argenx SE (ARGX) 6-K 28 Jul 22 Current report (foreign) Financial data

Document and Entity Information

Document and Entity Information	6 Months Ended
	Jun. 30, 2022
Cover [Abstract]
Document Type	6-K
Document Period End Date	Jun. 30, 2022
Entity Registrant Name	ARGENX SE
Entity Central Index Key	0001697862
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q2
Amendment Flag	false

CONSOLIDATED STATEMENTS OF FINA

CONSOLIDATED STATEMENTS OF FINANCIAL POSITION - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Non-current assets
Property, plant and equipment	$ 14,244	$ 15,844
Intangible assets	171,294	171,684
Deferred tax asset	54,267	32,191
Other non-current assets	43,100	54,876
Research and development incentive receivables	37,041	32,707
Total non-current assets	319,946	307,303
Current assets
Cash and cash equivalents	1,367,288	1,334,676
Financial assets	1,230,105	1,002,052
Research and development incentive receivables	1,537
Trade and other receivables	112,392	38,221
Prepaid expenses	82,310	58,946
Inventories	135,711	109,076
Total current assets	2,929,343	2,542,971
TOTAL ASSETS	3,249,289	2,850,274
Equity
Share capital	6,603	6,233
Share premium	4,272,495	3,462,775
Translation differences	128,691	131,684
Accumulated losses	(1,836,133)	(1,400,197)
Other reserves	398,615	333,729
Total equity	2,970,271	2,534,224
Non-current liabilities
Provisions for employee benefits	546	417
Lease liabilities	6,208	7,956
Deferred tax liabilities	7,663	6,438
Total non-current liabilities	14,417	14,811
Current liabilities
Lease liabilities	3,492	3,509
Trade and other payables	257,694	293,415
Tax liabilities	3,415	4,315
Total current liabilities	264,601	301,239
Total liabilities	279,018	316,050
TOTAL EQUITY AND LIABILITIES	$ 3,249,289	$ 2,850,274

CONSOLIDATED STATEMENTS OF PROF

CONSOLIDATED STATEMENTS OF PROFIT OR LOSS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
CONSOLIDATED STATEMENTS OF PROFIT OR LOSS
Product net sales	$ 95,996
Collaboration revenue	2,610	$ 470,398
Other operating income	18,057	28,231
Total operating income	116,663	498,629
Cost of sales	(6,382)
Research and development expenses	(278,887)	(273,907)
Selling, general and administrative expenses	(228,664)	(129,599)
Total operating expenses	(513,933)	(403,506)
Operating income / (loss)	(397,270)	95,123
Financial income	5,733	1,628
Financial expense	(2,131)	(2,373)
Exchange gains / (losses)	(53,382)	(18,375)
Profit / (Loss) for the period before taxes	(447,050)	76,003
Income tax (expense) / benefit	11,114	(12,835)
Profit / (Loss) for the period	(435,936)	63,167
Profit / (Loss) for the period attributable to owners of the parent	$ (435,936)	$ 63,167
Weighted average number of shares outstanding	53,449,915	50,638,702
Basic profit / (loss) per share (in $)	$ (8.16)	$ 1.25
Diluted profit / (loss) per share (in $)	$ (8.16)	$ 1.17

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME OR LOSS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME / LOSS
Profit / (Loss) for the period	$ (435,936)	$ 63,167
Currency translation differences, arisen from translating foreign activities	(2,993)	(1,571)
Fair value gain/(loss) on investments in equity instruments designated as at FVTOCI	(16,006)	19,172
Other comprehensive loss, net of income tax	(18,999)	17,601
Total comprehensive profit / (loss) attributable to:	(454,935)	80,768
Owners of the parent	$ (454,935)	$ 80,768

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
CASH FLOWS (USED IN) / FROM OPERATING ACTIVITIES
Operating result	$ (397,270)	$ 95,123
Adjustments for non-cash items
Amortization of intangible assets	389	492
Depreciation of property, plant and equipment	2,671	2,471
Provisions for employee benefits	137	71
Expense recognized in respect of share-based payments	76,634	92,055
Fair value gains on financial assets at fair value through profit or loss	(4,256)	(11,152)
Adjustments for non-cash items	(321,695)	179,060
Movements in current assets/liabilities
(Increase)/decrease in trade and other receivables	(71,152)	(4,101)
(Increase)/decrease in inventories	(26,636)	(34,022)
(Increase)/decrease in other current assets	(25,119)	(34,435)
Increase/(decrease) in trade and other payables	(33,251)	78,367
Increase/(decrease) in deferred revenue - current		(46,327)
Movements in non-current assets/liabilities
(Increase)/decrease in other non-current assets	(7,244)	(80,703)
Increase/(decrease) in deferred revenue - non-current		(269,039)
Cash flows (used in)/from operating activities	(485,097)	(211,200)
Interest paid	(505)	(420)
Income taxes paid	(8,911)	(13,449)
NET CASH FLOWS (USED IN) / FROM OPERATING ACTIVITIES	(494,513)	(225,069)
CASH FLOWS (USED IN) / FROM INVESTING ACTIVITIES
Purchase of intangible assets		(121,047)
Purchase of property, plant and equipment	(183)	(2,389)
(Increase)/decrease in financial assets - current	(234,244)	(370,335)
Interest received	2,082	1,449
Net cash flows (used in) / from investing activities	(232,345)	(492,322)
CASH FLOWS (USED IN) / FROM FINANCING ACTIVITIES
Principal elements of lease payments	(2,224)	(1,804)
Proceeds from issue of new shares, gross amount	760,954	1,091,264
Issue costs paid	(843)	(528)
Exchange gain from currency conversion on proceeds from issue of new shares	410	966
Proceeds from exercise of stock options	49,979	13,429
Net cash flows from/used in (-) financing activities	808,276	1,103,327
Increase/decrease (-) in cash and cash equivalents	81,418	385,936
Cash and cash equivalents at the beginning of the period	1,334,676	1,216,803
Exchange gains/(losses) on cash & cash equivalents	(48,806)	(20,846)
Cash and cash equivalents at the end of the period	$ 1,367,288	$ 1,581,893

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) $ in Thousands	Share capital	Share premium	Accumulated losses	Translation difference	Other reserves	Total equity attributable to owners of the parent	Total
Equity at beginning of period at Dec. 31, 2020	$ 5,744	$ 2,339,033	$ (991,932)	$ 134,732	$ 186,474	$ 1,674,051	$ 1,674,051
Profit / (Loss) for the period			63,167			63,167	63,167
Other comprehensive income / (loss)				(1,571)	19,172	17,601	17,601
Total comprehensive loss of the period			63,167	(1,571)	19,172	80,768	80,768
Income tax benefit from excess tax deductions related to share-based payments					933	933	933
Share-based payment					92,013	92,013	92,013
Issue of share capital	430	1,090,836				1,091,266	1,091,266
Transaction costs for equity issue		(528)				(528)	(528)
Exercise of stock options	28	13,401				13,429	13,429
Equity at end of period at Jun. 30, 2021	6,202	3,442,742	(928,764)	133,161	298,592	2,951,933	2,951,933
Equity at beginning of period at Dec. 31, 2021	6,233	3,462,775	(1,400,197)	131,684	333,729	2,534,224	2,534,224
Profit / (Loss) for the period			(435,936)			(435,936)	(435,936)
Other comprehensive income / (loss)				(2,993)	(16,006)	(18,999)	(18,999)
Total comprehensive loss of the period			(435,936)	(2,993)	(16,006)	(454,935)	(454,935)
Income tax benefit from excess tax deductions related to share-based payments					3,957	3,957	3,957
Share-based payment					76,935	76,935	76,935
Issue of share capital	294	760,659				760,953	760,953
Transaction costs for equity issue		(781)				(781)	(781)
Exercise of stock options	76	49,842				49,919	49,919
Equity at end of period at Jun. 30, 2022	$ 6,603	$ 4,272,495	$ (1,836,133)	$ 128,691	$ 398,615	$ 2,970,271	$ 2,970,271

General information about the c

General information about the company	6 Months Ended
	Jun. 30, 2022
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. 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.

Basis of preparation

Basis of preparation	6 Months Ended
	Jun. 30, 2022
Basis of preparation
Basis of preparation	2. Basis of preparation The unaudited condensed consolidated interim financial statements for the six months ended June 30, 2022 have been prepared in accordance with IAS 34 ‘Interim Financial Reporting’ as issued by the IASB and as 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, 2021. 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 26, 2022.

Significant accounting policies

Significant accounting policies	6 Months Ended
	Jun. 30, 2022
Significant accounting policies
Significant accounting policies	3. Significant accounting policies 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, 2021, except for the changes below: Significant accounting policies Revenue Recognition – product net sales Revenue from the sale of goods is recognized at an amount that reflects the consideration that the Company expects to be entitled to receive in exchange for transferring goods to a customer, at the time when the customer obtains control of the goods rendered, this means when the customer has the ability to direct the use of the asset. The consideration that is committed in a contract with a customer can include fixed amounts, variable amounts, or both. The amount of the consideration may vary due to discounts, rebates, returns, chargebacks or other similar items. Contingent consideration is included in the transaction price when it is highly probable that the amount of revenue recognized is not subject to future significant reversals. Our product revenue consists of sales of VYVGART in U.S. and Japan. Revenue from contracts with customers Revenue arising from the commercial sale of VYVGART is presented in the consolidated statements of profit or loss under “Product net sales”. In accordance with IFRS 15 Revenue from contracts with customers , such revenue is recognized when the product is physically transferred, in accordance with the delivery and acceptance terms agreed with the customer. Payment of the transaction price is payable at the point the customer obtains the legal title to the goods. The amount of revenue recognized reflects the various types of price reductions or rights of return offered by the Company to its customers. Such price reductions and rights of return qualify as variable consideration under IFRS 15 Revenue from contracts with customers . Products sold in the U.S. are covered by various Government and State programs (such as Medicare and Medicaid) under which products are sold at a discount. Rebates are granted to healthcare authorities, and under contractual arrangements with certain customers. Some wholesalers are entitled to chargeback incentives based on the selling price to the end customer, under specific contractual arrangements. Rebates, chargebacks and other incentives are recognized in the period in which the underlying sales are recognized as a reduction of gross sales. Our significant components of variable consideration are as follows: Co-payment assistance: ​ Chargebacks: ​ Rebates: ​ Medicare Part D Coverage Gap: ​ Distributor fees: ​ The estimated amounts described above are recognized in the consolidated statement of Profit or Loss within “Product net sales” as a reduction of gross sales, and within “Trade and other payables” in the balance sheet. They are subject to regular review and adjustment as appropriate based on the most recent data available to management. Each of the above items require significant estimates, judgement and information obtained from external sources. If management’s estimates differ from actual results, we will record adjustments that would affect product sales in the period of adjustment. Cost of sales Cost of sales are related to the sale of VYVGART and are recognised when the associated revenue is recognised. Cost of sales include material, manufacturing costs and other costs attributable to production, including shipping costs, as well as royalties payable on sales of VYVGART. Trade receivables Trade receivables are initially recognized at their invoiced amounts less adjustments for estimated revenue deductions such as rebates, chargebacks and returns. Loss allowance for expected credit losses are established using a forward-looking expected credit loss model (ECL), which includes possible default events on the trade receivables over the entire holding period of the trade receivable. These provisions represent the difference between the trade receivable’s carrying amount in the consolidated balance sheet and the estimated collectible amount. Charges for loss allowance for expected credit losses are recorded as marketing and selling costs recognized in the consolidated income statement within “Selling, general and administrative” expenses. Critical accounting judgements and key sources of estimation uncertainty Gross to net adjustments Our product gross sales are subject to various deductions, which are primarily composed of rebates to government agencies, distributors, health insurance companies and managed healthcare organizations. These deductions represent estimates of the related obligations, requiring the use of judgment when estimating the effect of these sales deductions on product gross sales for a reporting period. These adjustments are deducted from product gross sales to arrive at product net sales. The significant components of variable consideration

Cash and cash equivalents

Cash and cash equivalents	6 Months Ended
	Jun. 30, 2022
Cash and cash equivalents
Cash and cash equivalents	4. Cash and cash equivalents ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of ​ ​ June 30, ​ December 31, (in thousands of $) 2022 2021 Money market funds $ 887,823 $ 997,092 Term accounts ​ ​ 161,161 ​ ​ 95,090 Cash and bank balances ​ 318,304 ​ 242,494 Total cash and cash equivalents $ 1,367,288 $ 1,334,676 ​ On June 30, 2022, cash and cash equivalents amounted to $1,367.3 million, compared to $1,334.7 million on December 31, 2021 and included money market funds, readily convertible to cash and subject to an insignificant risk of changes in value, term accounts, with an original maturity of 3 months or less and cash and bank balances held at different financial institutions. Please also refer to note 15 for more information on the financial instruments.

Current financial assets

Current financial assets	6 Months Ended
	Jun. 30, 2022
Current financial assets..
Current financial assets	5. Current financial assets On June 30, 2022, the current financial assets amounted to $1,230.1 million, compared to $1,002.1 million on December 31, 2021. 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 15 for more information on the financial instruments.

Inventories

Inventories	6 Months Ended
	Jun. 30, 2022
Inventories
Inventories	6. Inventories ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of ​ ​ June 30, ​ December 31, (in thousands of $) 2022 2021 Raw materials and consumables $ 54,967 $ 70,134 Inventories in process ​ 59,838 ​ 37,705 Finished goods ​ ​ 20,906 ​ ​ 1,237 Total inventories $ 135,711 $ 109,076 ​ On June 30, 2022, inventories amounted to $135.7 million compared to $109.1 million at December 31, 2021 and was related to VYVGART. As of June 30, 2022 and December 31, 2021, no inventory write-offs were recorded. Included in inventory are products which could besides commercial activities, be used for in-house preclinical and clinical programs, non-reimbursed pre-approval programs and clinical programs carried out by Zai Lab.

Other non-current assets

Other non-current assets	6 Months Ended
	Jun. 30, 2022
Other non-current assets.
Other non-current assets	7. Other non-current assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of ​ ​ June 30, ​ December 31, (in thousands of $) 2022 2021 Restricted Cash - non-current ​ $ 1,681 ​ $ 1,707 Non-current financial assets held at fair value through profit or loss ​ 21,715 ​ 17,459 Non-current financial assets held at fair value through OCI ​ 19,704 ​ 35,710 Total other non-current assets $ 43,100 $ 54,876 ​ Please also refer to note 15 for more information on the financial instruments.

Shareholder's capital

Shareholder's capital	6 Months Ended
	Jun. 30, 2022
Shareholders' capital
Shareholders' capital	8. Shareholders’ capital On June 30, 2022, argenx SE’s share capital was represented by 55,061,502 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 and vesting of RSUs under the argenx Employee Stock Option Plan, for the period ended June 30, 2022. ​ ​ ​ ​ Number of shares outstanding on December 31, 2021 51,668,315 Exercise of options ​ 708,436 Vesting of RSUs ​ 1,417 Global public offering on Euronext and Nasdaq on March 23, 2022 ​ 2,333,334 Over-allotment option exercised by underwriters on March 29, 2022 ​ 350,000 Number of shares outstanding on June 30, 2022 55,061,502 ​ On March 23, 2022, argenx SE offered 2,333,334 of its ordinary shares through a global offering which consisted of 1,433,701 ADSs in the U.S. at a price of $300.0 per ADS, before underwriting discounts and commissions and offering expenses; and 899,633 ordinary shares in the European Economic Area at a price of €273.10 per share, before underwriting discounts and commissions and offering expenses. On March 29, 2022, the underwriters of the offering exercised their over-allotment option to purchase 350,000 additional ADSs in full. As a result, argenx SE received $804.1 million in gross proceeds from this offering, decreased by $44.2 million of underwriter discounts and commissions, and offering expenses, of which $44.0 million has been deducted from equity. The total net cash proceeds from the offering amounted to $761 million. On May 10, 2022, at the annual general meeting, the shareholders of the Company approved the authorization to the Board to issue up to a maximum of 10% of the then-outstanding share capital, for a period of 18 months.

Share-based payments

Share-based payments	6 Months Ended
	Jun. 30, 2022
Share-based payments
Share-based payments	9. Share-based payments On April 1, 2022, the Company granted a total of 102,081 stock options to certain of its employees and consultants. Below is an overview of the parameters used in relation to the new grant during 2022: ​ ​ ​ ​ ​ Stock options granted in April 2022 ​ Number of options granted ​ 102,081 ​ Fair value of options (in USD) (*) $ 111.27 - 140.23 ​ Share price (in USD) (*) $ 320.84 - 321.06 ​ Exercise price (in USD) (*) $ 312.22 ​ Expected volatility % 39.18 - 40.87 ​ Expected option life (in years) ​ 4 - 6.50 ​ Risk‑free interest rate % 1.05 - 1.62 ​ Expected dividends ​ — ​ ​ ​ ​ ​ (*) amounts have been converted to US dollar at the closing rate of grant date ​ ​ ​ ​ Stock options The stock options are 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. The stock options carry neither rights to dividends nor voting rights. Stock options may be exercised at any time from the date of vesting to the date of their expiry. The stock options vest, in principle, as follows: ● 1/3 of the total grant on the first anniversary of the date of grant; and ● 1/36 th of the total grant on the first day of each month following the first full year. In case the employee, consultant or director leaves the Company, stock options must be exercised before the later of (i) 90 days after the last working day at argenx, or (ii) March 31 of the 4 th year following the date of grant of those stock options, and in any case no later than the expiration date of the option. The total share-based payment expense recognized in the unaudited condensed consolidated statement of profit and loss totaled $76.9 million for the six months ended June 30, 2022 compared to $92.1 million for the six months ended June 30, 2021.

Trade and other payables

Trade and other payables	6 Months Ended
	Jun. 30, 2022
Trade and other payables.
Trade and other payables	10. Trade and other payables ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of ​ ​ June 30, ​ December 31, (in thousands of $) 2022 2021 Trade payables ​ $ 167,235 $ 208,850 Short term employee benefits ​ ​ 75,259 ​ ​ 83,737 Gross-to-net accruals ​ ​ 8,715 ​ ​ — Other ​ ​ 6,485 ​ ​ 828 Total trade and other payables ​ $ 257,694 ​ $ 293,415 ​

Revenue

Revenue	6 Months Ended
	Jun. 30, 2022
Revenue
Revenue	11. Revenue Product net sales For the six months ended June 30, 2022, the product net sales was related to sales of VYVGART in the US following the approval of VYVGART by U.S. Food and Drug Administration (FDA) on December 17, 2021 and in Japan following the approval of VYVGART by Pharmaceuticals and Medical Devices Agency (PMDA) on January 20, 2022. Product gross sales for six months ended June 30, 2022 was $109.4 million and the gross to net adjustment for six months ended June 30, 2022 was $13.4 million, resulting in $96 million of product net sales for six months ended June 30, 2022. Refer to note 12 for the breakdown of Product net sales by regions for six month ended June 30, 2022. Collaboration revenue For the six months ended June 30, 2022, the revenue generated under the collaboration agreements was related to the clinical and commercial supply to Zai. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended ​ ​ June 30, (in thousands of $) 2022 2021 Upfront payments $ — $ 444,303 Milestone payments ​ ​ — ​ 24,181 Research and development service fees ​ ​ — ​ ​ 1,914 Other revenues ​ ​ 2,610 ​ ​ — Total collaboration revenue ​ $ 2,610 ​ $ 470,398 ​ ​ ​ Under the Zai collaboration agreement, the Company provides clinical and commercial supply to Zai Lab. The Company concludes to recognize such sales as revenue given that the Company acts as principal in the transaction as the risk related to inventory is borne by the Company until the inventory is transferred to Zai. The revenue related to clinical and commercial supply is recorded under line item “Other revenues” within the table above. ​ The collaboration revenue for the six months ended June 30, 2021 was primarily attributable to the closing of the strategic collaboration for efgartigimod with Zai Lab, resulting in the recognition of $151.9 million during the first half of 2021 and recognition of the transaction price as a consequence of the termination of the collaboration agreement with Janssen, resulting in the recognition of $315.1 million during the first half of 2021.

Segment reporting

Segment reporting	6 Months Ended
	Jun. 30, 2022
Segment reporting
Segment reporting	12. Segment reporting The Company operates from the Netherlands, Belgium, the United States of America, Japan, Switzerland, Germany, France and Canada. Revenues are generated by external customers with their main registered office geographically located as shown in the table below. ​ Following table summarizes our product net sales by country of sales: ​ ​ ​ ​ ​ ​ ​ Six Months Ended (in thousands of $) June 30, 2022 Product net sales ​ $ ​ United States ​ ​ 94,349 Japan ​ ​ 1,514 Other* ​ ​ 133 Total $ 95,996 * The product net sales relates to sales made outside of US and Japan and relates to named patient sale made with the US label. ​ We sell our products through a limited number of distributors and wholesellers. Four US customers represent approximately 92% of our product net sales during six months ended June 30, 2022. ​ Following table summarizes our collaboration revenue generated by external customers with their main registered office geographically located as shown in the table below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended ​ Six Months Ended (in thousands of $) June 30, 2022 June 30, 2021 United States ​ $ — ​ $ 317,258 China ​ ​ 2,610 ​ ​ 151,903 Other ​ ​ — ​ ​ 1,237 Total $ 2,610 $ 470,398 ​ ​ The non-current assets of the Company, with the exception of the deferred tax assets, are geographically located as shown in the table below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of ​ ​ June 30, ​ December 31, (in thousands of $) 2022 2021 Belgium $ 259,693 $ 268,733 United States ​ 2,736 ​ 3,138 Japan ​ 3,104 ​ 3,232 Other ​ ​ 146 ​ ​ 8 Total $ 265,679 $ 275,111 ​

Research and development expens

Research and development expenses	6 Months Ended
	Jun. 30, 2022
Research and development expenses
Research and development expenses	13. Research and development expenses ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended ​ ​ June 30, (in thousands of $) 2022 2021 Personnel expense $ 79,497 $ 76,094 External research and development expenses ​ 185,453 ​ 174,915 Materials and consumables ​ 1,407 ​ 1,014 Depreciation and amortization ​ 1,842 ​ 1,784 Other expenses ​ 10,688 ​ 20,100 Total research and development expenses $ 278,887 $ 273,907 ​ ‘

Selling, general and administra

Selling, general and administrative expenses	6 Months Ended
	Jun. 30, 2022
Selling, general and administrative expenses
Selling, general and administrative expenses	14. Selling, general and administrative expenses ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended ​ ​ June 30, (in thousands of $) 2022 2021 Personnel expense $ 115,397 $ 70,179 Professional fees ​ 78,018 ​ 40,031 Supervisory board ​ 4,107 ​ 6,776 Depreciation and amortization ​ ​ 1,217 ​ ​ 1,180 Other Expenses ​ 29,925 ​ 11,433 Total selling, general and administrative expenses $ 228,664 $ 129,599 ​

Financial instruments and finan

Financial instruments and financial risk management	6 Months Ended
	Jun. 30, 2022
Financial instruments and financial risk management
Financial instruments and financial risk management	15. Financial instruments and financial risk management The Company carried the following assets at fair value on June 30, 2022 and December 31, 2021, respectively: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ At June 30, 2022 (in thousands of $) Level 1 Level 2 Level 3 Non-current financial assets $ 19,704 $ — $ 21,715 Current financial assets ​ ​ 1,230,105 ​ ​ — ​ ​ — Cash equivalents ​ 1,367,288 ​ — ​ — Assets carried at fair value $ 2,617,097 $ — $ 21,715 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ At December 31, 2021 (in thousands of $) Level 1 Level 2 Level 3 Non-current financial assets $ 35,710 $ — $ 17,459 Current financial assets ​ 73,052 ​ — ​ — Cash equivalents ​ ​ 997,092 ​ ​ — ​ ​ — Assets carried at fair value $ 1,105,854 $ — $ 17,459 ​ Non-current financial assets – Level 3 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 June 2022, AgomAb Therapeutics NV secured €38.4 million as a result of the extension of Series B. The Company used the post-money valuation of this Series B 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 non-current financial assets of $4.3 million recorded through profit or loss. Non-current financial assets – Level 1 As part of the license agreement for the development and commercialization for efgartigimod in Greater China, the Company obtained, amongst others, 568,182 newly issued Zai Lab shares calculated at a price of $132 per share. The fair value of the equity instrument at period-end is determined by reference to the closing price of such securities at each reporting date (classified as level 1 in the fair value hierarchy), resulting in a change in fair value of $16 million. The Company made the irrevocable election to recognize subsequent changes in fair value through OCI. Current financial assets and Cash equivalents – Level 1 see note 4 and 5 for further information)

Contractual obligations and com

Contractual obligations and commitments	6 Months Ended
	Jun. 30, 2022
Contractual obligations and commitments
Contractual obligations and commitments	16. Contractual obligations and commitments The Company’s manufacturing commitments with Lonza, its drug substance manufacturing contractor, relate to the services for efgartigimod and its manufacturing activities related to the 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, as of June 30, 2022, the Company has outstanding commitments for efgartigimod under the first commercial supply agreement of $393.3 million. ​

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2022
Events after the balance sheet date
Events after the balance sheet date	17. Events after the balance sheet date No events have occurred after the Balance Sheet date that could have a material impact on the unaudited condensed consolidated financial statements.

Significant accounting polici_2

Significant accounting policies (Policies)	6 Months Ended
	Jun. 30, 2022
Significant accounting policies
Basis of preparation	The unaudited condensed consolidated interim financial statements for the six months ended June 30, 2022 have been prepared in accordance with IAS 34 ‘Interim Financial Reporting’ as issued by the IASB and as 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, 2021. 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 26, 2022.
Revenue and other operating income recognition	Revenue Recognition – product net sales Revenue from the sale of goods is recognized at an amount that reflects the consideration that the Company expects to be entitled to receive in exchange for transferring goods to a customer, at the time when the customer obtains control of the goods rendered, this means when the customer has the ability to direct the use of the asset. The consideration that is committed in a contract with a customer can include fixed amounts, variable amounts, or both. The amount of the consideration may vary due to discounts, rebates, returns, chargebacks or other similar items. Contingent consideration is included in the transaction price when it is highly probable that the amount of revenue recognized is not subject to future significant reversals. Our product revenue consists of sales of VYVGART in U.S. and Japan. Revenue from contracts with customers Revenue arising from the commercial sale of VYVGART is presented in the consolidated statements of profit or loss under “Product net sales”. In accordance with IFRS 15 Revenue from contracts with customers , such revenue is recognized when the product is physically transferred, in accordance with the delivery and acceptance terms agreed with the customer. Payment of the transaction price is payable at the point the customer obtains the legal title to the goods. The amount of revenue recognized reflects the various types of price reductions or rights of return offered by the Company to its customers. Such price reductions and rights of return qualify as variable consideration under IFRS 15 Revenue from contracts with customers . Products sold in the U.S. are covered by various Government and State programs (such as Medicare and Medicaid) under which products are sold at a discount. Rebates are granted to healthcare authorities, and under contractual arrangements with certain customers. Some wholesalers are entitled to chargeback incentives based on the selling price to the end customer, under specific contractual arrangements. Rebates, chargebacks and other incentives are recognized in the period in which the underlying sales are recognized as a reduction of gross sales. Our significant components of variable consideration are as follows: Co-payment assistance: ​ Chargebacks: ​ Rebates: ​ Medicare Part D Coverage Gap: ​ Distributor fees: ​ The estimated amounts described above are recognized in the consolidated statement of Profit or Loss within “Product net sales” as a reduction of gross sales, and within “Trade and other payables” in the balance sheet. They are subject to regular review and adjustment as appropriate based on the most recent data available to management. Each of the above items require significant estimates, judgement and information obtained from external sources. If management’s estimates differ from actual results, we will record adjustments that would affect product sales in the period of adjustment.
Cost of sales	Cost of sales Cost of sales are related to the sale of VYVGART and are recognised when the associated revenue is recognised. Cost of sales include material, manufacturing costs and other costs attributable to production, including shipping costs, as well as royalties payable on sales of VYVGART.
Trade receivables	Trade receivables Trade receivables are initially recognized at their invoiced amounts less adjustments for estimated revenue deductions such as rebates, chargebacks and returns. Loss allowance for expected credit losses are established using a forward-looking expected credit loss model (ECL), which includes possible default events on the trade receivables over the entire holding period of the trade receivable. These provisions represent the difference between the trade receivable’s carrying amount in the consolidated balance sheet and the estimated collectible amount. Charges for loss allowance for expected credit losses are recorded as marketing and selling costs recognized in the consolidated income statement within “Selling, general and administrative” expenses.
Critical accounting judgements and key sources of estimation uncertainty	Critical accounting judgements and key sources of estimation uncertainty Gross to net adjustments Our product gross sales are subject to various deductions, which are primarily composed of rebates to government agencies, distributors, health insurance companies and managed healthcare organizations. These deductions represent estimates of the related obligations, requiring the use of judgment when estimating the effect of these sales deductions on product gross sales for a reporting period. These adjustments are deducted from product gross sales to arrive at product net sales. The significant components of variable consideration

Cash and cash equivalents (Tabl

Cash and cash equivalents (Tables)	6 Months Ended
	Jun. 30, 2022
Cash and cash equivalents
Schedule of cash and cash equivalents	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of ​ ​ June 30, ​ December 31, (in thousands of $) 2022 2021 Money market funds $ 887,823 $ 997,092 Term accounts ​ ​ 161,161 ​ ​ 95,090 Cash and bank balances ​ 318,304 ​ 242,494 Total cash and cash equivalents $ 1,367,288 $ 1,334,676

Inventories (Tables)

Inventories (Tables)	6 Months Ended
	Jun. 30, 2022
Inventories
Schedule of inventories	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of ​ ​ June 30, ​ December 31, (in thousands of $) 2022 2021 Raw materials and consumables $ 54,967 $ 70,134 Inventories in process ​ 59,838 ​ 37,705 Finished goods ​ ​ 20,906 ​ ​ 1,237 Total inventories $ 135,711 $ 109,076

Other non-current assets (Table

Other non-current assets (Tables)	6 Months Ended
	Jun. 30, 2022
Other non-current assets.
Schedule of other non-current assets	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of ​ ​ June 30, ​ December 31, (in thousands of $) 2022 2021 Restricted Cash - non-current ​ $ 1,681 ​ $ 1,707 Non-current financial assets held at fair value through profit or loss ​ 21,715 ​ 17,459 Non-current financial assets held at fair value through OCI ​ 19,704 ​ 35,710 Total other non-current assets $ 43,100 $ 54,876

Shareholders' capital (Tables)

Shareholders' capital (Tables)	6 Months Ended
	Jun. 30, 2022
Shareholders' capital
Schedule of number of share outstanding	​ ​ ​ ​ Number of shares outstanding on December 31, 2021 51,668,315 Exercise of options ​ 708,436 Vesting of RSUs ​ 1,417 Global public offering on Euronext and Nasdaq on March 23, 2022 ​ 2,333,334 Over-allotment option exercised by underwriters on March 29, 2022 ​ 350,000 Number of shares outstanding on June 30, 2022 55,061,502

Share-based payments (Tables)

Share-based payments (Tables)	6 Months Ended
	Jun. 30, 2022
Share-based payments
Schedule of parameters used in relation to the new grants	​ ​ ​ ​ ​ Stock options granted in April 2022 ​ Number of options granted ​ 102,081 ​ Fair value of options (in USD) (*) $ 111.27 - 140.23 ​ Share price (in USD) (*) $ 320.84 - 321.06 ​ Exercise price (in USD) (*) $ 312.22 ​ Expected volatility % 39.18 - 40.87 ​ Expected option life (in years) ​ 4 - 6.50 ​ Risk‑free interest rate % 1.05 - 1.62 ​ Expected dividends ​ — ​ ​ ​ ​ ​ (*) amounts have been converted to US dollar at the closing rate of grant date ​ ​ ​

Trade and other payables (Table

Trade and other payables (Tables)	6 Months Ended
	Jun. 30, 2022
Trade and other payables.
Schedule of trade and other payables	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of ​ ​ June 30, ​ December 31, (in thousands of $) 2022 2021 Trade payables ​ $ 167,235 $ 208,850 Short term employee benefits ​ ​ 75,259 ​ ​ 83,737 Gross-to-net accruals ​ ​ 8,715 ​ ​ — Other ​ ​ 6,485 ​ ​ 828 Total trade and other payables ​ $ 257,694 ​ $ 293,415

Revenue (Tables)

Revenue (Tables)	6 Months Ended
	Jun. 30, 2022
Revenue
Schedule of revenue	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended ​ ​ June 30, (in thousands of $) 2022 2021 Upfront payments $ — $ 444,303 Milestone payments ​ ​ — ​ 24,181 Research and development service fees ​ ​ — ​ ​ 1,914 Other revenues ​ ​ 2,610 ​ ​ — Total collaboration revenue ​ $ 2,610 ​ $ 470,398

Segment reporting (Tables)

Segment reporting (Tables)	6 Months Ended
	Jun. 30, 2022
Segment reporting
Schedule of product net sales by country of sales	​ ​ ​ ​ ​ ​ ​ Six Months Ended (in thousands of $) June 30, 2022 Product net sales ​ $ ​ United States ​ ​ 94,349 Japan ​ ​ 1,514 Other* ​ ​ 133 Total $ 95,996 * The product net sales relates to sales made outside of US and Japan and relates to named patient sale made with the US label.
Schedule of collaboration revenue generated by external customers	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended ​ Six Months Ended (in thousands of $) June 30, 2022 June 30, 2021 United States ​ $ — ​ $ 317,258 China ​ ​ 2,610 ​ ​ 151,903 Other ​ ​ — ​ ​ 1,237 Total $ 2,610 $ 470,398 ​
Schedule of external customers geographically location	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of ​ ​ June 30, ​ December 31, (in thousands of $) 2022 2021 Belgium $ 259,693 $ 268,733 United States ​ 2,736 ​ 3,138 Japan ​ 3,104 ​ 3,232 Other ​ ​ 146 ​ ​ 8 Total $ 265,679 $ 275,111

Research and development expe_2

Research and development expenses (Tables)	6 Months Ended
	Jun. 30, 2022
Research and development expenses
Schedule of research and development expenses	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended ​ ​ June 30, (in thousands of $) 2022 2021 Personnel expense $ 79,497 $ 76,094 External research and development expenses ​ 185,453 ​ 174,915 Materials and consumables ​ 1,407 ​ 1,014 Depreciation and amortization ​ 1,842 ​ 1,784 Other expenses ​ 10,688 ​ 20,100 Total research and development expenses $ 278,887 $ 273,907

Selling, general and administ_2

Selling, general and administrative expenses (Tables)	6 Months Ended
	Jun. 30, 2022
Selling, general and administrative expenses
Schedule of selling, general and administrative expenses	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended ​ ​ June 30, (in thousands of $) 2022 2021 Personnel expense $ 115,397 $ 70,179 Professional fees ​ 78,018 ​ 40,031 Supervisory board ​ 4,107 ​ 6,776 Depreciation and amortization ​ ​ 1,217 ​ ​ 1,180 Other Expenses ​ 29,925 ​ 11,433 Total selling, general and administrative expenses $ 228,664 $ 129,599

Financial risk management (Tabl

Financial risk management (Tables)	6 Months Ended
	Jun. 30, 2022
Financial instruments and financial risk management
Schedule of assets at fair value	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ At June 30, 2022 (in thousands of $) Level 1 Level 2 Level 3 Non-current financial assets $ 19,704 $ — $ 21,715 Current financial assets ​ ​ 1,230,105 ​ ​ — ​ ​ — Cash equivalents ​ 1,367,288 ​ — ​ — Assets carried at fair value $ 2,617,097 $ — $ 21,715 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ At December 31, 2021 (in thousands of $) Level 1 Level 2 Level 3 Non-current financial assets $ 35,710 $ — $ 17,459 Current financial assets ​ 73,052 ​ — ​ — Cash equivalents ​ ​ 997,092 ​ ​ — ​ ​ — Assets carried at fair value $ 1,105,854 $ — $ 17,459

Cash and cash equivalents (Deta

Cash and cash equivalents (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021	Jun. 30, 2021	Dec. 31, 2020
Cash and cash equivalents
Money market funds	$ 887,823	$ 997,092
Term accounts	161,161	95,090
Cash and bank balances	318,304	242,494
Total cash and cash equivalents	$ 1,367,288	$ 1,334,676	$ 1,581,893	$ 1,216,803

Current financial assets (Detai

Current financial assets (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
Other current financial assets
Current financial assets	$ 1,230,105	$ 1,002,052
Maturity term	3 months

Inventories (Details)

Inventories (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
Inventories
Raw materials and consumables	$ 54,967	$ 70,134
Inventories in process	59,838	37,705
Finished goods	20,906	1,237
Total inventories	135,711	109,076
Inventory write-offs	$ 0	$ 0

Other non-current assets (Detai

Other non-current assets (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Other non-current assets.
Restricted cash - non - current	$ 1,681	$ 1,707
Non-current financial assets held at fair value through profit or loss	21,715	17,459
Non-current financial assets held at fair value through OCI	19,704	35,710
Other non-current assets	$ 43,100	$ 54,876

Shareholder's capital (Details)

Shareholder's capital (Details)	6 Months Ended
	Jun. 30, 2022 EquityInstruments shares
Disclosure of classes of share capital [line items]
Number of shares outstanding at beginning of period	51,668,315
Exercise of Options	708,436
Vesting of RSUs | EquityInstruments	1,417
Number of shares outstanding at end of period	55,061,502
Global Offering
Disclosure of classes of share capital [line items]
New shares issued for private placement, initial public offering, public offering and underwriters' over-allotment option	2,333,334
Underwriters' Over Allotment Option
Disclosure of classes of share capital [line items]
New shares issued for private placement, initial public offering, public offering and underwriters' over-allotment option	350,000

Shareholders' capital - Narrati

Shareholders' capital - Narratives (Details) - USD ($) $ / shares in Units, $ in Millions	May 10, 2022	Mar. 29, 2022	Mar. 23, 2022	Jun. 30, 2022	Dec. 31, 2021
Disclosure of classes of share capital [line items]
Number of shares outstanding				55,061,502	51,668,315
Maximum authorized increase of then outstanding share capital (as a percent)	10%
Period of outstanding share capital	18 months
Global Offering
Disclosure of classes of share capital [line items]
Number of shares issued			2,333,334
Global Offering | American Depositary Shares
Disclosure of classes of share capital [line items]
Number of shares issued			1,433,701
Share price			$ 300
Global Offering | Ordinary shares
Disclosure of classes of share capital [line items]
Number of shares issued			899,633
Share price			$ 273.10
Underwriters' Over Allotment Option | American Depositary Shares
Disclosure of classes of share capital [line items]
Number of shares issued		350,000
Gross proceeds from issue of shares		$ 804.1
Payments of stock issuance costs		44.2
Expenses deducted from equity		44
Net proceeds		$ 761

Share-based payments (Details)

Share-based payments (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of shares on conversion	1
Total share based payment expense	$ 76.9	$ 92.1
Tranche One
Disclosure of terms and conditions of share-based payment arrangement [line items]
Vesting percentage	0.333%
Tranche Two
Disclosure of terms and conditions of share-based payment arrangement [line items]
Vesting percentage	0.027%

Share based payments - Stock op

Share based payments - Stock options granted (Details)		1 Months Ended
	Apr. 01, 2022 EquityInstruments	Apr. 30, 2022 USD ($) Y EquityInstruments $ / shares
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of options granted | EquityInstruments	102,081	102,081
Exercise price		$ 312.22
Maximum
Disclosure of terms and conditions of share-based payment arrangement [line items]
Fair value of options | $		$ 140,230
Share price		$ 321.06
Expected volatility		40.87%
Expected option life (in years) | Y		6.50
Risk-free interest rate		1.62%
Minimum
Disclosure of terms and conditions of share-based payment arrangement [line items]
Fair value of options | $		$ 111,270
Share price		$ 320.84
Expected volatility		39.18%
Expected option life (in years) | Y		4
Risk-free interest rate		1.05%

Trade and other payables (Detai

Trade and other payables (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Trade and other payables.
Trade payables	$ 167,235	$ 208,850
Short-term employee benefits accruals	75,259	83,737
Gross-to-net accruals	8,715
Other	6,485	828
Total trade and other payables	$ 257,694	$ 293,415

Revenue - Product net sales (De

Revenue - Product net sales (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2022 USD ($)
Revenue
Product net sales	$ 95,996
Gross adjustment	109,400
Net adjustment	$ 13,400

Revenue - Collaboration Revenue

Revenue - Collaboration Revenue (Details) - USD ($) $ in Thousands	3 Months Ended			6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2022	Jun. 30, 2021
Disclosure of disaggregation of revenue from contracts with customers [line items]
Total revenue	$ 95,996
Collaboration revenue				$ 2,610	$ 470,398
Zai Lab | Collaboration and license agreement
Disclosure of disaggregation of revenue from contracts with customers [line items]
Upfront revenue recognition					444,303
Milestone revenue recognition					24,181
Research and development service fees (FTE)					1,914
Other revenues				2,610
Total revenue				$ 2,610	$ 470,398
Collaboration revenue			$ 151,900
Janssen | Collaboration and license agreement
Disclosure of disaggregation of revenue from contracts with customers [line items]
Collaboration revenue		$ 315,100

Segment reporting - Product net

Segment reporting - Product net sales by country of sales (Details) $ in Thousands	3 Months Ended
	Jun. 30, 2022 USD ($)
Disclosure of geographical areas [line items]
Revenue from external customers	$ 95,996
United States
Disclosure of geographical areas [line items]
Revenue from external customers	94,349
Japan
Disclosure of geographical areas [line items]
Revenue from external customers	1,514
Other
Disclosure of geographical areas [line items]
Revenue from external customers	$ 133

Segment reporting - Major distr

Segment reporting - Major distributor or whole sellers (Details)	6 Months Ended
	Jun. 30, 2022 item
Segment reporting
Number of major customers from U.S.	4
Percentage of product net sales from major customers from United States	92%

Segment reporting - Collaborati

Segment reporting - Collaboration revenue generated by external customers (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Disclosure of major customers [line items]
Collaboration revenue	$ 2,610	$ 470,398
United States.
Disclosure of major customers [line items]
Collaboration revenue		317,258
China
Disclosure of major customers [line items]
Collaboration revenue	$ 2,610	151,903
Other.
Disclosure of major customers [line items]
Collaboration revenue		$ 1,237

Segment reporting - Noncurrent

Segment reporting - Noncurrent assets (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Disclosure of geographical areas [line items]
Non current Assets exclude deferred tax assets	$ 265,679	$ 275,111
BELGIUM
Disclosure of geographical areas [line items]
Non current Assets exclude deferred tax assets	259,693	268,733
United States
Disclosure of geographical areas [line items]
Non current Assets exclude deferred tax assets	2,736	3,138
Japan
Disclosure of geographical areas [line items]
Non current Assets exclude deferred tax assets	3,104	3,232
Other:
Disclosure of geographical areas [line items]
Non current Assets exclude deferred tax assets	$ 146	$ 8

Research and development expe_3

Research and development expenses (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Research and development expenses
Personnel expenses	$ (79,497)	$ (76,094)
External research and development expenses	(185,453)	(174,915)
Materials and consumables	(1,407)	(1,014)
Depreciation and amortization	(1,842)	(1,784)
Other expenses	(10,688)	(20,100)
Total research and development expenses	$ (278,887)	$ (273,907)

Selling, general and administ_3

Selling, general and administrative expenses (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Selling, general and administrative expenses
Personnel expense	$ 115,397	$ 70,179
Consulting fees	78,018	40,031
Supervisory board	4,107	6,776
Depreciation and amortization	1,217	1,180
Other Expenses	29,925	11,433
Total selling, general and administrative expenses	$ 228,664	$ 129,599

Financial instruments and fin_2

Financial instruments and financial risk management - Fair value (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Financial instruments and financial risk management
Non-current financial assets	$ 19,704	$ 35,710
Level 1
Financial instruments and financial risk management
Non-current financial assets	19,704	35,710
Current financial assets	1,230,105	73,052
Cash Equivalents	1,367,288	997,092
Assets carried at fair value	2,617,097	1,105,854
Level 3
Financial instruments and financial risk management
Non-current financial assets	21,715	17,459
Assets carried at fair value	$ 21,715	$ 17,459

Financial instruments and fin_3

Financial instruments and financial risk management - License agreement (Details) $ / shares in Units, € in Millions, $ in Millions		1 Months Ended
	Jan. 06, 2021 USD ($) $ / shares shares	Jun. 30, 2022 USD ($)	Jun. 30, 2022 EUR (€)
AgomAb
Financial instruments and financial risk management
Fair value of current financial assets		$ 4.3
AgomAb | Preferred Class B Shares
Financial instruments and financial risk management
Proceeds from issue of shares | €			€ 38.4
Zai Lab
Financial instruments and financial risk management
Number of shares issued | shares	568,182
Share price | $ / shares	$ 132
Fair value of current financial assets	$ 16

Contractual obligations and c_2

Contractual obligations and commitments (Details) $ in Millions	Jun. 30, 2022 USD ($)
Contractual obligations and commitments
Outstanding commitment	$ 393.3