Advancing Cutting Edge Research Act or the ACE Research Act This bill amends the Public Health Service Act to expand the National Institutes of Health's unique research initiatives to include cutting-edge research that: (1) fosters scientific creativity and increases fundamental biological understanding leading to the prevention, diagnosis, or treatment of diseases and disorders; or (2) is urgently required to respond to a public health threat. (Unique research initiatives may be supported through transactions other than contracts, grants, or cooperative agreements.)