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Document and Entity Information	12 Months Ended
Document and Entity Information	Dec. 31, 2019 shares
Entity Addresses [Line Items]
Entity Registrant Name	AC Immune SA
Entity Central Index Key	0001651625
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Shell Company	false
Entity Filer Category	Accelerated Filer
Entity Emerging Growth Company	true
Entity Common Stock, Shares Outstanding	71,859,431
Document Type	20-F
Document Annual Report	true
Document Transition Report	false
Entity Ex Transition Period	false
Document Shell Company Report	false
Amendment Flag	false
Document Period End Date	Dec. 31, 2019
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	FY

Balance Sheets - CHF (SFr) SFr in Thousands	Dec. 31, 2019	Dec. 31, 2018
Non-current assets
Property, plant and equipment	SFr 3,917	SFr 3,324
Right-of-use assets	2,255	0
Long-term financial assets	304	304
Total non-current assets	6,476	3,628
Current assets
Prepaid expenses	2,788	2,364
Accrued income	1,095	3,667
Finance receivable	0	199
Other current receivables	304	236
Short-term financial assets	95,000	30,000
Cash and cash equivalents	193,587	156,462
Total current assets	292,774	192,928
Total assets	299,250	196,556
Shareholders' equity
Share capital	1,437	1,351
Share premium	346,526	298,149
Accumulated losses	(75,521)	(121,877)
Total shareholders' equity	272,442	177,623
Non-current liabilities
Long-term financing obligation	0	186
Long-term lease liabilities	1,813	0
Net employee defined benefit liabilities	7,485	5,665
Total non-current liabilities	9,298	5,851
Current liabilities
Trade and other payables	142	1,979
Accrued expenses	11,797	10,420
Short-term deferred income	4,477	351
Short-term financing obligation	652	332
Short-term lease liabilities	442	0
Total current liabilities	17,510	13,082
Total liabilities	26,808	18,933
Total shareholders' equity and liabilities	SFr 299,250	SFr 196,556

Statements of Income/(Loss) - CHF (SFr) SFr in Thousands	12 Months Ended
Statements of Income/(Loss) - CHF (SFr) SFr in Thousands	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Revenues
Contract revenue	SFr 111,026	SFr 7,194	SFr 20,255
Total revenue	111,026	7,194	20,255
Operating expenses
Research & development expenses	(50,432)	(44,277)	(32,663)
General & administrative expenses	(16,058)	(12,467)	(10,131)
Total operating expenses	(66,490)	(56,744)	(42,794)
Operating income/(loss)	44,536	(49,550)	(22,539)
Finance income/(expense), net	(2,046)	(1,132)	(4,055)
Change in fair value of conversion feature	4,542	0	0
Interest income	304	29	330
Interest expense	(1,894)	(298)	(147)
Finance result, net	906	(1,401)	(3,872)
Income/(loss) before tax	45,442	(50,951)	(26,411)
Income tax expense	0	0	0
Income/(loss) for the period	SFr 45,442	SFr (50,951)	SFr (26,411)
Earnings/(loss) per share (EPS):
Basic income/(loss) for the period attributable to equity holders (in CHF per share)	SFr 0.64	SFr (0.82)	SFr (0.46)
Diluted income/(loss) for the period attributable to equity holders (in CHF per share)	SFr 0.64	SFr (0.82)	SFr (0.46)

Statements of Comprehensive Income/(Loss) - CHF (SFr) SFr in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Statements of Comprehensive Income/(Loss) [Abstract]
Income/(loss) for the period	SFr 45,442	SFr (50,951)	SFr (26,411)
Other comprehensive loss not to be reclassified to income or loss in subsequent periods (net of tax)
Re-measurement losses on defined benefit plans (net of tax)	(1,304)	(302)	(780)
Total comprehensive income/(loss), net of tax	SFr 44,138	SFr (51,253)	SFr (27,191)

- Definition

The amount of change in equity resulting from transactions and other events, other than those changes resulting from transactions with owners in their capacity as owners.

+ References + Details

- Definition

The total of income less expenses from continuing and discontinued operations, excluding the components of other comprehensive income. [Refer: Other comprehensive income]

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
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-IssueDate 2019-01-01
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 8
-IssueDate 2019-01-01
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-Subparagraph b
-URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=8&code=ifrs-tx-2019-en-r&anchor=para_28_b&doctype=Standard
-URIDate 2019-03-27

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Note Effective on first application of IFRS 9
-Name IFRS
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-IssueDate 2019-01-01
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-URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=4&code=ifrs-tx-2019-en-b&anchor=para_39L_e&doctype=Standard
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
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-URIDate 2019-03-27

Reference 7: http://www.xbrl.org/2003/role/exampleRef
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-URIDate 2019-03-27

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Name IAS
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-URIDate 2019-03-27

Reference 9: http://www.xbrl.org/2003/role/exampleRef
-Note Effective 2021-01-01
-Name IFRS
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-Subparagraph b
-URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=17&code=ifrs-tx-2019-en-r&anchor=para_113_b&doctype=Standard
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-URIDate 2019-03-27

+ Details

Statements of Changes in Equity - CHF (SFr) SFr in Thousands	Total	Share Capital [Member]	Share Premium [Member]	Accumulated Losses [Member]
Balance, beginning of period at Dec. 31, 2016	SFr 142,380	SFr 1,135	SFr 188,166	SFr (46,921)
Net income/(loss) for the period	(26,411)	0	0	(26,411)
Other comprehensive loss	(780)	0	0	(780)
Total comprehensive income/(loss), net of tax	(27,191)	0	0	(27,191)
Share-based payments	1,579	0	0	1,579
Proceeds from IPO net of underwriting fees	0
Issuance of shares:
Restricted Share Awards	0	0	74	(74)
Exercise of options	71	12	59	0
Balance, end of period at Dec. 31, 2017	116,839	1,147	188,299	(72,607)
Net income/(loss) for the period	(50,951)	0	0	(50,951)
Other comprehensive loss	(302)	0	0	(302)
Total comprehensive income/(loss), net of tax	(51,253)	0	0	(51,253)
Share-based payments	2,518	0	0	2,518
Proceeds from IPO net of underwriting fees	111,529	200	111,329	0
Issuance of shares:
Restricted Share Awards	1	1	535	(535)
Exercise of options	4	3	1	0
Transaction offering costs	(2,015)	0	(2,015)	0
Balance, end of period at Dec. 31, 2018	177,623	1,351	298,149	(121,877)
Net income/(loss) for the period	45,442	0	0	45,442
Other comprehensive loss	(1,304)	0	0	(1,304)
Total comprehensive income/(loss), net of tax	44,138	0	0	44,138
Share-based payments	2,834	0	0	2,834
Proceeds from IPO net of underwriting fees	0
Issuance of shares:
Conversion of note agreement, net of transaction costs	47,778	73	47,705	0
Restricted Share Awards	1	1	616	(616)
Exercise of options	68	12	56	0
Balance, end of period at Dec. 31, 2019	SFr 272,442	SFr 1,437	SFr 346,526	SFr (75,521)

Statements of Cash Flows SFr in Thousands, $ in Millions	12 Months Ended
Statements of Cash Flows SFr in Thousands, $ in Millions	Dec. 31, 2019 CHF (SFr)	Dec. 31, 2018 CHF (SFr)	Dec. 31, 2017 CHF (SFr)
Operating activities
Net income/(loss) for the period	SFr 45,442	SFr (50,951)	SFr (26,411)
Adjustments to reconcile net income/(loss) for the period to net cash flows:
Depreciation of property, plant and equipment	1,274	961	580
Depreciation of right-of-use assets	420	0	0
Finance result, net	1,739	1,401	3,872
Share-based compensation expense	2,834	2,518	1,579
Changes in net employee defined benefit liability	516	437	348
Change in fair value of conversion feature	(4,542)	0	0
Interest expense	1,894	50	99
Changes in working capital:
(Increase) in prepaid expenses	(424)	(924)	(162)
Decrease/(increase) in accrued income	2,572	(868)	(1,910)
Decrease/(increase) in other current receivables	(68)	698	(401)
Increase in accrued expenses	1,289	2,113	2,940
Increase/(decrease) in deferred income	4,126	(18)	(156)
Increase/(decrease) in financing obligation	0	(53)	204
Increase/(decrease) in trade and other payables	(1,845)	864	(2,853)
Cash provided by/(used in) operating activities	55,227	(43,772)	(22,271)
Interest income	304	29	330
Interest paid	(296)	0	0
Finance costs	(15)	(335)	(153)
Net cash flows provided by/(used in) operating activities	55,220	(44,078)	(22,094)
Investing activities
Short-term financial assets	(65,000)	(30,000)	0
Purchases of property, plant and equipment	(1,885)	(1,858)	(1,802)
Rental deposits	0	(178)	(40)
Net cash flows used in investing activities	(66,885)	(32,036)	(1,842)
Financing activities
Proceeds from issuance of convertible loan	50,278	0	0
Principal payments of lease obligations	(420)	0	0
Proceeds from public offerings of common shares, net of underwriting fees	0	111,529	0
Transaction costs on public offerings of common shares	0	(2,015)	0
Transaction costs on issuance of shares	(510)	0	0
Proceeds from issuance of common shares - option plan	69	5	71
Proceeds from long-term financing obligation	199	198	200
Repayment of short-term financing obligation	0	(339)	0
Net cash flows provided by financing activities	49,616	109,378	271
Net increase/(decrease) in cash and cash equivalents	37,951	33,264	(23,665)
Cash and cash equivalents, beginning of period	156,462	124,377	152,210
Exchange gains on cash and cash equivalents	(826)	(1,179)	(4,168)
Cash and cash equivalents, end of period	193,587	156,462	124,377
Net increase/(decrease) in cash and cash equivalents	SFr 37,951	SFr 33,264	SFr (23,665)

Statements of Cash Flows (Parenthetical) SFr in Thousands	12 Months Ended
Statements of Cash Flows (Parenthetical) SFr in Thousands	Dec. 31, 2019 CHF (SFr)
Convertible Note Agreement with Lilly [Member]
Supplementary non-cash activity include the following [Abstract]
Settlement of convertible loan	SFr 48,300
Share issue related cost	SFr 510

General information

12 Months Ended

Dec. 31, 2019

General information [Abstract]

General information

1.	General information

AC Immune SA (the “Company,” “AC Immune,” “ACIU,” “we,” “our,” “ours,” or “us”) is a clinical stage biopharmaceutical company leveraging our two proprietary technology platforms to discover, design and develop novel, proprietary medicines and diagnostics for prevention and treatment of neurodegenerative diseases associated with protein misfolding. Misfolded proteins are generally recognized as the leading cause of neurodegenerative diseases, such as Alzheimer’s disease, or AD, and Parkinson’s disease, or PD, with common mechanisms and drug targets, such as Abeta, Tau and alpha-synuclein. Our corporate strategy is founded upon a three-pillar approach that targets Alzheimer’s disease, non-Alzheimer’s neurodegenerative diseases including NeuroOrphan indications and diagnostics. We use our two unique proprietary platform technologies, SupraAntigen™ (conformation-specific biologics) and Morphomer™ (conformation-specific small molecules), to discover, design and develop novel medicines and diagnostics to target misfolded proteins.

The Company was initially incorporated as a limited liability company on February 13, 2003 in Basel and effective August 25, 2003 was transitioned into a stock company. The Company’s corporate headquarters are located at EPFL Innovation Park Building B, 1015 Lausanne, Switzerland.

Basis of preparation

12 Months Ended

Dec. 31, 2019

Basis of preparation [Abstract]

Basis of preparation

2.	Basis of preparation

Going concern

The financial statements have been prepared on the basis that the Company will continue as a going concern after considering the Company’s cash position of CHF 193.6 million and short-term financial assets of CHF 95 million as of December 31, 2019. This total derives from multiple capital raising efforts and revenues from license and collaboration agreements. In 2019, the Company received CHF 80 million for an upfront payment and CHF 30 million for a development milestone. The Company also received USD 50 (CHF 50.3) million from a convertible loan with Lilly. In Q3 2018, the Company completed three offerings, raising USD 117.5 (CHF 116.3) million in gross proceeds before underwriting discounts and expenses.

To date, the Company has financed its cash requirements primarily from its public offerings, share issuances and revenues from license and collaboration agreements. 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. 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 biotech and pharmaceutical industry, (iii) successfully move its product candidates through clinical development, (iv) attract and retain key personnel, and (v) acquire capital to support its operations.

Statement of compliance

The financial statements have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”). These financial statements have been approved for issue by the Board of Directors on March 27, 2020.

Basis of measurement

The financial statements have been prepared under the historical cost convention except for items that are required to be accounted for at fair value.

Functional currency

The financial statements of the Company are presented in Swiss Francs (CHF), which is also the functional currency of the Company. All financial information presented in Swiss Francs (except for share capital and earnings per share data) has been rounded to the nearest thousand CHF (CHF thousands), unless otherwise indicated.

Summary of significant accounting policies

12 Months Ended

Dec. 31, 2019

Summary of significant accounting policies [Abstract]

Summary of significant accounting policies

3.	Summary of significant accounting policies

The principal accounting policies adopted in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Current vs. non-current classification

The Company presents assets and liabilities in the balance sheet based on current/non-current classification. The Company classifies all amounts to be realized or settled within 12 months after the reporting period to be current and all other amounts to be non-current.

Foreign currency transactions

Foreign currency transactions are translated into the functional currency, CHF, using prevailing exchange rates at the dates of the transactions. Monetary assets and liabilities denominated in foreign currencies are translated into CHF at rates of exchange prevailing at reporting date. Any gains or losses from these translations are included in the statements of income/(loss) in the period in which they arise.

Revenue recognition

Effective January 1, 2018, the Company adopted IFRS 15 Revenue from Contracts with Customers, without though deeming any adjustments necessary in the transition to the new standard. This standard applies to all contracts with customers, except for contracts that are within the scope of other standards, such as leases, insurance, collaboration arrangements and financial instruments. Under IFRS 15, an entity recognizes revenue when its customer obtains control of promised goods or services, in an amount that reflects the consideration which the entity expects to receive in exchange for those goods or services. To determine revenue recognition for arrangements that an entity determines are within the scope of IFRS 15, the entity performs the following five steps: (i) identify the contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) the entity satisfies a performance obligation. The Company only applies the five-step model to contracts when it is probable that the entity will collect the consideration it is entitled to in exchange for the goods or services it transfers to the customer. At contract inception, once the contract is determined to be within the scope of IFRS 15, the Company assesses the goods or services promised within each contract and determines those that are performance obligations, and assesses whether each promised good or service is distinct. The Company then recognizes as revenue the amount of the transaction price that is allocated to the respective performance obligation when (or as) the performance obligation is satisfied. For a complete discussion of accounting for contract revenue, see Note 12 “Revenues.”

Licenses on intellectual property

If the license to the Company’s intellectual property is determined to be distinct from the other performance obligations identified in the arrangement, the Company recognizes revenues from non-refundable, upfront fees allocated to the license when the license is transferred to the customer and the customer is able to use and benefit from the license. For licenses that are sold in conjunction with a related service, the Company uses judgment to assess the nature of the combined performance obligation to determine whether the combined performance obligation is satisfied over time or at a point in time. If the performance obligation is settled over time, the Company determines the appropriate method of measuring progress for purposes of recognizing revenue from non-refundable, upfront fees. The Company evaluates the measure of progress each reporting period and, if necessary, adjusts the measure of performance and related revenue recognition.

Milestone payments

At the inception of each arrangement that includes development, regulatory and/or commercial milestone payments, the Company evaluates whether the milestones are considered highly probable of being reached and estimates the amount to be included in the transaction price using the most likely amount method. If it is highly probable that a significant revenue reversal would not occur in future periods, the associated milestone value is included in the transaction price. These amounts for the performance obligations under the contract are recognized as they are satisfied. At the end of each subsequent reporting period, the Company re-evaluates the probability of achievement of such milestones and any related constraint, and if necessary, adjusts its estimate of the overall transaction price. Any such adjustments recorded would affect contract revenues and earnings in the period of adjustment.

Research and development services

The Company has certain arrangements with our collaboration partners that include contracting our full-time employees for research and development programs. The Company assesses if these services are considered distinct in the context of each contract and, if so, they are accounted for as separate performance obligations. These revenues are recorded in contract revenue as the services are performed.

Sublicense revenues

The Company has certain arrangements with our collaboration partners that include provisions for sublicensing. The Company recognizes any sublicense revenues at the point in time it is highly probable to obtain and not subject to reversal in the future.

Royalties

For arrangements that include sales-based royalties, including milestone payments based on the level of sales, and the license is deemed to be the predominant item to which the royalties relate, the Company recognizes revenue at the later of (i) when the related sales occur, or (ii) when the performance obligation to which some or all of the royalty has been allocated has been satisfied (or partially satisfied). To date, the Company has not recognized any royalty revenue resulting from any of its licensing and collaboration agreements.

Contract balances

The Company receives payments and determines credit terms from its customers for its various performance obligations based on billing schedules established in each contract. The timing of revenue recognition, billings and cash collections results in billed other current receivables, accrued income (contract assets), and deferred income (contract liabilities) on the balance sheets. Amounts are recorded as other current receivables when the Company’s right to consideration is unconditional. The Company does not assess whether a contract has a significant financing component if the expectation at contract inception is such that the period between payment by the licensees and the transfer of the promised goods or services to the licensees will be one year or less.

Research and development expenses

Given the stage of development of the Company’s products, all research expenditure is recognized as expense when incurred. Research and development expenditures include:

•

the cost of acquiring, developing and manufacturing active pharmaceutical ingredients for product candidates that have not received regulatory approval, clinical trial materials and other research and development materials;

•

fees and expenses incurred under agreements with contract research organizations, investigative sites, and other entities in connection with the conduct of clinical trials and preclinical studies and related services, such as administrative, data management, and laboratory services;

•

fees and costs related to regulatory filings and activities;

•

costs associated with preclinical and clinical activities; and

•

employee-related expenses, including salaries and bonuses, benefits, travel and stock-based compensation expense

For external research contracts, expenses include those associated with CROs. The invoicing from CROs for services rendered do not always align with work performed. We accrue the cost of services rendered in connection with CRO activities based on our estimate of the “stage of completion” for such contracted services. We maintain regular communication with our CRO vendors to gauge the reasonableness of our estimates and accrue expenses as of the balance sheet date in the financial statements based on facts and circumstances known at the time.

Registration costs for patents are part of the expenditure for research and development projects. Therefore, registration costs for patents are expensed when incurred as long as the research and development project concerned does not meet the criteria for capitalization.

Property, plant and equipment

Equipment is shown at historical acquisition cost, less accumulated depreciation and any accumulated impairment losses. Historical costs include expenditures that are directly attributable to the acquisition of the property, plant and equipment. Depreciation is calculated using a straight-line method to write off the cost of each asset to its residual value over its estimated useful life as follows:

IT equipment	3 years
Laboratory equipment	5 years
Leasehold improvements/furniture	5 years

The assets’ residual values and useful lives are reviewed, and adjusted if appropriate, at each balance sheet date. Where an asset’s carrying amount is greater than its estimated recoverable amount, it is written down to its recoverable amount.

Gains and losses on disposals are determined by comparing the disposal proceeds with the carrying amount and are included in the statements of income/(loss).

Fair value of financial assets and liabilities

The Company’s financial assets and liabilities are comprised of receivables, short-term financial assets, cash and cash equivalents, trade payables and financing obligations. The fair value of these financial instruments approximate their respective carrying values due to the short term maturity of these instruments and are held at their amortized cost in accordance with IFRS 9.

Receivables

Receivables are recognized at their billing value. An allowance for doubtful accounts is recorded for potential estimated losses when there is evidence of the debtor’s inability to make required payments and the Company assesses on a forward-looking basis the expected credit losses associated with these receivables held at amortized cost.

Short-term financial assets

Short-term financial assets are held with external financial institutions and comprise fixed-term deposits with maturities ranging from more than 3 until 12 months in duration.

Cash and cash equivalents

Cash and cash equivalents include deposits held with external financial institutions and cash on hand. All cash and cash equivalents are either in cash or in deposits with original duration of less than 3 months.

The Company assesses at each period whether there is objective evidence that financial assets are impaired.

Trade payables

Trade payables are amounts due to third parties in the ordinary course of business.

Financing obligation

The Company’s financing obligation relates to its agreement with a third party.

Share capital and public offerings

Ordinary (Common) Shares are classified as equity, as were all Preferred Shares previously outstanding prior to the IPO. Expenses directly attributable to the issuance of new shares are shown in equity as a deduction, net of tax, from the proceeds. See Note 9 “Share Capital.”

Employee benefits

Post-employment benefits

The Company operates the mandatory pension schemes for its employees in Switzerland. The schemes are generally funded through payments to insurance companies. The Company has a pension plan designed to pay pensions based on accumulated contributions on individual savings accounts. However, this plan is classified as a defined benefit plan under IAS 19.

The net defined benefit liability is the present value of the defined benefit obligation at the balance sheet date minus the fair value of plan assets. Significant estimates are used in determining the assumptions incorporated in the calculation of the pension obligations, which is supported by input from independent actuaries. The defined benefit obligation is calculated annually with the assistance of an independent actuary using the projected unit credit method, which reflects services rendered by employees to the date of valuation, incorporates assumptions concerning employees’ projected salaries, pension increases as well as discount rates of highly liquid corporate bonds which have terms to maturity approximating the terms of the related liability.

Remeasurements of the net defined benefit liability, which comprise actuarial gains and losses, the return on plan assets (excluding interest), are recognized immediately in other comprehensive income/(loss). Past service costs, including curtailment gains or losses, are recognized immediately as a split in research and development and general and administrative expenses within the operating results. Settlement gains or losses are recognized in either research and development and/or general and administrative expenses within the operating results. The Company determines the net interest expense (income) on the net defined benefit liability for the period by applying the discount rate used to measure the defined benefit obligation at the beginning of the annual period or in case of any significant events between measurement dates to the then-net defined benefit liability, taking into account any changes in the net defined benefit liability during the period as a result of contributions and benefit payments. Net interest expense and other expenses related to defined benefit plans are recognized in the statements of income/(loss).

Share-based compensation

The Company operates an equity-settled, share-based compensation plan. The fair value of the employee services received in exchange for the grant of equity based awards is recognized as an expense. The total amount to be expensed over the vesting period is determined by reference to the fair value of the instruments granted, excluding the impact of any non-market vesting conditions. Non-market vesting conditions are included in assumptions about the number of instruments that are expected to become exercisable. At each balance sheet date, the Company revises its estimates of the number of instruments that are expected to become exercisable. It recognizes the impact of the revision of original estimates, if any, prospectively in the statements of income/(loss), and a corresponding adjustment to equity over the remaining vesting period.

Stock options granted under the Company’s stock option plans A, B, C and the 2016 Stock Option and Incentive Plan are valued using the Black-Scholes option pricing model (see Note 17 “Share-based compensation”). This valuation model as well as parameters used such as expected volatility and expected term of the stock options are partially based on management’s estimates.

The proceeds received net of any directly attributable transaction costs are credited to share capital (nominal value) and share premium when the options are exercised.

We estimate the fair value of non-vested stock awards (restricted shares and restricted share units) using a reasonable estimate of market value of the common stock on the date of the award. We classify our share-based payments as equity-classified awards as they are settled in shares of our common stock. We measure equity-classified awards at their grant date fair value and do not subsequently remeasure them. Compensation costs related to equity-classified awards are equal to the fair value of the award at grant-date amortized over the vesting period of the award using the graded method. We reclassify that portion of vested awards to share premium as the awards vest.

Provisions

Provisions are recognized when the Company has a present legal or constructive obligation as a result of past events where it is more likely than not that an outflow of resources will be required to settle the obligation, and a reliable estimate of the amount can be made.

Taxation

Current income tax assets and liabilities for the period are measured at the amount expected to be recovered from or paid to the taxation authorities. The tax rates and tax laws used to compute the tax amounts are those that are enacted or substantively enacted, at the reporting date in accordance with the fiscal regulations of the respective country where the Company operates and generates taxable income. Deferred tax is provided using the liability method on temporary differences between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes at the reporting date.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the year when the asset is realized or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted at the reporting date. If required, deferred taxation is provided in full using the liability method, on all temporary differences at the reporting dates. It is calculated at the tax rates that are expected to apply to the period when it is anticipated the liabilities will be settled, and it is based on tax rates (and laws) that have been enacted or substantively enacted at the reporting date.

Deferred income tax assets are recognized to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilized. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realized. Although the Company has substantial tax loss carryforwards, historically, due to the fact that the Company had limited certainty on the achievement of key milestones, it has not recognized any deferred tax assets as the probability for use is low.

Income taxes

As disclosed in Note 15 “Income taxes,” the Company has tax losses that can generally be carried forward for a period of seven years from the period the loss was incurred. These tax losses represent potential value to the Company to the extent that the Company is able to create taxable profits before the expiry period of these tax losses. The Company has not recorded any deferred tax assets in relation to these tax losses.

Earnings per share

The Company presents basic earnings per share for each period in the financial statements. The earnings per share is calculated by dividing the earnings of the period by the weighted average number of shares (common and preferred) outstanding during the period. Diluted earnings per share reflect the potential dilution that could occur if dilutive securities such as share options were vested or exercised into common shares or resulted in the issuance of common shares that would participate in net income. Anti-dilutive shares are excluded from basic and dilutive earnings per share calculation.

Critical judgments and accounting estimates

The preparation of financial statements in conformity with IFRS requires management to make judgments, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses.

The areas where AC Immune has had to make judgments, estimates and assumptions relate to (i) revenue recognition on licensing and collaboration agreements, (ii) clinical development accruals, (iii) net employee defined benefit liability (iv) income taxes (v) share-based compensation and (vi) right-of-use assets and lease liabilities. Actual results may differ from these estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimates are revised and in any future periods affected.

Segment reporting

The Company has one segment. The Company currently focuses all of its resources on discovering and developing therapeutic and diagnostic products targeting misfolded proteins.

The Company is managed and operated as one business. A single management team that reports to the chief operating decision maker comprehensively manages the entire business. Accordingly, the Company views its business and manages its operations as one operating segment. Non-current assets are located in and revenue is attributable to the Company’s country of domicile, Switzerland.

Accounting pronouncements – recently adopted

IFRS 16 – Leases

Effective January 1, 2019, the Company adopted IFRS 16 Leases which provides a new model for lessee accounting in which all leases, other than short-term and low-value leases, are accounted for by the recognition on the balance sheet of a right-of-use asset and a lease liability, and the subsequent amortization of the right-of-use asset over the earlier of the end of the useful life or the lease term. The Company applied the modified retrospective approach, which requires the recognition of the cumulative effect of initially applying IFRS 16 as of January 1, 2019 to accumulated losses and not to restate prior years. Since the Company recognized the right-of-use assets at the amount equal to the lease liabilities there was no impact to accumulated losses. For a complete discussion of accounting, see Note 5 “Right-of-use assets and lease liabilities.”

The Company has elected to apply the following practical expedients in adopting IFRS 16: (i) not to recognize right-of-use assets and lease liabilities for leases of low value (i.e. approximate fair value of USD 5,000), (ii) to apply a single discount rate to our property leases and to our portfolio of office equipment leases, respectively, (iii) to apply hindsight in determining the lease term for contracts which contain certain options to extend or terminate the lease, (iv) to account for each lease component and any non-lease components as a single lease component and (v) to rely on our assessment of whether leases were onerous by applying IAS 37 Provisions, Contingent Liabilities and Contingent Assets immediately before the date of application. The Company’s weighted average incremental borrowing rate calculated as of January 1, 2019 was 2.54%.

The following table reconciles the Company’s operating lease obligations at December 31, 2018, as previously disclosed in the Company’s consolidated financial statements on Form 20-F, to the lease obligations recognized on initial application of IFRS 16 at January 1, 2019.

	(in CHF thousands)
Operating lease commitments at December 31, 2018		861
Discounted using the incremental borrowing rate at January 1, 2019		847
Recognition exemption for short-term leases		(535	)
Recognition exemption for leases of low value		—
Extension options reasonably certain to be exercised		1,873
Lease obligation recognized at January 1, 2019		2,185

In accordance with the adoption of IFRS 16 Leases as of January 1, 2019, the Company recorded at initial recognition a CHF 2.2 million right-of-use asset and corresponding lease liability. Comparative information has not been restated. The Company’s statements of income/(loss) for the year ended December 31, 2019 was impacted by an increase for depreciation of right-of-use of leased assets CHF 0.4 million. The impact for interest expense was CHF 0.1 million. During the same period, the Company’s cash flow statement was impacted by a shift from the cash generated from operations of CHF 0.4 million to the net cash used in financing activities. Overall, IFRS 16 was cash flow neutral for the Company.

The Company made the following changes in presentation: in the balance sheets, additional line items to reflect the right-of-use assets, the non-current and the current lease liabilities and in the statements of cash flows, additional line items related to the depreciation of the right-of-use of leased assets and repayment of the principal portion of the lease payments.

Impact on accounting for leases

At inception of a leasing contract, the Company assesses whether a contract is, or contains, a lease based on whether the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration.

The Company recognizes a right-of-use asset and a lease liability at the lease commencement date. The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the Company’s incremental borrowing rate. Lease payments generally are fixed for the contract term. The lease liability is measured at amortized cost using the effective interest method. The lease liability is remeasured if there is change in the estimated lease term, a change in future lease payments arising from a change in an index or rate, a change in the Company’s estimate of the amount expected to be payable under a residual value guarantee, or a change in assessment of whether it will exercise a purchase, extension or termination option.

The estimated lease term by right-of-use asset categories are as follows:

Buildings	5 years
Office equipmen	5 years
IT equipment	5 years

At inception, the right-of-use asset comprises the initial lease liability and any initial direct costs. The right-of-use asset is depreciated over the shorter of the lease term or the useful life of the underlying asset. The right-of-use asset is periodically reduced by impairment losses, if any, and adjusted for certain remeasurements of the lease liability. When the lease liability is remeasured, a corresponding adjustment is made to the carrying amount of the right-of-use asset, or is recorded in profit or loss if the carrying amount of the right-of-use asset has been reduced to zero.

Both the right-of-use-assets and lease liabilities are recognized in the balance sheets.

Accounting pronouncements – not yet adopted

There are no standards that are not yet effective and that would be expected to have a material impact on the entity in the current or future reporting periods or on foreseeable future transactions.

Property, plant and equipment

12 Months Ended

Dec. 31, 2019

Property, plant and equipment [Abstract]

Property, plant and equipment

4.	Property, plant and equipment

in CHF thousands	Furniture			IT Equipment			Lab Equipment			Leasehold Improvements			Total
Acquisition Cost:
Balance at December 31, 2018		126			1,025			5,367			350			6,868
Acquisitions		65			291			1,470			59			1,885
Disposals		(33	)		(129	)		(139	)		(7	)		(308	)
Balance at December 31, 2019		158			1,187			6,698			402			8,445

Accumulated depreciation:
Balance at December 31, 2018		(77	)		(455	)		(2,857	)		(155	)		(3,544	)
Depreciation expense		(24	)		(285	)		(899	)		(66	)		(1,274	)
Disposals		33			113			137			7			290
Balance at December 31, 2019		(68	)		(627	)		(3,619	)		(214	)		(4,528	)

Carrying Amount:
December 31, 2018		49			570			2,510			195			3,324
December 31, 2019		90			560			3,079			188			3,917

in CHF thousands	Furniture			IT Equipment			Lab Equipment			Leasehold Improvements			Total
Acquisition Cost:
Balance at December 31, 2017		85			569			4,161			272			5,087
Acquisitions		41			456			1,357			78			1,932
Disposals		—			—			(151	)		—			(151	)
Balance at December 31, 2018		126			1,025			5,367			350			6,868

Accumulated depreciation:
Balance at December 31, 2017		(59	)		(259	)		(2,311	)		(105	)		(2,734	)
Depreciation expense		(18	)		(196	)		(697	)		(50	)		(961	)
Disposals		—			—			151			—			151
Balance at December 31, 2018		(77	)		(455	)		(2,857	)		(155	)		(3,544	)

Carrying Amount:
December 31, 2017		26			310			1,850			167			2,353
December 31, 2018		49			570			2,510			195			3,324

For the years ended December 31, 2019, 2018 and 2017, the Company incurred CHF 1.3 million, 1.0 million and CHF 0.6 million in depreciation expense, respectively.

Right-of-use assets and lease liabilities

12 Months Ended

Dec. 31, 2019

Right-of-use assets and lease liabilities [Abstract]

Right-of-use assets and lease liabilities

5.	Right-of-use assets and lease liabilities

As of January 1, 2019, the Company recognized CHF 2.2 million of right-of-use of leased assets and lease liabilities. Thereof CHF 2.1 million was related to buildings and CHF 0.1 million to office equipment.

For the year ended December 31, 2019, the Company recognized depreciation expense of CHF 0.4 million for buildings and an immaterial amount for office and IT equipment. As of December 31, 2019, the Company remeasured the lease liability associated with its buildings due to a change in the estimated lease term. The Company therefore increased its lease liability with a corresponding adjustment to the right-of-use asset by CHF 0.4 million in Q4 2019.

Regarding lease liabilities, the amortization depends on the rate implicit in the contract or the incremental borrowing rate for the respective lease component. The weighted averages of the incremental borrowing rates are 2.5% for buildings, 4.2% for office equipment and 2.6% for IT equipment, respectively.

The following table shows the movements in the net book values of right-of-use of leased assets for the year ended December 31, 2019:

	Buildings			Office Equipment			IT Equipment			Total
	(in CHF thousands)
Balance as of January 1, 2019		2,106			79			—			2,185
Additions		400			29			71			500
Disposals		—			(10	)		—			(10	)
Depreciation		(400	)		(17	)		(3	)		(420	)
Balance as of December 31, 2019		2,106			81			68			2,255

The Company’s total expense for short-term leases and leases of low-value was CHF 0.6 million for the year ended December 31, 2019. There are no variable lease payments which are not included in the measurement of lease obligations. All extension options have been included in the measurement of lease liabilities.

The following table presents the contractual undiscounted cash flows for lease liabilities as of December 31, 2019:

	(in CHF thousands)
Within one year		485
Between one and three years		970
Between three and five years		948
Total		2,403

Cash and cash equivalents and financial assets

12 Months Ended

Dec. 31, 2019

Cash and cash equivalents and financial assets [Abstract]

Cash and cash equivalents and financial assets

6.	Cash and cash equivalents and financial assets

The following tables summarize the Company’s cash and cash equivalents and short-term financial assets as of December 31, 2019 and 2018:

	As of December 31,
in CHF thousands	2019		2018
Cash and cash equivalents		193,587		156,462
Total		193,587		156,462

	As of December 31,
in CHF thousands	2019		2018
Short-term financial assets due in one year or less		95,000		30,000
Total		95,000		30,000

The Company’s cash and cash equivalents are maintained in the following respective currencies as of December 31, 2019 and 2018:

	As of December 31,
in CHF thousands	2019		2018
Cash and cash equivalents		193,587		156,462
Total		193,587		156,462
By currency
CHF		158,173		126,218
EUR		10,169		11,471
USD		25,245		18,773
Total cash and cash equivalents		193,587		156,462

At the balance sheet dates, Company funds were held in CHF, EUR and USD currencies. As of December 31, 2019 and 2018, funds in EUR and USD were translated into CHF at a rate of 1.096 and 0.978 and 1.125 and 0.983, respectively for each currency and year.

The Company also has two deposits in escrow accounts totaling CHF 0.3 million for the lease of the Company’s premises as of December 31, 2019 and 2018, respectively.

Prepaid expenses and accrued income

12 Months Ended

Dec. 31, 2019

Prepaid expenses and accrued income [Abstract]

Prepaid expenses and accrued income

7.	Prepaid expenses and accrued income

	As of December 31,
in CHF thousands	2019		2018
Prepaid expenses		2,788		2,364
Accrued income		1,095		3,667
Total		3,883		6,031

The prepaid expenses relate mainly to research contracts with down-payments at contract signature and the related activities will start or continue into 2020.

Accrued income consists of CHF 1.1 million as of December 31, 2019 associated with our Janssen collaboration (see Note 12 “Revenues”). This amount represents 100% of our total accrued income as of December 31, 2019.

Other current receivables

12 Months Ended

Dec. 31, 2019

Other current receivables [Abstract]

Other current receivables

8.	Other current receivables

	As of December 31,
in CHF thousands	2019		2018
Other receivables		—		17
Swiss VAT		234		209
Withholding tax		70		10
Total		304		236

The maturity of these assets is less than three months. The Company considers the counterparty risk as low and the carrying amount of these receivables is considered to approximate their fair value.

Share capital

12 Months Ended

Dec. 31, 2019

Share capital [Abstract]

Share capital

9.	Share capital

As of December 31, 2019 and 2018, the issued share capital amounted to CHF 1,437,351 and CHF 1,351,364 respectively and comprised of Common Shares of 71,859,431 and 67,562,333, respectively.

The table below summarizes the Company’s capital structure:

	Common Shares Number		in CHF thousands
	Common Shares Number		Share Capital		Share Premium
December 31, 2017		57,355,188		1,147		188,299
Issuance of Shares – Incentive Plans		207,145		4		537
Issuance of Shares – Public offering, net of transaction costs		10,000,000		200		109,313

December 31, 2018		67,562,333		1,351		298,149
Issuance of Shares – Incentive Plans		681,770		13		672
Conversion of Note Agreement, net of transaction costs		3,615,328		73		47,705
December 31, 2019		71,859,431		1,437		346,526

The Common Shares nominal values of CHF 0.02 per share are fully paid in.

Convertible Note Agreement

The Company and Lilly entered into a convertible note agreement effective January 23, 2019 for USD 50.0 (CHF 50.3) million. On April 25, 2019, the Convertible Note Agreement with Lilly automatically converted in line with the terms of the agreement. As a result of this conversion, 3,615,328 of our common shares were issued to Lilly. This note is now fully settled and there is no further equity or cash consideration due to Lilly thereunder.

Follow-On Offerings

On July 24, 2018, the Company announced that it had closed the first subscription rights offering and underwritten primary offering of its common shares, and that the underwriters had exercised in full their option to purchase an additional 1,108,695 shares at a price per share of USD 11.75. The underwriters’ exercise of the option to purchase additional shares brought the total number of common shares sold by the Company to 8,500,000 shares, resulting in total gross proceeds raised in these offerings, before underwriting discounts and estimated expenses of the offering, to approximately USD 99.9 (CHF 98.9) million. On July 20, 2018, the Company commenced a second subscription rights offering of up to 1,500,000 shares. At closing of the second subscription rights offering on July 31, 2018, the Company issued 1,500,000 additional common shares, resulting in gross proceeds of approximately USD 17.6 (CHF 17.4) million.

At the conclusion of these three offerings, the Company raised gross proceeds of USD 117.5 (CHF 116.3) million. Net underwriting fees and transaction costs totaled CHF 6.8 million for a net total of CHF 109.5 million. Transaction costs associated with these offerings and related to the issuance of new shares were charged directly against the share premium account thereby reducing the total equity reported.

Shelf Registration Statement

On May 4, 2018, the Company filed a shelf registration statement on Form F-3 (Reg. No. 333-2246694) (the “Shelf Registration Statement”) with the SEC. The Shelf Registration Statement was declared effective by the SEC on June 8, 2018.

The Shelf Registration Statement allows the Company to offer and sell, from time to time, up to USD 350,000,000 of common stock, debt securities, warrants, purchase contracts, units, subscription rights or any combination of the foregoing in one or more future public offerings. The terms of any future offering would be determined at the time of the offering and would be subject to market conditions and approval by the Company’s Board of Directors. Any offering of securities covered by the Shelf Registration Statement will be made only by means of a written prospectus and prospectus supplement authorized and filed by the Company.

Since the Company raised USD 117.5 (CHF 116.3) million in its three offerings completed in July 2018, the Company may execute one or more future offering of securities covered by the Shelf Registration Statement up to USD 232.5 million.

Trade payables and accrued liabilities

12 Months Ended

Dec. 31, 2019

Trade payables and accrued liabilities [Abstract]

Trade payables and accrued liabilities

10.	Trade payables and accrued liabilities

	As of December 31,
in CHF thousands	2019		2018
Trade and other payables		142		1,979
Total trade and other payables		142		1,979

Accrued research and development costs		7,228		6,803
Accrued payroll expenses		2,896		2,482
Other accrued expenses		1,673		1,135
Total accrued expenses		11,797		10,420

An accrual of CHF 1.8 million and CHF 1.8 million was recognized for performance-related remuneration within Accrued payroll expenses for 2019 and 2018, respectively.

Financing obligation

12 Months Ended

Dec. 31, 2019

Financing obligation [Abstract]

Financing obligation

11.	Financing obligation

On January 4, 2016, September 13, 2016 and January 26, 2018 for fiscal years 2016, 2017 and 2018, respectively, AC Immune obtained separate funding commitment notices from the LuMind Research Down Syndrome Foundation (“LuMind”) totaling USD 200 thousand in each instance. Per the Research Grant Agreement, AC Immune has an obligation to reimburse LuMind for an amount equal to 125% of the then funding commitment made by LuMind to AC Immune.

On October 31, 2018, LuMind and the Company modified the repayment terms in an effort to fund a Down Syndrome Clinical Trials Network. The repayment terms were modified such that the Company will repay the outstanding balance in three installments in 2018, 2019 and 2020, with the total repayment to equal the total the Company is to receive in funding with the additional 25% interest.

The Company reclassified a certain portion of long-term financing obligation from non-current to current liabilities in the balance sheets to reflect the amended repayment terms. Additionally, per this modified payment term, the Company and LuMind memorialized the receipt of one final USD 200 (CHF 200) thousand payment due from LuMind in 2019. The Company recorded this as a finance receivable and an increase to the obligation accordingly. As of December 31, 2019 and December 31, 2018, we had finance receivables of nil and USD 200 (CHF 199) thousand, respectively.

As of December 31, 2019 and December 31, 2018, AC Immune has recorded in current liabilities a short-term financing obligation for the total USD 667 (CHF 652) thousand and USD 333 (CHF 332) thousand committed, respectively. As of December 31, 2019 and December 31, 2018, the Company recorded a long-term financing obligation of nil and USD 187 (CHF 186) thousand, respectively.

Revenues

12 Months Ended

Dec. 31, 2019

Revenues [Abstract]

Revenues

12.

Revenues

The Company enters into licensing and collaboration agreements which are within the scope of IFRS 15, under which it licenses certain rights to its product candidates and IP to third parties. The terms of these arrangements typically include payment to the Company of one or more of the following: non-refundable, upfront license fees; development, regulatory and/or commercial milestone payments; payments for research and clinical services the Company provides through either its full-time employees or third-party vendors; and royalties on net sales of licensed products commercialized from the Company’s IP. Each of these payments results in license, collaboration and other revenues, which are classified as contract revenue on the statements of income/(loss), except for revenues from royalties on net sales of products commercialized from the Company’s IP, which are classified as royalty revenues.

Licenses on intellectual property: If the license to the Company’s intellectual property is determined to be distinct from the other performance obligations identified in the arrangement, the Company recognizes revenues from non-refundable, upfront fees allocated to the license when the license is transferred to the customer and the customer is able to use and benefit from the license. For licenses that are sold in conjunction with a related service, the Company uses judgment to assess the nature of the combined performance obligation to determine whether the combined performance obligation is satisfied over time or at a point in time. If the performance obligation is settled over time, the Company determines the appropriate method of measuring progress for purposes of recognizing revenue from non-refundable, upfront fees. The Company evaluates the measure of progress each reporting period and, if necessary, adjusts the measure of performance and related revenue recognition.

Milestone payments: At the inception of each arrangement that includes development, regulatory and/or commercial milestone payments, the Company evaluates whether the milestones are considered highly probable of being reached and estimates the amount to be included in the transaction price using the most likely amount method. If it is highly probable that a significant revenue reversal would not occur in future periods, the associated milestone value is included in the transaction price. These amounts for the performance obligations under the contract are recognized as they are satisfied. At the end of each subsequent reporting period, the Company re-evaluates the probability of achievement of such milestones and any related constraint, and if necessary, adjusts its estimate of the overall transaction price. Any such adjustments recorded would affect contract revenues and earnings in the period of adjustment.

Research and development services: The Company has certain arrangements with our collaboration partners that include contracting our full-time employees for research and development programs. The Company assesses if these services are considered distinct in the context of each contract and, if so, they are accounted for as separate performance obligations. These revenues are recorded in contract revenue as the services are performed.

Sublicense revenues: The Company has certain arrangements with our collaboration partners that include provisions for sublicensing. The Company recognizes any sublicense revenues at the point in time it is highly probable to obtain and not subject to reversal in the future.

Royalties: For arrangements that include sales-based royalties, including milestone payments based on the level of sales, and the license is deemed to be the predominant item to which the royalties relate, the Company recognizes revenue at the later of (i) when the related sales occur, or (ii) when the performance obligation to which some or all of the royalty has been allocated has been satisfied (or partially satisfied). To date, the Company has not recognized any royalty revenue resulting from any of its licensing and collaboration agreements.

Contract balances: The Company receives payments and determines credit terms from its licensees for its various performance obligations based on billing schedules established in each contract. The timing of revenue recognition, billings and cash collections results in billed other current receivables, accrued income (contract assets), and deferred income (contract liabilities) on the Balance Sheet. Amounts are recorded as other current receivables when the Company’s right to consideration is unconditional. The Company does not assess whether a contract has a significant financing component if the expectation at contract inception is such that the period between payment by the licensees and the transfer of the promised goods or services to the licensees will be one year or less.

The following table presents changes in the Company’s contract assets and liabilities during the years ended December 31, 2019 and 2018 (in CHF thousands):

	Balance at the beginning of the reporting period		Additions		Deductions			Balance at the end of the reporting period
Twelve months ended December 31, 2019:
Accrued Income		3,667		2,211		(4,783	)		1,095
Deferred Income		351		7,686		(3,560	)		4,477

Twelve months ended December 31, 2018:
Accrued Income		2,799		5,846		(4,978	)		3,667
Deferred Income		355		1,533		(1,537	)		351

During the years ended December 31, 2019 and 2018, the Company recognized the following revenues as a result of changes in the contract asset and the contract liability balances in the respective periods (in CHF thousands):

	For the Years Ended December 31,
	2019		2018
Revenues recognized in the period from:
Amounts included in the contract liability at the beginning of the period		351		1,551
Performance obligations satisfied in previous periods		2,206		—

The following tables provide contract revenue amounts by year indicated included in the Company's accompanying financial statements attributable to transactions arising from its licensing arrangements.

	For the Years Ended December 31,
in CHF thousands	2019		2018		2017
Lilly		105,662		—		—
Genentech		—		—		14,000
Janssen		1,173		2,157		1,239
Life Molecular Imaging		2,206		—		1,080
Biogen		1,063		4,024		3,930
Other		922		1,013		6
Total contract revenue		111,026		7,194		20,255

Lilly accounted for 95% of our contract revenues in 2019. Biogen and Janssen accounted for 56% and 30% of our contract revenues in 2018, respectively. Genentech and Biogen accounted for 69% and 19% of our contract revenues in 2017, respectively.

Tau Morphomer Small Molecule – 2018 license agreement with Eli Lilly and Company

In December 2018, we entered into an exclusive, worldwide licensing agreement with Eli Lilly and Company (“Lilly”) to research and develop Tau Morphomer small molecules for the treatment of Alzheimer’s disease and other neurodegenerative diseases. More specifically, this is an exclusive license with the right to grant sublicenses, under the ACIU Patents, the ACIU Know-How, and ACIU’s interests in the Joint Patents and the Joint Know-How to Exploit the Licensed Compounds and Licensed Products The agreement became effective on January 23, 2019 (the “Effective Date”) when the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, expired. On September 19, 2019, the Company and Lilly entered into the first amendment to divide the first discretionary milestone payment under the agreement of CHF 60 million into two installments with the first CHF 30 million paid in Q3 2019 and the second CHF 30 million to be paid on or before March 31, 2020 unless Lilly earlier terminates the agreement. On March 20, 2020, the Company and Lilly entered into a second amendment to replace the second CHF 30 million to be paid on or before March 31, 2020 with two milestone payments, a CHF 10 million milestone payment to be paid on or before March 31, 2020 and a CHF 60 million milestone payment following the first patient dosed in a Phase 2 clinical study of a licensed product in the U.S. or European Union.

Per the terms of the agreement, the Company received an initial upfront payment of CHF 80 million in February 2019 for the rights granted by the Company to Lilly. The Company is conducting the development of ACI-3024, our lead candidate from our Tau Morphomer small molecules program through the completion of Phase 1, which commenced in the first half of 2019. Lilly will lead and fund further clinical development and will retain global commercialization rights for all indications, including Alzheimer’s disease, Progressive Supranuclear Palsy and other neurodegenerative diseases. As it relates to our lead compound, ACI-3024, Lilly will lead development after the completion of Phase 1 and retain commercialization rights. As of December 31, 2019, Lilly is engaged in certain Preclinical activities of its own as defined in the agreement, which are intended to provide further data in support of the Phase 2 clinical study design.

Per the terms of the agreement, the Company may become eligible to receive additional milestone payments totaling up to approximately CHF 880 million for clinical and regulatory milestones and CHF 900 million upon achievement of certain commercial milestones. In addition to milestones, we will be eligible to receive royalties on sales at a percentage rate ranging from the low-double digits to the mid-teens. The agreement will terminate by the date of expiration of the last royalty term for the last licensed product. However, under the terms of the agreement, Lilly may terminate the agreement at any time after March 31, 2020 by providing three months’ notice to us.

AC Immune assessed this arrangement in accordance with IFRS 15 and concluded that Lilly is a customer. The Company identified the following significant performance obligations under the contract: (i) a right-of-use license and (ii) research and development activities outlined in the development plan. Per the agreement, the Company is responsible for the preclinical and Phase 1 activities, which the Company determined are distinct and capable of being completed by Lilly or a third party. Preclinical activities for which AC Immune was responsible prior to their completion in May 2019 included final manufacturing of materials for use in the Phase 1 and regulatory submission of the protocols. For the current Phase 1, AC Immune is responsible for leading the study design, obtaining relevant regulatory agency approvals, arranging necessary third party contracts, completing patient selection, ensuring patient treatment, following up with patients, drafting the clinical study report development and other relevant clinical activities to ensure that the primary objective of the study is completed. The Company used CMOs for certain of its preclinical activities and is currently using CROs to complete certain Phase 1 activities.

The Company’s preclinical and Phase 1 activities do not represent integrated services with the licensed IP for which Lilly contracted. Lilly purchased a license to the Company’s Tau therapeutic small molecule program, which was delivered at commencement of the agreement and AC Immune’s preclinical and Phase 1 activities do not affect the form or functionality of this license. The Company’s objective of the current Phase 1 activity is to assess safety and tolerability and does not modify or customize the lead compound and the completion of these preclinical and Phase 1 activities does not affect the licensed IP.

Finally, per the agreement, each party has three representatives in a joint steering committee (“JSC”); depending upon the agenda, additional field experts can attend the JSC to provide the technical and scientific contribution required. The JSC meets on a regular basis depending on agreements between the representatives. The JSC is responsible for (i) serving as the forum to discuss, review and approve certain activities by reviewing and discussing the development progress and updates to make, (ii) discuss, review and approve all amendments to the global development plan, (iii) periodically serve as forum to discuss and review commercialization of licensed products and (iv) review and approve reports related to development costs among other activities. The JSC is intended to ensure that communication between the parties remains consistent and that the development plan is both agreed to and progressing as intended.

The valuation of each performance obligation involves estimates and assumptions with revenue recognition timing to be determined either by delivery or the provision of services.

The Company used the residual approach to estimate the selling price for the right-of-use license and an expected cost plus margin approach for estimating the research and development activities. The right-of-use license was delivered on the effective date. The research and development activities are expected to be delivered over time as the services are performed. For these services, revenue will be recognized over time using the input method, based on costs incurred to perform the services, since the level of costs incurred over time is thought to best reflect the transfer of services to Lilly. The Company determined the value of the research and development activities to be CHF 6.9 million and deferred this balance from the effective date. As of December 31, 2019, the Company has recognized CHF 2.6 million in revenue, resulting in a deferred income (contract liability) balance of CHF 4.3 million which is all classified on the balance sheet as current within “Deferred income.” The remaining CHF 73.1 million from the upfront payment was allocated to the right-of-use license and recognized on the effective date.

At inception of the agreement, none of the clinical, regulatory or commercial milestones had been included in the transaction price, as all milestone amounts were fully constrained. As acknowledged in the first amendment completed between the Company and Lilly in Q3 2019, the Company earned and received a CHF 30 million milestone payment related to the right-of-use license for IP. The Company recognized contract revenues in Q3 2019 as there were no further constraints related to this milestone. In assessing that future clinical, regulatory or commercial milestones are fully constrained, the Company considered numerous factors to determine that these milestones are not highly probable to obtain, including that receipt of the milestones is outside the control of the Company and contingent upon success in future clinical trials and the licensee’s efforts. Any consideration related to sales-based milestones (including royalties) will be recognized when the related sales occur as they were determined to relate predominantly to the license granted to Lilly and therefore have also been excluded from the transaction price. The Company will re-evaluate the transaction price in each reporting period and as uncertain events are resolved or other changes in circumstances occur.

Anti-Abeta antibody in AD – 2006 agreement with Genentech

In November 2006, we signed an exclusive, worldwide licensing agreement for crenezumab, our humanized monoclonal therapeutic antibody targeting misfolded Abeta. The agreement was amended March 2009, January 2013, May 2014 and May 2015). The agreement also provides for the development of a second therapeutic product for a non-Alzheimer’s disease indication based on the same intellectual property and anti-Abeta antibody compound. The value of this partnership is potentially greater than USD 340 (CHF 333) million.

The term of the agreement commenced on the Effective Date and, unless sooner terminated by mutual agreement or pursuant to any other provision of the agreement, terminates on the date on which all obligations between the Parties with respect to the payment of milestones or royalties with respect to Licensed Products have passed or expired. Either party may terminate the agreement for any material breach by the other Party, provided a cure period of 90 days from the date that notice is given.

Genentech commenced a first Phase 3 clinical study in March 2016 for crenezumab (CREAD). In March 2017, Genentech started a second Phase 3 clinical trial (CREAD 2). Since 2013, Crenezumab is also studied in a Phase 2 trial in individuals who carry the PSEN1 E280A autosomal-dominant mutation and do not meet the criteria for mild cognitive impairment due to AD or dementia due to AD and are, thus, in a preclinical phase of AD (autosomal dominant AD (ADAD)). In 2019, Genentech initiated a Tau Positron Emission Tomography (PET) substudy to the ongoing Phase 2 trial in ADAD to evaluate the effect of crenezumab on tau burden which may also increase the understanding of disease progression in the preclinical stage of ADAD.

If crenezumab receives regulatory approval, we will be entitled to receive royalties that are tied to annual sales volumes with different royalty rates applicable in the U.S. and Europe. To date, we have received total milestone payments of USD 65 million (CHF 70.1 million) comprised of a USD 25 (CHF 31.6) million upfront payment and USD 40 (CHF 38.2) million for clinical development milestones achieved all in prior to January 1, 2017. Genentech may terminate the agreement at any time by providing three months’ notice to us. In such event all costs incurred are still refundable.

AC Immune assessed this arrangement in accordance with IFRS 15 and concluded that Genentech is a customer. The Company identified the following performance obligations under the contract: (i) a right-of-use license and (ii) conduct of research under a research plan. The Company considered the research and development capabilities of Genentech and Genentech’s right to sublicense to conclude that the license has stand-alone functionality and is distinct. The Company’s obligation to perform research does not significantly impact or modify the licenses’ granted functionality.

At execution of the agreement, the transaction price included the USD 25 (CHF 31.6) million upfront consideration received. At inception, none of the clinical or regulatory milestones had been included in the transaction price, as all milestone amounts were fully constrained. The Company has received three milestone payments since inception totaling USD 40 (CHF 38.2) million. The Company could receive greater than USD 275 (CHF 269) million or more for further regulatory milestones for this exclusive, worldwide alliance. In assessing that future regulatory milestones are fully constrained, the Company considered numerous factors, including that receipt of the milestones is outside the control of the Company and contingent upon success in future clinical trials and the licensee’s efforts. Any consideration related to royalties will be recognized when the related sales occur as they were determined to relate predominantly to the license granted to Genentech and therefore have also been excluded from the transaction price. The Company will re-evaluate the transaction price in each reporting period and as uncertain events are resolved or other changes in circumstances occur.

On January 30, 2019, we announced that Roche, the parent of Genentech, is discontinuing the CREAD and CREAD 2 (BN29552 and BN29553) Phase 3 studies of crenezumab in people with prodromal to mild sporadic AD. The decision came after an interim analysis conducted by the Independent Data Monitoring Center (“IDMC”) indicated that crenezumab was unlikely to meet its primary endpoint of change from baseline in Clinical Dementia Rating-Sum of Boxes (CDR-SB) Score. This decision was not related to the safety of the investigational product. No safety signals for crenezumab were observed in this analysis and the overall safety profile was similar to that seen in previous trials.

Crenezumab continues to be studied in the Phase 2 preventive trial, which began in 2013, of cognitively healthy individuals in Columbia who carry the PSEN1 E280A autosomal-dominant mutation and are in a preclinical phase of ADAD. This study will determine if treating people carrying this mutation with crenezumab prior to the onset of AD symptoms will slow or prevent the decline of cognitive and functional abilities.

For the years ended December 31, 2019, 2018 and 2017, we have recognized no revenues from this arrangement.

Anti-Tau antibody in AD – 2012 agreement with Genentech

In June 2012, we entered into a second agreement with Genentech to research, develop and commercialize our anti-Tau antibodies for use as immunotherapeutics and diagnostics. The agreement was amended in December 2015. The value of this exclusive, worldwide alliance is potentially greater than CHF 400 million and includes upfront and clinical, regulatory and commercial milestone payments. In addition to milestones, we will be eligible to receive royalties on sales at a percentage rate ranging from the mid-single digits to the high-single digits. The agreement also provides for collaboration on at least an additional therapeutic indication outside of Alzheimer’s disease built on the same anti-Tau antibody program as well an anti-Tau diagnostic products for Alzheimer’s disease.

To date, we have received payments totaling CHF 59 million, including a CHF 14 million milestone payment received and recognized in Q4 2017 associated with the first patient dosing in a Phase 2 clinical trial for AD with an anti-Tau monoclonal body known as semorinemab, a CHF 14 million milestone payment recognized in Q2 2016 and received in July 2016, associated with the announcement of the commencement of the Phase 1 clinical study of semorinemab and a CHF 14 million milestone payment received in 2015 in connection with the ED-GO decision. As we met all performance obligations on reaching these milestones, we have recognized revenue in the respective periods. Genentech may terminate the agreement at any time by providing three months’ notice to us.

At execution of the agreement, the transaction price included CHF 17 million upfront consideration received. At inception, none of the clinical or regulatory milestones had been included in the transaction price, as all milestone amounts were fully constrained. The Company has received three milestones since inception totaling CHF 42 million. The Company could also receive up to an additional CHF 368.5 million in clinical, regulatory and commercial milestones. In assessing that future clinical, regulatory or commercial milestones are fully constrained, the Company considered numerous factors, including that receipt of the milestones is outside the control of the Company and contingent upon success in future clinical trials. Any consideration related to sales-based milestones (including royalties) will be recognized when the related sales occur as they were determined to relate predominantly to the license granted to Genentech and therefore have also been excluded from the transaction price. The Company will re-evaluate the transaction price in each reporting period and as uncertain events are resolved or other changes in circumstances occur.

For the years ended December 31, 2019, 2018 and 2017, we have recognized nil, nil and CHF 14 million from this arrangement, respectively.

Tau Vaccine in AD – 2014 agreement with Janssen Pharmaceuticals

In December 2014, we entered into an agreement with Janssen Pharmaceuticals, Inc. (“Janssen”) one of the Janssen Pharmaceutical Companies of Johnson & Johnson, to develop and commercialize therapeutic anti-Tau vaccines for the treatment of AD and potentially other Tauopathies. The value of this partnership is potentially up to CHF 500 million and includes upfront and clinical, regulatory and commercial milestones. In addition to milestones, we will be eligible to receive royalties on sales at a percentage rate ranging from the low-double digits to the mid-teens. In April 2016, July 2017, January 2019 and November 2019, the companies entered into the First, Second, Third and Fourth amendments, respectively. These amendments allow for the alignment of certain payment and activity provisions with the Development Plan and Research Plan activities. We and Janssen will co-develop second generation lead therapeutic vaccines, ACI-35.030 and JACI-35.054, through Phase 1b/2a completion. AC Immune and Janssen will jointly share research and development costs until the completion of the first Phase 2b. From Phase 2b and onwards, Janssen will assume responsibility for the clinical development, manufacturing and commercialization of the second generation vaccines.

Under the terms of the agreement, Janssen may terminate the agreement at any time after completion of the first Phase 1b clinical study in 2016 by providing 90 days’ notice to us. If not otherwise terminated, the agreement shall continue until the expiration of all royalty obligations as outlined in the contract.

The agreement also allows for the expansion to a second indication based on the same anti-Tau vaccine program and based on intellectual property related to this program.

The Company received a CHF 25.9 million upfront, non-refundable license fee which we recognized as revenue in 2014. In May 2016, we received a CHF 4.9 million payment for reaching a clinical milestone in the first Phase 1b study. As we met all performance obligations on reaching the milestone, we have recognized this income as revenue.

AC Immune assessed this arrangement in accordance with IFRS 15 and concluded that Janssen is a customer. The Company identified the following performance obligations under the contract: (i) a right-of-use license and (ii) research and development services including a Development and CMC work plan. The Company considered the research and development capabilities of Janssen, Janssen’s right to sublicense, and the fact that the research and development services are not proprietary and can be provided by other vendors, to conclude that the license has stand-alone functionality and is distinct. The Company’s obligation to perform research and development services does not significantly impact or modify the licenses’ granted functionality. Based on these assessments, the Company identified the license and the research and development services as the performance obligations at the inception of the arrangement, which were deemed to be distinct in the context of the contract.

At execution of the agreement, the transaction price included only the CHF 25.9 million upfront consideration received. At inception, none of the clinical, regulatory or commercial milestones has been included in the transaction price, as all milestone amounts were fully constrained. The Company did receive a CHF 4.9 million payment for reaching a clinical milestone in the first Phase 1b study in May 2016. The Company could also receive up to more than CHF 458 million in clinical, regulatory and commercial milestones as well as tiered, low-double digit to mid-teen royalties on aggregate net sales of products. In assessing that future clinical, regulatory or commercial milestones are fully constrained, the Company considered numerous factors to determine that these milestones are not highly probable to obtain, including that receipt of the milestones is outside the control of the Company and contingent upon success in future clinical trials and the licensee’s efforts. Any consideration related to sales-based milestones (including royalties) will be recognized when the related sales occur as they were determined to relate predominantly to the license granted to Janssen and therefore have also been excluded from the transaction price. The Company will re-evaluate the transaction price in each reporting period and as uncertain events are resolved or other changes in circumstances occur.

For the years ended December 31, 2019, 2018 and 2017, we have recognized revenues totaling CHF 1.2 million, CHF 2.2 million and CHF 1.2 million, respectively.

Tau-PET imaging agent in AD –2014 agreement with Life Molecular Imaging (formerly Piramal Imaging SA)

In May 2014, we entered into an agreement, our first diagnostic partnership, with Life Molecular, the former Piramal Imaging SA. The partnership with Life Molecular is an exclusive, worldwide licensing agreement for the research, development and commercialization of the Company’s Tau protein Positron Emission Tomography (PET) tracers supporting the early diagnosis and clinical management of AD and other Tau-related disorders and includes upfront and sales milestone payments totaling up to EUR 159 (CHF 175) million, plus royalties on sales at a percentage rate ranging from mid-single digits to low double digits. Life Imaging may terminate the LCA at any time by providing three months’ notice to us.

In connection with this agreement, AC Immune received a EUR 500 (CHF 664) thousand payment which was fully recognized in 2015. In Q1 2017, we recorded a EUR 1 (CHF 1.1) million milestone related to the initiation of “Part B” of the first-in-man Phase 1 study. In Q3 2019, the Company recognized EUR 2 (CHF 2.2) million in connection with the initiation of a Phase 2 Trial of Tau-PET Tracer in patients with mild cognitive impairment (MCI) and mild to moderate AD in comparison with non-demented control (NDC) participants. The Company is eligible to receive variable consideration related to the achievement of certain clinical milestones totaling EUR 8 (CHF 9) million should the compound make it through Phase 3 clinical studies. We are also eligible to receive potential regulatory and sales based milestones totaling EUR 148 (CHF 162) million. Finally, the Company is eligible for royalties from the mid-single digits to low-double digits.

AC Immune assessed this arrangement in accordance with IFRS 15 and concluded that Life Molecular is a customer. The Company has identified that the right-of-use license as the only performance obligation. The Company determined that transaction price based on the defined terms allocated to each performance obligation specified in the contract.

The upfront payment constitutes the amount of consideration to be included in the transaction price and has been allocated to the license. None of the clinical, regulatory and commercial milestones have been included in the transaction price as these variable consideration elements are considered fully constrained. As part of its evaluation of the constraint, the Company considered numerous factors, including that receipt of the milestones is outside the control of the Company and contingent upon success in future clinical trials and the licensee’s efforts.

Any consideration related to sales-based milestones (including royalties) will be recognized when the related sales occur as these amounts have been determined to relate predominantly to the license granted to Life Molecular and therefore are recognized at the later of when the performance obligation is satisfied or the related sales occur. The Company considered Life Molecular’s right to sublicense and develop the Tau Protein PET tracers, and the fact that Life Molecular could perform the research and development work themselves within the license term without AC Immune, to conclude that the license has stand-alone functionality and is distinct. The Company believes that the contracted amount represents the fair value. The Company will re-evaluate the transaction price in each reporting period and as uncertain events are resolved or other changes in circumstances occur.

For the years ended December 31, 2019, 2018 and 2017, the Company has recognized CHF 2.2 million, nil and CHF 1.1 million, respectively.

Alpha-synuclein and TDP-43 PET tracers in AD – 2016 agreement with Biogen

On April 13, 2016, we entered into a non-exclusive research collaboration agreement with Biogen International GmbH, (“Biogen”). Under the agreement, we and Biogen have agreed to collaborate in the research and early clinical development of our alpha-synuclein PET tracer program for Parkinson’s disease and other synucleinopathies, and a second program for the identification, research and development of novel PET ligands against TDP-43, a protein recently linked to neurodegeneration in diseases such as amyotrophic lateral sclerosis (ALS). In addition, we have agreed to share the costs of the collaboration, with Biogen primarily funding the majority of research costs, subject to a cap, which includes an upfront technology access fee and funding towards research and development personnel. We own all intellectual property rights to any invention relating to alpha-synuclein or TDP-43 PET tracers.

AC Immune assessed this arrangement in accordance with IFRS 15 and concluded that Biogen is a customer. The Company has identified two performance obligations in our Biogen collaboration: (i) technology access fee and (ii) research and development services. The Company determined the transaction price based on the defined terms allocated to each performance obligation specified in the contract. In instances where the Company is reimbursed for research and development contributions procured from third parties such as negotiated terms with clinical research organizations, AC Immune records revenues for such services as it is acting as a principal in procuring the goods or services. The Company has the primary responsibility for fulfilling the promise to provide the specified good or service, it has inventory risk before transfer to the customer and it has discretion in negotiating the price with third parties. For other research and development services, revenues are recognized as work is performed, which correspond with, and best depict the transfer of control to the customer in line with the terms outlined in the contract.

For the years ended December 31, 2019, 2018 and 2017, the Company has recognized CHF 1.1 million, CHF 4.0 million and CHF 3.9 million, respectively. This collaboration ended in April 2019.

Recombinant protein therapeutic candidate –2017 agreement with Essex Bio-Technology Limited

On May 19, 2017, we entered into a Research Project agreement with Essex to develop a recombinant protein therapeutic candidate acting on a unique neuroprotective mechanism for treatment of neurological diseases, such as AD and FTLD. Essex will provide joint research commitment as well as financial support to AC Immune for the pre-IND development of the biological agent.

As part of this agreement, the parties have agreed to an initial two-year Research Plan, which intends to develop a basic Fibroblast Growth Factor as a therapeutic for the treatment of neurodegenerative diseases and to generate novel antibody therapeutics.

Subject to the terms of this agreement, Essex and the Company have the right to terminate by providing 60 days’ notice to the other Party. Otherwise, the agreement shall remain in force until the later of the (i) completion of the Research and Development program or (ii) five years from the Effective date.

AC Immune assessed this arrangement in accordance with IFRS 15 and concluded that Essex Bio-Technology is a customer. AC Immune has identified that its performance obligation is for full-time employees to provide research support.

The transaction price consists of the contractual amounts to recognize for the full-time employee charges. For the full-time employee charges, we recorded revenues throughout the period based on the contractual rates over the service period as this best depicts the transfer of control to Essex. For the years ended December 31, 2019, 2018 and 2017, the Company has recognized CHF 0.4 million, CHF 0.7 million and CHF 0.1 million, respectively.

Grants from the Michael J. Fox Foundation

On September 16, 2017, we formally signed a grant continuation with the Michael J. Fox Foundation for Parkinson’s disease research (“MJFF”). This grant provides funds for the development of PET tracers for pathological forms of the protein alpha-synuclein, to support the early diagnosis and clinical management of Parkinson’s disease. We have since received two additional grants. The first in November 2018 was to conduct a first-in-human (“FiH”) study in 2019. This grant aimed to facilitate the execution of a FiH study for a potential alpha-synuclein PET tracer (“PET tracer”) with the current lead compound. The second in August 2019 is a supplement for the further development of the PET tracer. The Company retains its intellectual property rights for these programs.

As part of both the November 2018 and August 2019 grants, the MJFF expects that AC Immune will complete tasks according to the agreed timelines. AC Immune’s funding is variable depending on the satisfactory achievement of specific tasks. The Company identified various milestones to achieve and these are outputs of the Company’s standard services to develop its PET tracer. The services themselves over time are considered the performance obligation and not each a distinct performance obligation. Therefore, AC Immune has determined it has one performance obligation in the arrangement: the clinical and regulatory services in support of the development of the alpha-synuclein PET tracer.

The transaction price consists of the contractual amount of CHF 0.3 million and CHF 0.6 million for the two grants, respectively which is allocated to the services performed. However, the consideration is variable dependent upon AC Immune’s completion of key milestones. Using the most likely amount method, AC Immune assessed the project funding and likelihood of milestone obtainment. Our deliverables under the November 2018 grant have been completed. Management estimated a 100% likelihood of completing all milestones under the terms of the August 2019 grant and no discount of the transaction price is taken. The Company therefore recognizes the revenues associated with these grants as services are performed. Quarterly, the Company estimates its progress and whether to constrain further revenue recognition. There are no constraints assessed as of December 31, 2019.

For the years ended December 31, 2019, 2018 and 2017, the Company has recognized CHF 0.6 million, CHF 0.3 million and CHF 0.1 million, respectively.

Expenses by category

12 Months Ended

Dec. 31, 2019

Expenses by category [Abstract]

Expenses by category

13.	Expenses by category

Research and Development

	For the Years Ended December 31,
in CHF thousands	2019		2018		2017
Operating expenses		37,465		32,921		23,822
Payroll expenses		12,382		10,662		8,552
Share-based compensation		585		694		289
Total research and development expenses		50,432		44,277		32,663

General and Administrative

	For the Years Ended December 31,
in CHF thousands	2019		2018		2017
Operating expenses		6,637		4,903		3,857
Payroll expenses		7,172		5,740		4,984
Share-based compensation		2,249		1,824		1,290
Total general and administrative expenses		16,058		12,467		10,131

Financial Result, net

	For the Years Ended December 31,
in CHF thousands	2019			2018			2017
Interest income/(expense)		(1,590	)		(269	)		184
Change in fair value of conversion feature		4,542			—			—
Foreign currency remeasurement gain/(loss), net		(2,013	)		(1,194	)		(4,049	)
Other finance income/(expense)		(33	)		62			(7	)
Finance result, net		906			(1,401	)		(3,872	)

The CHF 4.5 million gain on the conversion feature related to the Company’s convertible loan due to Lilly. This gain was mainly related to the change in value of the shares between the share price determined in the convertible loan and the share price at the date of the conversion. Additionally, the Company incurred CHF 1.6 million in net interest expense of which CHF 1.4 million was effective interest recorded to amortize the host debt per the convertible loan due to Lilly.

Related-party transactions

12 Months Ended

Dec. 31, 2019

Related-party transactions

14.	Related-party transactions

Key management, including the Board of Directors (seven individuals excluding the CEO) and the Executive Management (five individuals including the CEO), compensation was:

	For the Years Ended December 31,
in CHF thousands	2019		2018		2017
Short-term employee benefits		3,526		2,681		2,463
Post-employment benefits		215		160		166
Share-based compensation		2,155		1,683		1,267
Total		5,896		4,524		3,896

In 2018, as part of the Company’s subscription rights offering, a major shareholder and members of the Board and Executive Management purchased an aggregate of 614,147 of the Company’s common shares on the same basis and otherwise on the same terms as the other participants in such rights offering.

Income taxes

12 Months Ended

Dec. 31, 2019

Income taxes [Abstract]

Income taxes

15.	Income taxes

The Company recognized no income tax expense or deferred tax asset or liability positions for the years ended December 31, 2019, 2018, and 2017.

The income tax expense for each year can be reconciled to loss before tax as follows:

	For the Years Ended December 31,
in CHF thousands	2019			2018			2017
Income/(loss) before income tax		45,442			(50,951	)		(26,411	)
Tax expense/(benefit) calculated at the statutory rate of 13.6% (20.6% for 2018 and 20.5% for 2017)		6,194			(10,507	)		(5,420	)
Permanent differences		(62	)		334			40
Effect of unused tax losses and tax offsets not recognized as deferred tax assets		(6,132	)		10,173			5,380
Effective income tax rate benefit/(expense)		—			—			—

The tax rate used for the 2019 reconciliations above is the corporate tax rate of 13.6% (20.6%: 2018 and 20.5%: 2017) payable by corporate entities in the Canton of Vaud, Switzerland on taxable profits under tax law in that jurisdiction.

	As of December 31,
in CHF thousands	2019		2018		2017
Unrecognized deductible temporary differences, unused tax losses and unused tax credits
Deductible temporary differences, unused tax losses and unused tax credits for which no deferred tax assets have been recognized are attributable to the following:
- Tax losses		64,125		109,294		62,575
- Deductible temporary differences related to:
Right-of-use assets and lease liabilities, net		—		—		—
Retirement benefit plan		7,485		5,665		4,926

Total		71,610		114,959		67,501

Deductible temporary differences do not expire. Tax losses expiry dates are shown in the table below:

	As of December 31,
in CHF thousands	2019		2018		2017
Tax losses split by expiry date

December 31, 2018		—		—		2,175
December 31, 2019		—		16,566		16,566
December 31, 2020		—		10,338		10,338
December 31, 2021		—		—		—
December 31, 2022		—		—		—
December 31, 2023		—		7,628		7,628
December 31, 2024		15,231		25,868		25,868
December 31, 2025		48,894		48,894		—
December 31, 2026		—		—		—
Total		64,125		109,294		62,575

The tax losses available for future offset against taxable profits have decreased by CHF 45.2 million from 2018, representing the amount of tax losses used in 2019.

Consistent with prior years, the Company has not recorded any deferred tax assets in relation to the past tax losses available for offset against future profits as the recognition criteria have not been met at the balance sheet date.

Retirement benefit plan

12 Months Ended

Dec. 31, 2019

Retirement benefit plan [Abstract]

Retirement benefit plan

16.	Retirement benefit plan

The Company participates in a collective foundation covering all of its employees including its executive officers. In addition to retirement benefits, the plan provides death or long-term disability benefits.

Contributions paid to the plan are computed as a percentage of salary, adjusted for the age of the employee and shared approximately 47% and 53% by employee and employer, respectively.

This plan is governed by the Swiss Law on Occupational Retirement, Survivors and Disability Pension Plans (BVG), which requires contributions to be made to a separately administered fund. The fund has the legal form of a foundation and it is governed by the board of trustees, which consists of an equal number of employer’s and employee’s representatives. The board of trustees is responsible for the administration of the plan assets and for the definition of the investment strategy.

The collective foundation is governed by a foundation board. The board is made up of an equal number of employee and employer representatives of the different affiliated companies. The Company has no direct influence on the investment strategy of the foundation board.

The assets are invested by the pension plan, to which many companies contribute, in a diversified portfolio that respects the requirements of the Swiss BVG. Therefore disaggregation of the pension assets and presentation of plan assets in classes that distinguish the nature and risks of those assets is not possible. Under the Plan, both the Company and the employee share the costs equally. The structure of the plan and the legal provisions of the BVG mean that the employer is exposed to actuarial risks. The main risks are investment risk, interest risk, disability risk and the life expectancy of pensioners. Through our affiliation with the pension plan, the Company has minimized these risks, since they are shared between a much greater number of participants. On leaving the Company, a departing employee’s retirement savings are transferred to the pension institution of the new employer or to a vested benefits institution. This transfer mechanism may result in pension payments varying considerably from year to year.

The pension plan is exposed to Swiss inflation, interest rate risks and changes in the life expectancy for pensioners. For accounting purposes under IFRS, the plan is treated as a defined benefit plan.

As of January 1, 2019 the Company changed from a fully insured plan to a plan where the company now bears investment and old age risks. The new plan has a higher statutory coverage ratio, which led to an increase in plan assets of 10% (CHF 1.2 million), which is presented in the table under B as part of the line “return on plan assets excluding interest income.”

The following table sets forth the status of the defined benefit pension plan and the amount that is recognized in the balance sheet:

	As of December 31,
in CHF thousands	2019			2018			2017
Defined benefit obligation		(26,624	)		(17,942	)		(14,278	)
Fair value of plan assets		19,139			12,277			9,352
Total liability		(7,485	)		(5,665	)		(4,926	)

The following amounts have been recorded as net pension cost in the statement of income:

	For the Years Ended December 31,
in CHF thousands	2019			2018			2017
Service cost		1,313			1,095			912
Interest cost		195			100			81
Interest income		(133	)		(65	)		(55	)
Net pension cost		1,375			1,130			938

The changes in defined benefit obligation, fair value of plan assets and unrecognized gains/(losses) are as follows:

A.	Change in defined benefit obligation

	For the Years Ended December 31,
in CHF thousands	2019			2018			2017
Defined benefit obligation as of January 1		(17,942	)		(14,278	)		(11,596	)
Service cost		(1,313	)		(1,095	)		(912	)
Interest cost		(195	)		(100	)		(81	)
Change in demographic assumptions		1,138			—			—
Change in financial assumptions		(2,171	)		750			—
Change in experience assumptions		(2,003	)		(888	)		(735	)
Benefits deposited		(3,382	)		(1,710	)		(426	)
Employees’ contributions		(756	)		(621	)		(528	)
Defined benefit obligation as of December 31		(26,624	)		(17,942	)		(14,278	)

B.	Change in fair value of plan assets

	For the Years Ended December 31,
in CHF thousands	2019		2018			2017
Fair value of plan assets as of January 1		12,277		9,352			7,798
Interest income		133		65			55
Employees’ contributions		756		621			528
Employer’s contributions		859		693			590
Benefits deposited		3,382		1,710			426
Return on plan assets excluding interest income		1,732		(164	)		(45	)
Fair value of plan assets as of December 31		19,139		12,277			9,352

Expected contributions by the employer to be paid to the post-employment benefit plans during the annual period beginning after the end of the reporting period amount to approximately CHF 930 thousand.

C.	Change in net defined benefit liability

	For the Years Ended December 31,
in CHF thousands	2019			2018			2017
Net defined benefit liabilities as of January 1		5,665			4,926			3,798
Net pension cost through statement of income		1,375			1,130			938
Re-measurement through other comprehensive loss		1,304			302			780
Employer’s contribution		(859	)		(693	)		(590	)
Net defined benefit liabilities as of December 31		7,485			5,665			4,926

D.	Change in other comprehensive loss

	For the Years Ended December 31,
in CHF thousands	2019			2018			2017
Other comprehensive loss as of January 1		(4,283	)		(3,981	)		(3,201	)
Effect of changes in demographic assumptions		1,138			—			—
Effect of changes in financial assumptions		(2,171	)		750			—
Effect of changes in experience assumptions		(2,003	)		(888	)		(735	)
Return on plan assets excluding interest income		1,732			(164	)		(45	)
Other comprehensive loss as of December 31		(5,587	)		(4,283	)		(3,981	)

The fair value of the plan assets is the cash surrender value of the insurance with AXA. The investment strategy defined by the board of trustees follows a conservative profile.

The plan assets are primarily held within instruments with quoted market prices in an active market, with the exception of real estate and mortgages.

The weighted average duration of the defined benefit obligation is 19.3 and 20.5 years as of December 31, 2019 and 2018 respectively.

The actuarial assumptions used for the calculation of the pension cost and the defined benefit obligation of the defined benefit pension plan for the years ended December 31, 2019, 2018 and 2017, respectively are as follows:

	For the Years Ended December 31,
	2019			2018			2017
Discount rate		0.20	%		0.90	%		0.70	%
Rate of future increase in compensations		1.75	%		1.50	%		1.50	%
Rate of future increase in current pensions		0.00	%		0.50	%		0.50	%
Interest rate on retirement savings capital		0.50	%		0.90	%		0.70	%
Mortality and disability rates	BVG 2015-CMI			BVG 2015G			BVG 2015G

In defining the benefits, the minimum requirements of the Swiss Law on Occupational Retirement, Survivors and Disability Pension Plans (BVG) and its implementing provisions must be observed. The BVG defines the minimum pensionable salary and the minimum retirement credits.

A quantitative sensitivity analysis for significant assumptions as of December 31, 2019 is shown below:

	Discount rate					Future salary increase					Future pension cost					Interest rate on savings capital
Assumptions	0.5% increase		0.5% decrease			0.5% increase			0.5% decrease		0.5% increase			0.5% decrease		0.5% increase			0.5% decrease
	in CHF thousands
Potential defined benefit obligation		24,248		29,396			27,317			25,930		27,993			25,393		27,447			25,848
Decrease/(increase) from actual defined benefit obligation		2,376		(2,772	)		(693	)		694		(1,369	)		1,231		(823	)		776

The sensitivity analyses above is subject to limitations and has been determined based on a method that extrapolates the impact on net defined benefit obligation as a result of reasonable changes in key assumptions occurring at the end of the reporting period.

Share-based compensation

12 Months Ended

Dec. 31, 2019

Share-based compensation [Abstract]

Share-based compensation

17.	Share-based compensation

Share based option awards

Through the year ended December 31, 2019, there are equity-based instruments outstanding that the Company has granted under four different plans.

The Company’s 2016 Share Option and Incentive Plan (“Plan”) was approved by the shareholders at the Ordinary Shareholder’s meeting in November 2016. The 2016 Plan authorizes the grant of incentive and non-qualified share options, share appreciation rights, restricted share awards, restricted share units, unrestricted share awards, performance share awards, performance-based awards to covered employees and dividend equivalent rights. The Company only grants equity-based instruments from this Plan as of December 31, 2019.

The following table summarizes equity settled share option grants since inception under each plan:

PLAN	Number of options awarded (since inception)		Vesting conditions	Contractual life ofoptions
Share option plan A		362,750	At grant	15.5 years
Share option plan B		819,000	At grant	10.5 years
Share option plan C1		6,775,250	4 years’ service from grant date	10 years
2016 Share Option and Incentive Plan:
Executives and Directors		1,208,522	4 years’ service from the date of grant, quarterly	10 years
Employees		605,952	4 years’ service from the date of grant, annually	10 years

The number and weighted average exercise prices (in CHF) of options under the share option programs for Plans A, B, C1 and 2016 share option and incentive plan are as follows:

	Number of Options			Weighted Average Exercise Price (CHF)		Weighted Average Remaining Term (Years)
Outstanding at January 1, 2017		1,687,900			0.15		5.6
Forfeited during the year		(1,750	)		0.15		—
Cancelled during the year		(31,250	)		0.15		—
Exercised during the year		(571,775	)		0.15		—
Granted during the year		276,766			9.70		—
Outstanding at December 31, 2017		1,359,891			2.09		5.8
Exercisable at December 31, 2017		900,474			0.39		4.3
Outstanding at January 1, 2018		1,359,891			2.09		5.8
Forfeited during the year		(73,624	)		9.16		—
Exercised during the year		(151,814	)		0.15		—
Granted during the year		484,403			9.79		—
Outstanding at December 31, 2018		1,618,856			4.25		6.3
Exercisable at December 31, 2018		932,175			1.25		4.4
Outstanding at January 1, 2019		1,618,856			4.25		6.3
Forfeited during the year		(73,699	)		6.71		—
Exercised during the year		(616,833	)		0.15		—
Granted during the year		1,053,305			5.24		—
Outstanding at December 31, 2019		1,981,629			5.93		8.3
Exercisable at December 31, 2019		602,218			4.94		6.5

The outstanding stock options as of December 31, 2019 have the following range of exercise prices. In fiscal year 2018, we began to grant awards solely with USD denominated exercise prices and discontinued granting awards with a CHF denominated exercise price.

	Total Options		Range of Expiration Dates
Range of Exercise Prices
CHF 0.15		301,750		2020-2026
CHF 9.53		234,355		2027
USD 5.15 to USD 12.30		1,445,524		2028-2029
Total outstanding options		1,981,629

The weighted average exercise price for options granted in 2019, 2018 and 2017 is USD 5.41 (CHF 5.24), USD 9.97 (CHF 9.79) and CHF 9.70, respectively. The range of exercise prices for outstanding options was CHF 0.15 to CHF 9.53 for awards previously granted in CHF and USD 5.15 to USD 12.30 for awards granted in USD as of December 31, 2019.

Prior to the IPO, the exercise price was set by the Board of Directors. The volatility is based on the historical trend of an appropriate sample of companies operating in the biotech and pharmaceutical industry. The risk-free interest rate is based on the CHF swap rate for the expected life of the option. The weighted average share price of common share options exercised in 2019 is USD 4.36 (CHF 4.22).

The weighted average grant date fair values of the options granted in 2019, 2018 and 2017 are USD 3.71 (CHF 3.59), USD 6.66 (CHF 6.54) and CHF 7.29, respectively. The following table illustrates the weighted-average assumptions for the Black-Scholes option-pricing model used in determining the fair value of these awards:

	For the Years Ended December 31,
	2019			2018			2017
Exercise price	USD 5.15-5.54			USD 8.33-12.30			CHF 9.53-12.00
Share Price (weighted average)		5.41			9.87			8.77
Risk-free interest rate		0	%		0	%		0	%
Expected volatility		80	%		80	%		80	%
Expected term	6 years			6 years			6 years
Dividend yield		—			—			—

Restricted share awards

A summary of non-vested share awards (restricted share and restricted share units) activity as of December 31, 2019 and changes during the year then ended is presented below:

Grantee Type	Number of non-vested share awards granted		Vesting conditions	Contractual life of non- vested share awards
Restricted Share Units
Directors		83,864	1 year service from date of grant, annually	10 years
Executives		110,839	4 years’ service from the date of grant, quarterly	10 years
Restricted Share Awards		4,023	2.75 years’ service from date of grant, quarterly	10 years

	Number of non-vested shares			Weighted average grant date fair value (CHF)
Non-vested at December 31, 2017		122,014			9.59
Forfeited during the year		(25,673	)		9.48
Granted during the year		69,371			9.43
Vested during the year		(56,671	)		9.60
Non-vested at December 31, 2018		109,041			9.51
Vested and expected to vest at December 31, 2018		64,012			9.65
Non-vested at December 31, 2018		109,041			9.51
Forfeited during the year		—			—
Granted during the year		—			—
Vested during the year		(66,278	)		9.51
Non-vested at December 31, 2019		42,763			9.52
Vested and expected to vest at December 31, 2019		130,290			9.58

The Company did not grant restricted share awards in 2019. The weighted average grant date fair value of the restricted share awards granted (restricted shares and restricted share units) was CHF 9.43 and CHF 9.62 for the years ended December 31, 2018 and 2017, respectively. The weighted average grant date fair values of the non-vested share awards as of the respective year end (restricted shares and restricted share units) was CHF 9.51 and CHF 9.59 for the years ended December 31, 2018 and 2017, respectively. These fair values of non-vested share awards granted have been determined using a reasonable estimate of market value of the common stock on the date of the award.

The expense charged against the income statement was CHF 2,834, CHF 2,518 thousand and CHF 1,579 thousand for the years ended December 31, 2019, 2018 and 2017, respectively. The expense is revised by the Company based on the number of instruments that are expected to become exercisable.

Commitments and contingencies

12 Months Ended

Dec. 31, 2019

Commitments and contingencies [Abstract]

Commitments and contingencies

18.	Commitments and contingencies

In the normal course of business, we conduct product research and development programs through collaborative programs that include, among others, arrangements with universities, contract research organizations and clinical research sites. We have contractual arrangements with these organizations. As of December 31, 2019, external research projects included in the schedule below for 2020 total CHF 19.6 million that have been committed.

We lease our corporate, laboratory and other facilities under multiple operating leases at the EPFL Innovation Park in Ecublens, near Lausanne, Canton of Vaud, Switzerland. Our lease agreements have no termination clauses longer than a 12-month contractual notice period. For the commitments and contingencies related to 2018, the Company disclosed its committed lease obligations in accordance with IAS 17 Leases, which has been superseded in 2019 by IFRS 16 Leases. See Note 5 “Right-of-use assets and lease liabilities” for the contractual undiscounted cash flows for lease obligations.

	As of December 31,
in CHF thousands	2019		2018
Within one year		19,907		19,880
Between one and three years		12,993		6,995
Between three and five years		4,816		5,009
More than five years		2,193		1,190
Total		39,909		33,074

Earnings per share

12 Months Ended

Dec. 31, 2019

Earnings per share [Abstract]

Earnings per share

19.	Earnings per share

	For the Years Ended December 31,
	2019		2018			2017
	(in CHF thousands except for share and per share data)
Basic income/(loss) per share (EPS):
Numerator:
Net income/(loss) attributable to equity holders of the Company		45,442		(50,951	)		(26,411	)
Denominator:
Weighted-average number of shares outstanding to equity holders		70,603,611		61,838,228			57,084,295
Basic income/(loss) for the period attributable to equity holders		0.64		(0.82	)		(0.46	)

Numerator:
Net income/(loss) attributable to equity holders of the Company	45,442	(50,951	)	(26,411	)
Denominator:
Weighted-average number of shares outstanding to equity holders	70,603,611	61,838,228		57,084,295
Effect of dilutive securities from equity incentive plans	499,730	—		—
Weighted-average number of shares outstanding – diluted to equity holders	71,103,341	61,838,228		57,084,295
Diluted income/(loss) for the period attributable to equity holders	0.64	(0.82	)	(0.46	)

In periods for which we have a loss, basic net loss per share is the same as diluted net loss per share. We have excluded from our calculation of diluted loss per share all potentially dilutive in-the-money (i) share options and (ii) shares which were issued upon conversion of the convertible note as their inclusion would have been anti-dilutive. Potentially dilutive securities that were not included in the diluted per share calculations because they would be anti-dilutive were as follows:

	As of December 31,
	2019		2018		2017
Share options issued and outstanding (in-the-money)		1,081,836		1,472,589		1,341,042
Restricted share awards subject to future vesting		—		109,041		122,014
Convertible shares		911,261		—		—
Total		1,993,097		1,581,630		1,463,056

Financial instruments and risk management

12 Months Ended

Dec. 31, 2019

Financial instruments and risk management [Abstract]

Financial instruments and risk management

20.	Financial instruments and risk management

The Company’s activities expose it to the following financial risks: market risk (foreign exchange and interest rate risk), credit risk and liquidity risk. The Company’s overall risk management program focuses on the unpredictability of financial markets and seeks to minimize potential adverse effects on the Company’s financial performance.

The following table shows the carrying amounts of financial assets and financial liabilities:

	As of December 31,
in CHF thousands	2019		2018
Financial assets
Long-term financial assets		304		304
Other current receivables		304		236
Short-term financial assets		95,000		30,000
Cash and cash equivalents		193,587		156,462
Total financial assets		289,195		187,002

	As of December 31,
in CHF thousands	2019		2018
Financial liabilities
Long-term financing obligation		—		186
Long-term lease liabilities		1,813		—
Trade and other payables		142		1,979
Accrued expenses		11,797		10,420
Short-term financing obligation		652		332
Short-term lease liabilities		442		—
Total financial liabilities		14,846		12,917

Foreign exchange risk

The Company is exposed to foreign exchange risk arising from currency exposures, primarily with respect to the EUR, USD and to a lesser extent to GBP, DKK and SEK. The currency exposure is not hedged. However, the Company has a policy of matching its cash holdings to the currency structure of its expenses, which means that the Company holds predominately CHF, EUR and USD (see Note 6 “Cash and cash equivalents and financial assets”). In the Company’s statements of income/(loss) for the years ended December 31, 2019, 2018 and 2017 a loss of CHF 0.8 million, a loss of CHF 1.2 million and a loss of CHF 4.2 million, respectively, has been recognized within “Finance result, net.”

As of December 31, 2019, if the CHF had strengthened/weakened by 10% against the EUR and the USD with all other variables held constant, the net loss for the period would have been lower/higher by CHF 3.5 million (2018: CHF 3.0 million), mainly as a result of foreign exchange gains/losses on predominantly EUR/USD denominated cash and cash equivalents and short-term financial assets.

Interest rates

The Company’s CHF cash holdings (inclusive of those held in short-term financial assets) are subject to negative interest rates at certain counterparty thresholds. As of December 31, 2019, if the interest rates charged by the counterparties had increased/decreased by 10%, the net income for the period would have been higher/lower by less than CHF 0.1 million. Interest income and interest expense are recorded within Finance results, net in our statements of income/(loss).

Credit risk

The Company maintains a formal treasury risk and investment management policy to limit counterparty credit risk. As of December 31, 2019, the Company’s cash and cash equivalents and short-term financial assets are held with four financial institutions each with a high credit-rating assigned by international credit-rating agencies. The maximum amount of credit risk is the carrying amount of the financial assets. Trade and other receivables are fully performing, not past due and not impaired (see Note 6 “Cash and cash equivalents and financial assets” and Note 8 “Other current receivables”).

Liquidity risk

Inherent in the Company’s business are various risks and uncertainties, including its limited operating history and the high uncertainty that new therapeutic concepts will succeed. AC Immune’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 biotech and pharmaceutical industry, (iii) acquire and keep key personnel employed, and (iv) acquire additional capital to support its operations.

The Company’s approach of managing liquidity is to ensure sufficient cash to meet its liabilities when due. Therefore, management closely monitors the cash position on rolling forecasts based on expected cash flow to enable the Company to finance its operations for at least 18 months. The Company has a financing obligation due to LuMind and projects CHF 0.7 million to be paid within 12 months from the reporting date. See Note 11 “Financing obligation” for further details. Additionally, the Company has CHF 0.1 million in Trade and other payables which are due within 12 months from the reporting date. Finally, as it relates to the Company’s lease liabilities please see Note 5 “Right-of-use assets and lease liabilities” for detail of when corresponding lease liabilities are due.

Capital risk management

12 Months Ended

Dec. 31, 2019

Capital risk management [Abstract]

Capital risk management

21.	Capital risk management

The Company’s objectives when managing capital are to safeguard the Company’s ability to continue as a going concern and to preserve the capital on the required statutory level in order to succeed in developing a cure against Alzheimer’s disease.

Subsequent events

12 Months Ended

Dec. 31, 2019

Subsequent events [Abstract]

Subsequent events

22.	Subsequent events

Management has evaluated subsequent events after the balance sheet date, through the issuance of these financial statements, for appropriate accounting and disclosures. On March 20, 2020, the Company and Lilly entered into a second amendment to replace the second CHF 30 million to be paid on or before March 31, 2020 with two milestone payments, a CHF 10 million milestone payment to be paid on or before March 31, 2020 and a CHF 60 million milestone payment following the first patient dosed in a Phase 2 clinical study of a licensed product in the U.S. or European Union.

Additionally, the potential disruption of the coronavirus outbreak on the Company’s business operations will depend on certain developments, including the duration, spread and severity of the outbreak. As of March 30, 2020, the Company is actively implementing specific precautionary measures to mitigate any potential disruptions accordingly.

The Company has determined that there were no other such events that warrant disclosure or recognition in these financial statements.

Summary of significant accounting policies (Policies)

12 Months Ended

Dec. 31, 2019

Summary of significant accounting policies [Abstract]

Current vs. non-current classification

Foreign currency transactions

Revenue recognition

Licenses on intellectual property

Milestone payments

Research and development services

Sublicense revenues

Royalties

Contract balances

Research and development expenses

Given the stage of development of the Company’s products, all research expenditure is recognized as expense when incurred. Research and development expenditures include:

•

fees and costs related to regulatory filings and activities;

•

costs associated with preclinical and clinical activities; and

•

employee-related expenses, including salaries and bonuses, benefits, travel and stock-based compensation expense

Property, plant and equipment

IT equipment	3 years
Laboratory equipment	5 years
Leasehold improvements/furniture	5 years

Gains and losses on disposals are determined by comparing the disposal proceeds with the carrying amount and are included in the statements of income/(loss).

Fair value of financial assets and liabilities

Receivables

Short-term financial assets

Short-term financial assets are held with external financial institutions and comprise fixed-term deposits with maturities ranging from more than 3 until 12 months in duration.

Cash and cash equivalents

The Company assesses at each period whether there is objective evidence that financial assets are impaired.

Trade payables

Trade payables are amounts due to third parties in the ordinary course of business.

Financing obligation

The Company’s financing obligation relates to its agreement with a third party.

Share capital and public offerings

Employee benefits

Post-employment benefits

Share-based compensation

The proceeds received net of any directly attributable transaction costs are credited to share capital (nominal value) and share premium when the options are exercised.

Provisions

Taxation

Income taxes

Earnings per share

Critical judgments and accounting estimates

Segment reporting

The Company has one segment. The Company currently focuses all of its resources on discovering and developing therapeutic and diagnostic products targeting misfolded proteins.

Accounting pronouncements - recently adopted

Accounting pronouncements – recently adopted

IFRS 16 – Leases

	(in CHF thousands)
Operating lease commitments at December 31, 2018		861
Discounted using the incremental borrowing rate at January 1, 2019		847
Recognition exemption for short-term leases		(535	)
Recognition exemption for leases of low value		—
Extension options reasonably certain to be exercised		1,873
Lease obligation recognized at January 1, 2019		2,185

Impact on accounting for leases

The estimated lease term by right-of-use asset categories are as follows:

Buildings	5 years
Office equipmen	5 years
IT equipment	5 years

Both the right-of-use-assets and lease liabilities are recognized in the balance sheets.

Accounting pronouncements - not yet adopted

Accounting pronouncements – not yet adopted

There are no standards that are not yet effective and that would be expected to have a material impact on the entity in the current or future reporting periods or on foreseeable future transactions.

Summary of significant accounting policies (Tables)

12 Months Ended

Dec. 31, 2019

Summary of significant accounting policies [Abstract]

Estimated useful life

Depreciation is calculated using a straight-line method to write off the cost of each asset to its residual value over its estimated useful life as follows:

IT equipment	3 years
Laboratory equipment	5 years
Leasehold improvements/furniture	5 years

Reconciliation of Operating Lease Obligations as Previously Disclosed to Lease Obligations Recognized on Initial Application of IFRS 16

	(in CHF thousands)
Operating lease commitments at December 31, 2018		861
Discounted using the incremental borrowing rate at January 1, 2019		847
Recognition exemption for short-term leases		(535	)
Recognition exemption for leases of low value		—
Extension options reasonably certain to be exercised		1,873
Lease obligation recognized at January 1, 2019		2,185

Estimated Lease Term by Right-of-use Asset Categories

The estimated lease term by right-of-use asset categories are as follows:

Buildings	5 years
Office equipmen	5 years
IT equipment	5 years

Property, plant and equipment (Tables)

12 Months Ended

Dec. 31, 2019

Property, plant and equipment [Abstract]

Property, plant and equipment

in CHF thousands	Furniture			IT Equipment			Lab Equipment			Leasehold Improvements			Total
Acquisition Cost:
Balance at December 31, 2018		126			1,025			5,367			350			6,868
Acquisitions		65			291			1,470			59			1,885
Disposals		(33	)		(129	)		(139	)		(7	)		(308	)
Balance at December 31, 2019		158			1,187			6,698			402			8,445

Accumulated depreciation:
Balance at December 31, 2018		(77	)		(455	)		(2,857	)		(155	)		(3,544	)
Depreciation expense		(24	)		(285	)		(899	)		(66	)		(1,274	)
Disposals		33			113			137			7			290
Balance at December 31, 2019		(68	)		(627	)		(3,619	)		(214	)		(4,528	)

Carrying Amount:
December 31, 2018		49			570			2,510			195			3,324
December 31, 2019		90			560			3,079			188			3,917

in CHF thousands	Furniture			IT Equipment			Lab Equipment			Leasehold Improvements			Total
Acquisition Cost:
Balance at December 31, 2017		85			569			4,161			272			5,087
Acquisitions		41			456			1,357			78			1,932
Disposals		—			—			(151	)		—			(151	)
Balance at December 31, 2018		126			1,025			5,367			350			6,868

Accumulated depreciation:
Balance at December 31, 2017		(59	)		(259	)		(2,311	)		(105	)		(2,734	)
Depreciation expense		(18	)		(196	)		(697	)		(50	)		(961	)
Disposals		—			—			151			—			151
Balance at December 31, 2018		(77	)		(455	)		(2,857	)		(155	)		(3,544	)

Carrying Amount:
December 31, 2017		26			310			1,850			167			2,353
December 31, 2018		49			570			2,510			195			3,324

Right-of-use assets and lease liabilities (Tables)

12 Months Ended

Dec. 31, 2019

Right-of-use assets and lease liabilities [Abstract]

Information about Right-of-Use Assets

The following table shows the movements in the net book values of right-of-use of leased assets for the year ended December 31, 2019:

	Buildings			Office Equipment			IT Equipment			Total
	(in CHF thousands)
Balance as of January 1, 2019		2,106			79			—			2,185
Additions		400			29			71			500
Disposals		—			(10	)		—			(10	)
Depreciation		(400	)		(17	)		(3	)		(420	)
Balance as of December 31, 2019		2,106			81			68			2,255

Contractual Undiscounted Cash Flows

The following table presents the contractual undiscounted cash flows for lease liabilities as of December 31, 2019:

	(in CHF thousands)
Within one year		485
Between one and three years		970
Between three and five years		948
Total		2,403

Cash and cash equivalents and financial assets (Tables)

12 Months Ended

Dec. 31, 2019

Cash and cash equivalents and financial assets [Abstract]

Cash and cash equivalents and short-term financial assets

The following tables summarize the Company’s cash and cash equivalents and short-term financial assets as of December 31, 2019 and 2018:

	As of December 31,
in CHF thousands	2019		2018
Cash and cash equivalents		193,587		156,462
Total		193,587		156,462

	As of December 31,
in CHF thousands	2019		2018
Short-term financial assets due in one year or less		95,000		30,000
Total		95,000		30,000

The Company’s cash and cash equivalents are maintained in the following respective currencies as of December 31, 2019 and 2018:

	As of December 31,
in CHF thousands	2019		2018
Cash and cash equivalents		193,587		156,462
Total		193,587		156,462
By currency
CHF		158,173		126,218
EUR		10,169		11,471
USD		25,245		18,773
Total cash and cash equivalents		193,587		156,462

Prepaid expenses and accrued income (Tables)

12 Months Ended

Dec. 31, 2019

Prepaid expenses and accrued income [Abstract]

Prepaid expenses and accrued income

	As of December 31,
in CHF thousands	2019		2018
Prepaid expenses		2,788		2,364
Accrued income		1,095		3,667
Total		3,883		6,031

Other current receivables (Tables)

12 Months Ended

Dec. 31, 2019

Other current receivables [Abstract]

Other current receivables

	As of December 31,
in CHF thousands	2019		2018
Other receivables		—		17
Swiss VAT		234		209
Withholding tax		70		10
Total		304		236

Share capital (Tables)

12 Months Ended

Dec. 31, 2019

Share capital [Abstract]

Summary of capital structure

The table below summarizes the Company’s capital structure:

	Common Shares Number		in CHF thousands
	Common Shares Number		Share Capital		Share Premium
December 31, 2017		57,355,188		1,147		188,299
Issuance of Shares – Incentive Plans		207,145		4		537
Issuance of Shares – Public offering, net of transaction costs		10,000,000		200		109,313

December 31, 2018		67,562,333		1,351		298,149
Issuance of Shares – Incentive Plans		681,770		13		672
Conversion of Note Agreement, net of transaction costs		3,615,328		73		47,705
December 31, 2019		71,859,431		1,437		346,526

Trade payables and accrued liabilities (Tables)

12 Months Ended

Dec. 31, 2019

Trade payables and accrued liabilities [Abstract]

Trade payables and accrued liabilities

	As of December 31,
in CHF thousands	2019		2018
Trade and other payables		142		1,979
Total trade and other payables		142		1,979

Accrued research and development costs		7,228		6,803
Accrued payroll expenses		2,896		2,482
Other accrued expenses		1,673		1,135
Total accrued expenses		11,797		10,420

Revenues (Tables)

12 Months Ended

Dec. 31, 2019

Revenues [Abstract]

Changes in Contract Assets and Contract Liabilities

The following table presents changes in the Company’s contract assets and liabilities during the years ended December 31, 2019 and 2018 (in CHF thousands):

	Balance at the beginning of the reporting period		Additions		Deductions			Balance at the end of the reporting period
Twelve months ended December 31, 2019:
Accrued Income		3,667		2,211		(4,783	)		1,095
Deferred Income		351		7,686		(3,560	)		4,477

Twelve months ended December 31, 2018:
Accrued Income		2,799		5,846		(4,978	)		3,667
Deferred Income		355		1,533		(1,537	)		351

Revenues

	For the Years Ended December 31,
	2019		2018
Revenues recognized in the period from:
Amounts included in the contract liability at the beginning of the period		351		1,551
Performance obligations satisfied in previous periods		2,206		—

	For the Years Ended December 31,
in CHF thousands	2019		2018		2017
Lilly		105,662		—		—
Genentech		—		—		14,000
Janssen		1,173		2,157		1,239
Life Molecular Imaging		2,206		—		1,080
Biogen		1,063		4,024		3,930
Other		922		1,013		6
Total contract revenue		111,026		7,194		20,255

Expenses by category (Tables)

12 Months Ended

Dec. 31, 2019

Expenses by category [Abstract]

Research and Development

	For the Years Ended December 31,
in CHF thousands	2019		2018		2017
Operating expenses		37,465		32,921		23,822
Payroll expenses		12,382		10,662		8,552
Share-based compensation		585		694		289
Total research and development expenses		50,432		44,277		32,663

General and Administrative

	For the Years Ended December 31,
in CHF thousands	2019		2018		2017
Operating expenses		6,637		4,903		3,857
Payroll expenses		7,172		5,740		4,984
Share-based compensation		2,249		1,824		1,290
Total general and administrative expenses		16,058		12,467		10,131

Financial Result, net

	For the Years Ended December 31,
in CHF thousands	2019			2018			2017
Interest income/(expense)		(1,590	)		(269	)		184
Change in fair value of conversion feature		4,542			—			—
Foreign currency remeasurement gain/(loss), net		(2,013	)		(1,194	)		(4,049	)
Other finance income/(expense)		(33	)		62			(7	)
Finance result, net		906			(1,401	)		(3,872	)

Related-party transactions (Tables)

12 Months Ended

Dec. 31, 2019

Key management compensation

Key management, including the Board of Directors (seven individuals excluding the CEO) and the Executive Management (five individuals including the CEO), compensation was:

	For the Years Ended December 31,
in CHF thousands	2019		2018		2017
Short-term employee benefits		3,526		2,681		2,463
Post-employment benefits		215		160		166
Share-based compensation		2,155		1,683		1,267
Total		5,896		4,524		3,896

Income taxes (Tables)

12 Months Ended

Dec. 31, 2019

Income taxes [Abstract]

Income tax expense reconciled to loss

The income tax expense for each year can be reconciled to loss before tax as follows:

	For the Years Ended December 31,
in CHF thousands	2019			2018			2017
Income/(loss) before income tax		45,442			(50,951	)		(26,411	)
Tax expense/(benefit) calculated at the statutory rate of 13.6% (20.6% for 2018 and 20.5% for 2017)		6,194			(10,507	)		(5,420	)
Permanent differences		(62	)		334			40
Effect of unused tax losses and tax offsets not recognized as deferred tax assets		(6,132	)		10,173			5,380
Effective income tax rate benefit/(expense)		—			—			—

Unrecognized deductible temporary differences, unused tax losses and unused tax credits

	As of December 31,
in CHF thousands	2019		2018		2017
Unrecognized deductible temporary differences, unused tax losses and unused tax credits
Deductible temporary differences, unused tax losses and unused tax credits for which no deferred tax assets have been recognized are attributable to the following:
- Tax losses		64,125		109,294		62,575
- Deductible temporary differences related to:
Right-of-use assets and lease liabilities, net		—		—		—
Retirement benefit plan		7,485		5,665		4,926

Total		71,610		114,959		67,501

Tax losses expiry dates

Deductible temporary differences do not expire. Tax losses expiry dates are shown in the table below:

	As of December 31,
in CHF thousands	2019		2018		2017
Tax losses split by expiry date

December 31, 2018		—		—		2,175
December 31, 2019		—		16,566		16,566
December 31, 2020		—		10,338		10,338
December 31, 2021		—		—		—
December 31, 2022		—		—		—
December 31, 2023		—		7,628		7,628
December 31, 2024		15,231		25,868		25,868
December 31, 2025		48,894		48,894		—
December 31, 2026		—		—		—
Total		64,125		109,294		62,575

Retirement benefit plan (Tables)

12 Months Ended

Dec. 31, 2019

Retirement benefit plan [Abstract]

Defined benefit pension plan amounts recognized in the balance sheet and statement of income

The following table sets forth the status of the defined benefit pension plan and the amount that is recognized in the balance sheet:

	As of December 31,
in CHF thousands	2019			2018			2017
Defined benefit obligation		(26,624	)		(17,942	)		(14,278	)
Fair value of plan assets		19,139			12,277			9,352
Total liability		(7,485	)		(5,665	)		(4,926	)

The following amounts have been recorded as net pension cost in the statement of income:

	For the Years Ended December 31,
in CHF thousands	2019			2018			2017
Service cost		1,313			1,095			912
Interest cost		195			100			81
Interest income		(133	)		(65	)		(55	)
Net pension cost		1,375			1,130			938

Changes in defined benefit obligation, fair value of plan assets and unrecognized (gains) / losses

The changes in defined benefit obligation, fair value of plan assets and unrecognized gains/(losses) are as follows:

A.	Change in defined benefit obligation

	For the Years Ended December 31,
in CHF thousands	2019			2018			2017
Defined benefit obligation as of January 1		(17,942	)		(14,278	)		(11,596	)
Service cost		(1,313	)		(1,095	)		(912	)
Interest cost		(195	)		(100	)		(81	)
Change in demographic assumptions		1,138			—			—
Change in financial assumptions		(2,171	)		750			—
Change in experience assumptions		(2,003	)		(888	)		(735	)
Benefits deposited		(3,382	)		(1,710	)		(426	)
Employees’ contributions		(756	)		(621	)		(528	)
Defined benefit obligation as of December 31		(26,624	)		(17,942	)		(14,278	)

B.	Change in fair value of plan assets

	For the Years Ended December 31,
in CHF thousands	2019		2018			2017
Fair value of plan assets as of January 1		12,277		9,352			7,798
Interest income		133		65			55
Employees’ contributions		756		621			528
Employer’s contributions		859		693			590
Benefits deposited		3,382		1,710			426
Return on plan assets excluding interest income		1,732		(164	)		(45	)
Fair value of plan assets as of December 31		19,139		12,277			9,352

C.	Change in net defined benefit liability

	For the Years Ended December 31,
in CHF thousands	2019			2018			2017
Net defined benefit liabilities as of January 1		5,665			4,926			3,798
Net pension cost through statement of income		1,375			1,130			938
Re-measurement through other comprehensive loss		1,304			302			780
Employer’s contribution		(859	)		(693	)		(590	)
Net defined benefit liabilities as of December 31		7,485			5,665			4,926

D.	Change in other comprehensive loss

	For the Years Ended December 31,
in CHF thousands	2019			2018			2017
Other comprehensive loss as of January 1		(4,283	)		(3,981	)		(3,201	)
Effect of changes in demographic assumptions		1,138			—			—
Effect of changes in financial assumptions		(2,171	)		750			—
Effect of changes in experience assumptions		(2,003	)		(888	)		(735	)
Return on plan assets excluding interest income		1,732			(164	)		(45	)
Other comprehensive loss as of December 31		(5,587	)		(4,283	)		(3,981	)

Actuarial assumptions and sensitivity analysis

	For the Years Ended December 31,
	2019			2018			2017
Discount rate		0.20	%		0.90	%		0.70	%
Rate of future increase in compensations		1.75	%		1.50	%		1.50	%
Rate of future increase in current pensions		0.00	%		0.50	%		0.50	%
Interest rate on retirement savings capital		0.50	%		0.90	%		0.70	%
Mortality and disability rates	BVG 2015-CMI			BVG 2015G			BVG 2015G

A quantitative sensitivity analysis for significant assumptions as of December 31, 2019 is shown below:

	Discount rate					Future salary increase					Future pension cost					Interest rate on savings capital
Assumptions	0.5% increase		0.5% decrease			0.5% increase			0.5% decrease		0.5% increase			0.5% decrease		0.5% increase			0.5% decrease
	in CHF thousands
Potential defined benefit obligation		24,248		29,396			27,317			25,930		27,993			25,393		27,447			25,848
Decrease/(increase) from actual defined benefit obligation		2,376		(2,772	)		(693	)		694		(1,369	)		1,231		(823	)		776

Share-based compensation (Tables)

12 Months Ended

Dec. 31, 2019

Share-based compensation [Abstract]

Share-based compensation plans outstanding

The following table summarizes equity settled share option grants since inception under each plan:

PLAN	Number of options awarded (since inception)		Vesting conditions	Contractual life ofoptions
Share option plan A		362,750	At grant	15.5 years
Share option plan B		819,000	At grant	10.5 years
Share option plan C1		6,775,250	4 years’ service from grant date	10 years
2016 Share Option and Incentive Plan:
Executives and Directors		1,208,522	4 years’ service from the date of grant, quarterly	10 years
Employees		605,952	4 years’ service from the date of grant, annually	10 years

Number and weighted average exercise prices of options under share option programs

The number and weighted average exercise prices (in CHF) of options under the share option programs for Plans A, B, C1 and 2016 share option and incentive plan are as follows:

	Number of Options			Weighted Average Exercise Price (CHF)		Weighted Average Remaining Term (Years)
Outstanding at January 1, 2017		1,687,900			0.15		5.6
Forfeited during the year		(1,750	)		0.15		—
Cancelled during the year		(31,250	)		0.15		—
Exercised during the year		(571,775	)		0.15		—
Granted during the year		276,766			9.70		—
Outstanding at December 31, 2017		1,359,891			2.09		5.8
Exercisable at December 31, 2017		900,474			0.39		4.3
Outstanding at January 1, 2018		1,359,891			2.09		5.8
Forfeited during the year		(73,624	)		9.16		—
Exercised during the year		(151,814	)		0.15		—
Granted during the year		484,403			9.79		—
Outstanding at December 31, 2018		1,618,856			4.25		6.3
Exercisable at December 31, 2018		932,175			1.25		4.4
Outstanding at January 1, 2019		1,618,856			4.25		6.3
Forfeited during the year		(73,699	)		6.71		—
Exercised during the year		(616,833	)		0.15		—
Granted during the year		1,053,305			5.24		—
Outstanding at December 31, 2019		1,981,629			5.93		8.3
Exercisable at December 31, 2019		602,218			4.94		6.5

Outstanding options, exercise price range and expiry dates

	Total Options		Range of Expiration Dates
Range of Exercise Prices
CHF 0.15		301,750		2020-2026
CHF 9.53		234,355		2027
USD 5.15 to USD 12.30		1,445,524		2028-2029
Total outstanding options		1,981,629

Weighted-average assumptions

The following table illustrates the weighted-average assumptions for the Black-Scholes option-pricing model used in determining the fair value of these awards:

	For the Years Ended December 31,
	2019			2018			2017
Exercise price	USD 5.15-5.54			USD 8.33-12.30			CHF 9.53-12.00
Share Price (weighted average)		5.41			9.87			8.77
Risk-free interest rate		0	%		0	%		0	%
Expected volatility		80	%		80	%		80	%
Expected term	6 years			6 years			6 years
Dividend yield		—			—			—

Summary of non-vested share awards (restricted share and restricted share units)

A summary of non-vested share awards (restricted share and restricted share units) activity as of December 31, 2019 and changes during the year then ended is presented below:

Grantee Type	Number of non-vested share awards granted		Vesting conditions	Contractual life of non- vested share awards
Restricted Share Units
Directors		83,864	1 year service from date of grant, annually	10 years
Executives		110,839	4 years’ service from the date of grant, quarterly	10 years
Restricted Share Awards		4,023	2.75 years’ service from date of grant, quarterly	10 years

	Number of non-vested shares			Weighted average grant date fair value (CHF)
Non-vested at December 31, 2017		122,014			9.59
Forfeited during the year		(25,673	)		9.48
Granted during the year		69,371			9.43
Vested during the year		(56,671	)		9.60
Non-vested at December 31, 2018		109,041			9.51
Vested and expected to vest at December 31, 2018		64,012			9.65
Non-vested at December 31, 2018		109,041			9.51
Forfeited during the year		—			—
Granted during the year		—			—
Vested during the year		(66,278	)		9.51
Non-vested at December 31, 2019		42,763			9.52
Vested and expected to vest at December 31, 2019		130,290			9.58

Commitments and contingencies (Tables)

12 Months Ended

Dec. 31, 2019

Commitments and contingencies [Abstract]

Maturity of commitments and contingencies

	As of December 31,
in CHF thousands	2019		2018
Within one year		19,907		19,880
Between one and three years		12,993		6,995
Between three and five years		4,816		5,009
More than five years		2,193		1,190
Total		39,909		33,074

Earnings per share (Tables)

12 Months Ended

Dec. 31, 2019

Earnings per share [Abstract]

Earnings per share

	For the Years Ended December 31,
	2019		2018			2017
	(in CHF thousands except for share and per share data)
Basic income/(loss) per share (EPS):
Numerator:
Net income/(loss) attributable to equity holders of the Company		45,442		(50,951	)		(26,411	)
Denominator:
Weighted-average number of shares outstanding to equity holders		70,603,611		61,838,228			57,084,295
Basic income/(loss) for the period attributable to equity holders		0.64		(0.82	)		(0.46	)

Numerator:
Net income/(loss) attributable to equity holders of the Company	45,442	(50,951	)	(26,411	)
Denominator:
Weighted-average number of shares outstanding to equity holders	70,603,611	61,838,228		57,084,295
Effect of dilutive securities from equity incentive plans	499,730	—		—
Weighted-average number of shares outstanding – diluted to equity holders	71,103,341	61,838,228		57,084,295
Diluted income/(loss) for the period attributable to equity holders	0.64	(0.82	)	(0.46	)

Antidilutive securities

Potentially dilutive securities that were not included in the diluted per share calculations because they would be anti-dilutive were as follows:

	As of December 31,
	2019		2018		2017
Share options issued and outstanding (in-the-money)		1,081,836		1,472,589		1,341,042
Restricted share awards subject to future vesting		—		109,041		122,014
Convertible shares		911,261		—		—
Total		1,993,097		1,581,630		1,463,056

Financial instruments and risk management (Tables)

12 Months Ended

Dec. 31, 2019

Financial instruments and risk management [Abstract]

Carrying amounts of financial assets and financial liabilities

The following table shows the carrying amounts of financial assets and financial liabilities:

	As of December 31,
in CHF thousands	2019		2018
Financial assets
Long-term financial assets		304		304
Other current receivables		304		236
Short-term financial assets		95,000		30,000
Cash and cash equivalents		193,587		156,462
Total financial assets		289,195		187,002

	As of December 31,
in CHF thousands	2019		2018
Financial liabilities
Long-term financing obligation		—		186
Long-term lease liabilities		1,813		—
Trade and other payables		142		1,979
Accrued expenses		11,797		10,420
Short-term financing obligation		652		332
Short-term lease liabilities		442		—
Total financial liabilities		14,846		12,917

General information (Details)	Dec. 31, 2019 Platform
General information [Abstract]
Number of proprietary technology platforms	2

Basis of preparation (Details) SFr in Thousands, $ in Millions	3 Months Ended		12 Months Ended
	Sep. 30, 2018 CHF (SFr)	Sep. 30, 2018 USD ($)	Dec. 31, 2019 CHF (SFr) Offering	Dec. 31, 2019 USD ($) Offering	Dec. 31, 2018 CHF (SFr)	Dec. 31, 2017 CHF (SFr)	Dec. 31, 2016 CHF (SFr)
Going concern [Abstract]
Company's cash position			SFr 193,587		SFr 156,462	SFr 124,377	SFr 152,210
Short-term financial assets			95,000		30,000
Proceeds from issue of convertible debt			SFr 50,278	$ 50.0	SFr 0	SFr 0
Number of public offerings \| Offering			3	3
Gross proceeds received			SFr 116,300	$ 117.5
2018 License Agreement with Eli Lilly and Company [Member]
Going concern [Abstract]
Upfront payment			80,000
Milestone payment received			SFr 30,000
Public Offering [Member]
Going concern [Abstract]
Gross proceeds received	SFr 116,300	$ 117.5

Summary of significant accounting policies (Details) SFr in Thousands	12 Months Ended
	Dec. 31, 2019 CHF (SFr) Segment	Dec. 31, 2018 CHF (SFr)	Dec. 31, 2017 CHF (SFr)
Income taxes [Abstract]
Tax loss carryforward period	7 years
Deferred tax assets \| SFr	SFr 0	SFr 0	SFr 0
Segment reporting [Abstract]
Number of operating segments	1
Number of reportable segments	1
IT Equipment [Member]
Residual value over its estimated useful life [Abstract]
Useful lives or depreciation rates, property, plant and equipment	3 years
Laboratory Equipment [Member]
Residual value over its estimated useful life [Abstract]
Useful lives or depreciation rates, property, plant and equipment	5 years
Leasehold Improvements/Furniture [Member]
Residual value over its estimated useful life [Abstract]
Useful lives or depreciation rates, property, plant and equipment	5 years

Summary of significant accounting policies, Accounting Pronouncements Recently Adopted (Details) - CHF (SFr) SFr in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Reconciliation of Operating Lease Obligations [Abstract]
Lease obligation recognized at January 1, 2019		SFr 2,185
Right-of-use assets	SFr 2,255	0
IFRS 16 [Member]
Accounting pronouncements - recently adopted [Abstract]
Weighted average incremental borrowing rate	2.54%
Reconciliation of Operating Lease Obligations [Abstract]
Operating lease commitments at December 31, 2018		861
Discounted using the incremental borrowing rate at January 1, 2019		847
Recognition exemption for short-term leases		(535)
Recognition exemption for leases of low value		0
Extension options reasonably certain to be exercised		1,873
Lease obligation recognized at January 1, 2019		2,185
Right-of-use assets	SFr 2,255	SFr 2,185
Cumulative effect adjustment to opening balance of accumulated losses	0
Increase for depreciation of right-of-use leased assets	400
Interest expense impact	100
Impact from the cash generated from operations	SFr 400
IFRS 16 [Member] \| Buildings [Member]
Reconciliation of Operating Lease Obligations [Abstract]
Estimated lease term	5 years
IFRS 16 [Member] \| Office Equipment [Member]
Reconciliation of Operating Lease Obligations [Abstract]
Estimated lease term	5 years
IFRS 16 [Member] \| IT Equipment [Member]
Reconciliation of Operating Lease Obligations [Abstract]
Estimated lease term	5 years

Property, plant and equipment (Details) - CHF (SFr) SFr in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Property, plant and equipment [Abstract]
Property, plant and equipment, beginning of period	SFr 3,324	SFr 2,353
Property, plant and equipment, end of period	3,917	3,324	SFr 2,353
Acquisition Cost [Member]
Property, plant and equipment [Abstract]
Property, plant and equipment, beginning of period	6,868	5,087
Acquisitions	1,885	1,932
Disposals	(308)	(151)
Property, plant and equipment, end of period	8,445	6,868	5,087
Accumulated Depreciation [Member]
Property, plant and equipment [Abstract]
Property, plant and equipment, beginning of period	(3,544)	(2,734)
Disposals	290	151
Depreciation expense	(1,274)	(961)	(580)
Property, plant and equipment, end of period	(4,528)	(3,544)	(2,734)
Furniture [Member]
Property, plant and equipment [Abstract]
Property, plant and equipment, beginning of period	49	26
Property, plant and equipment, end of period	90	49	26
Furniture [Member] \| Acquisition Cost [Member]
Property, plant and equipment [Abstract]
Property, plant and equipment, beginning of period	126	85
Acquisitions	65	41
Disposals	(33)	0
Property, plant and equipment, end of period	158	126	85
Furniture [Member] \| Accumulated Depreciation [Member]
Property, plant and equipment [Abstract]
Property, plant and equipment, beginning of period	(77)	(59)
Disposals	33	0
Depreciation expense	(24)	(18)
Property, plant and equipment, end of period	(68)	(77)	(59)
IT Equipment [Member]
Property, plant and equipment [Abstract]
Property, plant and equipment, beginning of period	570	310
Property, plant and equipment, end of period	560	570	310
IT Equipment [Member] \| Acquisition Cost [Member]
Property, plant and equipment [Abstract]
Property, plant and equipment, beginning of period	1,025	569
Acquisitions	291	456
Disposals	(129)	0
Property, plant and equipment, end of period	1,187	1,025	569
IT Equipment [Member] \| Accumulated Depreciation [Member]
Property, plant and equipment [Abstract]
Property, plant and equipment, beginning of period	(455)	(259)
Disposals	113	0
Depreciation expense	(285)	(196)
Property, plant and equipment, end of period	(627)	(455)	(259)
Lab Equipment [Member]
Property, plant and equipment [Abstract]
Property, plant and equipment, beginning of period	2,510	1,850
Property, plant and equipment, end of period	3,079	2,510	1,850
Lab Equipment [Member] \| Acquisition Cost [Member]
Property, plant and equipment [Abstract]
Property, plant and equipment, beginning of period	5,367	4,161
Acquisitions	1,470	1,357
Disposals	(139)	(151)
Property, plant and equipment, end of period	6,698	5,367	4,161
Lab Equipment [Member] \| Accumulated Depreciation [Member]
Property, plant and equipment [Abstract]
Property, plant and equipment, beginning of period	(2,857)	(2,311)
Disposals	137	151
Depreciation expense	(899)	(697)
Property, plant and equipment, end of period	(3,619)	(2,857)	(2,311)
Leasehold Improvements [Member]
Property, plant and equipment [Abstract]
Property, plant and equipment, beginning of period	195	167
Property, plant and equipment, end of period	188	195	167
Leasehold Improvements [Member] \| Acquisition Cost [Member]
Property, plant and equipment [Abstract]
Property, plant and equipment, beginning of period	350	272
Acquisitions	59	78
Disposals	(7)	0
Property, plant and equipment, end of period	402	350	272
Leasehold Improvements [Member] \| Accumulated Depreciation [Member]
Property, plant and equipment [Abstract]
Property, plant and equipment, beginning of period	(155)	(105)
Disposals	7	0
Depreciation expense	(66)	(50)
Property, plant and equipment, end of period	SFr (214)	SFr (155)	SFr (105)

Right-of-use assets and lease liabilities (Details) - CHF (SFr) SFr in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Right-of-use assets and lease liabilities [Abstract]
Lease liabilities		SFr 2,185
Right-of-use of leased assets [Abstract]
Balance, beginning of period	SFr 0
Balance, end of period	2,255
Expense for short-term leases	600
Contractual undiscounted cash flows for lease liabilities [Abstract]
Contractual undiscounted cash flows for lease liabilities	SFr 2,403
Buildings [Member]
Right-of-use assets and lease liabilities [Abstract]
Weighted average incremental borrowing rate	2.50%
Office Equipment [Member]
Right-of-use assets and lease liabilities [Abstract]
Weighted average incremental borrowing rate	4.20%
IT Equipment [Member]
Right-of-use assets and lease liabilities [Abstract]
Weighted average incremental borrowing rate	2.60%
IFRS 16 [Member]
Right-of-use assets and lease liabilities [Abstract]
Lease liabilities		SFr 2,185
Weighted average incremental borrowing rate	2.54%
Right-of-use of leased assets [Abstract]
Balance, beginning of period	SFr 2,185
Additions	500
Disposals	(10)
Depreciation	(420)
Balance, end of period	2,255
IFRS 16 [Member] \| Buildings [Member]
Right-of-use of leased assets [Abstract]
Balance, beginning of period	2,106
Additions	400
Disposals	0
Depreciation	(400)
Balance, end of period	2,106
IFRS 16 [Member] \| Office Equipment [Member]
Right-of-use of leased assets [Abstract]
Balance, beginning of period	79
Additions	29
Disposals	(10)
Depreciation	(17)
Balance, end of period	81
IFRS 16 [Member] \| IT Equipment [Member]
Right-of-use of leased assets [Abstract]
Balance, beginning of period	0
Additions	71
Disposals	0
Depreciation	(3)
Balance, end of period	68
Within One Year [Member]
Contractual undiscounted cash flows for lease liabilities [Abstract]
Contractual undiscounted cash flows for lease liabilities	485
Between One and Three Years [Member]
Contractual undiscounted cash flows for lease liabilities [Abstract]
Contractual undiscounted cash flows for lease liabilities	970
Between Three and Five Years [Member]
Contractual undiscounted cash flows for lease liabilities [Abstract]
Contractual undiscounted cash flows for lease liabilities	SFr 948

Cash and cash equivalents and financial assets, Cash and cash equivalents and short-term financial assets (Details) - CHF (SFr) SFr in Thousands	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Cash and cash equivalents and financial assets [Abstract]
Cash and cash equivalents	SFr 193,587	SFr 156,462	SFr 124,377	SFr 152,210
Short-term financial assets due in one year or less	SFr 95,000	SFr 30,000

Cash and cash equivalents and financial assets, Cash and cash equivalents (Details) SFr in Thousands	12 Months Ended
	Dec. 31, 2019 CHF (SFr) $ / SFr € / SFr Deposit	Dec. 31, 2018 CHF (SFr) $ / SFr € / SFr	Dec. 31, 2017 CHF (SFr)	Dec. 31, 2016 CHF (SFr)
Cash and cash equivalents [Abstract]
Cash and cash equivalents	SFr 193,587	SFr 156,462	SFr 124,377	SFr 152,210
Number of deposits in escrow accounts \| Deposit	2
Deposits in escrow accounts	SFr 304	304
CHF [Member]
Cash and cash equivalents [Abstract]
Cash and cash equivalents	158,173	126,218
EUR [Member]
Cash and cash equivalents [Abstract]
Cash and cash equivalents	SFr 10,169	SFr 11,471
Translation rate into CHF \| € / SFr	1.096	1.125
USD [Member]
Cash and cash equivalents [Abstract]
Cash and cash equivalents	SFr 25,245	SFr 18,773
Translation rate into CHF \| $ / SFr	0.978	0.983

Prepaid expenses and accrued income (Details) - CHF (SFr) SFr in Thousands	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Prepaid Expenses and Accrued Income [Line Items]
Prepaid expenses	SFr 2,788	SFr 2,364
Accrued income	1,095	3,667	SFr 2,799
Total	3,883	SFr 6,031
Janssen [Member]
Prepaid Expenses and Accrued Income [Line Items]
Accrued income	SFr 1,100
Percentage of accrued income	100.00%

Other current receivables (Details) - CHF (SFr) SFr in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Other current receivables [abstract]
Other receivables	SFr 0	SFr 17
Swiss VAT	234	209
Withholding tax	70	10
Total	SFr 304	SFr 236
Top of Range [Member]
Other current receivables [abstract]
Maturity period of assets	3 months

Share capital (Details) - CHF (SFr) SFr / shares in Units, SFr in Thousands		12 Months Ended
	Apr. 25, 2019	Dec. 31, 2019	Dec. 31, 2018
Capital structure [Abstract]
Balance, beginning of period		SFr 177,623	SFr 116,839
Conversion of Note Agreement, net of transaction costs		47,778
Conversion of Note Agreement, net of transaction costs (in shares)	3,615,328
Balance, end of period		SFr 272,442	SFr 177,623
Common Shares [Member]
Capital structure [Abstract]
Balance, beginning of period (in shares)		67,562,333	57,355,188
Issuance of Shares - Incentive Plans (in shares)		681,770	207,145
Issuance of Shares - Public offering, net of transaction costs (in shares)			10,000,000
Conversion of Note Agreement, net of transaction costs (in shares)		3,615,328
Balance, end of period (in shares)		71,859,431	67,562,333
Nominal value per share (in CHF per share)		SFr 0.02
Share Capital [Member]
Capital structure [Abstract]
Balance, beginning of period		SFr 1,351	SFr 1,147
Issuance of Shares - Incentive Plans		13	4
Issuance of Shares - Public offering, net of transaction costs			200
Conversion of Note Agreement, net of transaction costs		73
Balance, end of period		1,437	1,351
Share Premium [Member]
Capital structure [Abstract]
Balance, beginning of period		298,149	188,299
Issuance of Shares - Incentive Plans		672	537
Issuance of Shares - Public offering, net of transaction costs			109,313
Conversion of Note Agreement, net of transaction costs		47,705
Balance, end of period		SFr 346,526	SFr 298,149

Share capital, Convertible Note Agreement an Follow-On Offerings (Details) $ / shares in Units, SFr in Thousands, $ in Millions						12 Months Ended
	Apr. 25, 2019 shares	Jul. 31, 2018 CHF (SFr) shares	Jul. 31, 2018 USD ($) shares	Jul. 24, 2018 CHF (SFr) shares	Jul. 24, 2018 USD ($) $ / shares shares	Dec. 31, 2019 CHF (SFr) Offering	Dec. 31, 2019 USD ($) Offering	Dec. 31, 2018 CHF (SFr)	Jan. 23, 2019 CHF (SFr)	Jan. 23, 2019 USD ($)
Convertible Note Agreement and Follow-On Offerings [Abstract]
Convertible note agreement									SFr 50,300	$ 50.0
Shares issued to settle Convertible Note Agreement (in shares)	3,615,328
Gross proceeds received						SFr 116,300	$ 117.5
Net underwriting fees and transaction costs \| SFr								SFr 2,015
Follow-on Offerings [Member]
Convertible Note Agreement and Follow-On Offerings [Abstract]
Gross proceeds received						SFr 116,300	$ 117.5
Number of offerings \| Offering						3	3
Net underwriting fees and transaction costs \| SFr						SFr 6,800
Net proceeds \| SFr						SFr 109,500
Over-Allotment [Member]
Convertible Note Agreement and Follow-On Offerings [Abstract]
Shares issued (in shares)				1,108,695	1,108,695
First Subscription Rights [Member]
Convertible Note Agreement and Follow-On Offerings [Abstract]
Shares issued (in shares)				8,500,000	8,500,000
Share price (in dollars per share) \| $ / shares					$ 11.75
Gross proceeds received				SFr 98,900	$ 99.9
Second Subscription Rights [Member]
Convertible Note Agreement and Follow-On Offerings [Abstract]
Shares issued (in shares)		1,500,000	1,500,000
Gross proceeds received		SFr 17,400	$ 17.6

Share capital, Shelf Registration Statement (Details) SFr in Millions	12 Months Ended
	Dec. 31, 2019 CHF (SFr) Offering	Dec. 31, 2019 USD ($) Offering	May 04, 2018 shares
Shelf Registration Statement [Abstract]
Shares authorized under Shelf Registration Statement (in shares) \| shares			350,000,000
Gross proceeds received	SFr 116.3	$ 117,500,000
Bottom of Range [Member]
Shelf Registration Statement [Abstract]
Number of additional future public offerings \| Offering	1	1
Top of Range [Member]
Shelf Registration Statement [Abstract]
Additional proceeds from Shelf Registration Statement \| $		$ 232.5

Trade payables and accrued liabilities (Details) - CHF (SFr) SFr in Thousands	Dec. 31, 2019	Dec. 31, 2018
Trade payables and accrued liabilities [Abstract]
Total trade and other payables	SFr 142	SFr 1,979
Accrued research and development costs	7,228	6,803
Accrued payroll expenses	2,896	2,482
Other accrued expenses	1,673	1,135
Total accrued expenses	11,797	10,420
Accrual of performance-related remuneration	SFr 1,800	SFr 1,800

Financing obligation (Details) SFr in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2019 CHF (SFr) Installment	Dec. 31, 2019 USD ($) Installment	Dec. 31, 2018 CHF (SFr)	Dec. 31, 2017 CHF (SFr)	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)	Dec. 31, 2017 USD ($)	Dec. 31, 2016 USD ($)
Financing obligation [Abstract]
Memorizalized proceeds from financing obligation	SFr 199		SFr 198	SFr 200
Finance receivable	0		199
Short-term financing obligation	652		332
Long-term financing obligation	SFr 0		186
Grants, LuMind Research Down Syndrome Foundation [Member]
Financing obligation [Abstract]
Funding commitment \| $						$ 200	$ 200	$ 200
Reimbursement percentage of funding commitment	125.00%	125.00%
Number of installments \| Installment	3	3
Percentage of additional interest on total repayment	25.00%	25.00%
Memorizalized proceeds from financing obligation	SFr 200	$ 200
Finance receivable	0		199		$ 0	200
Short-term financing obligation	652		332		667	333
Long-term financing obligation	SFr 0		SFr 186		$ 0	$ 187

Revenues, Changes in Contract Assets and Liabilities (Details) - CHF (SFr) SFr in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Revenues [Abstract]
Accrued income, beginning balance	SFr 3,667	SFr 2,799
Accrued income, additions	2,211	5,846
Accrued income, deductions	(4,783)	(4,978)
Accrued income, ending balance	1,095	3,667
Deferred income, beginning balance	351	355
Deferred revenue, additions	7,686	1,533
Deferred revenue, deductions	(3,560)	(1,537)
Deferred income, ending balance	SFr 4,477	SFr 351

Revenues, Recognized Revenues (Details) - CHF (SFr) SFr in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Revenues [Abstract]
Amounts included in the contract liability at the beginning of the period	SFr 351	SFr 1,551
Performance obligations satisfied in previous periods	SFr 2,206	SFr 0

Revenues, Contract Revenue Attributable to Licensing Arrangements (Details) - CHF (SFr) SFr in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Contract Revenue [Abstract]
Total contract revenue	SFr 111,026	SFr 7,194	SFr 20,255
Lilly [Member]
Contract Revenue [Abstract]
Total contract revenue	SFr 105,662	0	0
Percentage of contract revenues	95.00%
Genentech [Member]
Contract Revenue [Abstract]
Total contract revenue	SFr 0	0	SFr 14,000
Percentage of contract revenues			69.00%
Janssen [Member]
Contract Revenue [Abstract]
Total contract revenue	1,173	SFr 2,157	SFr 1,239
Percentage of contract revenues		30.00%
Life Molecular Imaging [Member]
Contract Revenue [Abstract]
Total contract revenue	2,206	SFr 0	1,080
Biogen [Member]
Contract Revenue [Abstract]
Total contract revenue	1,063	SFr 4,024	SFr 3,930
Percentage of contract revenues		56.00%	19.00%
Other [Member]
Contract Revenue [Abstract]
Total contract revenue	SFr 922	SFr 1,013	SFr 6

Revenues, Tau Morphomer Small Molecule - 2018 license agreement with Eli Lilly and Company (Details) SFr in Thousands	3 Months Ended	12 Months Ended
	Sep. 30, 2019 CHF (SFr)	Dec. 31, 2019 CHF (SFr) Installment Representative	Dec. 31, 2018 CHF (SFr)	Dec. 31, 2017 CHF (SFr)	Mar. 20, 2020 CHF (SFr)	Sep. 19, 2019 CHF (SFr)	Feb. 28, 2019 CHF (SFr)
Disclosure of disaggregation of revenue from contracts with customers [abstract]
Recognized revenues		SFr 111,026	SFr 7,194	SFr 20,255
Deferred income		4,477	351	355
2018 License Agreement with Eli Lilly and Company [Member]
Disclosure of disaggregation of revenue from contracts with customers [abstract]
Milestone payment received		30,000
Up-front consideration received		80,000
Recognized revenues		SFr 105,662	SFr 0	SFr 0
Tau Morphomer Small Molecule [Member] \| 2018 License Agreement with Eli Lilly and Company [Member]
Disclosure of disaggregation of revenue from contracts with customers [abstract]
Total potential collaboration agreement value						SFr 60,000
Number of installments \| Installment		2
Milestone payment received	SFr 30,000
Milestone payment receivable		SFr 30,000
Up-front consideration received							SFr 80,000
Period to provide notice of termination of agreement		3 months
Number of representatives in joint steering committee by each party \| Representative		3
Deferred research and development costs		SFr 6,900
Recognized revenues		2,600
Deferred income		4,300
Tau Morphomer Small Molecule [Member] \| 2018 License Agreement with Eli Lilly and Company [Member] \| Subsequent Events [Member]
Disclosure of disaggregation of revenue from contracts with customers [abstract]
Milestone payment receivable					SFr 10,000
Tau Morphomer Small Molecule [Member] \| 2018 License Agreement with Eli Lilly and Company [Member] \| Clinical and Regulatory [Member]
Disclosure of disaggregation of revenue from contracts with customers [abstract]
Expected transaction price allocation		880,000
Tau Morphomer Small Molecule [Member] \| 2018 License Agreement with Eli Lilly and Company [Member] \| Commercial [Member]
Disclosure of disaggregation of revenue from contracts with customers [abstract]
Expected transaction price allocation		900,000
Tau Morphomer Small Molecule [Member] \| 2018 License Agreement with Eli Lilly and Company [Member] \| Right-of-use License [Member]
Disclosure of disaggregation of revenue from contracts with customers [abstract]
Expected transaction price allocation		SFr 73,100
Tau Morphomer Small Molecule [Member] \| 2018 License Agreement with Eli Lilly and Company [Member] \| Phase 2 Clinical Study Licensed Product [Member] \| Subsequent Events [Member]
Disclosure of disaggregation of revenue from contracts with customers [abstract]
Milestone payment receivable					SFr 60,000

Revenues, Anti-Abeta Antibody in AD - 2006 Agreement with Genentech (Details) SFr in Thousands, $ in Millions	12 Months Ended
	Dec. 31, 2019 CHF (SFr) Payment	Dec. 31, 2019 USD ($) Payment	Dec. 31, 2018 CHF (SFr)	Dec. 31, 2018 USD ($)	Dec. 31, 2017 CHF (SFr)	Dec. 31, 2017 USD ($)	Dec. 31, 2019 USD ($)	Mar. 31, 2017 CHF (SFr)	Mar. 31, 2017 USD ($)
Revenues [Abstract]
Recognized revenues \| SFr	SFr 111,026		SFr 7,194		SFr 20,255
Anti-Abeta Antibody in AD [Member] \| 2006 Agreement with Genentech [Member]
Revenues [Abstract]
Period to provide notice of termination of agreement	90 days	90 days
Cumulative payments received	SFr 70,100						$ 65
Milestone payment recognized	31,600	$ 25
Milestone payment received	SFr 38,200	$ 40
Up-front consideration received								SFr 31,600	$ 25
Number of milestone payments received \| Payment	3	3
Recognized revenues \| $		$ 0		$ 0		$ 0
Anti-Abeta Antibody in AD [Member] \| 2006 Agreement with Genentech [Member] \| Bottom of Range [Member]
Revenues [Abstract]
Total potential collaboration agreement value	SFr 333,000						340
Total potential collaboration agreement value remaining	SFr 269,000						$ 275

Revenues, Anti-Tau Antibody in AD - 2012 Agreement with Genentech (Details) SFr in Thousands	1 Months Ended	3 Months Ended		12 Months Ended
	Jul. 31, 2016 CHF (SFr)	Dec. 31, 2017 CHF (SFr)	Jun. 30, 2016 CHF (SFr)	Dec. 31, 2019 CHF (SFr) Payment	Dec. 31, 2018 CHF (SFr)	Dec. 31, 2017 CHF (SFr)	Dec. 31, 2015 CHF (SFr)	Jun. 30, 2012 CHF (SFr)
Revenues [Abstract]
Recognized revenues				SFr 111,026	SFr 7,194	SFr 20,255
2012 Agreement with Genentech [Member]
Revenues [Abstract]
Recognized revenues				SFr 0	0	14,000
Anti-tau Antibody in AD [Member] \| 2012 Agreement with Genentech [Member]
Revenues [Abstract]
Period to provide notice of termination of agreement				90 days
Cumulative payments received				SFr 59,000
Milestone payment recognized			SFr 14,000
Milestone payment received	SFr 14,000	SFr 14,000		SFr 42,000			SFr 14,000
Up-front consideration received								SFr 17,000
Number of milestone payments received \| Payment				3
Recognized revenues				SFr 0	SFr 0	SFr 14,000
Anti-tau Antibody in AD [Member] \| 2012 Agreement with Genentech [Member] \| Bottom of Range [Member]
Revenues [Abstract]
Total potential collaboration agreement value								SFr 400,000
Total potential collaboration agreement value remaining				SFr 368,500

Revenues, Tau Vaccine in AD - 2014 Agreement with Janssen Pharmaceuticals (Details) - CHF (SFr) SFr in Thousands	1 Months Ended	12 Months Ended
	May 31, 2016	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2014
Revenues [Abstract]
Recognized revenues		SFr 111,026	SFr 7,194	SFr 20,255
2014 Agreement with Janssen Pharmaceuticals [Member]
Revenues [Abstract]
Recognized revenues		SFr 1,173	2,157	1,239
Tau Vaccine in AD [Member] \| 2014 Agreement with Janssen Pharmaceuticals [Member]
Revenues [Abstract]
Period to provide notice of termination of agreement		90 days
Cumulative payments received					SFr 25,900
Milestone payment received	SFr 4,900
Up-front consideration received					25,900
Recognized revenues		SFr 1,200	SFr 2,200	SFr 1,200
Tau Vaccine in AD [Member] \| 2014 Agreement with Janssen Pharmaceuticals [Member] \| Bottom of Range [Member]
Revenues [Abstract]
Total potential collaboration agreement value					SFr 500,000
Total potential collaboration agreement value remaining		SFr 458,000

Revenues, Tau-PET imaging agent in AD -2014 Agreement with Life Molecular Imaging (formerly Piramal Imaging SA) (Details) € in Thousands, SFr in Thousands	3 Months Ended				12 Months Ended
	Sep. 30, 2019 CHF (SFr)	Sep. 30, 2019 EUR (€)	Mar. 31, 2017 CHF (SFr)	Mar. 31, 2017 EUR (€)	Dec. 31, 2019 CHF (SFr)	Dec. 31, 2018 CHF (SFr)	Dec. 31, 2017 CHF (SFr)	Dec. 31, 2019 EUR (€)	Dec. 31, 2015 CHF (SFr)	Dec. 31, 2015 EUR (€)	May 31, 2014 CHF (SFr)	May 31, 2014 EUR (€)
Revenues [Abstract]
Recognized revenues					SFr 111,026	SFr 7,194	SFr 20,255
2014 Agreement with Life Molecular Imaging (formerly Piramal Imaging SA) Imaging [Member]
Revenues [Abstract]
Recognized revenues					SFr 2,206	0	1,080
Tau-PET Imaging Agent in AD [Member] \| 2014 Agreement with Life Molecular Imaging (formerly Piramal Imaging SA) Imaging [Member]
Revenues [Abstract]
Period to provide notice of termination of agreement					3 months
Cumulative payments received									SFr 664	€ 500
Milestone payment recognized	SFr 2,200	€ 2,000	SFr 1,100	€ 1,000
Collaboration contract receivable for clinical milestones					SFr 9,000			€ 8,000
Collaboration contract receivable for regulatory, commercialization and sales milestones					162,000			€ 148,000
Recognized revenues					SFr 2,200	SFr 0	SFr 1,100
Tau-PET Imaging Agent in AD [Member] \| 2014 Agreement with Life Molecular Imaging (formerly Piramal Imaging SA) Imaging [Member] \| Top of Range [Member]
Revenues [Abstract]
Total potential collaboration agreement value											SFr 175,000	€ 159,000

Revenues, Alpha-synuclein and TDP-43 PET Tracers in AD - 2016 Agreement with Biogen (Details) SFr in Thousands	12 Months Ended
	Dec. 31, 2019 CHF (SFr) Obligation	Dec. 31, 2018 CHF (SFr)	Dec. 31, 2017 CHF (SFr)
Revenues [Abstract]
Recognized revenues	SFr 111,026	SFr 7,194	SFr 20,255
2016 Agreement with Biogen [Member]
Revenues [Abstract]
Recognized revenues	SFr 1,063	4,024	3,930
Alpha-synuclein and TDP-43 PET Tracer in AD [Member] \| 2016 Agreement with Biogen [Member]
Revenues [Abstract]
Number of performance obligations identified \| Obligation	2
Recognized revenues	SFr 1,100	SFr 4,000	SFr 3,900

Revenues, Recombinant Protein Therapeutic Candidate -2017 Agreement with Essex Bio-Technology Limited (Details) - CHF (SFr) SFr in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Revenues [Abstract]
Recognized revenues	SFr 111,026	SFr 7,194	SFr 20,255
Recombinant Protein Therapeutic Candidate [Member] \| 2017 agreement, Essex Bio-Technology Limited [Member]
Revenues [Abstract]
Period to provide notice of termination of agreement	60 days
Period for initial contract	5 years
Period for initial research plan	2 years
Recognized revenues	SFr 400	SFr 700	SFr 100

Revenues, 2015 Grant from the Michael J. Fox Foundation (Details) SFr in Thousands	12 Months Ended
	Dec. 31, 2019 CHF (SFr) Obligation Grant	Dec. 31, 2018 CHF (SFr)	Dec. 31, 2017 CHF (SFr)
Revenues [Abstract]
Recognized revenues	SFr 111,026	SFr 7,194	SFr 20,255
Grant from Michael J. Fox Foundation [Member]
Revenues [Abstract]
Number of grants received \| Grant	2
Number of performance obligations identified \| Obligation	1
Total potential collaboration agreement value	SFr 300
Recognized revenues	SFr 600	SFr 300	SFr 100

Expenses by category (Details) - CHF (SFr) SFr in Thousands	12 Months Ended
Expenses by category (Details) - CHF (SFr) SFr in Thousands	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Research and Development [Abstract]
Operating expenses	SFr 37,465	SFr 32,921	SFr 23,822
Payroll expenses	12,382	10,662	8,552
Share-based compensation	585	694	289
Total research and development expenses	50,432	44,277	32,663
General and Administration [Abstract]
Operating expenses	6,637	4,903	3,857
Payroll expenses	7,172	5,740	4,984
Share-based compensation	2,249	1,824	1,290
Total general and administrative expenses	16,058	12,467	10,131
Financial Result, net [Abstract]
Interest income/ (expense)	(1,590)	(269)	184
Change in fair value of conversion feature	4,542	0	0
Foreign currency remeasurement gain/(loss), net	(2,013)	(1,194)	(4,049)
Other finance income/(expense)	(33)	62	(7)
Finance result, net	906	(1,401)	(3,872)
Net interest expense	1,894	SFr 298	SFr 147
Convertible Note Agreement with Lilly [Member]
Financial Result, net [Abstract]
Net interest expense	1,600
Effective interest recorded to amortize the host debt	SFr 1,400

Related-party transactions (Details) SFr in Thousands		12 Months Ended
Related-party transactions (Details) SFr in Thousands	Jul. 31, 2018 shares	Dec. 31, 2019 CHF (SFr) Individual	Dec. 31, 2018 CHF (SFr)	Dec. 31, 2017 CHF (SFr)
Related-party transactions [Abstract]
Number of individuals, Board of Directors \| Individual		7
Number of individuals, Executive Management \| Individual		5
Short-term employee benefits		SFr 3,526	SFr 2,681	SFr 2,463
Post-employment benefits		215	160	166
Share-based compensation		2,155	1,683	1,267
Total		SFr 5,896	SFr 4,524	SFr 3,896
Number of shares purchased under subscription rights offering by related party (in shares) \| shares	614,147

Income taxes (Details) - CHF (SFr) SFr in Thousands	12 Months Ended
Income taxes (Details) - CHF (SFr) SFr in Thousands	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Income taxes [Abstract]
Deferred tax assets	SFr 0	SFr 0	SFr 0
Deferred tax liabilities	0	0	0
Income tax expense reconciled to Income / (loss) [Abstract]
Income/(loss) before income tax	45,442	(50,951)	(26,411)
Tax expense/(benefit) calculated at the statutory rate of 13.6% (20.6% for 2018 and 20.5% for 2017)	6,194	(10,507)	(5,420)
Permanent differences		334	40
Permanent differences	(62)
Effect of unused tax losses and tax offsets not recognized as deferred tax assets	(6,132)	10,173	5,380
Effective income tax rate benefit/(expense)	SFr 0	SFr 0	SFr 0
Corporate tax rate	13.60%	20.60%	20.50%

Income taxes, Unrecognized Deductible Temporary Differences, Unused Tax Losses and Unused Tax Credits (Details) - CHF (SFr) SFr in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Unrecognized deductible temporary differences, unused tax losses and unused tax credits [Abstract]
Unrecognized deductible temporary differences, unused tax losses and unused tax credits	SFr 0	SFr 0	SFr 0
Unused tax losses and tax credits	71,610	114,959	67,501
Tax losses split by expiry date [Abstract]
Unused tax losses	64,125	109,294	62,575
Increase in tax losses available as an offset	45,200
Loss Expiry, December 31, 2018 [Member]
Tax losses split by expiry date [Abstract]
Unused tax losses	0	0	2,175
Loss Expiry, December 31, 2019 [Member]
Tax losses split by expiry date [Abstract]
Unused tax losses	0	16,566	16,566
Loss Expiry, December 31, 2020 [Member]
Tax losses split by expiry date [Abstract]
Unused tax losses	0	10,338	10,338
Loss Expiry, December 31, 2021 [Member]
Tax losses split by expiry date [Abstract]
Unused tax losses	0	0	0
Loss Expiry, December 31, 2022 [Member]
Tax losses split by expiry date [Abstract]
Unused tax losses	0	0	0
Loss Expiry, December 31, 2023 [Member]
Tax losses split by expiry date [Abstract]
Unused tax losses	0	7,628	7,628
Loss Expiry, December 31, 2024 [Member]
Tax losses split by expiry date [Abstract]
Unused tax losses	15,231	25,868	25,868
Loss Expiry, December 31, 2025 [Member]
Tax losses split by expiry date [Abstract]
Unused tax losses	48,894	48,894	0
Loss Expiry, December 31, 2026 [Member]
Tax losses split by expiry date [Abstract]
Unused tax losses	0	0	0
Tax Losses [Member]
Unrecognized deductible temporary differences, unused tax losses and unused tax credits [Abstract]
Unrecognized deductible temporary differences, unused tax losses and unused tax credits	64,125	109,294	62,575
Deductible Temporary Differences Related to Right-of-use Assets and Lease Liabilities [Member]
Unrecognized deductible temporary differences, unused tax losses and unused tax credits [Abstract]
Unrecognized deductible temporary differences, unused tax losses and unused tax credits	0	0	0
Deductible Temporary Differences Related to Retirement Benefit Plan [Member]
Unrecognized deductible temporary differences, unused tax losses and unused tax credits [Abstract]
Unrecognized deductible temporary differences, unused tax losses and unused tax credits	SFr 7,485	SFr 5,665	SFr 4,926

Retirement benefit plan (Details) - CHF (SFr) SFr in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Defined Benefit Obligation [Member]
Defined benefit pension plan amount recognized in balance sheet [Abstract]
Defined benefit obligation	SFr (26,624)	SFr (17,942)	SFr (14,278)
Fair value of plan assets	19,139	12,277	9,352
Total liability	(7,485)	(5,665)	(4,926)
Defined Benefit Plan [Member]
Net pension cost in statement of income [Abstract]
Service cost	1,313	1,095	912
Interest cost	195	100	81
Interest income	(133)	(65)	(55)
Net pension cost	1,375	1,130	938
Defined Benefit Plan [Member] \| Defined Benefit Obligation [Member]
Net pension cost in statement of income [Abstract]
Service cost	1,313	1,095	912
Interest cost	SFr 195	SFr 100	SFr 81
Employee [Member]
Disclosure of net defined benefit liability (asset) [line items]
Contributions paid to the plan by computing percentage in salary	47.00%
Employer [Member]
Disclosure of net defined benefit liability (asset) [line items]
Contributions paid to the plan by computing percentage in salary	53.00%
Percentage increase in plan assets	10.00%
Increase in plan assets	SFr 1,200

Retirement benefit plan, Changes in Defined Benefit Obligation (Details) - Defined Benefit Plan [Member] - CHF (SFr) SFr in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Changes in defined benefit obligation [Abstract]
Defined benefit obligation, beginning of period	SFr (5,665)	SFr (4,926)	SFr (3,798)
Service cost	(1,313)	(1,095)	(912)
Interest cost	(195)	(100)	(81)
Defined benefit obligation, end of period	(7,485)	(5,665)	(4,926)
Defined Benefit Obligation [Member]
Changes in defined benefit obligation [Abstract]
Defined benefit obligation, beginning of period	(17,942)	(14,278)	(11,596)
Service cost	(1,313)	(1,095)	(912)
Interest cost	(195)	(100)	(81)
Change in demographic assumptions	1,138	0	0
Change in financial assumptions	(2,171)	750	0
Change in experience assumptions	(2,003)	(888)	(735)
Benefits deposited	(3,382)	(1,710)	(426)
Employees' contributions	(756)	(621)	(528)
Defined benefit obligation, end of period	SFr (26,624)	SFr (17,942)	SFr (14,278)

Retirement benefit plan, Changes in Fair Value of Plan Assets (Details) - Defined Benefit Plan [Member] - CHF (SFr) SFr in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Changes in fair value of plan assets [Abstract]
Interest income	SFr 133	SFr 65	SFr 55
Employer's contributions	859	693	590
Fair Value of Plan Assets [Member]
Changes in fair value of plan assets [Abstract]
Fair value of plan assets, beginning of period	12,277	9,352	7,798
Interest income	133	65	55
Employees' contributions	756	621	528
Employer's contributions	859	693	590
Benefits deposited	3,382	1,710	426
Return on plan assets excluding interest income	1,732	(164)	(45)
Fair value of plan assets, end of period	19,139	SFr 12,277	SFr 9,352
Expected contribution by employer to be paid to post-retirement benefit plans	SFr 930

Retirement benefit plan, Change in Net Defined Benefit Liability (Details) - Defined Benefit Plan [Member] - CHF (SFr) SFr in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Change in net defined benefit liability [Abstract]
Net defined benefit liabilities, beginning of period	SFr 5,665	SFr 4,926	SFr 3,798
Net pension cost through statement of income	1,375	1,130	938
Re-measurement through other comprehensive loss	1,304	302	780
Employer's contribution	(859)	(693)	(590)
Net defined benefit liabilities, end of period	SFr 7,485	SFr 5,665	SFr 4,926

Retirement benefit plan, Change in Other Comprehensive Loss (Details) - Defined Benefit Plan [Member] - CHF (SFr) SFr in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Change in other comprehensive loss [Abstract]
Weighted average duration period for defined benefit obligation	19 years 3 months 18 days	20 years 6 months
Change in Other Comprehensive Loss [Member]
Change in other comprehensive loss [Abstract]
Other comprehensive loss, beginning of period	SFr (4,283)	SFr (3,981)	SFr (3,201)
Effect of changes in demographic assumptions	1,138	0	0
Effect of changes in financial assumptions	(2,171)	750	0
Effect of changes in experience assumptions	(2,003)	(888)	(735)
Return on plan assets excluding interest income	1,732	(164)	(45)
Other comprehensive loss, end of period	SFr (5,587)	SFr (4,283)	SFr (3,981)

Retirement benefit plan, Actuarial Assumptions and Sensitivity Analysis (Details) - Defined Benefit Plan [Member] - CHF (SFr) SFr in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Actuarial assumptions [Abstract]
Discount rate	0.20%	0.90%	0.70%
Rate of future increase in compensations	1.75%	1.50%	1.50%
Rate of future increase in current pensions	0.00%	0.50%	0.50%
Interest rate on retirement savings capital	0.50%	0.90%	0.70%
Mortality and disability rates	BVG 2015-CMI	BVG 2015G	BVG 2015G
Sensitivity analysis [Abstract]
Potential defined benefit obligation	SFr 7,485	SFr 5,665	SFr 4,926	SFr 3,798
+0.5% Increase [Member]
Sensitivity analysis [Abstract]
Percentage increase in actuarial assumption	0.50%
-0.5% Decrease [Member]
Sensitivity analysis [Abstract]
Percentage decrease in actuarial assumption	0.50%
Discount Rate [Member] \| +0.5% Increase [Member]
Sensitivity analysis [Abstract]
Potential defined benefit obligation	SFr 24,248
Decrease/(increase) from actual defined benefit obligation	2,376
Discount Rate [Member] \| -0.5% Decrease [Member]
Sensitivity analysis [Abstract]
Potential defined benefit obligation	29,396
Impact on the net defined benefit obligation	(2,772)
Future Salary Increase [Member] \| +0.5% Increase [Member]
Sensitivity analysis [Abstract]
Potential defined benefit obligation	27,317
Decrease/(increase) from actual defined benefit obligation	(693)
Future Salary Increase [Member] \| -0.5% Decrease [Member]
Sensitivity analysis [Abstract]
Potential defined benefit obligation	25,930
Impact on the net defined benefit obligation	694
Future Pension Cost [Member] \| +0.5% Increase [Member]
Sensitivity analysis [Abstract]
Potential defined benefit obligation	27,993
Decrease/(increase) from actual defined benefit obligation	(1,369)
Future Pension Cost [Member] \| -0.5% Decrease [Member]
Sensitivity analysis [Abstract]
Potential defined benefit obligation	25,393
Impact on the net defined benefit obligation	1,231
Interest Rate on Savings Capital [Member] \| +0.5% Increase [Member]
Sensitivity analysis [Abstract]
Potential defined benefit obligation	27,447
Decrease/(increase) from actual defined benefit obligation	(823)
Interest Rate on Savings Capital [Member] \| -0.5% Decrease [Member]
Sensitivity analysis [Abstract]
Potential defined benefit obligation	25,848
Impact on the net defined benefit obligation	SFr 776

Share-based compensation, Plans Outstanding (Details)	12 Months Ended
Share-based compensation, Plans Outstanding (Details)	Dec. 31, 2019 shares Plan	Dec. 31, 2018 shares	Dec. 31, 2017 shares
Share-based compensation [Abstract]
Number of equity-based instrument plans \| Plan	4
Share-based plans outstanding [Abstract]
Number of options awarded (in shares)	1,053,305	484,403	276,766
Stock Option Plan A [Member]
Share-based plans outstanding [Abstract]
Number of options awarded (in shares)	362,750
Contractual life of options	15 years 6 months
Stock Option Plan B [Member]
Share-based plans outstanding [Abstract]
Number of options awarded (in shares)	819,000
Contractual life of options	10 years 6 months
Stock Option Plan C1 [Member]
Share-based plans outstanding [Abstract]
Number of options awarded (in shares)	6,775,250
Vesting conditions	4 years
Contractual life of options	10 years
2016 Share Option and Incentive Plan [Member] \| Executives and Directors [Member]
Share-based plans outstanding [Abstract]
Number of options awarded (in shares)	1,208,522
Vesting conditions	4 years
Contractual life of options	10 years
2016 Share Option and Incentive Plan [Member] \| Employees [Member]
Share-based plans outstanding [Abstract]
Number of options awarded (in shares)	605,952
Vesting conditions	4 years
Contractual life of options	10 years

Share-based compensation, Weighted Average Exercise Prices (Details)	12 Months Ended
	Dec. 31, 2019 shares yr SFr / shares	Dec. 31, 2019 shares yr SFr / shares $ / shares	Dec. 31, 2018 shares yr SFr / shares	Dec. 31, 2018 shares yr SFr / shares $ / shares	Dec. 31, 2017 shares yr SFr / shares	Dec. 31, 2016 shares SFr / shares
Number of Options [Abstract]
Outstanding at beginning of period (in shares)	1,618,856	1,618,856	1,359,891	1,359,891	1,687,900
Forfeited during the year (in shares)	(73,699)	(73,699)	(73,624)	(73,624)	(1,750)
Cancelled during the year (in shares)					(31,250)
Exercised during the year (in shares)	(616,833)	(616,833)	(151,814)	(151,814)	(571,775)
Granted during the year (in shares)	1,053,305	1,053,305	484,403	484,403	276,766
Outstanding at end of period (in shares)	1,981,629	1,981,629	1,618,856	1,618,856	1,359,891	1,687,900
Exercisable (in shares)	602,218	602,218	932,175	932,175	900,474
Weighted Average Exercise Price [Abstract]
Outstanding at beginning of period (in CHF per share) \| SFr / shares	SFr 4.25		SFr 2.09		SFr 0.15
Forfeited during the year (in CHF per share) \| SFr / shares	6.71		9.16		0.15
Cancelled during the year (in CHF per share) \| SFr / shares					0.15
Exercised during the year (in CHF per share) \| SFr / shares	0.15		0.15		0.15
Granted during the year (in CHF per share) \| (per share)	5.24	$ 5.41	9.79	$ 9.97	9.70
Outstanding at end of period (in CHF per share) \| SFr / shares	5.93		4.25		2.09	SFr 0.15
Exercisable (in CHF per share) \| SFr / shares	SFr 4.94	$ 4.94	SFr 1.25	$ 1.25	SFr 0.39
Weighted Average Remaining Term (Years) [Abstract]
Weighted average remaining term (years)	8 years 3 months 18 days	8 years 3 months 18 days	6 years 3 months 18 days	6 years 3 months 18 days	5 years 9 months 18 days	5 years 7 months 6 days
Exercisable \| yr	6.5	6.5	4.4	4.4	4.3

Share-based compensation, Outstanding Options, Range of Exercise prices and Expiration Dates (Details)	12 Months Ended
	Dec. 31, 2019 shares SFr / shares	Dec. 31, 2019 shares $ / shares	Dec. 31, 2018 shares SFr / shares	Dec. 31, 2018 shares $ / shares	Dec. 31, 2017 shares SFr / shares	Dec. 31, 2016 shares
Outstanding options, exercise price range and expiry dates [Abstract]
Outstanding Options (in shares)	1,981,629	1,981,629	1,618,856	1,618,856	1,359,891	1,687,900
Weighted average exercise price for options granted (in CHF/USD per share) \| (per share)	SFr 5.24	$ 5.41	SFr 9.79	$ 9.97	SFr 9.70
Weighted average share price of common share options exercised (in dollars per share) \| (per share)	4.22	4.36
Bottom of Range [Member]
Outstanding options, exercise price range and expiry dates [Abstract]
Weighted average exercise price for options granted (in CHF/USD per share) \| (per share)	0.15	5.15
Top of Range [Member]
Outstanding options, exercise price range and expiry dates [Abstract]
Weighted average exercise price for options granted (in CHF/USD per share) \| (per share)	SFr 9.53	$ 12.30
CHF 0.15 [Member]
Outstanding options, exercise price range and expiry dates [Abstract]
Outstanding Options (in shares)	301,750	301,750
CHF 0.15 [Member] \| Bottom of Range [Member]
Outstanding options, exercise price range and expiry dates [Abstract]
Expiration Dates	2020	2020
CHF 0.15 [Member] \| Top of Range [Member]
Outstanding options, exercise price range and expiry dates [Abstract]
Expiration Dates	2026	2026
CHF 9.53 [Member]
Outstanding options, exercise price range and expiry dates [Abstract]
Outstanding Options (in shares)	234,355	234,355
Expiration Dates	2027	2027
USD 5.15 to USD 12.30 [Member]
Outstanding options, exercise price range and expiry dates [Abstract]
Outstanding Options (in shares)	1,445,524	1,445,524
USD 5.15 to USD 12.30 [Member] \| Bottom of Range [Member]
Outstanding options, exercise price range and expiry dates [Abstract]
Expiration Dates	2028	2028
USD 5.15 to USD 12.30 [Member] \| Top of Range [Member]
Outstanding options, exercise price range and expiry dates [Abstract]
Expiration Dates	2029	2029

Share-based compensation, Weighted Average Grant date Fair Value and Assumptions (Details) SFr / shares in Units, SFr in Thousands	12 Months Ended
	Dec. 31, 2019 CHF (SFr) yr SFr / shares	Dec. 31, 2019 $ / shares	Dec. 31, 2018 CHF (SFr) yr SFr / shares	Dec. 31, 2018 $ / shares	Dec. 31, 2017 CHF (SFr) yr SFr / shares
Number and weighted average exercise prices of options under the share option programs [Abstract]
Weighted average fair value, options granted (in USD/CHF per share) \| (per share)	SFr 3.59	$ 3.71	SFr 6.54	$ 6.66	SFr 7.29
Weighted average fair value, restricted share awards granted (in CHF per share)	SFr 0		9.43		9.62
Weighted average fair value, non-vested restricted share awards granted (in CHF per share)			SFr 9.51		9.59
Weighted average assumptions [Abstract]
Share Price, weighted average (in CHF/USD per share) \| (per share)		5.41		9.87	SFr 8.77
Risk free interest rate	0.00%		0.00%		0.00%
Expected volatility	80.00%		80.00%		80.00%
Expected term \| yr	6		6		6
Dividend yield	0.00%		0.00%		0.00%
Share-based compensation [Abstract]
Expense charged against the income statement \| SFr	SFr 2,834		SFr 2,518		SFr 1,579
Bottom of Range [Member]
Weighted average assumptions [Abstract]
Exercise price (in CHF/USD per share) \| (per share)		5.15		8.33	SFr 9.53
Top of Range [Member]
Weighted average assumptions [Abstract]
Exercise price (in CHF/USD per share) \| (per share)		$ 5.54		$ 12.30	SFr 12.00

Share-based compensation, Non-vested Share Awards (Details)	12 Months Ended
	Dec. 31, 2019 CHF (SFr) shares SFr / shares	Dec. 31, 2018 CHF (SFr) shares SFr / shares	Dec. 31, 2017 shares SFr / shares
Weighted Average grant date fair value [Abstract]
Granted during the year (in CHF per share) \| SFr / shares	SFr 0	SFr 9.43	SFr 9.62
Non-vested Share Awards [Member]
Share-based payment arrangement [Abstract]
Number of non-vested share awards granted (in shares)	0	69,371
Number of non-vested shares [Abstract]
Non-vested (in shares)	109,041	122,014
Forfeited during the year (in shares)	0	(25,673)
Granted during the year (in shares)	0	69,371
Vested during the year	(66,278)	(56,671)
Non-vested (in shares)	42,763	109,041	122,014
Vested and expected to vest (in shares)	130,290	64,012
Weighted Average grant date fair value [Abstract]
Non-vested (in CHF per share) \| SFr / shares	SFr 9.51	SFr 9.59
Forfeited during the year (in CHF per share) \| SFr / shares	0	9.48
Granted during the year (in CHF per share) \| SFr / shares	0	9.43
Vested during the year (in CHF per share) \| SFr / shares	9.51	9.60
Non-vested (in CHF per share) \| SFr / shares	SFr 9.52	SFr 9.51	SFr 9.59
Vested and expected to vest (in CHF per share) \| SFr	SFr 9.58	SFr 9.65
Restricted Share Awards [Member]
Share-based payment arrangement [Abstract]
Number of non-vested share awards granted (in shares)	4,023
Vesting conditions	2 years 9 months
Contractual life of non-vested share awards	10 years
Number of non-vested shares [Abstract]
Granted during the year (in shares)	4,023
Restricted Stock Units [Member] \| Directors [Member]
Share-based payment arrangement [Abstract]
Number of non-vested share awards granted (in shares)	83,864
Vesting conditions	1 year
Contractual life of non-vested share awards	10 years
Number of non-vested shares [Abstract]
Granted during the year (in shares)	83,864
Restricted Stock Units [Member] \| Executives [Member]
Share-based payment arrangement [Abstract]
Number of non-vested share awards granted (in shares)	110,839
Vesting conditions	4 years
Contractual life of non-vested share awards	10 years
Number of non-vested shares [Abstract]
Granted during the year (in shares)	110,839

Commitments and contingencies (Details) - CHF (SFr) SFr in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Commitments and contingencies [Abstract]
External research projects	SFr 19,600
Notice period for cancellation of rental contract	12 months
Commitments	SFr 39,909	SFr 33,074
Within One Year [Member]
Commitments and contingencies [Abstract]
Commitments	19,907	19,880
Between One and Three Years [Member]
Commitments and contingencies [Abstract]
Commitments	12,993	6,995
Between Three and Five Years [Member]
Commitments and contingencies [Abstract]
Commitments	4,816	5,009
More Than Five Years [Member]
Commitments and contingencies [Abstract]
Commitments	SFr 2,193	SFr 1,190

Earnings per share (Details) - CHF (SFr) SFr / shares in Units, SFr in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Numerator [Abstract]
Net income/(loss) attributable to equity holders of the Company	SFr 45,442	SFr (50,951)	SFr (26,411)
Denominator [Abstract]
Weighted average number of ordinary shares outstanding (in shares)	70,603,611	61,838,228	57,084,295
Basic income/(loss) for the period attributable to equity holders (in CHF per share)	SFr 0.64	SFr (0.82)	SFr (0.46)
Effect of dilutive securities from equity incentive plans (in shares)	499,730	0	0
Weighted-average number of shares used to compute EPS basic and diluted (in shares)	71,103,341	61,838,228	57,084,295
Diluted income/(loss) for the period attributable to equity holders (in CHF per share)	SFr 0.64	SFr (0.82)	SFr (0.46)
Antidilutive securities [Abstract]
Share options issued and outstanding (in-the-money) (in shares)	1,081,836	1,472,589	1,341,042
Restricted share awards subject to future vesting (in shares)	0	109,041	122,014
Convertible shares (in shares)	911,261	0	0
Total (in shares)	1,993,097	1,581,630	1,463,056

Financial instruments and risk management (Details) SFr in Thousands	12 Months Ended
	Dec. 31, 2019 CHF (SFr) Institution	Dec. 31, 2018 CHF (SFr)	Dec. 31, 2017 CHF (SFr)
Financial assets and liabilities [Abstract]
Financial assets	SFr 289,195	SFr 187,002
Financial liabilities	14,846	12,917
Financial risks [Abstract]
Loss in finance results, net	(2,013)	(1,194)	SFr (4,049)
Foreign Currency Exchange Risk [Member]
Financial risks [Abstract]
Loss in finance results, net	SFr (800)	(1,200)	SFr (4,200)
Percentage exchange rate strengthened	10.00%
Percentage exchange rate weakened	10.00%
Net loss for period decrease, result of foreign exchange rate increase	SFr 3,500	3,000
Credit Risk [Member]
Financial risks [Abstract]
Number of financial institutions holding cash and cash equivalents and short-term financial assets \| Institution	4
Liquidity Risk [Member]
Financial risks [Abstract]
Cash position rolling forecast period	18 months
Interest Rate [member]
Financial risks [Abstract]
Percentage of increase in interest rates	10.00%
Percentage of decrease in interest rates	10.00%
Interest Rate [member] \| Top of Range [Member]
Financial risks [Abstract]
Net loss for period increase, due to increase in interest rate	SFr 100
Net loss for period decrease, due to decrease in interest rate	100
Long-Term Financing Obligation [Member]
Financial assets and liabilities [Abstract]
Financial liabilities	0	186
Long-term Lease Liabilities [Member]
Financial assets and liabilities [Abstract]
Financial liabilities	1,813	0
Trade and Other Payables [Member]
Financial assets and liabilities [Abstract]
Financial liabilities	SFr 142	1,979
Trade and Other Payables [Member] \| Liquidity Risk [Member] \| Bottom of Range [Member]
Financial risks [Abstract]
Expected debt obligation payoff period	12 months
Accrued Expenses [Member]
Financial assets and liabilities [Abstract]
Financial liabilities	SFr 11,797	10,420
Short-term Financing Obligation [Member]
Financial assets and liabilities [Abstract]
Financial liabilities	SFr 652	332
Short-term Financing Obligation [Member] \| Liquidity Risk [Member] \| Bottom of Range [Member]
Financial risks [Abstract]
Expected debt obligation payoff period	12 months
Short-term Lease Liabilities [Member]
Financial assets and liabilities [Abstract]
Financial liabilities	SFr 442	0
Long-term Financial Assets [Member]
Financial assets and liabilities [Abstract]
Financial assets	304	304
Other Current Receivables [Member]
Financial assets and liabilities [Abstract]
Financial assets	304	236
Short-term Financial Assets [Member]
Financial assets and liabilities [Abstract]
Financial assets	95,000	30,000
Cash and Cash Equivalents [Member]
Financial assets and liabilities [Abstract]
Financial assets	SFr 193,587	SFr 156,462

Subsequent events (Details) - Tau Morphomer Small Molecule [Member] - Lilly [Member] SFr in Millions	12 Months Ended
	Dec. 31, 2019 CHF (SFr) Installment	Mar. 20, 2020 CHF (SFr)
Subsequent events [Abstract]
Number of payments \| Installment	2
Milestone payment receivable	SFr 30
Subsequent Events [Member]
Subsequent events [Abstract]
Milestone payment receivable		SFr 10
Subsequent Events [Member] \| Phase 2 Clinical Study Licensed Product [Member]
Subsequent events [Abstract]
Milestone payment receivable		SFr 60