBY)
• Eli Lilly and Company (NYSE: LLY)
• Life Molecular Imaging (LMI)

Andrea Pfeifer, Co-Founder, Chief Executive Officer and Director

Andrea Pfeifer co-founded AC Immune SA in 2003, successfully leading it to an IPO in 2016. Prior to founding AC Immune, she was the Head of Nestlé Research Centre in Lausanne, Switzerland, where she played a major role in connecting science and business. While at Nestlé, she led the scientific development of innovative products, established the microbiome as a major cross-category product development platform, and co-founded the Life Science focused Nestlé Venture Capital Fund. She also serves as Chair of Investment Fund BioMedInvest, Basel, and AB2 Bio SA, Lausanne, and is a member of the Supervisory Board of Symrise AG, Holzminden, Germany.

Christopher Roberts, Chief Financial Officer

Christopher Roberts joined AC Immune in 2019, served as Vice President, Finance, and Interim CFO, and was promoted to Chief Financial Officer effective January 1, 2024. He possesses extensive experience in SEC reporting, initial and follow-on public offerings, and financial controls. Roberts previously worked as a Senior Manager for Ernst and Young and supported the AC Immune IPO.

Madiha Derouazi, Chief Scientific Officer

Madiha Derouazi was appointed Chief Scientific Officer, effective January 1, 2024. She previously led AMAL's acquisition by Boehringer Ingelheim for EUR 425 million in 2019. Derouazi has a background in taking numerous biologicals and advanced therapy medicinal products from research through pre-clinical development and first-in-human clinical trials.

Piergiorgio Donati, Chief Technical Operations Officer

Piergiorgio Donati joined AC Immune in June 2018 as Director, Global Program Management, having previously worked for the company from 2011-2015 as Head of Manufacturing and Project Management. Between 2015 and 2018, he served as Head of CMC Program Development at Glenmark Pharmaceuticals and Biotech CMC Lead at Merck Group. Prior to 2011, he held R&D positions at Abiogen, Merck Group, and Serono.

Howard Donovan, Chief Human Resources Officer

Howard Donovan joined AC Immune in July 2022. Before joining AC Immune, he served as Head of People Services with the World Economic Forum in Geneva from August 2015 to June 2022. He has also held various HR leadership roles with SGS SA and Puma Energy, and senior global Reward roles with Xerox Ltd and Safeway Stores Ltd.

The successful development and market entry of competitor disease-modifying therapies for Alzheimer's Disease that target amyloid-beta, such as Leqembi (Eisai/Biogen) and the anticipated approval of Donanemab (Eli Lilly), represent a clear emerging threat. These therapies establish a high benchmark for efficacy and safety within the amyloid-beta targeting space, capture early market share, and set regulatory expectations for future treatments. This development significantly raises the competitive bar and complicates the path to market for AC Immune's own amyloid-beta focused pipeline assets, such as the ACI-2406 vaccine, requiring them to demonstrate superior efficacy, safety, or convenience to differentiate themselves in an increasingly crowded and defined therapeutic landscape.

AC Immune (ACIU) primarily focuses its pipeline on treatments for neurodegenerative diseases, with a strong emphasis on Alzheimer's disease and Parkinson's disease.

Addressable Markets for AC Immune's Main Products/Services:

• Alzheimer's Disease Therapeutics: The global Alzheimer's therapeutics market was estimated at USD 4.05 billion in 2022 and is projected to reach USD 15.19 billion by 2030, with a compound annual growth rate (CAGR) of 19.99% from 2023 to 2030. Another estimate places the global market at USD 6.49 billion in 2025, with a projected increase to approximately USD 33.62 billion by 2034, expanding at a CAGR of 20.06% from 2025 to 2034. The global Alzheimer's disease market is also estimated to grow from USD 11.3 billion in 2024 to USD 29.4 billion by 2035, at a CAGR of 9%. In 2024, North America held the largest share of the global Alzheimer's therapeutics market.
• Parkinson's Disease Treatment: The global Parkinson's disease treatment market was valued at USD 4.29 billion in 2021 and is anticipated to grow at a rate of 12.7% over the forecast period.

AC Immune (ACIU) anticipates several key drivers for future revenue growth over the next 2-3 years, primarily stemming from its strategic focus on advancing its pipeline of neurodegenerative disease therapeutics and leveraging existing and new collaborations.

1. Milestone Payments from Strategic Partnerships: AC Immune has a track record of securing high-value partnerships, such as the exclusive option and license deal with Takeda for ACI-24.060. This agreement included a $100 million upfront payment and has the potential for additional development, commercial, and sales milestone payments totaling up to approximately $2.1 billion, plus royalties on sales upon commercialization. Similarly, a CHF 24.6 million milestone payment was triggered by enrollment progress in the JNJ-2056 (ACI-35.030) ReTain Phase 2b trial with Janssen Pharmaceuticals. Future milestone achievements from these and potential new collaborations are expected to be significant revenue drivers.
2. Advancement of Active Immunotherapies through Phase 2 Trials: The company has sharpened its investment focus on three Phase 2 active immunotherapies targeting Alzheimer's disease and Parkinson's disease, including ACI-24.060 (Abeta), ACI-35.030 (Tau), and ACI-7104.056 (alpha-synuclein). Positive interim safety and immunogenicity data from trials like the Phase 2 VacSYn clinical trial evaluating ACI-7104.056 for Parkinson's disease and encouraging interim safety and tolerability data from the ACI-24.060 ABATE Phase 1b/2 trial in Down syndrome cohorts indicate progress. The successful progression of these programs through clinical development is crucial for triggering further milestone payments and ultimately for future product commercialization and associated royalties.
3. Development of Small Molecule Programs: AC Immune is also advancing small molecule programs, including an NLRP3 inhibitor (ACI-19764) and Morphomer-Tau aggregation inhibitors. An Investigational New Drug (IND)/Clinical Trial Application (CTA) filing for the small molecule NLRP3 inhibitor ACI-19764 and the start of IND-enabling studies for a Morphomer-Tau aggregation inhibitor are anticipated by year-end 2025. The successful development and partnering of these small molecule candidates could open new avenues for revenue through licensing deals and milestone payments.
4. Commercialization of Pipeline Assets (Longer-Term Horizon): While the immediate 2-3 year horizon will be dominated by milestone payments and continued clinical development, the ultimate driver of substantial long-term revenue growth for AC Immune will be the successful commercialization of its therapeutic and diagnostic products for neurodegenerative diseases. Analyst forecasts for AC Immune indicate an expected revenue growth of 46% per annum on average over the next three years, outpacing the Biotech industry's forecast of 18%. This projected growth is based on the eventual market entry of its pipeline assets.

Share Issuance

• In December 2023, AC Immune completed an underwritten offering of 14.3 million common shares at a price of $3.50 per share, generating gross proceeds of approximately $50.1 million.
• The proceeds from this offering are intended to be used primarily for strategic investments in research and clinical development of its pipeline, technology platforms, working capital, capital expenditures, and general corporate purposes.

Inbound Investments

• In May 2024, AC Immune entered into an exclusive, worldwide option and license agreement with Takeda for its active immunotherapies targeting amyloid beta (Abeta), including ACI-24.060. This agreement provided AC Immune with an upfront payment of $100 million and includes potential development, commercial, and sales-based milestones of up to approximately $2.1 billion.
• AC Immune received a CHF 24.6 million milestone payment from Janssen Pharmaceuticals, Inc. in September 2024, related to the JNJ-2056 (ACI-35.030) trial, bringing the total payments for this program to CHF 40 million.
• Overall, AC Immune's strategic partnering activities have generated over CHF 450 million in funding to date, with potential future milestones exceeding CHF 4 billion or $4.5 billion from collaborations with industry leaders such as Takeda, Janssen, and Eli Lilly.

Capital Expenditures

• AC Immune's total expected expenditures for 2025 are projected to be between CHF 75-85 million.
• Research and development (R&D) expenses for the three months ended September 30, 2025, were CHF 13.1 million, a decrease from CHF 14.5 million in the comparable period in 2024, with a shift in focus to higher costs in the NLRP3 inhibitor program (ACI-19764) offsetting reductions in other programs.
• Following a strategic review in September 2025, AC Immune has sharpened its investment focus on key assets, including three clinical-stage active immunotherapy programs and promising small molecule programs targeting NLRP3 and Tau.