AC Immune SA Files 20-F Annual Report for Fiscal Year Ended December 31, 2023

Ticker: ACIU · Form: 20-F · Filed: Mar 14, 2024 · CIK: 1651625

Ac Immune SA 20-F Filing Summary
FieldDetail
CompanyAc Immune SA (ACIU)
Form Type20-F
Filed DateMar 14, 2024
Risk Levelmedium
Pages15
Reading Time18 min
Sentimentneutral

Sentiment: neutral

Topics: AC Immune SA, 20-F Filing, Annual Report, Pharmaceutical Preparations, Financials

TL;DR

<b>AC Immune SA has submitted its 20-F annual report for the fiscal year ending December 31, 2023, detailing its financial and operational status.</b>

AI Summary

AC Immune SA (ACIU) filed a Foreign Annual Report (20-F) with the SEC on March 14, 2024. AC Immune SA filed its 20-F annual report for the fiscal year ending December 31, 2023. The filing covers the period from January 1, 2023, to December 31, 2023. The company is incorporated in V8 and its fiscal year ends on December 31. AC Immune SA's business and mailing address is EPFL INNOVATION PARK, BUILDING B, 1015 LAUSANNE. The filing number with the SEC is 001-37891.

Why It Matters

For investors and stakeholders tracking AC Immune SA, this filing contains several important signals. This filing provides a comprehensive overview of AC Immune SA's financial performance and strategic developments for the past fiscal year, crucial for investors to assess the company's health and future prospects. As a 20-F filing, it offers detailed information on the company's business, risk factors, and financial statements, which are essential for understanding its position within the pharmaceutical preparations industry.

Risk Assessment

Risk Level: medium — AC Immune SA shows moderate risk based on this filing. The company operates in the pharmaceutical preparations sector, which is subject to significant regulatory scrutiny, clinical trial risks, and market competition, as indicated by the nature of a 20-F filing for a biotech company.

Analyst Insight

Investors should review the detailed financial statements and risk factors within the 20-F filing to understand AC Immune SA's current financial health and potential future challenges.

Key Numbers

Key Players & Entities

FAQ

When did AC Immune SA file this 20-F?

AC Immune SA filed this Foreign Annual Report (20-F) with the SEC on March 14, 2024.

What is a 20-F filing?

A 20-F is a annual report for foreign private issuers, equivalent to a 10-K but following international reporting standards. This particular 20-F was filed by AC Immune SA (ACIU).

Where can I read the original 20-F filing from AC Immune SA?

You can access the original filing directly on the SEC's EDGAR system. The filing is publicly available and includes all exhibits and attachments submitted by AC Immune SA.

What are the key takeaways from AC Immune SA's 20-F?

AC Immune SA filed this 20-F on March 14, 2024. Key takeaways: AC Immune SA filed its 20-F annual report for the fiscal year ending December 31, 2023.. The filing covers the period from January 1, 2023, to December 31, 2023.. The company is incorporated in V8 and its fiscal year ends on December 31..

Is AC Immune SA a risky investment based on this filing?

Based on this 20-F, AC Immune SA presents a moderate-risk profile. The company operates in the pharmaceutical preparations sector, which is subject to significant regulatory scrutiny, clinical trial risks, and market competition, as indicated by the nature of a 20-F filing for a biotech company.

What should investors do after reading AC Immune SA's 20-F?

Investors should review the detailed financial statements and risk factors within the 20-F filing to understand AC Immune SA's current financial health and potential future challenges. The overall sentiment from this filing is neutral.

Risk Factors

Key Dates

Filing Stats: 4,415 words · 18 min read · ~15 pages · Grade level 12.8 · Accepted 2024-03-14 07:30:34

Filing Documents

Item 18

Item 17 Item 18 If this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No Table of Contents AC IMMUNE SA TABLE OF CONTENTS

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS 1 PART I 3

IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS

ITEM 1. IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS 3 A. Directors and senior management 3 B. Advisers 3 C. Auditors 3

OFFER STATISTICS AND EXPECTED TIMETABLE

ITEM 2. OFFER STATISTICS AND EXPECTED TIMETABLE 3 A. Offer statistics 3 B. Method and expected timetable 3

KEY INFORMATION

ITEM 3. KEY INFORMATION 3 A. [Reserved] 3 B. Capitalization and indebtedness 3 C. Reasons for the offer and use of proceeds 3 D.

INFORMATION ON THE COMPANY

ITEM 4. INFORMATION ON THE COMPANY 54 A. History and development of the company 54 B. Business overview 54 C. Organizational structure 119 D. Property, plant and equipment 119

UNRESOLVED STAFF COMMENTS

ITEM 4A. UNRESOLVED STAFF COMMENTS 120

OPERATING AND FINANCIAL REVIEW AND PROSPECTS

ITEM 5. OPERATING AND FINANCIAL REVIEW AND PROSPECTS 120 A. Operating results 120 B. Liquidity and capital resources 135 C. Research and development, patents and licenses, etc. 137 D. Trend information 137 E. Critical Accounting Estimates 137

DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES

ITEM 6. DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES 137 A. Directors and senior management 137 B. Compensation 142 C. Board practices 144 D. Employees 147 E. Share ownership 147 F. Disclosure of a registrant's action to recover erroneously awarded compensation 147

MAJOR SHAREHOLDERS AND RELATED-PARTY TRANSACTIONS

ITEM 7. MAJOR SHAREHOLDERS AND RELATED-PARTY TRANSACTIONS 147 A. Major shareholders 147 B. Related-party transactions 150 C. Interests of experts and counsel 150

FINANCIAL INFORMATION

ITEM 8. FINANCIAL INFORMATION 150 A. Consolidated statements and other financial information 150 B. Significant changes 151

THE OFFER AND LISTING

ITEM 9. THE OFFER AND LISTING 151 A. Offering and listing details 151 B. Plan of distribution 151 C. Markets 151 D. Selling shareholders 151 E.

Dilution

Dilution 151 F. Expenses of the issue 151 i Table of Contents

ADDITIONAL INFORMATION

ITEM 10. ADDITIONAL INFORMATION 151 A. Share capital 151 B. Memorandum and articles of association 152 C. Material contracts 152 D. Exchange controls 152 E. Taxation 152 F. Dividends and paying agents 160 G. 160 H. Documents on display 160 I. Subsidiary information 160 J. Annual report to security holders 160

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

ITEM 11. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 160

DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES

ITEM 12. DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES 162 A. Debt securities 162 B. Warrants and rights 162 C. Other securities 162 D. American depositary shares 162 PART II 163

DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES

ITEM 13. DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES 163 A. Defaults 163 B. Arrears and delinquencies 163

MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS

ITEM 14. MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS 163

CONTROLS AND PROCEDURES

ITEM 15. CONTROLS AND PROCEDURES 163 A. Disclosure controls and procedures 163 B. Management's Annual Report on internal control over financial reporting 163 C. Attestation report of the registered public accounting firm 164 D. Changes in internal control over financial reporting 164

[RESERVED]

ITEM 16. [RESERVED] 164

Audit committee financial expert

ITEM 16A. Audit committee financial expert 164

Code of Ethics

ITEM 16B. Code of Ethics 164

Principal accountant fees and services

ITEM 16C. Principal accountant fees and services 164

Exemptions from the listing standards for audit committees

ITEM 16D. Exemptions from the listing standards for audit committees 165

Purchases of equity securities by the issuer and affiliated purchasers

ITEM 16E. Purchases of equity securities by the issuer and affiliated purchasers 165

Change in registrant's certifying accountant

ITEM 16F. Change in registrant's certifying accountant 165

Corporate governance

ITEM 16G. Corporate governance 165

Mine safety disclosure

ITEM 16H. Mine safety disclosure 166

Disclosure regarding foreign jurisdictions that prevent inspections

ITEM 16I. Disclosure regarding foreign jurisdictions that prevent inspections 166

Insider trading policies

ITEM 16J. Insider trading policies 166

Cybersecurity

ITEM 16K. Cybersecurity 166 PART III 168

Financial statements

ITEM 17. Financial statements 168

Financial statements

ITEM 18. Financial statements 168

Exhibits

ITEM 19. Exhibits 168 ii Table of Contents PRESENTATION OF FINANCIAL AND OTHER INFORMATION Unless otherwise indicated or the context otherwise requires, all references in this annual report on Form 20-F (the "Annual Report") to "AC Immune," "ACIU," "Company," "we," "our," "ours," "us" or similar terms refer to AC Immune SA together with its subsidiary. The Company owns various registered and unregistered trademarks, for some of which protection has been obtained or is being sought, including Morphomer, SupraAntigen and its corporate name, logo and Nasdaq Global Market symbol. All other trademarks, trade names and service marks of other companies appearing in this Annual Report are the property of their respective owners. Solely for convenience, the trademarks and trade names in this Annual Report may be referred to without the respective and symbols, but such references should not be construed as any indicator that their respective owners will not assert, to the fullest extent under applicable law, their rights thereto. The Company does not intend to use or display other companies' trademarks and/or trade names to imply a relationship with, or endorsement or sponsorship of the Company by, any other companies.

Financial statements

Financial statements Our consolidated financial statements are presented in Swiss Francs and in accordance with International Financial Reporting Standards (IFRS) Accounting Standards, as issued by the International Accounting Standards Board (IASB). None of the consolidated financial statements was prepared in accordance with generally accepted accounting principles in the United States (U.S.). The terms "dollar" and "USD" refer to U.S. dollars, and the terms "Swiss Franc" and "CHF" refer to the legal currency of Switzerland, unless otherwise indicated. We have made rounding adjustments to some of the figures included in this Annual Report. Accordingly, any numerical discrepancies in any table between totals and sums of the amounts listed are due to rounding.

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS This Annual Report contains statements that constitute forward-looking statements. All statements other than statements of historical facts contained in this Annual Report, 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, research and development (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 Annual Report 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 Annual Report 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 "Item 3. Key information—D. Risk factors" in this Annual Report. These risks and uncertainties include multiple factors: the success of our and our collaboration partners' clinical studies, and our and their ability to obtain and maintain regulatory approval and to commercialize our active immunotherapies (ACI-35.030, ACI-24.060 and ACI-7104.056), monoclonal antibodies (semorinemab and crenezumab) and diagnostics (Tau-PET tracer PI-2620 and a-syn-PET tracer ACI-12589) and to a lesser extent our preclinical candidates; the preclinical and clinical sa

IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS

ITEM 1. IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS A. Directors and senior management Not applicable. B. Advisers Not applicable. C. Auditors Not applicable.

OFFER STATISTICS AND EXPECTED TIMETABLE

ITEM 2. OFFER STATISTICS AND EXPECTED TIMETABLE A. Offer statistics Not applicable. B. Method and expected timetable Not applicable.

KEY INFORMATION

ITEM 3. KEY INFORMATION A. [Reserved] B. Capitalization and indebtedness Not applicable. C. Reasons for the offer and use of proceeds Not applicable. D. Risk factors You should carefully consider the risks and uncertainties described below and the other information in this Annual Report before making an investment in our common shares. Our business, financial condition or results of operations could be materially and adversely affected if any of these risks occurs, and as a result, the market price of our common shares could decline and you could lose all or part of your investment. This Annual Report also contains forward-looking statements that involve risks and uncertainties. See "Forward-Looking Statements." Our actual results could differ materially and adversely from those anticipated in these forward-looking statements as a result of certain factors. The below provides a summary of our principal risk factors: Risks related to our business: We depend heavily on the success of our clinical and, to a lesser extent, preclinical products: 3 Table of Contents a. Our ability to generate product revenues, which we do not expect to occur for several years, will depend on clinical and regulatory success which have low probabilities of success in the central nervous system (CNS) space in which we operate. Results of early preclinical and clinical studies may not be predictive of future results: a. Products that show positive or timely preclinical or early clinical results may not show sufficient safety or efficacy in later-stage clinical studies and therefore may fail to obtain regulatory approvals. Our products may not gain market acceptance or may be preempted by competitors: a. Even if our products obtain regulatory approval, they may not be accepted by healthcare providers, patients or the medical community. b. Our success is dependent on the ability to discover, develop and obtain marketing approval for our products. We face and will conti

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