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.^[10] 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®.^[11] 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.^[11] 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.^[11]