ACIU · AC Immune S.A.

This amendment significantly advances AC Immune’s strategic partnership with Eli Lilly, reinforcing the clinical and commercial potential of its Morphomer® platform in targeting intracellular Tau—a mechanism increasingly viewed as critical for modifying neurodegenerative disease progression. The expansion to include new lead candidates and back-up compounds reflects both scientific validation of the Morphomer® approach and Lilly’s continued commitment, as evidenced by the CHF10 million upfront payment and layered milestone structure. The initiation of IND-enabling studies in H1 2026 marks a key inflection point toward clinical translation, bringing the program closer to human testing after strong preclinical data demonstrating brain penetration, specific binding to pathological Tau conformations, and inhibition of aggregation and seeding across disease stages. Financially, the agreement preserves AC Immune’s substantial non-dilutive upside: over CHF1.7 billion in potential future milestones—complementing its broader pipeline financing strategy—and low double-digit tiered royalties, which provide long-term revenue optionality should any candidate advance through development. Importantly, the amendment does not alter the foundational 2018 agreement terms but extends scope and funding, underscoring confidence in the program’s differentiation and de-risking trajectory. For investors, this represents a high-conviction validation of AC Immune’s precision prevention strategy and a near-term catalyst for clinical advancement in Alzheimer’s disease therapeutics.