1. Executive Summary (Confidence: high)

AC Immune is a global leader in the "precision prevention" of neurodegeneration, focusing on the underlying proteinopathies that cause Alzheimer’s and Parkinson’s diseases. The company’s strategy revolves around identifying and treating neurodegenerative diseases in their pre-symptomatic stages using two clinically validated technology platforms: SupraAntigen® and Morphomer®. In late 2025, following a strategic review, AC Immune sharpened its investment focus on its most valuable assets—specifically its Phase 2 active immunotherapy (vaccine) programs—and reduced its workforce by 30% to extend its cash runway to the end of Q3 2027. With high-value partnerships with industry giants like Takeda, Eli Lilly, and Janssen, the company is well-positioned to reach multiple value-inflection points without the immediate need for dilutive financing.