The Company\u2019s manufacturing commitments with Lonza, its drug substance manufactu-
ring contractor, relate to the ongoing execution of the biologic license application (BLA)
services for efgartigimod and its manufacturing activities related to the potential future
commercialization. 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 $419.0 million.
During 2022, Company signed an agreement with Fujifilm, for activities relating to
the large-scale manufacturing of efgartigimod drug substance. In the aggregate, the
Company has outstanding commitments for efgartigimod under the commercial supply
agreement of $13.3 million.
At December 31, 2022, the Company has commitments towards its joint venture, Onco-
Verity, Inc. to fund the operations of the joint venture amounting to $13.0 million.
The following auditors\u2019 fees were expensed in the consolidated statements of profit or
Audit services performed by Deloitte Accountants B.V. as the external auditor referred to in Section 1 of
the Dutch Accounting Firms Oversight Act (Wta) as well as by the Deloitte network.
Tax services performed by the Deloitte network.
The parent company argenx SE is domiciled in the Netherlands. The Company, argenx
SE, has two subsidiaries, argenx BV and argenx Benelux BV, based in Belgium. argenx BV
has nine subsidiaries. Details of the Company\u2019s consolidated entities at the end of the
argenx US, Inc.
argenx Canada, Inc.
argenx UK Ltd.
argenx Netherlands Services B.V.
argenx Italy S.r.l.
No events have occurred after the balance sheet date that could have a material impact
\non the consolidated financial statements.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfNotesAndOtherExplanatoryInformationExplanatory",
"language": "en",
"entity": "scheme:7245009C5FZE6G9ODQ71",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f19655": {
"value": "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 Laarderhoogtweg 25,
1101 EB Amsterdam, the Netherlands. An overview of the company and its subsidiaries
.
argenx SE is a publicly traded company with ordinary shares listed on Euronext Brussels
under the symbol \u201cARGX\u201d since July 2014 and with American Depositary Shares listed on
\nNasdaq under the symbol \u201cARGX\u201d since May 2017. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:7245009C5FZE6G9ODQ71",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f19661": {
"value": "argenx SE",
"dimensions": {
"concept": "ifrs-full:NameOfUltimateParentOfGroup",
"language": "en",
"entity": "scheme:7245009C5FZE6G9ODQ71",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f19662": {
"value": "argenx SE",
"dimensions": {
"concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification",
"language": "en",
"entity": "scheme:7245009C5FZE6G9ODQ71",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f19663": {
"value": "argenx SE",
"dimensions": {
"concept": "ifrs-full:NameOfParentEntity",
"language": "en",
"entity": "scheme:7245009C5FZE6G9ODQ71",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f19664": {
"value": "Dutch European public company with limited liability",
"dimensions": {
"concept": "ifrs-full:LegalFormOfEntity",
"language": "en",
"entity": "scheme:7245009C5FZE6G9ODQ71",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f19666": {
"value": "Netherlands",
"dimensions": {
"concept": "ifrs-full:PrincipalPlaceOfBusiness",
"language": "en",
"entity": "scheme:7245009C5FZE6G9ODQ71",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f19667": {
"value": "Netherlands",
"dimensions": {
"concept": "ifrs-full:CountryOfIncorporation",
"language": "en",
"entity": "scheme:7245009C5FZE6G9ODQ71",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f19668": {
"value": "Netherlands",
"dimensions": {
"concept": "ifrs-full:DomicileOfEntity",
"language": "en",
"entity": "scheme:7245009C5FZE6G9ODQ71",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f19670": {
"value": "Laarderhoogtweg 25, 1101 EB Amsterdam, the Netherlands.",
"dimensions": {
"concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity",
"language": "en",
"entity": "scheme:7245009C5FZE6G9ODQ71",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f19681": {
"value": "2
The significant Company\u2019s accounting policies are summarized below.
The consolidated financial statements are prepared in accordance with the International
Financial Reporting Standards and the interpretations issued by the IASB\u2019s International
Dutch Civil Code. The consolidated financial statements provide a general overview
of the Company\u2019s activities and the results achieved. They provide a true and fair view
of the entity\u2019s financial position, its financial performance and cash flows, on a going
concern basis.
The significant accounting policies applied in the preparation of the above consolidated
financial statements are set out below. All amounts are presented in thousands of dollar,
unless otherwise indicated, rounded to the nearest $ \u2018000.
The consolidated financial statements have been approved for issue by the Company\u2019s
) on March 15, 2023.
2.2
Adoption of New and Revised Standards
\n
New Standards and Interpretations applicable for the Annual Period beginning on
\n
January 1, 2022
\n
New standards and interpretations for the annual period beginning on January 1, 2022
\n
did not have any material impact on our consolidated financial statements.
\n
New Standards and Interpretations issued, but not yet applicable for the Annual Period
\n
beginning on January 1, 2022
\n
We have not early adopted any other standard, interpretation, or amendment that
\n
has been issued but is not yet effective. Of the standards that are not yet effective, we
\n
expect no standard to have a material impact on our financial statements in the period
\n
of initial application.
\n
2.3
Basis of Consolidation
\n
The consolidated financial statements include the financial statements of the Company
\n
and entities controlled by the Company (its subsidiaries). Control is achieved when the
\n
Company:
\n
\u2022
has power over the investee;
\n
\u2022
is exposed, or has rights, to variable returns from its involvement with the investee;
\n
and
\n
\u2022
has the ability to use its power to affect its returns.
\n
The Company reassesses whether or not it controls an investee if facts and circums-
\n
tances indicate that there are changes to one or more of the three elements of control
\n
listed above.
\n
The results of the subsidiaries are included in the consolidated statements of profit or
\n
loss and consolidated statements of other comprehensive income from the effective
\n
date of acquisition up to the date when control ceases to exist. When necessary,
\n
adjustments are made to the financial statements of subsidiaries to bring their accoun-
\n
ting policies into line with those used by other members of the Group.
\n
All intercompany transactions and unrealized gains on transactions between group
\n
companies are eliminated. Unrealised losses are also eliminated unless the transaction
\n
provides evidence of an impairment of the transferred asset.
\n
2.4
Foreign Currency Transactions
\n
2.4.1
Functional and Presentation Currency
\n
Items included in the consolidated financial statements of each of our entities are
\n
valued using the currency of their economic environment in which the entity operates.
\n
The consolidated financial statements are presented in USD ($), which is the Company\u2019s
\n
presentation currency.
2.4.2
Transactions and Balances
\n
Transactions in foreign currencies are translated at the exchange rate ruling at the date
\n
of the transaction. Monetary assets and liabilities denominated in foreign currencies are
\n
translated at the exchange rate ruling at the reporting date. Foreign exchange differen-
\n
ces arising on translation are recognized in the consolidated statements of profit or loss
\n
and the consolidated statements of other comprehensive income. Non monetary assets
\n
and liabilities denominated in foreign currencies are translated at the foreign exchange
\n
rate ruling at the date of the transaction.
\n
2.4.3
Financial Statements of Foreign Entities
\n
For foreign entities using a different functional currency than USD:
\n
\u2022
assets and liabilities for each balance sheet presented are translated at the closing
\n
rate at the date of the balance sheet.
\n
\u2022
income and expenses for each statement presenting profit or loss and statements
\n
of other comprehensive income are translated at average exchange rates (unless
\n
this average is not a reasonable approximation of the cumulative effect of the
\n
rates prevailing on the transaction dates, in which case income and expenses are
\n
translated at the rate on the dates of the transactions).
\n
\u2022
all resulting exchange differences are recognised in the statements of other
\n
comprehensive income.
\n
2.5
Intangible Assets
\n
2.5.1
Internally Generated Intangible Assets
\n
Expenditure on research activities is recognized as an expense in the period in which
\n
it is incurred.
\n
An internally generated intangible asset arising from development (or from the
\n
development phase of an internal project) is recognized if, and only if, all of the following
\n
have been demonstrated:
\n
\u2022
the technical feasibility of completing the intangible asset so that it will be available
\n
for use or sale;
\n
\u2022
the intention to complete the intangible asset and use or sell it;
\n
\u2022
the ability to use or sell the intangible asset;
\n
\u2022
how the intangible asset will generate probable future economic benefits;
\n
\u2022
the availability of adequate technical, financial and other resources to complete the
\n
development and to use or sell the intangible asset; and
\n
\u2022
the ability to measure reliably the expenditure attributable to the intangible asset
\n
during its development.
\n
The amount initially recognized for internally generated intangible assets is the sum
\n
of the expenditure incurred from the date when the intangible asset first meets the
\n
recognition criteria listed above. Where no internally generated intangible asset can be
\n
recognized, development expenditures are recognized in the consolidated statements
\n
of profit or loss and the consolidated statements of other comprehensive income in the
\n
period in which they are incurred.
Due to uncertainties inherent to the development and registration with the relevant
\n
healthcare authorities of its products, the Company estimates that the conditions for
\n
capitalization are not met until the regulatory procedures required by such healthcare
\n
authorities have been finalized.
\n
2.5.2
Acquired In-Process R&D, Software and
\n
Databases and Other intangible assets
\n
Intangible assets with finite useful lives that are acquired separately related to in-pro-
\n
cess research and development projects, software and databases and other intangible
\n
assets are carried at cost less accumulated amortization and accumulated impairment
\n
losses. Intangible assets with indefinite useful lives are carried at cost less accumulated
\n
impairment losses.
\n
Payments for acquired in-process research and development projects obtained through
\n
in-licensing arrangements are capitalized as intangible assets provided that they are
\n
separately identifiable, controlled by the Company and expected to provide future
\n
economic benefits. As the probability criterion in IAS 38 is always considered to be
\n
satisfied for separately acquired research and development assets and the amount of
\n
the payments is determinable, upfront and milestone payments to third parties for
\n
pharmaceutical products or compounds for which regulatory marketing approval has
\n
not yet been obtained are recognized as intangible assets.
\n
Other intangible assets includes the PRV which the Company can use to obtain the prio-
\n
rity review by the FDA for one of its future regulatory submissions or may sell or transfer
\n
to a third party. The PRV is initially measured at cost and reviewed for impairment when
\n
events or circumstances indicate that the carrying value may not be recoverable.
\n
2.5.3
Amortization of Intangible Assets
\n
Intangible assets, which comprises of acquired in-process research and development,
\n
software and databases and other intangible assets, are amortized on a straight-line
\n
basis over the estimated useful life as from the time they are available for use, or when
\n
the underlying drug candidate is approved, generally on the following basis:
\n
\u2022
Acquired In-Process R&D \u2013 the longer of the patent protection life and the useful life
\n
of the combined product
\n
\u2022
Software and Databases: 3 \u2013 5 years
\n
The estimated useful life and amortization method are reviewed at the end of each
\n
reporting period, with the effect of any changes in estimate being accounted for on a
\n
prospective basis.
\n
During 2022, the Company used the PRV to accelerate the review of drug application of
\n
SC efgartigimod for the treatment of generalized mysthania gravis, the intangible asset
\n
for $99.1 million was amortized and derecognized upon filing of the related Biologic
\n
License Application.
2.5.4
Derecognition of Intangible Assets
\n
An intangible asset is derecognized either on disposal or when no future economic
\n
benefits are expected from its use. Gains or losses arising from derecognition of an
\n
intangible asset, measured as the difference between the net disposal proceeds, if any,
\n
and the carrying amount of the asset, are recognized in the consolidated statements of
\n
profit or loss and the consolidated statements of other comprehensive income when the
\n
asset is derecognized.
\n
2.6
Property, Plant and Equipment
\n
Items of property, plant and equipment held for use in the production or supply of goods
\n
or services, or for administrative purposes, are stated in the consolidated statement of
\n
financial position at their cost, less accumulated depreciation and impairment losses.
\n
Depreciation is recognized as from acquisition date onwards (unless asset is not ready
\n
for use) so as to write off the cost or valuation of assets (other than freehold land and
\n
properties under construction) less their residual values over their useful lives, using
\n
the straight line method. The estimated useful lives, residual values and depreciation
\n
method are reviewed at the end of each reporting period, with the effect of any changes
\n
in estimate accounted for on a prospective basis.
\n
Unless revised due to specific changes in the estimated useful life, annual depreciation
\n
rates are as follows:
\n
\u2022
Office and lab equipment: 3 \u2013 5 years
\n
\u2022
IT equipment: 3 years
\n
An item of property, plant and equipment is derecognized upon disposal or when no
\n
future economic benefits are expected to arise from the continued use of the asset.
\n
Any gain or loss arising on the disposal or retirement of an item of property, plant and
\n
equipment is determined as the difference between the sales proceeds, if any, and the
\n
carrying amount of the asset and is recognized in the consolidated statements of profit
\n
or loss and the consolidated statements of other comprehensive income.
\n
2.7
Inventories
\n
Inventories are carried at cost or net realisable value, whichever is lowest. Cost is deter-
\n
mined using the first-in, first-out method. Cost comprises of costs of purchase, costs of
\n
conversion and other costs incurred in bringing the inventories to their present location
\n
and condition.
\n
If the expected sales price less completion costs to execute sales (net realizable value)
\n
is lower than the carrying amount, a write-down is recognised for the amount by which
\n
the carrying amount exceeds its net realisable value.
\n
Included in inventory are products which could, besides commercial activities, be used
\n
in preclinical and clinical programs as well as in non-reimbursed pre-approval access
\n
program. These products are charged to research & development expenses or selling,
\n
general and administrative expenses, respectively, when dedicated to this channel.
We capitalize inventory costs associated with products prior to the regulatory approval
\n
of these products, or for inventory produced in production facilities not yet approved,
\n
when it is highly probable that the pre-approval inventories will be saleable. The deter-
\n
mination to capitalize is based on the particular facts and circumstances relating to the
\n
expected regulatory approval of the product or production facility being considered. The
\n
assessment of whether or not the product is considered highly probable to be saleable
\n
is made on a quarterly basis and includes, but is not limited to, how far a particular pro-
\n
duct or facility has progressed along the approval process, any known safety or efficacy
\n
concern, potential labelling restrictions and other impediments.
\n
Previously capitalized costs related to pre-launch inventories could be required to be
\n
written down upon a change in such judgement or due to a denial or delay of approval
\n
by regulatory bodies, a delay in commercialization or other potential factors, which will
\n
be recorded to research and development expenses in the consolidated statements of
\n
profit or loss and the consolidated statements of other comprehensive income.
\n
2.8
Leases
\n
The Company assesses whether a contract is or contains a lease, at inception of the
\n
contract. The Company recognises a right-of-use asset and a corresponding lease liability
\n
with respect to all lease arrangements in which it is the lessee, except for short-term
\n
leases (defined as leases with a lease term of 12 months or less) and leases of low value
\n
assets. For these leases, the Company recognises the lease payments as an operating
\n
expense on a straight-line basis over the term of the lease unless another systematic
\n
basis is more representative of the time pattern in which economic benefits from the
\n
leased assets are consumed.
\n
The lease liability is initially measured at the present value of the lease payments
\n
that are not paid at the commencement date, discounted by using the rate implicit
\n
in the lease. If this rate cannot be readily determined, the lessee uses its incremental
\n
borrowing rate. The lease liability is subsequently measured by increasing the carrying
\n
amount to reflect interest on the lease liability (using the effective interest method) and
\n
by reducing the carrying amount to reflect the lease payments made. The lease liability
\n
is presented as a separate line in the consolidated statements of financial position.
\n
The right-of-use assets comprise the initial measurement of the corresponding lease
\n
liability, lease payments made at or before the commencement day, less any lease incen-
\n
tives received and any initial direct costs. They are subsequently measured at cost less
\n
accumulated depreciation and impairment losses. Right-of-use assets are depreciated
\n
over the shorter period of lease term and useful life of the underlying asset. If a lease
\n
transfers ownership of the underlying asset or the cost of the right-of-use asset reflects
\n
that the Company expects to exercise a purchase option, the related right-of-use asset is
\n
depreciated over the useful life of the underlying asset. The right-of-use assets are pre-
\n
sented in the consolidated statements of financial position under the caption \u201c
Property,
\n
Plant and Equipment
\u201d.
2.9
Impairment of Assets
\n
2.9.1
Financial Assets
\n
The impairment loss of a financial asset measured at amortised cost is calculated based
\n
on the expected loss model.
\n
For trade receivables, in the absence of a significant financing component, the allowance
\n
is measured at an amount equal to lifetime expected credit losses. Those are the
\n
expected credit losses that result from possible default events over the expected life
\n
of those trade receivables.
\n
2.9.2
Property, Plant and Equipment and Intangible Assets
\n
At the end of each reporting period, the Company reviews the carrying amounts of its
\n
tangible and intangible assets to determine whether there is any indication that those
\n
assets have suffered an impairment loss. If any such indication exists, the recoverable
\n
amount of the asset is estimated in order to determine the extent of the impairment
\n
loss, if any. Where it is not possible to estimate the recoverable amount of an individual
\n
asset, the Company estimates the recoverable amount of the cash generating unit to
\n
which the asset belongs.
\n
Intangible assets with indefinite useful lives and intangible assets not yet available for
\n
use are tested for impairment at least annually, and whenever there is an indication that
\n
the asset may be impaired.
\n
If the recoverable amount of an asset or cash generating unit is estimated to be less
\n
than its carrying amount, the carrying amount of the asset or cash generating unit is
\n
reduced to its recoverable amount. An impairment loss is recognized immediately in
\n
the consolidated statements of profit or loss and the consolidated statements of other
\n
comprehensive income.
\n
Where an impairment loss subsequently reverses, the carrying amount of the asset is
\n
increased to the revised estimate of its recoverable amount, but so that the increased
\n
carrying amount does not exceed the carrying amount that would have been deter-
\n
mined had no impairment loss been recognized for the asset or cash generating
\n
unit in prior years. A reversal of an impairment loss is recognized immediately in the
\n
consolidated statements of profit or loss and the consolidated statements of other
\n
comprehensive income.
\n
2.10
Financial Instruments
\n
Financial assets and financial liabilities are recognized in the consolidated statements of
\n
financial position when the Company becomes party to the contractual provisions of the
\n
instrument. The Company does not use currency derivatives to hedge planned future
\n
cash flows, nor does it make use of forward foreign exchange contracts. Additionally, the
\n
Company does not have financial debt at December 31, 2022.
2.10.1
Financial Assets
\n
Financial assets are initially recognized either at fair value or at transaction price. All
\n
recognized financial assets are subsequently measured at either amortized cost or fair
\n
value under EU-IFRS 9 on the basis of both the Company\u2019s model for managing the
\n
financial assets and the contractual cash flow characteristics of the financial asset.
\n
\u2022
A financial asset that (i) is held within a business model whose objective is to
\n
collect the contractual cash flows and (ii) has contractual cash flows that are solely
\n
payments of principal and interest on the principal amount outstanding is measured
\n
at amortized cost (net of any write down for impairment), unless the asset is
\n
designated at fair value through profit or loss (
FVTPL
) under the fair value option.
\n
\u2022
A financial asset that (i) is held within a business model whose objective is achieved
\n
both by collecting contractual cash flows and selling financial assets and (ii) has
\n
contractual term that give rise on specified dates to cash flows that are solely
\n
payments of principal and interest on the principal outstanding, is measured at fair
\n
value through other comprehensive income (
FVTOCI
), unless the asset is designated
\n
at FVTPL under the fair value option.
\n
\u2022
All other financial assets are measured at FVTPL.
\n
A financial asset is classified as current when the cash flows expected to flow from the
\n
instrument mature within one year.
\n
The Company derecognizes a financial asset when the contractual rights to the cash
\n
flows from the asset expire, or the Company transfers the right to receive the contrac-
\n
tual cash flows on the financial asset in a transaction in which substantially all the risks
\n
and rewards of ownership of the financial asset are transferred.
\n
The Company classifies non-derivative financial assets into the following categories:
\n
\u2022
financial asset at fair value through profit or loss or OCI (non-current financial assets,
\n
current financial assets and cash equivalents)
\n
\u2022
financial assets at amortized cost (receivables and cash and cash equivalents)
\n
Financial Assets at fair value through profit or loss or loss or OCI
\n
Financial assets are designated at fair value through profit or loss if the Company mana-
\n
ges such investments and makes purchases and sales decisions based on their fair value
\n
in accordance with the Company\u2019s investment strategy. Attributable transaction costs
\n
are recognised in the consolidated statements of profit or loss and the consolidated
\n
statements of other comprehensive income as incurred. Financial assets at fair value
\n
through profit or loss are measured at fair value, and changes therein, which take into
\n
account any dividend income, are recognized in the consolidated statements of profit or
\n
loss and the consolidated statements of other comprehensive income.
\n
2.10.1.1
Non-Current Financial Assets at fair value through profit
\n
or loss or OCI
\n
The Company holds investments in non-current financial assets, which based on EU-IFRS
\n
9, are designated as financial assets at fair value through profit or loss or financial assets
at fair value through OCI. The fair value of listed investments is based upon the closing
\n
price of such securities at each reporting date. If there is no active market for an equity
\n
instrument, the Company establishes the fair value by using valuation techniques.
\n
Based on EU-IFRS 9, the Company irrevocably elected to designate specific invest-
\n
ments as a financial asset at fair value through OCI as the participation is not held for
\n
trading purposes nor contingent consideration recognised by an acquirer in a business
\n
combination.
\n
2.10.1.2
Current Financial Assets at fair value through profit or loss
\n
Current financial assets measured at fair value through profit or loss comprise of money
\n
market funds.
\n
2.10.1.3
Cash Equivalents Measured at fair value through profit or loss
\n
Cash equivalents measured at fair value through profit or loss comprise of money
\n
market funds that are readily convertible to cash and are subject to insignificant risk of
\n
changes in value. These financial assets are used by the Company in the management of
\n
the short-term commitments.
\n
Financial Assets at Amortized Cost
\n
2.10.1.4
Receivables
\n
Trade and other receivables are designated as financial assets measured at amortized
\n
cost. They are initially measured either at fair value or at transaction price, in the
\n
absence of a significant financing component less adjustments for estimated revenue
\n
deductions such as rebates, chargebacks and returns.
\n
All receivables are subsequently measured at amortized cost, which generally corre-
\n
sponds to nominal value less expected credit loss provision.
\n
Receivables mainly comprise trade and other receivables and current and non-current
\n
research and development incentive receivables. These research and development
\n
incentive receivables relate to refunds resulting from research and development
\n
incentives on research and development expenses in Belgium and are credited to the
\n
consolidated statements of profit or loss and the consolidated statements of other
\n
comprehensive income under the line \u201cOther operating income\u201d when the relevant
\n
expenditure has been incurred and there is a reasonable assurance that the research
\n
and development incentives are receivable.
\n
Loss allowance for expected credit losses are established using a simplified approach of
\n
forward-looking expected credit loss model (ECL), which includes possible default events
\n
on the trade receivables over the entire holding period of the trade receivable. These
\n
provisions represent the difference between the trade receivable\u2019s carrying amount in
\n
the consolidated statements of financial position and the estimated collectible amount.
\n
Charges for loss allowance for expected credit losses are recorded as marketing and
\n
selling costs recognized in the consolidated statements of profit or loss and consolidated
\n
statements of other comprehensive income within \u201cSelling, general and administrative\u201d
\n
expenses.
2.10.1.5
Cash
\n
Cash are financial assets measured at amortized cost and comprise of cash balances and
\n
savings accounts.
\n
2.10.1.6
Cash Equivalents Measured at Amortized Costs
\n
Cash equivalents measured at amortized cost comprise of term accounts that have an
\n
initial maturity of less than 3 months that are subject to an insignificant risk of changes
\n
in values. The financial assets are used by the Company in the management of short-
\n
term commitments.
\n
Cash and cash equivalents exclude restricted cash, which is presented in the consolida-
\n
ted statements of financial position under the line \u201cOther non-current assets\u201d.
\n
2.10.1.7
Current Financial Assets Measured at Amortized Costs
\n
Current financial assets include financial assets measured at amortized costs and
\n
comprise of term accounts that have an initial maturity equal or less than 12 months,
\n
but exceeding 3 months.
\n
2.10.2
Financial Liabilities
\n
Financial liabilities are initially measured at their transaction price. Subsequent to initial
\n
recognition, financial liabilities are measured at amortized cost.
\n
Financial liabilities mainly comprise of trade and other payables and other liabilities.
\n
Trade and other liabilities are comprised of liabilities that are due less than one year
\n
from the balance sheet date and are in general not interest bearing and settled on an
\n
ongoing basis during the financial year. They also include accrued expense related to
\n
the Company\u2019s research and development costs and gross-to-net accruals.
\n
2.11
Investment in Joint Venture
\n
The Group has an investment which qualifies as joint ventures under IAS 28 Investment
\n
in associates and joint ventures. For joint ventures and associates, the Group recognises
\n
its interest in the joint venture or associate as an investment and uses the equity met-
\n
hod of accounting. The Group recognises its initial investment at cost and the investors\u2019
\n
share of the profits or losses is determined based on the proportionate ownership
\n
interest.
\n
Investment in joint ventures on December 31, 2022 was related to the investment in
\n
Onco Verity, Inc. In July 2022, the Company entered into a joint venture agreement
\n
with the University of Colorado Anschutz Medical Campus and UCHealth and created a
\n
separate legal entity, OncoVerity, Inc., which is focused on optimizing and advancing the
\n
development of cusatuzumab, a novel anti-CD70 antibody, in acute myeloid leukemia
\n
(AML). The Company contributed $2 million and the investment has been designated
\n
as investment in joint venture and accounted under IAS 28 Investment in associates
\n
and joint ventures. The share of net loss resulting from investment in joint ventures is
\n
presented in consolidated statements of profit or loss in line \u201c
Loss from investment in
\n
joint ventures
\u201d.
2.12
Shareholder\u2019s Equity
\n
An equity instrument is any contract that evidences a residual interest in the assets of an
\n
entity after deducting all of its liabilities. Equity instruments issued by the Company are
\n
recognized at the proceeds received, net of direct issue costs.
\n
The Company has never distributed any dividends to its shareholders. As of December
\n
31, 2022, no profits were available for distribution.
\n
2.13
Short-Term Employee Benefits
\n
Short-term employee benefits include payables and accruals for salaries and bonuses
\n
to be paid to the employees of the Company. They are recognized as expenses for the
\n
period in which employees perform the corresponding services.
\n
2.14
Share-Based Payments
\n
Equity settled share based payments to employees and others providing similar services
\n
are measured at the fair value of the equity instruments at the acceptance date. Equity
\n
settled share based payments includes expenses related to stock options and restricted
\n
stock units granted by the Company.
\n
The fair value determined at the acceptance date of the equity settled share based
\n
payments is expensed on a straight line basis over the vesting period, based on the Com-
\n
pany\u2019s estimate of equity instruments that will eventually vest, with a corresponding
\n
increase in equity. At the end of each reporting period, the Company revises its estimate
\n
of the number of equity instruments expected to vest. The impact of the revision of
\n
the original estimates, if any, is recognized in the consolidated statements of profit or
\n
loss and the consolidated statements of other comprehensive income such that the
\n
cumulative expense reflects the revised estimate, with a corresponding adjustment to
\n
the equity settled share based payment reserve.
\n
2.15
Deferred Revenue
\n
Current and non-current deferred revenue relates to cash received from collaboration
\n
& license agreements prior to completion of the earnings process. These payments are
\n
recognized as revenue over the estimated duration of the Company\u2019s involvement in the
\n
research and development programs provided for under the terms of the agreements.
\n
2.16
Income Taxes
\n
Income tax in the consolidated statements of profit or loss and the consolidated
\n
statements of other comprehensive income represents the total of the current tax and
\n
deferred tax.
The current tax is based on taxable profit for the year. Taxable profit differs from profit
\n
as reported in the consolidated statements of profit or loss and consolidated statements
\n
of other comprehensive income as it excludes items of income or expense that are
\n
taxable or deductible in other years and items that are never taxable or deductible. The
\n
Company\u2019s liability for current tax is calculated using tax rates that have been enacted or
\n
substantively enacted by the end of the reporting period.
\n
Deferred tax is recognized on temporary differences between the carrying amounts of
\n
assets and liabilities in the consolidated financial statements and the corresponding tax
\n
basis used in the computation of taxable profit. Deferred tax assets are recognized to the
\n
extent that it is probable that future taxable profits will be available against which those
\n
deductible temporary differences can be utilized. The carrying amount of deferred tax
\n
assets is reviewed at the end of each reporting period and reduced to the extent that it
\n
is not probable that sufficient taxable profits will be available to allow all or part of the
\n
asset to be recovered. Deferred tax assets and liabilities are offset if there is a legally
\n
enforceable right to offset current tax liabilities and assets, and they relate to income
\n
taxes levied by the same tax authority on the same taxable entity, or on different taxable
\n
entities which intend either to settle current tax liabilities and assets on a net basis, or to
\n
realize the assets and settle the liabilities simultaneously.
\n
Deferred tax assets and liabilities are measured at the tax rates that are expected to
\n
apply in the period in which the liability is settled or the asset realized, based on tax
\n
rates (and tax laws) that have been enacted or substantially enacted by the end of the
\n
reporting period.
\n
2.17
Revenue and Other Operating Income
\n
Recognition
\n
2.17.1
Product Net Sales
\n
Revenue from the sale of goods is recognized at an amount that reflects the conside-
\n
ration that the Company expects to be entitled to receive in exchange for transferring
\n
goods to a customer, at the time when the customer obtains control of the goods
\n
rendered, this means when the customer has the ability to direct the use of the asset.
\n
The consideration that is committed in a contract with a customer can include fixed
\n
amounts, variable amounts, or both. The amount of the consideration may vary due to
\n
discounts, rebates, returns, chargebacks or other similar items. Contingent consideration
\n
is included in the transaction price when it is highly probable that the amount of
\n
revenue recognized is not subject to future significant reversals.
\n
Our product net sales consists of sales of VYVGART in U.S., Japan and Europe. Product
\n
net sales are recognized once we satisfy the performance obligation at a point in time
\n
under the revenue recognition criteria in accordance with EU-IFRS 15
Revenue from
\n
contracts with customers
.
\n
Revenue arising from the commercial sale of VYVGART is presented in the consolidated
\n
statements of profit or loss under \u201cProduct net sales\u201d. In accordance with EU-IFRS 15
\n
Revenue from contracts with customers
, such revenue is recognized when the product
is physically transferred, in accordance with the delivery and acceptance terms agreed
\n
with the customer. Payment of the transaction price is payable at the point the customer
\n
obtains the legal title to the goods.
\n
The amount of revenue recognized reflects the various types of price reductions or
\n
rights of return offered by the Company to its customers. Such price reductions and
\n
rights of return qualify as variable consideration under EU-IFRS 15
Revenue from
\n
contracts with customers
.
\n
Products sold are covered by various Government and State programs (such as Medicare
\n
and Medicaid) under which products are sold at a discount. Rebates are granted to
\n
healthcare authorities, and under contractual arrangements with certain customers.
\n
Some wholesalers are entitled to chargeback incentives based on the selling price to the
\n
end customer, under specific contractual arrangements. Rebates, chargebacks and other
\n
incentives are recognized in the period in which the underlying sales are recognized as a
\n
reduction of product sales.
\n
Our significant components of variable consideration are as follows:
\n
Co-payment assistance:
We provide co-payment assistance to patients who have com-
\n
mercial insurance and meet certain eligibility requirements. We use the expected-value
\n
method for estimating co-payment assistance based on estimates of program redemp-
\n
tion using data provided by third-party administrators. Estimates for the co-payment
\n
assistance are adjusted quarterly to reflect actual experience. We record an accrued
\n
liability for unredeemed co-payment assistance related to products for which control
\n
has been transferred to customers.
\n
Chargebacks:
Chargebacks are discounts that occur when contracted parties purchase
\n
directly from a specialty distributor. Contracted parties, which currently consist primarily
\n
of Public Health Service Institutions and federal government entities purchasing via
\n
the Federal Supply Schedule, generally purchase the product at a discounted price. The
\n
specialty distributor, in turn, charges back the difference between the price initially paid
\n
by the specialty distributor and the discounted price paid to the specialty distributor
\n
by the contracted parties to the Company. The reserves for chargeback are based on
\n
known sales to contracted parties. We establish the reserves for chargebacks in the
\n
same period that the related revenue is recognized, resulting in an accrued liability and
\n
reduction of product gross sales.
\n
Rebates:
We are subject to government mandated rebates for Medicaid Drug Rebate
\n
Program, Medicare Part D Prescription Drug Benefit Program, and other government
\n
health care programs in the U.S. Rebate amounts are based upon contractual
\n
agreements or legal requirements with public sector benefit providers. We use the
\n
expected-value method for estimating these rebates. The expected utilization of rebates
\n
is estimated based on third-party data from the specialty pharmacies and specialty
\n
distributor. Estimates for these rebates are adjusted quarterly to reflect the most recent
\n
information. We record an accrued liability and reduction of product sales for unpaid
\n
rebates related to products for which control has been transferred to customers.
\n
Medicare Part D Coverage Gap:
The Medicare Part D coverage gap is a federal program
\n
to subsidize the costs of prescription drugs for Medicare beneficiaries in the U.S.,
which mandates manufacturers to fund a portion of the Medicare Part D insurance
\n
coverage gap for prescription drugs sold to eligible patients. Funding of the coverage
\n
gap is generally invoiced and paid in arrears. We estimate the impact of the Medicare
\n
Part D coverage gap using the expected-value method based on an amount expected
\n
to be incurred for the current quarter\u2019s activity, plus an accrual balance for known prior
\n
quarters. Estimates for the impact of the Medicare Part D coverage gap are adjusted
\n
quarterly to reflect actual experience. We record an accrued liability for unpaid reserves
\n
related to the Medicare Part D coverage gap.
\n
Distributor fees:
The specialty distributor provides distribution services to the Company
\n
for a fee, based on a contractually determined fixed percentage of sales. As the services
\n
being provided by the specialty distributor are not distinct, the recurring service fees
\n
paid to specialty distributors are treated as variable consideration and a reduction to the
\n
transaction price. We estimate these distributor fees and record such estimates in the
\n
same period the related revenue is recognized, resulting in a reduction of product gross
\n
sales. We record an accrued liability for unpaid distributor fees.
\n
The estimated amounts described above are recognized in the consolidated statement
\n
of Profit or Loss within \u201cProduct net sales\u201d as a reduction of gross sales, and within
\n
\u201cTrade and other payables\u201d in the consolidated statements of financial position. They
\n
are subject to regular review and adjustment as appropriate based on the most recent
\n
data available to management. Each of the above items require significant estimates,
\n
judgement and information obtained from external sources. If management\u2019s estimates
\n
differ from actual results, we will record adjustments that would affect product sales in
\n
the period of adjustment.
\n
2.17.2
Collaborations and License Agreements
\n
Collaboration revenue have consisted principally of milestones, license fees, non-
\n
refundable upfront fees and research and development service fees in connection
\n
with collaboration and license agreements.
\n
The Company recognizes revenue when the customer obtains control of promised goods
\n
or services, in an amount that reflects the consideration that the Company expects
\n
to receive in exchange for those goods and services. In order to determine revenue
\n
recognition for agreements that the Company determines to be in the scope of IFRS 15,
\n
following five steps are performed:
\n
1. Identify the Contracts
\n
In our current collaboration and license agreements, we are mainly licensing our
\n
intellectual property and/or providing research and development products/services,
\n
which might include a cost-sharing mechanism and/or in the future, selling its products
\n
to collaborative partner entities. Revenue is generated through these arrangements
\n
via upfront payments, milestone payments based on clinical and regulatory criteria,
\n
research and development service fees and future sales-based milestones and sales-
\n
based royalties. In some cases, the collaboration and license agreements also include an
\n
equity subscription component. If this is the case, the Company analyses if the criteria to
\n
combine contracts, as set out by IFRS 15, are met.
2. Identify Performance Obligations
\n
Depending on the type of contract, there can be one or more distinct performance
\n
obligations under IFRS 15. This is based on an assessment of whether the promises in
\n
an agreement are capable of being distinct and are distinct from the other promises to
\n
transfer goods and/or services in the context of the contract.
\n
For our material ongoing collaboration and license agreement (i.e. the Zai Lab Agree-
\n
ment), the Company has assessed that there is more than one distinct performance
\n
obligation, being the transfer of a license and supply of clinical and commercial product.
\n
This is because the Company considers the performance obligations is distinct in the
\n
context of the contract as the license has stand-alone value without the Company being
\n
further involved in the research and development collaboration and that there is no
\n
interdependence between the license and the clinical and commercial supply to be
\n
provided.
\n
For our material ongoing collaboration and license agreement (i.e., the Zai Lab Agree-
\n
ment), the Company has assessed that there is more than one distinct performance
\n
obligation, being the transfer of a license and supply of clinical and commercial product.
\n
3. Determine the Transaction Price
\n
Our material ongoing collaboration and license agreements include non-refundable upf-
\n
ront payments or license fees, milestone payments, the receipt of which is dependent
\n
upon the achievement of certain clinical, regulatory or commercial milestones, royalties
\n
on sales and research and development service fees.
\n
3.1 Non-refundable Upfront Payments or License Fees
\n
If the license to the Company\u2019s intellectual property is determined to be distinct from
\n
the other performance obligations identified in the arrangement, the Company recog-
\n
nizes revenue from non-refundable upfront fees allocated to this license at the point in
\n
time the license is transferred to the customer and the customer has the right to use the
\n
license.
\n
For all our material ongoing collaboration and license agreements, the Company consi-
\n
ders the performance obligations related to the transfer of the license as distinct from
\n
the other promises to transfer goods and/or services. The Company utilizes judgement
\n
to assess the nature of the performance obligation to determine whether the perfor-
\n
mance obligation is satisfied over time or at a point in time. If over time, revenue is then
\n
recognized based on a pattern that best reflects the transfer of control of the service to
\n
the customer.
\n
3.2 Milestone Payments Other than Sales Based Milestones
\n
A milestone payment, being a variable consideration, is only included in the transaction
\n
price to the extent it is highly probable that a significant reversal in the amount of
\n
cumulative revenue recognition will not occur when the uncertainty associated with the
\n
variable consideration is subsequently resolved. The Company estimates the amount
\n
to be included in the transaction price upon achievement of the milestone event. The
\n
transaction price is then allocated to each performance obligation on a stand-alone
\n
selling price basis, for which the Company recognizes revenue as or when the perfor-
\n
mance obligations under the contract are satisfied. At the end of each reporting period,
the Company re-evaluates the probability of achievement of such milestones and any
\n
related constraint, and, if necessary, adjusts the estimate of the overall transaction price.
\n
Any such adjustments are recorded on a cumulative catch-up basis, which would affect
\n
revenue and earnings in the period of adjustment.
\n
3.3 Research and Development Service Fees
\n
Our material ongoing collaboration and license agreements may include reimbursement
\n
or cost sharing for research and development services. R&D services are performed and
\n
satisfied over time given that the customer simultaneously receives and consumes the
\n
benefits provided by us. Such costs reimbursements received are recognized in revenues
\n
when costs are incurred and agreed by the parties.
\n
3.4 Sales-Based Milestone Payments and Royalties
\n
Our material ongoing collaboration and license agreements include sales based
\n
royalties, including commercial milestone payments based on the level of sales, and
\n
the license has been deemed to be the predominant item to which the royalties and
\n
commercial milestone payments relate. Related revenue is recognized as the subsequent
\n
underlying sales occur.
\n
4. Allocate the Transaction Price
\n
In principle, an entity shall allocate the transaction price to each performance obligation
\n
identified in the contract on a relative stand-alone selling price basis. As our ongoing
\n
collaboration and license agreement (i.e. the Zai Lab Agreement) contains more than
\n
one performance obligation, the Company assesses to allocate the transaction price to
\n
all performance obligations identified.
\n
5. Recognize Revenue
\n
Revenue is recognized when the customer obtains control of the goods and/or services
\n
as provided in the collaboration and license agreements. The control can be transferred
\n
over time or at a point in time \u2013 which results in the recognition of revenue over time or
\n
at a point in time.
\n
As our ongoing collaboration and license agreement (i.e. the Zai Lab Agreement) con-
\n
tains more than one performance obligation, the Company recognised revenue at point
\n
in time for transfer of license and the Company recognises revenue over time for supply
\n
of clinical and commercial products as the customer simultaneously receive the benefits
\n
provided by the Company\u2019s performance, satisfied over time.
\n
Other ongoing collaboration and license agreements only contain one single perfor-
\n
mance obligation which is, as the customer simultaneously receive the benefits provided
\n
by the Company\u2019s performance, satisfied over time. As such, the Company recognizes
\n
revenue over time. The recognition of revenue over time is based on a pattern that
\n
best reflects the satisfaction of the related performance obligation, applying the input
\n
method. The input method estimates the satisfaction of the performance obligation as
\n
the percentage of total collaboration costs that are completed each period compared to
\n
the total estimated collaboration costs.
\n
Research and development service fees are recognized as revenue when costs are
\n
incurred and agreed by the parties as the Company is acting as a principal in the scope
\n
of its stake of the research and development activities of its ongoing collaboration and
\n
license agreements.
2.17.3
Grants, Research and Development Incentives,
\n
Payroll Tax Rebates and Changes in Fair Value on
\n
Non-Current Financial Assets
\n
Because it carries out extensive research and development activities, the Company
\n
benefits from various grants, research and development incentives and payroll tax
\n
rebates from certain governmental agencies. These grants, research and development
\n
incentives and payroll tax rebates generally aim to partly reimburse approved expendi-
\n
tures incurred in research and development efforts of the Company and are credited to
\n
the consolidated statements of profit or loss, under the line \u201cOther operating income\u201d,
\n
when the relevant expenditure has been incurred and there is reasonable assurance
\n
that the grants or research and development incentives are receivable. Fair value gains
\n
resulting from the change in the fair value of non-current financial assets are credited to
\n
the consolidated statements of profit or loss, under the line \u201cOther operating income\u201d.
\n
2.18
Cost of Sales
\n
Cost of sales are related to the sale of VYVGART and are recognised when the associated
\n
revenue is recognised. Cost of sales include material, manufacturing costs and other
\n
costs attributable to production, including shipping costs, as well as royalties payable on
\n
sales of VYVGART.
\n
2.19
Trade Receivables
\n
Trade receivables are initially recognized at their invoiced amounts less adjustments for
\n
estimated revenue deductions such as rebates, chargebacks and returns.
\n
Loss allowance for expected credit losses are established using a simplified approach of
\n
forward-looking expected credit loss model (ECL), which includes possible default events
\n
on the trade receivables over the entire holding period of the trade receivable. These
\n
provisions represent the difference between the trade receivable\u2019s carrying amount
\n
in the consolidated statements of financial position and the estimated collectible
\n
amount. Charges for loss allowance for expected credit losses are recorded as marketing
\n
and selling costs recognized in the consolidated statements of profit or loss and the
\n
consolidated statements of other comprehensive income within \u201cSelling, general and
\n
administrative\u201d expenses.
2.20
Segment Reporting
\n
Segment results include revenue and expenses directly attributable to a segment and
\n
the relevant portion of revenue and expenses that can be allocated on a reasonable
\n
basis to a segment. Segment assets and liabilities comprise those operating assets
\n
and liabilities that are directly attributable to the segment or can be allocated to the
\n
segment on a reasonable basis. Segment assets and liabilities do not include income
\n
tax items.
\n
The Company manages its activities and operates as one business unit which is reflected
\n
in its organizational structure and internal reporting. The Company does not distinguish
\n
in its internal reporting different segments, neither business nor geographical segments.
\nThe chief operating decision maker is the Board of Directors.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory",
"language": "en",
"entity": "scheme:7245009C5FZE6G9ODQ71",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f19686": {
"value": "2.1
Statement of Compliance and Basis
\n
of Preparation
\n
The consolidated financial statements are prepared in accordance with the International
\n
Financial Reporting Standards and the interpretations issued by the IASB\u2019s International
\n
Financial Reporting Interpretation Committee as adopted by the European Union
\n
(
EU-IFRS
) and in accordance with the legal requirements of Part 9 of Book 2 of the
\n
Dutch Civil Code. The consolidated financial statements provide a general overview
\n
of the Company\u2019s activities and the results achieved. They provide a true and fair view
\n
of the entity\u2019s financial position, its financial performance and cash flows, on a going
\n
concern basis.
\n
The significant accounting policies applied in the preparation of the above consolidated
\n
financial statements are set out below. All amounts are presented in thousands of dollar,
\n
unless otherwise indicated, rounded to the nearest $ \u2018000.
\n
The consolidated financial statements have been approved for issue by the Company\u2019s
\n
Board of Directors (the
Board
) on March 15, 2023.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:7245009C5FZE6G9ODQ71",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f19687": {
"value": "2.1
Statement of Compliance and Basis
\n
of Preparation
\n
The consolidated financial statements are prepared in accordance with the International
\n
Financial Reporting Standards and the interpretations issued by the IASB\u2019s International
\n
Financial Reporting Interpretation Committee as adopted by the European Union
\n
(
EU-IFRS
) and in accordance with the legal requirements of Part 9 of Book 2 of the
\n
Dutch Civil Code. The consolidated financial statements provide a general overview
\n
of the Company\u2019s activities and the results achieved. They provide a true and fair view
\n
of the entity\u2019s financial position, its financial performance and cash flows, on a going
\n
concern basis.
\n
The significant accounting policies applied in the preparation of the above consolidated
\n
financial statements are set out below. All amounts are presented in thousands of dollar,
\n
unless otherwise indicated, rounded to the nearest $ \u2018000.
\n
The consolidated financial statements have been approved for issue by the Company\u2019s
\n
Board of Directors (the
Board
) on March 15, 2023.",
"dimensions": {
"concept": "ifrs-full:StatementOfIFRSCompliance",
"language": "en",
"entity": "scheme:7245009C5FZE6G9ODQ71",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f19693": {
"value": "The consolidated financial statements are prepared in accordance with the International
Financial Reporting Standards and the interpretations issued by the IASB\u2019s International
\n
Financial Reporting Interpretation Committee as adopted by the European Union
\n
(
EU-IFRS
) and in accordance with the legal requirements of Part 9 of Book 2 of the
\n
Dutch Civil Code. The consolidated financial statements provide a general overview
\n
of the Company\u2019s activities and the results achieved. They provide a true and fair view
\n
of the entity\u2019s financial position, its financial performance and cash flows, on a going
\nconcern basis.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoingConcernExplanatory",
"language": "en",
"entity": "scheme:7245009C5FZE6G9ODQ71",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f19709": {
"value": "The consolidated financial statements have been approved for issue by the Company\u2019s
Board of Directors (the
Board
) on March 15, 2023.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:7245009C5FZE6G9ODQ71",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f19733": {
"value": "2.2
Adoption of New and Revised Standards
\n
New Standards and Interpretations applicable for the Annual Period beginning on
\n
January 1, 2022
\n
New standards and interpretations for the annual period beginning on January 1, 2022
\n
did not have any material impact on our consolidated financial statements.
\n
New Standards and Interpretations issued, but not yet applicable for the Annual Period
\n
beginning on January 1, 2022
\n
We have not early adopted any other standard, interpretation, or amendment that
\n
has been issued but is not yet effective. Of the standards that are not yet effective, we
\n
expect no standard to have a material impact on our financial statements in the period
\nof initial application.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory",
"language": "en",
"entity": "scheme:7245009C5FZE6G9ODQ71",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f19748": {
"value": "2.3
Basis of Consolidation
\n
The consolidated financial statements include the financial statements of the Company
\n
and entities controlled by the Company (its subsidiaries). Control is achieved when the
\n
Company:
\n
\u2022
has power over the investee;
\n
\u2022
is exposed, or has rights, to variable returns from its involvement with the investee;
\n
and
\n
\u2022
has the ability to use its power to affect its returns.
\n
The Company reassesses whether or not it controls an investee if facts and circums-
\n
tances indicate that there are changes to one or more of the three elements of control
\n
listed above.
\n
The results of the subsidiaries are included in the consolidated statements of profit or
\n
loss and consolidated statements of other comprehensive income from the effective
\n
date of acquisition up to the date when control ceases to exist. When necessary,
\n
adjustments are made to the financial statements of subsidiaries to bring their accoun-
\n
ting policies into line with those used by other members of the Group.
\n
All intercompany transactions and unrealized gains on transactions between group
\n
companies are eliminated. Unrealised losses are also eliminated unless the transaction
\nprovides evidence of an impairment of the transferred asset.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory",
"language": "en",
"entity": "scheme:7245009C5FZE6G9ODQ71",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f19774": {
"value": "2.4
Foreign Currency Transactions
\n
2.4.1
Functional and Presentation Currency
\n
Items included in the consolidated financial statements of each of our entities are
\n
valued using the currency of their economic environment in which the entity operates.
\n
The consolidated financial statements are presented in USD ($), which is the Company\u2019s
\n
presentation currency.
2.4.2
Transactions and Balances
\n
Transactions in foreign currencies are translated at the exchange rate ruling at the date
\n
of the transaction. Monetary assets and liabilities denominated in foreign currencies are
\n
translated at the exchange rate ruling at the reporting date. Foreign exchange differen-
\n
ces arising on translation are recognized in the consolidated statements of profit or loss
\n
and the consolidated statements of other comprehensive income. Non monetary assets
\n
and liabilities denominated in foreign currencies are translated at the foreign exchange
\n
rate ruling at the date of the transaction.
\n
2.4.3
Financial Statements of Foreign Entities
\n
For foreign entities using a different functional currency than USD:
\n
\u2022
assets and liabilities for each balance sheet presented are translated at the closing
\n
rate at the date of the balance sheet.
\n
\u2022
income and expenses for each statement presenting profit or loss and statements
\n
of other comprehensive income are translated at average exchange rates (unless
\n
this average is not a reasonable approximation of the cumulative effect of the
\n
rates prevailing on the transaction dates, in which case income and expenses are
\n
translated at the rate on the dates of the transactions).
\n
\u2022
all resulting exchange differences are recognised in the statements of other
\ncomprehensive income.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory",
"language": "en",
"entity": "scheme:7245009C5FZE6G9ODQ71",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f19778": {
"value": "2.4.1
Functional and Presentation Currency
\n
Items included in the consolidated financial statements of each of our entities are
\n
valued using the currency of their economic environment in which the entity operates.
\n
The consolidated financial statements are presented in USD ($), which is the Company\u2019s
\npresentation currency.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory",
"language": "en",
"entity": "scheme:7245009C5FZE6G9ODQ71",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f19825": {
"value": "2.5
Intangible Assets
\n
2.5.1
Internally Generated Intangible Assets
\n
Expenditure on research activities is recognized as an expense in the period in which
\n
it is incurred.
\n
An internally generated intangible asset arising from development (or from the
\n
development phase of an internal project) is recognized if, and only if, all of the following
\n
have been demonstrated:
\n
\u2022
the technical feasibility of completing the intangible asset so that it will be available
\n
for use or sale;
\n
\u2022
the intention to complete the intangible asset and use or sell it;
\n
\u2022
the ability to use or sell the intangible asset;
\n
\u2022
how the intangible asset will generate probable future economic benefits;
\n
\u2022
the availability of adequate technical, financial and other resources to complete the
\n
development and to use or sell the intangible asset; and
\n
\u2022
the ability to measure reliably the expenditure attributable to the intangible asset
\n
during its development.
\n
The amount initially recognized for internally generated intangible assets is the sum
\n
of the expenditure incurred from the date when the intangible asset first meets the
\n
recognition criteria listed above. Where no internally generated intangible asset can be
\n
recognized, development expenditures are recognized in the consolidated statements
\n
of profit or loss and the consolidated statements of other comprehensive income in the
\n
period in which they are incurred.
Due to uncertainties inherent to the development and registration with the relevant
\n
healthcare authorities of its products, the Company estimates that the conditions for
\n
capitalization are not met until the regulatory procedures required by such healthcare
\n
authorities have been finalized.
\n
2.5.2
Acquired In-Process R&D, Software and
\n
Databases and Other intangible assets
\n
Intangible assets with finite useful lives that are acquired separately related to in-pro-
\n
cess research and development projects, software and databases and other intangible
\n
assets are carried at cost less accumulated amortization and accumulated impairment
\n
losses. Intangible assets with indefinite useful lives are carried at cost less accumulated
\n
impairment losses.
\n
Payments for acquired in-process research and development projects obtained through
\n
in-licensing arrangements are capitalized as intangible assets provided that they are
\n
separately identifiable, controlled by the Company and expected to provide future
\n
economic benefits. As the probability criterion in IAS 38 is always considered to be
\n
satisfied for separately acquired research and development assets and the amount of
\n
the payments is determinable, upfront and milestone payments to third parties for
\n
pharmaceutical products or compounds for which regulatory marketing approval has
\n
not yet been obtained are recognized as intangible assets.
\n
Other intangible assets includes the PRV which the Company can use to obtain the prio-
\n
rity review by the FDA for one of its future regulatory submissions or may sell or transfer
\n
to a third party. The PRV is initially measured at cost and reviewed for impairment when
\n
events or circumstances indicate that the carrying value may not be recoverable.
\n
2.5.3
Amortization of Intangible Assets
\n
Intangible assets, which comprises of acquired in-process research and development,
\n
software and databases and other intangible assets, are amortized on a straight-line
\n
basis over the estimated useful life as from the time they are available for use, or when
\n
the underlying drug candidate is approved, generally on the following basis:
\n
\u2022
Acquired In-Process R&D \u2013 the longer of the patent protection life and the useful life
\n
of the combined product
\n
\u2022
Software and Databases: 3 \u2013 5 years
\n
The estimated useful life and amortization method are reviewed at the end of each
\n
reporting period, with the effect of any changes in estimate being accounted for on a
\n
prospective basis.
\n
During 2022, the Company used the PRV to accelerate the review of drug application of
\n
SC efgartigimod for the treatment of generalized mysthania gravis, the intangible asset
\n
for $99.1 million was amortized and derecognized upon filing of the related Biologic
\n
License Application.
2.5.4
Derecognition of Intangible Assets
\n
An intangible asset is derecognized either on disposal or when no future economic
\n
benefits are expected from its use. Gains or losses arising from derecognition of an
\n
intangible asset, measured as the difference between the net disposal proceeds, if any,
\n
and the carrying amount of the asset, are recognized in the consolidated statements of
\n
profit or loss and the consolidated statements of other comprehensive income when the
\nasset is derecognized.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory",
"language": "en",
"entity": "scheme:7245009C5FZE6G9ODQ71",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f19934": {
"value": "2.6
Property, Plant and Equipment
\n
Items of property, plant and equipment held for use in the production or supply of goods
\n
or services, or for administrative purposes, are stated in the consolidated statement of
\n
financial position at their cost, less accumulated depreciation and impairment losses.
\n
Depreciation is recognized as from acquisition date onwards (unless asset is not ready
\n
for use) so as to write off the cost or valuation of assets (other than freehold land and
\n
properties under construction) less their residual values over their useful lives, using
\n
the straight line method. The estimated useful lives, residual values and depreciation
\n
method are reviewed at the end of each reporting period, with the effect of any changes
\n
in estimate accounted for on a prospective basis.
\n
Unless revised due to specific changes in the estimated useful life, annual depreciation
\n
rates are as follows:
\n
\u2022
Office and lab equipment: 3 \u2013 5 years
\n
\u2022
IT equipment: 3 years
\n
An item of property, plant and equipment is derecognized upon disposal or when no
\n
future economic benefits are expected to arise from the continued use of the asset.
\n
Any gain or loss arising on the disposal or retirement of an item of property, plant and
\n
equipment is determined as the difference between the sales proceeds, if any, and the
\n
carrying amount of the asset and is recognized in the consolidated statements of profit
\nor loss and the consolidated statements of other comprehensive income.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:7245009C5FZE6G9ODQ71",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f19941": {
"value": "Depreciation is recognized as from acquisition date onwards (unless asset is not ready
for use) so as to write off the cost or valuation of assets (other than freehold land and
\n
properties under construction) less their residual values over their useful lives, using
\n
the straight line method. The estimated useful lives, residual values and depreciation
\n
method are reviewed at the end of each reporting period, with the effect of any changes
\n
in estimate accounted for on a prospective basis.
\n
Unless revised due to specific changes in the estimated useful life, annual depreciation
\n
rates are as follows:
\n
\u2022
Office and lab equipment: 3 \u2013 5 years
\n
\u2022
IT equipment: 3 years",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory",
"language": "en",
"entity": "scheme:7245009C5FZE6G9ODQ71",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f19963": {
"value": "2.7
Inventories
\n
Inventories are carried at cost or net realisable value, whichever is lowest. Cost is deter-
\n
mined using the first-in, first-out method. Cost comprises of costs of purchase, costs of
\n
conversion and other costs incurred in bringing the inventories to their present location
\n
and condition.
\n
If the expected sales price less completion costs to execute sales (net realizable value)
\n
is lower than the carrying amount, a write-down is recognised for the amount by which
\n
the carrying amount exceeds its net realisable value.
\n
Included in inventory are products which could, besides commercial activities, be used
\n
in preclinical and clinical programs as well as in non-reimbursed pre-approval access
\n
program. These products are charged to research & development expenses or selling,
\n
general and administrative expenses, respectively, when dedicated to this channel.
We capitalize inventory costs associated with products prior to the regulatory approval
\n
of these products, or for inventory produced in production facilities not yet approved,
\n
when it is highly probable that the pre-approval inventories will be saleable. The deter-
\n
mination to capitalize is based on the particular facts and circumstances relating to the
\n
expected regulatory approval of the product or production facility being considered. The
\n
assessment of whether or not the product is considered highly probable to be saleable
\n
is made on a quarterly basis and includes, but is not limited to, how far a particular pro-
\n
duct or facility has progressed along the approval process, any known safety or efficacy
\n
concern, potential labelling restrictions and other impediments.
\n
Previously capitalized costs related to pre-launch inventories could be required to be
\n
written down upon a change in such judgement or due to a denial or delay of approval
\n
by regulatory bodies, a delay in commercialization or other potential factors, which will
\n
be recorded to research and development expenses in the consolidated statements of
\nprofit or loss and the consolidated statements of other comprehensive income.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories",
"language": "en",
"entity": "scheme:7245009C5FZE6G9ODQ71",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f20006": {
"value": "2.8
Leases
\n
The Company assesses whether a contract is or contains a lease, at inception of the
\n
contract. The Company recognises a right-of-use asset and a corresponding lease liability
\n
with respect to all lease arrangements in which it is the lessee, except for short-term
\n
leases (defined as leases with a lease term of 12 months or less) and leases of low value
\n
assets. For these leases, the Company recognises the lease payments as an operating
\n
expense on a straight-line basis over the term of the lease unless another systematic
\n
basis is more representative of the time pattern in which economic benefits from the
\n
leased assets are consumed.
\n
The lease liability is initially measured at the present value of the lease payments
\n
that are not paid at the commencement date, discounted by using the rate implicit
\n
in the lease. If this rate cannot be readily determined, the lessee uses its incremental
\n
borrowing rate. The lease liability is subsequently measured by increasing the carrying
\n
amount to reflect interest on the lease liability (using the effective interest method) and
\n
by reducing the carrying amount to reflect the lease payments made. The lease liability
\n
is presented as a separate line in the consolidated statements of financial position.
\n
The right-of-use assets comprise the initial measurement of the corresponding lease
\n
liability, lease payments made at or before the commencement day, less any lease incen-
\n
tives received and any initial direct costs. They are subsequently measured at cost less
\n
accumulated depreciation and impairment losses. Right-of-use assets are depreciated
\n
over the shorter period of lease term and useful life of the underlying asset. If a lease
\n
transfers ownership of the underlying asset or the cost of the right-of-use asset reflects
\n
that the Company expects to exercise a purchase option, the related right-of-use asset is
\n
depreciated over the useful life of the underlying asset. The right-of-use assets are pre-
\n
sented in the consolidated statements of financial position under the caption \u201c
Property,
\n
Plant and Equipment
\u201d. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
"language": "en",
"entity": "scheme:7245009C5FZE6G9ODQ71",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f20049": {
"value": "2.9
Impairment of Assets
\n
2.9.1
Financial Assets
\n
The impairment loss of a financial asset measured at amortised cost is calculated based
\n
on the expected loss model.
\n
For trade receivables, in the absence of a significant financing component, the allowance
\n
is measured at an amount equal to lifetime expected credit losses. Those are the
\n
expected credit losses that result from possible default events over the expected life
\n
of those trade receivables.
\n
2.9.2
Property, Plant and Equipment and Intangible Assets
\n
At the end of each reporting period, the Company reviews the carrying amounts of its
\n
tangible and intangible assets to determine whether there is any indication that those
\n
assets have suffered an impairment loss. If any such indication exists, the recoverable
\n
amount of the asset is estimated in order to determine the extent of the impairment
\n
loss, if any. Where it is not possible to estimate the recoverable amount of an individual
\n
asset, the Company estimates the recoverable amount of the cash generating unit to
\n
which the asset belongs.
\n
Intangible assets with indefinite useful lives and intangible assets not yet available for
\n
use are tested for impairment at least annually, and whenever there is an indication that
\n
the asset may be impaired.
\n
If the recoverable amount of an asset or cash generating unit is estimated to be less
\n
than its carrying amount, the carrying amount of the asset or cash generating unit is
\n
reduced to its recoverable amount. An impairment loss is recognized immediately in
\n
the consolidated statements of profit or loss and the consolidated statements of other
\n
comprehensive income.
\n
Where an impairment loss subsequently reverses, the carrying amount of the asset is
\n
increased to the revised estimate of its recoverable amount, but so that the increased
\n
carrying amount does not exceed the carrying amount that would have been deter-
\n
mined had no impairment loss been recognized for the asset or cash generating
\n
unit in prior years. A reversal of an impairment loss is recognized immediately in the
\n
consolidated statements of profit or loss and the consolidated statements of other
\ncomprehensive income.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:7245009C5FZE6G9ODQ71",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f20053": {
"value": "2.9.1
Financial Assets
\n
The impairment loss of a financial asset measured at amortised cost is calculated based
\n
on the expected loss model.
\n
For trade receivables, in the absence of a significant financing component, the allowance
\n
is measured at an amount equal to lifetime expected credit losses. Those are the
\n
expected credit losses that result from possible default events over the expected life
\nof those trade receivables.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:7245009C5FZE6G9ODQ71",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f20064": {
"value": "2.9.2
Property, Plant and Equipment and Intangible Assets
\n
At the end of each reporting period, the Company reviews the carrying amounts of its
\n
tangible and intangible assets to determine whether there is any indication that those
\n
assets have suffered an impairment loss. If any such indication exists, the recoverable
\n
amount of the asset is estimated in order to determine the extent of the impairment
\n
loss, if any. Where it is not possible to estimate the recoverable amount of an individual
\n
asset, the Company estimates the recoverable amount of the cash generating unit to
\n
which the asset belongs.
\n
Intangible assets with indefinite useful lives and intangible assets not yet available for
\n
use are tested for impairment at least annually, and whenever there is an indication that
\n
the asset may be impaired.
\n
If the recoverable amount of an asset or cash generating unit is estimated to be less
\n
than its carrying amount, the carrying amount of the asset or cash generating unit is
\n
reduced to its recoverable amount. An impairment loss is recognized immediately in
\n
the consolidated statements of profit or loss and the consolidated statements of other
\n
comprehensive income.
\n
Where an impairment loss subsequently reverses, the carrying amount of the asset is
\n
increased to the revised estimate of its recoverable amount, but so that the increased
\n
carrying amount does not exceed the carrying amount that would have been deter-
\n
mined had no impairment loss been recognized for the asset or cash generating
\n
unit in prior years. A reversal of an impairment loss is recognized immediately in the
\n
consolidated statements of profit or loss and the consolidated statements of other
comprehensive income.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:7245009C5FZE6G9ODQ71",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f20092": {
"value": "2.10
Financial Instruments
\n
Financial assets and financial liabilities are recognized in the consolidated statements of
\n
financial position when the Company becomes party to the contractual provisions of the
\n
instrument. The Company does not use currency derivatives to hedge planned future
\n
cash flows, nor does it make use of forward foreign exchange contracts. Additionally, the
\n
Company does not have financial debt at December 31, 2022.
2.10.1
Financial Assets
\n
Financial assets are initially recognized either at fair value or at transaction price. All
\n
recognized financial assets are subsequently measured at either amortized cost or fair
\n
value under EU-IFRS 9 on the basis of both the Company\u2019s model for managing the
\n
financial assets and the contractual cash flow characteristics of the financial asset.
\n
\u2022
A financial asset that (i) is held within a business model whose objective is to
\n
collect the contractual cash flows and (ii) has contractual cash flows that are solely
\n
payments of principal and interest on the principal amount outstanding is measured
\n
at amortized cost (net of any write down for impairment), unless the asset is
\n
designated at fair value through profit or loss (
FVTPL
) under the fair value option.
\n
\u2022
A financial asset that (i) is held within a business model whose objective is achieved
\n
both by collecting contractual cash flows and selling financial assets and (ii) has
\n
contractual term that give rise on specified dates to cash flows that are solely
\n
payments of principal and interest on the principal outstanding, is measured at fair
\n
value through other comprehensive income (
FVTOCI
), unless the asset is designated
\n
at FVTPL under the fair value option.
\n
\u2022
All other financial assets are measured at FVTPL.
\n
A financial asset is classified as current when the cash flows expected to flow from the
\n
instrument mature within one year.
\n
The Company derecognizes a financial asset when the contractual rights to the cash
\n
flows from the asset expire, or the Company transfers the right to receive the contrac-
\n
tual cash flows on the financial asset in a transaction in which substantially all the risks
\n
and rewards of ownership of the financial asset are transferred.
\n
The Company classifies non-derivative financial assets into the following categories:
\n
\u2022
financial asset at fair value through profit or loss or OCI (non-current financial assets,
\n
current financial assets and cash equivalents)
\n
\u2022
financial assets at amortized cost (receivables and cash and cash equivalents)
\n
Financial Assets at fair value through profit or loss or loss or OCI
\n
Financial assets are designated at fair value through profit or loss if the Company mana-
\n
ges such investments and makes purchases and sales decisions based on their fair value
\n
in accordance with the Company\u2019s investment strategy. Attributable transaction costs
\n
are recognised in the consolidated statements of profit or loss and the consolidated
\n
statements of other comprehensive income as incurred. Financial assets at fair value
\n
through profit or loss are measured at fair value, and changes therein, which take into
\n
account any dividend income, are recognized in the consolidated statements of profit or
\n
loss and the consolidated statements of other comprehensive income.
\n
2.10.1.1
Non-Current Financial Assets at fair value through profit
\n
or loss or OCI
\n
The Company holds investments in non-current financial assets, which based on EU-IFRS
\n
9, are designated as financial assets at fair value through profit or loss or financial assets
at fair value through OCI. The fair value of listed investments is based upon the closing
\n
price of such securities at each reporting date. If there is no active market for an equity
\n
instrument, the Company establishes the fair value by using valuation techniques.
\n
Based on EU-IFRS 9, the Company irrevocably elected to designate specific invest-
\n
ments as a financial asset at fair value through OCI as the participation is not held for
\n
trading purposes nor contingent consideration recognised by an acquirer in a business
\n
combination.
\n
2.10.1.2
Current Financial Assets at fair value through profit or loss
\n
Current financial assets measured at fair value through profit or loss comprise of money
\n
market funds.
\n
2.10.1.3
Cash Equivalents Measured at fair value through profit or loss
\n
Cash equivalents measured at fair value through profit or loss comprise of money
\n
market funds that are readily convertible to cash and are subject to insignificant risk of
\n
changes in value. These financial assets are used by the Company in the management of
\n
the short-term commitments.
\n
Financial Assets at Amortized Cost
\n
2.10.1.4
Receivables
\n
Trade and other receivables are designated as financial assets measured at amortized
\n
cost. They are initially measured either at fair value or at transaction price, in the
\n
absence of a significant financing component less adjustments for estimated revenue
\n
deductions such as rebates, chargebacks and returns.
\n
All receivables are subsequently measured at amortized cost, which generally corre-
\n
sponds to nominal value less expected credit loss provision.
\n
Receivables mainly comprise trade and other receivables and current and non-current
\n
research and development incentive receivables. These research and development
\n
incentive receivables relate to refunds resulting from research and development
\n
incentives on research and development expenses in Belgium and are credited to the
\n
consolidated statements of profit or loss and the consolidated statements of other
\n
comprehensive income under the line \u201cOther operating income\u201d when the relevant
\n
expenditure has been incurred and there is a reasonable assurance that the research
\n
and development incentives are receivable.
\n
Loss allowance for expected credit losses are established using a simplified approach of
\n
forward-looking expected credit loss model (ECL), which includes possible default events
\n
on the trade receivables over the entire holding period of the trade receivable. These
\n
provisions represent the difference between the trade receivable\u2019s carrying amount in
\n
the consolidated statements of financial position and the estimated collectible amount.
\n
Charges for loss allowance for expected credit losses are recorded as marketing and
\n
selling costs recognized in the consolidated statements of profit or loss and consolidated
\n
statements of other comprehensive income within \u201cSelling, general and administrative\u201d
\n
expenses.
2.10.1.5
Cash
\n
Cash are financial assets measured at amortized cost and comprise of cash balances and
\n
savings accounts.
\n
2.10.1.6
Cash Equivalents Measured at Amortized Costs
\n
Cash equivalents measured at amortized cost comprise of term accounts that have an
\n
initial maturity of less than 3 months that are subject to an insignificant risk of changes
\n
in values. The financial assets are used by the Company in the management of short-
\n
term commitments.
\n
Cash and cash equivalents exclude restricted cash, which is presented in the consolida-
\n
ted statements of financial position under the line \u201cOther non-current assets\u201d.
\n
2.10.1.7
Current Financial Assets Measured at Amortized Costs
\n
Current financial assets include financial assets measured at amortized costs and
\n
comprise of term accounts that have an initial maturity equal or less than 12 months,
\n
but exceeding 3 months.
\n
2.10.2
Financial Liabilities
\n
Financial liabilities are initially measured at their transaction price. Subsequent to initial
\n
recognition, financial liabilities are measured at amortized cost.
\n
Financial liabilities mainly comprise of trade and other payables and other liabilities.
\n
Trade and other liabilities are comprised of liabilities that are due less than one year
\n
from the balance sheet date and are in general not interest bearing and settled on an
\n
ongoing basis during the financial year. They also include accrued expense related to
\nthe Company\u2019s research and development costs and gross-to-net accruals.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:7245009C5FZE6G9ODQ71",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f20093": {
"value": "2.10
Financial Instruments
\n
Financial assets and financial liabilities are recognized in the consolidated statements of
\n
financial position when the Company becomes party to the contractual provisions of the
\n
instrument. The Company does not use currency derivatives to hedge planned future
\n
cash flows, nor does it make use of forward foreign exchange contracts. Additionally, the
\n
Company does not have financial debt at December 31, 2022.
2.10.1
Financial Assets
\n
Financial assets are initially recognized either at fair value or at transaction price. All
\n
recognized financial assets are subsequently measured at either amortized cost or fair
\n
value under EU-IFRS 9 on the basis of both the Company\u2019s model for managing the
\n
financial assets and the contractual cash flow characteristics of the financial asset.
\n
\u2022
A financial asset that (i) is held within a business model whose objective is to
\n
collect the contractual cash flows and (ii) has contractual cash flows that are solely
\n
payments of principal and interest on the principal amount outstanding is measured
\n
at amortized cost (net of any write down for impairment), unless the asset is
\n
designated at fair value through profit or loss (
FVTPL
) under the fair value option.
\n
\u2022
A financial asset that (i) is held within a business model whose objective is achieved
\n
both by collecting contractual cash flows and selling financial assets and (ii) has
\n
contractual term that give rise on specified dates to cash flows that are solely
\n
payments of principal and interest on the principal outstanding, is measured at fair
\n
value through other comprehensive income (
FVTOCI
), unless the asset is designated
\n
at FVTPL under the fair value option.
\n
\u2022
All other financial assets are measured at FVTPL.
\n
A financial asset is classified as current when the cash flows expected to flow from the
\n
instrument mature within one year.
\n
The Company derecognizes a financial asset when the contractual rights to the cash
\n
flows from the asset expire, or the Company transfers the right to receive the contrac-
\n
tual cash flows on the financial asset in a transaction in which substantially all the risks
\n
and rewards of ownership of the financial asset are transferred.
\n
The Company classifies non-derivative financial assets into the following categories:
\n
\u2022
financial asset at fair value through profit or loss or OCI (non-current financial assets,
\n
current financial assets and cash equivalents)
\n
\u2022
financial assets at amortized cost (receivables and cash and cash equivalents)
\n
Financial Assets at fair value through profit or loss or loss or OCI
\n
Financial assets are designated at fair value through profit or loss if the Company mana-
\n
ges such investments and makes purchases and sales decisions based on their fair value
\n
in accordance with the Company\u2019s investment strategy. Attributable transaction costs
\n
are recognised in the consolidated statements of profit or loss and the consolidated
\n
statements of other comprehensive income as incurred. Financial assets at fair value
\n
through profit or loss are measured at fair value, and changes therein, which take into
\n
account any dividend income, are recognized in the consolidated statements of profit or
\n
loss and the consolidated statements of other comprehensive income.
\n
2.10.1.1
Non-Current Financial Assets at fair value through profit
\n
or loss or OCI
\n
The Company holds investments in non-current financial assets, which based on EU-IFRS
\n
9, are designated as financial assets at fair value through profit or loss or financial assets
at fair value through OCI. The fair value of listed investments is based upon the closing
\n
price of such securities at each reporting date. If there is no active market for an equity
\n
instrument, the Company establishes the fair value by using valuation techniques.
\n
Based on EU-IFRS 9, the Company irrevocably elected to designate specific invest-
\n
ments as a financial asset at fair value through OCI as the participation is not held for
\n
trading purposes nor contingent consideration recognised by an acquirer in a business
\n
combination.
\n
2.10.1.2
Current Financial Assets at fair value through profit or loss
\n
Current financial assets measured at fair value through profit or loss comprise of money
\n
market funds.
\n
2.10.1.3
Cash Equivalents Measured at fair value through profit or loss
\n
Cash equivalents measured at fair value through profit or loss comprise of money
\n
market funds that are readily convertible to cash and are subject to insignificant risk of
\n
changes in value. These financial assets are used by the Company in the management of
\n
the short-term commitments.
\n
Financial Assets at Amortized Cost
\n
2.10.1.4
Receivables
\n
Trade and other receivables are designated as financial assets measured at amortized
\n
cost. They are initially measured either at fair value or at transaction price, in the
\n
absence of a significant financing component less adjustments for estimated revenue
\n
deductions such as rebates, chargebacks and returns.
\n
All receivables are subsequently measured at amortized cost, which generally corre-
\n
sponds to nominal value less expected credit loss provision.
\n
Receivables mainly comprise trade and other receivables and current and non-current
\n
research and development incentive receivables. These research and development
\n
incentive receivables relate to refunds resulting from research and development
\n
incentives on research and development expenses in Belgium and are credited to the
\n
consolidated statements of profit or loss and the consolidated statements of other
\n
comprehensive income under the line \u201cOther operating income\u201d when the relevant
\n
expenditure has been incurred and there is a reasonable assurance that the research
\n
and development incentives are receivable.
\n
Loss allowance for expected credit losses are established using a simplified approach of
\n
forward-looking expected credit loss model (ECL), which includes possible default events
\n
on the trade receivables over the entire holding period of the trade receivable. These
\n
provisions represent the difference between the trade receivable\u2019s carrying amount in
\n
the consolidated statements of financial position and the estimated collectible amount.
\n
Charges for loss allowance for expected credit losses are recorded as marketing and
\n
selling costs recognized in the consolidated statements of profit or loss and consolidated
\n
statements of other comprehensive income within \u201cSelling, general and administrative\u201d
\n
expenses.
2.10.1.5
Cash
\n
Cash are financial assets measured at amortized cost and comprise of cash balances and
\n
savings accounts.
\n
2.10.1.6
Cash Equivalents Measured at Amortized Costs
\n
Cash equivalents measured at amortized cost comprise of term accounts that have an
\n
initial maturity of less than 3 months that are subject to an insignificant risk of changes
\n
in values. The financial assets are used by the Company in the management of short-
\n
term commitments.
\n
Cash and cash equivalents exclude restricted cash, which is presented in the consolida-
\n
ted statements of financial position under the line \u201cOther non-current assets\u201d.
\n
2.10.1.7
Current Financial Assets Measured at Amortized Costs
\n
Current financial assets include financial assets measured at amortized costs and
\n
comprise of term accounts that have an initial maturity equal or less than 12 months,
\n
but exceeding 3 months.
\n
2.10.2
Financial Liabilities
\n
Financial liabilities are initially measured at their transaction price. Subsequent to initial
\n
recognition, financial liabilities are measured at amortized cost.
\n
Financial liabilities mainly comprise of trade and other payables and other liabilities.
\n
Trade and other liabilities are comprised of liabilities that are due less than one year
\n
from the balance sheet date and are in general not interest bearing and settled on an
\n
ongoing basis during the financial year. They also include accrued expense related to
\nthe Company\u2019s research and development costs and gross-to-net accruals.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:7245009C5FZE6G9ODQ71",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f20118": {
"value": "2.10.1
Financial Assets
\n
Financial assets are initially recognized either at fair value or at transaction price. All
\n
recognized financial assets are subsequently measured at either amortized cost or fair
\n
value under EU-IFRS 9 on the basis of both the Company\u2019s model for managing the
\n
financial assets and the contractual cash flow characteristics of the financial asset.
\n
\u2022
A financial asset that (i) is held within a business model whose objective is to
\n
collect the contractual cash flows and (ii) has contractual cash flows that are solely
\n
payments of principal and interest on the principal amount outstanding is measured
\n
at amortized cost (net of any write down for impairment), unless the asset is
\n
designated at fair value through profit or loss (
FVTPL
) under the fair value option.
\n
\u2022
A financial asset that (i) is held within a business model whose objective is achieved
\n
both by collecting contractual cash flows and selling financial assets and (ii) has
\n
contractual term that give rise on specified dates to cash flows that are solely
\n
payments of principal and interest on the principal outstanding, is measured at fair
\n
value through other comprehensive income (
FVTOCI
), unless the asset is designated
\n
at FVTPL under the fair value option.
\n
\u2022
All other financial assets are measured at FVTPL.
\n
A financial asset is classified as current when the cash flows expected to flow from the
\n
instrument mature within one year.
\n
The Company derecognizes a financial asset when the contractual rights to the cash
\n
flows from the asset expire, or the Company transfers the right to receive the contrac-
\n
tual cash flows on the financial asset in a transaction in which substantially all the risks
\n
and rewards of ownership of the financial asset are transferred.
\n
The Company classifies non-derivative financial assets into the following categories:
\n
\u2022
financial asset at fair value through profit or loss or OCI (non-current financial assets,
\n
current financial assets and cash equivalents)
\n
\u2022
financial assets at amortized cost (receivables and cash and cash equivalents)
\n
Financial Assets at fair value through profit or loss or loss or OCI
\n
Financial assets are designated at fair value through profit or loss if the Company mana-
\n
ges such investments and makes purchases and sales decisions based on their fair value
\n
in accordance with the Company\u2019s investment strategy. Attributable transaction costs
\n
are recognised in the consolidated statements of profit or loss and the consolidated
\n
statements of other comprehensive income as incurred. Financial assets at fair value
\n
through profit or loss are measured at fair value, and changes therein, which take into
\n
account any dividend income, are recognized in the consolidated statements of profit or
\n
loss and the consolidated statements of other comprehensive income.
\n
2.10.1.1
Non-Current Financial Assets at fair value through profit
\n
or loss or OCI
\n
The Company holds investments in non-current financial assets, which based on EU-IFRS
\n
9, are designated as financial assets at fair value through profit or loss or financial assets
at fair value through OCI. The fair value of listed investments is based upon the closing
\n
price of such securities at each reporting date. If there is no active market for an equity
\n
instrument, the Company establishes the fair value by using valuation techniques.
\n
Based on EU-IFRS 9, the Company irrevocably elected to designate specific invest-
\n
ments as a financial asset at fair value through OCI as the participation is not held for
\n
trading purposes nor contingent consideration recognised by an acquirer in a business
\n
combination.
\n
2.10.1.2
Current Financial Assets at fair value through profit or loss
\n
Current financial assets measured at fair value through profit or loss comprise of money
\n
market funds.
\n
2.10.1.3
Cash Equivalents Measured at fair value through profit or loss
\n
Cash equivalents measured at fair value through profit or loss comprise of money
\n
market funds that are readily convertible to cash and are subject to insignificant risk of
\n
changes in value. These financial assets are used by the Company in the management of
\n
the short-term commitments.
\n
Financial Assets at Amortized Cost
\n
2.10.1.4
Receivables
\n
Trade and other receivables are designated as financial assets measured at amortized
\n
cost. They are initially measured either at fair value or at transaction price, in the
\n
absence of a significant financing component less adjustments for estimated revenue
\n
deductions such as rebates, chargebacks and returns.
\n
All receivables are subsequently measured at amortized cost, which generally corre-
\n
sponds to nominal value less expected credit loss provision.
\n
Receivables mainly comprise trade and other receivables and current and non-current
\n
research and development incentive receivables. These research and development
\n
incentive receivables relate to refunds resulting from research and development
\n
incentives on research and development expenses in Belgium and are credited to the
\n
consolidated statements of profit or loss and the consolidated statements of other
\n
comprehensive income under the line \u201cOther operating income\u201d when the relevant
\n
expenditure has been incurred and there is a reasonable assurance that the research
\n
and development incentives are receivable.
\n
Loss allowance for expected credit losses are established using a simplified approach of
\n
forward-looking expected credit loss model (ECL), which includes possible default events
\n
on the trade receivables over the entire holding period of the trade receivable. These
\n
provisions represent the difference between the trade receivable\u2019s carrying amount in
\n
the consolidated statements of financial position and the estimated collectible amount.
\n
Charges for loss allowance for expected credit losses are recorded as marketing and
\n
selling costs recognized in the consolidated statements of profit or loss and consolidated
\n
statements of other comprehensive income within \u201cSelling, general and administrative\u201d
\n
expenses.
2.10.1.5
Cash
\n
Cash are financial assets measured at amortized cost and comprise of cash balances and
\n
savings accounts.
\n
2.10.1.6
Cash Equivalents Measured at Amortized Costs
\n
Cash equivalents measured at amortized cost comprise of term accounts that have an
\n
initial maturity of less than 3 months that are subject to an insignificant risk of changes
\n
in values. The financial assets are used by the Company in the management of short-
\n
term commitments.
\n
Cash and cash equivalents exclude restricted cash, which is presented in the consolida-
\n
ted statements of financial position under the line \u201cOther non-current assets\u201d.
\n
2.10.1.7
Current Financial Assets Measured at Amortized Costs
\n
Current financial assets include financial assets measured at amortized costs and
\n
comprise of term accounts that have an initial maturity equal or less than 12 months,
\nbut exceeding 3 months.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:7245009C5FZE6G9ODQ71",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f20147": {
"value": "The Company derecognizes a financial asset when the contractual rights to the cash
flows from the asset expire, or the Company transfers the right to receive the contrac-
\n
tual cash flows on the financial asset in a transaction in which substantially all the risks
\nand rewards of ownership of the financial asset are transferred.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:7245009C5FZE6G9ODQ71",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f20160": {
"value": "Financial Assets at fair value through profit or loss or loss or OCI
Financial assets are designated at fair value through profit or loss if the Company mana-
\n
ges such investments and makes purchases and sales decisions based on their fair value
\n
in accordance with the Company\u2019s investment strategy. Attributable transaction costs
\n
are recognised in the consolidated statements of profit or loss and the consolidated
\n
statements of other comprehensive income as incurred. Financial assets at fair value
\n
through profit or loss are measured at fair value, and changes therein, which take into
\n
account any dividend income, are recognized in the consolidated statements of profit or
\n
loss and the consolidated statements of other comprehensive income.
\n
2.10.1.1
Non-Current Financial Assets at fair value through profit
\n
or loss or OCI
\n
The Company holds investments in non-current financial assets, which based on EU-IFRS
\n
9, are designated as financial assets at fair value through profit or loss or financial assets
at fair value through OCI. The fair value of listed investments is based upon the closing
\n
price of such securities at each reporting date. If there is no active market for an equity
\n
instrument, the Company establishes the fair value by using valuation techniques.
\n
Based on EU-IFRS 9, the Company irrevocably elected to designate specific invest-
\n
ments as a financial asset at fair value through OCI as the participation is not held for
\n
trading purposes nor contingent consideration recognised by an acquirer in a business
\n
combination.
\n
2.10.1.2
Current Financial Assets at fair value through profit or loss
\n
Current financial assets measured at fair value through profit or loss comprise of money
\n
market funds.
\n
2.10.1.3
Cash Equivalents Measured at fair value through profit or loss
\n
Cash equivalents measured at fair value through profit or loss comprise of money
\n
market funds that are readily convertible to cash and are subject to insignificant risk of
\n
changes in value. These financial assets are used by the Company in the management of
\nthe short-term commitments.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory",
"language": "en",
"entity": "scheme:7245009C5FZE6G9ODQ71",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f20213": {
"value": "
2.10.1.4
Receivables
\n
Trade and other receivables are designated as financial assets measured at amortized
\n
cost. They are initially measured either at fair value or at transaction price, in the
\n
absence of a significant financing component less adjustments for estimated revenue
\n
deductions such as rebates, chargebacks and returns.
\n
All receivables are subsequently measured at amortized cost, which generally corre-
\n
sponds to nominal value less expected credit loss provision.
\n
Receivables mainly comprise trade and other receivables and current and non-current
\n
research and development incentive receivables. These research and development
\n
incentive receivables relate to refunds resulting from research and development
\n
incentives on research and development expenses in Belgium and are credited to the
\n
consolidated statements of profit or loss and the consolidated statements of other
\n
comprehensive income under the line \u201cOther operating income\u201d when the relevant
\n
expenditure has been incurred and there is a reasonable assurance that the research
\n
and development incentives are receivable.
\n
Loss allowance for expected credit losses are established using a simplified approach of
\n
forward-looking expected credit loss model (ECL), which includes possible default events
\n
on the trade receivables over the entire holding period of the trade receivable. These
\n
provisions represent the difference between the trade receivable\u2019s carrying amount in
\n
the consolidated statements of financial position and the estimated collectible amount.
\n
Charges for loss allowance for expected credit losses are recorded as marketing and
\n
selling costs recognized in the consolidated statements of profit or loss and consolidated
\n
statements of other comprehensive income within \u201cSelling, general and administrative\u201d
\n
expenses.
2.19
Trade Receivables
\n
Trade receivables are initially recognized at their invoiced amounts less adjustments for
\n
estimated revenue deductions such as rebates, chargebacks and returns.
\n
Loss allowance for expected credit losses are established using a simplified approach of
\n
forward-looking expected credit loss model (ECL), which includes possible default events
\n
on the trade receivables over the entire holding period of the trade receivable. These
\n
provisions represent the difference between the trade receivable\u2019s carrying amount
\n
in the consolidated statements of financial position and the estimated collectible
\n
amount. Charges for loss allowance for expected credit losses are recorded as marketing
\n
and selling costs recognized in the consolidated statements of profit or loss and the
\n
consolidated statements of other comprehensive income within \u201cSelling, general and
\n
administrative\u201d expenses.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:7245009C5FZE6G9ODQ71",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f20257": {
"value": "2.10.1.5
Cash
\n
Cash are financial assets measured at amortized cost and comprise of cash balances and
\n
savings accounts.
\n
2.10.1.6
Cash Equivalents Measured at Amortized Costs
\n
Cash equivalents measured at amortized cost comprise of term accounts that have an
\n
initial maturity of less than 3 months that are subject to an insignificant risk of changes
\n
in values. The financial assets are used by the Company in the management of short-
\n
term commitments.
\n
Cash and cash equivalents exclude restricted cash, which is presented in the consolida-
\nted statements of financial position under the line \u201cOther non-current assets\u201d.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRestrictedCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:7245009C5FZE6G9ODQ71",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f20258": {
"value": "2.10.1.5
Cash
\n
Cash are financial assets measured at amortized cost and comprise of cash balances and
\n
savings accounts.
\n
2.10.1.6
Cash Equivalents Measured at Amortized Costs
\n
Cash equivalents measured at amortized cost comprise of term accounts that have an
\n
initial maturity of less than 3 months that are subject to an insignificant risk of changes
\n
in values. The financial assets are used by the Company in the management of short-
\n
term commitments.
\n
Cash and cash equivalents exclude restricted cash, which is presented in the consolida-
\nted statements of financial position under the line \u201cOther non-current assets\u201d.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents",
"language": "en",
"entity": "scheme:7245009C5FZE6G9ODQ71",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f20281": {
"value": "2.10.2
Financial Liabilities
\n
Financial liabilities are initially measured at their transaction price. Subsequent to initial
\n
recognition, financial liabilities are measured at amortized cost.
\n
Financial liabilities mainly comprise of trade and other payables and other liabilities.
\n
Trade and other liabilities are comprised of liabilities that are due less than one year
\n
from the balance sheet date and are in general not interest bearing and settled on an
\n
ongoing basis during the financial year. They also include accrued expense related to
the Company\u2019s research and development costs and gross-to-net accruals.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:7245009C5FZE6G9ODQ71",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f20288": {
"value": "Trade and other liabilities are comprised of liabilities that are due less than one year
from the balance sheet date and are in general not interest bearing and settled on an
\n
ongoing basis during the financial year. They also include accrued expense related to
the Company\u2019s research and development costs and gross-to-net accruals.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:7245009C5FZE6G9ODQ71",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f20298": {
"value": " 2.11
Investment in Joint Venture
\n
The Group has an investment which qualifies as joint ventures under IAS 28 Investment
\n
in associates and joint ventures. For joint ventures and associates, the Group recognises
\n
its interest in the joint venture or associate as an investment and uses the equity met-
\n
hod of accounting. The Group recognises its initial investment at cost and the investors\u2019
\n
share of the profits or losses is determined based on the proportionate ownership
\n
interest.
\n
Investment in joint ventures on December 31, 2022 was related to the investment in
\n
Onco Verity, Inc. In July 2022, the Company entered into a joint venture agreement
\n
with the University of Colorado Anschutz Medical Campus and UCHealth and created a
\n
separate legal entity, OncoVerity, Inc., which is focused on optimizing and advancing the
\n
development of cusatuzumab, a novel anti-CD70 antibody, in acute myeloid leukemia
\n
(AML). The Company contributed $2 million and the investment has been designated
\n
as investment in joint venture and accounted under IAS 28 Investment in associates
\n
and joint ventures. The share of net loss resulting from investment in joint ventures is
\n
presented in consolidated statements of profit or loss in line \u201c
Loss from investment in
\n
joint ventures
\u201d.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures",
"language": "en",
"entity": "scheme:7245009C5FZE6G9ODQ71",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f20299": {
"value": "2.11
Investment in Joint Venture
\n
The Group has an investment which qualifies as joint ventures under IAS 28 Investment
\n
in associates and joint ventures. For joint ventures and associates, the Group recognises
\n
its interest in the joint venture or associate as an investment and uses the equity met-
\n
hod of accounting. The Group recognises its initial investment at cost and the investors\u2019
\n
share of the profits or losses is determined based on the proportionate ownership
\n
interest.
\n
Investment in joint ventures on December 31, 2022 was related to the investment in
\n
Onco Verity, Inc. In July 2022, the Company entered into a joint venture agreement
\n
with the University of Colorado Anschutz Medical Campus and UCHealth and created a
\n
separate legal entity, OncoVerity, Inc., which is focused on optimizing and advancing the
\n
development of cusatuzumab, a novel anti-CD70 antibody, in acute myeloid leukemia
\n
(AML). The Company contributed $2 million and the investment has been designated
\n
as investment in joint venture and accounted under IAS 28 Investment in associates
\n
and joint ventures. The share of net loss resulting from investment in joint ventures is
\n
presented in consolidated statements of profit or loss in line \u201c
Loss from investment in
\n
joint ventures
\u201d.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory",
"language": "en",
"entity": "scheme:7245009C5FZE6G9ODQ71",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f20335": {
"value": "2.12
Shareholder\u2019s Equity
\n
An equity instrument is any contract that evidences a residual interest in the assets of an
\n
entity after deducting all of its liabilities. Equity instruments issued by the Company are
\n
recognized at the proceeds received, net of direct issue costs.
\n
The Company has never distributed any dividends to its shareholders. As of December
\n31, 2022, no profits were available for distribution.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:7245009C5FZE6G9ODQ71",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f20342": {
"value": "The Company has never distributed any dividends to its shareholders. As of December 31, 2022, no profits were available for distribution.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory",
"language": "en",
"entity": "scheme:7245009C5FZE6G9ODQ71",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f20347": {
"value": "2.13
Short-Term Employee Benefits
\n
Short-term employee benefits include payables and accruals for salaries and bonuses
\n
to be paid to the employees of the Company. They are recognized as expenses for the
\nperiod in which employees perform the corresponding services.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:7245009C5FZE6G9ODQ71",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f20355": {
"value": "2.14
Share-Based Payments
\n
Equity settled share based payments to employees and others providing similar services
\n
are measured at the fair value of the equity instruments at the acceptance date. Equity
\n
settled share based payments includes expenses related to stock options and restricted
\n
stock units granted by the Company.
\n
The fair value determined at the acceptance date of the equity settled share based
\n
payments is expensed on a straight line basis over the vesting period, based on the Com-
\n
pany\u2019s estimate of equity instruments that will eventually vest, with a corresponding
\n
increase in equity. At the end of each reporting period, the Company revises its estimate
\n
of the number of equity instruments expected to vest. The impact of the revision of
\n
the original estimates, if any, is recognized in the consolidated statements of profit or
\n
loss and the consolidated statements of other comprehensive income such that the
\n
cumulative expense reflects the revised estimate, with a corresponding adjustment to
\nthe equity settled share based payment reserve.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory",
"language": "en",
"entity": "scheme:7245009C5FZE6G9ODQ71",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f20379": {
"value": "2.16
Income Taxes
\n
Income tax in the consolidated statements of profit or loss and the consolidated
\n
statements of other comprehensive income represents the total of the current tax and
\n
deferred tax.
The current tax is based on taxable profit for the year. Taxable profit differs from profit
\n
as reported in the consolidated statements of profit or loss and consolidated statements
\n
of other comprehensive income as it excludes items of income or expense that are
\n
taxable or deductible in other years and items that are never taxable or deductible. The
\n
Company\u2019s liability for current tax is calculated using tax rates that have been enacted or
\n
substantively enacted by the end of the reporting period.
\n
Deferred tax is recognized on temporary differences between the carrying amounts of
\n
assets and liabilities in the consolidated financial statements and the corresponding tax
\n
basis used in the computation of taxable profit. Deferred tax assets are recognized to the
\n
extent that it is probable that future taxable profits will be available against which those
\n
deductible temporary differences can be utilized. The carrying amount of deferred tax
\n
assets is reviewed at the end of each reporting period and reduced to the extent that it
\n
is not probable that sufficient taxable profits will be available to allow all or part of the
\n
asset to be recovered. Deferred tax assets and liabilities are offset if there is a legally
\n
enforceable right to offset current tax liabilities and assets, and they relate to income
\n
taxes levied by the same tax authority on the same taxable entity, or on different taxable
\n
entities which intend either to settle current tax liabilities and assets on a net basis, or to
\n
realize the assets and settle the liabilities simultaneously.
\n
Deferred tax assets and liabilities are measured at the tax rates that are expected to
\n
apply in the period in which the liability is settled or the asset realized, based on tax
\n
rates (and tax laws) that have been enacted or substantially enacted by the end of the
\nreporting period.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:7245009C5FZE6G9ODQ71",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f20405": {
"value": "Deferred tax is recognized on temporary differences between the carrying amounts of
assets and liabilities in the consolidated financial statements and the corresponding tax
\n
basis used in the computation of taxable profit. Deferred tax assets are recognized to the
\n
extent that it is probable that future taxable profits will be available against which those
\n
deductible temporary differences can be utilized. The carrying amount of deferred tax
\n
assets is reviewed at the end of each reporting period and reduced to the extent that it
\n
is not probable that sufficient taxable profits will be available to allow all or part of the
\n
asset to be recovered. Deferred tax assets and liabilities are offset if there is a legally
\n
enforceable right to offset current tax liabilities and assets, and they relate to income
\n
taxes levied by the same tax authority on the same taxable entity, or on different taxable
\n
entities which intend either to settle current tax liabilities and assets on a net basis, or to
\n
realize the assets and settle the liabilities simultaneously.
\n
Deferred tax assets and liabilities are measured at the tax rates that are expected to
\n
apply in the period in which the liability is settled or the asset realized, based on tax
\n
rates (and tax laws) that have been enacted or substantially enacted by the end of the
reporting period.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:7245009C5FZE6G9ODQ71",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f20428": {
"value": "2.17.1
Product Net Sales
\n
Revenue from the sale of goods is recognized at an amount that reflects the conside-
\n
ration that the Company expects to be entitled to receive in exchange for transferring
\n
goods to a customer, at the time when the customer obtains control of the goods
\n
rendered, this means when the customer has the ability to direct the use of the asset.
\n
The consideration that is committed in a contract with a customer can include fixed
\n
amounts, variable amounts, or both. The amount of the consideration may vary due to
\n
discounts, rebates, returns, chargebacks or other similar items. Contingent consideration
\n
is included in the transaction price when it is highly probable that the amount of
\n
revenue recognized is not subject to future significant reversals.
\n
Our product net sales consists of sales of VYVGART in U.S., Japan and Europe. Product
\n
net sales are recognized once we satisfy the performance obligation at a point in time
\n
under the revenue recognition criteria in accordance with EU-IFRS 15
Revenue from
\n
contracts with customers
.
\n
Revenue arising from the commercial sale of VYVGART is presented in the consolidated
\n
statements of profit or loss under \u201cProduct net sales\u201d. In accordance with EU-IFRS 15
\n
Revenue from contracts with customers
, such revenue is recognized when the product
is physically transferred, in accordance with the delivery and acceptance terms agreed
\n
with the customer. Payment of the transaction price is payable at the point the customer
\n
obtains the legal title to the goods.
\n
The amount of revenue recognized reflects the various types of price reductions or
\n
rights of return offered by the Company to its customers. Such price reductions and
\n
rights of return qualify as variable consideration under EU-IFRS 15
Revenue from
\n
contracts with customers
.
\n
Products sold are covered by various Government and State programs (such as Medicare
\n
and Medicaid) under which products are sold at a discount. Rebates are granted to
\n
healthcare authorities, and under contractual arrangements with certain customers.
\n
Some wholesalers are entitled to chargeback incentives based on the selling price to the
\n
end customer, under specific contractual arrangements. Rebates, chargebacks and other
\n
incentives are recognized in the period in which the underlying sales are recognized as a
\n
reduction of product sales.
\n
Our significant components of variable consideration are as follows:
\n
Co-payment assistance:
We provide co-payment assistance to patients who have com-
\n
mercial insurance and meet certain eligibility requirements. We use the expected-value
\n
method for estimating co-payment assistance based on estimates of program redemp-
\n
tion using data provided by third-party administrators. Estimates for the co-payment
\n
assistance are adjusted quarterly to reflect actual experience. We record an accrued
\n
liability for unredeemed co-payment assistance related to products for which control
\n
has been transferred to customers.
\n
Chargebacks:
Chargebacks are discounts that occur when contracted parties purchase
\n
directly from a specialty distributor. Contracted parties, which currently consist primarily
\n
of Public Health Service Institutions and federal government entities purchasing via
\n
the Federal Supply Schedule, generally purchase the product at a discounted price. The
\n
specialty distributor, in turn, charges back the difference between the price initially paid
\n
by the specialty distributor and the discounted price paid to the specialty distributor
\n
by the contracted parties to the Company. The reserves for chargeback are based on
\n
known sales to contracted parties. We establish the reserves for chargebacks in the
\n
same period that the related revenue is recognized, resulting in an accrued liability and
\n
reduction of product gross sales.
\n
Rebates:
We are subject to government mandated rebates for Medicaid Drug Rebate
\n
Program, Medicare Part D Prescription Drug Benefit Program, and other government
\n
health care programs in the U.S. Rebate amounts are based upon contractual
\n
agreements or legal requirements with public sector benefit providers. We use the
\n
expected-value method for estimating these rebates. The expected utilization of rebates
\n
is estimated based on third-party data from the specialty pharmacies and specialty
\n
distributor. Estimates for these rebates are adjusted quarterly to reflect the most recent
\n
information. We record an accrued liability and reduction of product sales for unpaid
\n
rebates related to products for which control has been transferred to customers.
\n
Medicare Part D Coverage Gap:
The Medicare Part D coverage gap is a federal program
\n
to subsidize the costs of prescription drugs for Medicare beneficiaries in the U.S.,
which mandates manufacturers to fund a portion of the Medicare Part D insurance
\n
coverage gap for prescription drugs sold to eligible patients. Funding of the coverage
\n
gap is generally invoiced and paid in arrears. We estimate the impact of the Medicare
\n
Part D coverage gap using the expected-value method based on an amount expected
\n
to be incurred for the current quarter\u2019s activity, plus an accrual balance for known prior
\n
quarters. Estimates for the impact of the Medicare Part D coverage gap are adjusted
\n
quarterly to reflect actual experience. We record an accrued liability for unpaid reserves
\n
related to the Medicare Part D coverage gap.
\n
Distributor fees:
The specialty distributor provides distribution services to the Company
\n
for a fee, based on a contractually determined fixed percentage of sales. As the services
\n
being provided by the specialty distributor are not distinct, the recurring service fees
\n
paid to specialty distributors are treated as variable consideration and a reduction to the
\n
transaction price. We estimate these distributor fees and record such estimates in the
\n
same period the related revenue is recognized, resulting in a reduction of product gross
\n
sales. We record an accrued liability for unpaid distributor fees.
\n
The estimated amounts described above are recognized in the consolidated statement
\n
of Profit or Loss within \u201cProduct net sales\u201d as a reduction of gross sales, and within
\n
\u201cTrade and other payables\u201d in the consolidated statements of financial position. They
\n
are subject to regular review and adjustment as appropriate based on the most recent
\n
data available to management. Each of the above items require significant estimates,
\n
judgement and information obtained from external sources. If management\u2019s estimates
\n
differ from actual results, we will record adjustments that would affect product sales in
\n
the period of adjustment.
\n
2.17.2
Collaborations and License Agreements
\n
Collaboration revenue have consisted principally of milestones, license fees, non-
\n
refundable upfront fees and research and development service fees in connection
\n
with collaboration and license agreements.
\n
The Company recognizes revenue when the customer obtains control of promised goods
\n
or services, in an amount that reflects the consideration that the Company expects
\n
to receive in exchange for those goods and services. In order to determine revenue
\n
recognition for agreements that the Company determines to be in the scope of IFRS 15,
\n
following five steps are performed:
\n
1. Identify the Contracts
\n
In our current collaboration and license agreements, we are mainly licensing our
\n
intellectual property and/or providing research and development products/services,
\n
which might include a cost-sharing mechanism and/or in the future, selling its products
\n
to collaborative partner entities. Revenue is generated through these arrangements
\n
via upfront payments, milestone payments based on clinical and regulatory criteria,
\n
research and development service fees and future sales-based milestones and sales-
\n
based royalties. In some cases, the collaboration and license agreements also include an
\n
equity subscription component. If this is the case, the Company analyses if the criteria to
\n
combine contracts, as set out by IFRS 15, are met.
2. Identify Performance Obligations
\n
Depending on the type of contract, there can be one or more distinct performance
\n
obligations under IFRS 15. This is based on an assessment of whether the promises in
\n
an agreement are capable of being distinct and are distinct from the other promises to
\n
transfer goods and/or services in the context of the contract.
\n
For our material ongoing collaboration and license agreement (i.e. the Zai Lab Agree-
\n
ment), the Company has assessed that there is more than one distinct performance
\n
obligation, being the transfer of a license and supply of clinical and commercial product.
\n
This is because the Company considers the performance obligations is distinct in the
\n
context of the contract as the license has stand-alone value without the Company being
\n
further involved in the research and development collaboration and that there is no
\n
interdependence between the license and the clinical and commercial supply to be
\n
provided.
\n
For our material ongoing collaboration and license agreement (i.e., the Zai Lab Agree-
\n
ment), the Company has assessed that there is more than one distinct performance
\n
obligation, being the transfer of a license and supply of clinical and commercial product.
\n
3. Determine the Transaction Price
\n
Our material ongoing collaboration and license agreements include non-refundable upf-
\n
ront payments or license fees, milestone payments, the receipt of which is dependent
\n
upon the achievement of certain clinical, regulatory or commercial milestones, royalties
\n
on sales and research and development service fees.
\n
3.1 Non-refundable Upfront Payments or License Fees
\n
If the license to the Company\u2019s intellectual property is determined to be distinct from
\n
the other performance obligations identified in the arrangement, the Company recog-
\n
nizes revenue from non-refundable upfront fees allocated to this license at the point in
\n
time the license is transferred to the customer and the customer has the right to use the
\n
license.
\n
For all our material ongoing collaboration and license agreements, the Company consi-
\n
ders the performance obligations related to the transfer of the license as distinct from
\n
the other promises to transfer goods and/or services. The Company utilizes judgement
\n
to assess the nature of the performance obligation to determine whether the perfor-
\n
mance obligation is satisfied over time or at a point in time. If over time, revenue is then
\n
recognized based on a pattern that best reflects the transfer of control of the service to
\n
the customer.
\n
3.2 Milestone Payments Other than Sales Based Milestones
\n
A milestone payment, being a variable consideration, is only included in the transaction
\n
price to the extent it is highly probable that a significant reversal in the amount of
\n
cumulative revenue recognition will not occur when the uncertainty associated with the
\n
variable consideration is subsequently resolved. The Company estimates the amount
\n
to be included in the transaction price upon achievement of the milestone event. The
\n
transaction price is then allocated to each performance obligation on a stand-alone
\n
selling price basis, for which the Company recognizes revenue as or when the perfor-
\n
mance obligations under the contract are satisfied. At the end of each reporting period,
the Company re-evaluates the probability of achievement of such milestones and any
\n
related constraint, and, if necessary, adjusts the estimate of the overall transaction price.
\n
Any such adjustments are recorded on a cumulative catch-up basis, which would affect
\n
revenue and earnings in the period of adjustment.
\n
3.3 Research and Development Service Fees
\n
Our material ongoing collaboration and license agreements may include reimbursement
\n
or cost sharing for research and development services. R&D services are performed and
\n
satisfied over time given that the customer simultaneously receives and consumes the
\n
benefits provided by us. Such costs reimbursements received are recognized in revenues
\n
when costs are incurred and agreed by the parties.
\n
3.4 Sales-Based Milestone Payments and Royalties
\n
Our material ongoing collaboration and license agreements include sales based
\n
royalties, including commercial milestone payments based on the level of sales, and
\n
the license has been deemed to be the predominant item to which the royalties and
\n
commercial milestone payments relate. Related revenue is recognized as the subsequent
\n
underlying sales occur.
\n
4. Allocate the Transaction Price
\n
In principle, an entity shall allocate the transaction price to each performance obligation
\n
identified in the contract on a relative stand-alone selling price basis. As our ongoing
\n
collaboration and license agreement (i.e. the Zai Lab Agreement) contains more than
\n
one performance obligation, the Company assesses to allocate the transaction price to
\n
all performance obligations identified.
\n
5. Recognize Revenue
\n
Revenue is recognized when the customer obtains control of the goods and/or services
\n
as provided in the collaboration and license agreements. The control can be transferred
\n
over time or at a point in time \u2013 which results in the recognition of revenue over time or
\n
at a point in time.
\n
As our ongoing collaboration and license agreement (i.e. the Zai Lab Agreement) con-
\n
tains more than one performance obligation, the Company recognised revenue at point
\n
in time for transfer of license and the Company recognises revenue over time for supply
\n
of clinical and commercial products as the customer simultaneously receive the benefits
\n
provided by the Company\u2019s performance, satisfied over time.
\n
Other ongoing collaboration and license agreements only contain one single perfor-
\n
mance obligation which is, as the customer simultaneously receive the benefits provided
\n
by the Company\u2019s performance, satisfied over time. As such, the Company recognizes
\n
revenue over time. The recognition of revenue over time is based on a pattern that
\n
best reflects the satisfaction of the related performance obligation, applying the input
\n
method. The input method estimates the satisfaction of the performance obligation as
\n
the percentage of total collaboration costs that are completed each period compared to
\n
the total estimated collaboration costs.
\n
Research and development service fees are recognized as revenue when costs are
\n
incurred and agreed by the parties as the Company is acting as a principal in the scope
\n
of its stake of the research and development activities of its ongoing collaboration and
\nlicense agreements.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue",
"language": "en",
"entity": "scheme:7245009C5FZE6G9ODQ71",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f20480": {
"value": "Our significant components of variable consideration are as follows:
Co-payment assistance:
We provide co-payment assistance to patients who have com-
\n
mercial insurance and meet certain eligibility requirements. We use the expected-value
\n
method for estimating co-payment assistance based on estimates of program redemp-
\n
tion using data provided by third-party administrators. Estimates for the co-payment
\n
assistance are adjusted quarterly to reflect actual experience. We record an accrued
\n
liability for unredeemed co-payment assistance related to products for which control
\n
has been transferred to customers.
\n
Chargebacks:
Chargebacks are discounts that occur when contracted parties purchase
\n
directly from a specialty distributor. Contracted parties, which currently consist primarily
\n
of Public Health Service Institutions and federal government entities purchasing via
\n
the Federal Supply Schedule, generally purchase the product at a discounted price. The
\n
specialty distributor, in turn, charges back the difference between the price initially paid
\n
by the specialty distributor and the discounted price paid to the specialty distributor
\n
by the contracted parties to the Company. The reserves for chargeback are based on
\n
known sales to contracted parties. We establish the reserves for chargebacks in the
\n
same period that the related revenue is recognized, resulting in an accrued liability and
\n
reduction of product gross sales.
\n
Rebates:
We are subject to government mandated rebates for Medicaid Drug Rebate
\n
Program, Medicare Part D Prescription Drug Benefit Program, and other government
\n
health care programs in the U.S. Rebate amounts are based upon contractual
\n
agreements or legal requirements with public sector benefit providers. We use the
\n
expected-value method for estimating these rebates. The expected utilization of rebates
\n
is estimated based on third-party data from the specialty pharmacies and specialty
\n
distributor. Estimates for these rebates are adjusted quarterly to reflect the most recent
\n
information. We record an accrued liability and reduction of product sales for unpaid
\n
rebates related to products for which control has been transferred to customers.
\n
Medicare Part D Coverage Gap:
The Medicare Part D coverage gap is a federal program
\n
to subsidize the costs of prescription drugs for Medicare beneficiaries in the U.S.,
which mandates manufacturers to fund a portion of the Medicare Part D insurance
\n
coverage gap for prescription drugs sold to eligible patients. Funding of the coverage
\n
gap is generally invoiced and paid in arrears. We estimate the impact of the Medicare
\n
Part D coverage gap using the expected-value method based on an amount expected
\n
to be incurred for the current quarter\u2019s activity, plus an accrual balance for known prior
\n
quarters. Estimates for the impact of the Medicare Part D coverage gap are adjusted
\n
quarterly to reflect actual experience. We record an accrued liability for unpaid reserves
\n
related to the Medicare Part D coverage gap.
\n
Distributor fees:
The specialty distributor provides distribution services to the Company
\n
for a fee, based on a contractually determined fixed percentage of sales. As the services
\n
being provided by the specialty distributor are not distinct, the recurring service fees
\n
paid to specialty distributors are treated as variable consideration and a reduction to the
\n
transaction price. We estimate these distributor fees and record such estimates in the
\n
same period the related revenue is recognized, resulting in a reduction of product gross
\n
sales. We record an accrued liability for unpaid distributor fees.
\n
The estimated amounts described above are recognized in the consolidated statement
\n
of Profit or Loss within \u201cProduct net sales\u201d as a reduction of gross sales, and within
\n
\u201cTrade and other payables\u201d in the consolidated statements of financial position. They
\n
are subject to regular review and adjustment as appropriate based on the most recent
\n
data available to management. Each of the above items require significant estimates,
\n
judgement and information obtained from external sources. If management\u2019s estimates
\n
differ from actual results, we will record adjustments that would affect product sales in
\nthe period of adjustment.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDiscountsAndRebatesExplanatory",
"language": "en",
"entity": "scheme:7245009C5FZE6G9ODQ71",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f20700": {
"value": "2.17.3
Grants, Research and Development Incentives,
\n
Payroll Tax Rebates and Changes in Fair Value on
\n
Non-Current Financial Assets
\n
Because it carries out extensive research and development activities, the Company
\n
benefits from various grants, research and development incentives and payroll tax
\n
rebates from certain governmental agencies. These grants, research and development
\n
incentives and payroll tax rebates generally aim to partly reimburse approved expendi-
\n
tures incurred in research and development efforts of the Company and are credited to
\n
the consolidated statements of profit or loss, under the line \u201cOther operating income\u201d,
\n
when the relevant expenditure has been incurred and there is reasonable assurance
\n
that the grants or research and development incentives are receivable. Fair value gains
\n
resulting from the change in the fair value of non-current financial assets are credited to
\nthe consolidated statements of profit or loss, under the line \u201cOther operating income\u201d.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfOtherAccountingPoliciesRelevantToUnderstandingOfFinancialStatements",
"language": "en",
"entity": "scheme:7245009C5FZE6G9ODQ71",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f20706": {
"value": "Because it carries out extensive research and development activities, the Company
benefits from various grants, research and development incentives and payroll tax
\n
rebates from certain governmental agencies. These grants, research and development
\n
incentives and payroll tax rebates generally aim to partly reimburse approved expendi-
\n
tures incurred in research and development efforts of the Company and are credited to
\n
the consolidated statements of profit or loss, under the line \u201cOther operating income\u201d,
\n
when the relevant expenditure has been incurred and there is reasonable assurance
\nthat the grants or research and development incentives are receivable.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants",
"language": "en",
"entity": "scheme:7245009C5FZE6G9ODQ71",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f20751": {
"value": "2.20
Segment Reporting
\n
Segment results include revenue and expenses directly attributable to a segment and
\n
the relevant portion of revenue and expenses that can be allocated on a reasonable
\n
basis to a segment. Segment assets and liabilities comprise those operating assets
\n
and liabilities that are directly attributable to the segment or can be allocated to the
\n
segment on a reasonable basis. Segment assets and liabilities do not include income
\n
tax items.
\n
The Company manages its activities and operates as one business unit which is reflected
\n
in its organizational structure and internal reporting. The Company does not distinguish
\n
in its internal reporting different segments, neither business nor geographical segments.
The chief operating decision maker is the Board of Directors.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory",
"language": "en",
"entity": "scheme:7245009C5FZE6G9ODQ71",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f20776": {
"value": "3
Critical Accounting Estimates
\n
and Judgments
\n
In the application of the Company\u2019s accounting policies, which are described above, the
\n
Company is required to make judgments, estimates and assumptions about the carrying
\n
amounts of assets and liabilities that are not readily apparent from other sources. The
\n
estimates and associated assumptions are based on historical experience and other fac-
\n
tors that are considered to be relevant. Actual results may differ from these estimates.
\n
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions
\n
to accounting estimates are recognized in the period in which the estimate is revised if
\n
the revision affects only that period or in the period of the revision and future periods if
\n
the revision affects both current and future periods.
\n
Critical Estimates in Applying Accounting Policies
\n
Gross to Net Adjustments
\n
Our product gross sales are subject to various deductions, which are primarily composed
\n
of rebates to government agencies, distributors, health insurance companies and
\n
managed healthcare organizations. These deductions represent estimates of the related
\n
obligations, requiring the use of judgment when estimating the effect of these sales de-
\n
ductions on product gross sales for a reporting period. These adjustments are deducted
\n
from product gross sales to arrive at product net sales. The significant components of
\n
variable consideration under revenue recognition policy summarizes the nature of these
\n
deductions and how the deduction is estimated. After recording these, product net sales
\nrepresent our best estimate of the cash that we expect to ultimately collect.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory",
"language": "en",
"entity": "scheme:7245009C5FZE6G9ODQ71",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f20813": {
"value": "4
Property, Plant and Equipment
\n
(in thousands of $)
\n
IT, office
\n
and lab
\n
equipment
\n
Right-of-
\n
use assets
\n
Buildings
\n
Right-of-
\n
use assets
\n
Vehicles
\n
Leasehold
\n
improve-
\n
ments
\n
Lease
\n
equipment
Total
\n
Cost
\n
On January 1, 2020
3,906
7,741
1,098
908
317
13,970
\n
Additions
733
3,335
1,074
432
\u2013
5,574
\n
Disposals
(110)
\u2013
\u2013
\u2013
\u2013
(110)
\n
Translation differences
360
645
101
84
29
1,219
\n
On December 31, 2020
4,889
11,721
2,273
1,424
346
20,653
\n
Additions
3,163
4,923
802
543
\u2013
9,430
\n
Disposals
(217)
\u2013
\u2013
\u2013
\u2013
(217)
\n
Currency translation adjustment
104
(182)
\u2013
14
\u2013
(64)
\n
On December 31, 2021
7,938
16,462
3,075
1,981
346
29,802
\n
Additions
962
3,353
905
\u2013
\u2013
5,219
\n
Disposals
(105)
\u2013
\u2013
\u2013
\u2013
(105)
\n
Currency translation adjustment
(635)
\u2013
\u2013
\u2013
\u2013
(635)
\n
On December 31, 2022
8,160
19,815
3,980
1,981
346
34,282
\n
Depreciation and impairment
\n
On January 1, 2020
(2,909)
(1,477)
(262)
(103)
(44)
(4,795)
\n
Depreciation
(535)
(2,262)
(441)
(401)
(32)
(3,671)
\n
Disposals
103
\u2013
\u2013
\u2013
\u2013
103
\n
Translation differences
(301)
(305)
(57)
(39)
(6)
(708)
\n
On December 31, 2020
(3,642)
(4,044)
(760)
(543)
(82)
(9,071)
\n
Depreciation
(1,118)
(2,714)
(651)
(539)
(34)
(5,055)
\n
Disposals
158
\u2013
\u2013
\u2013
\u2013
158
\n
Currency translation adjustment
37
(15)
\u2013
(11)
\u2013
10
(in thousands of $)
\n
IT, office
\n
and lab
\n
equipment
\n
Right-of-
\n
use assets
\n
Buildings
\n
Right-of-
\n
use assets
\n
Vehicles
\n
Leasehold
\n
improve-
\n
ments
\n
Lease
\n
equipment
Total
\n
On December 31, 2021
(4,565)
(6,774)
(1,411)
(1,093)
(116)
(13,958)
\n
Depreciation
(1,388)
(2,179)
(735)
(257)
(35)
(4,593)
\n
Disposals
90
\u2013
\u2013
\u2013
\u2013
90
\n
Currency translation adjustment
408
5
1
1
\u2013
414
\n
On December 31, 2022
(5,454)
(8,948)
(2,145)
(1,350)
(150)
(18,047)
\n
Carrying Amount
\n
On December 31, 2020
1,247
7,677
1,513
881
264
11,582
\n
On December 31, 2021
3,373
9,688
1,664
888
230
15,844
\n
On December 31, 2022
2,706
10,867
1,835
631
196
16,234
\n
As of December 31, 2022, there are no material commitments to acquire property, plant
\n
and equipment, except as set forth in
note 29
. Furthermore, no items of property, plant
\n
and equipment are pledged. See
note 22
for information for leases where the Company
\nis a lessee.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:7245009C5FZE6G9ODQ71",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f20814": {
"value": "4
Property, Plant and Equipment
\n
(in thousands of $)
\n
IT, office
\n
and lab
\n
equipment
\n
Right-of-
\n
use assets
\n
Buildings
\n
Right-of-
\n
use assets
\n
Vehicles
\n
Leasehold
\n
improve-
\n
ments
\n
Lease
\n
equipment
Total
\n
Cost
\n
On January 1, 2020
3,906
7,741
1,098
908
317
13,970
\n
Additions
733
3,335
1,074
432
\u2013
5,574
\n
Disposals
(110)
\u2013
\u2013
\u2013
\u2013
(110)
\n
Translation differences
360
645
101
84
29
1,219
\n
On December 31, 2020
4,889
11,721
2,273
1,424
346
20,653
\n
Additions
3,163
4,923
802
543
\u2013
9,430
\n
Disposals
(217)
\u2013
\u2013
\u2013
\u2013
(217)
\n
Currency translation adjustment
104
(182)
\u2013
14
\u2013
(64)
\n
On December 31, 2021
7,938
16,462
3,075
1,981
346
29,802
\n
Additions
962
3,353
905
\u2013
\u2013
5,219
\n
Disposals
(105)
\u2013
\u2013
\u2013
\u2013
(105)
\n
Currency translation adjustment
(635)
\u2013
\u2013
\u2013
\u2013
(635)
\n
On December 31, 2022
8,160
19,815
3,980
1,981
346
34,282
\n
Depreciation and impairment
\n
On January 1, 2020
(2,909)
(1,477)
(262)
(103)
(44)
(4,795)
\n
Depreciation
(535)
(2,262)
(441)
(401)
(32)
(3,671)
\n
Disposals
103
\u2013
\u2013
\u2013
\u2013
103
\n
Translation differences
(301)
(305)
(57)
(39)
(6)
(708)
\n
On December 31, 2020
(3,642)
(4,044)
(760)
(543)
(82)
(9,071)
\n
Depreciation
(1,118)
(2,714)
(651)
(539)
(34)
(5,055)
\n
Disposals
158
\u2013
\u2013
\u2013
\u2013
158
\n
Currency translation adjustment
37
(15)
\u2013
(11)
\u2013
10
(in thousands of $)
\n
IT, office
\n
and lab
\n
equipment
\n
Right-of-
\n
use assets
\n
Buildings
\n
Right-of-
\n
use assets
\n
Vehicles
\n
Leasehold
\n
improve-
\n
ments
\n
Lease
\n
equipment
Total
\n
On December 31, 2021
(4,565)
(6,774)
(1,411)
(1,093)
(116)
(13,958)
\n
Depreciation
(1,388)
(2,179)
(735)
(257)
(35)
(4,593)
\n
Disposals
90
\u2013
\u2013
\u2013
\u2013
90
\n
Currency translation adjustment
408
5
1
1
\u2013
414
\n
On December 31, 2022
(5,454)
(8,948)
(2,145)
(1,350)
(150)
(18,047)
\n
Carrying Amount
\n
On December 31, 2020
1,247
7,677
1,513
881
264
11,582
\n
On December 31, 2021
3,373
9,688
1,664
888
230
15,844
\n
On December 31, 2022
2,706
10,867
1,835
631
196
16,234
\n
As of December 31, 2022, there are no material commitments to acquire property, plant
\n
and equipment, except as set forth in
note 29
. Furthermore, no items of property, plant
\n
and equipment are pledged. See
note 22
for information for leases where the Company
\n
is a lessee.
5
Intangible Assets
\n
(in thousands of $)
\n
Acquired In-
\n
Process R&D
\n
Software &
\n
databases
\n
Other
\n
Intangibles
Total
\n
Cost
\n
On January 1, 2020
44,802
473
\u2013
45,275
\n
Additions
16,182
2,814
98,000
116,996
\n
Translation differences
4,196
256
1,058
5,510
\n
On December 31, 2020
65,180
3,543
99,058
167,781
\n
Additions
5,000
\u2013
\u2013
5,000
\n
Disposals
\u2013
(190)
\u2013
(190)
\n
On December 31, 2021
70,180
3,353
99,058
172,591
\n
Additions
992
\u2013
102,000
102,992
\n
Disposals
\u2013
(5)
\u2013
(5)
\n
Derecognition
\u2013
\u2013
(99,058)
(99,058)
\n
On December 31, 2022
71,171
3,348
102,000
176,519
\n
Amortization and impairment
\n
On January 1, 2020
\u2013
(158)
\u2013
(158)
\n
Amortization
\u2013
(246)
\u2013
(246)
\n
Translation differences
\u2013
(33)
\u2013
(33)
\n
On December 31, 2020
\u2013
(437)
\u2013
(437)
\n
Amortization
\u2013
(470)
\u2013
(470)
\n
On December 31, 2021
\u2013
(907)
\u2013
(907)
\n
Amortization
\u2013
(711)
(99,058)
(99,768)
\n
Derecognition
\u2013
\u2013
99,058
99,058
\n
On December 31, 2022
\u2013
(1,618)
\u2013
(1,618)
\n
Carrying Amount
\n
On December 31, 2020
65,180
3,106
99,058
167,344
\n
On December 31, 2021
70,180
2,446
99,058
171,684
\n
On December 31, 2022
71,171
1,730
102,000
174,901
\n
The Company performed an annual impairment review on the intangible assets not yet
\n
available for use. This review did not result in the recognition of an impairment charge.
\n
During the third quarter of 2022, the Company utilized the PRV submitted with the BLA
\n
filing for SC efgartigimod for the treatment of gMG, which resulted in amortization of
\n
$99.1 million of research and development expenses within the consolidated statements
of profit or loss and subsequent derecognition of $99.1 million of intangibles included in
\n
other intangibles on the consolidated statements of financial position.
\n
In December 2022, we acquired a PRV for $102 million.
\n
As of December 31, 2022, there are no material commitments to acquire additional
\n
intangible assets, except as set forth in
note 29
. No intangible assets are pledged as
\n
security for liabilities nor are there any intangible assets whose title is restricted.
19
Research and
\n
Development Expenses
\n
Year Ended December 31,
\n
(in thousands of $)
2022
2021
2020
\n
Personnel expenses
162,010
160,464
86,036
\n
External research and development expenses
366,955
382,902
259,943
\n
Materials and consumables
2,396
2,735
3,562
\n
Depreciation and amortization
102,132
3,742
2,835
\n
Other expenses
29,872
30,677
18,509
\n
Total research and development expenses
663,366
580,520
370,885
\n
20
Selling, General and
\n
Administrative Expenses
\n
Year Ended December 31,
\n
(in thousands of $)
2022
2021
2020
\n
Personnel expenses
234,740
164,646
108,507
\n
Professional and marketing fees
178,570
102,674
48,681
\n
Supervisory board
6,912
12,958
4,838
\n
Depreciation and amortization
2,211
2,126
1,092
\n
IT expenses
17,431
8,977
\u2013
\n
Other expenses
32,268
16,263
8,525
\n
Total Selling, general and administrative expenses
472,132
307,644
171,643
21
Personnel Expenses
\n
The personnel expenses mentioned in
note 19
and
20
above are as follows:
\n
Year Ended December 31,
\n
(in thousands of $)
2022
2021
2020
\n
Short term employee benefits \u2013 Salaries
216,847
135,676
75,437
\n
Short term employee benefits \u2013 Social Security
16,274
12,785
9,087
\n
Post-employment benefits
5,406
2,864
1,242
\n
Termination benefits
401
818
1,005
\n
Share based payment
151,912
167,965
92,558
\n
Employer social security contributions stock options
5,910
5,002
15,214
\n
Total personnel expenses
396,750
325,110
194,543
\n
The post employment benefits relate to the pension plans the Company has in place for
\n
its employees.
\n
The average number of full-time equivalents (FTE) employees by function is presented
\n
below:
\n
Year Ended December 31,
\n
(Average Number of FTE)
2022
2021
2020
\n
Research and development
474.8
349.7
213.0
\n
Selling, general and administrative
442.4
264.4
119.5
\n
917.2
614.1
332.5
23
Financial Result and Exchange
\n
Gains/(Losses)
\n
Year Ended December 31,
\n
(in thousands of $)
2022
2021
2020
\n
Interest income
24,741
3,489
5,119
\n
Net gain on cash equivalents & current financial
\n
assets held at fair value through profit or loss and
\n
cash equivalents
\n
2,924
144
1,340
\n
Financial income
27,665
3,633
6,459
\n
Net loss on cash equivalents & current financial
\n
assets held at fair value through profit or loss and
\n
cash equivalents
\n
(1,713)
(3,482)
(7,559)
\n
Other financial expense
(2,193)
(1,096)
(401)
\n
Financial expense
(3,906)
(4,578)
(7,960)
\n
Realized exchange gains/(losses)
(3,743)
15
(443)
\n
Unrealized exchange gains/(losses)
(28,989)
(50,068)
(125,791)
\n
Exchange gains/(losses)
(32,732)
(50,053)
(126,234)
\n
The exchange losses of $32.7 million for the year ended December 31, 2022 were pri-
\n
marily attributable to unrealized exchange rate losses on our cash and cash equivalents
\n
and current financial assets position in EUR due to the unfavorable fluctuation of the
\n
EUR/USD exchange rate over the period.
24
Income Tax Expense
\n
The income tax expense for the year can be reconciled to the accounting loss as follows:
\n
Year Ended December 31,
\n
(in thousands of $)
2022
2021
2020
\n
Loss before taxes
729,314
399,743
605,352
\n
Income tax (expense)/benefit calculated at 25.8% for
\n
2022 & 25% for 2021 & 2020
\n
188,163
99,936
151,338
\n
Effect of intercompany asset deal / transaction
(112,200)
\u2014
\u2014
\n
Effect of expenses not deductible in determining
\n
taxable results
\n
(1,570)
(4,441)
868
\n
Effect of share based payment expenses that are not
\n
deductible in determining taxable results
\n
(27,043)
(29,925)
(13,681)
\n
Effect of stock issue expenses that are not taxable in
\n
determining taxable results
\n
11,412
14,119
14,139
\n
Effect of concessions
18,264
13,413
7,900
\n
Effect of change of (de)recognition of deferred tax
\n
assets on tax losses
\n
(194)
(44,232)
(116,711)
\n
Effect of different tax rates in jurisdictions in which
\n
the company operates
\n
(5,566)
(2,084)
(195)
\n
Effect of change of (de)recognition of deferred tax
\n
assets
\n
(51,321)
(50,389)
(45,601)
\n
Withholding tax paid
\u2014
(5,076)
\u2014
\n
(Underprovided)/overprovided in prior years
(12)
398
1,014
\n
Other
(213)
(241)
(146)
\n
Income tax (expense)/benefit recognized in the
\n
consolidated statements of profit or loss
\n
19,720
(8,522)
(3,103)
\n
The tax rate used for the reconciliations above is the corporate income tax rate of
\n
25.8% payable by corporate entities in the Netherlands. The tax rate used for the 2021
\n
and 2020 reconciliations is the corporate income tax rate of 25% payable by corporate
\n
entities in the Netherlands.
\n
On December 27, 2022, argenx Benelux BV transferred certain pipeline activities to
\n
argenx BV through a transfer of assets, (hereafter referred to as \u201casset deal\u201d), for a
\n
total amount of $449.0 million. As a result of the asset deal, argenx Benelux BV realised
\n
a capital gain on this intellectual property. argenx BV has an unrecognized deferred
\n
tax asset amounting to $112.2 million on the future amortizations on IP assets, which
\n
results in the rate reconciling item categorized as \u201ceffect of intercompany asset deal /
\n
transaction\u201d.
Deferred tax have been measured using the substantively enacted or enacted tax rate
\n
as applicable in the respective jurisdictions.
\n
The unrecognized deferred tax asset on unused tax losses amounts to $189.3 million
\n
on December 31, 2022, compared to $203.8 million on December 31, 2021 and
\n
$174.2 million on December 31, 2020. The Company has unused tax losses carried
\n
forward for an amount of $756.1 million on December 31, 2022, compared to
\n
$815.3 million on December 31, 2021, and $696.7 million on December 31, 2020.
\n
The available tax losses carried forward in Belgium and the Netherlands do not have
\n
an expiration date based upon the applicable enacted tax legislation.
\n
As a company active in research and development in Belgium, we expect to benefit from
\n
the innovation income deduction, or IID, in Belgium. The innovation income deduction
\n
regime allows net profits attributable to revenue from among others patented products
\n
to be taxed at a lower effective tax rate than other revenues. At the end of 2022,
\n
2021 and 2020, we had $428.8 million, $213.6 million and $52.1 million of cumulative
\n
carry-forward IID in Belgium. The unrecognized deferred tax asset on IID amounts to
\n
$107.2 million on December 31, 2022, compared to $53.4 million on December 31,
\n
2021, and $13.0 million on December 31, 2020.
\n
Due to the uncertainty surrounding the Company\u2019s ability to realize taxable profits in the
\n
future, the Company did not recognize any deferred tax assets, with the exception of
\n
those further detailed in
note 6
.
\n
Income taxes recognized in the income statement can be detailed as follows:
\n
Year Ended December 31,
\n
(in thousands of $)
2022
2021
2020
\n
Current year
(27,162)
(15,224)
(7,847)
\n
Income tax prior years
(12)
398
(1,732)
\n
Current tax expense
(27,174)
(14,826)
(9,579)
\n
Originating and reversal of temporary differences
46,894
6,304
6,476
\n
Deferred tax expense/(benefit)
46,894
6,304
6,476
\n
Total tax expense/(benefit)
19,720
(8,522)
(3,103)
30
Audit Fees
\n
The following auditors\u2019 fees were expensed in the consolidated statements of profit or
\n
loss:
\n
Year Ended December 31,
\n
(in thousands of $)
2022
2021
2020
\n
Audit Fees
\n
1)
\n
1,394
1,183
923
\n
Audit-related Fees
280
267
188
\n
Tax Fees
\n
2)
\n
\u2013
79
\u2013
\n
Total
1,774
1,529
1,111
\n
1)
\n
Audit services performed by Deloitte Accountants B.V. as the external auditor referred to in Section 1 of
\n
the Dutch Accounting Firms Oversight Act (Wta) as well as by the Deloitte network.
\n
2)
\n
Tax services performed by the Deloitte network.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfExpensesExplanatory",
"language": "en",
"entity": "scheme:7245009C5FZE6G9ODQ71",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f21101": {
"value": "5
Intangible Assets
\n
(in thousands of $)
\n
Acquired In-
\n
Process R&D
\n
Software &
\n
databases
\n
Other
\n
Intangibles
Total
\n
Cost
\n
On January 1, 2020
44,802
473
\u2013
45,275
\n
Additions
16,182
2,814
98,000
116,996
\n
Translation differences
4,196
256
1,058
5,510
\n
On December 31, 2020
65,180
3,543
99,058
167,781
\n
Additions
5,000
\u2013
\u2013
5,000
\n
Disposals
\u2013
(190)
\u2013
(190)
\n
On December 31, 2021
70,180
3,353
99,058
172,591
\n
Additions
992
\u2013
102,000
102,992
\n
Disposals
\u2013
(5)
\u2013
(5)
\n
Derecognition
\u2013
\u2013
(99,058)
(99,058)
\n
On December 31, 2022
71,171
3,348
102,000
176,519
\n
Amortization and impairment
\n
On January 1, 2020
\u2013
(158)
\u2013
(158)
\n
Amortization
\u2013
(246)
\u2013
(246)
\n
Translation differences
\u2013
(33)
\u2013
(33)
\n
On December 31, 2020
\u2013
(437)
\u2013
(437)
\n
Amortization
\u2013
(470)
\u2013
(470)
\n
On December 31, 2021
\u2013
(907)
\u2013
(907)
\n
Amortization
\u2013
(711)
(99,058)
(99,768)
\n
Derecognition
\u2013
\u2013
99,058
99,058
\n
On December 31, 2022
\u2013
(1,618)
\u2013
(1,618)
\n
Carrying Amount
\n
On December 31, 2020
65,180
3,106
99,058
167,344
\n
On December 31, 2021
70,180
2,446
99,058
171,684
\n
On December 31, 2022
71,171
1,730
102,000
174,901
\n
The Company performed an annual impairment review on the intangible assets not yet
\n
available for use. This review did not result in the recognition of an impairment charge.
\n
During the third quarter of 2022, the Company utilized the PRV submitted with the BLA
\n
filing for SC efgartigimod for the treatment of gMG, which resulted in amortization of
\n
$99.1 million of research and development expenses within the consolidated statements
of profit or loss and subsequent derecognition of $99.1 million of intangibles included in
\n
other intangibles on the consolidated statements of financial position.
\n
In December 2022, we acquired a PRV for $102 million.
\n
As of December 31, 2022, there are no material commitments to acquire additional
\n
intangible assets, except as set forth in
note 29
. No intangible assets are pledged as
\nsecurity for liabilities nor are there any intangible assets whose title is restricted.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory",
"language": "en",
"entity": "scheme:7245009C5FZE6G9ODQ71",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f21233": {
"value": "The Company performed an annual impairment review on the intangible assets not yet available for use. This review did not result in the recognition of an impairment charge.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:7245009C5FZE6G9ODQ71",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f21269": {
"value": "6
Deferred Taxes
\n
The available deferred tax assets relates to argenx US, Inc. and argenx Japan KK which
\n
are profitable due to the global transfer pricing model of argenx, and the deferred tax
\n
liabilities are related to argenx BV. The amount of deferred tax assets and liability by
\n
type of temporary difference can be detailed as follow:
\n
At December 31, 2022
\n
(in thousands of $)
Assets
Liabilities
Net
\n
Deferred tax assets/(liabilities)
\n
Accruals and allowances
8,884
\u2013
8,884
\n
Income tax benefit from excess tax deductions related
\n
to share-based payments
\n
26,887
\u2013
26,887
\n
Profit in inventory
29,711
\u2013
29,711
\n
R&D capitalized expense
11,316
\u2013
\u2013
\n
Property, plant and equipment
2,569
(549)
2,020
\n
Intangible assets
\u2013
(3,430)
(3,430)
\n
Non-current fixed assets
\u2013
(4,975)
(4,975)
\n
Other
404
\u2013
404
\n
Netting by taxable entity
(549)
549
\u2013
\n
Net deferred tax assets/(liabilities)
79,222
(8,406)
70,817
At December 31, 2021
\n
(in thousands of $)
Assets
Liabilities
Net
\n
Deferred tax assets/(liabilities)
\n
Accruals and allowances
2,858
\u2013
2,858
\n
Income tax benefit from excess tax deductions related
\n
to share-based payments
\n
26,026
\u2013
26,026
\n
Profit in inventory
3,305
\u2013
3,305
\n
Property, plant and equipment
532
(740)
(208)
\n
Intangible assets
\u2013
(2,714)
(2,714)
\n
Non-current fixed assets
\u2013
(3,725)
(3,725)
\n
Other
210
\u2013
210
\n
Netting by taxable entity
(740)
740
\u2013
\n
Net deferred tax assets/(liabilities)
32,191
(6,438)
25,753
\n
At December 31, 2020
\n
(in thousands of $)
Assets
Liabilities
Net
\n
Deferred tax assets/(liabilities)
\n
Accruals and allowances
2,147
\u2013
2,147
\n
Income tax benefit from excess tax deductions related
\n
to share-based payments
\n
13,362
\u2013
13,362
\n
Property, plant and equipment
\u2013
(167)
(167)
\n
Intangible assets
\u2013
(1,792)
(1,792)
\n
Other
\u2013
\u2013
\u2013
\n
Netting by taxable entity
(471)
471
\u2013
\n
Net deferred tax assets/(liabilities)
15,038
(1,487)
13,551
\n
The change in net deferred taxes recorded in the consolidated statements of financial
\n
position can be detailed as follows:
\n
(in thousands of $)
\n
Deferred tax
\n
assets
\n
Deferred tax
\n
liabilities
\n
Balance at January 1, 2022
32,191
(6,438)
\n
Recognized in profit or loss
49,075
(2,180)
\n
Recognized in equity
(1,960)
\u2013
\n
Effects of change in foreign exchange rate
(84)
212
\n
Balance at December 31, 2022
79,222
(8,406)
(in thousands of $)
\n
Deferred tax
\n
assets
\n
Deferred tax
\n
liabilities
\n
Balance at January 1, 2021
15,038
(1,487)
\n
Recognized in profit or loss
11,385
(5,082)
\n
Recognized in equity
5,494
\u2013
\n
Effects of change in foreign exchange rate
274
131
\n
Balance at December 31, 2021
32,191
(6,438)
\n
(in thousands of $)
\n
Deferred tax
\n
assets
\n
Deferred tax
\n
liabilities
\n
Balance at January 1, 2020
\u2013
\u2013
\n
Recognized in profit or loss
8,351
(1,384)
\n
Recognized in equity
6,225
\u2013
\n
Effects of change in foreign exchange rate
462
(103)
\n
Balance at December 31, 2020
15,038
(1,487)",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
"language": "en",
"entity": "scheme:7245009C5FZE6G9ODQ71",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f21495": {
"value": "7
Other Non-Current Assets
\n
Other non-current assets consisted of non-current restricted cash and financial assets
\n
held at fair value through profit or loss or through OCI.
\n
Non-current restricted cash on December 31, 2022 was mainly composed of deposit
\n
guarantees paid under the lease agreements for the laboratory and offices of the
\n
Company.
\n
Non-current financial assets held at fair value through profit or loss is comprised of the
\n
profit share in AgomAb Therapeutics NV. In March 2019, the Company entered into a
\n
license agreement with AgomAb Therapeutics NV for the use of HGF-mimetic SIMPLE
\n
Antibodies\u2122, developed under the Company\u2019s Immunology Innovative Program. In
\n
exchange for granting this license, the Company received a profit share in AgomAb
\n
Therapeutics NV. Since AgomAb Therapeutics NV is a private company, the valuation of
\n
the profit share is based on level 3 assumptions.
\n
At December 31,
\n
(in thousands of $)
2022
2021
2020
\n
Non-current restricted cash
1,736
1,707
1,509
\n
Non-current financial assets held at fair value
\n
through profit or loss
\n
21,715
17,459
6,307
\n
Non-current financial assets held at fair value
\n
through OCI
\n
17,443
35,710
\u2013
\n
Total other non-current assets
40,894
54,876
7,816
In June 2022, AgomAb Therapeutics NV secured \u20ac38.4 million as a result of the exten-
\n
sion of Series B. The Company used the post-money valuation of this Series B financing
\n
round and the number of outstanding shares in determining the fair value of the profit-
\n
sharing instrument, which results in a change in fair value of non-current financial assets
\n
of $4.3 million recorded through profit or loss.
\n
Fair value changes on non-current financial assets with fair value through profit or loss
\n
are recognized in the consolidated statements of profit or loss in line \u201cOther operating
\n
income\u201d.
\n
As part of the license agreement for the development and commercialization for
\n
efgartigimod in Greater China, the Company obtained, amongst others, 568,182 newly
\n
issued Zai Lab shares calculated at a price of $132 per share. The fair value of the equity
\n
instrument at reporting date is determined by reference to the closing price of such se-
\n
curities at each reporting date (classified as level 1 in the fair value hierarchy), resulting
\n
in a change in fair value. The Company made the irrevocable election to recognize sub-
\n
sequent changes in fair value through OCI in line \u201cFair value gain/(loss) on investments
\n
in equity instruments designated as at FVTOCI\u201d.
\n
The table below illustrates these non-current financials assets at fair value through profit
\n
or loss or OCI as of December 31, 2022, 2021 and 2020.
\n
At December 31,
\n
(in thousands of $)
2022
2021
2020
\n
Cost at January 1
76,659
1,659
1,659
\n
Additions of the year
\u2013
75,000
\u2013
\n
Cost at December 31
76,659
76,659
1,659
\n
Fair value adjustments at January 1
(23,490)
4,648
1,257
\n
Fair value adjustment of the year through profit or loss
4,256
11,152
2,951
\n
Fair value adjustment of the year through OCI
(18,267)
(39,290)
\u2013
\n
Translation difference
\u2013
\u2013
440
\n
Fair value adjustment at December 31
(37,501)
(23,490)
4,648
\n
Net book value at December 31
39,158
53,169
6,307",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory",
"language": "en",
"entity": "scheme:7245009C5FZE6G9ODQ71",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f21505": {
"value": "Non-current financial assets held at fair value through profit or loss is comprised of the
profit share in AgomAb Therapeutics NV. In March 2019, the Company entered into a
\n
license agreement with AgomAb Therapeutics NV for the use of HGF-mimetic SIMPLE
\n
Antibodies\u2122, developed under the Company\u2019s Immunology Innovative Program. In
\n
exchange for granting this license, the Company received a profit share in AgomAb
\n
Therapeutics NV. Since AgomAb Therapeutics NV is a private company, the valuation of
\n
the profit share is based on level 3 assumptions.
\n
At December 31,
\n
(in thousands of $)
2022
2021
2020
\n
Non-current restricted cash
1,736
1,707
1,509
\n
Non-current financial assets held at fair value
\n
through profit or loss
\n
21,715
17,459
6,307
\n
Non-current financial assets held at fair value
\n
through OCI
\n
17,443
35,710
\u2013
\n
Total other non-current assets
40,894
54,876
7,816
In June 2022, AgomAb Therapeutics NV secured \u20ac38.4 million as a result of the exten-
\n
sion of Series B. The Company used the post-money valuation of this Series B financing
\n
round and the number of outstanding shares in determining the fair value of the profit-
\n
sharing instrument, which results in a change in fair value of non-current financial assets
\n
of $4.3 million recorded through profit or loss.
\n
Fair value changes on non-current financial assets with fair value through profit or loss
\n
are recognized in the consolidated statements of profit or loss in line \u201cOther operating
\nincome\u201d.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsDesignatedAtFairValueThroughProfitOrLossExplanatory",
"language": "en",
"entity": "scheme:7245009C5FZE6G9ODQ71",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f21513": {
"value": "
At December 31,
\n
(in thousands of $)
2022
2021
2020
\n
Non-current restricted cash
1,736
1,707
1,509
\n
Non-current financial assets held at fair value
\n
through profit or loss
\n
21,715
17,459
6,307
\n
Non-current financial assets held at fair value
\n
through OCI
\n
17,443
35,710
\u2013
\n
Total other non-current assets
40,894
54,876
7,816
Non-current restricted cash on December 31, 2022 was mainly composed of deposit
\n
guarantees paid under the lease agreements for the laboratory and offices of the
\n
Company.
11
Cash and Cash Equivalents
\n
Cash and cash equivalents may comprise of cash and bank balances, saving accounts,
\n
term accounts with an original maturity not exceeding 3 months and money market
\n
funds that are readily convertible to cash and are subject to an insignificant risk of
\n
changes in value.
\n
At December 31,
\n
(in thousands of $)
2022
2021
2020
\n
Money market funds
669,147
997,092
858,291
\n
Term accounts
54,116
95,090
61,356
\n
Cash and bank balances
77,477
242,494
297,156
\n
Total cash and cash equivalents
800,740
1,334,676
1,216,803
\n
Cash positions are invested with preferred financial partners, which are mostly
\n
considered to be high quality financial institutions with sound credit ratings to reduce
\n
credit risk.
\n
On December 31, 2022, the cash and cash equivalents included $237.1 million
\n
(\u20ac222.3 million) held in EUR, and $59.0 million (\u00a349.1 million) held in GBP which could
\n
generate a foreign currency exchange gain or loss in our financial results in accordance
\n
with the fluctuations of the USD/EUR and USD/GBP exchange rates as the Company\u2019s
\n
functional currency is USD.
\n
Please also refer to
note 26
for more information on the financial risk management.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRestrictedCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:7245009C5FZE6G9ODQ71",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f21514": {
"value": "
At December 31,
\n
(in thousands of $)
2022
2021
2020
\n
Non-current restricted cash
1,736
1,707
1,509
\n
Non-current financial assets held at fair value
\n
through profit or loss
\n
21,715
17,459
6,307
\n
Non-current financial assets held at fair value
\n
through OCI
\n
17,443
35,710
\u2013
\n
Total other non-current assets
40,894
54,876
7,816
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:7245009C5FZE6G9ODQ71",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f21580": {
"value": "At December 31,
(in thousands of $)
2022
2021
2020
\n
Cost at January 1
76,659
1,659
1,659
\n
Additions of the year
\u2013
75,000
\u2013
\n
Cost at December 31
76,659
76,659
1,659
\n
Fair value adjustments at January 1
(23,490)
4,648
1,257
\n
Fair value adjustment of the year through profit or loss
4,256
11,152
2,951
\n
Fair value adjustment of the year through OCI
(18,267)
(39,290)
\u2013
\n
Translation difference
\u2013
\u2013
440
\n
Fair value adjustment at December 31
(37,501)
(23,490)
4,648
\n
Net book value at December 31
39,158
53,169
6,307",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:7245009C5FZE6G9ODQ71",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f21581": {
"value": "At December 31,
(in thousands of $)
2022
2021
2020
\n
Cost at January 1
76,659
1,659
1,659
\n
Additions of the year
\u2013
75,000
\u2013
\n
Cost at December 31
76,659
76,659
1,659
\n
Fair value adjustments at January 1
(23,490)
4,648
1,257
\n
Fair value adjustment of the year through profit or loss
4,256
11,152
2,951
\n
Fair value adjustment of the year through OCI
(18,267)
(39,290)
\u2013
\n
Translation difference
\u2013
\u2013
440
\n
Fair value adjustment at December 31
(37,501)
(23,490)
4,648
\n
Net book value at December 31
39,158
53,169
6,307",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory",
"language": "en",
"entity": "scheme:7245009C5FZE6G9ODQ71",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f21639": {
"value": "8
Inventories
\n
At December 31,
\n
(in thousands of $)
2022
2021
2020
\n
Raw materials and consumables
126,046
70,134
18,608
\n
Inventories in process
65,016
37,705
6,587
\n
Finished goods
37,291
1,237
\u2013
\n
Total inventories
228,353
109,076
25,195
\n
The cost of inventories, which is recognized as an expense and included in the \u201ccost of
\n
sales\u201d on the consolidated statements of profit or loss, amounted to $29.4 million for
\n
the year ended December 31, 2022.
\n
On December 31, 2022, inventories amounted to $99.3 million was related to pre-launch
\n
SC efgartigimod inventory. Of the total inventory, $76.5 million relates to inventory
\n
which is currently awaiting facility approval. As of December 31, 2022, no inventory
\n
write-downs were recorded.
\n
Included in inventory are products which could, besides commercial activities, be used
\n
for in-house preclinical and clinical programs, non-reimbursed pre-approval programs
\nand clinical programs carried out by Zai Lab.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInventoriesExplanatory",
"language": "en",
"entity": "scheme:7245009C5FZE6G9ODQ71",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f21675": {
"value": "9
9 Trade and Other Receivables
\n
The trade and other receivables are composed of receivables which are detailed below:
\n
At December 31,
\n
(in thousands of $)
2022
2021
2020
\n
Trade receivable
241,228
28,058
287
\n
Interest receivable
12,918
1,325
993
\n
Other receivable
21,551
8,838
5,698
\n
Total trade and other receivables
275,697
38,221
6,978
\n
The carrying amounts of trade and other receivables approximate their respective fair
\n
values. On December 31, 2022, we did not have any provision for expected credit losses.
\n
Please also refer to
note 26
for more information on the financial risk management.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:7245009C5FZE6G9ODQ71",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f21702": {
"value": "On December 31, 2022, we did not have any provision for expected credit losses.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory",
"language": "en",
"entity": "scheme:7245009C5FZE6G9ODQ71",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f21726": {
"value": "10
Financial Assets \u2013 Current
\n
These current financial assets relate to term accounts with an initial maturity longer
\n
than 3 months but less than 12 months and money market funds that do not qualify
\n
as cash equivalents.
\n
At December 31,
\n
(in thousands of $)
2022
2021
2020
\n
Money market funds
46,162
73,052
130,290
\n
Term accounts
1,345,646
929,000
649,359
\n
Total current financial assets
1,391,808
1,002,052
779,649
\n
On December 31, 2022, the current financial assets included $376.8 million
\n
(\u20ac353.3 million) held in EUR, which could generate a foreign currency exchange gain or
\n
loss in our financial results in accordance with the fluctuations of the USD/EUR exchange
\n
rate as the Company\u2019s functional currency is USD.
\n
Please also refer to
note 26
for more information on the financial risk management.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:7245009C5FZE6G9ODQ71",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f21759": {
"value": "11
Cash and Cash Equivalents
\n
Cash and cash equivalents may comprise of cash and bank balances, saving accounts,
\n
term accounts with an original maturity not exceeding 3 months and money market
\n
funds that are readily convertible to cash and are subject to an insignificant risk of
\n
changes in value.
\n
At December 31,
\n
(in thousands of $)
2022
2021
2020
\n
Money market funds
669,147
997,092
858,291
\n
Term accounts
54,116
95,090
61,356
\n
Cash and bank balances
77,477
242,494
297,156
\n
Total cash and cash equivalents
800,740
1,334,676
1,216,803
\n
Cash positions are invested with preferred financial partners, which are mostly
\n
considered to be high quality financial institutions with sound credit ratings to reduce
\n
credit risk.
\n
On December 31, 2022, the cash and cash equivalents included $237.1 million
\n
(\u20ac222.3 million) held in EUR, and $59.0 million (\u00a349.1 million) held in GBP which could
\n
generate a foreign currency exchange gain or loss in our financial results in accordance
\n
with the fluctuations of the USD/EUR and USD/GBP exchange rates as the Company\u2019s
\n
functional currency is USD.
\n
Please also refer to
note 26
for more information on the financial risk management.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:7245009C5FZE6G9ODQ71",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f21820": {
"value": "12
Share Capital and Share Premium
\n
On December 31, 2022, the Company\u2019s share capital was represented by 55,395,856
\n
shares. All shares were issued, fully paid up and of the same class. The table below
\n
summarizes our share issuances as a result of offerings, exercise of stock options and
\n
the vesting of restricted stock units under the Company\u2019s Employee Stock Option Plan.
\n
Roll forward of number of shares outstanding:
\n
Number of shares outstanding on January 1, 2020
42,761,528
\n
Exercise of stock options
602,463
\n
Global public offering in Euronext and Nasdaq on May 28, 2020
3,658,515
\n
Over-allotment option exercised by underwriters on May 29, 2020
548,777
\n
Number of shares outstanding on December 31, 2020
47,571,283
\n
Exercise of stock options
503,282
\n
Global public offering in Euronext and Nasdaq on February 2, 2021
3,125,000
\n
Over-allotment option exercised by underwriters on February 4, 2021
468,750
\n
Number of shares outstanding on December 31, 2021
51,668,315
\n
Exercise of stock options
1,024,626
\n
Vesting of RSUs
19,581
\n
Global public offering in Euronext and Nasdaq on March 23, 2022
2,333,334
\n
Over-allotment option exercised by underwriters on March 29, 2022
350,000
\n
Number of shares outstanding on December 31, 2022
55,395,856
\n
Issuance of shares in January 2023 relating to exercise of stock options and
\n
vesting of RSU in December 2022
\n
15,076
\n
On March 23, 2022, argenx SE offered 2,333,334 of its ordinary shares through a
\n
global offering which consisted of 1,433,701 ADSs in the U.S. at a price of $300.0 per
\n
ADS, before underwriting discounts and commissions and offering expenses; and
\n
899,633 ordinary shares in the European Economic Area at a price of \u20ac273.10 per share,
\n
before underwriting discounts and commissions and offering expenses. On March 29,
\n
2022, the underwriters of the offering exercised their overallotment option to purchase
\n
350,000 additional ADSs in full. As a result, argenx SE received $804.1 million in gross
\n
proceeds from this offering, decreased by $44.2 million of underwriter discounts and
\n
commissions, and offering expenses, of which $44.0 million has been deducted from
\n
equity. The total net cash proceeds from the offering amounted to $761 million.
\n
On May 10, 2022, at the annual general meeting, the shareholders of the Company
\n
approved the authorization to the Board to issue up to a maximum of 10% of the
\n
then-outstanding share capital, for a period of 18 months.
\n
On December 31, 2022, an amount of \u20ac428,954.5, represented by 4,289,545 shares,
\n
still remained available under the authorization to issue shares as granted to the Board
\nby the shareholders of the Company.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:7245009C5FZE6G9ODQ71",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f21821": {
"value": "12
Share Capital and Share Premium
\n
On December 31, 2022, the Company\u2019s share capital was represented by 55,395,856
\n
shares. All shares were issued, fully paid up and of the same class. The table below
\n
summarizes our share issuances as a result of offerings, exercise of stock options and
\n
the vesting of restricted stock units under the Company\u2019s Employee Stock Option Plan.
\n
Roll forward of number of shares outstanding:
\n
Number of shares outstanding on January 1, 2020
42,761,528
\n
Exercise of stock options
602,463
\n
Global public offering in Euronext and Nasdaq on May 28, 2020
3,658,515
\n
Over-allotment option exercised by underwriters on May 29, 2020
548,777
\n
Number of shares outstanding on December 31, 2020
47,571,283
\n
Exercise of stock options
503,282
\n
Global public offering in Euronext and Nasdaq on February 2, 2021
3,125,000
\n
Over-allotment option exercised by underwriters on February 4, 2021
468,750
\n
Number of shares outstanding on December 31, 2021
51,668,315
\n
Exercise of stock options
1,024,626
\n
Vesting of RSUs
19,581
\n
Global public offering in Euronext and Nasdaq on March 23, 2022
2,333,334
\n
Over-allotment option exercised by underwriters on March 29, 2022
350,000
\n
Number of shares outstanding on December 31, 2022
55,395,856
\n
Issuance of shares in January 2023 relating to exercise of stock options and
\n
vesting of RSU in December 2022
\n
15,076
\n
On March 23, 2022, argenx SE offered 2,333,334 of its ordinary shares through a
\n
global offering which consisted of 1,433,701 ADSs in the U.S. at a price of $300.0 per
\n
ADS, before underwriting discounts and commissions and offering expenses; and
\n
899,633 ordinary shares in the European Economic Area at a price of \u20ac273.10 per share,
\n
before underwriting discounts and commissions and offering expenses. On March 29,
\n
2022, the underwriters of the offering exercised their overallotment option to purchase
\n
350,000 additional ADSs in full. As a result, argenx SE received $804.1 million in gross
\n
proceeds from this offering, decreased by $44.2 million of underwriter discounts and
\n
commissions, and offering expenses, of which $44.0 million has been deducted from
\n
equity. The total net cash proceeds from the offering amounted to $761 million.
\n
On May 10, 2022, at the annual general meeting, the shareholders of the Company
\n
approved the authorization to the Board to issue up to a maximum of 10% of the
\n
then-outstanding share capital, for a period of 18 months.
\n
On December 31, 2022, an amount of \u20ac428,954.5, represented by 4,289,545 shares,
\n
still remained available under the authorization to issue shares as granted to the Board
\nby the shareholders of the Company.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:7245009C5FZE6G9ODQ71",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f21900": {
"value": "13
Share-Based Payments
\n
The Company has an equity incentive plan for the employees, key consultants, board
\n
members, senior managers and key outside advisors (\u201ckey persons\u201d) of the Company
\n
and its subsidiaries. In accordance with the terms of the plan, as approved by share-
\n
holders, employees may be granted stock options and/or restricted stock units.
\n
13.1
Stock Option
\n
The stock options are granted to key persons of the Company and its subsidiaries. The
\n
stock options may be granted to purchase ordinary shares at an exercise price. The stock
\n
options have been granted free of charge. Each employee\u2019s stock option converts into
\n
one ordinary share of the Company upon exercise. The stock options carry neither rights
\n
to dividends nor voting rights. Stock options may be exercised at any time from the date
\n
of vesting to the date of their expiry. As of January 1, 2021, the Company decided to
\n
change the vesting period of its sign-on stock options from 4 years to 3 years to make
\n
the vesting consistent for all the options granted.
\n
The stock options granted (regular and sign-on) vest, in principle, as follows:
\n
\u2022
1/3
\n
rd
\n
of the total stock options granted will vest on the first anniversary of the
\n
granting of the stock options, and
\n
\u2022
1/36
\n
th
\n
of the total grant on the first day of each month following the first anniversary
\n
of the date of grant of the stock options.
\n
Upon leave of the employee, consultant or director, stock options must be exercised
\n
before the later of (i) 90 days after the last working day at argenx, or (ii) March 31 of the
\n
4
\n
th
\n
year following the date of grant of those stock options, and in any case no later than
\n
the expiration date of the option.
\n
In order to prefinance the taxes that are paid upon the grant of stock options, Belgian
\n
employees have the ability, in exchange for the taxes due upon the grant of the stock
\n
options, to transfer the economic benefits related to part of those stock options to a
\n
third party. As of December 31, 2022, the economic benefits of 242,729 stock options,
\n
for which accelerated vesting applies, were transferred to a third party.
\n
No other conditions are attached to the stock options.
The following stock option arrangements were in existence during the current and prior
\n
years and which are exercisable at the end of each period presented:
\n
Outstanding stock options on December 31,
\n
Expiry date
\n
Exercise price per
\n
stock options
(in $)
\n
1)
\n
2022
2021
2020
\n
2022
2.60
\u2013
125,339
\u2013
\n
2023
2.60
\u2013
\u2013
165,693
\n
2024
2.60
19,743
94,088
100,086
\n
2024
4.21
5,127
6,113
6,238
\n
2024
7.65
214,800
276,500
294,167
\n
2025
12.20
2,000
4,500
21,500
\n
2025
11.02
\u2013
\u2013
950
\n
2025
10.10
101,861
105,857
114,232
\n
2026
12.13
30,000
41,000
45,000
\n
2026
12.23
99,772
102,840
127,252
\n
2026
15.08
115,211
117,581
176,426
\n
2027
19.64
42,509
53,143
102,479
\n
2027
22.58
303,867
361,350
460,701
\n
2023
86.20
12,111
85,080
85,077
\n
2028
86.20
19,490
39,515
49,532
\n
2023
92.07
124,338
321,473
325,661
\n
2028
92.07
264,392
350,631
381,317
\n
2024
121.04
110,774
111,174
111,174
\n
2029
121.04
110,756
146,765
163,410
\n
2024
144.79
202,852
203,658
195,452
\n
2029
144.79
537,110
611,122
692,914
\n
2025
127.49
16,712
16,712
19,000
\n
2030
127.49
71,486
102,558
123,700
\n
2025
209.21
127,731
129,711
131,770
\n
2030
209.21
223,812
282,475
325,150
\n
2025
213.55
32,100
32,100
32,100
\n
2030
213.55
117,790
136,601
175,200
\n
2030
264.09
620,014
692,214
728,517
\n
2025
264.09
202,475
203,214
211,045
\n
2026
250.01
23,491
24,366
\u2013
\n
2026
272.09
60,890
61,505
\u2013
\n
2026
276.78
45,862
48,138
\u2013
\n
2031
250.01
35,214
42,282
\u2013
\n
2031
272.09
167,406
207,464
\u2013
\n
2031
276.78
81,311
92,456
\u2013
Outstanding stock options on December 31,
\n
Expiry date
\n
Exercise price per
\n
stock options
(in $)
\n
1)
\n
2022
2021
2020
\n
2026
329.79
80,833
82,430
\u2013
\n
2031
329.79
286,353
307,158
\u2013
\n
2027
301.31
14,976
\u2013
\u2013
\n
2032
301.31
79,155
\u2013
\u2013
\n
2027
381.31
61,816
\u2013
\u2013
\n
2032
381.31
238,532
\u2013
\u2013
\n
2027
393.04
13,764
\u2013
\u2013
\n
2032
393.04
85,199
\u2013
\u2013
\n
2027/2032
\n
2)
\n
383.55
508,132
\u2013
\u2013
\n
5,511,767
5,619,113
5,365,743
\n
1)
\n
Amounts have been converted to USD at the closing rate as of December 31, 2022.
\n
2)
\n
As of December 2022, the Company granted options for which the beneficiaries had a 60-day period to
\n
choose between a contractual term of five or ten years.
\n
2022
2021
2020
\n
Number
\n
of stock
\n
options
\n
Weighted
\n
average
\n
exercise
\n
price
\n
1)
\n
(in $)
\n
Number
\n
of stock
\n
options
\n
Weighted
\n
average
\n
exercise
\n
price
\n
1)
\n
(in $)
\n
Number
\n
of stock
\n
options
\n
Weighted
\n
average
\n
exercise
\n
price
\n
1)
\n
(in $)
\n
Outstanding at January 1
5,619,113
164.33
5,365,743
142.87
4,358,069
78.23
\n
Granted
1,021,642
375.58
882,584
314.99
1,797,652
266.71
\n
Exercised
(1,025,780)
92.62
(503,282)
64.72
(602,463)
38.86
\n
Forfeited
(103,208)
273.93
(125,932)
234.98
(187,515)
170.98
\n
Outstanding at December 31
5,511,767
205.02
5,619,113
164.33
5,365,743
142.87
\n
Exercisable at December 31
3,983,960
148.11
3,613,371
106.53
2,833,680
65.24
\n
1)
\n
Amounts have been converted to USD at the closing rate of the respective period.
The weighted average share price at the date of exercise of options exercised during
\n
the year ended December 31, 2022 was $336.5, compared to $305.9 during the year
\n
ended December 31, 2021 and $254.54 during the year ended December 31, 2020. The
\n
weighted average remaining contractual life of the stock options outstanding amounted
\n
to 6.2 years on December 31, 2022 compared to 6.3 years on December 31, 2021 and
\n
7.08 years on December 31, 2020. The table below shows the weighted average remai-
\n
ning contractual life for each range of exercise price:
\n
Exercise price
(in $)
\n
Outstanding on
\n
December 31, 2022
\n
Weighted average
\n
remaining contrac-
\n
tual life
(in years)
\n
2.6 \u2013 4.21
24,870
1.75
\n
7.65 \u2013 10.1
316,661
2.29
\n
11.03 \u2013 15.07
246,983
3.66
\n
19.64 \u2013 22.58
346,376
4.90
\n
86.2 \u2013 92.07
420,331
4.32
\n
121.05 \u2013 144.79
1,049,690
5.32
\n
209.21 \u2013 264.09
1,382,627
6.43
\n
272.09 \u2013 329.79
816,786
7.60
\n
381.31 \u2013 393.04
907,443
9.38
\n
The fair market value of the stock options has been determined based on the Black and
\n
Scholes model using the following unobservable assumptions:
\n
\u2022
The expected volatility, determined on the basis of the implied volatility of the share
\n
price over the expected life of the option.
\n
\u2022
The expected option life, calculated as the estimated duration until exercise, taking
\n
into account the specific features of the plans.
\n
Below is an overview of the parameters used in relation to the determination of the fair
\n
value of the grants during 2022:
\n
Stock options granted in
April 2022
July 2022
Oct 2022
Dec 2022
\n
1)
\n
Number of options granted
102,081
311,311
100,118
508,132
\n
Average Fair value of options (in $)
\n
2)
\n
111.27 \u2013 140.23
153.45 \u2013 190.53
136.66 \u2013 169.96
163.94 \u2013 168.34
\n
Share price (in $)
\n
2)
\n
320.84 \u2013 321.06
378.11 \u2013 397.92
352.97 \u2013 376.01
377.61
\n
Exercise price (in $)
\n
2)
\n
312.22
372.69
359.80
381.97
\n
Expected volatility (in %)
39.18 \u2013 40.87
41.30 \u2013 43.10
39.64 \u2013 45.97
39.70 \u2013 39.74
\n
Average Expected option life (in years)
4 \u2013 6.50
4 \u2013 6.50
4 \u2013 6.50
6.15 \u2013 6.50
\n
Risk free interest rate (in %)
1.05 \u2013 1.62
1.77 \u2013 2.28
2.57 \u2013 2.80
3.09 \u2013 3.10
\n
Expected dividends (in %)
\u2013
\u2013
\u2013
\u2013
\n
1)
\n
In December 2022, the Company granted a total of 508,132 stock options. The beneficiary can choose between a contractual
\n
term of five or ten years. The expected option life ranges between 6.15 and 6.50 years. This estimate will be reassessed once
\n
the acceptance period of 60 days has passed and the beneficiaries will have made a choice between a contractual term of five
\n
or ten years. The total fair value of the grant would range from $77.4 million (100% of the stock options with a contractual term
\n
of five years) to $84.1 million (100% of the stock options with a contractual term of ten years ).
\n
2)
\n
Amounts have been converted to USD at the applicable rate prevailing at the grant date.
Below is an overview of the parameters used in relation to the determination of the fair
\n
value of grants during 2021:
\n
Stock options granted in
April 2021
July 2021
Oct 2021
Dec 2021
\n
Number of options granted
67,833
280,339
144,824
389,588
\n
Average Fair value of options (in $)
\n
1)
\n
98.96 \u2013 154.88
131.65 \u2013 159.13
101.53 \u2013 131.80
75.03 \u2013 145.34
\n
Share price (in $)
\n
1)
\n
248.9 \u2013 283.67
300.78 \u2013 340.95
286.52 \u2013 304.5
277.72 \u2013 351.73
\n
Exercise price (in $)
\n
1)
\n
275.33
303.16
301.02
349.92
\n
Expected volatility (in %)
54.24 \u2013 60.08
45.58 \u2013 47.96
46.01 \u2013 48.46
43.24 \u2013 43.64
\n
Average Expected option life (in years)
4 \u2013 6.50
4 \u2013 6.50
4 \u2013 6.50
4 \u2013 6.50
\n
Risk free interest rate (in %)
(0.41) \u2013 (0.08)
(0.41) \u2013 (0.17)
(0.18) \u2013 (0.05)
0.03 \u2013 0.67
\n
Expected dividends (in %)
\u2013
\u2013
\u2013
\u2013
\n
1)
\n
Amounts have been converted to USD at the applicable rate prevailing at the grant date.
\n
Below is an overview of the parameter used in relation to the determination of the fair
\n
value of grants during 2020:
\n
Stock options granted in
April 2020
June 2020
Oct 2020
Dec 2020
\n
Number of options granted
142,700
550,090
196,500
908,362
\n
Average Fair value of options (in $)
\n
1)
\n
76.46 \u2013 148.03
83.46 \u2013 129.64
91.10 \u2013 156.68
101.23 \u2013 229.20
\n
Share price (in $)
\n
1)
\n
155.23 \u2013 252.29
224.80 \u2013 281.25
256.46 \u2013 293.52
273.15 \u2013 383.10
\n
Exercise price (in $)
\n
1)
\n
146.68
240.70
245.69
303.83
\n
Expected volatility (in %)
44.44 \u2013 64.77
43.46 \u2013 52.19
44.17 \u2013 52.71
46.80 \u2013 59.94
\n
Average Expected option life (in years)
4 \u2013 6.68
4 \u2013 6.68
4 \u2013 6.68
4 \u2013 6.68
\n
Risk free interest rate (in %)
(0.32) \u2013 (0.18)
(0.43) \u2013 (0.28)
(0.51) \u2013 (0.34)
(0.51) \u2013 (0.28)
\n
Expected dividends (in %)
\u2013
\u2013
\u2013
\u2013
\n
1)
\n
Amounts have been converted to USD at the closing rate of the respective period.
\n
The total share-based payment expense related to stock options recognized in the
\n
consolidated statements of profit or loss totaled $120.2 million for the year ended
\n
December 31, 2022, compared to $171.2 million for the year ended December 31, 2021
\n
and $96.9 million for the year ended December 31, 2020.
\n
13.2
Restricted Stock Units (RSUs)
\n
The RSUs are granted to key persons of the Company and its subsidiaries. The RSUs have
\n
been granted free of charge. Each employee\u2019s RSUs converts into one ordinary share of
\n
the Company upon vesting. The RSUs carry neither rights to dividends nor voting rights.
\n
RSUs once converted into ordinary shares, may be sold at any time from the date of
\n
vesting, have no expiry date and may be held by the participant without limitation.
\n
The fair value of RSUs is based on the closing sale price of our common stock on the
\n
day prior to the date of issuance. RSUs vest over a period of 4 years with 1/4
\n
th
\n
of the
\n
total grant vesting at each anniversary of the date of grant.
The following restricted stock units arrangements were in existence during the current
\n
and prior years:
\n
2022
2021
\n
Number
\n
of RSUs
\n
Weighted
\n
average Grant
\n
Date Fair Value
\n
(in$)
\n
Number
\n
of RSUs
\n
Weighted
\n
average Grant
\n
Date Fair Value
\n
(in$)
\n
Non-vested units \u2013 at January 1
213,038
314.25
\u2013
\u2013
\n
Granted
243,010
375.81
216,522
313.84
\n
Vested
(53,872)
\u2013
\u2013
\u2013
\n
Forfeited
(16,896)
307.11
(3,484)
288.92
\n
Non-vested units \u2013 at December 31
385,280
387.20
213,038
314.25
\n
The total share-based payment expense related to RSUs recognized in the consolidated
\n
statements of profit or loss totaled $36.9 million for the year ended December 31, 2022
\n
compared to $8.1 million for the year ended December 31, 2021. There was no RSUs
\n
related expense during the year ended December 31, 2020 as the Company only started
\ngranting the RSUs in 2021.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory",
"language": "en",
"entity": "scheme:7245009C5FZE6G9ODQ71",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f22613": {
"value": "14
Trade and Other Payables
\n
At December 31,
\n
(in thousands of $)
2022
2021
2020
\n
Trade payables
188,721
208,850
206,325
\n
Short term employee benefits
84,337
83,737
68,867
\n
Gross-to-net-accruals
19,478
\u2013
\u2013
\n
Other
3,142
828
\u2013
\n
Total trade and other payables
295,679
293,415
275,192
\n
The carrying amounts of trade and other payables approximate their respective fair
\n
values.
\n
Trade payables correspond primarily to clinical and manufacturing activities and include
\n
accrued expenses related to these activities.
\n
Short-term employee benefits include payables and accruals for salaries and bonuses to
\n
be paid to the employees of the Company.
As of December 31, 2022, the movement in the gross-to-net-accruals was as follows:
\n
(in thousands of $)
\n
Rebates and
\n
chargebacks
\n
Distribution fees,
\n
product returns
\n
and other
Total
\n
Balance at January 01, 2022
\u2013
\u2013
\u2013
\n
Current estimate related to the
\n
sales made in the current year
\n
35,426
10,740
46,166
\n
(Credits or payments related to
\n
sales made during the year)
\n
(20,028)
(6,661)
(26,689)
\n
Balance at December 31, 2022
15,399
4,079
19,478",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:7245009C5FZE6G9ODQ71",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f22614": {
"value": "14
Trade and Other Payables
\n
At December 31,
\n
(in thousands of $)
2022
2021
2020
\n
Trade payables
188,721
208,850
206,325
\n
Short term employee benefits
84,337
83,737
68,867
\n
Gross-to-net-accruals
19,478
\u2013
\u2013
\n
Other
3,142
828
\u2013
\n
Total trade and other payables
295,679
293,415
275,192
\n
The carrying amounts of trade and other payables approximate their respective fair
\n
values.
\n
Trade payables correspond primarily to clinical and manufacturing activities and include
\n
accrued expenses related to these activities.
\n
Short-term employee benefits include payables and accruals for salaries and bonuses to
\n
be paid to the employees of the Company.
As of December 31, 2022, the movement in the gross-to-net-accruals was as follows:
\n
(in thousands of $)
\n
Rebates and
\n
chargebacks
\n
Distribution fees,
\n
product returns
\n
and other
Total
\n
Balance at January 01, 2022
\u2013
\u2013
\u2013
\n
Current estimate related to the
\n
sales made in the current year
\n
35,426
10,740
46,166
\n
(Credits or payments related to
\n
sales made during the year)
\n
(20,028)
(6,661)
(26,689)
\n
Balance at December 31, 2022
15,399
4,079
19,478",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:7245009C5FZE6G9ODQ71",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f22698": {
"value": "15
Product Net Sales
\n
For the twelve months ended December 31, 2022, the product net sales was related
\n
to sales of VYVGART in the US following the approval of VYVGART by U.S. Food and
\n
Drug Administration (FDA) on December 17, 2021, in Japan following the approval of
\n
VYVGART by Pharmaceuticals and Medical Devices Agency (
PMDA
) on January 20, 2022
\n
and Europe following the approval of VYVGART by European Commission on August
\n
11, 2022. No product net sales were recognized during the comparable prior periods.
\n
Product gross sales for twelve months ended December 31, 2022 was $446.9 million
\n
and the gross to net adjustment for twelve months ended December 31, 2022 was
\n
$46.2 million, resulting in $400.7 million of product net sales for twelve months ended
\n
December 31, 2022. Refer to
note 18
for the breakdown of Product net sales by country
\n
of sale for twelve month ended December 31, 2022.
16
Collaboration Revenue
\n
The following table summarizes details of collaboration revenues for the year ended
\n
December 31, 2022, 2021 and 2020 by collaboration agreement and by category of
\n
revenue: upfront payments, milestone payments, research and development service
\n
fees and other revenue.
\n
Year Ended December 31,
\n
(in thousands of $)
2022
2021
2020
\n
Zai Lab
\u2013
151,903
\u2013
\n
Janssen
\u2013
292,279
33,759
\n
AbbVie
\u2013
121
565
\n
Other
\u2013
\u2013
38
\n
Upfront payments
\u2013
444,303
34,362
\n
Zai Lab
\u2013
25,634
\u2013
\n
Janssen
\u2013
22,865
2,641
\n
AbbVie
\u2013
102
762
\n
Other
5,365
1,214
19
\n
Milestone payments
5,365
49,815
3,422
\n
Janssen
\u2013
2,028
3,175
\n
Other
424
298
284
\n
Research and development service fees
424
2,326
3,459
\n
Zai Lab
4,238
833
\u2013
\n
Other revenues
4,238
833
\u2013
\n
Total revenue
10,026
497,277
41,243
\n
For the years ended December 31, 2022, 2021 and 2020, the collaboration revenue was
\n
generated under the agreements with Zai Lab, Janssen and AbbVie, each as described
\n
below.
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
The table below summarizes the change in deferred revenue \u2013 current and non-current
\n
for the year ended December 31, 2022, 2021 and 2020.
\n
(in thousands of $)
Janssen
AbbVie
Other
Total
\n
On January 1, 2020
324,629
1,517
56
326,202
\n
Received
\n
Milestone
\u2013
\u2013
\u2013
\u2013
\n
Revenue recognition
\n
Upfront
(33,759)
(565)
(38)
(34,362)
\n
Milestone
(2,641)
(762)
(19)
(3,422)
\n
Translation difference
26,915
33
1
26,949
\n
On December 31, 2020
315,144
223
\u2013
315,367
\n
Received
\n
Upfront
\u2013
\u2013
\u2013
\u2013
\n
Milestone
\u2013
\u2013
\u2013
\u2013
\n
Revenue recognition
\n
Upfront
(292,279)
(121)
\u2013
(292,400)
\n
Milestone
(22,865)
(102)
\u2013
(22,967)
\n
On December 31, 2021
\u2013
\u2013
\u2013
\u2013
\n
Received
\n
Upfront
\u2013
\u2013
\u2013
\u2013
\n
Milestone
\u2013
\u2013
\u2013
\u2013
\n
Revenue recognition
\n
Upfront
\u2013
\u2013
\u2013
\u2013
\n
Milestone
\u2013
\u2013
\u2013
\u2013
\n
On December 31, 2022
\u2013
\u2013
\u2013
\u2013
Below are summaries of the key collaborations:
\n
Zai Lab
\n
On January 6, 2021, argenx and Zai Lab announced the License agreement for the
\n
development and commercialization of efgartigimod in Greater China, granting Zai Lab
\n
the exclusive rights to develop and commercialize efgartigimod in Greater China.
\n
Under the terms of the agreement, the Company received $175 million in collaboration
\n
payments, comprised of a $75 million upfront payment in the form of 568,182 newly
\n
issued Zai Lab shares calculated at a price of $132 per share, $75 million as guaranteed
\n
non-creditable, non-refundable payment, received in the first quarter of 2021, and an
\n
additional $25 million milestone payment upon regulatory approval of efgartigimod by
\n
FDA in the U.S. The Company is also eligible to receive tiered royalties (mid-teen to low
\n
twenties on a percentage basis) based on annual net sales of efgartigimod in Greater
\n
China.
\n
With regard to this collaboration with Zai Lab:
\n
\u2022
The Company concluded there are two performance obligations under EU-IFRS
\n
15, being the transfer of a license and the at arms-length supply of clinical and
\n
commercial product. The Company concluded that these performance obligations
\n
are distinct in the context of the contract.
\n
\u2022
The Company concluded that the Subscription Shares granted by Zai Lab, as included
\n
in the Share Issuance Agreement, entered into on January 6, 2021, was obtained
\n
because of the existing obligations under the terms of the Collaboration and License
\n
Agreement, and is therefore to be considered to be part of the overall consideration
\n
received.
\n
\u2022
The transaction price of these two agreements is composed of a fixed part, that
\n
being an upfront payment of $75 million in the form of newly issued Zai Lab shares,
\n
and a $75 million guaranteed, non-creditable, non-refundable payment and
\n
$25 million milestone for approval of efgartigimod in the U.S. and the consideration
\n
received in return for the supply of clinical and commercial product. Sales-based
\n
milestones and sales-based royalties are a part of the Company\u2019s arrangements but
\n
are not yet included in its revenue.
\n
\u2022
The fixed part of the transaction price, as well as the $25 million milestone for
\n
approval of efgartigimod in the U.S. has been allocated to the transfer of a license
\n
performance obligation.
\n
\u2022
The Company concludes that the license as of the effective date of the contract has
\n
standalone value. As such, the Company concluded that the promise in granting the
\n
license to Zai is to provide a right to use the entity\u2019s intellectual property as it exists
\n
at the point in time at which the license is granted and therefore, revenue accrued
\n
has been recognized at a point in time. This conclusion was reached, taking into
\n
account following aspects:
\n
\u25e6
there are no material restrictions included in the contract which would prevent
\n
Zai Lab to direct the use of, and obtain substantially all of the remaining
\n
benefits, within Greater China and considering the sales-based royalties which
\n
become due to the Company upon successful commercialization.
\u25e6
the current phase of efgartigimod, successfully completed the Phase III trials.
\n
\u2022
Under the collaboration agreement, the Company provides clinical and commercial
\n
supply to Zai Lab. Company concludes to recognize such sales as revenue given that
\n
the Company acts as principal in the transaction as the risk related to inventory is
\n
born by the Company until the inventory is transferred to Zai. The revenue related to
\n
clinical and commercial supply is recorded under line item \u201cOther revenues\u201d within
\n
the collaboration revenue footnote.
\n
AbbVie
\n
In April 2016, the Company entered into a collaboration agreement with AbbVie S.\u00c0.R.L.
\n
(AbbVie) to develop and commercialize ARGX-115 (ABBV-151). Under the terms of the
\n
collaboration agreement, the Company was responsible for conducting and funding
\n
all ARGX 115 (ABBV-151) research and development activities up to completion of IND
\n
enabling studies.
\n
The Company granted AbbVie an exclusive option, for a specified period following
\n
completion of IND enabling studies, to obtain a worldwide, exclusive license to the ARGX
\n
115 (ABBV-151) program to develop and commercialize products. The Company received
\n
an upfront, non-refundable, non-creditable payment of $40 million from AbbVie for the
\n
exclusive option to license ARGX 115 (ABBV-151). The Company achieved two preclinical
\n
milestones, each of which triggered a $10.0 million payment.
\n
In August 2018, AbbVie exercised its option and has assumed certain development
\n
obligations, being solely responsible for all research, development and regulatory costs
\n
relating to ARGX-115 based products. In March 2019, the Company achieved the first de-
\n
velopment milestone upon initiation of a first-in-human clinical trial, triggering a $30.0
\n
million payment. Subject to the continuing progress of ARGX-115 (ABBV-151) by AbbVie,
\n
the Company is eligible to receive development, regulatory and commercial milestone
\n
payments in aggregate amounts of up to $110 million, $190 million and
\n
$325 million, respectively, as well as tiered royalties on sales at percentages ranging
\n
from the mid single digits to the lower teens, subject to customary reductions.
\n
The Company has the right, on a product by product basis to co promote ARGX 115
\n
(ABBV-151) based products in the European Economic Area and Switzerland and to com-
\n
bine the product with the Company\u2019s own future immuno oncology programs. The co-
\n
promotion effort would be governed by a co promotion agreement negotiated in good
\n
faith by the parties. AbbVie will fund further GARP related research by the Company for
\n
an initial period of two years. AbbVie will have the right to license additional therapeutic
\n
programs emerging from this research, for which the Company could receive associated
\n
milestone and royalty payments.
\n
With regard to its collaboration with AbbVie, the Company concluded as follows:
\n
\u2022
There is one single performance obligation under EU-IFRS 15, that being the transfer
\n
of a license combined with performance of research and development activities. The
\n
Company concluded that the license is not distinct in the context of the contract.
\u2022
The transaction price of these two agreements is currently composed of a fixed part,
\n
that being an upfront license fee, and a variable part, being milestone payments and
\n
cost reimbursements of research and development activities delivered. Milestone
\n
payments are only included in the transaction price to the extent it is highly probable
\n
that a significant reversal in the amount of cumulative revenue recognition will not
\n
occur when the uncertainty associate with the variable consideration is subsequently
\n
resolved. We estimate the amount to be included in the transaction price upon
\n
achievement of the milestone event. Sales-based milestones and sales-based
\n
royalties are a part of the Company\u2019s arrangements but are not yet included in its
\n
revenues.
\n
\u2022
The transaction price has been allocated to the single performance obligation
\n
and revenues have been recognized over the estimated service period based on a
\n
pattern that reflects the transfer of the license and progress to complete satisfaction
\n
of the research and development activities. This is because we considered that
\n
there is a transformational relationship between the license and the research and
\n
development activities to be delivered.
\n
\u2022
The Company has chosen an input model to measure the satisfaction of the single
\n
performance obligation that considers percentage of costs incurred for these
\n
programs that are completed each period (percentage of completion method).
\n
\u2022
Cost reimbursements received are recognized in revenues when costs are incurred
\n
and agreed by the parties, as the Company is acting as a principal in the scope of its
\n
stake of the research and development activities of its ongoing collaboration and
\n
license agreements.
\n
Janssen
\n
On June 4, 2021, the Company received a termination notification from Cilag GmbH
\n
International, an affiliate of Janssen, which results in the termination of the Collabo-
\n
ration Agreement to jointly develop and commercialize cusatuzumab. As a result, the
\n
Company regains the worldwide rights to its anti-CD70 antibody cusatuzumab.
\n
Under the terms of the agreement, Janssen committed to an upfront payment of
\n
$500 million consisting of a license payment of $300 million and a $200 million equity
\n
investment in the Company by subscribing to 1,766,899 new shares at a price of
\n
\u20ac100.02 per share, including an issuance premium. In December 2019, the Company
\n
achieved the first development milestone, triggering a $25.0 million payment.
\n
With regard to this collaboration with Janssen, the Company concluded as follows:
\n
\u2022
There was one single performance obligation under EU-IFRS 15, that being the
\n
transfer of a license combined with performance of research and development
\n
activities. The Company concluded that the license is not distinct in the context of
\n
the contract.
\n
\u2022
The Company concluded that the share premium that Janssen paid above the closing
\n
price on the day of entering into the investment agreement (being December 2,
\n
2018) was paid because of the existing obligations to deliver development services
\n
under the terms of the collaboration agreement and was therefore considered to be
\n
part of the overall consideration received.
\u2022
The transaction price of these two agreements composed of a fixed part, that being
\n
an upfront license fee, and a variable part, being milestone payments and cost
\n
reimbursements of research and development activities delivered.
\n
\u2022
The transaction price was allocated to the single performance obligation and revenue
\n
was previously recognized over the estimated service period based on a pattern
\n
that reflects the transfer of the license and progress to complete satisfaction of the
\n
research and development activities.
\n
Following the termination, the Company concluded that it has substantially satisfied
\n
the performance obligation, and as a consequence, recorded $315.1 million for the
\n12 months ending December 31, 2021.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueExplanatory",
"language": "en",
"entity": "scheme:7245009C5FZE6G9ODQ71",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f22699": {
"value": "15
Product Net Sales
\n
For the twelve months ended December 31, 2022, the product net sales was related
\n
to sales of VYVGART in the US following the approval of VYVGART by U.S. Food and
\n
Drug Administration (FDA) on December 17, 2021, in Japan following the approval of
\n
VYVGART by Pharmaceuticals and Medical Devices Agency (
PMDA
) on January 20, 2022
\n
and Europe following the approval of VYVGART by European Commission on August
\n
11, 2022. No product net sales were recognized during the comparable prior periods.
\n
Product gross sales for twelve months ended December 31, 2022 was $446.9 million
\n
and the gross to net adjustment for twelve months ended December 31, 2022 was
\n
$46.2 million, resulting in $400.7 million of product net sales for twelve months ended
\n
December 31, 2022. Refer to
note 18
for the breakdown of Product net sales by country
\n
of sale for twelve month ended December 31, 2022.
16
Collaboration Revenue
\n
The following table summarizes details of collaboration revenues for the year ended
\n
December 31, 2022, 2021 and 2020 by collaboration agreement and by category of
\n
revenue: upfront payments, milestone payments, research and development service
\n
fees and other revenue.
\n
Year Ended December 31,
\n
(in thousands of $)
2022
2021
2020
\n
Zai Lab
\u2013
151,903
\u2013
\n
Janssen
\u2013
292,279
33,759
\n
AbbVie
\u2013
121
565
\n
Other
\u2013
\u2013
38
\n
Upfront payments
\u2013
444,303
34,362
\n
Zai Lab
\u2013
25,634
\u2013
\n
Janssen
\u2013
22,865
2,641
\n
AbbVie
\u2013
102
762
\n
Other
5,365
1,214
19
\n
Milestone payments
5,365
49,815
3,422
\n
Janssen
\u2013
2,028
3,175
\n
Other
424
298
284
\n
Research and development service fees
424
2,326
3,459
\n
Zai Lab
4,238
833
\u2013
\n
Other revenues
4,238
833
\u2013
\n
Total revenue
10,026
497,277
41,243
\n
For the years ended December 31, 2022, 2021 and 2020, the collaboration revenue was
\n
generated under the agreements with Zai Lab, Janssen and AbbVie, each as described
\n
below.
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
The table below summarizes the change in deferred revenue \u2013 current and non-current
\n
for the year ended December 31, 2022, 2021 and 2020.
\n
(in thousands of $)
Janssen
AbbVie
Other
Total
\n
On January 1, 2020
324,629
1,517
56
326,202
\n
Received
\n
Milestone
\u2013
\u2013
\u2013
\u2013
\n
Revenue recognition
\n
Upfront
(33,759)
(565)
(38)
(34,362)
\n
Milestone
(2,641)
(762)
(19)
(3,422)
\n
Translation difference
26,915
33
1
26,949
\n
On December 31, 2020
315,144
223
\u2013
315,367
\n
Received
\n
Upfront
\u2013
\u2013
\u2013
\u2013
\n
Milestone
\u2013
\u2013
\u2013
\u2013
\n
Revenue recognition
\n
Upfront
(292,279)
(121)
\u2013
(292,400)
\n
Milestone
(22,865)
(102)
\u2013
(22,967)
\n
On December 31, 2021
\u2013
\u2013
\u2013
\u2013
\n
Received
\n
Upfront
\u2013
\u2013
\u2013
\u2013
\n
Milestone
\u2013
\u2013
\u2013
\u2013
\n
Revenue recognition
\n
Upfront
\u2013
\u2013
\u2013
\u2013
\n
Milestone
\u2013
\u2013
\u2013
\u2013
\n
On December 31, 2022
\u2013
\u2013
\u2013
\u2013
Below are summaries of the key collaborations:
\n
Zai Lab
\n
On January 6, 2021, argenx and Zai Lab announced the License agreement for the
\n
development and commercialization of efgartigimod in Greater China, granting Zai Lab
\n
the exclusive rights to develop and commercialize efgartigimod in Greater China.
\n
Under the terms of the agreement, the Company received $175 million in collaboration
\n
payments, comprised of a $75 million upfront payment in the form of 568,182 newly
\n
issued Zai Lab shares calculated at a price of $132 per share, $75 million as guaranteed
\n
non-creditable, non-refundable payment, received in the first quarter of 2021, and an
\n
additional $25 million milestone payment upon regulatory approval of efgartigimod by
\n
FDA in the U.S. The Company is also eligible to receive tiered royalties (mid-teen to low
\n
twenties on a percentage basis) based on annual net sales of efgartigimod in Greater
\n
China.
\n
With regard to this collaboration with Zai Lab:
\n
\u2022
The Company concluded there are two performance obligations under EU-IFRS
\n
15, being the transfer of a license and the at arms-length supply of clinical and
\n
commercial product. The Company concluded that these performance obligations
\n
are distinct in the context of the contract.
\n
\u2022
The Company concluded that the Subscription Shares granted by Zai Lab, as included
\n
in the Share Issuance Agreement, entered into on January 6, 2021, was obtained
\n
because of the existing obligations under the terms of the Collaboration and License
\n
Agreement, and is therefore to be considered to be part of the overall consideration
\n
received.
\n
\u2022
The transaction price of these two agreements is composed of a fixed part, that
\n
being an upfront payment of $75 million in the form of newly issued Zai Lab shares,
\n
and a $75 million guaranteed, non-creditable, non-refundable payment and
\n
$25 million milestone for approval of efgartigimod in the U.S. and the consideration
\n
received in return for the supply of clinical and commercial product. Sales-based
\n
milestones and sales-based royalties are a part of the Company\u2019s arrangements but
\n
are not yet included in its revenue.
\n
\u2022
The fixed part of the transaction price, as well as the $25 million milestone for
\n
approval of efgartigimod in the U.S. has been allocated to the transfer of a license
\n
performance obligation.
\n
\u2022
The Company concludes that the license as of the effective date of the contract has
\n
standalone value. As such, the Company concluded that the promise in granting the
\n
license to Zai is to provide a right to use the entity\u2019s intellectual property as it exists
\n
at the point in time at which the license is granted and therefore, revenue accrued
\n
has been recognized at a point in time. This conclusion was reached, taking into
\n
account following aspects:
\n
\u25e6
there are no material restrictions included in the contract which would prevent
\n
Zai Lab to direct the use of, and obtain substantially all of the remaining
\n
benefits, within Greater China and considering the sales-based royalties which
\n
become due to the Company upon successful commercialization.
\u25e6
the current phase of efgartigimod, successfully completed the Phase III trials.
\n
\u2022
Under the collaboration agreement, the Company provides clinical and commercial
\n
supply to Zai Lab. Company concludes to recognize such sales as revenue given that
\n
the Company acts as principal in the transaction as the risk related to inventory is
\n
born by the Company until the inventory is transferred to Zai. The revenue related to
\n
clinical and commercial supply is recorded under line item \u201cOther revenues\u201d within
\n
the collaboration revenue footnote.
\n
AbbVie
\n
In April 2016, the Company entered into a collaboration agreement with AbbVie S.\u00c0.R.L.
\n
(AbbVie) to develop and commercialize ARGX-115 (ABBV-151). Under the terms of the
\n
collaboration agreement, the Company was responsible for conducting and funding
\n
all ARGX 115 (ABBV-151) research and development activities up to completion of IND
\n
enabling studies.
\n
The Company granted AbbVie an exclusive option, for a specified period following
\n
completion of IND enabling studies, to obtain a worldwide, exclusive license to the ARGX
\n
115 (ABBV-151) program to develop and commercialize products. The Company received
\n
an upfront, non-refundable, non-creditable payment of $40 million from AbbVie for the
\n
exclusive option to license ARGX 115 (ABBV-151). The Company achieved two preclinical
\n
milestones, each of which triggered a $10.0 million payment.
\n
In August 2018, AbbVie exercised its option and has assumed certain development
\n
obligations, being solely responsible for all research, development and regulatory costs
\n
relating to ARGX-115 based products. In March 2019, the Company achieved the first de-
\n
velopment milestone upon initiation of a first-in-human clinical trial, triggering a $30.0
\n
million payment. Subject to the continuing progress of ARGX-115 (ABBV-151) by AbbVie,
\n
the Company is eligible to receive development, regulatory and commercial milestone
\n
payments in aggregate amounts of up to $110 million, $190 million and
\n
$325 million, respectively, as well as tiered royalties on sales at percentages ranging
\n
from the mid single digits to the lower teens, subject to customary reductions.
\n
The Company has the right, on a product by product basis to co promote ARGX 115
\n
(ABBV-151) based products in the European Economic Area and Switzerland and to com-
\n
bine the product with the Company\u2019s own future immuno oncology programs. The co-
\n
promotion effort would be governed by a co promotion agreement negotiated in good
\n
faith by the parties. AbbVie will fund further GARP related research by the Company for
\n
an initial period of two years. AbbVie will have the right to license additional therapeutic
\n
programs emerging from this research, for which the Company could receive associated
\n
milestone and royalty payments.
\n
With regard to its collaboration with AbbVie, the Company concluded as follows:
\n
\u2022
There is one single performance obligation under EU-IFRS 15, that being the transfer
\n
of a license combined with performance of research and development activities. The
\n
Company concluded that the license is not distinct in the context of the contract.
\u2022
The transaction price of these two agreements is currently composed of a fixed part,
\n
that being an upfront license fee, and a variable part, being milestone payments and
\n
cost reimbursements of research and development activities delivered. Milestone
\n
payments are only included in the transaction price to the extent it is highly probable
\n
that a significant reversal in the amount of cumulative revenue recognition will not
\n
occur when the uncertainty associate with the variable consideration is subsequently
\n
resolved. We estimate the amount to be included in the transaction price upon
\n
achievement of the milestone event. Sales-based milestones and sales-based
\n
royalties are a part of the Company\u2019s arrangements but are not yet included in its
\n
revenues.
\n
\u2022
The transaction price has been allocated to the single performance obligation
\n
and revenues have been recognized over the estimated service period based on a
\n
pattern that reflects the transfer of the license and progress to complete satisfaction
\n
of the research and development activities. This is because we considered that
\n
there is a transformational relationship between the license and the research and
\n
development activities to be delivered.
\n
\u2022
The Company has chosen an input model to measure the satisfaction of the single
\n
performance obligation that considers percentage of costs incurred for these
\n
programs that are completed each period (percentage of completion method).
\n
\u2022
Cost reimbursements received are recognized in revenues when costs are incurred
\n
and agreed by the parties, as the Company is acting as a principal in the scope of its
\n
stake of the research and development activities of its ongoing collaboration and
\n
license agreements.
\n
Janssen
\n
On June 4, 2021, the Company received a termination notification from Cilag GmbH
\n
International, an affiliate of Janssen, which results in the termination of the Collabo-
\n
ration Agreement to jointly develop and commercialize cusatuzumab. As a result, the
\n
Company regains the worldwide rights to its anti-CD70 antibody cusatuzumab.
\n
Under the terms of the agreement, Janssen committed to an upfront payment of
\n
$500 million consisting of a license payment of $300 million and a $200 million equity
\n
investment in the Company by subscribing to 1,766,899 new shares at a price of
\n
\u20ac100.02 per share, including an issuance premium. In December 2019, the Company
\n
achieved the first development milestone, triggering a $25.0 million payment.
\n
With regard to this collaboration with Janssen, the Company concluded as follows:
\n
\u2022
There was one single performance obligation under EU-IFRS 15, that being the
\n
transfer of a license combined with performance of research and development
\n
activities. The Company concluded that the license is not distinct in the context of
\n
the contract.
\n
\u2022
The Company concluded that the share premium that Janssen paid above the closing
\n
price on the day of entering into the investment agreement (being December 2,
\n
2018) was paid because of the existing obligations to deliver development services
\n
under the terms of the collaboration agreement and was therefore considered to be
\n
part of the overall consideration received.
\u2022
The transaction price of these two agreements composed of a fixed part, that being
\n
an upfront license fee, and a variable part, being milestone payments and cost
\n
reimbursements of research and development activities delivered.
\n
\u2022
The transaction price was allocated to the single performance obligation and revenue
\n
was previously recognized over the estimated service period based on a pattern
\n
that reflects the transfer of the license and progress to complete satisfaction of the
\n
research and development activities.
\n
Following the termination, the Company concluded that it has substantially satisfied
\n
the performance obligation, and as a consequence, recorded $315.1 million for the
\n12 months ending December 31, 2021.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory",
"language": "en",
"entity": "scheme:7245009C5FZE6G9ODQ71",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f22849": {
"value": "(in thousands of $)
Janssen
AbbVie
Other
Total
\n
On January 1, 2020
324,629
1,517
56
326,202
\n
Received
\n
Milestone
\u2013
\u2013
\u2013
\u2013
\n
Revenue recognition
\n
Upfront
(33,759)
(565)
(38)
(34,362)
\n
Milestone
(2,641)
(762)
(19)
(3,422)
\n
Translation difference
26,915
33
1
26,949
\n
On December 31, 2020
315,144
223
\u2013
315,367
\n
Received
\n
Upfront
\u2013
\u2013
\u2013
\u2013
\n
Milestone
\u2013
\u2013
\u2013
\u2013
\n
Revenue recognition
\n
Upfront
(292,279)
(121)
\u2013
(292,400)
\n
Milestone
(22,865)
(102)
\u2013
(22,967)
\n
On December 31, 2021
\u2013
\u2013
\u2013
\u2013
\n
Received
\n
Upfront
\u2013
\u2013
\u2013
\u2013
\n
Milestone
\u2013
\u2013
\u2013
\u2013
\n
Revenue recognition
\n
Upfront
\u2013
\u2013
\u2013
\u2013
\n
Milestone
\u2013
\u2013
\u2013
\u2013
\n
On December 31, 2022
\u2013
\u2013
\u2013
\u2013 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredIncomeExplanatory",
"language": "en",
"entity": "scheme:7245009C5FZE6G9ODQ71",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f23152": {
"value": "17
Other Operating Income
\n
Year Ended December 31,
\n
(in thousands of $)
2022
2021
2020
\n
Grants
2,186
4,398
1,365
\n
Research and development incentives
19,502
13,970
10,257
\n
Payroll tax rebates
8,576
12,621
9,095
\n
Change in fair value on non-current financial assets
4,256
11,152
2,951
\n
Total other operating income
34,520
42,141
23,668
\n
17.1
Grants
\n
The grant income is related to grants received from the Flanders Innovation and
\n
Entrepreneurship Agency. No conditions related to the above government grants were
\n
unfulfilled, nor were there any material contingencies related thereon at the date of the
\n
approval of these consolidated financial statements.
\n
17.2
Research and Development Incentives
\n
The Company has accounted for a tax incentive of $19.5 million in the year ended
\n
December 31, 2022, compared to $14.0 and $10.3 million in the year ended December
\n
31, 2021 and December 31, 2020, respectively, following a research and development
\n
tax incentive scheme in Belgium according to which the incentive will be refunded after
\n
a five-year period, if not offset against the current tax payable over the period.
\n
17.3
Payroll Tax Rebates
\n
The Company accounted for $8.6 million payroll tax rebates in the year ended December
\n
31, 2022, compared to $12.6 and $9.1 million in the year ended December 31, 2021
\n
and December 31, 2020, respectively, as a reduction in withholding income taxes for its
\nhighly qualified personnel employed in its research and development department.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory",
"language": "en",
"entity": "scheme:7245009C5FZE6G9ODQ71",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f23153": {
"value": "17
Other Operating Income
\n
Year Ended December 31,
\n
(in thousands of $)
2022
2021
2020
\n
Grants
2,186
4,398
1,365
\n
Research and development incentives
19,502
13,970
10,257
\n
Payroll tax rebates
8,576
12,621
9,095
\n
Change in fair value on non-current financial assets
4,256
11,152
2,951
\n
Total other operating income
34,520
42,141
23,668
\n
17.1
Grants
\n
The grant income is related to grants received from the Flanders Innovation and
\n
Entrepreneurship Agency. No conditions related to the above government grants were
\n
unfulfilled, nor were there any material contingencies related thereon at the date of the
\napproval of these consolidated financial statements.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGovernmentGrantsExplanatory",
"language": "en",
"entity": "scheme:7245009C5FZE6G9ODQ71",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f23215": {
"value": "18
Segment Reporting
\n
The Company operates from the Netherlands, Belgium, the United States of America,
\n
Japan, Switzerland, Germany, France, Canada, UK, and Italy.
\n
Following table summarizes our product net sales by country of sales based on the
\n
country of the entity that recognizes product net sales:
\n
(in thousands of $)
\n
Year Ended
\n
December 31, 2022
\n
United States
377,659
\n
Japan
15,764
\n
Europe
5,678
\n
Other
\n
1)
\n
1,619
\n
Total product net sales
400,720
\n
1)
\n
The product net sales relates to sales made outside of the U.S., Japan and Europe and relates to named
\n
patient sale made with the U.S. label.
\n
We sell our products through a limited number of distributors and wholesellers. Four
\n
US customers represent approximately 91% of our product net sales in United States
\n
during twelve months ended December 31, 2022.
\n
Collaboration revenue is generated by external customers with their main registered
\n
office geographically located as shown in the table below:
\n
Year Ended December 31,
\n
(in thousands of $)
2022
2021
2020
\n
Denmark
5,365
1,389
342
\n
Belgium
\u2013
\u2013
\u2013
\n
United States
\u2013
317,396
40,901
\n
China
4,238
178,370
\u2013
\n
Other
424
123
\u2013
\n
Total collaboration revenue
10,026
497,277
41,243
The non-current assets of the Company, with the exception of the deferred tax assets,
\n
are geographically located as shown in the table below:
\n
At December 31,
\n
(in thousands of $)
2022
2021
2020
\n
Netherlands
\u2013
\u2013
1
\n
Belgium
275,620
268,733
200,125
\n
United States
2,325
3,138
4,751
\n
Japan
2,763
3,232
2,491
\n
Switzerland
\u2013
8
\u2013
\n
Germany
130
\u2013
\u2013
\n
France
4
\u2013
\u2013
\n
Total
280,841
275,111
207,368 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory",
"language": "en",
"entity": "scheme:7245009C5FZE6G9ODQ71",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f23335": {
"value": "19
Research and
\n
Development Expenses
\n
Year Ended December 31,
\n
(in thousands of $)
2022
2021
2020
\n
Personnel expenses
162,010
160,464
86,036
\n
External research and development expenses
366,955
382,902
259,943
\n
Materials and consumables
2,396
2,735
3,562
\n
Depreciation and amortization
102,132
3,742
2,835
\n
Other expenses
29,872
30,677
18,509
\n
Total research and development expenses
663,366
580,520
370,885
\n
20
Selling, General and
\n
Administrative Expenses
\n
Year Ended December 31,
\n
(in thousands of $)
2022
2021
2020
\n
Personnel expenses
234,740
164,646
108,507
\n
Professional and marketing fees
178,570
102,674
48,681
\n
Supervisory board
6,912
12,958
4,838
\n
Depreciation and amortization
2,211
2,126
1,092
\n
IT expenses
17,431
8,977
\u2013
\n
Other expenses
32,268
16,263
8,525
\n
Total Selling, general and administrative expenses
472,132
307,644
171,643",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory",
"language": "en",
"entity": "scheme:7245009C5FZE6G9ODQ71",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f23336": {
"value": "19
Research and
\n
Development Expenses
\n
Year Ended December 31,
\n
(in thousands of $)
2022
2021
2020
\n
Personnel expenses
162,010
160,464
86,036
\n
External research and development expenses
366,955
382,902
259,943
\n
Materials and consumables
2,396
2,735
3,562
\n
Depreciation and amortization
102,132
3,742
2,835
\n
Other expenses
29,872
30,677
18,509
\n
Total research and development expenses
663,366
580,520
370,885",
"dimensions": {
"concept": "ifrs-full:DisclosureOfResearchAndDevelopmentExpenseExplanatory",
"language": "en",
"entity": "scheme:7245009C5FZE6G9ODQ71",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f23338": {
"value": "19
Research and
\n
Development Expenses
\n
Year Ended December 31,
\n
(in thousands of $)
2022
2021
2020
\n
Personnel expenses
162,010
160,464
86,036
\n
External research and development expenses
366,955
382,902
259,943
\n
Materials and consumables
2,396
2,735
3,562
\n
Depreciation and amortization
102,132
3,742
2,835
\n
Other expenses
29,872
30,677
18,509
\n
Total research and development expenses
663,366
580,520
370,885
\n
20
Selling, General and
\n
Administrative Expenses
\n
Year Ended December 31,
\n
(in thousands of $)
2022
2021
2020
\n
Personnel expenses
234,740
164,646
108,507
\n
Professional and marketing fees
178,570
102,674
48,681
\n
Supervisory board
6,912
12,958
4,838
\n
Depreciation and amortization
2,211
2,126
1,092
\n
IT expenses
17,431
8,977
\u2013
\n
Other expenses
32,268
16,263
8,525
\n
Total Selling, general and administrative expenses
472,132
307,644
171,643 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory",
"language": "en",
"entity": "scheme:7245009C5FZE6G9ODQ71",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f23376": {
"value": "20
Selling, General and
\n
Administrative Expenses
\n
Year Ended December 31,
\n
(in thousands of $)
2022
2021
2020
\n
Personnel expenses
234,740
164,646
108,507
\n
Professional and marketing fees
178,570
102,674
48,681
\n
Supervisory board
6,912
12,958
4,838
\n
Depreciation and amortization
2,211
2,126
1,092
\n
IT expenses
17,431
8,977
\u2013
\n
Other expenses
32,268
16,263
8,525
\n
Total Selling, general and administrative expenses
472,132
307,644
171,643",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory",
"language": "en",
"entity": "scheme:7245009C5FZE6G9ODQ71",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f23435": {
"value": "21
Personnel Expenses
\n
The personnel expenses mentioned in
note 19
and
20
above are as follows:
\n
Year Ended December 31,
\n
(in thousands of $)
2022
2021
2020
\n
Short term employee benefits \u2013 Salaries
216,847
135,676
75,437
\n
Short term employee benefits \u2013 Social Security
16,274
12,785
9,087
\n
Post-employment benefits
5,406
2,864
1,242
\n
Termination benefits
401
818
1,005
\n
Share based payment
151,912
167,965
92,558
\n
Employer social security contributions stock options
5,910
5,002
15,214
\n
Total personnel expenses
396,750
325,110
194,543
\n
The post employment benefits relate to the pension plans the Company has in place for
\n
its employees.
\n
The average number of full-time equivalents (FTE) employees by function is presented
\n
below:
\n
Year Ended December 31,
\n
(Average Number of FTE)
2022
2021
2020
\n
Research and development
474.8
349.7
213.0
\n
Selling, general and administrative
442.4
264.4
119.5
\n
917.2
614.1
332.5",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:7245009C5FZE6G9ODQ71",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f23481": {
"value": "The average number of full-time equivalents (FTE) employees by function is presented
below:
\n
Year Ended December 31,
\n
(Average Number of FTE)
2022
2021
2020
\n
Research and development
474.8
349.7
213.0
\n
Selling, general and administrative
442.4
264.4
119.5
\n
917.2
614.1
332.5",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory",
"language": "en",
"entity": "scheme:7245009C5FZE6G9ODQ71",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f23503": {
"value": "22
Leases
\n
The statement of financial position shows the following amounts relating to leases:
\n
Year Ended December 31,
\n
(in thousands of $)
2022
2021
2020
\n
Right-of-use assets
\n
Buildings
10,867
9,688
7,677
\n
Vehicles
1,835
1,664
1,513
\n
Equipment
196
230
264
\n
12,897
11,583
9,454
\n
Lease liabilities
\n
Current
3,417
3,509
3,476
\n
Non-current
9,009
7,956
6,181
\n
12,426
11,465
9,657
Additions to the right-of-use assets amounted to $4.2 million for the year ended
\n
December 31, 2022.
\n
The table below shows a maturity analysis of the lease liabilities as on
\n
December 31, 2022:
\n
(in thousands of $)
\n
Less than
\n
1 year
1 \u2013 3 years
3 \u2013 5 years
\n
More than
\n
5 years
\n
Total
\n
contractual
\n
cash flows
\n
Carrying
\n
amount
\n
Lease liabilities
3,408
4,784
3,043
1,167
12,402
12,426
\n
The consolidated statements of profit or loss and the consolidated statements of other
\n
comprehensive income shows the following amounts relating to leases:
\n
Year Ended December 31,
\n
(in thousands of $)
2022
2021
2020
\n
Depreciation charges
\n
Buildings
2,179
2,714
2,262
\n
Vehicles
735
651
441
\n
Equipment
35
34
32
\n
2,949
3,399
2,735
\n
Interest expense (included in finance cost)
1,343
412
201
\n
Expense relating to short-term leases
732
212
264
\n
Expense relating to leases of low-value assets that are
\n
not shown above as short-term leases
\n
21
7
6
\n
The total cash outflow for leases in 2022, 2021 and 2020 was $4.2 million, $4.5 million
\n
and $3.0 million respectively.
\n
The Company did not enter into any lease agreement with variable lease payments
\n
or residual value guarantees. The Company has leases that include extension options.
\n
These options provide flexibility in managing the leased assets and align with the
\n
Company\u2019s business needs. The Company exercises judgement in deciding whether it is
\nreasonably certain that the extension options will be exercised.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLeasesExplanatory",
"language": "en",
"entity": "scheme:7245009C5FZE6G9ODQ71",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f23638": {
"value": "23
Financial Result and Exchange
\n
Gains/(Losses)
\n
Year Ended December 31,
\n
(in thousands of $)
2022
2021
2020
\n
Interest income
24,741
3,489
5,119
\n
Net gain on cash equivalents & current financial
\n
assets held at fair value through profit or loss and
\n
cash equivalents
\n
2,924
144
1,340
\n
Financial income
27,665
3,633
6,459
\n
Net loss on cash equivalents & current financial
\n
assets held at fair value through profit or loss and
\n
cash equivalents
\n
(1,713)
(3,482)
(7,559)
\n
Other financial expense
(2,193)
(1,096)
(401)
\n
Financial expense
(3,906)
(4,578)
(7,960)
\n
Realized exchange gains/(losses)
(3,743)
15
(443)
\n
Unrealized exchange gains/(losses)
(28,989)
(50,068)
(125,791)
\n
Exchange gains/(losses)
(32,732)
(50,053)
(126,234)
\n
The exchange losses of $32.7 million for the year ended December 31, 2022 were pri-
\n
marily attributable to unrealized exchange rate losses on our cash and cash equivalents
\n
and current financial assets position in EUR due to the unfavorable fluctuation of the
\nEUR/USD exchange rate over the period.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory",
"language": "en",
"entity": "scheme:7245009C5FZE6G9ODQ71",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f23640": {
"value": "23
Financial Result and Exchange
\n
Gains/(Losses)
\n
Year Ended December 31,
\n
(in thousands of $)
2022
2021
2020
\n
Interest income
24,741
3,489
5,119
\n
Net gain on cash equivalents & current financial
\n
assets held at fair value through profit or loss and
\n
cash equivalents
\n
2,924
144
1,340
\n
Financial income
27,665
3,633
6,459
\n
Net loss on cash equivalents & current financial
\n
assets held at fair value through profit or loss and
\n
cash equivalents
\n
(1,713)
(3,482)
(7,559)
\n
Other financial expense
(2,193)
(1,096)
(401)
\n
Financial expense
(3,906)
(4,578)
(7,960)
\n
Realized exchange gains/(losses)
(3,743)
15
(443)
\n
Unrealized exchange gains/(losses)
(28,989)
(50,068)
(125,791)
\n
Exchange gains/(losses)
(32,732)
(50,053)
(126,234)
\n
The exchange losses of $32.7 million for the year ended December 31, 2022 were pri-
\n
marily attributable to unrealized exchange rate losses on our cash and cash equivalents
\n
and current financial assets position in EUR due to the unfavorable fluctuation of the
\nEUR/USD exchange rate over the period.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:7245009C5FZE6G9ODQ71",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f23641": {
"value": "23
Financial Result and Exchange
\n
Gains/(Losses)
\n
Year Ended December 31,
\n
(in thousands of $)
2022
2021
2020
\n
Interest income
24,741
3,489
5,119
\n
Net gain on cash equivalents & current financial
\n
assets held at fair value through profit or loss and
\n
cash equivalents
\n
2,924
144
1,340
\n
Financial income
27,665
3,633
6,459
\n
Net loss on cash equivalents & current financial
\n
assets held at fair value through profit or loss and
\n
cash equivalents
\n
(1,713)
(3,482)
(7,559)
\n
Other financial expense
(2,193)
(1,096)
(401)
\n
Financial expense
(3,906)
(4,578)
(7,960)
\n
Realized exchange gains/(losses)
(3,743)
15
(443)
\n
Unrealized exchange gains/(losses)
(28,989)
(50,068)
(125,791)
\n
Exchange gains/(losses)
(32,732)
(50,053)
(126,234)
\n
The exchange losses of $32.7 million for the year ended December 31, 2022 were pri-
\n
marily attributable to unrealized exchange rate losses on our cash and cash equivalents
\n
and current financial assets position in EUR due to the unfavorable fluctuation of the
\nEUR/USD exchange rate over the period.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:7245009C5FZE6G9ODQ71",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f23649": {
"value": "Year Ended December 31,
(in thousands of $)
2022
2021
2020
\n
Interest income
24,741
3,489
5,119
\n
Net gain on cash equivalents & current financial
\n
assets held at fair value through profit or loss and
\n
cash equivalents
\n
2,924
144
1,340
\n
Financial income
27,665
3,633
6,459
\n
Net loss on cash equivalents & current financial
\n
assets held at fair value through profit or loss and
\n
cash equivalents
\n
(1,713)
(3,482)
(7,559)
\n
Other financial expense
(2,193)
(1,096)
(401)
\n
Financial expense
(3,906)
(4,578)
(7,960)
\n
Realized exchange gains/(losses)
(3,743)
15
(443)
\n
Unrealized exchange gains/(losses)
(28,989)
(50,068)
(125,791)
\n
Exchange gains/(losses)
(32,732)
(50,053)
(126,234)",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory",
"language": "en",
"entity": "scheme:7245009C5FZE6G9ODQ71",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f23650": {
"value": "Year Ended December 31,
(in thousands of $)
2022
2021
2020
\n
Interest income
24,741
3,489
5,119
\n
Net gain on cash equivalents & current financial
\n
assets held at fair value through profit or loss and
\n
cash equivalents
\n
2,924
144
1,340
\n
Financial income
27,665
3,633
6,459
\n
Net loss on cash equivalents & current financial
\n
assets held at fair value through profit or loss and
\n
cash equivalents
\n
(1,713)
(3,482)
(7,559)
\n
Other financial expense
(2,193)
(1,096)
(401)
\n
Financial expense
(3,906)
(4,578)
(7,960)
\n
Realized exchange gains/(losses)
(3,743)
15
(443)
\n
Unrealized exchange gains/(losses)
(28,989)
(50,068)
(125,791)
\n
Exchange gains/(losses)
(32,732)
(50,053)
(126,234)",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory",
"language": "en",
"entity": "scheme:7245009C5FZE6G9ODQ71",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f23651": {
"value": "Year Ended December 31,
(in thousands of $)
2022
2021
2020
\n
Interest income
24,741
3,489
5,119
\n
Net gain on cash equivalents & current financial
\n
assets held at fair value through profit or loss and
\n
cash equivalents
\n
2,924
144
1,340
\n
Financial income
27,665
3,633
6,459
\n
Net loss on cash equivalents & current financial
\n
assets held at fair value through profit or loss and
\n
cash equivalents
\n
(1,713)
(3,482)
(7,559)
\n
Other financial expense
(2,193)
(1,096)
(401)
\n
Financial expense
(3,906)
(4,578)
(7,960)
\n
Realized exchange gains/(losses)
(3,743)
15
(443)
\n
Unrealized exchange gains/(losses)
(28,989)
(50,068)
(125,791)
\n
Exchange gains/(losses)
(32,732)
(50,053)
(126,234)",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory",
"language": "en",
"entity": "scheme:7245009C5FZE6G9ODQ71",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f23652": {
"value": "Year Ended December 31,
(in thousands of $)
2022
2021
2020
\n
Interest income
24,741
3,489
5,119
\n
Net gain on cash equivalents & current financial
\n
assets held at fair value through profit or loss and
\n
cash equivalents
\n
2,924
144
1,340
\n
Financial income
27,665
3,633
6,459
\n
Net loss on cash equivalents & current financial
\n
assets held at fair value through profit or loss and
\n
cash equivalents
\n
(1,713)
(3,482)
(7,559)
\n
Other financial expense
(2,193)
(1,096)
(401)
\n
Financial expense
(3,906)
(4,578)
(7,960)
\n
Realized exchange gains/(losses)
(3,743)
15
(443)
\n
Unrealized exchange gains/(losses)
(28,989)
(50,068)
(125,791)
\n
Exchange gains/(losses)
(32,732)
(50,053)
(126,234)",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceCostExplanatory",
"language": "en",
"entity": "scheme:7245009C5FZE6G9ODQ71",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f23729": {
"value": "24
Income Tax Expense
\n
The income tax expense for the year can be reconciled to the accounting loss as follows:
\n
Year Ended December 31,
\n
(in thousands of $)
2022
2021
2020
\n
Loss before taxes
729,314
399,743
605,352
\n
Income tax (expense)/benefit calculated at 25.8% for
\n
2022 & 25% for 2021 & 2020
\n
188,163
99,936
151,338
\n
Effect of intercompany asset deal / transaction
(112,200)
\u2014
\u2014
\n
Effect of expenses not deductible in determining
\n
taxable results
\n
(1,570)
(4,441)
868
\n
Effect of share based payment expenses that are not
\n
deductible in determining taxable results
\n
(27,043)
(29,925)
(13,681)
\n
Effect of stock issue expenses that are not taxable in
\n
determining taxable results
\n
11,412
14,119
14,139
\n
Effect of concessions
18,264
13,413
7,900
\n
Effect of change of (de)recognition of deferred tax
\n
assets on tax losses
\n
(194)
(44,232)
(116,711)
\n
Effect of different tax rates in jurisdictions in which
\n
the company operates
\n
(5,566)
(2,084)
(195)
\n
Effect of change of (de)recognition of deferred tax
\n
assets
\n
(51,321)
(50,389)
(45,601)
\n
Withholding tax paid
\u2014
(5,076)
\u2014
\n
(Underprovided)/overprovided in prior years
(12)
398
1,014
\n
Other
(213)
(241)
(146)
\n
Income tax (expense)/benefit recognized in the
\n
consolidated statements of profit or loss
\n
19,720
(8,522)
(3,103)
\n
The tax rate used for the reconciliations above is the corporate income tax rate of
\n
25.8% payable by corporate entities in the Netherlands. The tax rate used for the 2021
\n
and 2020 reconciliations is the corporate income tax rate of 25% payable by corporate
\n
entities in the Netherlands.
\n
On December 27, 2022, argenx Benelux BV transferred certain pipeline activities to
\n
argenx BV through a transfer of assets, (hereafter referred to as \u201casset deal\u201d), for a
\n
total amount of $449.0 million. As a result of the asset deal, argenx Benelux BV realised
\n
a capital gain on this intellectual property. argenx BV has an unrecognized deferred
\n
tax asset amounting to $112.2 million on the future amortizations on IP assets, which
\n
results in the rate reconciling item categorized as \u201ceffect of intercompany asset deal /
\n
transaction\u201d.
Deferred tax have been measured using the substantively enacted or enacted tax rate
\n
as applicable in the respective jurisdictions.
\n
The unrecognized deferred tax asset on unused tax losses amounts to $189.3 million
\n
on December 31, 2022, compared to $203.8 million on December 31, 2021 and
\n
$174.2 million on December 31, 2020. The Company has unused tax losses carried
\n
forward for an amount of $756.1 million on December 31, 2022, compared to
\n
$815.3 million on December 31, 2021, and $696.7 million on December 31, 2020.
\n
The available tax losses carried forward in Belgium and the Netherlands do not have
\n
an expiration date based upon the applicable enacted tax legislation.
\n
As a company active in research and development in Belgium, we expect to benefit from
\n
the innovation income deduction, or IID, in Belgium. The innovation income deduction
\n
regime allows net profits attributable to revenue from among others patented products
\n
to be taxed at a lower effective tax rate than other revenues. At the end of 2022,
\n
2021 and 2020, we had $428.8 million, $213.6 million and $52.1 million of cumulative
\n
carry-forward IID in Belgium. The unrecognized deferred tax asset on IID amounts to
\n
$107.2 million on December 31, 2022, compared to $53.4 million on December 31,
\n
2021, and $13.0 million on December 31, 2020.
\n
Due to the uncertainty surrounding the Company\u2019s ability to realize taxable profits in the
\n
future, the Company did not recognize any deferred tax assets, with the exception of
\n
those further detailed in
note 6
.
\n
Income taxes recognized in the income statement can be detailed as follows:
\n
Year Ended December 31,
\n
(in thousands of $)
2022
2021
2020
\n
Current year
(27,162)
(15,224)
(7,847)
\n
Income tax prior years
(12)
398
(1,732)
\n
Current tax expense
(27,174)
(14,826)
(9,579)
\n
Originating and reversal of temporary differences
46,894
6,304
6,476
\n
Deferred tax expense/(benefit)
46,894
6,304
6,476
\n
Total tax expense/(benefit)
19,720
(8,522)
(3,103)",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:7245009C5FZE6G9ODQ71",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f23883": {
"value": "25
Loss per Share
\n
Year Ended December 31,
\n
(in thousands of $)
2022
2021
2020
\n
Loss for the year
(709,594)
(408,265)
(608,455)
\n
Weighted average number of shares outstanding
54,381,371
51,075,827
45,410,442
\n
Basic and diluted loss per share (in $)
(13.05)
(7.99)
(13.40)
Earnings/losses per ordinary share are calculated by dividing the loss for the period by
\n
the weighted average number of ordinary shares during the year.
\n
As the Company reported a net loss in 2022, 2021 and 2020, stock options and RSUs
\n
have an anti dilutive effect rather than a dilutive effect. As such, there is no difference
\nbetween basic and diluted loss per ordinary share.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:7245009C5FZE6G9ODQ71",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f23923": {
"value": "26
Financial Risk Management
\n
The financial risks are managed centrally. The Company coordinates the access to na-
\n
tional and international financial markets and considers and manages continuously the
\n
financial risks concerning the Company\u2019s activities. These relate to the financial markets
\n
risk, credit risk, liquidity risk and currency risk. There are no other important risks, such
\n
as interest rate risk on borrowings, as the Company has no financial debt. The Company
\n
does not buy or trade financial instruments for speculative purposes.
\n
Categories of financial assets and liabilities:
\n
Measurement
\n
category
Carrying amount
at December 31,
\n
(in thousands of $)
2022
2021
2020
\n
Financial assets \u2013 non-current
FVTPL
21,715
17,459
6,307
\n
Financial assets \u2013 non-current
FVTOCI
17,443
35,710
\u2013
\n
Research and development incentive
\n
receivables \u2013 non-current
\n
Amortized cost
47,488
32,707
20,626
\n
Restricted cash \u2013 non-current
Amortized cost
1,736
1,707
1,509
\n
Trade and other receivables
Amortized cost
275,697
38,221
6,978
\n
Financial assets \u2013 current
FVTPL
46,162
73,052
130,290
\n
Financial assets \u2013 current
Amortized cost
1,345,646
929,000
649,359
\n
Research and development incentive
\n
receivables \u2013 current
\n
Amortized cost
1,578
\u2013
463
\n
Cash and bank balances
Amortized cost
77,477
242,494
297,156
\n
Cash equivalents
FVTPL
669,147
997,092
858,291
\n
Cash equivalents
Amortized cost
54,116
95,090
61,356
\n
Trade and other payables
Amortized cost
295,679
293,415
275,192
\n
The carrying amounts of trade and other payables and trade and other receivables are
\n
considered to be the same as their fair values, due to their short-term nature.
\n
Financial Assets held at Fair Value through Profit or Loss or OCI
\n
Financial assets held at fair value through profit or loss or OCI consisted of equity
\n
instruments of listed and non-listed companies and money market funds.
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
The Company has no restrictions on the sale of these equity instruments and the assets
\n
are not pledged under any of its liabilities. These instruments are classified as financial
\n
assets held at fair value through profit or loss or OCI which qualify for:
\n
\u2022
Level 1 fair value measurement with respect to current financial assets and cash
\n
equivalents based upon the closing price (net asset value) of such securities at each
\n
reporting date.
\n
\u2022
Level 3 fair value measurement with respect to non-current financial assets.
\n
The market price of these financial instruments might face fluctuations and might be
\n
affected by a variety of factors, such as the global economic situation. Current financial
\n
assets and cash equivalents include collective investment funds nominated in \u20ac and $ of
\n
which the underlying investments include bonds and other international debt securities.
\n
Based on the weighted average maturity of the underlying instruments, amongst others,
\n
these investments are either classified as current financial assets or cash equivalents.
\n
The maximum exposure to credit risk is the carrying amount at reporting date.
\n
The Company carried the following assets at fair value on December 31, 2022, 2021 and
\n
2020 respectively:
\n
At December 31, 2022
\n
(in thousands of $)
Level 1
Level 2
Level 3
\n
Non-current financial assets
17,443
\u2013
21,715
\n
Current financial assets
46,162
\u2013
\u2013
\n
Cash and cash equivalents
669,147
\u2013
\u2013
\n
Assets carried at fair value
732,752
\u2013
21,715
\n
At December 31, 2021
\n
(in thousands of $)
Level 1
Level 2
Level 3
\n
Non-current financial assets
35,710
\u2013
17,459
\n
Current financial assets
73,052
\u2013
\u2013
\n
Cash and cash equivalents
997,092
\u2013
\u2013
\n
Assets carried at fair value
1,105,854
\u2013
17,459
\n
At December 31, 2020
\n
1)
\n
(in thousands of $)
Level 1
Level 2
Level 3
\n
Non-current financial assets
\u2013
\u2013
6,307
\n
Current financial assets
130,290
\u2013
\u2013
\n
Cash and cash equivalents
858,291
\u2013
\u2013
\n
Assets carried at fair value
988,581
\u2013
6,307
\n
1)
\n
The historical consolidated financial information for 2020 presented in this disclosure note has been
\n
adjusted to correct for the amounts of current financial assets that are measured at fair value.
\n
During the disclosed calendar year, no transfers occurred between the applicable
\n
categories.
Non-Current Financial Assets \u2013 Level 3
\n
In March 2019, the Company entered into a license agreement with AgomAb Thera-
\n
peutics NV for the use of HGF-mimetic SIMPLE Antibodies\u2122, developed under the
\n
Company\u2019s Immunology Innovative Program. In exchange for granting this license, the
\n
Company received a profit share in AgomAb Therapeutics NV.
\n
In March 2021, AgomAb Therapeutics NV secured $74 million in Series B financing by
\n
issuing 286,705 of Preferred B Shares. The Company used the post-money valuation of
\n
Series B financing round and the number of outstanding shares in determining the fair
\n
value of the profit-sharing instrument, which results in a change in fair value of non-
\n
current financial assets of $11.2 million recorded through profit or loss. Since AgomAb
\n
Therapeutics NV is a private company, the valuation of the profit share is based on level
\n
3 assumptions.
\n
In June 2022, AgomAb Therapeutics NV secured \u20ac38.4 million as a result of the exten-
\n
sion of Series B. The Company used the post-money valuation of this Series B financing
\n
round and the number of outstanding shares in determining the fair value of the profit-
\n
sharing instrument, which results in a change in fair value of non-current financial assets
\n
of $4.3 million recorded through profit or loss.
\n
Non-Current Financial Assets \u2013 Level 1
\n
In January 2021, as part of the license agreement for the development and commerciali-
\n
zation for efgartigimod in Greater China (see
note 16
for further information), the Com-
\n
pany obtained, amongst others, 568,182 newly issued Zai Lab shares calculated at a price
\n
of $132 per share. The fair value of the equity instrument at period-end is determined by
\n
reference to the closing price of such securities at each reporting date (classified as level
\n
1 in the fair value hierarchy), resulting in a change in fair value. The Company made the
\nirrevocable election to recognize subsequent changes in fair value through OCI.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:7245009C5FZE6G9ODQ71",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f23924": {
"value": "26
Financial Risk Management
\n
The financial risks are managed centrally. The Company coordinates the access to na-
\n
tional and international financial markets and considers and manages continuously the
\n
financial risks concerning the Company\u2019s activities. These relate to the financial markets
\n
risk, credit risk, liquidity risk and currency risk. There are no other important risks, such
\n
as interest rate risk on borrowings, as the Company has no financial debt. The Company
\n
does not buy or trade financial instruments for speculative purposes.
\n
Categories of financial assets and liabilities:
\n
Measurement
\n
category
Carrying amount
at December 31,
\n
(in thousands of $)
2022
2021
2020
\n
Financial assets \u2013 non-current
FVTPL
21,715
17,459
6,307
\n
Financial assets \u2013 non-current
FVTOCI
17,443
35,710
\u2013
\n
Research and development incentive
\n
receivables \u2013 non-current
\n
Amortized cost
47,488
32,707
20,626
\n
Restricted cash \u2013 non-current
Amortized cost
1,736
1,707
1,509
\n
Trade and other receivables
Amortized cost
275,697
38,221
6,978
\n
Financial assets \u2013 current
FVTPL
46,162
73,052
130,290
\n
Financial assets \u2013 current
Amortized cost
1,345,646
929,000
649,359
\n
Research and development incentive
\n
receivables \u2013 current
\n
Amortized cost
1,578
\u2013
463
\n
Cash and bank balances
Amortized cost
77,477
242,494
297,156
\n
Cash equivalents
FVTPL
669,147
997,092
858,291
\n
Cash equivalents
Amortized cost
54,116
95,090
61,356
\n
Trade and other payables
Amortized cost
295,679
293,415
275,192
\n
The carrying amounts of trade and other payables and trade and other receivables are
\n
considered to be the same as their fair values, due to their short-term nature.
\n
Financial Assets held at Fair Value through Profit or Loss or OCI
\n
Financial assets held at fair value through profit or loss or OCI consisted of equity
\n
instruments of listed and non-listed companies and money market funds.
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
The Company has no restrictions on the sale of these equity instruments and the assets
\n
are not pledged under any of its liabilities. These instruments are classified as financial
\n
assets held at fair value through profit or loss or OCI which qualify for:
\n
\u2022
Level 1 fair value measurement with respect to current financial assets and cash
\n
equivalents based upon the closing price (net asset value) of such securities at each
\n
reporting date.
\n
\u2022
Level 3 fair value measurement with respect to non-current financial assets.
\n
The market price of these financial instruments might face fluctuations and might be
\n
affected by a variety of factors, such as the global economic situation. Current financial
\n
assets and cash equivalents include collective investment funds nominated in \u20ac and $ of
\n
which the underlying investments include bonds and other international debt securities.
\n
Based on the weighted average maturity of the underlying instruments, amongst others,
\n
these investments are either classified as current financial assets or cash equivalents.
\n
The maximum exposure to credit risk is the carrying amount at reporting date.
\n
The Company carried the following assets at fair value on December 31, 2022, 2021 and
\n
2020 respectively:
\n
At December 31, 2022
\n
(in thousands of $)
Level 1
Level 2
Level 3
\n
Non-current financial assets
17,443
\u2013
21,715
\n
Current financial assets
46,162
\u2013
\u2013
\n
Cash and cash equivalents
669,147
\u2013
\u2013
\n
Assets carried at fair value
732,752
\u2013
21,715
\n
At December 31, 2021
\n
(in thousands of $)
Level 1
Level 2
Level 3
\n
Non-current financial assets
35,710
\u2013
17,459
\n
Current financial assets
73,052
\u2013
\u2013
\n
Cash and cash equivalents
997,092
\u2013
\u2013
\n
Assets carried at fair value
1,105,854
\u2013
17,459
\n
At December 31, 2020
\n
1)
\n
(in thousands of $)
Level 1
Level 2
Level 3
\n
Non-current financial assets
\u2013
\u2013
6,307
\n
Current financial assets
130,290
\u2013
\u2013
\n
Cash and cash equivalents
858,291
\u2013
\u2013
\n
Assets carried at fair value
988,581
\u2013
6,307
\n
1)
\n
The historical consolidated financial information for 2020 presented in this disclosure note has been
\n
adjusted to correct for the amounts of current financial assets that are measured at fair value.
\n
During the disclosed calendar year, no transfers occurred between the applicable
\n
categories.
Non-Current Financial Assets \u2013 Level 3
\n
In March 2019, the Company entered into a license agreement with AgomAb Thera-
\n
peutics NV for the use of HGF-mimetic SIMPLE Antibodies\u2122, developed under the
\n
Company\u2019s Immunology Innovative Program. In exchange for granting this license, the
\n
Company received a profit share in AgomAb Therapeutics NV.
\n
In March 2021, AgomAb Therapeutics NV secured $74 million in Series B financing by
\n
issuing 286,705 of Preferred B Shares. The Company used the post-money valuation of
\n
Series B financing round and the number of outstanding shares in determining the fair
\n
value of the profit-sharing instrument, which results in a change in fair value of non-
\n
current financial assets of $11.2 million recorded through profit or loss. Since AgomAb
\n
Therapeutics NV is a private company, the valuation of the profit share is based on level
\n
3 assumptions.
\n
In June 2022, AgomAb Therapeutics NV secured \u20ac38.4 million as a result of the exten-
\n
sion of Series B. The Company used the post-money valuation of this Series B financing
\n
round and the number of outstanding shares in determining the fair value of the profit-
\n
sharing instrument, which results in a change in fair value of non-current financial assets
\n
of $4.3 million recorded through profit or loss.
\n
Non-Current Financial Assets \u2013 Level 1
\n
In January 2021, as part of the license agreement for the development and commerciali-
\n
zation for efgartigimod in Greater China (see
note 16
for further information), the Com-
\n
pany obtained, amongst others, 568,182 newly issued Zai Lab shares calculated at a price
\n
of $132 per share. The fair value of the equity instrument at period-end is determined by
\n
reference to the closing price of such securities at each reporting date (classified as level
\n
1 in the fair value hierarchy), resulting in a change in fair value. The Company made the
\n
irrevocable election to recognize subsequent changes in fair value through OCI.
\n
Capital Risk
\n
The Company manages its capital to ensure that it will be able to continue as a going
\n
concern. The capital structure of the Company consists of equity attributed to the hol-
\n
ders of equity instruments of the Company, such as capital, reserves and accumulated
\n
losses as mentioned in the consolidated statements of changes in equity. The Company
\n
makes the necessary adjustments in the light of changes in the economic circumstances,
\n
risks associated to the different assets and the projected cash needs of the current
\n
and projected research activities. On December 31, 2022, cash and cash equivalents
\n
amounted to $800.7 million and total capital amounted to $4,316.5 million. The current
\n
cash situation and the anticipated cash generation are the most important parameters in
\n
assessing the capital structure. The Company\u2019s objective is to maintain the capital struc-
\n
ture at a level to be able to finance its activities for at least twelve months. Cash income
\n
from existing and new partnerships is taken into account and, if needed and possible,
\n
the Company can issue new shares or enter into financing agreements.
\n
Credit Risk
\n
Credit risk refers to the risk that a counterparty will default on its contractual obligations
\n
resulting in financial loss to the Company. The Company has adopted a policy of only
\n
dealing with creditworthy counterparties and obtaining sufficient collateral, where
\n
appropriate, as a means of mitigating the risk of financial loss from defaults. Concen-
\n
trations in credit risk are determined based on an analysis of counterparties and their
\n
importance on the overall outstanding contractual obligations at year-end.
The Company has a limited number of collaboration and license partners and therefore
\n
has a significant concentration of credit risk. However, it has policies in place to ensure
\n
that credit exposure is kept to a minimum and significant concentrations of credit
\n
exposure are only granted for short periods of time to high credit quality collaboration
\n
partners.
\n
The Company applied the EU-IFRS 9 simplified approach to measuring expected credit
\n
losses which uses a lifetime expected loss allowance for all receivables. To measure the
\n
expected credit losses, receivables have been grouped based on credit risk characteris-
\n
tics and the days past due. The provision for expected credit losses was not significant
\n
given that there have been no credit losses over the last three years and the high quality
\n
nature of our customers.
\n
Cash and cash equivalents and current financial assets are invested with several
\n
highly reputable banks and financial institutions. The Company holds its cash and cash
\n
equivalents mainly with different banks which are independently rated with a minimum
\n
rating of \u2018A-\u2019. The Company also holds short term investment funds in the form of money
\n
market funds with a recommended investment horizon of 6 months or shorter but with
\n
a low historical volatility. These money market funds are highly liquid investments, can
\n
be readily convertible into a known amount of cash. Since they are a basket of funds
\n
there is no individual credit risk involved. The company has adopted a policy whereby
\n
money market funds must have an average rating of \u201cBBB\u201d or higher.
\n
Liquidity Risk
\n
The Company manages liquidity risk by maintaining adequate reserves, by continuously
\n
monitoring forecast and actual cash flows, and by matching the maturity profiles of
\n
financial assets and liabilities.
\n
The Company\u2019s main sources of cash inflows are obtained through capital increases and
\n
collaboration agreements. This cash is invested in savings accounts, term accounts and
\n
short-term investment funds in the form of money market funds. These money market
\n
funds represent the majority of the Company\u2019s available sources of liquidity however
\n
since all of these are immediately tradable and convertible in cash they have a limited
\n
impact on the liquidity risk.
\n
Interest Rate Risk
\n
The only variable interest-bearing financial instruments are cash and cash equivalents
\n
and current financial investments. Changes in interest rates may cause variations in inte-
\n
rest income and expense resulting from short-term interest-bearing assts. Management
\n
does not expect the short-term interest rates to decrease significantly in the immediate
\n
foreseeable future, which limits the interest exposure on our cash and cash equivalents
\n
and current financial assets.
\n
For the year ended December 31, 2022, if applicable interest rates would increase/
\n
decrease by 25 basis points, this would have a positive/negative impact of $0.9 million
\n
(compared to $6.2 million for the year ended December 31, 2021 and $1.7 million for
\n
the year ended December 31, 2020).
Foreign Exchange Risk
\n
The Company undertakes transactions denominated in foreign currencies; consequently,
\n
exposures to exchange rate fluctuations arise. The Company is mainly exposed to the
\n
Euro, Japanese yen, British pound and Swiss franc. To limit this risk, the Company
\n
attempts to align incoming and outgoing cash flows in currencies other than USD.
\n
The net exposure to exchange differences of the monetary assets (being cash, cash
\n
equivalents and current financial assets) of the Company at the end of the reporting
\n
period are as follows:
\n
At December 31,
\n
(in thousands of $)
2022
2021
2020
\n
EUR
613,866
591,887
703,016
\n
JPY
5,613
6,316
264
\n
GBP
59,026
1,237
48
\n
CHF
3,832
727
2
\n
CAD
657
\u2013
\u2013
\n
SEK
7
\u2013
\u2013
\n
DKK
6
\u2013
\u2013
\n
On December 31, 2022, if the EUR/USD exchange rate would have increased/decreased
\n
by 10%, this would have had a negative/positive impact of $61.39 million, compared
\n
to $53.81 million and $63.91 million on December 31, 2021 and December 31, 2020,
\n
respectively. On December 31, 2022, if the exchange rate for other currencies would
\nhave increased/decreased by 10%, this would have had no significant impact.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory",
"language": "en",
"entity": "scheme:7245009C5FZE6G9ODQ71",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f24183": {
"value": "Credit Risk
Credit risk refers to the risk that a counterparty will default on its contractual obligations
\n
resulting in financial loss to the Company. The Company has adopted a policy of only
\n
dealing with creditworthy counterparties and obtaining sufficient collateral, where
\n
appropriate, as a means of mitigating the risk of financial loss from defaults. Concen-
\n
trations in credit risk are determined based on an analysis of counterparties and their
\n
importance on the overall outstanding contractual obligations at year-end.
The Company has a limited number of collaboration and license partners and therefore
\n
has a significant concentration of credit risk. However, it has policies in place to ensure
\n
that credit exposure is kept to a minimum and significant concentrations of credit
\n
exposure are only granted for short periods of time to high credit quality collaboration
\n
partners.
\n
The Company applied the EU-IFRS 9 simplified approach to measuring expected credit
\n
losses which uses a lifetime expected loss allowance for all receivables. To measure the
\n
expected credit losses, receivables have been grouped based on credit risk characteris-
\n
tics and the days past due. The provision for expected credit losses was not significant
\n
given that there have been no credit losses over the last three years and the high quality
\n
nature of our customers.
\n
Cash and cash equivalents and current financial assets are invested with several
\n
highly reputable banks and financial institutions. The Company holds its cash and cash
\n
equivalents mainly with different banks which are independently rated with a minimum
\n
rating of \u2018A-\u2019. The Company also holds short term investment funds in the form of money
\n
market funds with a recommended investment horizon of 6 months or shorter but with
\n
a low historical volatility. These money market funds are highly liquid investments, can
\n
be readily convertible into a known amount of cash. Since they are a basket of funds
\n
there is no individual credit risk involved. The company has adopted a policy whereby
\nmoney market funds must have an average rating of \u201cBBB\u201d or higher.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCreditRiskExplanatory",
"language": "en",
"entity": "scheme:7245009C5FZE6G9ODQ71",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f24226": {
"value": "Liquidity Risk
The Company manages liquidity risk by maintaining adequate reserves, by continuously
\n
monitoring forecast and actual cash flows, and by matching the maturity profiles of
\n
financial assets and liabilities.
\n
The Company\u2019s main sources of cash inflows are obtained through capital increases and
\n
collaboration agreements. This cash is invested in savings accounts, term accounts and
\n
short-term investment funds in the form of money market funds. These money market
\n
funds represent the majority of the Company\u2019s available sources of liquidity however
\n
since all of these are immediately tradable and convertible in cash they have a limited
\nimpact on the liquidity risk.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory",
"language": "en",
"entity": "scheme:7245009C5FZE6G9ODQ71",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f24310": {
"value": "27
Related Party Transactions
\n
27.1
Relationship and Transactions with
\n
Joint Venture Entity
\n
In July 2022, the Company entered into a joint venture agreement with the University
\n
of Colorado Anschutz Medical Campus and UCHealth and created a separate legal entity,
\n
OncoVerity, Inc., which is focused on optimizing and advancing the development of
\n
cusatuzumab, a novel anti-CD70 antibody, in acute myeloid leukemia (AML). The
\n
Company contributed $2 million and the investment has been designated as investment
\n
in joint venture and accounted under IAS 28 Investment in associates and joint ventures.
\n
At December 31, 2022, the Company has commitments towards its joint venture,
\n
OncoVerity, Inc. to fund the operations of the joint venture amounting to $13.0 million.
27.2
Relationship and Transactions with
\n
Subsidiaries
\n
See
note 31
for an overview of the consolidated companies of the group, which are all
\n
wholly-owned subsidiaries of argenx SE.
\n
Balances and transactions between the Company and its subsidiaries, which are related
\n
parties of the Company, have been eliminated on consolidation and are not disclosed in
\n
this note.
\n
27.3
Relationship and Transactions with
\n
Key Personnel
\n
The Company\u2019s key management personnel consists of the members of the manage-
\n
ment team and the members of the board of directors.
\n
Remuneration of Key Management Personnel
\n
On December 31, 2022, the senior management consisted of 8 members: Chief
\n
Executive Officer, Chief Operating Officer, Chief Financial Officer, Chief Scientific Officer,
\n
General Counsel, Chief Medical Officer, Vice President Corporate Development and
\n
Strategy and Global Head of Quality Assurance. They provide their services on a full-time
\n
basis.
\n
On December 31, 2022, the board of directors consisted of 9 members: Peter
\n
Verhaeghe, Don deBethizy, Pamela M. Klein, Werner Lanthaler, A. A. Rosenberg,
\n
James M. Daly, Camilla Sylvest, Ana Cespedes and Tim Van Hauwermeiren.
\n
Only the Chief Executive Officer is a member of both the senior management team and
\n
the board of directors. The Chief Executive Officer does not receive any remuneration
\n
for his board membership, as this is part of his total remuneration package in his capa-
\n
city as member of the senior management team.
The remuneration package of the members of key management personnel comprises:
\n
Year Ended December 31,
\n
(in thousands of $,
\n
except for the number of stock options & RSUs)
2022
2021
2020
\n
Remuneration of key management personnel
\n
Short-term benefits for senior management members
\n
as a group
\n
Gross salary
4,199
3,465
3,246
\n
Variable pay
3,077
2,020
1,510
\n
Employer social security
1,015
789
753
\n
Other short-term benefits
372
274
156
\n
Termination Benefits
\u2013
382
385
\n
Post-employment benefits for senior management
\n
members as a group
\n
104
150
161
\n
Cost of stock options granted in the year for senior
\n
management members as a group
\n
18,393
15,060
42,824
\n
Cost of restricted stock units granted in the year for
\n
senior management members as a group
\n
9,594
8,025
\u2013
\n
Employer social security cost related to stock options
1,101
4,172
11,206
\n
Total benefits for key management personnel
37,855
34,337
60,241
\n
Numbers of stock options granted in the year
\n
Senior Management as a group
117,600
101,446
334,900
\n
Numbers of RSUsrestricted stock units granted in the
\n
year
\n
Senior Management as a group
26,500
22,888
\u2013
\n
Remuneration of non-executive directors
\n
Board fees and other short-term benefits for non-
\n
executive directors
\n
437
435
405
\n
Cost of stock options granted in the year for non-
\n
executive directors
\n
3,643
3,263
9,576
\n
Cost of restricted stock units granted in the year for
\n
non-executive directors
\n
1,850
1,731
\u2013
\n
Total benefits for non-executive board members
5,929
5,429
9,981
\n
Numbers of stock options granted in the year
\n
Non-executive directors
21,600
22,950
70,000
\n
Numbers of restricted stock units granted in the year
\n
Non-executive directors
4,800
5,100
\u2013
Other
\n
No loans, quasi-loans or other guarantees were given by the Company or any of its
\n
subsidiaries to members of the board of directors or the senior management. We have
\n
not entered into transactions with our key management personnel, other than as descri-
\n
bed above with respect to remuneration arrangements relating to the exercise of their
\nmandates as members of the senior management and the board of directors.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory",
"language": "en",
"entity": "scheme:7245009C5FZE6G9ODQ71",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f24314": {
"value": "27.1
Relationship and Transactions with
\n
Joint Venture Entity
\n
In July 2022, the Company entered into a joint venture agreement with the University
\n
of Colorado Anschutz Medical Campus and UCHealth and created a separate legal entity,
\n
OncoVerity, Inc., which is focused on optimizing and advancing the development of
\n
cusatuzumab, a novel anti-CD70 antibody, in acute myeloid leukemia (AML). The
\n
Company contributed $2 million and the investment has been designated as investment
\n
in joint venture and accounted under IAS 28 Investment in associates and joint ventures.
\n
At December 31, 2022, the Company has commitments towards its joint venture,
\nOncoVerity, Inc. to fund the operations of the joint venture amounting to $13.0 million.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory",
"language": "en",
"entity": "scheme:7245009C5FZE6G9ODQ71",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f24315": {
"value": "27.1
Relationship and Transactions with
\n
Joint Venture Entity
\n
In July 2022, the Company entered into a joint venture agreement with the University
\n
of Colorado Anschutz Medical Campus and UCHealth and created a separate legal entity,
\n
OncoVerity, Inc., which is focused on optimizing and advancing the development of
\n
cusatuzumab, a novel anti-CD70 antibody, in acute myeloid leukemia (AML). The
\n
Company contributed $2 million and the investment has been designated as investment
\n
in joint venture and accounted under IAS 28 Investment in associates and joint ventures.
\n
At December 31, 2022, the Company has commitments towards its joint venture,
\nOncoVerity, Inc. to fund the operations of the joint venture amounting to $13.0 million.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfJointVenturesExplanatory",
"language": "en",
"entity": "scheme:7245009C5FZE6G9ODQ71",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f24352": {
"value": "27.3
Relationship and Transactions with
\n
Key Personnel
\n
The Company\u2019s key management personnel consists of the members of the manage-
\n
ment team and the members of the board of directors.
\n
Remuneration of Key Management Personnel
\n
On December 31, 2022, the senior management consisted of 8 members: Chief
\n
Executive Officer, Chief Operating Officer, Chief Financial Officer, Chief Scientific Officer,
\n
General Counsel, Chief Medical Officer, Vice President Corporate Development and
\n
Strategy and Global Head of Quality Assurance. They provide their services on a full-time
\n
basis.
\n
On December 31, 2022, the board of directors consisted of 9 members: Peter
\n
Verhaeghe, Don deBethizy, Pamela M. Klein, Werner Lanthaler, A. A. Rosenberg,
\n
James M. Daly, Camilla Sylvest, Ana Cespedes and Tim Van Hauwermeiren.
\n
Only the Chief Executive Officer is a member of both the senior management team and
\n
the board of directors. The Chief Executive Officer does not receive any remuneration
\n
for his board membership, as this is part of his total remuneration package in his capa-
\n
city as member of the senior management team.
The remuneration package of the members of key management personnel comprises:
\n
Year Ended December 31,
\n
(in thousands of $,
\n
except for the number of stock options & RSUs)
2022
2021
2020
\n
Remuneration of key management personnel
\n
Short-term benefits for senior management members
\n
as a group
\n
Gross salary
4,199
3,465
3,246
\n
Variable pay
3,077
2,020
1,510
\n
Employer social security
1,015
789
753
\n
Other short-term benefits
372
274
156
\n
Termination Benefits
\u2013
382
385
\n
Post-employment benefits for senior management
\n
members as a group
\n
104
150
161
\n
Cost of stock options granted in the year for senior
\n
management members as a group
\n
18,393
15,060
42,824
\n
Cost of restricted stock units granted in the year for
\n
senior management members as a group
\n
9,594
8,025
\u2013
\n
Employer social security cost related to stock options
1,101
4,172
11,206
\n
Total benefits for key management personnel
37,855
34,337
60,241
\n
Numbers of stock options granted in the year
\n
Senior Management as a group
117,600
101,446
334,900
\n
Numbers of RSUsrestricted stock units granted in the
\n
year
\n
Senior Management as a group
26,500
22,888
\u2013
\n
Remuneration of non-executive directors
\n
Board fees and other short-term benefits for non-
\n
executive directors
\n
437
435
405
\n
Cost of stock options granted in the year for non-
\n
executive directors
\n
3,643
3,263
9,576
\n
Cost of restricted stock units granted in the year for
\n
non-executive directors
\n
1,850
1,731
\u2013
\n
Total benefits for non-executive board members
5,929
5,429
9,981
\n
Numbers of stock options granted in the year
\n
Non-executive directors
21,600
22,950
70,000
\n
Numbers of restricted stock units granted in the year
\n
Non-executive directors
4,800
5,100
\u2013
Other
\n
No loans, quasi-loans or other guarantees were given by the Company or any of its
\n
subsidiaries to members of the board of directors or the senior management. We have
\n
not entered into transactions with our key management personnel, other than as descri-
\n
bed above with respect to remuneration arrangements relating to the exercise of their
\nmandates as members of the senior management and the board of directors.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory",
"language": "en",
"entity": "scheme:7245009C5FZE6G9ODQ71",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f24502": {
"value": " 28
Contingencies
\n
The Company is currently not facing any outstanding claims or litigations that may have
\na significant adverse impact on the Company\u2019s consolidated financial position.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:7245009C5FZE6G9ODQ71",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f24503": {
"value": "28
Contingencies
\n
The Company is currently not facing any outstanding claims or litigations that may have
\n
a significant adverse impact on the Company\u2019s consolidated financial position.
\n
29
Commitments
\n
At balance sheet date, there were no commitments signed for the acquisition of pro-
\n
perty, plant and equipment. In January 2021, the Company entered into a binding lease
\n
commitment related to the envisioned relocation to a newly built office in Zwijnaarde,
\n
Belgium. Included in the binding lease commitment is a rent free period for 6 months
\n
following the completion of the building. The total future cash outflows related to this
\n
lease are as follows:
\n
(in thousands of $)
\n
Less than 1
\n
year
1 \u2013 3 years
3 \u2013 5 years
\n
More than
\n
5 years
\n
Total
\n
contractual
\n
cash flows
\n
Lease commitments
\n
not commenced
\n
\u2013
\u2013
\u2013
18,038
18,038
\n
In February 2019, and as amended in September 2020, the Company entered into a
\n
global collaboration and license agreement with Halozyme Therapeutics, Inc. Under
\n
the terms of the agreement, the Company will pay $12.5 million per target for future
\n
target nominations and potential future payments of up to $160.0 million per selected
\n
target subject to achievement of specified development, regulatory and sales-based
\n
milestones and up to $40.0 million subject to the achievement of additional, specified
\n
sales-based milestones. This amount represents the maximum amount that would be
\n
paid if all milestones would be achieved but excludes variable royalty payments based
\n
on unit sales. In 2019, the Company exercised the option to nominate an additional
\n
target (triggering a $10.0 million development milestone payment) and initiated a Phase
\n
1 clinical trial using Halozyme\u2018s proprietary ENHANZE\u00ae drug delivery technology (trigge-
\n
ring a $5.0 million development milestone payment). In 2020, the Company initiated a
\n
Phase 3 clinical trial using Halozyme\u2019s proprietary ENHANZE\u00ae drug delivery technology
\n
(triggering a $15.0 million development milestone payment). In 2021, the Company
\n
initiated a Phase 1 clinical trial using Halozyme\u2019s proprietary ENHANZE\u00ae drug delivery
\n
technology (triggering a $5.0 million development milestone payment).
The Company\u2019s manufacturing commitments with Lonza, its drug substance manufactu-
\n
ring contractor, relate to the ongoing execution of the biologic license application (BLA)
\n
services for efgartigimod and its manufacturing activities related to the potential future
\n
commercialization. In December 2018, the Company signed its first commercial supply
\n
agreement with Lonza related to the reservation of commercial drug substance supply
\n
capacity for efgartigimod. In the aggregate, the Company has outstanding commitments
\n
for efgartigimod under the first commercial supply agreement of $419.0 million.
\n
During 2022, Company signed an agreement with Fujifilm, for activities relating to
\n
the large-scale manufacturing of efgartigimod drug substance. In the aggregate, the
\n
Company has outstanding commitments for efgartigimod under the commercial supply
\n
agreement of $13.3 million.
\n
At December 31, 2022, the Company has commitments towards its joint venture, Onco-
\nVerity, Inc. to fund the operations of the joint venture amounting to $13.0 million.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:7245009C5FZE6G9ODQ71",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f24504": {
"value": "28
Contingencies
\n
The Company is currently not facing any outstanding claims or litigations that may have
\n
a significant adverse impact on the Company\u2019s consolidated financial position.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory",
"language": "en",
"entity": "scheme:7245009C5FZE6G9ODQ71",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f24513": {
"value": "29
Commitments
\n
At balance sheet date, there were no commitments signed for the acquisition of pro-
\n
perty, plant and equipment. In January 2021, the Company entered into a binding lease
\n
commitment related to the envisioned relocation to a newly built office in Zwijnaarde,
\n
Belgium. Included in the binding lease commitment is a rent free period for 6 months
\n
following the completion of the building. The total future cash outflows related to this
\n
lease are as follows:
\n
(in thousands of $)
\n
Less than 1
\n
year
1 \u2013 3 years
3 \u2013 5 years
\n
More than
\n
5 years
\n
Total
\n
contractual
\n
cash flows
\n
Lease commitments
\n
not commenced
\n
\u2013
\u2013
\u2013
18,038
18,038
\n
In February 2019, and as amended in September 2020, the Company entered into a
\n
global collaboration and license agreement with Halozyme Therapeutics, Inc. Under
\n
the terms of the agreement, the Company will pay $12.5 million per target for future
\n
target nominations and potential future payments of up to $160.0 million per selected
\n
target subject to achievement of specified development, regulatory and sales-based
\n
milestones and up to $40.0 million subject to the achievement of additional, specified
\n
sales-based milestones. This amount represents the maximum amount that would be
\n
paid if all milestones would be achieved but excludes variable royalty payments based
\n
on unit sales. In 2019, the Company exercised the option to nominate an additional
\n
target (triggering a $10.0 million development milestone payment) and initiated a Phase
\n
1 clinical trial using Halozyme\u2018s proprietary ENHANZE\u00ae drug delivery technology (trigge-
\n
ring a $5.0 million development milestone payment). In 2020, the Company initiated a
\n
Phase 3 clinical trial using Halozyme\u2019s proprietary ENHANZE\u00ae drug delivery technology
\n
(triggering a $15.0 million development milestone payment). In 2021, the Company
\n
initiated a Phase 1 clinical trial using Halozyme\u2019s proprietary ENHANZE\u00ae drug delivery
\n
technology (triggering a $5.0 million development milestone payment).
The Company\u2019s manufacturing commitments with Lonza, its drug substance manufactu-
\n
ring contractor, relate to the ongoing execution of the biologic license application (BLA)
\n
services for efgartigimod and its manufacturing activities related to the potential future
\n
commercialization. In December 2018, the Company signed its first commercial supply
\n
agreement with Lonza related to the reservation of commercial drug substance supply
\n
capacity for efgartigimod. In the aggregate, the Company has outstanding commitments
\n
for efgartigimod under the first commercial supply agreement of $419.0 million.
\n
During 2022, Company signed an agreement with Fujifilm, for activities relating to
\n
the large-scale manufacturing of efgartigimod drug substance. In the aggregate, the
\n
Company has outstanding commitments for efgartigimod under the commercial supply
\n
agreement of $13.3 million.
\n
At December 31, 2022, the Company has commitments towards its joint venture, Onco-
\nVerity, Inc. to fund the operations of the joint venture amounting to $13.0 million.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsExplanatory",
"language": "en",
"entity": "scheme:7245009C5FZE6G9ODQ71",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f24595": {
"value": "30
Audit Fees
\n
The following auditors\u2019 fees were expensed in the consolidated statements of profit or
\n
loss:
\n
Year Ended December 31,
\n
(in thousands of $)
2022
2021
2020
\n
Audit Fees
\n
1)
\n
1,394
1,183
923
\n
Audit-related Fees
280
267
188
\n
Tax Fees
\n
2)
\n
\u2013
79
\u2013
\n
Total
1,774
1,529
1,111
\n
1)
\n
Audit services performed by Deloitte Accountants B.V. as the external auditor referred to in Section 1 of
\n
the Dutch Accounting Firms Oversight Act (Wta) as well as by the Deloitte network.
\n
2)
\nTax services performed by the Deloitte network.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory",
"language": "en",
"entity": "scheme:7245009C5FZE6G9ODQ71",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f24643": {
"value": "31
Overview of Consolidation Scope
\n
The parent company argenx SE is domiciled in the Netherlands. The Company, argenx
\n
SE, has two subsidiaries, argenx BV and argenx Benelux BV, based in Belgium. argenx BV
\n
has nine subsidiaries. Details of the Company\u2019s consolidated entities at the end of the
\n
reporting period are as follows:
\n
Name
Country
Participation
\n
argenx SE
The Netherlands
100.00 %
\n
argenx BV
Belgium
100.00 %
\n
argenx Benelux BV
Belgium
100.00 %
\n
argenx US, Inc.
USA
100.00 %
\n
argenx Switzerland, SA
Switzerland
100.00 %
\n
argenx Japan KK
Japan
100.00 %
\n
argenx France SAS
France
100.00 %
\n
argenx Germany GmbH
Germany
100.00 %
\n
argenx Canada, Inc.
Canada
100.00 %
\n
argenx UK Ltd.
United Kingdom
100.00 %
\n
argenx Netherlands Services B.V.
The Netherlands
100.00 %
\n
argenx Italy S.r.l.
Italy
100.00 %",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:7245009C5FZE6G9ODQ71",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f24691": {
"value": "32
Events After the
\n
Balance Sheet Date
\n
No events have occurred after the balance sheet date that could have a material impact
on the consolidated financial statements.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory",
"language": "en",
"entity": "scheme:7245009C5FZE6G9ODQ71",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f26594": {
"value": "2022-12-31",
"dimensions": {
"concept": "ifrs-full:DateOfEndOfReportingPeriod2013",
"entity": "scheme:7245009C5FZE6G9ODQ71",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
}
}
}