argenx SE (ARGX) 6-K Current report (foreign)

Exhibit 99.3

ARGENX SE

CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

	As of
	December 31,
(in thousands of $)	2023		2022		2021
ASSETS
Non-current assets
Property, plant and equipment	$	22,675	$	16,234	$	15,844
Intangible assets		125,228		174,901		171,684
Deferred tax asset		97,211		79,222		32,191
Research and development incentive receivables		76,706		47,488		32,707
Investment in joint venture		9,912		1,323		—
Prepaid expenses		47,327		—		—
Other non-current assets		39,662		40,894		54,876
Total non-current assets		418,721		360,064		307,303
Current assets
Inventories	$	310,550	$	228,353	$	109,076
Prepaid expenses		134,072		76,022		58,946
Trade and other receivables		496,687		275,697		38,221
Research and development incentive receivables		2,584		1,578		—
Financial assets		1,131,000		1,391,808		1,002,052
Cash and cash equivalents		2,048,844		800,740		1,334,676
Total current assets		4,123,737		2,774,197		2,542,971
TOTAL ASSETS	$	4,542,458	$	3,134,261	$	2,850,274

	As of
	December 31,
(in thousands of $)	2023			2022			2021
EQUITY AND LIABILITIES
Equity
Equity attributable to owners of the parent
Share capital	$	7,058		$	6,640		$	6,233
Share premium		5,651,497			4,309,880			3,462,775
Translation differences		131,543			129,280			131,684
Accumulated losses		(2,404,844	)		(2,109,791	)		(1,400,197	)
Other reserves		712,253			477,691			333,729
Total equity	$	4,097,507		$	2,813,699		$	2,534,224
Non-current liabilities
Provisions for employee benefits		1,449			870			417
Lease liabilities		15,354			9,009			7,956
Deferred tax liabilities		5,155			8,406			6,438
Total non-current liabilities		21,958			18,285			14,811
Current liabilities
Lease liabilities		4,646			3,417			3,509
Trade and other payables		414,013			295,679			293,415
Tax liabilities		4,334			3,181			4,315
Total current liabilities		422,993			302,277			301,239
Total liabilities	$	444,951		$	320,562		$	316,050
TOTAL EQUITY AND LIABILITIES	$	4,542,458		$	3,134,261		$	2,850,274

ARGENX SE

CONSOLIDATED STATEMENTS OF PROFIT OR LOSS

	Year Ended
	December 31,
(in thousands of $ except for shares and EPS)	2023			2022			2021
Product net sales	$	1,190,783		$	400,720		$	—
Collaboration revenue		35,533			10,026			497,277
Other operating income		42,278			34,520			42,141
Total operating income		1,268,594			445,267			539,418
Cost of sales		(117,835	)		(29,431	)		—
Research and development expenses		(859,492	)		(663,366	)		(580,520	)
Selling, general and administrative expenses		(711,905	)		(472,132	)		(307,644	)
Loss from investment in joint venture		(4,411	)		(677	)		—
Total operating expenses		(1,693,643	)		(1,165,607	)		(888,164	)
Operating loss	$	(425,049	)	$	(720,341	)	$	(348,746	)
Financial income		107,386			27,665			3,633
Financial expense		(906	)		(3,906	)		(4,578	)
Exchange gains/(losses)		14,073			(32,732	)		(50,053	)
Loss for the year before taxes	$	(304,496	)	$	(729,314	)	$	(399,743	)
Income tax benefit / (expense)	$	9,443		$	19,720		$	(8,522	)
Loss for the year	$	(295,053	)	$	(709,594	)	$	(408,265	)
Loss for the year attributable to:
Owners of the parent		(295,053	)	$	(709,594	)	$	(408,265	)
Weighted average number of shares outstanding		57,169,253			54,381,371			51,075,827
Basic and diluted (loss) per share (in $)		(5.16	)		(13.05	)		(7.99	)

ARGENX SE

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

	Year Ended
	December 31,
(in thousands of $)	2023			2022			2021
Loss for the year	$	(295,053	)	$	(709,594	)	$	(408,265	)
Items that may be reclassified subsequently to profit or loss, net of tax
Currency translation differences, arisen from translating foreign activities		2,263			(2,404	)		(3,048	)
Items that will not be reclassified subsequently to profit or loss, net of tax
Fair value gain/(loss) on investments in equity instruments designated as at FVTOCI		(1,915	)		(18,267	)		(39,290	)
Other comprehensive loss, net of income		348			(20,671	)		(42,338	)
Total comprehensive loss attributable to:
Owners of the parent	$	(294,705	)	$	(730,266	)	$	(450,603	)

ARGENX SE

CONSOLIDATED STATEMENTS OF CASH FLOWS

	Year Ended
	December 31,
(in thousands of $)	2023			2022			2021
Operating loss	$	(425,049	)	$	(720,341	)	$	(348,746	)
Adjustments for non-cash items
Amortization of intangible assets		105,674			99,766			776
Depreciation of property, plant and equipment		5,633			4,576			5,091
Provisions for employee benefits		573			459			260
Expense recognized in respect of share-based payments		232,974			157,026			179,366
Fair value gains on financial assets at fair value through profit or loss		—			(4,256	)		(11,152	)
Non-cash revenue		—			—			(75,000	)
Loss from investment in joint venture		4,411			677			—
Other non-cash expenses		2,074			—			—
	$	(73,710	)	$	(462,093	)	$	(249,405	)
Movements in current assets/liabilities
(Increase)/decrease in trade and other receivables		(185,694	)		(222,260	)		(31,632	)
(Increase)/decrease in inventories		(83,030	)		(119,277	)		(83,880	)
(Increase)/decrease in other current assets		(59,024	)		(18,294	)		(30,990	)
Increase/(decrease) in trade and other payables		95,600			329			134,892
Increase/(decrease) in deferred revenue — current		—			—			(46,327	)
Movements in non-current assets/liabilities
(Increase)/decrease in other non-current assets		(29,416	)		(16,220	)		(13,975	)
(Increase)/decrease in non-current prepaid expense		(47,327	)		—			—
Increase/(decrease) in deferred revenue �� non-current		—			—			(269,039	)
Net cash flows used in operating activities		(382,601	)		(837,815	)		(590,356	)
Interest paid		(211	)		(851	)		(684	)
Income taxes paid		(37,515	)		(24,141	)		(15,772	)
Net cash flows used in operating activities	$	(420,327	)	$	(862,807	)	$	(606,812	)
Purchase of intangible assets		(43,000	)		(102,986	)		(117,811	)
Purchase of property, plant and equipment		(812	)		(837	)		(3,623	)
(Increase)/decrease in current financial assets		—			—			(228,239	)
Purchase of current financial investments		(1,271,730	)		(1,694,046	)		—
Sale of current financial investments		1,543,999			1,325,540			—
Interest received		92,753			13,146			2,603
Investment in joint venture		(13,000	)		(2,000	)		—
Net cash flows (used in) / from investing activities	$	308,210		$	(461,184	)	$	(347,070	)
Principal elements of lease payments		(3,801	)		(4,165	)		(3,855	)
Proceeds from issue of new shares, gross amount		1,196,731			760,953			1,091,326
Issue costs paid		(821	)		(781	)		(528	)
Exchange gain/(losses) from currency conversion on proceeds from issue of new shares		(1,507	)		410			966
Payment of employee withholding taxes relating to restricted stock unit awards		(12,138	)		(5,855	)		—
Proceeds from exercise of stock options		158,263			93,195			33,433
Net cash flows from financing activities	$	1,336,727		$	843,757		$	1,121,342
Increase/decrease (-) in cash and cash equivalents	$	1,224,610		$	(480,234	)	$	167,460
Cash and cash equivalents at the beginning of the period	$	800,740		$	1,334,676		$	1,216,803
Exchange gains/(losses) on cash and cash equivalents	$	23,494		$	(53,702	)	$	(49,587	)
Cash and cash equivalents at the end of the period	$	2,048,844		$	800,740		$	1,334,676

ARGENX SE

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

	Attributable to owners of the parent
												Share-based					Total
												payment and					equity
												income tax		Fair value movement on			attributable
												deduction on		investment in equity			to owners
	Share		Share			Accumulated			Translation			share-based		instruments designated			of the			Total
(in thousands of $)	capital		premium			losses			differences			payments		as at FVTOCI			parent			equity
Balance at January 1, 2021	$	5,744	$	2,339,033		$	(991,932	)	$	134,732		$	186,474	$	—		$	1,674,051		$	1,674,051
Loss for the year							(408,265	)										(408,265	)		(408,265	)
Other comprehensive income / (loss)										(3,048	)				(39,290	)		(42,338	)		(42,338	)
Total comprehensive income / (loss) for the year							(408,265	)		(3,048	)				(39,290	)		(450,603	)		(450,603	)
Income tax benefit from excess tax deductions related to share-based payments													7,179					7,179			7,179
Share-based payment													179,366					179,366			179,366
Issue of share capital		430		1,090,896														1,091,326			1,091,326
Transaction costs for equity issue				(528	)													(528	)		(528	)
Exercise of stock options		59		33,374														33,433			33,433
Balance year ended December 31, 2021	$	6,233	$	3,462,775		$	(1,400,197	)	$	131,684		$	373,019	$	(39,290	)	$	2,534,224		$	2,534,224
Loss for the year							(709,594	)										(709,594	)		(709,594	)
Other comprehensive income / (loss)										(2,404	)				(18,267	)		(20,671	)		(20,671	)
Total comprehensive income / (loss) for the year							(709,594	)		(2,404	)				(18,267	)		(730,266	)		(730,266	)
Income tax benefit from excess tax deductions related to share-based payments													3,946					3,946			3,946
Share-based payment													158,282					158,282			158,282
Issue of share capital		294		760,659														760,953			760,953
Transaction costs for equity issue				(781	)													(781	)		(781	)
Exercise of stock options		113		93,082														93,195			93,195
Ordinary shares withheld for payment of employees’ withholding tax liability				(5,855	)													(5,855	)		(5,855	)
Balance year ended December 31, 2022	$	6,640		4,309,880			(2,109,791	)		129,280			535,247		(57,557	)		2,813,699			2,813,699
Loss for the year							(295,053	)										(295,053	)		(295,053	)
Other comprehensive income / (loss)										2,263					(1,915	)		348			348
Total comprehensive income / (loss) for the year							(295,053	)		2,263					(1,915	)		(294,705	)		(294,705	)
Income tax benefit from excess tax deductions related to share-based payments													2,310					2,310			2,310
Share-based payment													234,168					234,168			234,168
Issue of share capital		288		1,196,444														1,196,732			1,196,732
Transaction costs for equity issue				(821	)													(821	)		(821	)
Exercise of stock options		130		158,133														158,263			158,263
Ordinary shares withheld for payment of employees’ withholding tax liability				(12,139	)													(12,139	)		(12,139	)
Balance year ended December 31, 2023	$	7,058	$	5,651,497		$	(2,404,844	)	$	131,543		$	771,725	$	(59,472	)	$	4,097,507		$	4,097,507