argenx SE (ARGX) 6-K 31 Jul 20 2020 Q2 Current report (foreign) Financial data

Document and Entity Information

Document and Entity Information	6 Months Ended
	Jun. 30, 2020
Cover [Abstract]
Document Type	6-K
Document Period End Date	Jun. 30, 2020
Entity Registrant Name	ARGENX SE
Entity Central Index Key	0001697862
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q2
Amendment Flag	false

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION - EUR (€) € in Thousands	Jun. 30, 2020	Dec. 31, 2019
Current assets
Cash and cash equivalents	€ 1,201,443	€ 331,282
Research and development incentive receivables - current	377	261
Financial assets - current	731,355	1,004,539
Prepaid expenses	10,864	9,022
Inventories	4,977
Trade and other receivables	8,561	28,115
Total current assets	1,957,577	1,373,219
Non-current assets
Restricted cash - non-current	632	630
Research and development incentive receivables - non-current	11,050	8,566
Financial assets - non-current	3,444	2,596
Property, plant and equipment	8,801	8,167
Intangible assets	40,945	40,161
Total non-current assets	64,872	60,120
TOTAL ASSETS	2,022,449	1,433,339
Equity
Share capital	4,711	4,276
Share premium	2,043,653	1,308,539
Accumulated losses	(538,205)	(332,568)
Other reserves	106,295	70,499
Total equity	1,616,454	1,050,746
Deferred tax liabilities	871
Provisions for employee benefits	64	64
Non-current lease liabilities	4,669	4,540
Deferred revenue - non-current	202,560	218,032
Non-current liabilities	207,293	222,636
Current lease liabilities	2,256	1,974
Trade and other payables	127,850	85,301
Tax liabilities	431	344
Deferred revenue - current	67,294	72,338
Current liabilities	197,831	159,957
Total liabilities	405,995	382,593
TOTAL EQUITY AND LIABILITIES	€ 2,022,449	€ 1,433,339

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF PROFIT AND LOSS AND OTHER COMPREHENSIVE INCOME - EUR (€) € in Thousands	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
CONDENSED CONSOLIDATED STATEMENTS OF PROFIT AND LOSS AND OTHER COMPREHENSIVE INCOME
Revenue	€ 22,388	€ 43,532
Other operating income	8,729	7,767
Total operating income	31,117	51,299
Research and development expenses	(171,718)	(78,304)
Selling, general and administrative expenses	(61,644)	(27,462)
Total operating expenses	233,362	105,767
Change in fair value on non-current financial assets	848
Operating loss	(201,397)	(54,467)
Financial income/(expense)		7,210
Financial expense	(2,178)
Exchange gains/(losses)	199	2,486
Loss before taxes	(203,376)	(44,771)
Income tax (expense)/benefit	(2,261)	(350)
Loss for the year and total comprehensive loss	(205,637)	(45,121)
Owners of the parent	€ (205,637)	€ (45,121)
Weighted average number of shares outstanding	43,476,103	37,764,237
Basic and diluted loss per share	€ (4.73)	€ (1.19)

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - EUR (€) € in Thousands	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
CASH FLOWS (USED IN) / FROM OPERATING ACTIVITIES
Operating result	€ (201,397)	€ (54,467)
Adjustments for non-cash items
Amortization of intangible assets	55	12
Depreciation of property, plant and equipment	1,492	915
Expense recognized in respect of share-based payments	35,797	17,199
Fair value gains on financial assets at fair value through profit or loss	(848)
Adjustments for non-cash items	(164,901)	(36,341)
Movements in current assets/liabilities
(Increase)/decrease in trade and other receivables	17,525	(179)
(Increase)/decrease in inventories	(4,977)
(Increase)/decrease in other current assets	(1,957)	(5,331)
Increase/(decrease) in trade and other payables	42,768	17,996
Increase/(decrease) in deferred revenue - current	(5,044)	38,657
Movements in non-current assets/liabilities
(Increase)/decrease in other noncurrent assets	(2,485)	(2,767)
Increase/decrease in deferred revenue - non-current	(15,472)	217,143
Cash flows (used in)/from operating activities	(134,542)	229,178
Interest paid	(142)	(47)
Income taxes paid	(1,303)	(794)
Net cash flows (used in) / from operating activities	(135,987)	228,337
CASH FLOWS (USED IN) / FROM INVESTING ACTIVITIES
Purchase of intangible assets	(839)	(35,429)
Purchase of property, plant and equipment	(672)	(678)
(Increase)/decrease in financial assets - current	271,658	(488,534)
Interest received	4,775	1,384
Net cash flows (used in) / from investing activities	274,922	(523,257)
CASH FLOWS (USED IN) / FROM FINANCING ACTIVITIES
Principal elements of lease payments	(1,056)	(536)
Proceeds from issue of new shares, gross amount	731,546	176,725
Issue costs paid	(551)
Exchange gain from currency conversion on proceeds from issue of new shares	62
Proceeds from exercise of stock options	4,554	3,144
Net cash flows from/used in (-) financing activities	734,554	179,333
Increase/decrease (-) in cash and cash equivalents	873,489	(115,587)
Cash and cash equivalents at the beginning of the period	331,282	281,040
Exchange gains/(losses) on cash & cash equivalents	(3,327)	2,340
Cash and cash equivalents at the end of the period	€ 1,201,443	€ 167,793

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS 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, 2018	€ 3,597	€ 673,454	€ (169,603)	€ 30,947	€ 538,395	€ 538,395
Total comprehensive loss of the period			(45,121)		(45,121)	(45,121)
Share-based payment				17,199	17,199	17,199
Issue of new shares	177	176,548			176,725	176,725
Accounting treatment of the share subscription agreement		(24,948)			(24,948)	(24,948)
Exercise of stock options	36	3,108			3,144	3,144
Equity at end of period (Balances without adoption of IFRS 15) at Jun. 30, 2019	3,810	828,162	(214,724)	48,146	665,394	665,394
Equity at beginning of period at Dec. 31, 2019	4,276	1,308,539	(332,568)	70,499	1,050,746	1,050,746
Total comprehensive loss of the period			(205,637)		(205,637)	(205,637)
Share-based payment				35,796	35,796	35,796
Issue of new shares	421	731,125			731,546	731,546
Share issue costs		(551)			(551)	(551)
Exercise of stock options	14	4,540			4,554	4,554
Equity at end of period at Jun. 30, 2020	€ 4,711	€ 2,043,653	€ (538,205)	€ 106,295	€ 1,616,454	€ 1,616,454

General information about the c

General information about the company	6 Months Ended
	Jun. 30, 2020
General information about the company
General information about the company	1. argenx SE 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. 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.

Impact of COVID-19 on our busin

Impact of COVID-19 on our business	6 Months Ended
	Jun. 30, 2020
Impacts of COVID-19 on our business
Impacts of COVID-19 on our business	2. Impacts of COVID-19 on our business The current unprecedented challenges as a result of the COVID-19 outbreak have impacted how we operate. We have been taking, and continue to take, the necessary steps in terms of safety, risk mitigation, and financial measures to best manage through these challenging times. We have currently experienced limited impact on our financial performance and financial position, although we continue to face additional risks and challenges associated with the impact of the outbreak. See our Interim management report and Universal Registration Statement filed with the AFM for a more detailed discussion about the impact of the COVID-19 outbreak on argenx during the six months ended June 30, 2020.

Basis of preparation

Basis of preparation	6 Months Ended
	Jun. 30, 2020
Basis of preparation
Basis of preparation	3. The unaudited condensed consolidated interim financial statements for the six months ended June 30, 2020 have been prepared in accordance with IAS 34 ‘Interim Financial Reporting’ as issued by the IASB and adopted by the European Union. The unaudited condensed consolidated interim financial statements should be read in conjunction with the annual financial statements for the year ended December 31, 2019. 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 29, 2020.

Significant accounting policies

Significant accounting policies	6 Months Ended
	Jun. 30, 2020
Significant accounting policies
Significant accounting policies	4. There were no significant changes in accounting policies, critical accounting judgements and key sources of estimation uncertainty applied by us in these unaudited condensed interim financial statements compared to those used in the annual consolidated financial statements as of December 31, 2019, except for · those critical accounting judgements included in the annual consolidated financial statements as of December 31, 2019, related to the revenue recognition of the global collaboration and license agreement entered into with Cilag GmbH International, an affiliate of Janssen, as no critical accounting judgements with respect to this global collaboration and license agreement are applied in current year. · the application of the inventories’ accounting policy previously not yet disclosed. Inventory Inventories are stated at cost or net realisable value, whichever is lower. Cost is determined using the first-in, first-out method. Cost comprises of costs of purchase, costs of conversion and other costs incurred in bringing the inventories to their present location and condition. If the expected sales price less completion costs to execute sales (net realizable value) is lower than the carrying amount, a write-down is recognised for the amount by which the carrying amount exceeds its net realisable value. Included in inventory are products which could, besides commercial activities, be used in preclinical and clinical programs as well as in non-reimbursed Early Access Programs. These products are charged to research & development expenses or selling, general and administrative expenses, respectively, when dedicated to this channel. We capitalize inventory costs associated with products prior to the regulatory approval of these products, or for inventory produced in new production facilities, when it is highly probable that the pre-approval inventories will be saleable. The determination to capitalized is based on the particular facts and circumstances relating to the expect regulatory approval of the product or production facility being considered. The assessment of whether or not the product is considered highly probable to be saleable is made on a quarterly basis and includes, but is not limited to, how far a particular product or facility has progressed along the approval process, any known safety or efficacy concern, potential labelling restrictions and other impediments. Previously capitalized costs related to pre-launch inventories could be required to be written down upon a change in such judgement or due to a denial or delay of approval by regulatory bodies, a delay in commercialization or other potential factors, which will be recorded to research and development expenses.

Cash and cash equivalents

Cash and cash equivalents	6 Months Ended
	Jun. 30, 2020
Cash and cash equivalents
Cash and cash equivalents	5. Six Months Ended Year Ended June 30, December 31, (in thousands of €) 2020 2019 Cash equivalents € 1,146,936 € 252,550 Cash and bank balances 54,507 78,732 € 1,201,443 € 331,282 On June 30, 2020, cash and cash equivalents amounted to €1,201.4 million, compared to €331.3 million on December 31, 2019 and included cash equivalents and cash and bank balances held in different financial institutions. Cash and bank balances were mainly composed of saving accounts and current accounts. Cash equivalents comprised of term accounts with an original maturity of 3 months or less and money market funds that are readily convertible to cash and are subject to an insignificant risk of changes in value. Please also refer to note 14 for more information on the financial instruments.

Current financial assets

Current financial assets	6 Months Ended
	Jun. 30, 2020
Current financial assets
Current financial assets	6. On June 30, 2020, the current financial assets amounted to €731.4 million, compared to €1,004.5 million on December 31, 2019. These current financial assets relate to term accounts with an original maturity longer than 3 months and money market funds which do not qualify as cash equivalents. Please also refer to note 14 for more information on the financial instruments.

Inventories

Inventories	6 Months Ended
	Jun. 30, 2020
Inventories
Inventories	7. Six Months Ended Year Ended June 30, December 31, (in thousands of €) 2020 2019 Raw materials and consumables € € — Inventories in process — — Finished Goods — — € 4,977 € — On June 30, 2020, inventories amounted to €5.0 million and related to pre-launch efgartigimod-inventory, capitalized subsequent to the announcement of the topline data from the pivotal Adapt trial of efgartigimod. As of June 30, 2020, no inventory write-downs were recorded.

Shareholders' capital

Shareholders' capital	6 Months Ended
	Jun. 30, 2020
Shareholders' capital
Schedule of number of shares outstanding	8. On June 30, 2020, argenx SE’s share capital was represented by 47.108.499 shares. All shares were issued, fully paid up and of the same class. The table below summarizes our capital increases, as a result of the global offering and the exercise of stock options under the argenx Employee Stock Option Plan, for the period ended June 30, 2020. Number of shares outstanding on December 31, 2019 42,761,528 Exercise of options 139,679 Global public offering on Euronext and Nasdaq on May 28, 2020 3,658,515 Over-allotment option exercised by underwriters on May 29, 2020 548,777 Number of shares outstanding on June 30, 2020 47,108,499 On May 12, 2020, at the annual general meeting, the shareholders of the Company approved the authorization to the Board to issue: · A maximum of 10% of the then-outstanding share capital for a period of 18 months · A maximum of 10% of the then-outstanding share capital for a period till December 31, 2020 On May 28, 2020, argenx SE offered 3,658,515 of its ordinary shares through a global offering which consisted of (i) a public offering of 2,584,138 ADSs in the U.S. and certain other countries outside the European Economic Area (EEA) at a price of $205.00 per ADS, before underwriting discounts and commissions and offering expenses; and (ii) a concurrent private placement of 1.074.377 ordinary shares in the European Economic Area at a price of €186.52 per share, before underwriting discounts and commissions and offering expenses. On May 29, 2020, the underwriters of the offering exercised their over-allotment option to purchase 548,777 additional ADSs in full. As a result, argenx SE received €778.1 million in gross proceeds from this offering, decreased by €47.4 million of underwriter discounts and commissions, and offering expenses, of which €47.1 million has been deducted from equity. The total net cash proceeds from the offering amounted to €730.7 million.

Share based payments

Share based payments	6 Months Ended
	Jun. 30, 2020
Share based payments
Share based payments	9. On April 14 and June 25, 2020, the Company granted a total of 692,790 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 2020: Stock options granted in April 2020 June 2020 (1) Number of options granted Average fair value of options (in EUR) € 62,31 - 120,63 € 87,96 - 90,74 Share price (in EUR) € 126,50 - 205,60 € Exercise price (in EUR) € € Expected volatility % 44,44 - 64,77 % 45,09 - 45,34 Average expected option life (in years) 4 - 6,68 6,15 - 6,68 Risk‑free interest rate % (0,32) - (0,18) % (0,31) - (0,29) Expected dividends — — (1) The beneficiary can choose between a contractual term of five or 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 these grant would range from €39.6 million to €49.0 million. The total share‑based payment expense recognized in the unaudited condensed consolidated statement of profit and loss and other comprehensive income totaled €35.8 million for the six months ended June 30, 2020 compared to €17.2 million for the six months ended June 30, 2019.

Revenue & other operating incom

Revenue & other operating income	6 Months Ended
	Jun. 30, 2020
Revenue & other operating income
Revenue & other operating income	10. For the six months ended June 30, 2020, the majority of the revenue was generated under the collaboration agreements signed with AbbVie and Janssen. These agreements comprise elements of upfront payments, milestone payments based on development criteria and research and development service fees. Six Months Ended June 30, (in thousands of €) 2020 2019 Upfront payments € 18,680 € 8,615 Janssen 18,383 6,625 AbbVie 264 472 Agomab — 1,498 Other 33 20 Milestone payments 1,833 26,135 Janssen 1,438 — AbbVie 378 26,125 Other 17 10 Research and development service fees 1,875 8,782 Janssen 1,805 8,684 Other 70 98 Total revenue € 22,388 € 43,532

Segment reporting

Segment reporting	6 Months Ended
	Jun. 30, 2020
Segment reporting
Segment reporting	11. The Company operates from the Netherlands, Belgium, the United States and Japan. Revenues are generated by external customers with their main registered office geographically located as shown in the table below. In prior periods this has been presented based on the geographical location of the contracting entity. Six Months Ended June 30, (in thousands of €) 2020 2019 Denmark € 120 € 128 Belgium — 1,498 United States 22,268 41,906 Total € 22,388 € 43,532

Research and development expens

Research and development expenses	6 Months Ended
	Jun. 30, 2020
Research and development expenses
Research and development expenses	12. Six Months Ended June 30, (in thousands of €) 2020 2019 Personnel expense € 34,043 € 22,887 External research and development expenses 125,096 46,780 Materials and consumables 1,267 878 Depreciation and amortization 1,096 932 Other expenses 10,216 6,827 € 171,718 € 78,304

Selling, general and administra

Selling, general and administrative expenses	6 Months Ended
	Jun. 30, 2020
Selling, general and administrative expenses
Selling, general and administrative expenses	13. Six Months Ended June 30, (in thousands of €) 2020 2019 Personnel expense € 36,549 € 17,132 Consulting fees 18,998 6,795 Supervisory board 2,194 1,424 Other expense 3,903 2,111 € 61,644 € 27,462

Financial instruments and finan

Financial instruments and financial risk management	6 Months Ended
	Jun. 30, 2020
Financial instruments and financial risk management
Financial instruments and financial risk management	14. The Company carried the following assets at fair value on June 30, 2020 and December 31, 2019 respectively: At June 30, 2020 (in thousands of €) Level 1 Level 2 Level 3 Non-current financial assets € € € 3,444 Cash Equivalents 1,201,443 Current financial assets 731,355 Assets carried at fair value € 1,932,798 € — € 3,444 At December 31, 2019 (in thousands of €) Level 1 Level 2 Level 3 Non-current financial assets € € € 2,596 Current financial assets 1,004,539 Assets carried at fair value € 1,004,539 € — € 2,596 In March 2019, the Company entered into a license agreement with AgomAb Therapeutics NV for the use of HGF-mimetic SIMPLE Antibodies™, developed under the Company’s Innovative Access Program. In exchange for granting this license, the Company received a profit share in AgomAb Therapeutics NV. The Company assessed the accounting treatment and concluded that the license agreement is in scope of IFRS 15 and that any revenue should be recognized at once at the effective date of the agreement. The profit share has been designated as a non-current financial asset held at fair value through profit or loss. Since AgomAb Therapeutics NV is a private company, the valuation of the profit share is based on level 3 assumptions. In April 2020, AgomAb Therapeutics NV secured €3.3 million in Series A financing round by issuing 49,877 of Preferred A Shares. The Company used the post-money valuation of this Series A financing round and the number of outstanding shares in determining the fair value of the profit-sharing instrument, which results in a change in fair value of current financial assets of €0.8 million recorded through profit or loss.

Contractual obligations and com

Contractual obligations and commitments	6 Months Ended
	Jun. 30, 2020
Contractual obligations and commitments
Contractual obligations and commitments	15. Contractual obligations and commitments The Company’s manufacturing commitments with Lonza, its drug substance manufacturing contractor, relate to the ongoing execution of the biologic license application (BLA) services for efgartigimod and its manufacturing activities related to the potential future commercialisation. In December 2018, the Company signed its first commercial supply agreement with Lonza related to the reservation of commercial drug substance supply capacity for efgartigimod. In the aggregate, the Company has outstanding commitments for efgartigimod under the first commercial supply agreement of €70.6 million. In addition, the Company also has contractual obligations with Lonza for ARGX-117 of €3.4 million.

Contingent liabilities and asse

Contingent liabilities and assets	6 Months Ended
	Jun. 30, 2020
Contingent liabilities and assets
Contingent liabilities and assets	16. Contingent liabilities and assets We refer to our 2019 annual report for a description of our contingent liabilities and assets.

Significant accounting polici_2

Significant accounting policies (Policies)	6 Months Ended
	Jun. 30, 2020
Significant accounting policies
Basis of preparation	The unaudited condensed consolidated interim financial statements for the six months ended June 30, 2020 have been prepared in accordance with IAS 34 ‘Interim Financial Reporting’ as issued by the IASB and adopted by the European Union. The unaudited condensed consolidated interim financial statements should be read in conjunction with the annual financial statements for the year ended December 31, 2019. 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 29, 2020.

Cash and cash equivalents (Tabl

Cash and cash equivalents (Tables)	6 Months Ended
	Jun. 30, 2020
Cash and cash equivalents
Schedule of cash and cash equivalents	Six Months Ended Year Ended June 30, December 31, (in thousands of €) 2020 2019 Cash equivalents € 1,146,936 € 252,550 Cash and bank balances 54,507 78,732 € 1,201,443 € 331,282

Inventories (Tables)

Inventories (Tables)	6 Months Ended
	Jun. 30, 2020
Inventories
Schedule of inventories	Six Months Ended Year Ended June 30, December 31, (in thousands of €) 2020 2019 Raw materials and consumables € € — Inventories in process — — Finished Goods — — € 4,977 € —

Shareholders' capital (Tables)

Shareholders' capital (Tables)	6 Months Ended
	Jun. 30, 2020
Shareholders' capital
Schedule of number of share outstanding	Number of shares outstanding on December 31, 2019 42,761,528 Exercise of options 139,679 Global public offering on Euronext and Nasdaq on May 28, 2020 3,658,515 Over-allotment option exercised by underwriters on May 29, 2020 548,777 Number of shares outstanding on June 30, 2020 47,108,499

Share-based payments (Tables)

Share-based payments (Tables)	6 Months Ended
	Jun. 30, 2020
Share-based payments
Schedule of parameters used in relation to the new grants	Stock options granted in April 2020 June 2020 (1) Number of options granted Average fair value of options (in EUR) € 62,31 - 120,63 € 87,96 - 90,74 Share price (in EUR) € 126,50 - 205,60 € Exercise price (in EUR) € € Expected volatility % 44,44 - 64,77 % 45,09 - 45,34 Average expected option life (in years) 4 - 6,68 6,15 - 6,68 Risk‑free interest rate % (0,32) - (0,18) % (0,31) - (0,29) Expected dividends — — (1) The beneficiary can choose between a contractual term of five or 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 these grant would range from €39.6 million to €49.0 million.

Revenue & other operating inc_2

Revenue & other operating income (Tables)	6 Months Ended
	Jun. 30, 2020
Revenue & other operating income
Schedule of revenue	Six Months Ended June 30, (in thousands of €) 2020 2019 Upfront payments € 18,680 € 8,615 Janssen 18,383 6,625 AbbVie 264 472 Agomab — 1,498 Other 33 20 Milestone payments 1,833 26,135 Janssen 1,438 — AbbVie 378 26,125 Other 17 10 Research and development service fees 1,875 8,782 Janssen 1,805 8,684 Other 70 98 Total revenue € 22,388 € 43,532

Segment reporting (Tables)

Segment reporting (Tables)	6 Months Ended
	Jun. 30, 2020
Segment reporting
Schedule of external customers geographically location	Six Months Ended June 30, (in thousands of €) 2020 2019 Denmark € 120 € 128 Belgium — 1,498 United States 22,268 41,906 Total € 22,388 € 43,532

Research and development expe_2

Research and development expenses (Tables)	6 Months Ended
	Jun. 30, 2020
Research and development expenses
Schedule of research and development expenses	Six Months Ended June 30, (in thousands of €) 2020 2019 Personnel expense € 34,043 € 22,887 External research and development expenses 125,096 46,780 Materials and consumables 1,267 878 Depreciation and amortization 1,096 932 Other expenses 10,216 6,827 € 171,718 € 78,304

Selling, general and administ_2

Selling, general and administrative expenses (Tables)	6 Months Ended
	Jun. 30, 2020
Selling, general and administrative expenses
Schedule of selling, general and administrative expenses	Six Months Ended June 30, (in thousands of €) 2020 2019 Personnel expense € 36,549 € 17,132 Consulting fees 18,998 6,795 Supervisory board 2,194 1,424 Other expense 3,903 2,111 € 61,644 € 27,462

Financial instruments and fin_2

Financial instruments and financial risk management (Tables)	6 Months Ended
	Jun. 30, 2020
Financial instruments and financial risk management
Schedule of assets at fair value	At June 30, 2020 (in thousands of €) Level 1 Level 2 Level 3 Non-current financial assets € € € 3,444 Cash Equivalents 1,201,443 Current financial assets 731,355 Assets carried at fair value € 1,932,798 € — € 3,444 At December 31, 2019 (in thousands of €) Level 1 Level 2 Level 3 Non-current financial assets € € € 2,596 Current financial assets 1,004,539 Assets carried at fair value € 1,004,539 € — € 2,596

Cash and cash equivalents (Deta

Cash and cash equivalents (Details) - EUR (€) € in Thousands	Jun. 30, 2020	Dec. 31, 2019	Jun. 30, 2019	Dec. 31, 2018
Cash and cash equivalents
Cash equivalents	€ 1,146,936	€ 252,550
Cash and bank balances	54,507	78,732
Total cash and cash equivalents	€ 1,201,443	€ 331,282	€ 167,793	€ 281,040

Current financial assets (Detai

Current financial assets (Details) - EUR (€) € in Thousands	6 Months Ended
	Jun. 30, 2020	Dec. 31, 2019
Other current financial assets
Financial assets - current	€ 731,355	€ 1,004,539
Maturity Term	3 months

Inventories (Details)

Inventories (Details) € in Thousands	6 Months Ended
	Jun. 30, 2020EUR (€)
Inventories
Raw materials and consumables	€ 4,977
Total inventories	4,977
Inventory write down	€ 0

Shareholders' capital (Details)

Shareholders' capital (Details) € / shares in Units, € in Thousands	May 29, 2020EUR (€)shares	May 28, 2020€ / sharesshares	May 28, 2020$ / sharesshares	May 12, 2020	Jun. 30, 2020shares	Jun. 30, 2019EUR (€)
Disclosure of classes of share capital [line items]
Number of shares outstanding					47,108,499
Number of shares outstanding at beginning of period					42,761,528
New shares issued for private placement, initial public offering, public offering and underwriters' over-allotment option	548,777	3,658,515	3,658,515
Exercise of Options					139,679
Number of shares outstanding at end of period					47,108,499
Gross proceeds from issue of shares | €	€ 778,100
Underwriter discounts and commissions, and offering expenses | €	47,400
Expenses deducted from equity | €	47,100
Net proceeds | €	€ 730,700
Accounting treatment of the share subscription agreement | €						€ (24,948)
Maximum authorized increase of then outstanding share capital (as a percent)				10.00%
Period of outstanding share capital				18 months
American Depositary Shares [Member]
Disclosure of classes of share capital [line items]
Share price | $ / shares			$ 205
Private placement (Sunflower)
Disclosure of classes of share capital [line items]
Share price | € / shares		€ 186.52
Public Offering | American Depositary Shares [Member]
Disclosure of classes of share capital [line items]
New shares issued for private placement, initial public offering, public offering and underwriters' over-allotment option		2,584,138	2,584,138
Underwriters' Over Allotment Option | American Depositary Shares [Member]
Disclosure of classes of share capital [line items]
New shares issued for private placement, initial public offering, public offering and underwriters' over-allotment option	548,777

Share based payments - Overview

Share based payments - Overview (Details)	Jun. 25, 2020EUR (€)EquityInstrumentsY	Apr. 14, 2020EquityInstruments	Jun. 30, 2020EUR (€)EquityInstrumentsY€ / shares	Apr. 30, 2020EUR (€)EquityInstrumentsY€ / shares	Jun. 30, 2020EUR (€)€ / shares	Jun. 30, 2019EUR (€)
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of options granted | EquityInstruments	692,790	692,790	550,090	142,700
Share price			€ 203.80
Exercise price			€ 196.15	€ 119.53	€ 196.15
Time period for beneficiaries to choose contractual term (in days)	60 days
Total share based payment expense | €					€ 35,800,000	€ 17,200,000
Maximum
Disclosure of terms and conditions of share-based payment arrangement [line items]
Average fair value of options | €	€ 49,000,000		€ 9,074	€ 12,063	9,074
Share price				€ 20,560
Expected volatility			4534.00%	6477.00%
Average expected option life (in years) | Y	10		668	668
Risk-free interest rate			29.00%	18.00%
Minimum
Disclosure of terms and conditions of share-based payment arrangement [line items]
Average fair value of options | €	€ 39,600,000		€ 8,796	€ 6,231	€ 8,796
Share price				€ 12,650
Expected volatility			4509.00%	4444.00%
Average expected option life (in years) | Y	5		615	4
Risk-free interest rate			31.00%	32.00%

Revenue & other operating inc_3

Revenue & other operating income - Additional Information (Details) - EUR (€) € in Thousands	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Disclosure of disaggregation of revenue from contracts with customers [line items]
Upfront payments	€ 18,680	€ 8,615
Milestone payments	1,833	26,135
Research and development service fees (FTE)	1,875	8,782
Revenue	22,388	43,532
Janssen
Disclosure of disaggregation of revenue from contracts with customers [line items]
Upfront payments	18,383	6,625
Milestone payments	1,438
Research and development service fees (FTE)	1,805	8,684
AbbVie
Disclosure of disaggregation of revenue from contracts with customers [line items]
Upfront payments	264	472
Milestone payments	378	26,125
AgomAb
Disclosure of disaggregation of revenue from contracts with customers [line items]
Upfront payments		1,498
Other
Disclosure of disaggregation of revenue from contracts with customers [line items]
Upfront payments	33	20
Milestone payments	17	10
Research and development service fees (FTE)	€ 70	€ 98

Segment reporting - Revenue fro

Segment reporting - Revenue from external customers (Details) - EUR (€) € in Thousands	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Disclosure of geographical areas [line items]
Revenue from external customers	€ 22,388	€ 43,532
Denmark
Disclosure of geographical areas [line items]
Revenue from external customers	120	128
Belgium
Disclosure of geographical areas [line items]
Revenue from external customers		1,498
United States
Disclosure of geographical areas [line items]
Revenue from external customers	€ 22,268	€ 41,906

Research and development expe_3

Research and development expenses (Details) - EUR (€) € in Thousands	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Research and development expenses
Personnel expenses	€ 34,043	€ 22,887
External research and development expenses	125,096	46,780
Materials and consumables	1,267	878
Depreciation and amortisation	1,096	932
Other expenses	10,216	6,827
Research and development expenses	€ 171,718	€ 78,304

Selling, general and administ_3

Selling, general and administrative expenses (Details) - EUR (€) € in Thousands	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Selling, general and administrative expenses
Personnel expenses	€ 36,549	€ 17,132
Consulting fees	18,998	6,795
Supervisory board	2,194	1,424
Other expense	3,903	2,111
Total	€ 61,644	€ 27,462

Financial instruments and fin_3

Financial instruments and financial risk management - Fair value (Details) - EUR (€) € in Thousands	May 29, 2020	Apr. 30, 2020	Jun. 30, 2020	Dec. 31, 2019
Fair value hierarchy
Proceeds from issue of shares	€ 778,100
Fair value of current financial assets		€ 800
AgomAb | Preferred Class A Shares
Fair value hierarchy
Proceeds from issue of shares		€ 3,300
Shares issued		49,877
Level 1
Fair value hierarchy
Cash Equivalents			€ 1,201,443
Current financial assets			731,355	€ 1,004,539
Assets carried at fair value			1,932,798	1,004,539
Level 3
Fair value hierarchy
Non-current financial assets			3,444	2,596
Assets carried at fair value			€ 3,444	€ 2,596

Contractual obligations and c_2

Contractual obligations and commitments (Details) € in Millions	Jun. 30, 2020EUR (€)
Commitments [Line Items]
Outstanding commitment	€ 70.6
ARGX-117
Commitments [Line Items]
Contractual obligations	€ 3.4