(Mark One) ☐REGISTRATION STATEMENT PURSUANT TO SECTION12(b)OR (g)OF THE SECURITIESEXCHANGE ACT OF 1934 OR ☒ANNUAL REPORT PURSUANT TO SECTION13 OR 15(d)OF THE SECURITIES EXCHANGE ACTOF 1934For the fiscalyear endedDecember31, 2024OR ☐TRANSITION REPORT PURSUANT TO SECTION13 OR 15(d)OF THE SECURITIES EXCHANGEACT OF 1934 OR ☐SHELL COMPANY REPORT PURSUANT TO SECTION13 OR 15(d)OF THE SECURITIESEXCHANGE ACT OF 1934Date of event requiring this shell company report Commission file number:001-37891 Copies to: Derek J. DostalDavis Polk& Wardwell LLP450 Lexington AvenueNew York, NY 10017(212) 450-4000 Securities registered or to be registered pursuant to Section12(b)of the Act: Securities registered or to be registered pursuant to Section12(g)of the Act: None Securities for which there is a reporting obligation pursuant to Section15(d)of the Act: None Indicate the number of outstanding shares of each of the issuer’s classes of capital stock or common stock as of theclose of the period covered by the annual report. Common shares:100,410,377 Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule405 of the Securities Act. If this report is an annual or transition report, indicate by check mark if the registrant is not required to file reportspursuant to Section13 or 15(d)of the Securities Exchange Actof1934. ☐Yes☒No Note– Checking the box above will not relieve any registrant required to file reports pursuant to Section13 or15(d)of the Securities Exchange Act of 1934 from their obligations under those Sections. Indicate by check mark whether the registrant (1)has filed all reports required to be filed by Section13 or 15(d)of theSecurities Exchange Act of 1934 during the preceding 12months (or for such shorter period that the registrant wasrequired to file such reports), and (2)has been subject to such filing requirements for the past 90days. ☒Yes☐No Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to besubmitted pursuant to Rule405 of Regulation S-T (§232.405 of this chapter) during the preceding 12months (or forsuch shorter period that the registrant was required to submit such files). ☒Yes☐No Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer,or an emerging growth company. See definition of “large accelerated filer,” “accelerated filer,” and “emerging growthcompany” in Rule12b-2 of the Exchange Act. Large accelerated filer☐Accelerated filer☒Non-accelerated filer☐Emerging growth company☐ If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate bycheckmark if the registrant has elected not to use the extended transition period for complying with any new orrevised financial accounting standards provided pursuant to Section13(a)of the Exchange Act.☐ Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment ofthe effectiveness of its internal control over financial reporting under Section404(b)of the Sarbanes-Oxley Act (15U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☒Yes☐No If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financialstatements of the registrant included in the filing reflect the correction of an error to previously issued financialstatements. Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis ofincentive-based compensation received by any of the registrant’s executive officers during the relevant recoveryperiod pursuant to § 240.10D-1(b). Table of Contents Indicate by check mark which basis of accounting the registrant has used to prepare the financial statements includedin this filing: International Financial ReportingStandardsas issued by theInternational Accounting StandardsBoard☒ If “Other” has been checked in response to the previous question indicate by check mark which financial statementitem the registrant has elected to follow. ☐Item17☐Item18 If this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule12b-2of the Exchange Act). ☐Yes☒No AC IMMUNE SATABLE OF CONTENTS FORWARD-LOOKING STATEMENTS1PART I3ITEM 1. IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS3A.Directors and senior management3B.Advisers3C.Auditors3ITEM 2. OFFER STATISTICS AND EXPECTED TIMETABLE3A.Offer statistics3B.Method and expected timetable3ITEM 3. KEY INFORMATION3A.[Reserved]3B.Capitalization and indebtedness3C.Reasons for the offer and use of proceeds3D.Risk factors3ITEM 4. INFORMATION ON THE COMPANY55A.History and development of the company55B.Business overview55C.Organizational structure121D.Property, plant and equipment122ITEM 4A. UNRESOLVED STAFF COMMENTS122ITEM 5. OPERATING AND FINANCIAL REVIE