argenx SE (ARGX) 6-K 2 Aug 18 2018 H1 Management to host conference call today at 3 p.m. CEST / 9 a.m. EDT Financial data

Document and Entity Information

Document and Entity Information	6 Months Ended
	Jun. 30, 2018
Document and Entity Information [Abstract]
Entity Registrant Name	ARGENX SE
Entity Central Index Key	1,697,862
Document Type	6-K
Document Period End Date	Jun. 30, 2018
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Filer Category	Non-accelerated Filer
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	H1

UNAUDITED CONDENSED CONSOLIDATE

UNAUDITED CONDENSED CONSOLIDATED INTERIM STATEMENT OF FINANCIAL POSITION - EUR (€) € in Thousands	Jun. 30, 2018	Dec. 31, 2017
Current assets
Cash and cash equivalents	€ 140,869	€ 190,867
Restricted cash	1,692	1,692
Research and development incentive receivables	301	158
Financial assets	197,982	168,907
Prepaid expenses	4,718	2,338
Trade and other receivables	10,198	2,842
Total current assets	355,760	366,804
Noncurrent assets
Restricted cash	263	256
Research and development incentive receivables	3,235	3,033
Other non-current assets		125
Financial assets	1	1
Property, plant and equipment	752	676
Intangible assets	8	13
Total non-current assets	4,259	4,104
TOTAL ASSETS	360,019	370,908
Equity
Share capital	3,245	3,217
Share premium	432,166	430,518
Accumulated losses	(123,039)	(100,568)
Other reserves	20,588	11,764
Total equity	332,960	344,931
Non-current liabilities	25	25
Provisions for employee benefits	25	25
Current liabilities	27,034	25,952
Trade and other payables	21,559	15,285
Current tax liabilities	565	597
Deferred revenue	4,910	10,070
Total liabilities	27,059	25,977
TOTAL EQUITY AND LIABILITIES	€ 360,019	€ 370,908

UNAUDITED CONDENSED CONSOLIDAT3

UNAUDITED CONDENSED CONSOLIDATED INTERIM STATEMENT OF PROFIT AND LOSS AND OTHER COMPREHENSIVE INCOME - EUR (€) € in Thousands	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
UNAUDITED CONDENSED CONSOLIDATED INTERIM STATEMENT OF PROFIT AND LOSS AND OTHER COMPREHENSIVE INCOME
Revenue	€ 17,910	€ 22,448
Other operating income	2,588	1,436
Total operating income	20,498	23,884
Research and development expenses	(34,371)	(25,592)
Selling, general and administrative expenses	(11,514)	(5,045)
Operating loss	(25,387)	(6,753)
Financial income	1,256	9
Exchange gains/(losses)	4,024	(854)
Loss before taxes	(20,107)	(7,598)
Income tax expense	31	(597)
Loss for the year and total comprehensive loss	€ (20,076)	€ (8,195)
Weighted average number of shares outstanding	32,375,133	21,756,366
Basic and diluted loss per share	€ (0.62)	€ (0.38)

UNAUDITED CONDENSED CONSOLIDAT4

UNAUDITED CONDENSED CONSOLIDATED INTERIM STATEMENT OF CASH FLOWS - EUR (€) € in Thousands	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
CASH FLOWS (USED IN) / FROM OPERATING ACTIVITIES
Operating result	€ (25,387)	€ (6,753)
Adjustments for non-cash items
Amortization of intangible assets	5	5
Depreciation of property, plant and equipment	215	210
Expense recognized in respect of share-based payments	8,824	1,880
Adjustments for non-cash items	(16,343)	(4,658)
Movements in current assets/liabilities
(Increase)/decrease in trade and other receivables	(7,356)	(2,295)
(Increase)/decrease in other current assets	(2,268)	(1,120)
Increase/(decrease) in trade and other payables	6,274	875
Increase/(decrease) in deferred revenue	(7,810)	(8,638)
Increase)/decrease in other noncurrent assets	(84)	513
NET CASH FLOWS (USED IN) / FROM OPERATING ACTIVITIES	(27,587)	(15,323)
CASH FLOWS (USED IN) / FROM INVESTING ACTIVITIES
Purchase of property, plant and equipment	(292)	(326)
(Increase)/decrease in current financial assets	(29,075)	(91,065)
Interest received	1,256	9
NET CASH FLOWS (USED IN) / FROM INVESTING ACTIVITIES	(28,111)	(91,382)
CASH FLOWS (USED IN) / FROM FINANCING ACTIVITIES
Proceeds from issue of shares	1,676	93,195
NET CASH FLOWS (USED IN) / FROM FINANCING ACTIVITIES	1,676	93,195
NET INCREASE (DECREASE) IN CASH & CASH EQUIVALENTS	(54,022)	(13,510)
Cash and cash equivalents at the beginning of the period	190,867	89,897
Exchange gains/(losses) on cash & cash equivalents	4,024	(854)
Cash and cash equivalents at the end of the period	€ 140,869	€ 75,533

UNAUDITED CONDENSED CONSOLIDAT5

UNAUDITED CONDENSED CONSOLIDATED INTERIM STATEMENT OF CASH FLOWS (Parenthetical) - EUR (€) € in Millions	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
UNAUDITED CONDENSED CONSOLIDATED INTERIM STATEMENT OF CASH FLOWS
Proceeds from issue of shares	€ 1.7	€ 95.3
Issuance costs		€ 2.1

UNAUDITED CONDENSED CONSOLIDAT6

UNAUDITED CONDENSED CONSOLIDATED INTERIM STATEMENT OF CHANGES IN EQUITY - EUR (€) € in Thousands	Share capital	Share premium	Accumulated losses	Other reserves Equity-settled share-based payment reserve	Total equity attributable to owners of the parent	Total
Equity at beginning of period at Dec. 31, 2016	€ 2,012	€ 126,358	€ (72,492)	€ 7,496	€ 63,374	€ 63,374
Total comprehensive loss of the period			(8,195)		(8,195)	(8,195)
Issue of share capital	675	94,634			95,309	95,309
Transaction costs for equity issue		(2,114)			(2,114)	(2,114)
Share-based payment				1,880	1,880	1,880
Equity at end of period at Jun. 30, 2017	2,687	218,878	(80,687)	9,376	150,254	150,254
Equity at beginning of period at Dec. 31, 2016	2,012	126,358	(72,492)	7,496	63,374	63,374
Change in accounting policy (modified retrospective approach IFRS 15) | Assessment of the impact of IFRS 15			(2,395)		(2,395)	(2,395)
Equity at end of period (Previously stated) at Dec. 31, 2017	3,217	430,518	(100,568)	11,764	344,931	344,931
Equity at end of period at Dec. 31, 2017						344,931
Total comprehensive loss of the period						(20,076)
Equity at end of period at Jun. 30, 2018	3,245	432,166	(123,039)	20,588	332,960	332,960
Equity at beginning of period at Jan. 02, 2018	3,217	430,518	(102,963)	11,764	342,536	342,536
Total comprehensive loss of the period			(20,076)		(20,076)	(20,076)
Issue of share capital	28	1,648			1,676	1,676
Share-based payment				8,824	8,824	8,824
Equity at end of period at Jun. 30, 2018	€ 3,245	€ 432,166	€ (123,039)	€ 20,588	€ 332,960	€ 332,960

General information about the c

General information about the company	6 Months Ended
	Jun. 30, 2018
General information about the company
General information about the company	1. General information about the company argenx SE (the Company) is a Dutch European public company with limited liability incorporated under the laws of the Netherlands. The Company (COC 24435214) has its official seat in Rotterdam, the Netherlands, and its registered office is at Willemstraat 5, 4811 AH, Breda, the Netherlands. An overview of the Company and its subsidiaries (the Group) are described in note 7.4. argenx SE is a publicly traded company with ordinary shares listed on Euronext Brussels under the symbol “ARGX” since July 2014 and with American Depositary Shares listed on Nasdaq under the symbol “ARGX” since May 2017.

Significant accounting policies

Significant accounting policies	6 Months Ended
	Jun. 30, 2018
Significant accounting policies
Significant accounting policies	2. Significant accounting policies The unaudited condensed consolidated interim financial statements for the six months ended June 30, 2018 have been prepared in accordance with International Accounting Standard 34 ‘Interim financial reporting’ (IAS 34) as issued by the IASB and IAS 34 as adopted by the European Union (EU). The unaudited condensed consolidated interim financial statements should be read in conjunction with the annual financial statements for the year ended December 31, 2017, which have been prepared in accordance with the International Financial Reporting Standards (IFRS), as issued by the International Accounting Standards Board (IASB) and as adopted by the EU. The accounting policies applied in the preparation of the unaudited condensed consolidated interim financial statements are consistent with those applied in the financial statements for the year ended December 31, 2017. New standards or interpretations applicable from January 1, 2018 do not have any significant impact on the unaudited condensed consolidated interim financial statements, except for the adoption of IFRS 15. We refer to note 5.1 of these unaudited condensed consolidated financial statements for additional information on the impact of the adoption of IFRS 15. The assessment of the impact of IFRS 16 Leases (applicable for annual periods beginning on or after January 1, 2019) is still ongoing. The Company plans to adopt IFRS 16 on its effective date. All amounts herein are presented in thousands of €, unless otherwise indicated, rounded to the nearest € ‘000. The unaudited condensed consolidated financial statements have been approved for issue by the Company’s Board of Directors (the Board) on July 31, 2018.

Critical accounting judgements

Critical accounting judgements and key sources of estimation uncertainty	6 Months Ended
	Jun. 30, 2018
Critical accounting judgements and key sources of estimation uncertainty
Critical accounting judgements and key sources of estimation uncertainty	3. Critical accounting judgements and key sources of estimation uncertainty In the application of the Company’s accounting policies, the Company is required to make judgments, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimate is revised if the revision affects only that period or in the period of the revision and future periods if the revision affects both current and future periods. The following areas are areas where key assumptions concerning the future, and other key sources of estimation uncertainty at the end of the reporting period, have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year. Going concern The Group has incurred net losses since its inception and for the six months ended June 30, 2018, its unaudited condensed consolidated interim statement of profit and loss and other comprehensive income reflects a net loss, and its unaudited condensed consolidated interim statement of financial position includes a loss carried forward. On July 31, 2018, the Board reviewed and approved the unaudited condensed consolidated interim financial statements and accounting standards. Taking into account the cash and cash equivalents and current financial asset position of €338.9 million on June 30, 2018, the Board is of the opinion that the Group is a going concern. Whilst the current cash position is sufficient for the Group’s immediate and mid‑term needs, the Company may seek additional funding to support the continuing development of its portfolio of products or to be able to execute other business opportunities, to the extent that such continual investment is expected to derive future benefits. Revenue recognition Revenue from certain arrangements is recognized as the Group satisfies a combined performance obligation. The Company recognizes upfront payments and milestone payments, allocated to a combined performance obligation over the estimated service period based on a pattern that reflects the transfer of the services. The revenue recognized would reflect the level of service during each period. In this case, the Group would use an input model that considers estimates of the percentage of total research and development service costs that are completed each period compared to the total estimated services costs (% of completion method). Research and development service fees are recognized as revenue when costs are incurred and agreed by the parties as the Group is acting as a principal in the scope of its stake in the research and development activities of its ongoing license and collaboration agreements. Measurement of share‑based payments In accordance with IFRS 2— Share‑based Payment , the fair value of the options at grant date is recognized as an expense in the statement of profit and loss and other comprehensive income over the vesting period. Subsequently, the fair value recognized in equity is not re‑measured. The fair value of each stock option granted during the year is calculated using the Black‑Scholes pricing model. This pricing model requires the input of subjective assumptions, which are detailed in note 4.8. Recognition of deferred tax assets Deferred tax assets are recognized only if management assesses that these tax assets can be offset against positive taxable income within a foreseeable future. This judgment is made by management on an ongoing basis and is based on budgets and business plans for the coming years, including planned commercial initiatives. These budgets and business plans are reviewed and approved by the Board. Since inception, the Group has reported losses, and consequently, the Group has unused tax losses. The deferred tax assets are currently not deemed to meet the criteria for recognition as management is not able to provide any convincing positive evidence that deferred tax assets should be recognized. Therefore, management has concluded that deferred tax assets should not be recognized as of June 30, 2018.

Notes relating to the unaudited

Notes relating to the unaudited condensed consolidated interim statement of financial position	6 Months Ended
	Jun. 30, 2018
Notes relating to the unaudited condensed consolidated interim statement of financial position
Notes relating to the unaudited condensed consolidated interim statement of financial position	4. Notes relating to the unaudited condensed consolidated interim statement of financial position 4.1 Research and development incentive receivables Six months ended Year ended June 30, December 31, (in thousands of €) 2018 2017 Research and development incentive receivables—current € 301 € 158 Research and development incentive receivables—non-current 3,235 3,033 € 3,536 € 3,191 On June 30, 2018, the Group recorded a tax receivable of €3.5 million compared to €3.2 million on December 31, 2017, in relation to a research and development incentive tax scheme in Belgium under which the research and development incentives can be refunded after five years if not offset against future income tax expense. The research and development incentives are recorded in other operating income (see note 5.2) in the unaudited condensed consolidated interim statement of profit and loss and other comprehensive income. These amounts are gradually being reimbursed in cash from 2018 onwards. 4.2 Restricted cash Six months ended Year ended June 30, December 31, (in thousands of €) 2018 2017 Non‑current restricted cash Rental guarantees € 263 € 256 Total non‑current € 263 € 256 Current restricted cash Escrow account < 1 year 1,692 1,692 Total restricted cash € 1,955 € 1,948 On June 30, 2018, the Group had a total amount of €2.0 million of restricted cash. This amount is split as follows: · A non‑current part for an amount of €0.3 million with a long term maturity (more than 12 months) and mainly relating to a deposit guarantee paid under the lease agreement for the laboratory and offices of the Group. · A current part for an amount of €1.7 million with a short maturity and relating to an escrow account opened under an agreement with a third party involved in the collaboration with AbbVie. This escrow account will be released to the Group or to the third party on behalf of the Group under certain conditions after the completion of the work plan of the related collaboration agreement with AbbVie. 4.3 Trade and other receivables The trade and other receivables are composed of receivables which are detailed below: Six months ended Year ended June 30, December 31, (in thousands of €) 2018 2017 VAT receivable € 320 € 317 Trade receivables 8,907 845 Other receivables 530 750 Interest receivable 248 — VLAIO grant receivable 193 930 € 10,198 € 2,842 The nominal amounts of all trade and other receivables approximate their respective fair values. The VAT receivable relates to VAT amounts to be recovered in the second half of 2018. Trade receivables correspond to amounts invoiced to the collaborators or strategic allies of the Group. No bad debt allowance was recorded nor were any trade receivables impaired on June 30, 2018 and December 31, 2017. The amount of €0.5 million in “Other receivables” relates to the short-term part of the receivable with FairJourney Biologics LDA. The Flanders Innovation and Entrepreneurship Agency (VLAIO) grant receivable consists of earned income from government grants for which no payments have been received but for which the relating expenditures have been incurred. For more information on the Flanders Innovation and Entrepreneurship Agency grants, see note 5.2. 4.4 Prepaid expenses The prepaid expenses on June 30, 2018 amounted to €4.7 million compared to €2.3 million on December 31, 2017. On June 30, 2018, the prepaid expenses related to (i) a €2.5 million upfront fee paid to a third-party clinical research organization in connection with our upcoming expected Phase III clinical trials in MG, (ii) a €0.7 million upfront reservation fee paid in 2017 to a third-party drug product manufacturer, and (iii) €1.5 million to other prepayments already invoiced for which the services will be rendered in future periods. 4.5 Current financial assets On June 30, 2018, the current financial assets amounted to €198.0 million compared to €168.9 million on December 31, 2017. These current financial assets relate to: · Financial instruments in the form of money market funds with a recommended investment horizon of 6 months. These funds are highly liquid investments and can be readily converted into a known amount of cash, but because of their historical volatility these funds cannot be classified as cash and cash equivalents. Amounts recorded are measured at fair value. · A USD term account with an original maturity of 6 months. Please also refer to note 6.1 for more information on the financial instruments. 4.6 Cash and cash equivalents Six months ended Year ended June 30, December 31, (in thousands of €) 2018 2017 Cash equivalents € 48,501 € 25,000 Cash and bank balances 92,368 165,867 € 140,869 € 190,867 On June 30, 2018, cash and cash equivalents amounted to €140.9 million compared to €190.9 million on December 31, 2017 and included cash equivalents and cash and bank balances held in different financial institutions. Cash positions are invested with selected financial institutions, which are considered to be high-quality financial institutions with sound credit ratings, or in highly-rated money market funds. Policies are in place that limit the amount of credit exposure to any specific financial institution. 4.7 Shareholders’ capital Roll forward of number of shares outstanding: Number of shares outstanding on December 31, 2016 20,126,479 U.S. initial public offering on Nasdaq on May 17, 2017 5,865,000 Over-allotment option exercised by underwriters on May 19, 2017 879,750 Exercise of Options on August 24, 2017 5,000 Exercise of Options on September 1, 2017 15,000 Exercise of Options on October 2, 2017 1,400 Exercise of Options on November 7, 2017 950 Exercise of Options on November 14, 2017 4,260 Exercise of Options on November 15, 2017 40,750 Exercise of Options on November 21, 2017 53,092 Exercise of Options on November 22, 2017 7,730 Exercise of Options on December 4, 2017 65,380 U.S. second public offering on Nasdaq on December 13, 2017 4,440,000 Over-allotment option exercised by underwriters on December 14, 2017 666,000 Exercise of Options on December 18, 2017 9,850 Number of shares outstanding on December 31, 2017 32,180,641 Exercise of Options in January 2018 111,727 Exercise of Options in March 2018 113,075 Exercise of Options in April 2018 34,039 Exercise of Options in May 2018 5,900 Exercise of Options in June 2018 5,393 Number of shares outstanding on June 30, 2018 32,450,775 New shares issued during 2018 270,134 new shares were issued in the six months ended June 30, 2018 as a result of the exercise of stock options during this period under the argenx Employee Stock Option Plan. This resulted in a total of 32,450,775 ordinary shares with a nominal value of €0.10 per share on June 30, 2018. On May 8, 2018, the annual general meeting of shareholders of the Company renewed the authorization to the Board to issue up to a maximum of 20% of the then-outstanding share capital for a period of 18 months, or up to a capital increase of €648,789.60 represented by 6,487,896 shares. 4.8 Share‑based payments The Company has a stock options scheme for the employees of the Company and its subsidiaries. In accordance with the terms of the plan, as approved by shareholders, employees may be granted options to purchase ordinary shares at an exercise price as mentioned below per ordinary share, as set forth below. The stock options can be granted to employees, consultants or directors of the Company and its subsidiaries. The stock options have been granted free of charge. Each employee’s stock option converts into one ordinary share of the Company upon exercise. No amounts are paid or payable by the recipient on receipt of the option. The options carry neither rights to dividends nor voting rights. Options may be exercised at any time from the date of vesting to the date of their expiry. The stock options granted vest, in principle, as follows: · 1/3rd of the stock options granted will vest on the first anniversary of the granting of the stock options, and · 1/24th of the remaining 2/3rd of the stock options granted will vest on the last day of each of the 24 months following the month of the first anniversary of the granting of the stock options. No other conditions are attached to the stock options. The following share‑based payment arrangements were in existence during the current and prior years: Exercise price Outstanding Outstanding per stock stock options on stock options on options June 30, December 31, Expiry date (in €) 2018 2017 2020 3.95 20,256 36,960 2021 3.95 — 2,850 2023 2.44 297,100 314,593 2024 2.44 117,733 135,890 2024 3.95 6,895 15,692 2024 7.17 415,561 516,100 2024 2.44 26,970 83,820 2025 11.44 39,000 39,000 2025 10.34 3,000 3,000 2025 9.47 228,286 235,514 2026 11.38 53,294 60,000 2026 11.47 266,857 282,310 2026 14.13 334,149 362,126 2027 18.41 118,869 120,536 2027 21.17 637,125 653,825 2023/2028 (1) € 80.82 178,900 — 2,743,995 2,862,216 (1) On June 28, 2018, the Group has granted a total of 178,900 stock options. The beneficiary can choose between a contractual term of five or ten years. The fair market value of the stock options has been determined based on the Black and Scholes model. The expected volatility in the model is based on the historical volatility of peer companies and historical volatility of the Group since its initial public offering. On June 28, 2018, the Group has granted a total of 178,900 stock options to certain of its employees, Board members and consultants. Below is an overview of the parameters used in relation to the new grant during 2018: Stock options granted in June 2018 Number of options granted 178,900 Average fair value of options (in EUR) € 37.29 Share price (in EUR) € 72.00 Exercise price (in EUR) € 80.82 Expected volatility 45.50 % Average expected option life (in years) (1) 10 Risk‑free interest rate 0.72 % Expected dividends — % (1) The beneficiary can choose between a contractual term of five or ten years. The average expected option life is currently estimated at ten years. This estimate will be reassessed once the acceptance period of 60 days has passed and the beneficiaries will have made a choice between a contractual term of five or ten years. The total fair value of the grant would range from €4.7 million (100% of the stock options at an expected option life of five years) to €6.7 million (100% of the stock options at an expected option life of ten years). The total share‑based payment expense recognized in the unaudited condensed consolidated statement of profit and loss and other comprehensive income totaled €8.8 million for the six months ended June 30, 2018 compared to €1.9 million for the six months ended June 30, 2017. The total number of stock options outstanding on June 30, 2018 totaled 2,743,995 compared to 2,862,216 on December 31, 2017. No stock options expired in the six months ended June 30, 2018 or in the year ended December 31, 2017. 270,134 stock options have been exercised in the six months ended June 30, 2018 compared to 203,412 in the year ended December 31, 2017. A total of 26,987 stock options have been forfeited in the six months ended June 30, 2018 compared to 2,369 in the year ended December 31, 2017. 4.9 Deferred revenue Deferred revenue relates to cash received from collaboration and strategic alliances prior to completion of the earnings process. On June 30, 2018, deferred revenue amounted to €4.9 million, compared to €10.1 million on December 31, 2017, and includes €4.7 million related to the upfront payment and milestone payments received from AbbVie in April 2016, and €0.2 million related to the upfront payment and milestone payments received from LEO Pharma in May 2015. These payments are recognized as revenue over the estimated duration of the Group’s involvement in the research and development programs provided for under the terms of the agreements. The impact of the adoption of IFRS 15 on deferred revenue is disclosed in note 5.1.

Notes to unaudited condensed co

Notes to unaudited condensed consolidated interim statement of profit and loss and other comprehensive income	6 Months Ended
	Jun. 30, 2018
Notes to unaudited condensed consolidated interim statement of profit and loss and other comprehensive income
Notes to unaudited condensed consolidated interim statement of profit and loss and other comprehensive income	5. Notes to unaudited condensed consolidated interim statement of profit and loss and other comprehensive income 5.1 Revenue Six months ended June 30, (in thousands of €) 2018 2017 Upfront payments € 6,812 € 8,664 Milestone payments 10,132 9,677 Research and development service fees (FTE) 966 4,107 € 17,910 € 22,448 For the six months ended June 30, 2018 and 2017, the majority of the revenue was generated under the agreements with AbbVie and LEO Pharma. These agreements comprise elements of upfront payments, milestone payments based on development criteria and research and development funding on an agreed FTE basis. The upfront payments received in the six months ended June 30, 2018 corresponded principally to the partial recognition in revenue over the period of the upfront payment received following the Company’s entry into collaboration agreements with AbbVie in April 2016 and with LEO Pharma in May 2015. These payments are recognized as revenue over the estimated period of the Group’s continuing involvement in the research and development activities provided for under the terms of these agreements. The milestone payment of €10.1 million recognized in the six months ended June 30, 2018 related to milestone payments received under the AbbVie and LEO Pharma collaborations. The research and development service fees (FTE) for the six months ended June 30, 2018 corresponded to FTE payments received under the collaboration agreements of €0.5 million from Shire, €0.2 million from LEO Pharma and €0.2 million from Staten Biotechnology B.V. (Staten). The adoption of IFRS 15 – Revenue from contracts with customers, on January 1, 2018, resulted in the recognition for the six months ended June 30, 2018 of €1.8 million of deferred revenue related to previously recognized milestone payments under the former applicable standards of IAS 18. The following table summarizes the recognition of the upfront and milestone payments received for the six months ended June 30, 2018 and 2017. IAS 18 IFRS 15 IFRS 15 IAS 18 IAS 18 IFRS 15 Agreement Consideration received Consideration received Outstanding balance in deferred revenue as at December 31, 2017 Deferred revenue reclassified from equity following adoption of IFRS 15 Outstanding balance in deferred income as at January 1, 2018 Revenue recognized, six months ended June 30, 2018 Revenue recognized, six months ended June 30, 2018 Revenue recognized, six months ended June 30, 2017 Outstanding balance in deferred revenue as at June 30, 2018 (thousands of $) (thousands of €) (thousands of €) AbbVie 60,000 52,931 9,812 2,564 12,376 16,310 15,327 16,351 4,700 LEO Pharma — 4,500 258 86 344 634 618 1,548 210 Other (1) — — — — — — — 442 — 57,431 10,070 2,650 12,720 16,944 15,945 18,341 4,910 (1) "Other" refers to agreements for which there is no impact from the adoption of IFRS 15. The first adoption of IFRS 15 – Revenue from contracts with customers increased the accumulated losses and the amount of deferred revenue in the amount of €2.65 million, as shown in the table above (column titled “Deferred revenue reclassified from equity following adoption of IFRS 15”). The Company elected the modified retrospective approach for the transition which foresees that prior period figures remain as reported under the previous standard IAS 18 and the cumulative effect of applying IFRS 15 is recognized as an adjustment to the opening balance of equity as at the date of initial application ( i.e. , the beginning of the year 2018). The revenues recognized for the six months ended June 30, 2018 are presented in the table above under the IFRS 15 standard as well as under the IAS 18 standard, with a comparison to the last year’s period under the IAS 18 standard. The substance of our current arrangements is that the Company is licensing certain of its intellectual property to collaborative partner entities and conducts research and development activities. Such activities result in a service that is the output of the Company’s ordinary activities. The Company generates revenue through a number of these arrangements which include license fees, milestone payments, reimbursement income and future sales-based milestones and sales-based royalties. The Company assessed that the revenues from our current material licensing and collaboration agreements are in the scope of IFRS 15. With regard to our collaboration with AbbVie and LEO Pharma, the Company concluded as follows: · There is one single performance obligation under the new standard of IFRS 15, that being the transfer of a license combined with performance of research and development activities. This is because the Company concluded that the license is not distinct in the context of the contract. · The transaction price of these two agreements is currently composed of a fixed part, that being an upfront license fee, and a variable part, that being milestone payments and cost reimbursements of research and development activities delivered. Milestone payments are included in the transaction price of the arrangement only when achieved. Sales-based milestones and sales-based royalties are a part of the Company’s arrangements but are not yet included in our revenues, as its programs with AbbVie and LEO Pharma are still in the development phase. · The transaction price has been allocated to the single performance obligation, and revenues have been recognized over the estimated service period based on a pattern that reflects the transfer of the license and progress to complete satisfaction of the research and development activities. This is because the transfer of the license is considered to be combined with the performance of research and development activities. Therefore, research and development milestone payments are variable considerations that are entirely allocated to the single combined performance obligation. · The Company has chosen an input model to measure the satisfaction of the single performance obligation that considers percentage of costs incurred for these programs (% of completion method). · Cost reimbursements received could be recognized in revenues when costs are incurred and agreed by the parties, as the Company is acting as a principal in the scope of its stake of the research and development activities of its ongoing license and collaboration agreements. As a result of this analysis, for the six months ended June 30, 2018, €8.6 million of deferred revenue related to the AbbVie and LEO Pharma collaboration agreements was recognized as revenue under IFRS 15 as a function of costs incurred, applying the percentage of completion method. The revenue recognition consisted of (i) €6.8 million related to the upfront license fees and (ii) €1.8 million related to milestone payments received in previous years. Furthermore, in the first six months ended June 30, 2018, two new milestone payments were received under the collaboration agreements with AbbVie and LEO Pharma for a total amount of €9.1 million, of which €8.3 million was recognized in revenue under IFRS 15 applying the percentage of completion method and €0.8 million was deferred. The outstanding balance of deferred revenue from the AbbVie and LEO Pharma collaboration agreements at June 30, 2018 amounted to €4.9 million. As reflected in the table above, the impact of the IFRS 15 adoption on the Company’s revenues generated from its collaborations with AbbVie and LEO Pharma was related to the deferral of previously recognized milestone payments. 5.2 Other operating income Six months ended June 30, (in thousands of €) 2018 2017 Grants € 553 € 327 Research and development incentives 503 392 Payroll tax rebates 1,532 717 € 2,588 € 1,436 Grants The Flanders Innovation and Entrepreneurship Agency provided the Group with several grants. On June 30, 2018, the grants received by the Group reflected the expenses incurred by the Group in the various research and development projects sponsored by Flanders Innovation and Entrepreneurship Agency. In March 2018, a new government grant has been granted to the Group as follows: (amounts presented in thousands of €) VLAIO 1 Grantor: Flanders Innovation & Entrepreneurship Agency Start date: 11/01/2017 End date: 10/31/2020 Amount granted and approved: € 2,527 Amount recognized: 525 No conditions related to the above government grants were unfulfilled, nor were there any contingencies related thereon at the date of the approval of these financial statements, except for those described in note 7.2 of this report. Other Incentives Research and development incentives The Group has accounted for a tax receivable of €0.5 million in the six months ended June 30, 2018, compared to €0.4 million in the six months ended June 30, 2017, following a research and development tax incentive scheme in Belgium according to which the incentive will be refunded after a five-year period, if not offset against the current tax payable over the period (see also note 4.1). Payroll tax rebates The Group accounted for €1.5 million payroll tax rebates in the six months ended June 30, 2018, compared to €0.7 million in the six months ended June 30, 2017, as a reduction in withholding income taxes for its highly‑qualified personnel employed in its research and development department. 5.3 Segment reporting The Group operates from the Netherlands, Belgium and the United States. Revenues are invoiced by the subsidiary in Belgium and are generated by clients geographically located as shown in the table below. Revenue from external customers Six months ended June 30, (in thousands of €) 2018 2017 Netherlands € 214 € 284 Denmark 859 4,213 Switzerland 527 1,574 United States — 26 Luxembourg 16,310 16,351 Total € 17,910 € 22,448 Information about major clients: The Group received €17.9 million of revenue from its external customers in the six months ended June 30, 2018 compared to €22.4 million over the six months ended June 30, 2017, of which €16.3 million came from the Group’s largest client, €0.9 million from its second-largest client and €0.5 million from its third-largest client, compared to respectively €16.4 million, €4.2 million and €1.6 million in the six months ended June 30, 2017. 5.4 Research and development expenses Six months ended June 30, (in thousands of €) 2018 2017 Personnel expense € 12,284 € 6,517 External research and development expenses 17,313 14,652 Materials and consumables 785 847 Depreciation and amortization 220 216 Other expenses 3,769 3,360 € 34,371 € 25,592 5.5 Selling, general and administrative expenses Six months ended June 30, (in thousands of €) 2018 2017 Personnel expense € 8,361 € 2,217 Consulting fees 1,299 1,784 Supervisory board 477 263 Office costs 1,377 781 € 11,514 € 5,045

Financial instruments and finan

Financial instruments and financial risk management	6 Months Ended
	Jun. 30, 2018
Financial instruments and financial risk management
Financial instruments and financial risk management	6. Financial instruments and financial risk management 6.1 Overview of financial instruments At June 30, 2018 At December 31, 2017 Carrying Carrying (in thousands of €) amount Fair value amount Fair value Non‑current financial assets € 1 € 1 € 1 € 1 Current financial assets 197,982 197,982 168,907 168,907 Financial assets 197,983 197,983 168,908 168,908 Other non-current assets — — 125 125 Trade and other receivables 10,198 10,198 2,842 2,842 Cash and cash equivalents 140,869 140,869 190,867 190,867 Non‑current restricted cash 263 263 256 256 Current restricted cash 1,692 1,692 1,692 1,692 Loans and receivables 153,022 153,022 195,782 195,782 Total financial assets 351,005 351,005 364,690 364,690 Provision for employee benefits 25 25 25 25 Trade and other payables 21,559 21,559 15,285 15,285 Financial liabilities at amortized cost 21,584 21,584 15,310 15,310 Total financial liabilities € 21,584 € 21,584 € 15,310 € 15,310 Financial assets: · non‑current financial assets: please refer to note 4.3 of the Company’s Annual Report for the year ended December 31, 2017 for more information. These positions are reviewed at year-end (level 3). · current financial assets include: - collective investment funds nominated in € and $ that are not considered as cash equivalents and of which the underlying investments include bonds and other international debt securities. The average credit rating of the underlying instruments is BBB or higher. The maximum exposure to credit risk is the carrying value at reporting date. These investment funds are recognized at fair value in the Group’s financial statements (level 1). The fair value corresponds to the quoted market price and can therefore be classified as a level 1 fair value measurement. The net asset value of the funds is available on a daily basis. Any difference between amounts invested and fair value at reporting date is booked in Profit & Loss; and - a USD term account with a maturity of six months. This term account is held at a bank which is independently rated with a minimum rating of ‘A’. Loans and receivables: · other non-current assets (please refer to note 4.3 of the Company’s Annual Report for the year ended December 31, 2017 for more information); · trade and other receivables (please refer to note 4.3 for more information and to note 6.2 below for the credit risk); · cash and cash equivalents (please refer to note 4.6 for more information and to note 6.2 below for the credit risk); and · restricted cash (please refer to note 4.2 for more information). Financial liabilities: Due to the current nature of the financial liabilities, the nominal value of all financial liabilities presented above approximates their fair value. Fair value hierarchy: The Group carried the following assets at fair value on June 30, 2018 and December 31, 2017 respectively: At June 30, 2018 (in thousands of €) Level 1 Level 2 Level 3 Non-current financial assets € € € 1 Current financial assets 197,982 Assets carried at fair value € 197,982 € — € 1 At December 31, 2017 (in thousands of €) Level 1 Level 2 Level 3 Non-current financial assets € € € 1 Current financial assets 168,907 Assets carried at fair value € 168,907 € — € 1 All assets and liabilities for which fair value was measured or disclosed in the financial statements are categorized within the fair value hierarchy, described as follows, based on the lowest level input that is significant to the fair value measurement as a whole: · Level 1—Quoted (unadjusted) market prices in active markets for identical assets or liabilities · Level 2—Valuation techniques for which the lowest level input that is significant to the fair value measurement is directly or indirectly observable · Level 3—Valuation techniques for which the lowest level input that is significant to the fair value measurement is unobservable During the disclosed six month period, no transfers occurred between the applicable categories. Given the insignificant value of the Group’s assets categorized as Level 3, the additional Level 3 disclosures have been omitted. 6.2 Risks The Group’s activities expose it to a variety of financial risks: market risk (including currency, fair value interest rate risk, cash flow interest rate risk and price risk), credit risk and liquidity risk. The unaudited condensed consolidated interim financial statements do not include all financial risk management information and disclosures required in the annual financial statements, and should be read in conjunction with the Annual Report of the Group for the year ended December 31, 2017. During the six months ended June 30, 2018, there have been no significant changes in the risk profile of the Group, nor is the risk profile of the Group expected to change significantly in the second half of 2018, other than as referred to in Section 3 and 4 of the Management Report in the “Risk Factors and Forward-Looking Statements” and the “Operational and Financial Outlook”. However, the Group’s actual results may differ materially from those predicted as a result of various important factors, including its expectations regarding the inherent uncertainties associated with competitive developments, preclinical and clinical trial and product development activities and regulatory approval requirements; its reliance on collaborations with third parties; estimating the commercial potential of its drug candidates; its ability to obtain and maintain protection of intellectual property for its technologies and drugs; its limited operating history and its ability to obtain additional funding for operations and to complete the development and commercialization of its product candidates.

Other disclosures

Other disclosures	6 Months Ended
	Jun. 30, 2018
Other disclosures
Other disclosures	7. Other disclosures 7.1 Related party transactions Amongst the shareholders of the Company, there are minority investors and venture capital funds which individually do not hold a significant influence on the Company. Balances and transactions between the Company and its subsidiaries, which are related parties of the Company, have been eliminated through consolidation and are not disclosed in this note. There were no significant transactions with related parties during the six months ended June 30, 2018, other than compensation of key management personnel. The unaudited condensed consolidated interim financial statements do not include all related party disclosures required in the annual financial statements, and should be read in conjunction with the Annual Report of the Group for the year ended December 31, 2017. 7.2 Contingencies The Group is currently not facing any outstanding claims or litigations that may have a significant adverse impact on the Group’s financial position. As described in note 5.2, the Group has received several types of government grants which are granted subject to a certain number of conditions that need to be met at the grant date and in the future. The Group recognizes grant income from Belgian and Flemish grant bodies when all contractual conditions are met. These government institutions may however subsequently perform an audit which may result in a (partial) claw back of the grant. The Group deems that the claw back risk is remote in view of the continuous monitoring of the contractual conditions. Currently the Group has fulfilled all the existing conditions relating to the recognition of its grant income. Contracts with these grant bodies also typically include clauses that define the need for future validation of the project results after completion of the initial grant term during which the subsidized expenses or investments have been incurred and for which the grant was earned. Should this validation not occur or be deemed inadequate, the grant bodies have the right to reclaim funds previously granted. As described in note 4.8, on June 28, 2018, the Group granted a total of 178,900 stock options to certain of its employees, Board members and consultants. As part of the grant of these stock options, the Group has undertaken to compensate Belgian taxes that are paid upon the grant of these stock options if and when at the end of the exercise period, the stock price would be lower than the exercise price, as increased with these taxes. The Group has applied for a tax ruling on this subject that would cover the stock option grants as from June 28, 2018. The exposure that the Group could face at the end of the exercise period for the stock options grant of June 28, 2018 ranges from €0.4 million to €0.6 million. 7.3 Contractual obligations and commitments As at June 30, 2018, there were no commitments signed for the acquisition of property, plant and equipment or intangible assets. The operating lease commitments are listed below: Six months ended June 30, Year ended December 31, (in thousands of €) 2018 2017 Less than 1 year € 913 € 1,028 1–3 years 291 465 3–5 years 30 33 More than 5 years — — Total € 1,234 € 1,526 In July 2017, the Group signed a letter of intent with its drug substance manufacturing contractor, Lonza Sales AG, or Lonza, related to the biologics license application for ARGX‑113. The total commitment under this letter of intent amounts to a minimum spend of £5.0 million before the end of calendar year 2018, of which the Group paid £1.0 million upon signing. In December 2017, the Group amended one of its manufacturing agreements with Lonza. This amendment expands the scope of Lonza’s services with additional services for ARGX‑113 to be performed at the Lonza facility in Tuas, Singapore. These services relate to the start‑up of Lonza Singapore as a potential future commercial manufacturing site. Pursuant to this amendment, the Group has additional contractual obligations in the aggregate amount of approximately $11.0 million, with payments having begun in January 2018. In 2018, argenx entered into additional manufacturing commitments with Lonza in support of its clinical development plans for ARGX-113 for a total amount of £3.2 million. In addition to the obligations for ARGX‑113, the Group also has contractual obligations for ARGX‑110 for approximately £1.9 million, with payments beginning by the third quarter of 2018. 7.4 Overview of consolidation scope The parent company argenx SE is domiciled in the Netherlands. The Company has one subsidiary, argenx BVBA, based in Belgium. Since October 2017, argenx BVBA also has one subsidiary, argenx US Inc., based in the United States. Details of the Group’s consolidated entities at the end of the six months ended June 30, 2018 are as follows: List of consolidated companies. Name Registration number Country Participation Main activity argenx SE COC 24435214 The Netherlands 100.00 % Holding company argenx BVBA Belgium 100.00 % Biotechnical research on drugs and pharma processes argenx US, Inc. 36-4880497 USA 100.00 % Pharmaceuticals and pharmacy supplies merchant wholesalers 7.5 Events after the balance sheet date On July 17, 2018, the Company announced that it received a milestone payment from its strategic collaboration with Shire. On July 24, 2018, the Company announced the publication of full data from Phase 1 healthy volunteer study of efgartigimod in Journal of Clinical Investigation.

Significant accounting polici14

Significant accounting policies (Policies)	6 Months Ended
	Jun. 30, 2018
Significant accounting policies
Statement of compliance and basis of preparation	The unaudited condensed consolidated interim financial statements for the six months ended June 30, 2018 have been prepared in accordance with International Accounting Standard 34 ‘Interim financial reporting’ (IAS 34) as issued by the IASB and IAS 34 as adopted by the European Union (EU). The unaudited condensed consolidated interim financial statements should be read in conjunction with the annual financial statements for the year ended December 31, 2017, which have been prepared in accordance with the International Financial Reporting Standards (IFRS), as issued by the International Accounting Standards Board (IASB) and as adopted by the EU. The accounting policies applied in the preparation of the unaudited condensed consolidated interim financial statements are consistent with those applied in the financial statements for the year ended December 31, 2017. New standards or interpretations applicable from January 1, 2018 do not have any significant impact on the unaudited condensed consolidated interim financial statements, except for the adoption of IFRS 15. We refer to note 5.1 of these unaudited condensed consolidated financial statements for additional information on the impact of the adoption of IFRS 15. The assessment of the impact of IFRS 16 Leases (applicable for annual periods beginning on or after January 1, 2019) is still ongoing. The Company plans to adopt IFRS 16 on its effective date. All amounts herein are presented in thousands of €, unless otherwise indicated, rounded to the nearest € ‘000. The unaudited condensed consolidated financial statements have been approved for issue by the Company’s Board of Directors (the Board) on July 31, 2018.
Going concern	Going concern The Group has incurred net losses since its inception and for the six months ended June 30, 2018, its unaudited condensed consolidated interim statement of profit and loss and other comprehensive income reflects a net loss, and its unaudited condensed consolidated interim statement of financial position includes a loss carried forward. On July 31, 2018, the Board reviewed and approved the unaudited condensed consolidated interim financial statements and accounting standards. Taking into account the cash and cash equivalents and current financial asset position of €338.9 million on June 30, 2018, the Board is of the opinion that the Group is a going concern. Whilst the current cash position is sufficient for the Group’s immediate and mid‑term needs, the Company may seek additional funding to support the continuing development of its portfolio of products or to be able to execute other business opportunities, to the extent that such continual investment is expected to derive future benefits.
Revenue recognition	Revenue recognition Revenue from certain arrangements is recognized as the Group satisfies a combined performance obligation. The Company recognizes upfront payments and milestone payments, allocated to a combined performance obligation over the estimated service period based on a pattern that reflects the transfer of the services. The revenue recognized would reflect the level of service during each period. In this case, the Group would use an input model that considers estimates of the percentage of total research and development service costs that are completed each period compared to the total estimated services costs (% of completion method). Research and development service fees are recognized as revenue when costs are incurred and agreed by the parties as the Group is acting as a principal in the scope of its stake in the research and development activities of its ongoing license and collaboration agreements.
Measurement of share based payments	Measurement of share‑based payments In accordance with IFRS 2— Share‑based Payment , the fair value of the options at grant date is recognized as an expense in the statement of profit and loss and other comprehensive income over the vesting period. Subsequently, the fair value recognized in equity is not re‑measured. The fair value of each stock option granted during the year is calculated using the Black‑Scholes pricing model. This pricing model requires the input of subjective assumptions, which are detailed in note 4.8.
Recognition of deferred tax assets	Recognition of deferred tax assets Deferred tax assets are recognized only if management assesses that these tax assets can be offset against positive taxable income within a foreseeable future. This judgment is made by management on an ongoing basis and is based on budgets and business plans for the coming years, including planned commercial initiatives. These budgets and business plans are reviewed and approved by the Board. Since inception, the Group has reported losses, and consequently, the Group has unused tax losses. The deferred tax assets are currently not deemed to meet the criteria for recognition as management is not able to provide any convincing positive evidence that deferred tax assets should be recognized. Therefore, management has concluded that deferred tax assets should not be recognized as of June 30, 2018.

Notes relating to the unaudit15

Notes relating to the unaudited condensed consolidated interim statement of financial position (Tables)	6 Months Ended
	Jun. 30, 2018
Notes relating to the unaudited condensed consolidated interim statement of financial position
Schedule of Research and development incentive receivables	Six months ended Year ended June 30, December 31, (in thousands of €) 2018 2017 Research and development incentive receivables—current € 301 € 158 Research and development incentive receivables—non-current 3,235 3,033 € 3,536 € 3,191
Schedule of Restricted cash	Six months ended Year ended June 30, December 31, (in thousands of €) 2018 2017 Non‑current restricted cash Rental guarantees € 263 € 256 Total non‑current € 263 € 256 Current restricted cash Escrow account < 1 year 1,692 1,692 Total restricted cash € 1,955 € 1,948
Schedule of Trade and other receivables	Six months ended Year ended June 30, December 31, (in thousands of €) 2018 2017 VAT receivable € 320 € 317 Trade receivables 8,907 845 Other receivables 530 750 Interest receivable 248 — VLAIO grant receivable 193 930 € 10,198 € 2,842
Schedule of Cash and cash equivalents	Six months ended Year ended June 30, December 31, (in thousands of €) 2018 2017 Cash equivalents € 48,501 € 25,000 Cash and bank balances 92,368 165,867 € 140,869 € 190,867
Schedule of Shareholders' capital	Number of shares outstanding on December 31, 2016 20,126,479 U.S. initial public offering on Nasdaq on May 17, 2017 5,865,000 Over-allotment option exercised by underwriters on May 19, 2017 879,750 Exercise of Options on August 24, 2017 5,000 Exercise of Options on September 1, 2017 15,000 Exercise of Options on October 2, 2017 1,400 Exercise of Options on November 7, 2017 950 Exercise of Options on November 14, 2017 4,260 Exercise of Options on November 15, 2017 40,750 Exercise of Options on November 21, 2017 53,092 Exercise of Options on November 22, 2017 7,730 Exercise of Options on December 4, 2017 65,380 U.S. second public offering on Nasdaq on December 13, 2017 4,440,000 Over-allotment option exercised by underwriters on December 14, 2017 666,000 Exercise of Options on December 18, 2017 9,850 Number of shares outstanding on December 31, 2017 32,180,641 Exercise of Options in January 2018 111,727 Exercise of Options in March 2018 113,075 Exercise of Options in April 2018 34,039 Exercise of Options in May 2018 5,900 Exercise of Options in June 2018 5,393 Number of shares outstanding on June 30, 2018 32,450,775
Schedule of Sharebased payment arrangements	Exercise price Outstanding Outstanding per stock stock options on stock options on options June 30, December 31, Expiry date (in €) 2018 2017 2020 3.95 20,256 36,960 2021 3.95 — 2,850 2023 2.44 297,100 314,593 2024 2.44 117,733 135,890 2024 3.95 6,895 15,692 2024 7.17 415,561 516,100 2024 2.44 26,970 83,820 2025 11.44 39,000 39,000 2025 10.34 3,000 3,000 2025 9.47 228,286 235,514 2026 11.38 53,294 60,000 2026 11.47 266,857 282,310 2026 14.13 334,149 362,126 2027 18.41 118,869 120,536 2027 21.17 637,125 653,825 2023/2028 (1) € 80.82 178,900 — 2,743,995 2,862,216 (1) On June 28, 2018, the Group has granted a total of 178,900 stock options. The beneficiary can choose between a contractual term of five or ten years.
Schedule of parameters used in relation to the new grants	Stock options granted in June 2018 Number of options granted 178,900 Average fair value of options (in EUR) € 37.29 Share price (in EUR) € 72.00 Exercise price (in EUR) € 80.82 Expected volatility 45.50 % Average expected option life (in years) (1) 10 Risk‑free interest rate 0.72 % Expected dividends — % (1) The beneficiary can choose between a contractual term of five or ten years. The average expected option life is currently estimated at ten years. This estimate will be reassessed once the acceptance period of 60 days has passed and the beneficiaries will have made a choice between a contractual term of five or ten years. The total fair value of the grant would range from €4.7 million (100% of the stock options at an expected option life of five years) to €6.7 million (100% of the stock options at an expected option life of ten years).

Notes to unaudited condensed 16

Notes to unaudited condensed consolidated interim statement of profit and loss and other comprehensive income (Tables)	6 Months Ended
	Jun. 30, 2018
Notes to unaudited condensed consolidated interim statement of profit and loss and other comprehensive income
Schedule of revenue	Six months ended June 30, (in thousands of €) 2018 2017 Upfront payments € 6,812 € 8,664 Milestone payments 10,132 9,677 Research and development service fees (FTE) 966 4,107 € 17,910 € 22,448
Summary of recognition of the upfront and milestone payments received	IAS 18 IFRS 15 IFRS 15 IAS 18 IAS 18 IFRS 15 Agreement Consideration received Consideration received Outstanding balance in deferred revenue as at December 31, 2017 Deferred revenue reclassified from equity following adoption of IFRS 15 Outstanding balance in deferred income as at January 1, 2018 Revenue recognized, six months ended June 30, 2018 Revenue recognized, six months ended June 30, 2018 Revenue recognized, six months ended June 30, 2017 Outstanding balance in deferred revenue as at June 30, 2018 (thousands of $) (thousands of €) (thousands of €) AbbVie 60,000 52,931 9,812 2,564 12,376 16,310 15,327 16,351 4,700 LEO Pharma — 4,500 258 86 344 634 618 1,548 210 Other (1) — — — — — — — 442 — 57,431 10,070 2,650 12,720 16,944 15,945 18,341 4,910 (1) "Other" refers to agreements for which there is no impact from the adoption of IFRS 15.
Schedule of other operating income	Six months ended June 30, (in thousands of €) 2018 2017 Grants € 553 € 327 Research and development incentives 503 392 Payroll tax rebates 1,532 717 € 2,588 € 1,436
Schedule of grants	(amounts presented in thousands of €) VLAIO 1 Grantor: Flanders Innovation & Entrepreneurship Agency Start date: 11/01/2017 End date: 10/31/2020 Amount granted and approved: € 2,527 Amount recognized: 525
Schedule of revenue and non-current assets generated geographically	Revenue from external customers Six months ended June 30, (in thousands of €) 2018 2017 Netherlands € 214 € 284 Denmark 859 4,213 Switzerland 527 1,574 United States — 26 Luxembourg 16,310 16,351 Total € 17,910 € 22,448
Schedule of research and development expenses	Six months ended June 30, (in thousands of €) 2018 2017 Personnel expense € 12,284 € 6,517 External research and development expenses 17,313 14,652 Materials and consumables 785 847 Depreciation and amortization 220 216 Other expenses 3,769 3,360 € 34,371 € 25,592
Schedule of general and administrative expenses	Six months ended June 30, (in thousands of €) 2018 2017 Personnel expense € 8,361 € 2,217 Consulting fees 1,299 1,784 Supervisory board 477 263 Office costs 1,377 781 € 11,514 € 5,045

Financial instruments and fin17

Financial instruments and financial risk management (Tables)	6 Months Ended
	Jun. 30, 2018
Financial instruments and financial risk management
Schedule of overview of financial instruments	At June 30, 2018 At December 31, 2017 Carrying Carrying (in thousands of €) amount Fair value amount Fair value Non‑current financial assets € 1 € 1 € 1 € 1 Current financial assets 197,982 197,982 168,907 168,907 Financial assets 197,983 197,983 168,908 168,908 Other non-current assets — — 125 125 Trade and other receivables 10,198 10,198 2,842 2,842 Cash and cash equivalents 140,869 140,869 190,867 190,867 Non‑current restricted cash 263 263 256 256 Current restricted cash 1,692 1,692 1,692 1,692 Loans and receivables 153,022 153,022 195,782 195,782 Total financial assets 351,005 351,005 364,690 364,690 Provision for employee benefits 25 25 25 25 Trade and other payables 21,559 21,559 15,285 15,285 Financial liabilities at amortized cost 21,584 21,584 15,310 15,310 Total financial liabilities € 21,584 € 21,584 € 15,310 € 15,310
Schedule of assets at fair value	At June 30, 2018 (in thousands of €) Level 1 Level 2 Level 3 Non-current financial assets € € € 1 Current financial assets 197,982 Assets carried at fair value € 197,982 € — € 1 At December 31, 2017 (in thousands of €) Level 1 Level 2 Level 3 Non-current financial assets € € € 1 Current financial assets 168,907 Assets carried at fair value € 168,907 € — € 1

Other disclosures (Tables)

Other disclosures (Tables)	6 Months Ended
	Jun. 30, 2018
Other disclosures
Schedule of operating lease commitments	Six months ended June 30, Year ended December 31, (in thousands of €) 2018 2017 Less than 1 year € 913 € 1,028 1–3 years 291 465 3–5 years 30 33 More than 5 years — — Total € 1,234 € 1,526
Schedule of overview of Subsidiaries	Name Registration number Country Participation Main activity argenx SE COC 24435214 The Netherlands 100.00 % Holding company argenx BVBA Belgium 100.00 % Biotechnical research on drugs and pharma processes argenx US, Inc. 36-4880497 USA 100.00 % Pharmaceuticals and pharmacy supplies merchant wholesalers

Critical accounting judgement19

Critical accounting judgements and key sources of estimation uncertainty - (Details) € in Millions	Jun. 30, 2018EUR (€)
Critical accounting judgements and key sources of estimation uncertainty
Cash and cash equivalents and current financial assets	€ 338.9

Notes relating to the unaudit20

Notes relating to the unaudited condensed consolidated interim statement of financial position - Research and development incentive receivables (Details) - EUR (€) € in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2018	Dec. 31, 2017
Notes relating to the unaudited condensed consolidated interim statement of financial position
Research and development incentive receivables - Current	€ 301	€ 158
Research and development incentive receivables - non-current	3,235	3,033
Total	€ 3,536	€ 3,191
Minimum refund period of research and development incentive receivables.	5 years	5 years

Notes relating to the unaudit21

Notes relating to the unaudited condensed consolidated interim statement of financial position - Restricted cash (Details) - EUR (€) € in Thousands	Jun. 30, 2018	Dec. 31, 2017
Notes relating to the unaudited condensed consolidated interim statement of financial position
Rental guarantees	€ 263	€ 256
Total noncurrent	263	256
Escrow account less than 1 year	1,692	1,692
Total restricted cash	€ 1,955	€ 1,948

Notes relating to the unaudit22

Notes relating to the unaudited condensed consolidated interim statement of financial position - Trade and other receivables (Details) - EUR (€) € in Thousands	6 Months Ended		12 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Dec. 31, 2017
Trade and other receivables
VAT receivable	€ 320		€ 317
Trade receivables	8,907		845
Other receivables	530		750
Interest receivable	248
VLAIO grant receivable	193		930
Total trade and other current receivables	10,198		2,842
Impairment loss on trade receivables	0		0
Government grant received from Flanders Innovation and Entrepreneurship Agency	553	€ 327
Flanders Innovation and Entrepreneurship Agency
Trade and other receivables
Government grant received from Flanders Innovation and Entrepreneurship Agency	€ 0		€ 0

Notes relating to the unaudit23

Notes relating to the unaudited condensed consolidated interim statement of financial position - Prepaid expenses and Current financial assets (Details) - EUR (€) € in Thousands	6 Months Ended
	Jun. 30, 2018	Dec. 31, 2017
Notes relating to the unaudited condensed consolidated interim statement of financial position
Prepaid expenses	€ 4,718	€ 2,338
Prepaid upfront reservation fee	2,500
Upfront reservation fee paid	700
Other prepayments	1,500
Other current financial assets
Financial assets	€ 197,982	€ 168,907
Maturity Term	6 months

Notes relating to the unaudit24

Notes relating to the unaudited condensed consolidated interim statement of financial position - Cash and cash equivalents (Details) - EUR (€) € in Thousands	Jun. 30, 2018	Dec. 31, 2017	Jun. 30, 2017	Dec. 31, 2016
Notes relating to the unaudited condensed consolidated interim statement of financial position
Cash equivalents	€ 48,501	€ 25,000
Cash and bank balances	92,368	165,867
Total cash and cash equivalents	€ 140,869	€ 190,867	€ 75,533	€ 89,897

Notes relating to the unaudit25

Notes relating to the unaudited condensed consolidated interim statement of financial position - Shareholders' capital (Details) - EUR (€)	May 08, 2018	Dec. 18, 2017	Dec. 14, 2017	Dec. 13, 2017	Dec. 04, 2017	Nov. 22, 2017	Nov. 21, 2017	Nov. 15, 2017	Nov. 14, 2017	Nov. 07, 2017	Oct. 02, 2017	Sep. 01, 2017	Aug. 24, 2017	May 19, 2017	May 17, 2017	Jun. 30, 2018	May 31, 2018	Apr. 30, 2018	Mar. 31, 2018	Jan. 31, 2018	Jun. 30, 2018	Jun. 30, 2018	Dec. 31, 2016
Disclosure of classes of share capital [line items]
Number of shares outstanding																32,450,775				32,180,641	32,180,641	32,450,775	20,126,479
Number of shares outstanding at beginning of period																				32,180,641	32,180,641
New shares issued for private placement, initial public offering, public offering and underwriters' over-allotment option			666,000	4,440,000										879,750	5,865,000
Exercise of Options		9,850			65,380	7,730	53,092	40,750	4,260	950	1,400	15,000	5,000			5,393	5,900	34,039	113,075	111,727
Number of shares outstanding at end of period																32,450,775					32,450,775
Number of shares on conversion																					1
Par value per share																						€ 0.1
Maximum authorized increase of then outstanding share capital (as a percent)	20.00%
Period of outstanding share capital	18 months
Maximum authorized increase in share capital	€ 648,789.60
Maximum authorized increase in number of shares	6,487,896
Employee Stock Option
Disclosure of classes of share capital [line items]
Exercise of Options																					270,134

Notes relating to the unaudit26

Notes relating to the unaudited condensed consolidated interim statement of financial position - Share-based payments (Details)	Jun. 28, 2018EquityInstruments	Jun. 30, 2018EUR (€)EquityInstrumentsitemshares	Dec. 31, 2017EquityInstruments	Jun. 30, 2018item	Jun. 30, 2018EUR (€)	Dec. 31, 2017item
Disclosure of terms and conditions of share-based payment arrangement [line items]
Options expired		0	0
Exercised		270,134	203,412
Forfeited		26,987	2,369
Number of shares on conversion | shares		1
Vesting period		24 months
Exercise price per stock options | €					€ 80.82
Outstanding stock options		2,743,995	2,862,216	2,743,995		2,862,216
Amounts are paid or payable by the recipient on receipt of the option | €		€ 0
Number of other conditions are attached to the stock options | item		0
Tranche One
Disclosure of terms and conditions of share-based payment arrangement [line items]
Vesting percentage		33.00%
Tranche Two
Disclosure of terms and conditions of share-based payment arrangement [line items]
Vesting percentage		2.79%
Percentage of stock options granted		67.00%
3.95 | 2020
Disclosure of terms and conditions of share-based payment arrangement [line items]
Exercise price per stock options | €					3.95
Outstanding stock options		20,256	36,960
3.95 | 2021
Disclosure of terms and conditions of share-based payment arrangement [line items]
Exercise price per stock options | €					3.95
Outstanding stock options			2,850
3.95 | 2024
Disclosure of terms and conditions of share-based payment arrangement [line items]
Exercise price per stock options | €					3.95
Outstanding stock options		6,895	15,692
2.44 - Option One | 2024
Disclosure of terms and conditions of share-based payment arrangement [line items]
Exercise price per stock options | €					2.44
Outstanding stock options		117,733	135,890
2.44 | 2023
Disclosure of terms and conditions of share-based payment arrangement [line items]
Exercise price per stock options | €					2.44
Outstanding stock options		297,100	314,593
2.44 | 2024
Disclosure of terms and conditions of share-based payment arrangement [line items]
Exercise price per stock options | €					2.44
Outstanding stock options		26,970	83,820
7.17 | 2024
Disclosure of terms and conditions of share-based payment arrangement [line items]
Exercise price per stock options | €					7.17
Outstanding stock options		415,561	516,100
11.44 | 2025
Disclosure of terms and conditions of share-based payment arrangement [line items]
Exercise price per stock options | €					11.44
Outstanding stock options		39,000	39,000
10.34 | 2025
Disclosure of terms and conditions of share-based payment arrangement [line items]
Exercise price per stock options | €					10.34
Outstanding stock options		3,000	3,000
9.47 | 2025
Disclosure of terms and conditions of share-based payment arrangement [line items]
Exercise price per stock options | €					9.47
Outstanding stock options		228,286	235,514
11.38 | 2026
Disclosure of terms and conditions of share-based payment arrangement [line items]
Exercise price per stock options | €					11.38
Outstanding stock options		53,294	60,000
11.47 | 2026
Disclosure of terms and conditions of share-based payment arrangement [line items]
Exercise price per stock options | €					11.47
Outstanding stock options		266,857	282,310
14.13 | 2026
Disclosure of terms and conditions of share-based payment arrangement [line items]
Exercise price per stock options | €					14.13
Outstanding stock options		334,149	362,126
18.41 | 2027
Disclosure of terms and conditions of share-based payment arrangement [line items]
Exercise price per stock options | €					18.41
Outstanding stock options		118,869	120,536
21.17 | 2027
Disclosure of terms and conditions of share-based payment arrangement [line items]
Exercise price per stock options | €					21.17
Outstanding stock options		637,125	653,825
80.82 | 2023/2028
Disclosure of terms and conditions of share-based payment arrangement [line items]
Exercise price per stock options | €					€ 80.82
Outstanding stock options	178,900	178,900
Maximum
Disclosure of terms and conditions of share-based payment arrangement [line items]
Vesting percentage	100.00%
Vesting period	10 years
Contractual term	10 years
Maximum | 80.82 | 2023/2028
Disclosure of terms and conditions of share-based payment arrangement [line items]
Contractual term	10 years
Minimum
Disclosure of terms and conditions of share-based payment arrangement [line items]
Vesting percentage	100.00%
Vesting period	5 years
Contractual term	5 years
Minimum | 80.82 | 2023/2028
Disclosure of terms and conditions of share-based payment arrangement [line items]
Contractual term	5 years

Notes relating to the unaudit27

Notes relating to the unaudited condensed consolidated interim statement of financial position - Share-based payments - Overview (Details)	Jun. 28, 2018EUR (€)	Jun. 30, 2018EUR (€)EquityInstrumentsY	Jun. 30, 2017EUR (€)
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of options granted | EquityInstruments		178,900
Average fair value of options		€ 37.29
Share price		72
Exercise price		€ 80.82
Expected volatility		45.50%
Average expected option life (in years) | Y		10
Riskfree interest rate		0.72%
Total share based payment expense		€ 8,800,000	€ 1,900,000
Acceptance period	60 years
Vesting period		24 months
Maximum
Disclosure of terms and conditions of share-based payment arrangement [line items]
Average fair value of options	€ 6,700,000
Contractual term	10 years
Vesting percentage	100.00%
Vesting period	10 years
Minimum
Disclosure of terms and conditions of share-based payment arrangement [line items]
Average fair value of options	€ 4,700,000
Contractual term	5 years
Vesting percentage	100.00%
Vesting period	5 years

Notes relating to the consolida

Notes relating to the consolidated statement of financial position - Current tax liability (Details) - EUR (€) € in Thousands	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Dec. 31, 2017
Notes relating to the unaudited condensed consolidated interim statement of financial position
Loss before taxes	€ (20,107)	€ (7,598)
Current tax liabilities	€ 565		€ 597

Notes relating to the unaudit29

Notes relating to the unaudited condensed consolidated interim statement of financial position - Deferred revenue (Details) - EUR (€) € in Thousands	1 Months Ended		6 Months Ended
	Apr. 30, 2016	May 31, 2015	Jun. 30, 2018	Jun. 30, 2017	Dec. 31, 2017
Disclosure of offsetting of financial assets [line items]
Deferred revenue			€ 4,910		€ 10,070
Upfront Payments Received			6,812	€ 8,664
AbbVie
Disclosure of offsetting of financial assets [line items]
Deferred revenue			4,700		9,812
Upfront Payments Received	€ 4,700
LEO Pharma collaboration
Disclosure of offsetting of financial assets [line items]
Deferred revenue			€ 210		€ 258
Upfront Payments Received		€ 200

Notes to unaudited condensed 30

Notes to unaudited condensed consolidated interim statement of profit and loss and other comprehensive income (Details) - EUR (€) € in Thousands	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Dec. 31, 2017
Notes to unaudited condensed consolidated interim statement of profit and loss and other comprehensive income
Upfront payments	€ 6,812	€ 8,664
Milestone payments	10,132	9,677
Research and development service fees (FTE)	966	4,107
Total revenue	17,910	€ 22,448
Deferred income	4,910		€ 10,070
IAS 18
Notes to unaudited condensed consolidated interim statement of profit and loss and other comprehensive income
Deferred income	€ 1,800

Notes to unaudited condensed 31

Notes to unaudited condensed consolidated interim statement of profit and loss and other comprehensive income - Revenue (Details) - EUR (€) € in Thousands	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Notes to unaudited condensed consolidated interim statement of profit and loss and other comprehensive income
Milestone payments	€ 10,132	€ 9,677
Research and development service fees (FTE)	966	€ 4,107
Shire
Notes to unaudited condensed consolidated interim statement of profit and loss and other comprehensive income
Research and development service fees (FTE)	500
LEO Pharma collaboration
Notes to unaudited condensed consolidated interim statement of profit and loss and other comprehensive income
Research and development service fees (FTE)	200
Staten
Notes to unaudited condensed consolidated interim statement of profit and loss and other comprehensive income
Research and development service fees (FTE)	€ 200

Notes to unaudited condensed 32

Notes to unaudited condensed consolidated interim statement of profit and loss and other comprehensive income - Revenue Recognition (Details) € in Thousands, $ in Thousands	6 Months Ended
	Jun. 30, 2018EUR (€)	Jun. 30, 2017EUR (€)	Jun. 30, 2018USD ($)	Jun. 30, 2018EUR (€)	Jan. 01, 2018EUR (€)	Dec. 31, 2017EUR (€)
Notes to unaudited condensed consolidated interim statement of profit and loss and other comprehensive income
Consideration received				€ 57,431
Deferred income				4,910		€ 10,070
Revenue Recognized		€ 18,341
AbbVie
Notes to unaudited condensed consolidated interim statement of profit and loss and other comprehensive income
Consideration received			$ 60,000	52,931
Deferred income				4,700		9,812
Revenue Recognized		16,351
LEO Pharma collaboration
Notes to unaudited condensed consolidated interim statement of profit and loss and other comprehensive income
Consideration received				4,500
Deferred income				210		258
Revenue Recognized		1,548
Other
Notes to unaudited condensed consolidated interim statement of profit and loss and other comprehensive income
Revenue Recognized		€ 442
IAS 18
Notes to unaudited condensed consolidated interim statement of profit and loss and other comprehensive income
Deferred income				1,800
Revenue Recognized	€ 15,945
IAS 18 | AbbVie
Notes to unaudited condensed consolidated interim statement of profit and loss and other comprehensive income
Revenue Recognized	15,327
IAS 18 | LEO Pharma collaboration
Notes to unaudited condensed consolidated interim statement of profit and loss and other comprehensive income
Revenue Recognized	618
Assessment of the impact of IFRS 15
Notes to unaudited condensed consolidated interim statement of profit and loss and other comprehensive income
Deferred income					€ 12,720	2,650
Revenue Recognized	16,944
Assessment of the impact of IFRS 15 | AbbVie
Notes to unaudited condensed consolidated interim statement of profit and loss and other comprehensive income
Deferred income					12,376	2,564
Revenue Recognized	16,310
Assessment of the impact of IFRS 15 | LEO Pharma collaboration
Notes to unaudited condensed consolidated interim statement of profit and loss and other comprehensive income
Deferred income					€ 344	€ 86
Revenue Recognized	€ 634
AbbVie and LEO Pharma
Notes to unaudited condensed consolidated interim statement of profit and loss and other comprehensive income
Deferred income				€ 4,900

Notes to unaudited condensed 33

Notes to unaudited condensed consolidated interim statement of profit and loss and other comprehensive income - Collaboration (Details) € in Thousands	6 Months Ended
	Jun. 30, 2018EUR (€)itempayment	Jun. 30, 2017EUR (€)	Dec. 31, 2017EUR (€)
Notes to unaudited condensed consolidated interim statement of profit and loss and other comprehensive income
Deferred income	€ 4,910		€ 10,070
Upfront payments	6,812	€ 8,664
Milestone payments	10,132	9,677
Revenue	17,910	22,448
AbbVie and LEO Pharma
Notes to unaudited condensed consolidated interim statement of profit and loss and other comprehensive income
Deferred income	4,900
Revenue	€ 8,600
IFRS 15 | AbbVie and LEO Pharma
Notes to unaudited condensed consolidated interim statement of profit and loss and other comprehensive income
Number of performance obligation | item	1
Number of agreements | payment	2
Number of new milestone payments | payment	2
Deferred income	€ 800
Upfront payments	6,800
Milestone payments	9,100	€ 1,800
Revenue	€ 8,300

Notes to unaudited condensed 34

Notes to unaudited condensed consolidated interim statement of profit and loss and other comprehensive income - Other operating income (Details) - EUR (€) € in Thousands	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Notes to unaudited condensed consolidated interim statement of profit and loss and other comprehensive income
Grants	€ 553	€ 327
Research and development incentives	503	392
Payroll tax rebates	1,532	717
Total	€ 2,588	€ 1,436

Notes to unaudited condensed 35

Notes to unaudited condensed consolidated interim statement of profit and loss and other comprehensive income - Other operating income - Grants (Details) € in Thousands	Jun. 30, 2018EUR (€)item
Other operating income - Grants
Number of conditions related to government grants that are unfulfilled | item	0
Flanders Innovation & Entrepreneurship 4
Other operating income - Grants
Amount granted and approved	€ 2,527
Amount recognized	€ 525

Notes to unaudited condensed 36

Notes to unaudited condensed consolidated interim statement of profit and loss and other comprehensive income - Other operating income - Other Incentives (Details) - EUR (€) € in Thousands	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Notes to unaudited condensed consolidated interim statement of profit and loss and other comprehensive income
Research and development incentives	€ 503	€ 392
Incentive refund period	5 years
Payroll tax rebates	€ 1,532	€ 717

Notes to unaudited condensed 37

Notes to unaudited condensed consolidated interim statement of profit and loss and other comprehensive income - Segment reporting (Details) - EUR (€) € in Thousands	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Dec. 31, 2017
Notes to consolidated statement of profit and loss and other comprehensive income
Revenue from external customers	€ 17,910	€ 22,448
Non-current assets	4,259		€ 4,104
Netherlands
Notes to consolidated statement of profit and loss and other comprehensive income
Revenue from external customers	214	284
Denmark
Notes to consolidated statement of profit and loss and other comprehensive income
Revenue from external customers	859	4,213
Switzerland
Notes to consolidated statement of profit and loss and other comprehensive income
Revenue from external customers	527	1,574
United States
Notes to consolidated statement of profit and loss and other comprehensive income
Revenue from external customers		26
Luxembourg
Notes to consolidated statement of profit and loss and other comprehensive income
Revenue from external customers	€ 16,310	€ 16,351

Notes to unaudited condensed 38

Notes to unaudited condensed consolidated interim statement of profit and loss and other comprehensive income - Segment reporting - Major clients (Details) - EUR (€) € in Thousands	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Segment reporting - Major clients
Revenue	€ 17,910	€ 22,448
Largest client
Segment reporting - Major clients
Revenue	16,300	16,400
Second largest client
Segment reporting - Major clients
Revenue	900	4,200
Third largest client
Segment reporting - Major clients
Revenue	€ 500	€ 1,600

Notes to unaudited condensed 39

Notes to unaudited condensed consolidated interim statement of profit and loss and other comprehensive income - Research and development expenses (Details) - EUR (€) € in Thousands	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Notes to unaudited condensed consolidated interim statement of profit and loss and other comprehensive income
Personnel expenses	€ 12,284	€ 6,517
External research and development expenses	17,313	14,652
Materials and consumables	785	847
Depreciation and amortisation	220	216
Other expenses	3,769	3,360
Research and development expenses	€ 34,371	€ 25,592

Notes to unaudited condensed 40

Notes to unaudited condensed consolidated interim statement of profit and loss and other comprehensive income - General and administrative expenses (Details) - EUR (€) € in Thousands	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Notes to unaudited condensed consolidated interim statement of profit and loss and other comprehensive income
Personnel expenses	€ 8,361	€ 2,217
Consulting fees	1,299	1,784
Supervisory board	477	263
Office costs	1,377	781
Total	€ 11,514	€ 5,045

Financial instruments and fin41

Financial instruments and financial risk management (Details) - EUR (€) € in Thousands	Jun. 30, 2018	Dec. 31, 2017
Overview of financial instruments
Non-current financial assets	€ 1	€ 1
Current financial assets	197,982	168,907
Total financial assets	197,983	168,908
Total financial assets including loans and receivables	351,005	364,690
Financial assets, at fair value	197,983	168,908
Total financial assets, including loans and receivables at fair value	351,005	364,690
Current financial liabilities	21,584	15,310
Financial liabilities , Fair value	21,584	15,310
Investments
Overview of financial instruments
Non-current financial assets	1	1
Non Current Financial Assets at Fair Value	1	1
Debt securities
Overview of financial instruments
Current financial assets	197,982	168,907
Current Financial assets, at fair value	197,982	168,907
Other Noncurrent Assets
Overview of financial instruments
Non-current financial assets		125
Non Current Financial Assets at Fair Value		125
Trade and other receivables
Overview of financial instruments
Current financial assets	10,198	2,842
Current Financial assets, at fair value	10,198	2,842
Cash and cash equivalents
Overview of financial instruments
Current financial assets	140,869	190,867
Current Financial assets, at fair value	140,869	190,867
Noncurrent restricted cash
Overview of financial instruments
Non-current financial assets	263	256
Non Current Financial Assets at Fair Value	263	256
Current restricted cash
Overview of financial instruments
Current financial assets	1,692	1,692
Current Financial assets, at fair value	1,692	1,692
Loans and receivables
Overview of financial instruments
Total financial assets	153,022	195,782
Financial assets, at fair value	153,022	195,782
Provision for employee benefits
Overview of financial instruments
Current financial liabilities	25	25
Financial liabilities , Fair value	25	25
Trade and other payables
Overview of financial instruments
Current financial liabilities	21,559	15,285
Financial liabilities , Fair value	21,559	15,285
Financial liabilities at amortized cost
Overview of financial instruments
Current financial liabilities	21,584	15,310
Financial liabilities , Fair value	€ 21,584	€ 15,310

Financial instruments and fin42

Financial instruments and financial risk management - Fair value (Details) - EUR (€) € in Thousands	6 Months Ended
	Jun. 30, 2018	Dec. 31, 2017
Fair value hierarchy
Assets carried at fair value	€ 197,983	€ 168,908
Transfers out of Level 1 to Level 2 assets	0
Transfers out of Level 1 to Level 2 liabilities	0
Transfers out of Level 2 to Level 1 assets	0
Transfers out of Level 2 to Level 1 liabilities	0
Transfer into level 3 assets	0
Transfer out of level 3 assets	0
Transfer into level 3 liabilities	0
Transfer out of level 3 liabilities	0
Level 1
Fair value hierarchy
Current financial assets	197,982	168,907
Assets carried at fair value	197,982	168,907
Level 3
Fair value hierarchy
Non-current financial assets	1	1
Assets carried at fair value	€ 1	€ 1

Other disclosures - Commitments

Other disclosures - Commitments (Details) € in Thousands, £ in Millions, $ in Millions	1 Months Ended	6 Months Ended
	Jul. 31, 2017GBP (£)	Jun. 30, 2018EUR (€)EquityInstruments	Jun. 28, 2018EUR (€)	Dec. 31, 2017USD ($)	Dec. 31, 2017EUR (€)
Contractual obligations and commitments
Number of options granted | EquityInstruments		178,900
Contractual commitments for acquisition of property, plant and equipment		€ 0
Contractual commitments for acquisition of intangible assets		0
Operating lease commitments		1,234			€ 1,526
Less than 1 year
Contractual obligations and commitments
Operating lease commitments		913			1,028
1-3 years
Contractual obligations and commitments
Operating lease commitments		291			465
3-5 years
Contractual obligations and commitments
Operating lease commitments		30			€ 33
ARGX110
Contractual obligations and commitments
Contractual obligations | £	£ 1.9
Lonza Sales AG
Contractual obligations and commitments
Contractual obligations | £	5
Payment of Contract Amount | £	£ 1
Lonza Sales AG | ARGX-113
Contractual obligations and commitments
Contractual obligations		€ 3,200		$ 11
Maximum
Contractual obligations and commitments
Exercise period of grant ranges			€ 600
Minimum
Contractual obligations and commitments
Exercise period of grant ranges			€ 400

Other disclosures - Overview of

Other disclosures - Overview of Subsidiaries and Subsequent Events (Details)	6 Months Ended
	Jun. 30, 2018subsidiary
Netherlands
Overview of consolidation scope
Participation ( as a percent)	100.00%
Belgium | ARGENX BVBA
Overview of consolidation scope
Number of subsidiaries	1
Participation ( as a percent)	100.00%
United States | ARGENX US INC
Overview of consolidation scope
Number of subsidiaries	1
Participation ( as a percent)	100.00%