AC Immune is a Swiss clinical-stage biopharmaceutical company developing treatments and diagnostics for neurodegenerative diseases, primarily Alzheimer's disease and Parkinson's disease. The company has no approved products and no product revenue; instead, AC Immune discovers and advances drug candidates to early or mid-stage clinical development, then licenses them to larger pharma partners who fund further development and commercialization. Partners pay upfront fees, milestone payments, and royalties, providing non-dilutive cash to fund AC Immune's internal pipeline. Key active partnerships include Takeda (up to ~$2.1B in milestones and royalties), Janssen/J&J (up to CHF 500M), Lantheus (up to EUR 160M), and Eli Lilly (up to CHF 1.9B). AC Immune's pipeline is built on two proprietary platforms: SupraAntigen, which generates therapeutic vaccines that train the immune system to attack misfolded disease-causing proteins, and Morphomer, which generates small molecule drugs and PET diagnostic imaging agents that penetrate the brain to target pathological protein aggregates. The pipeline spans active immunotherapies targeting amyloid beta, Tau, and alpha-synuclein; small molecule neuroinflammation inhibitors; and PET imaging tracers for disease detection. AC Immune outsources all manufacturing and has no sales force or commercialization infrastructure. The company's diagnostic PET tracers serve a dual purpose — generating partner revenue while also improving patient selection for AC Immune's therapeutic trials.