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    "markdown": "| UNITED STATES |\n| --- |\n| SECURITIES AND EXCHANGE COMMISSION |",
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    "markdown": "| (Name, telephone, e-mail and/or facsimile number and address of company contact person) |\n| --- |\n| Securities registered or to be registered pursuant to Section 12(b) of the Act: |\n| Title of each class: | Trading Symbol: | Name of each exchange on which registered: |\n| American Depositary Shares, each representing one ordinary share with a nominal value of 0.10 per share | ARGX | Nasdaq Global Select Market |\n| Ordinary shares with a nominal value of 0.10 per share* |  | Nasdaq Global Select Market* |\n| * Not for trading, but only in connection with the registration of the American Depositary Shares. |\n| Securities registered or to be registered pursuant to Section 12(g) of the Act: None. |\n| Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act: None. |\n| Indicate the number of outstanding shares of each of the issuer s classes of capital or common stock as of the close of the period covered by the annual report: |",
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    "title": "Cover Page Information",
    "subtitle": "As of December 31, 2023",
    "markdown": "| Item | Response |\n| --- | --- |\n| Number of outstanding ordinary shares | 59,194,488 ordinary shares were outstanding, including ordinary shares represented by American Depositary Shares. |\n| Well-known seasoned issuer | Yes X No |\n| Not required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 | Yes No X |\n| Filed all reports required by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months and subject to such filing requirements for the past 90 days | Yes X No |\n| Submitted electronically every Interactive Data File required pursuant to Rule 405 of Regulation S-T during the preceding 12 months | Yes X No |\n| Large accelerated filer, accelerated filer, non-accelerated filer, or emerging growth company | Large accelerated filer X Accelerated filer Non-accelerated filer Emerging growth company |\n| Elected not to use the extended transition period for complying with new or revised financial accounting standards (if emerging growth company) | |\n| Filed report on and attestation to management's assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act | X |\n| Financial statements reflect correction of an error to previously issued financial statements | |\n| Error corrections are restatements requiring recovery analysis of incentive-based compensation | |\n| Basis of accounting used to prepare financial statements | U.S. GAAP International Financial Reporting Standards as issued by the International Accounting Standards Board X Other |\n| Financial statement item elected to follow (if Other checked) | Item 17 Item 18 |\n| Shell company | Yes No X |\n| Filed all documents and reports required by Section 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to distribution of securities under a plan confirmed by a court (if applicable) | Yes No |",
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    "markdown": "| | Page |\n| --- | --- |\n| PART I | |\n| ITEM 1. IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS | 1 |\n| ITEM 2. OFFER STATISTICS AND EXPECTED TIMETABLE | 1 |\n| ITEM 3. KEY INFORMATION | 1 |\n| 3.A. [RESERVED] | 1 |\n| 3.B. CAPITALIZATION AND INDEBTEDNESS | 1 |\n| 3.C. REASONS FOR THE OFFER AND USE OF PROCEEDS | 1 |\n| 3.D. RISK FACTORS | 1 |\n| ITEM 4. INFORMATION ON THE COMPANY | 39 |\n| 4.A. HISTORY AND DEVELOPMENT OF THE COMPANY | 39 |\n| 4.B. BUSINESS OVERVIEW | 40 |\n| 4.C. ORGANIZATIONAL STRUCTURE | 104 |\n| 4.D. PROPERTY, PLANTS AND EQUIPMENT | 105 |\n| ITEM 4A. UNRESOLVED STAFF COMMENTS | 105 |\n| ITEM 5. OPERATING AND FINANCIAL REVIEW AND PROSPECTS | 105 |\n| 5.A. OPERATING RESULTS | 106 |\n| 5.B. LIQUIDITY AND CAPITAL RESOURCES | 118 |\n| 5.C. RESEARCH AND DEVELOPMENT, PATENTS AND LICENSES | 121 |\n| 5.D. TREND INFORMATION | 121 |\n| 5.E CRITICAL ACCOUNTING ESTIMATES | 122 |\n| ITEM 6. DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES | 122 |\n| 6.A. DIRECTORS AND SENIOR MANAGEMENT | 122 |\n| 6.B. COMPENSATION | 130 |\n| 6.C. BOARD PRACTICES | 152 |\n| 6.D. EMPLOYEES | 162 |\n| 6.E. SHARE OWNERSHIP | 163 |\n| 6.F. DISCLOSURE OF A REGISTRANT S ACTION TO RECOVER ERRONEOUSLY AWARDED COMPENSATION | 163 |\n| ITEM 7. MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS | 163 |\n| 7.A. MAJOR SHAREHOLDERS | 163 |\n| 7.B. RELATED PARTY TRANSACTIONS | 166 |\n| 7.C. INTERESTS OF EXPERTS AND COUNSEL | 168 |\n| ITEM 8. FINANCIAL INFORMATION | 168 |\n| 8.A. CONSOLIDATED STATEMENTS AND OTHER FINANCIAL INFORMATION | 168 |\n| 8.B. SIGNIFICANT CHANGES | 169 |\n| ITEM 9. THE OFFER AND LISTING | 169 |\n| 9.A. OFFER AND LISTING DETAILS | 169 |\n| 9.B. PLAN OF DISTRIBUTION | 169 |\n| 9.C. MARKETS | 169 |\n| 9.D. SELLING SHAREHOLDERS | 169 |\n| 9.E. DILUTION | 169 |\n| 9.F. EXPENSES OF THE ISSUE | 170 |\n| ITEM 10. ADDITIONAL INFORMATION | 170 |\n| 10.A.SHARE CAPITAL | 170 |\n| 10.B.MEMORANDUM AND ARTICLES OF ASSOCIATION | 170 |\n| 10.C.MATERIAL CONTRACTS | 173 |\n| 10.D.EXCHANGE CONTROLS | 173 |",
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    "markdown": "| | |\n| --- | --- |\n| 10.E. TAXATION | 174 |\n| 10.F. DIVIDENDS AND PAYING AGENTS | 191 |\n| 10.G. STATEMENT BY EXPERTS | 191 |\n| 10.H. DOCUMENTS ON DISPLAY | 192 |\n| 10.I. SUBSIDIARY INFORMATION | 192 |\n| ITEM 11. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK | 192 |\n| ITEM 12. DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES | 194 |\n| 12.A. DEBT SECURITIES | 194 |\n| 12.B. WARRANTS AND RIGHTS | 194 |\n| 12.C. OTHER SECURITIES | 194 |\n| 12.D. AMERICAN DEPOSITARY SHARES | 194 |\n| PART II | 196 |\n| ITEM 13. DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES | 196 |\n| ITEM 14. MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS | 196 |\n| ITEM 15. CONTROLS AND PROCEDURES | 196 |\n| ITEM 16. [RESERVED] | 197 |\n| ITEM 16A. AUDIT COMMITTEE FINANCIAL EXPERT | 197 |\n| ITEM 16B. CODE OF ETHICS | 197 |\n| ITEM 16C. PRINCIPAL ACCOUNTANT FEES AND SERVICES | 198 |\n| ITEM 16D. EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES | 199 |\n| ITEM 16E. PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS | 199 |\n| ITEM 16F. CHANGE IN REGISTRANT S CERTIFYING ACCOUNTANT | 199 |\n| ITEM 16G. CORPORATE GOVERNANCE | 199 |\n| ITEM 16H. MINE SAFETY DISCLOSURE | 200 |\n| ITEM 16I. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS | 200 |\n| ITEM 16J. INSIDER TRADING POLICIES | 200 |\n| ITEM 16K. CYBERSECURITY | 200 |\n| PART III | 202 |\n| ITEM 17. FINANCIAL STATEMENTS | 202 |\n| ITEM 18. FINANCIAL STATEMENTS | 202 |\n| ITEM 19. EXHIBITS | 202 |",
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    "markdown": "| Description | Number of shares |\n| --- | --- |\n| Number of shares outstanding on December 31, 2021 | 51,668,315 |\n| Number of shares outstanding on December 31, 2022 | 55,395,856 |\n| Exercise of stock options in 2023 | 1,137,439 |\n| Vesting of RSUs | 79,560 |\n| Global public offering in Euronext and Nasdaq on July 17, 2023 | 2,244,899 |\n| Over-allotment option exercised by underwriters on July 19, 2023 | 336,734 |\n| Number of shares outstanding on December 31, 2023 | 59,194,488 |\n| Exercise of stock options in January 2024 | 106,617 |\n| Exercise of stock options in February 2024 | 2,277 |\n| Number of shares outstanding on February 20, 2024 | 59,302,232 |",
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    "title": "Subsidiaries",
    "subtitle": "As per December 31, 2023",
    "markdown": "| Name | Country | Participation |\n| --- | --- | --- |\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 % |\n| argenx Spain S.L. | Spain | 100.00 % |",
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      "The following chart provides an overview of the Group as of the date of this Annual Report.",
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    "title": "Material Leased Facilities Worldwide",
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    "markdown": "| | As of December 31, 2023 (audited) |\n| --- | --- |\n| Total current debt (including current portion of non-current debt) | $ |\n| Guaranteed | |\n| Secured | |\n| Unguaranteed/unsecured | |\n| Total non-current debt (excluding current portion of non-current debt) | |\n| Guaranteed | |\n| Secured | |\n| Unguaranteed/unsecured | |\n| Shareholder equity | 4,097,507 |\n| Share capital | 7,058 |\n| Share premium | 5,651,497 |\n| Legal reserve(s) (1) | 131,543 |\n| Retained earnings | (2,404,844) |\n| Other reserves | 712,253 |\n| Total | $ 4,097,507 |",
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    "title": "The table below sets forth our indebtedness as of December 31, 2023 on an actual basis:",
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    "markdown": "| | As of December 31, 2023 (audited) |\n| --- | --- |\n| A. Cash | $ 20,744 |\n| B. Cash equivalents (1) | 2,028,100 |\n| C. Other current financial assets (2) | 1,131,000 |\n| D. Liquidity (A + B + C) | 3,179,844 |\n| E. Current financial debt (including debt instruments, but excluding current portion of non-current financial debt) | |\n| F. Current portion of non-current financial debt (3) | 4,646 |\n| G. Current financial indebtedness (E + F) | 4,646 |\n| H. Net current financial indebtedness (G - D) | (3,175,198) |\n| I. Non-current financial debt (excluding current portion and debt instruments) (3) | 15,354 |\n| J. Debt instruments | |\n| K. Non-current trade and other payables | |\n| L. Non-current financial indebtedness (I + J + K) | 15,354 |\n| M. Total financial indebtedness (H + L) | (3,159,844) |",
    "footnotes": [
      "See Note 11 Cash and cash equivalents in our consolidated financial statements which are appended to our Annual Report for the period ended December 31, 2023 and which are incorporated herein by reference."
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    "title": "Results of Operation",
    "subtitle": "Comparison of Years Ended December 31, 2023 and 2022",
    "markdown": "| | Year ended December 31, 2023 | Year ended December 31, 2022 | % Change |\n| --- | --- | --- | --- |\n| Product net sales | $ 1,190,783 | $ 400,720 | 197 % |\n| Collaboration revenue | 35,533 | 10,026 | 254 % |\n| Other operating income | 42,278 | 34,520 | 22 % |\n| Total operating income | 1,268,594 | 445,267 | 185 % |\n| Cost of sales | (117,835) | (29,431) | 300 % |\n| Research and development expenses | (859,492) | (663,366) | 30 % |\n| Selling, general and administrative expenses | (711,905) | (472,132) | 51 % |\n| Loss from investment in joint venture | (4,411) | (677) | 552 % |\n| Total operating expenses | (1,693,643) | (1,165,607) | 45 % |\n| Operating loss | (425,049) | (720,340) | (41)% |\n| Financial income | 107,386 | 27,665 | 288 % |\n| Financial expense | (906) | (3,906) | (77)% |\n| Exchange gains/(loss) | 14,073 | (32,732) | (143)% |\n| Loss for the year before taxes | $ (304,496) | $ (729,314) | (58)% |\n| Income tax benefit | 9,443 | 19,720 | (52)% |\n| Loss for the year | $ (295,053) | $ (709,593) | (58)% |\n| Weighted average number of shares outstanding | 57,169,253 | 54,381,371 | |\n| Basic and diluted (loss) per share (in $) | (5.16) | (13.05) | |",
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    "title": "Product net sales",
    "subtitle": "Year Ended December 31,",
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    "subtitle": "Year ended December 31,",
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    "title": "Cash Flows",
    "subtitle": "Comparison for the Years Ended December 31, 2023 and 2022",
    "markdown": "| | Year ended December 31, 2023 | Year ended December 31, 2022 | Variance |\n| --- | --- | --- | --- |\n| Cash and cash equivalents at beginning of the period | $ 800,740 | $ 1,334,676 | $ (533,936) |\n| Net cash flows (used in) / from operating activities | (420,327) | (862,807) | 442,480 |\n| Net cash flows from / (used in) investing activities | 308,210 | (461,184) | 769,394 |\n| Net cash flows from / (used in) financing activities | 1,336,727 | 843,757 | 492,970 |\n| Exchange gains/(losses) on cash and cash equivalents | 23,494 | (53,702) | 77,196 |\n| Cash and cash equivalents at end of the period | $ 2,048,844 | $ 800,740 | $ 1,248,104 |\n| Net cash used in operating activities | | | |",
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    "title": "Board of Directors",
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    "title": "Number of meetings attended in",
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    "markdown": "| Name | Number of meetings attended in 2023 since appointment | Attendance % |\n| --- | --- | --- |\n| Peter K. M. Verhaeghe (chairperson) | 5 | 100 % |\n| Werner Lanthaler(1) | 1 | 100 % |\n| Steve Krognes(10 | 4 | 100 % |\n| J. Donald deBethizy | 5 | 100 % |\n| Pamela Klein | 5 | 100 % |\n| Anthony A. Rosenberg | 5 | 100 % |\n| James M. Daly | 5 | 100 % |\n| Camilla Sylvest | 5 | 100 % |\n| Ana Cespedes | 5 | 100 % |",
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    "title": "The following table sets forth certain information with respect to the members of our senior management, including their ages, as of December 31, 2022:",
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    "markdown": "| Name | Age | Position | Nationality | Date of Initial Appointment |\n| --- | --- | --- | --- | --- |\n| Tim Van Hauwermeiren | 51 | CEO and Executive Director | Belgium | July 15, 2008 |\n| Keith Woods(1) | 56 | COO | U.S. | April 5, 2018 |\n| Karen Massey(1) | 45 | COO | Australia | March 13, 2023 |\n| Karl Gubitz | 54 | CFO | South Africa | June 1, 2021 |\n| Peter Ulrichts | 44 | Chief Scientific Officer | Belgium | January 1, 2023 |\n| Malini Moorthy | 54 | General Counsel | Canada | February 14, 2022 |\n| Arjen Lemmen | 39 | Vice-President Corporate Development & Strategy | The Netherlands | May 1, 2016 |\n| Andria Wilk | 51 | Global Head of Quality | UK | January 13, 2020 |\n| Luc Truyen | 59 | Chief Medical Officer | Belgium | April 1, 2022 |",
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  {
    "title": "Table of Contents",
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    "markdown": "| Table of Contents |\n| --- |",
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    "title": "Company Name, Company Ticker, Country of Trade",
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    "markdown": "| Company Name | Company Ticker | Country of Trade |\n| --- | --- | --- |\n| Abcam Plc | ABC | GBR |\n| Acadia Healthcare Company, Inc. | ACHC | USA |\n| ALK Abell A/S | ALK.B | DNK |\n| Alnylam Pharmaceuticals, Inc. | ALNY | USA |\n| Amicus Therapeutics, Inc. | FOLD | USA |\n| Ascendis Pharma A/S | ASND | USA |\n| BeiGene, Ltd. | 6160 | USA |\n| Biohaven Pharmaceutical Holding Company Ltd. | BHVN | USA |\n| BioMarin Pharmaceutical Inc. | BMRN | USA |\n| BioNTech SE | BNTX | USA |\n| Blueprint Medicines Corp | BPMC | USA |\n| CRISPR Therapeutics AG | CRSP | USA |\n| Denali Therapeutics Inc | DNLI | USA |\n| Evotec SE | EVT | DEU |\n| Galapagos NV | GLPG | NLD |\n| Genmab A/S | GMAB | DNK |\n| Hikma Pharmaceuticals Plc | HIK | GBR |\n| Horizon Therapeutics Public Limited Company | HZNP | USA |\n| Idorsia Ltd | IDIA | CHE |\n| Incyte Corporation | INCY | USA |\n| Intellia Therapeutics, Inc. | NTLA | USA |\n| Intra Cellular Therapies, Inc. | ITCI | USA |\n| Ionis Pharmaceuticals, Inc. | IONS | USA |\n| Mirati Therapeutics, Inc. | MRTX | USA |\n| Neurocrine Biosciences, Inc. | NBIX | USA |\n| Recordati SpA | REC | ITA |\n| Sarepta Therapeutics, Inc. | SRPT | USA |\n| Seagen Inc. | SGEN | USA |\n| Swedish Orphan Biovitrum AB | SOBI | SWE |\n| UCB SA | UCB | BEL |\n| uniQure N.V. | QURE | USA |\n| Vifor Pharma AG | VIFN | CHE |\n| Award levels |  |  |",
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    "title": "The following table sets forth the total value of the remuneration paid to the NEOs for the last three years:",
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    "markdown": "| Base salary (1) | Base salary in % change vs the prior year (1) | Sign on bonus | Corporate bonus | Variable short-term incentive | Variable cash as % of maximum opportunity | Compensation in the form of stock options (2) | Compensation in the form of RSUs | Other benefits (3) | % fixed (of total) (4) | Total |\n| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |\n| CEO - Tim Van Hauwermeiren |  |  |  |  |  |  |  |  |  |  |  |\n| 2023 655,787 | 0% |  | 590,215 | 60% | 8,084,605 (5) | 2,575,174 | 39,054 | 6% | 11,944,835 |  |\n| 2022 638,901 | 10% |  | 766,682 | 60% | 4,174,684 | 2,159,689 | 38,342 | 9% | 7,778,298 |  |\n| 2021 651,986 | 5% | 1,186 | 586,787 | 60% | 3,895,370 | 2,084,509 | 45,177 | 10% | 7,265,014 |  |\n| CFO - Karl Gubitz |  |  |  |  |  |  |  |  |  |  |  |\n| 2023 516,043 | 6% | 3,556 | 260,866 | 40% | 2,626,062 | 1,287,587 | 62,798 | 12% | 4,756,913 |  |\n| 2022 487,600 | 79% | 3,745 | 243,800 | 40% | 2,623,633 | 1,356,048 | 91,203 | 12% | 4,806,030 |  |\n| 2021 271,646 | n.a. (6) | 2,235 | 108,659 | 40% | 3,181,721 | 1,629,272 | 31,809 | 6% | 5,225,342 |  |\n| COO - Karen Massey (7) |  |  |  |  |  |  |  |  |  |  |  |\n| 2023 481,471 | n.a. | 338,000 (8) | 2,921 | 467,662 | 50% | 3,939,093 | 2,296,517 | 127,393 | 8% | 7,653,057 |\n| COO - Keith Woods (9) |  |  |  |  |  |  |  |  |  |  |  |\n| 2023 305,022 | (48)% |  |  |  |  |  | 46,034 | 100% | 351,056 |  |\n| 2022 583,774 | 5% | 3,745 | 583,774 | 50% | 2,601,982 | 1,364,014 | 205,032 | 15% | 5,342,321 |  |\n| 2021 555,975 | 5% | 4,095 | 347,484 | 50% | 2,430,402 | 1,316,532 | 116,041 | 14% | 4,770,529 |  |",
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    "title": "Personal targets set for the CEO, in addition to his overall responsibility for delivering the business plan, were the following:",
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    "markdown": "| Target | Measurement (how the Board of Directors evaluated the target) | Target % | Target pay-out | Max pay-out (USD) | Achievement | Actual pay-out (% of target) | Actual pay-out (USD) |\n| --- | --- | --- | --- | --- | --- | --- | --- |\n| Line up the next wave of immunology breakthroughs: at least 5 new highly innovative programs entered the pipeline | Baseline: at least 3 new programs, Stretch: 5 or more | 25 | 98,368 | 196,736 | Overachieved Number of programs added significantly exceeded stretch target, warranting maximum pay-out of target. | 200% | 196,736 |\n| Proactively manage argenx s clinical moments of truth Build organizational resilience ahead of key clinical trial readouts Ensure data based expectations internally and externally ahead of key clinical trial read-outs Protect and enhance investors trust in argenx s ability to execute | External and internal trust in argenx s ability to execute maintained, even in the context of some setbacks Support of key long term shareholders maintained Ability to attract and retain top talent preserved and/or enhanced | 25 | 98,368 | 196,736 | Achieved Continued support of key shareholders maintained, key talent retained and further key talent hired and onboarded, throughout significant wins (CIDP) and setbacks (ITP, PV) | 100% | 98,368 |\n| Future-proof company leadership, strengthen board effectiveness. Support successful board succession, maximally leverage the board as a resource | Successful selection, hiring and onboarding of new COO Continued access to talent, knowledge and expertise of departing COO, CMO and (founder) CSO, if feasible Ensured excellent onboarding of new board talent, positioned new board members for maximum impact | 25 | 98,368 | 196,736 | Achieved Successful hiring and onboarding of top quality COO Retiring COO, CMO and founder CSO positioned for continued impact through long term Board of Directors committee advisory roles Successful onboarding of 3 new key Board of Directors positions | 100% | 98,368 |\n| Execute the 2023 hiring plan, delivering on successful onboarding of a record number of new hires (including 2022 hires, integrate what argenx scaled) in support of the company s execution ambitions. Safeguard and enhance the corporate culture and align the entire employee base behind the strategic priorities | Company wide understanding of and support for the business plan and alignment around top priorities 2023 hiring plan delivered Record number of new hires throughout 2022 and 2023 successfully onboarded and embraced the argenx cultural values Corporate culture protected, no critical talent departures, voluntary turnover remained stable | 25 | 98,368 | 196,736 | Achieved Company business plan delivered through exceptional cross functional and cross regional collaboration and commitment of all employees Voluntary turnover rates remained relatively stable (less than 1% deviation from 2022 number) and on the low end of market averages (4,27% (2022) to 5% (2023)) Broad participation (295 argonauts across regions and functions) participated in newly launched dedicated forum designed to protect and enhance argenx s company cultural pillars | 100% | 98,368 |",
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    "title": "The personal targets set for the CFO were the following:",
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    "markdown": "| Target | Measurement (how the Board of Directors evaluated the target) | % | Target pay-out | Max pay-out (USD) | Achievement | Actual pay-out (% of target) | Actual pay-out (USD) |\n| --- | --- | --- | --- | --- | --- | --- | --- |\n| Raise at least $ 500 million of capital on favorable terms to finance the company s increased ambition level and corresponding business plan | Achievement: at least $ 500 million raised on favourable terms Stretch: $ 750 million raised on favourable terms | 25 | 51,173 | 104,346 | Overachieved $1 billion+ raised on competitive terms, biggest biotech follow-on financing in the history of Nasdaq (at that time), revised business plan fully financed | 200% | 104,346 |\n| Ensure alignment of external and internal expectations around efgartigimod launch | Financial performance largely aligned or slightly above street expectations Continued support and retention of key shareholders and key talent by continuing to build on the company s reputation for transparency and reliability | 25 | 51,173 | 104,346 | Achieved Four quarterly beat and raise events without significant gaps between internal and external expectations | 100% | 52,173 |\n| Streamline and improve financial planning processes throughout the company, simplify where possible, significantly reduce time spent by non-financial staff on financial planning processes | Significant simplifications delivered across the company for financial planning and management processes Fewer distractions and increased focus on innovation | 25 | 52,173 | 104,346 | Achieved Broader company leadership recognized argenx financial planning process as best in class, delivering a simplified financial planning process with excellent outcomes, allowing the teams to focus on their core responsibilities while benefiting from high quality financial planning | 100% | 52,173 |\n| Protect and preserve company and critical assets, further build out working relationship with audit & compliance committee and ensure successful onboarding of new audit and compliance committee chairperson, support high quality internal and external audit processes ensuring excellence in transparency | Ensured excellent onboarding of new chairman of the audit and compliance committee, committee positioned for maximum impact | 25 | 52,173 | 104,346 | Achieved Successful onboarding of new audit and compliance committee chairperson, excellent working relationship with internal and external auditors facilitated, high quality processes and high levels of transparency led to clean audit outcomes | 100% | 52,173 |",
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    "title": "The personal targets set for the COO, in addition to her overall responsibility for delivering commercial performance, were the following:",
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    "markdown": "| Target | Measurement (how the Board of Directors evaluated the target) | % | Target pay-out | Max pay-out (USD) | Achievement | Actual pay-out (% of target) | Actual pay-out (USD) |\n| --- | --- | --- | --- | --- | --- | --- | --- |\n| Achieve annual operating plan targets for commercial revenue | At target: not disclosed Stretch: exceeding target by at least 10% | 35 | 109,121 | 218,242 | Overachieved $1.2 billion revenues achieved, significantly above internal and external expectations over $ 1 billion revenues in the US alone 4 quarterly beat & raise events | 200% | 218,242 |\n| Responsibly build out argenx s global expansion plan across key non-US regions, fill key positions | Key aspects of business plan for non-U.S. regions delivered | 15 | 46,766 | 93,532 | Overachieved Stretch goals in business plan relating to non-us commercial expansion delivered, including successful Canada entry and first sales, successful execution of key distribution partnerships, robust business cases built for new regions, remarkable wins in Germany, Italy, Spain, successful launch in China | 200% | 93,532 |\n| Implement commercial operating model for consistent launch excellence, reflecting argenx s culture and values | High impact operating model for commercial launches designed Put in place organizational design which sets us up for long term commercial success | 25 | 77,944 | 155,887 | Achieved Successful internal restructuring of the commercial operating model which built cross-functional indication and field teams fully in line with the company s cultural pillars and while significantly overachieving revenue targets Exceeded expectations right after joining, rapidly building real trust and support throughout the global organization and earning the full trust and support of the commercial (and field based) teams, setting the COO up for long term success and organizational impact | 100% | 77,944 |\n| Develop and gain Board of Directors approval of argenx 2030 commercial strategy, identifying key strategic options and investment scenario | Compelling 2030 vision designed with broad buy in from management team and endorsed by the Board of Directors | 25 | 77,944 | 155,887 | Achieved Built out high quality multi-year commercial strategy for future value creation, aligned the management team and the Board of Directors behind this strategic plan mission 2030, plan reviewed, vetted and approved by the Board of Directors | 100% | 77,944 |",
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    "title": "Equity Instruments Granted to NEOs in 2023",
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    "markdown": "| Name | # RSUs | Key terms | Value at grant | Benchmark value | # Stock options | Exercise price in $ | Exercise price in $ | Key terms | Value at grant(5) | Benchmark value(5) | Total |\n| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |\n| Tim Van Hauwermeiren - CEO | 6,700 | (1) | $ 2,575,174 | $ 2,456,086 | 30,000 | 355.40 | $387.35 | (3) | $ 8,084,605 (6) | $ 4,530,900 | $10,659,779 |\n| Karl Gubitz - CFO | 3,350 | (1) | 1,287,587 | 1,228,043 | 15,000 | 355.40 | 387.35 | (4) | 2,626,062 | 2,265,450 | 3,913,649 |\n| Karen Massey - COO | 5,025 | (1) | 1,931,380 | 1,842,065 | 22,500 | 355.40 | 387.35 | (4) | 3,939,093 | 3,398,175 | 5,870,474 |\n| Sign-on grant | 950 | (2) | 365,137 | 348,251 |  |  |  |  |  |  | 365,137 |\n| Keith Woods COO |  |  |  |  |  |  |  |  |  |  |  |",
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  {
    "title": "Information regarding the reported financial year",
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    "markdown": "| Name of Directors, Position | Performance Period | Award Date | Vesting date | End of retention period | Exercise Period | Exercise price of stock option ( ) | Opening balance Stock options held at the beginning of the period | During the Year Stock options awarded | During the Year Stock options exercised | During the Year Stock options forfeited | During the Year Stock options vested | Closing balance Stock options subjected to a service period | Closing balance Stock options awarded and unvested | Closing balance Stock options held at the end of the year | Closing balance Stock options subjected to a retention period |\n| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |\n| Tim Van Hauwermeiren, CEO |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |\n|  | 14/12/2017 - 01/12/2020 | 12/14/2017 | (1) | 12/31/2020 | 01/01/2021 - 14/12/2027 | 21.17 | 72,500 |  | 72,500 |  |  |  |  |  |  |\n|  | 21/12/2018 - 01/12/2021 | 12/21/2018 | (1) | 12/31/2021 | 01/01/2022 - 21/12/2028 | 86.32 | 80,000 |  |  |  |  |  |  | 80,000 |  |\n|  | 20/12/2019 - 01/12/2022 | 12/20/2019 | (1) | 12/31/2022 | 01/01/2023 - 20/12/2029 | 135.75 | 80,000 |  |  |  |  |  |  | 80,000 |  |\n|  | 21/12/2020 - 01/12/2023 | 12/21/2020 | (1) | 12/31/2023 | 01/01/2024 - 21/12/2030 | 247.60 | 50,000 |  |  |  | 16,667 |  |  | 50,000 |  |\n|  | 24/12/2021 - 01/12/2024 | 12/24/2021 | (1) | 12/31/2024 | 01/01/2025 - 24/12/2031 | 309.20 | 25,000 |  |  |  | 8,334 | 8,333 | 8,333 | 25,000 | 25,000 |\n|  | 23/12/2022 - 01/12/2025 | 12/23/2022 | (1) | 12/31/2025 | 01/01/2026 - 23/12/2032 | 359.60 | 25,000 |  |  |  | 8,333 | 16,667 | 16,667 | 25,000 | 25,000 |\n|  | 03/07/2023 - 01/07/2026 | 7/3/2023 | (1) | 12/31/2026 | 01/01/2027 - 03/07/2033 | 355.40 |  | 30,000 |  |  |  | 30,000 | 30,000 | 30,000 | 30,000 |\n| Total |  |  |  |  |  |  | 332,500 | 30,000 | 72,500 |  | 33,334 | 55,000 | 55,000 | 290,000 | 80,000 |\n| Karl Gubitz, CFO |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |\n|  | 01/07/2021 - 01/07/2024 | 7/1/2021 | (1) | n.a. | 01/07/2022 - 01/07/2031 | 255.10 | 24,000 |  |  |  | 8,000 | 4,667 | 4,667 | 24,000 |  |\n|  | 01/07/2022 - 01/07/2025 | 7/1/2022 | (1) | n.a. | 01/07/2023 - 01/07/2032 | 357.50 | 16,000 |  |  |  | 7,556 | 8,444 | 8,444 | 16,000 |  |\n|  | 03/07/2023 - 01/07/2026 | 7/3/2023 | (1) | n.a. | 03/07/2024 - 03/07/2033 | 355.40 |  | 15,000 |  |  |  | 15,000 | 15,000 | 15,000 |  |\n| Total |  |  |  |  |  |  | 40,000 | 15,000 |  |  | 15,556 | 28,111 | 28,111 | 55,000 |  |\n| Karen Massey, COO |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |\n|  | 03/07/2023 - 01/07/2026 | 7/3/2023 | (1) | n.a. | 03/07/2024 - 03/07/2033 | 355.40 |  | 22,500 |  |  |  |  | 22,500 | 22,500 |  |\n| Total |  |  |  |  |  |  |  | 22,500 |  |  |  |  | 22,500 | 22,500 |  |\n| Keith Woods, former COO |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |\n|  | 20/12/2019 - 01/12/2022 | 12/20/2019 | (1) | n.a. | 20/12/2020 - 20/12/2029 | 135.75 | 35,000 |  | 35,000 |  |  |  |  |  |  |\n|  | 21/12/2020 - 30/6/2023 | 12/21/2020 | (1) | n.a. | 21/12/2021 - 21/12/2030 | 247.60 | 50,000 |  |  |  | 16,667 |  |  | 50,000 |  |\n|  | 24/12/2021 - 30/6/2023 | 12/24/2021 | (1) | n.a. | 24/12/2022 - 31/03/2025 | 309.20 | 16,000 |  |  |  | 10,667 |  |  | 16,000 |  |\n|  | 23/12/2022 - 30/6/2023 | 12/23/2022 | (1) | n.a. | 23/12/2023 - 31/03/2026 | 359.60 | 16,000 |  |  | 10,667 | 5,333 |  |  | 5,333 |  |\n| Total |  |  |  |  |  |  | 117,000 |  | 35,000 | 10,667 | 32,667 |  |  | 71,333 |  |",
    "footnotes": [
      "1/3rd of the stock options vests on the first anniversary of the date of grant and the remaining 2/3rd vest in equal instalments (24 in total) over the next two years, each time upon the 1st day of each next month."
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  {
    "title": "Information regarding the reported financial year",
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    "markdown": "| Name of Directors, Position | Performance period | Award Date | Vesting date | End of retention period | RSUs held at the beginning of the year | RSUs awarded | RSUs Forfeited | RSUs vested | RSUs subject to a service condition | RSUs awarded and unvested | RSUs held at the closing of the year | RSUs subject to a retention period |\n| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |\n| Tim van Hauwermeiren, CEO |  |  |  |  |  |  |  |  |  |  |  |  |\n|  | 24/12/2021 - 24/12/2025 | 24/12/2021 | (1) | n.a. | 4,275 |  |  | 1,425 |  | 2,850 | 2,850 |  |\n|  | 23/12/2022 - 23/12/2026 | 23/12/2022 | (1) | n.a. | 5,700 |  |  | 1,425 |  | 4,275 | 4,275 |  |\n|  | 03/07/2023 - 03/07/2027 | 03/07/2023 | (1) | n.a. |  | 6,700 |  |  |  | 6,700 | 6,700 |  |\n| Total |  |  |  |  | 9,975 | 6,700 |  | 2,850 |  | 13,825 | 13,825 |  |\n| Karl Gubitz, CFO |  |  |  |  |  |  |  |  |  |  |  |  |\n|  | 01/07/2021 - 01/07/2025 | 01/07/2021 | (1) | n.a. | 4,050 |  |  | 1,350 |  | 2,700 | 2,700 |  |\n|  | 01/07/2022 - 01/07/2026 | 01/07/2022 | (1) | n.a. | 3,600 |  |  | 900 |  | 2,700 | 2,700 |  |\n|  | 03/07/2023 - 03/07/2027 | 03/07/2023 | (1) | n.a. |  | 3,350 |  |  |  | 3,350 | 3,350 |  |\n| Total |  |  |  |  | 7,650 | 3,350 |  | 2,250 |  | 8,750 | 8,750 |  |\n| Karen Massey, COO |  |  |  |  |  |  |  |  |  |  |  |  |\n|  | 03/07/2023 - 03/07/2027 | 03/07/2023 | (1) | n.a. |  | 5,025 |  |  |  | 5,025 | 5,025 |  |\n|  | N/A | 03/07/2023 | (2) | n.a. |  | 950 |  |  |  | 950 | 950 |  |\n| Total |  |  |  |  |  | 5,975 |  |  |  | 5,975 | 5,975 |  |\n| Keith Woods, former COO |  |  |  |  |  |  |  |  |  |  |  |  |\n|  | 24/12/2021 - 30/06/2023 | 24/12/2021 | (1) | n.a. | 2,700 |  |  | 2,700 |  |  |  |  |\n|  | 24/12/2021 - 30/06/2023 | 23/12/2022 | (1) | n.a. | 3,600 |  | 2,700 | 900 |  |  |  |  |\n| Total |  |  |  |  | 6,300 |  | 2,700 | 3,600 |  |  |  |  |",
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      "(1) RSUs vest over a period of four years with 1/4th of the total grant vesting at each anniversary of the date of grant.",
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    "title": "Compensation",
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    "markdown": "| Compensation |\n| --- |\n| Base salary $ 2,202,303 |\n| Corporate bonus 17,790 |\n| Variable short-term incentive 1,134,786 |\n| Compensation in the form of stock options 13,333,334 |\n| Compensation in the form of RSUs 5,534,702 |\n| Other benefits 882,154 |\n| TOTAL 23,105,069 |",
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  {
    "title": "Equity for other senior management members granted in 2023",
    "subtitle": "The following table sets forth information regarding stock option and RSU awards granted to members of the senior management during fiscal year ended December 31, 2023:",
    "markdown": "| Name | # RSUs | Key terms | Value at grant | # Stock options | Exercise price | Exercise price in $ | Key terms | Value at grant (3) | Total |\n| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |\n| Peter Ulrichts | 3,350 | (1) | $ 1,287,587 | 15,000 | 355.40 | $ 387.35 | (2) | $ 3,420,785 | $4,708,372 |\n| Malini Moorthy | 3,350 | (1) | 1,287,587 | 15,000 | 355.40 | 387.35 | (2) | 2,626,062 | 3,913,649 |\n| Luc Truyen | 3,350 | (1) | 1,287,587 | 15,000 | 355.40 | 387.35 | (2) | 3,420,785 | 4,708,372 |\n| Arjen Lemmen | 3,350 | (1) | 1,287,587 | 15,000 | 355.40 | 387.35 | (2) | 2,626,062 | 3,913,649 |\n| Andria Wilk | 1,000 | (1) | 384,354 | 4,600 | 355.40 | 387.35 | (2) | 1,239,639 | 1,623,994 |",
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      "1/3 of the RSUs vests after year 1. 2/3 vest in monthly instalments in year 2 and 3.",
      "These amounts do not reflect the actual economic value realized by the beneficiary. Amounts shown represent the expenses with"
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    "title": "Information regarding the reported financial year",
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    "markdown": "| Name of Directors, Position | Performance period | Award date | Vesting date | End of retention period | Exercise period | Exercise price of stock option ( ) | Stock options held at the beginning of the year | Stock options awarded | Stock options exercised | Stock options vested during the year | Stock options subject to a service condition | Stock options awarded and unvested | Stock options held at the end of the year | Stock options subject to a retention period |\n| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |\n| Peter Ulrichts, CSO | 28/06/2018 - 01/06/2021 | 6/28/2018 | (1) | 12/31/2021 | 01/01/2022 - 28/06/2023 | 80.82 | 750 |  |  | 750 |  |  |  |  |\n|  | 21/12/2018 - 01/12/2021 | 12/21/2018 | (1) | 12/31/2021 | 01/01/2022 - 21/12/2023 | 86.32 | 5,250 |  |  | 5,250 |  |  |  |  |\n|  | 20/12/2019 - 01/12/2022 | 12/20/2019 | (1) | 12/31/2022 | 01/01/2023 - 20/12/2029 | 135.75 | 12,870 |  |  | 7,870 |  |  | 5,000 |  |\n|  | 21/12/2020 - 01/12/2023 | 12/21/2020 | (1) | 12/31/2023 | 01/01/2024 - 21/12/2030 | 247.60 | 9,900 |  |  |  | 2,550 |  | 9,900 |  |\n|  | 24/12/2021 - 01/12/2024 | 12/24/2021 | (1) | 12/31/2024 | 01/01/2025 - 24/12/2026 | 309.20 | 3,420 |  |  |  | 1,140 | 1,140 | 1,140 | 3,420 | 3,420 |\n|  | 23/12/2022 - 01/12/2025 | 12/23/2022 | (1) | 12/31/2025 | 01/01/2026 - 23/12/2027 | 359.60 | 16,000 |  |  |  | 8,377 | 7,623 | 7,623 | 16,000 | 16,000 |\n|  | 03/07/2023 - 01/07/2026 | 7/3/2023 | (1) | 12/31/2026 | 01/01/2027 - 03/07/2028 | 355.40 |  | 15,000 |  |  |  | 15,000 | 15,000 | 15,000 | 15,000 |\n| Total |  |  |  |  |  |  | 48,190 | 15,000 | 13,870 | 12,067 | 23,763 | 23,763 | 49,320 | 34,420 |\n| Malini Morthy, Legal Counsil | 01/04/2022 - 01/04/2025 | 4/1/2022 | (1) | n.a. | 01/04/2023 - 01/04/2032 | 282.50 | 24,000 |  |  | 7,500 | 13,333 | 10,667 | 10,667 | 16,500 |  |\n|  | 03/07/2023 - 01/07/2026 | 7/3/2023 | (1) | n.a. | 03/07/2024 - 03/07/2033 | 355.40 |  | 15,000 |  |  | 0 | 15,000 | 15,000 | 15,000 |  |\n| Total |  |  |  |  |  |  | 24,000 | 15,000 | 7,500 | 13,333 | 25,667 | 25,667 | 31,500 | 0 |\n| Luc Truyen, CMO | 01/10/2021 - 01/10/2024 | 10/1/2021 | (1) | 12/31/2024 | 01/01/2025 - 01/10/2026 | 259.5 | 24,000 |  |  | 8,000 | 6,667 | 6,667 | 24,000 | 24,000 |\n|  | 23/12/2022 - 01/12/2025 | 12/23/2022 | (1) | 12/31/2025 | 01/01/2026 - 23/12/2027 | 359.6 | 16,000 |  |  | 5,333 | 10,667 | 10,667 | 16,000 | 16,000 |\n|  | 03/07/2023 - 01/07/2026 | 7/3/2023 | (1) | 12/31/2026 | 01/01/2027 - 03/07/2028 | 355.4 |  | 15,000 |  |  | 15,000 | 15,000 | 15,000 | 15,000 |\n| Total |  |  |  |  |  |  | 40,000 | 15,000 |  | 13,333 | 32,334 | 32,334 | 55,000 | 55,000 |\n| Arjen Lemmen, Vice President of Corporate Development & Strategy | 28/06/2018 - 01/06/2021 | 6/28/2018 | (1) | 12/31/2021 | 01/01/2022 - 28/06/2028 | 80.82 | 695 |  |  |  |  |  | 695 |  |\n|  | 21/12/2018 - 01/12/2021 | 12/21/2018 | (1) | 12/31/2021 | 01/01/2022 - 21/12/2028 | 86.32 | 15,952 |  |  |  |  |  | 15,952 |  |\n|  | 20/12/2019 - 01/12/2022 | 12/20/2019 | (1) | 12/31/2022 | 01/01/2023 - 20/12/2029 | 135.75 | 50,000 |  | 12,445 |  |  |  | 37,555 |  |\n|  | 21/12/2020 - 01/12/2023 | 12/21/2020 | (1) | 12/31/2023 | 01/01/2024 - 21/12/2030 | 247.60 | 50,000 |  |  | 16,667 |  |  | 50,000 |  |\n|  | 24/12/2021 - 01/12/2024 | 12/24/2021 | (1) | 12/31/2024 | 01/01/2025 - 24/12/2031 | 309.20 | 16,000 |  |  | 5,334 | 5,333 | 5,333 | 16,000 | 16,000 |\n|  | 23/12/2022 - 01/12/2025 | 12/23/2022 | (1) | n.a. | 23/12/2023 - 23/12/2032 | 359.60 | 16,000 |  |  | 5,333 | 10,667 | 10,667 | 16,000 | 16,000 |\n|  | 03/07/2023 - 01/07/2026 | 7/3/2023 | (1) | n.a. | 03/07/2024 - 03/07/2033 | 355.40 |  | 15,000 |  | 0 | 15,000 | 15,000 | 15,000 | 15,000 |\n| Total |  |  |  |  |  |  | 148,647 | 15,000 | 12,445 | 27,334 | 31,000 | 31,000 | 151,202 | 47,000 |\n| Andria Wilk, Global Head of Quality | 20/12/2019 - 01/12/2022 | 12/20/2019 | (1) | 12/31/2022 | 01/01/2023 - 20/12/2024 | 135.75 | 9,400 |  |  | 9,400 |  |  |  |  |\n|  | 21/12/2020 - 01/12/2023 | 12/21/2020 | (1) | 12/31/2023 | 01/01/2024 - 21/12/2025 | 247.60 | 9,900 |  |  |  | 2,662 |  | 9,900 |  |\n|  | 24/12/2021 - 01/12/2024 | 12/24/2021 | (1) | 12/31/2024 | 01/01/2025 - 24/12/2031 | 309.20 | 4,446 |  |  | 757 | 756 | 756 | 4,446 | 4,446 |\n|  | 23/12/2022 - 01/12/2025 | 12/23/2022 | (1) | 12/31/2025 | 01/01/2026 - 23/12/2027 | 359.60 | 4,600 |  |  | 2,347 | 2,253 | 2,253 | 4,600 | 4,600 |\n|  | 03/07/2023 - 01/07/2026 | 7/3/2023 | (1) | 12/31/2026 | 01/01/2027 - 03/07/2033 | 355.40 |  | 4,600 |  | 770 | 3,830 | 4,600 | 4,600 | 3,830 |\n| Total |  |  |  |  |  |  | 28,346 | 4,600 | 9,400 | 6,536 | 6,839 | 7,609 | 23,546 | 12,876 |",
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  {
    "title": "Information regarding the reported financial year",
    "subtitle": "",
    "markdown": "| Name of Directors, Position | Performance period | Award date | Vesting date | End of retention period | Opening balance RSU s held at the beginning of the year | RSUs awarded | RSUs vested | RSUs subject to a service condition unvested | RSUs held at the closing of the year | RSUs subject to a retention period |\n| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |\n| Peter Ulrichts, CSO |  |  |  |  |  |  |  |  |  |  |  |\n|  | 24/12/2021 - 24/12/2025 | 12/24/2021 | (1) | n.a. | 570 | 190 |  | 380 | 380 |  |\n|  | 23/12/2022 - 23/12/2026 | 12/23/2022 | (1) | n.a. | 3,600 | 900 |  | 2,700 | 2,700 |  |\n|  | 03/07/2023 - 03/07/2027 | 7/3/2023 | (1) | n.a. |  | 3,350 |  | 3,350 | 3,350 |  |\n| Total |  |  |  |  | 4,170 | 3,350 | 1,090 |  | 6,430 | 6,430 |\n| Malini Morthy, Legal Counsil |  |  |  |  |  |  |  |  |  |  |  |\n|  | 01/04/2022 - 01/04/2026 | 4/1/2022 | (1) | n.a. | 5,400 | 1,350 |  | 4,050 | 4,050 |  |\n|  | 03/07/2023 - 03/07/2027 | 7/3/2023 | (1) | n.a. |  | 3,350 |  | 3,350 | 3,350 |  |\n| Total |  |  |  |  | 5,400 | 3,350 | 1,350 |  | 7,400 | 7,400 |\n| Luc Truyen, CMO |  |  |  |  |  |  |  |  |  |  |  |\n|  | 01/10/2021 - 01/10/2025 | 10/1/2021 | (1) | n.a. | 4,050 | 1,350 |  | 2,700 | 2,700 |  |\n|  | 23/12/2022 - 23/12/2026 | 12/23/2022 | (1) | n.a. | 3,600 | 900 |  | 2,700 | 2,700 |  |\n|  | 03/07/2023 - 03/07/2027 | 7/3/2023 | (1) | n.a. |  | 3,350 |  | 3,350 | 3,350 |  |\n| Total |  |  |  |  | 7,650 | 3,350 | 2,250 |  | 8,750 | 8,750 |\n| Arjen Lemmen, Vice President of Corporate Development & Strategy |  |  |  |  |  |  |  |  |  |  |  |\n|  | 24/12/2021 - 24/12/2025 | 12/24/2021 | (1) | n.a. | 2,700 | 900 |  | 1,800 | 1,800 |  |\n|  | 23/12/2022 - 23/12/2026 | 12/23/2022 | (1) | n.a. | 3,600 | 900 |  | 2,700 | 2,700 |  |\n|  | 03/07/2023 - 03/07/2027 | 7/3/2023 | (1) | n.a. |  | 3,350 |  | 3,350 | 3,350 |  |\n| Total |  |  |  |  | 6,300 | 3,350 | 1,800 |  | 7,850 | 7,850 |\n| Andria Wilk, Global Head of Quality |  |  |  |  |  |  |  |  |  |  |  |\n|  | 24/12/2021 - 24/12/2025 | 12/24/2021 | (1) | n.a. | 741 | 247 |  | 494 | 494 |  |\n|  | 23/12/2022 - 23/12/2026 | 12/23/2022 | (1) | n.a. | 1,000 | 250 |  | 750 | 750 |  |\n|  | 03/07/2023 - 03/07/2027 | 7/3/2023 | (1) | n.a. |  | 1,000 |  | 1,000 | 1,000 |  |\n| Total |  |  |  |  | 1,741 | 1,000 | 497 |  | 2,244 | 2,244 |",
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  {
    "title": "Fees earned or paid in cash, Stock option awards, and RSU awards",
    "subtitle": "For fiscal year ended December 31, 2023",
    "markdown": "| Name | Fees earned or paid in cash | Stock option awards | RSU awards | Total |\n| --- | --- | --- | --- | --- |\n| Peter K.M. Verhaeghe | 94,629 | 431,179 | 134,524 | 660,332 |\n| Werner Lanthaler | 11,716 |  |  | 11,716 |\n| Steve Krognes | 64,438 | 377,772 | 193,440 | 635,649 |\n| Pamela Klein | 56,777 | 280,113 | 134,524 | 471,414 |\n| J. Donald deBethizy | 67,592 | 280,113 | 134,524 | 482,229 |\n| Anthony A. Rosenberg | 62,185 | 280,113 | 134,524 | 476,822 |\n| James M. Daly | 67,592 | 280,113 | 134,524 | 482,229 |\n| Camilla Sylvest | 54,073 | 210,085 | 101,085 | 365,244 |\n| Ana Cespedes | 54,073 | 140,057 | 67,262 | 261,392 |\n| Annual cash compensation |  |  |  |  |",
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  {
    "title": "Annual cash compensation by relevant body and position",
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    "markdown": "| Relevant body | Position | Fees in EUR | Fees in USD | Peter Verhaeghe | Werner Lanthaler(1) | Steve Krognes(1) | Pamela Klein | J. Donald deBethizy | Anthony A. Rosenberg | James M. Daly | Camilla Sylvest | Ana Cespedes |\n| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |\n| Board of Directors | Chairperson | 75,000 | $81,110 | $ 81,110 | $ | $ | $ | $ | $ | $ | $ | $ |\n| | Member | 45,000 | 48,666 | | 8,111 | 44,611 | 48,666 | 48,666 | 48,666 | 48,666 | 48,666 | 48,666 |\n| Audit & Compliance committee | Chairperson | 15,000 | 16,222 | | 2,704 | 14,870 | | | | | | |\n| | Member | 7,500 | 8,111 | 8,111 | | | | | | 8,111 | 8,111 | |\n| Remuneration & Nomination committee | Chairperson | 10,000 | 10,815 | | | | | | 10,815 | | | |\n| | Member | 5,000 | 5,407 | 5,407 | 901 | 4,957 | | | | | | 5,407 |\n| Commercial committee | Chairperson | 10,000 | 10,815 | | | | | | 10,815 | | | |\n| | Member | 5,000 | 5,407 | | | | | | 5,407 | | | 5,407 |\n| Research & Development committee | Chairperson | 15,000 | 16,222 | | | | | | | | | |\n| | Member | 7,500 | 8,111 | | | | | | | 8,111 | 8,111 | |\n| Total | | | | 94,628 | 11,716 | 64,438 | 56,777 | 67,592 | 62,184 | 67,592 | 54,073 | 54,073 |",
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  {
    "title": "RSUs granted in 2023 and Stock options granted in 2023",
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    "markdown": "| Name | # RSUs | Key terms | Value at grant | # Stock options | Exercise price in EUR | Exercise price in USD | Key terms | Value at grant | Total |\n| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |\n| Peter Verhaeghe | 350 | (1) | $ 134,524 | 1,600 | 355.40 | $ 387.35 | (2) | $ 431,179 | $565,703 |\n| Werner Lanthaler |  | (1) |  |  |  |  | (2) |  |  |\n| Steve Krognes | 525 | (1) | 193,440 | 2,400 | 355.40 | 387.35 | (2) | 377,772 | 571,212 |\n| Pamela Klein | 350 | (1) | 134,524 | 1,600 | 355.40 | 387.35 | (2) | 280,113 | 414,637 |\n| J. Donald deBethizy | 350 | (1) | 134,524 | 1,600 | 355.40 | 387.35 | (2) | 280,113 | 414,637 |\n| Anthony A. Rosenberg | 350 | (1) | 134,524 | 1,600 | 355.40 | 387.35 | (2) | 280,113 | 414,637 |\n| James M. Daly | 350 | (1) | 134,524 | 1,600 | 355.40 | 387.35 | (2) | 280,113 | 414,637 |\n| Camilla Sylvest | 263 | (1) | 101,085 | 1,200 | 355.40 | 387.35 | (2) | 210,085 | 311,170 |\n| Ana Cespedes | 175 | (1) | 67,262 | 800 | 355.40 | 387.35 | (2) | 140,057 | 207,319 |",
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    "title": "Stock options held and granted to non-executive directors",
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    "markdown": "|  |  |  |  |  |  |  |  |  | Information regarding the reported financial year |  |  |  |  |  |\n| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |\n|  |  |  |  |  |  |  | Opening |  |  |  |  |  |  |  |\n|  |  |  |  |  |  |  |  |  | During the Year |  |  | Closing balance |  |  |\n|  |  |  |  |  |  |  | balance |  |  |  |  |  |  |  |\n|  |  |  |  |  |  |  |  |  |  |  |  |  |  | Stock |\n|  |  |  |  |  |  |  | Stock |  |  |  | Stock | Stock | Stock |  |\n|  |  |  |  |  |  | Exercise |  |  |  |  |  |  |  | options |\n|  |  |  |  | End of |  |  | options held | Stock | Stock | Stock | options | options | options |  |\n| Name of |  |  | Vesting |  |  | price of |  |  |  |  |  |  |  | subject to |\n|  | Performance period | Award date |  | retention | Exercise period |  | at the | options | options | options | subject to | awarded | held at the |  |\n| Directors |  |  | date |  |  | stock option |  |  |  |  |  |  |  | a |\n|  |  |  |  | period |  |  | beginning of | awarded | exercised | vested | a service | and | end of the |  |\n|  |  |  |  |  |  | ( ) |  |  |  |  |  |  |  | retention |\n|  |  |  |  |  |  |  | the year |  |  |  | condition | unvested | year |  |\n|  |  |  |  |  |  |  |  |  |  |  |  |  |  | period |\n| Peter K.M. Verhaeghe |  |  |  |  |  |  |  |  |  |  |  |  |  |  |\n|  | 30/09/2014 - 30/09/2017 | 30/09/2014 | (1) | 31/12/2017 | 01/01/2018 - 30/09/2024 | 3.95 | 1,969 |  | 1,969 |  |  |  |  |  |\n|  | 30/09/2014 - 30/09/2017 | 30/09/2014 | (1) | 31/12/2017 | 01/01/2018 - 30/09/2024 | 2.44 | 2,885 |  | 2,885 |  |  |  |  |  |\n|  | 18/12/2014 - 18/12/2017 | 18/12/2014 | (1) | 31/12/2017 | 01/01/2018 - 18/12/2024 | 7.17 | 5,000 |  | 3,000 |  |  |  | 2,000 |  |\n|  | 18/06/2016 - 18/06/2019 | 18/06/2016 | (1) | 31/12/2019 | 01/01/2020 - 18/06/2026 | 11.38 | 10,000 |  |  |  |  |  | 10,000 |  |\n|  | 21/12/2018 - 21/12/2021 | 21/12/2018 | (1) | 31/12/2021 | 01/01/2022 - 21/12/2028 | 86.32 | 10,000 |  |  |  |  |  | 10,000 |  |\n|  | 20/12/2019 - 20/12/2022 | 20/12/2019 | (1) | 31/12/2022 | 01/01/2023 - 20/12/2029 | 135.75 | 10,000 |  |  |  |  |  | 10,000 |  |\n|  | 21/12/2020 - 21/12/2023 | 21/12/2020 | (1) | 31/12/2023 | 01/01/2024 - 21/12/2030 | 247.60 | 10,000 |  |  | 3,333 |  |  | 10,000 |  |\n|  | 24/12/2021 - 24/12/2024 | 24/12/2021 | (2) | 31/12/2024 | 01/01/2025 - 24/12/2031 | 309.20 | 2,700 |  |  |  |  | 2,700 | 2,700 | 2,700 |\n|  | 23/12/2022 - 23/12/2025 | 23/12/2022 | (2) | 31/12/2025 | 01/01/2026 - 23/12/2032 | 359.60 | 2,700 |  |  |  |  | 2,700 | 2,700 | 2,700 |\n|  | 03/07/2023 - 03/07/2026 | 03/07/2023 | (2) | 31/12/2026 | 01/01/2027 - 03/07/2033 | 355.40 |  | 1,600 |  |  |  | 1,600 | 1,600 | 1,600 |\n| Total |  |  |  |  |  |  | 55,254 | 1,600 | 7,854 | 3,333 |  | 7,000 | 49,000 | 7,000 |\n| Werner Lanthaler |  |  |  |  |  |  |  |  |  |  |  |  |  |  |\n|  | 21/12/2018 - 21/12/2021 | 21/12/2018 | (1) | n.a. | 21/12/2019 - 21/12/2028 | 86.32 | 10,000 |  | 10,000 |  |  |  |  |  |\n|  | 20/12/2019 - 20/12/2022 | 20/12/2019 | (1) | n.a. | 20/12/2020 - 20/12/2029 | 135.75 | 5,580 |  | 5,580 |  |  |  |  |  |\n|  | 21/12/2020 - 21/12/2023 | 21/12/2020 | (1) | n.a. | 21/12/2021 - 21/12/2030 | 247.60 | 10,000 |  | 1,126 | 3,333 |  |  | 8,874 |  |\n|  | 24/12/2021 - 24/12/2024 | 24/12/2021 | (2) | 01/12/2024 | 24/12/2022 - 24/12/2031 | 309.20 | 2,700 |  |  |  |  |  | 2,700 |  |\n| Total |  |  |  |  |  |  | 28,280 |  | 16,706 | 3,333 |  |  | 11,574 |  |\n| Steve Krognes |  |  |  |  |  |  |  |  |  |  |  |  |  |  |\n|  | 03/04/2023 - 03/04/2026 | 03/04/2023 | (2) | 31/12/2026 | 03/04/2024 - 03/04/2033 | 340.70 |  | 2,400 |  |  |  | 2,400 | 2,400 | 2,400 |\n| Total |  |  |  |  |  |  |  | 2400 |  |  |  | 2,400 | 2,400 | 2400 |\n| Pamela Klein |  |  |  |  |  |  |  |  |  |  |  |  |  |  |\n|  | 18/06/2015 - 18/06/2018 | 18/06/2015 | (1) | n.a. | 18/06/2016 - 18/06/2025 | 11.44 |  |  |  |  |  |  |  |  |\n|  | 18/06/2016 - 18/06/2019 | 18/06/2016 | (1) | n.a. | 18/06/2017 - 18/06/2026 | 11.38 |  |  |  |  |  |  |  |  |\n|  | 21/12/2018 - 21/12/2021 | 21/12/2018 | (1) | n.a. | 21/12/2019 - 21/12/2028 | 86.32 | 10,000 |  | 8,500 |  |  |  | 1,500 |  |\n|  | 20/12/2019 - 20/12/2022 | 20/12/2019 | (1) | n.a. | 20/12/2020 - 20/12/2029 | 135.75 | 10,000 |  |  |  |  |  | 10,000 |  |\n|  | 21/12/2020 - 21/12/2023 | 21/12/2020 | (1) | n.a. | 21/12/2021 - 21/12/2030 | 247.60 | 10,000 |  |  | 3,333 |  |  | 10,000 |  |\n|  | 24/12/2021 - 24/12/2024 | 24/12/2021 | (2) | 31/12/2024 | 24/12/2022 - 24/12/2031 | 309.20 | 2,700 |  |  |  |  | 2,700 | 2,700 | 2,700 |\n|  | 23/12/2022 - 23/12/2025 | 23/12/2022 | (2) | 31/12/2025 | 23/12/2023 - 23/12/2032 | 359.60 | 2,700 |  |  |  |  | 2,700 | 2,700 | 2,700 |\n|  | 03/07/2023 - 03/07/2026 | 03/07/2023 | (2) | 31/12/2026 | 03/07/2024 - 03/07/2033 | 355.40 |  | 1,600 |  |  |  | 1,600 | 1,600 | 1,600 |\n| Total |  |  |  |  |  |  | 35,400 | 1,600 | 8,500 | 3,333 |  | 7,000 | 28,500 | 7,000 |\n| J. Donald deBethizy |  |  |  |  |  |  |  |  |  |  |  |  |  |  |\n|  | 18/06/2016 - 18/06/2019 | 18/06/2016 | (1) | n.a. | 18/06/2017 - 18/06/2026 | 11.38 | 10,000 |  |  |  |  |  | 10,000 |  |\n|  | 21/12/2018 - 21/12/2021 | 21/12/2018 | (1) | n.a. | 21/12/2019 - 21/12/2028 | 86.32 | 10,000 |  |  |  |  |  | 10,000 |  |\n|  | 20/12/2019 - 20/12/2022 | 20/12/2019 | (1) | n.a. | 20/12/2020 - 20/12/2029 | 135.75 | 10,000 |  |  |  |  |  | 10,000 |  |\n|  | 21/12/2020 - 21/12/2023 | 21/12/2020 | (1) | n.a. | 21/12/2021 - 21/12/2030 | 247.60 | 10,000 |  |  | 3,333 |  |  | 10,000 |  |\n|  | 24/12/2021 - 24/12/2024 | 24/12/2021 | (2) | 31/12/2024 | 24/12/2022 - 24/12/2031 | 309.20 | 2,700 |  |  |  |  | 2,700 | 2,700 | 2,700 |\n|  | 23/12/2022 - 23/12/2025 | 23/12/2022 | (2) | 31/12/2025 | 23/12/2023 - 23/12/2032 | 359.60 | 2,700 |  |  |  |  | 2,700 | 2,700 | 2,700 |\n|  | 03/07/2023 - 03/07/2026 | 03/07/2023 | (2) | 31/12/2026 | 03/07/2024 - 03/07/2033 | 355.40 |  | 1,600 |  |  |  | 1,600 | 1,600 | 1,600 |\n| Total |  |  |  |  |  |  | 45,400 | 1,600 |  | 3,333 |  | 7,000 | 47,000 | 7,000 |\n| A.A. Rosenberg |  |  |  |  |  |  |  |  |  |  |  |  |  |  |\n|  | 13/12/2016 - 13/12/2019 | 13/12/2016 | (1) | n.a. | 13/12/2017 - 13/12/2026 | 14.13 | 15,000 |  |  |  |  |  | 15,000 |  |\n|  | 21/12/2018 - 21/12/2021 | 21/12/2018 | (1) | n.a. | 21/12/2019 - 21/12/2028 | 86.32 | 10,000 |  |  |  |  |  | 10,000 |  |\n|  | 20/12/2019 - 20/12/2022 | 20/12/2019 | (1) | n.a. | 20/12/2020 - 20/12/2029 | 135.75 | 8,840 |  |  |  |  |  | 8,840 |  |\n|  | 21/12/2020 - 21/12/2023 | 21/12/2020 | (1) | n.a. | 21/12/2021 - 21/12/2030 | 247.60 | 5,840 |  | 2,200 | 3,333 |  |  | 3,640 |  |\n|  | 24/12/2021 - 24/12/2024 | 24/12/2021 | (2) | 31/12/2024 | 24/12/2022 - 24/12/2031 | 309.20 | 2,700 |  |  |  |  | 2,700 | 2,700 | 2,700 |\n|  | 23/12/2022 - 23/12/2025 | 23/12/2022 | (2) | 31/12/2025 | 23/12/2023 - 23/12/2032 | 359.60 | 2,700 |  |  |  |  | 2,700 | 2,700 | 2,700 |\n|  | 03/07/2023 - 03/07/2026 | 03/07/2023 | (2) | 31/12/2026 | 03/07/2024 - 03/07/2033 | 355.40 |  | 1,600 |  |  |  | 1,600 | 1,600 | 1,600 |\n| Total |  |  |  |  |  |  | 45,080 | 1600 | 2,200 | 3,333 |  | 7,000 | 44,480 | 7,000 |\n| James M. Daly |  |  |  |  |  |  |  |  |  |  |  |  |  |  |\n|  | 28/06/2018 - 28/06/2021 | 28/06/2018 | (1) | n.a. | 28/06/2019 - 28/06/2028 | 80.82 |  |  |  |  |  |  |  |  |\n|  | 21/12/2018 - 21/12/2021 | 21/12/2018 | (1) | n.a. | 21/12/2019 - 21/12/2028 | 86.32 |  |  |  |  |  |  |  |  |\n|  | 20/12/2019 - 20/12/2022 | 20/12/2019 | (1) | n.a. | 20/12/2020 - 20/12/2029 | 135.75 | 10,000 |  | 10,000 |  |  |  |  |  |\n|  | 21/12/2020 - 21/12/2023 | 21/12/2020 | (1) | n.a. | 21/12/2021 - 21/12/2030 | 247.60 | 10,000 |  |  | 3,333 |  |  | 10,000 |  |\n|  | 24/12/2021 - 24/12/2024 | 24/12/2021 | (2) | 31/12/2024 | 24/12/2022 - 24/12/2031 | 309.20 | 2,700 |  |  |  |  | 2,700 | 2,700 | 2,700 |\n|  | 23/12/2022 - 23/12/2025 | 23/12/2022 | (2) | 31/12/2025 | 23/12/2023 - 23/12/2032 | 359.60 | 2,700 |  |  |  |  | 2,700 | 2,700 | 2,700 |\n|  | 03/07/2023 - 03/07/2026 | 03/07/2023 | (2) | 31/12/2026 | 03/07/2024 - 03/07/2033 | 355.40 |  | 1,600 |  |  |  | 1,600 | 1,600 | 1,600 |\n| Total |  |  |  |  |  |  | 25,400 | 1,600 | 10,000 | 3,333 |  | 7,000 | 17,000 | 7,000 |\n| Camilla Sylvest |  |  |  |  |  |  |  |  |  |  |  |  |  |  |\n|  | 03/10/2022 - 03/10/2025 | 03/10/2022 | (2) | 31/12/2025 | 03/10/2023 - 03/10/2032 | 368.50 | 4,050 |  |  |  |  | 4,050 | 4,050 | 4,050 |\n|  | 03/07/2023 - 03/07/2026 | 03/07/2023 | (2) | 31/12/2026 | 03/07/2024 - 03/07/2033 | 355.40 |  | 1,200 |  |  |  | 1,200 | 1,200 | 1,200 |\n| Total |  |  |  |  |  |  | 4,050 | 1,200 |  |  |  | 5,250 | 5,250 | 5,250 |\n| Ana Cespedes |  |  |  |  |  |  |  |  |  |  |  |  |  |  |\n|  | 23/12/2022 - 23/12/2025 | 23/12/2022 | (2) | 31/12/2025 | 23/12/2023 - 23/12/2032 | 359.60 | 4,050 |  |  |  |  | 4,050 | 4,050 | 4,050 |\n|  | 03/07/2023 - 03/07/2026 | 03/07/2023 | (2) | 31/12/2026 | 03/07/2024 - 03/07/2033 | 355.40 |  | 800 |  |  |  | 800 | 800 | 800 |\n| Total |  |  |  |  |  |  | 4,050 | 800 |  |  |  | 4,850 | 4,850 | 4,850 |\n| (1) 1/3rd of the stock options vests on the first anniversary of the date of grant and the remaining 2/3rd vests in equal monthly instalments (24 in total) over the next two years, each time upon the 1st day of each next month |  |  |  |  |  |  |  |  |  |  |  |  |  |  |\n| (2) stock options vests upon third anniversary of the grant |  |  |  |  |  |  |  |  |  |  |  |  |  |  |",
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    "title": "Information regarding the reported financial year",
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    "markdown": "| | 2019 | 2020 | 2021 | 2022 | 2023 |\n| --- | --- | --- | --- | --- | --- |\n| Base salary of our CEO (EUR) | 525,000 | 525,000 | 551,250 | 606,368 | 606,368 |\n| Base salary of our CEO (USD) | $ 526,825 | $ 553,167 | $ 580,825 | $ 638,901 | $ 655,787 |\n| Non-equity remuneration of our CEO (USD) (base salary, short-term cash incentive, pension contributions and other compensation elements) | $ 1,001,891 | $ 1,144,301 | $ 1,285,136 | $ 1,443,925 | $ 1,285,056 |\n| Non-equity median salary paid to our employees (USD) | $ 121,603 | $ 163,062 | $ 157,349 | $ 153,193 | $ 159,500 |\n| Ratio employee/CEO | 12% | 14% | 12% | 11% | 12% |\n| Average compensation paid to non-executive director (USD) | $ 60,372 | $ 57,925 | $ 54,484 | $ 48,587 | $ 59,230 |\n| Number of employees on December 31 | 188 | 336 | 650 | 843 | 1,148 |\n| Share price at end of year Euronext (EUR) on December 31 | 143.60 | 242.00 | 315.30 | 348.30 | 343.50 |\n| Share price at end of year Euronext (USD) on December 31 | $ 161.32 | $ 296.96 | $ 357.11 | $ 371.50 | $ 379.57 |",
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    "markdown": "| | Year ended December 31, 2019 | Year ended December 31, 2020 | Year ended December 31, 2021 | Year ended December 31, 2022 | Year ended December 31, 2023 |\n| --- | --- | --- | --- | --- | --- |\n| Stock options granted to the CEO | 80,000 | 50,000 | 25,000 | 25,000 | 30,000 |\n| Median stock options granted to our employees | 2,800 | 2,900 | 981 | 900 | 600 |\n| Ratio employee/CEO | 4 % | 6 % | 4 % | 4 % | 2% % |\n| Average number of stock options granted to non-executive directors | 10,000 | 10,000 | 2,869 | 3,086 | 1,550 |\n| Median stock options granted to our employees | 2,800 | 2,900 | 981 | 900 | 600 |\n| Ratio employee/non-executive directors | 28 % | 29 % | 34 % | 29 % | 39% % |",
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    "markdown": "| Name | Number of meetings attended in 2023 since appointment | Attendance % |\n| --- | --- | --- |\n| Peter K. M. Verhaeghe | 5 | 100% |\n| Werner Lanthaler(1) | 1 | 100% |\n| Steve Krognes (chairperson)(1) | 4 | 100% |\n| Anthony A. Rosenberg | 5 | 100% |\n| James M. Daly | 5 | 100% |",
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    "markdown": "| Name | Number of meetings attended in 2023 since appointment | Attendance % |\n| --- | --- | --- |\n| Peter K. M. Verhaeghe | 5 | 100% |\n| Ana Cespedes | 5 | 100% |\n| J. Donald deBethizy (chairperson) | 5 | 100% |\n| Informal subcommittees | | |",
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    "markdown": "| Name | Number of meetings attended in 2023 since appointment | Attendance % |\n| --- | --- | --- |\n| J. Donald deBethizy | 5 | 100% |\n| Pamela Klein | 5 | 100% |\n| David Lacey (chairperson) | 5 | 100% |\n| Commercialization committee |  |  |",
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    "markdown": "| Name | Number of meetings attended in 2023 since appointment | Attendance % |\n| --- | --- | --- |\n| Anthony A. Rosenberg | 5 | 100% |\n| James M. Daly (chairperson) | 5 | 100% |\n| Camilla Sylvest | 5 | 100% |\n| Corporate Governance Practices | | |",
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    "title": "Employee count by Function and Geography at December 31, 2023, 2022, 2021",
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    "markdown": "| Name of beneficial owner | Number | Percentage |\n| --- | --- | --- |\n| 3% or Greater Shareholders: |  |  |\n| FMR LLC (1) | 4,173,842 | 7.1 % |\n| Blackrock, Inc. (2) | 4,036,853 | 6.8 % |\n| Baillie Gifford & Co (3) |  | 6.2 (voting)% |\n| T. Rowe Price Group, Inc. (4) | 3,673,855 | 6.2 % |\n| Artisan Partners Limited Partnership (5) | 3,174,477 | 5.4 % |\n| The Vanguard Group (6) | 1,978,464 | 4.2 % |\n| Capital Research and Management Company (7) |  | 3.2 (voting)% |\n| Janus Henderson Group plc (8) | 1,784,723 | 3.0 % |\n| Wellington Management Group LLP (9) |  | 3.0 (voting)% |\n| Directors and Senior Management: |  |  |\n| Tim Van Hauwermeiren (10) |  | * % |\n| Arjen Lemmen (11) |  | * % |\n| Keith Woods (12) |  | * % |\n| Karl Gubitz (13) |  | * % |\n| Peter K.M. Verhaeghe (14) |  | * % |\n| J. Donald deBethizy (15) |  | * % |\n| Anthony A. Rosenberg (16) |  | * % |\n| Luc Truyen (17) |  | * % |\n| Peter Ulrichts (18) |  | * % |\n| Malini Moorthy (19) |  | * % |\n| Pamela Klein (20) |  | * % |\n| Andria Wilk (21) |  | * % |\n| Karen Massey |  | * % |\n| Camilla Sylvest (22) |  | * % |\n| Ana Cespedes (23) |  | * % |\n| Werner Lanthaler (24) |  | * % |\n| Steve Krognes (25) |  | * % |\n| James M. Daly (26) |  | * % |\n| All executive officers and directors as a group (18 persons) |  | 1.4 % |",
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    "markdown": "| Footnote | Text |\n| --- | --- |\n| (2) | Based on the most recently available Schedule 13G filed with the SEC on February 1, 2024. According to its Schedule 13G, BlackRock, Inc. reported having sole voting power over 3,767,146 ordinary shares and sole dispositive power over 4,036,853 ordinary shares. The Schedule 13G contained information as of December 31, 2023 and may not reflect current holdings of the Company s stock. The address for BlackRock, Inc. is 50 Hudson Yards, New York, NY 10001. |\n| (3) | Based solely on the most recent transparency notification filed with the Dutch Authority for the Financial Markets (Stichting Autoriteit Financi le Markten) (AFM) as of February 20, 2024. Consists of 0 ordinary shares and voting rights on 2,966,216 ordinary shares. Other information regarding this shareholder s beneficial ownership of our shares is not known to us or, to our knowledge, ascertainable from public filings. |\n| (4) | Based on the most recently available Schedule 13G filed with the SEC on February 14, 2024. According to its Schedule 13G, T. Rowe Price Associates, Inc. reported having sole voting power over 1,051,051 ADSs and sole dispositive power over 3,673,589 ADSs. The Schedule 13G contained information as of December 31, 2023 and may not reflect current holdings of the Company s stock. The address for T. Rowe Price Associates, Inc. is 100 E. Pratt Street, Baltimore, MD 21202. |\n| (5) | Based on the most recently available Schedule 13G filed with the SEC on February 12, 2024. According to its Schedule 13G, Artisan Partners Limited Partnership (APLP), Artisan Investments GP LLC (Artisan Investments), Artisan Partners Holdings LP (Artisan Holdings), and Artisan Partners Asset Management Inc. (APAM) reported having shared voting power over 2,705,482 ordinary shares and shared dispositive power over 3,174,477 ordinary shares. APLP is an investment adviser registered under section 203 of the Investment Advisers Act of 1940. Artisan Holdings is the sole limited partner of APLP and the sole member of Artisan Investments. Artisan Investments is the general partner of APLP. APAM is the general partner of Artisan Holdings. The Schedule 13G contained information as of December 31, 2023 and may not reflect current holdings of the Company s stock. The address for APLP, Artisan Investments, Artisan Holdings, and APAM is 875 East Wisconsin Avenue, Suite 800, Milwaukee, WI 53202. |\n| (6) | Based solely on the most recent transparency notification filed by The Vanguard Group, Inc. with the AFM as of February 20, 2024. Consists of 1,978,464 shares (on which, according to the AFM filing, no voting rights can be exercised by this shareholder). Other information regarding this shareholder s beneficial ownership of our shares is not known to us or, to our knowledge, ascertainable from public filings. The address for The Vanguard Group, Inc. is the Vanguard Group, 100 Vanguard Blvd., Malvern, PA 19355. |\n| (7) | Based solely on the most recent transparency notification filed with the AFM as of February 20, 2024. Consists of voting rights on 119,041 ordinary shares and 1,765,665 ADSs. Other information regarding this shareholder s beneficial ownership of our shares is not known to us or, to our knowledge, ascertainable from public filings. |\n| (8) | Based solely on the most recent transparency notification filed with the AFM as of February 20, 2024. Consists of 10,882 ordinary shares and 1,773,841 ADSs. Other information regarding this shareholder s beneficial ownership of our shares is not known to us or, to our knowledge, ascertainable from public filings. |\n| (9) | Based solely on the most recent transparency notification filed with the AFM as of February 20, 2024. Consists of 0 ordinary shares and voting rights on 1,520,216 ordinary shares and 257,347 ADSs. Other information regarding this shareholder s beneficial ownership of our shares is not known to us or, to our knowledge, ascertainable from public filings. |\n| (10) | Consists of 109,986 ordinary shares (of which 71,986 ordinary shares are held by Mr. Van Hauwermeiren directly and 38,000 ordinary shares are held indirectly by Mr. Van Hauwermeiren s partner, Ms. Vissers, who holds the interest in these ordinary shares through an entity, Stichting Administratiekantoor Cinclus, which in turn holds the interest in these ordinary shares through the Belgian civil company (soci t civile/burgerlijke maatschap) TVHNV ), and 240,555 shares issuable upon the exercise of stock options that are immediately exercisable or exercisable within 60 days of February 20, 2024. |\n| (11) | Consists of 1,227 ordinary shares and 123,757 shares issuable upon the exercise of stock options that are immediately exercisable or exercisable within 60 days of February 20, 2024 (of which 12,445 stock options are subject to a mirror option contract pursuant to which the counterparty has the right to buy the shares underlying these stock options at the strike price as soon as these stock options become exercisable, subject to the specific terms of the contract). |\n| (12) | Consists of 3,307 ordinary shares and 71,333 shares issuable upon the exercise of stock options that are immediately exercisable or exercisable within 60 days of February 20, 2024. |\n| (13) | Consists of 2,959 ordinary shares (including 500 ADSs) and 31,333 shares issuable upon the exercise of stock options that are immediately exercisable or exercisable within 60 days of February 20, 2024. |\n| (14) | Consists of 450 ordinary shares and 42,000 shares issuable upon the exercise of stock options that are immediately exercisable or exercisable within 60 days of February 20, 2024. |\n| (15) | Consists of 450 ordinary shares and 40,000 shares issuable upon the exercise of stock options that are immediately exercisable or exercisable within 60 days of February 20, 2024. |",
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    "title": "The net exposure to exchange differences of the monetary assets (being cash, cash equivalents and current financial assets) of the Company at the end of the reporting period are as follows:",
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    "markdown": "| Currency | 2023 | 2022 | 2021 |\n| --- | --- | --- | --- |\n| EUR | 923,773 | 613,866 | 591,887 |\n| JPY | 8,232 | 5,613 | 6,316 |\n| GBP | 7 | 59,026 | 1,237 |\n| CHF | 193 | 3,832 | 727 |\n| CAD | 266 | 657 |  |\n| SEK | 1 | 7 |  |\n| DKK | 9 | 6 |  |",
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    "markdown": "| Fees | Year Ended December 31, 2023 | Year Ended December 31, 2022 |\n| --- | --- | --- |\n| Audit fees (1) | $ 1,979 | $ 1,394 |\n| Audit-related fees | 330 | 380 |\n| Tax fees | | |\n| All other fees | | |\n| Total | $ 2,309 | $ 1,774 |",
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    "markdown": "| Exhibit | Description | Schedule/Form | File Number | Incorporated by Reference Exhibit | File Date (mm/dd/yyyy) |\n| --- | --- | --- | --- | --- | --- |\n| 1.1 | Articles of Association (English translation), as amended | Form 20-F | 001-38097 | 1.1 | 03/16/2023 |\n| 1.2 | Rules for the Board of Directors | Form 20-F | 001-38097 | 1.2 | 03/16/2023 |\n| 2.1 | Form of Deposit Agreement | Form F-1/A | 333-217417 | 4.1 | 05/16/2017 |\n| 2.2 | Form of American Depositary Receipt (included in Exhibit 2.1) |  |  |  |  |\n| 2.3# | Description of Share Capital |  |  |  |  |\n| 4.1 | Leases dated April 1, 2016 between argenx BVBA and Bio-Incubator Gent 2 NV | Form F-1 | 333-217417 | 10.1 | 04/21/2017 |\n| 4.2** | Patent License Agreement, dated February 15, 2012, between the registrant and The Board of Regents of the University of Texas System, as amended | Form F-1 | 333-217417 | 10.2 | 04/21/2017 |\n| 4.3 | Form of Indemnification Agreement between the registrant and each of its executive officers and directors | Form F-1 | 333-217417 | 10.3 | 04/21/2017 |\n| 4.4# | argenx Equity Incentive Plan 2023 |  |  |  |  |\n| 4.5** | Collaboration License Agreement, dated December 2, 2018, between the registrant, argenx BVBA and Cilag GmbH International | Form 20-F | 001-38097 | 4.5 | 03/26/2019 |\n| 4.6 | Investment Agreement, dated December 2, 2018, between the registrant and Johnson & Johnson Innovation - JJDC, Inc. | Form 20-F | 001-38097 | 4.6 | 03/26/2019 |",
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    "markdown": "| Exhibit Number | Description | Form Type | CIK | Exhibit | Filing Date |\n| --- | --- | --- | --- | --- | --- |\n| 4.7** | Collaboration and License Agreement, dated January 6, 2021, between the registrant and Zai Auto Immune (Hong Kong) Limited | Form 20-F | 001-38097 | 4.7 | 03/30/2021 |\n| 4.8 | Asset Purchase Agreement, dated November 29, 2022, by and between bluebird bio, Inc. and argenx BV | Form 6-K | 001-38097 | 1.1 | 11/30/2022 |\n| 4.9 | Remuneration Policy | Form 20-F | 001-38097 | 4.9 | 03/16/2023 |\n| 8.1 | List of subsidiaries of the registrant | Form 20-F | 001-38097 | 8.1 | 03/16/2023 |\n| 12.1# | Certification by the Principal Executive Officer pursuant to Securities Exchange Act Rules 13a-14(a) and 15d-14(a) as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 | | | | |\n| 12.2# | Certification by the Principal Financial Officer pursuant to Securities Exchange Act Rules 13a-14(a) and 15d-14(a) as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 | | | | |\n| 13.1* | Certification by the Principal Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 | | | | |\n| 13.2* | Certification by the Principal Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 | | | | |\n| 15.1# | Consent of Deloitte Accountants B.V. | | | | |\n| 97.1# | Executive Compensation Clawback Policy, dated July 25, 2023 | | | | |\n| 101.INS# | Inline XBRL Instance Document | | | | |\n| 101.SCH# | Inline XBRL Taxonomy Extension Schema Document | | | | |\n| 101.CAL# | Inline XBRL Taxonomy Extension Calculation Linkbase Document | | | | |\n| 101.DEF# | Inline XBRL Taxonomy Extension Definition Linkbase Document | | | | |",
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    "markdown": "| Exhibit Number | Description |\n| --- | --- |\n| 101.LAB# | Inline XBRL Taxonomy Extension Label Linkbase Document |\n| 101.PRE# | Inline XBRL Taxonomy Extension Presentation Linkbase Document |\n| 104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) |",
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    "markdown": "| INDEX TO FINANCIAL STATEMENTS | Page |\n| --- | --- |\n| Audited consolidated financial statements as of and for the years ended December 31, 2023, 2022 and 2021 | |\n| Reports of Independent Registered Public Accounting Firm (PCAOB ID No. 1243) | F-2 |\n| Consolidated Statements of Financial Position | F-4 |\n| Consolidated Statements of Profit or Loss | F-6 |\n| Consolidated Statements of Comprehensive Income (Loss) | F-7 |\n| Consolidated Statements of Cash Flows | F-8 |\n| Consolidated Statements of Changes in Equity | F-9 |\n| Notes to the Consolidated Financial Statements | F-10 |",
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    "markdown": "| | Note | As of December 31, 2023 | As of December 31, 2022 | As of December 31, 2021 |\n| --- | --- | --- | --- | --- |\n| ASSETS | | | | |\n| Non current assets | | | | |\n| Property, plant and equipment | 4 | $ 22,675 | $ 16,234 | $ 15,844 |\n| Intangible assets | 5 | 125,228 | 174,901 | 171,684 |\n| Deferred tax asset | 24 | 97,211 | 79,222 | 32,191 |\n| Research and development incentive receivables | | 76,706 | 47,488 | 32,707 |\n| Investment in joint venture | 27.1 | 9,912 | 1,323 | |\n| Prepaid expenses | 7 | 47,327 | | |\n| Other non-current assets | 6 | 39,662 | 40,894 | 54,876 |\n| Total non current assets | | 418,721 | 360,064 | 307,303 |\n| Current assets | | | | |\n| Inventories | 7 | $ 310,550 | $ 228,353 | $ 109,076 |\n| Prepaid expenses | 8 | 134,072 | 76,022 | 58,946 |\n| Trade and other receivables | 9 | 496,687 | 275,697 | 38,221 |\n| Research and development incentive receivables | | 2,584 | 1,578 | |\n| Financial assets | 10 | 1,131,000 | 1,391,808 | 1,002,052 |\n| Cash and cash equivalents | 11 | 2,048,844 | 800,740 | 1,334,676 |\n| Total current assets | | 4,123,737 | 2,774,197 | 2,542,971 |\n| TOTAL ASSETS | | $ 4,542,458 | $ 3,134,261 | $ 2,850,274 |",
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    "title": "EQUITY AND LIABILITIES",
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    "title": "ARGENX SE",
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    "markdown": "| | Note | Year Ended December 31, 2023 | Year Ended December 31, 2022 | Year Ended December 31, 2021 |\n| --- | --- | --- | --- | --- |\n| Product net sales | 15,18 | $ 1,190,783 | $ 400,720 | $ |\n| Collaboration revenue | 16 | 35,533 | 10,026 | 497,277 |\n| Other operating income | 17 | 42,278 | 34,520 | 42,141 |\n| Total operating income | | 1,268,594 | 445,267 | 539,418 |\n| Cost of sales | | (117,835) | (29,431) | |\n| Research and development expenses | 19 | (859,492) | (663,366) | (580,520) |\n| Selling, general and administrative expenses | 20 | (711,905) | (472,132) | (307,644) |\n| Loss from investment in joint venture | | (4,411) | (677) | |\n| Total operating expenses | | (1,693,643) | (1,165,607) | (888,164) |\n| Operating loss | | $ (425,049) | $ (720,341) | $ (348,746) |\n| Financial income | 23 | 107,386 | 27,665 | 3,633 |\n| Financial expense | 23 | (906) | (3,906) | (4,578) |\n| Exchange gains/(losses) | 23 | 14,073 | (32,732) | (50,053) |\n| Loss for the year before taxes | | $ (304,496) | $ (729,314) | $ (399,743) |\n| Income tax benefit / (expense) | 24 | $ 9,443 | $ 19,720 | $ (8,522) |\n| Loss for the year | | $ (295,053) | $ (709,594) | $ (408,265) |\n| Loss for the year attributable to: | | | | |\n| Owners of the parent | | (295,053) | $ (709,594) | $ (408,265) |\n| Weighted average number of shares outstanding | | 57,169,253 | 54,381,371 | 51,075,827 |\n| Basic and diluted (loss) per share (in $) | 25 | (5.16) | (13.05) | (7.99) |",
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    "title": "ARGENX SE CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY",
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    "markdown": "| | Share capital | Share premium | Accumulated losses | Translation differences | Share-based payments | Fair value movement on investment in equity instruments designated as at FVTOCI | Total equity attributable to owners of the parent | Total equity |\n| --- | --- | --- | --- | --- | --- | --- | --- | --- |\n| Balance at January 1, 2021 | $5,744 | $2,339,033 | $ (991,932) | $ 134,732 | $ 186,474 | $ | $ 1,674,051 | $1,674,051 |\n| Loss for the year | | | (408,265) | | | | (408,265) | (408,265) |\n| Other comprehensive income / (loss) | | | | (3,048) | | (39,290) | (42,338) | (42,338) |\n| Total comprehensive income / (loss) for the year | | | (408,265) | (3,048) | | (39,290) | (450,603) | (450,603) |\n| Income tax benefit from excess tax deductions related to share-based payments | | | | | 7,179 | | 7,179 | 7,179 |\n| Share-based payment | | | | | 179,366 | | 179,366 | 179,366 |\n| Issue of share capital | 430 | 1,090,896 | | | | | 1,091,326 | 1,091,326 |\n| Transaction costs for equity issue | | (528) | | | | | (528) | (528) |\n| Exercise of stock options | 59 | 33,374 | | | | | 33,433 | 33,433 |\n| Balance year ended December 31, 2021 | $6,233 | $3,462,775 | $ (1,400,197) | $ 131,684 | $ 373,019 | $ (39,290) | $ 2,534,224 | $2,534,224 |\n| Loss for the year | | | (709,594) | | | | (709,594) | (709,594) |\n| Other comprehensive income / (loss) | | | | (2,404) | | (18,267) | (20,671) | (20,671) |\n| Total comprehensive income / (loss) for the year | | | (709,594) | (2,404) | | (18,267) | (730,266) | (730,266) |\n| Income tax benefit from excess tax deductions related to share-based payments | | | | | 3,946 | | 3,946 | 3,946 |\n| Share-based payment | | | | | 158,282 | | 158,282 | 158,282 |\n| Issue of share capital | 294 | 760,659 | | | | | 760,953 | 760,953 |\n| Transaction costs for equity issue | | (781) | | | | | (781) | (781) |\n| Exercise of stock options | 113 | 93,082 | | | | | 93,195 | 93,195 |\n| Ordinary shares withheld for payment of employees withholding tax liability | | (5,855) | | | | | (5,855) | (5,855) |\n| Balance year ended December 31, 2022 | $6,640 | $4,309,880 | (2,109,791) | 129,280 | 535,247 | (57,557) | 2,813,699 | 2,813,699 |\n| Loss for the year | | | (295,053) | | | | (295,053) | (295,053) |\n| Other comprehensive income / (loss) | | | | 2,263 | | (1,915) | 348 | 348 |\n| Total comprehensive income / (loss) for the year | | | (295,053) | 2,263 | | (1,915) | (294,705) | (294,705) |\n| Income tax benefit from excess tax deductions related to share-based payments | | | | | 2,310 | | 2,310 | 2,310 |\n| Share-based payment | | | | | 234,168 | | 234,168 | 234,168 |\n| Issue of share capital | 288 | 1,196,444 | | | | | 1,196,732 | 1,196,732 |\n| Transaction costs for equity issue | | (821) | | | | | (821) | (821) |\n| Exercise of stock options | 130 | 158,133 | | | | | 158,263 | 158,263 |\n| Ordinary shares withheld for payment of employees withholding tax liability | | (12,139) | | | | | (12,139) | (12,139) |\n| Balance year ended December 31, 2023 | $7,058 | $5,651,497 | $ (2,404,844) | $ 131,543 | $ 771,725 | $ (59,472) | $ 4,097,507 | $4,097,507 |",
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    "title": "Stock Option Arrangements",
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    "markdown": "| Expiry date | Exercise price per stock options (in $) (1) | Outstanding stock options on December 31, 2023 | Outstanding stock options on December 31, 2022 | Outstanding stock options on December 31, 2021 |\n| --- | --- | --- | --- | --- |\n| 2022 | $ 2.70 |  |  | 125,339 |\n| 2024 | 2.70 | 3,308 | 19,743 | 94,088 |\n| 2024 | 4.36 | 532 | 5,127 | 6,113 |\n| 2024 | 7.92 | 81,500 | 214,800 | 276,500 |\n| 2025 | 12.64 | 1,600 | 2,000 | 4,500 |\n| 2025 | 10.46 | 99,326 | 101,861 | 105,857 |\n| 2026 | 12.57 | 24,400 | 30,000 | 41,000 |\n| 2026 | 12.67 | 97,972 | 99,772 | 102,840 |\n| 2026 | 15.62 | 111,811 | 115,211 | 117,581 |\n| 2027 | 20.34 | 38,434 | 42,509 | 53,143 |\n| 2027 | 23.39 | 225,852 | 303,867 | 361,350 |\n| 2023 | 89.31 |  | 12,111 | 85,080 |\n| 2028 | 89.31 | 13,890 | 19,490 | 39,515 |\n| 2023 | 95.38 |  | 124,338 | 321,473 |\n| 2028 | 95.38 | 225,457 | 264,392 | 350,631 |\n| 2024 | 125.40 | 26,171 | 110,774 | 111,174 |\n| 2029 | 125.40 | 71,573 | 110,756 | 146,765 |\n| 2024 | 150.00 | 104,176 | 202,852 | 203,658 |\n| 2029 | 150.00 | 370,566 | 537,110 | 611,122 |\n| 2025 | 132.08 | 16,712 | 16,712 | 16,712 |\n| 2030 | 132.08 | 50,801 | 71,486 | 102,558 |\n| 2025 | 216.75 | 126,331 | 127,731 | 129,711 |\n| 2030 | 216.75 | 160,677 | 223,812 | 282,475 |\n| 2025 | 221.24 | 31,424 | 32,100 | 32,100 |\n| 2030 | 221.24 | 78,534 | 117,790 | 136,601 |\n| 2030 | 273.60 | 559,173 | 620,014 | 692,214 |\n| 2025 | 273.60 | 202,205 | 202,475 | 203,214 |\n| 2026 | 259.01 | 23,491 | 23,491 | 24,366 |\n| 2026 | 281.89 | 59,626 | 60,890 | 61,505 |\n| 2026 | 286.75 | 45,228 | 45,862 | 48,138 |\n| 2031 | 259.01 | 27,201 | 35,214 | 42,282 |\n| 2031 | 281.89 | 128,600 | 167,406 | 207,464 |\n| 2031 | 286.75 | 62,138 | 81,311 | 92,456 |\n| 2026 | 341.67 | 80,425 | 80,833 | 82,430 |\n| 2031 | 341.67 | 226,520 | 286,353 | 307,158 |\n| 2027 | 312.16 | 13,957 | 14,976 |  |\n| 2032 | 312.16 | 58,255 | 79,155 |  |\n| 2027 | 395.04 | 58,091 | 61,816 |  |\n| 2032 | 395.04 | 192,291 | 238,532 |  |\n| 2027 | 407.19 | 13,764 | 13,764 |  |\n| 2032 | 407.19 | 73,288 | 85,199 |  |\n| 2032 | 397.36 | 347,765 | 370,354 |  |\n| 2027 | 397.36 | 136,459 | 137,778 |  |\n| 2025 | 341.67 | 16,000 |  |  |\n| 2028 | 376.47 | 15,014 |  |  |\n| 2033 | 376.47 | 43,856 |  |  |\n| 2028 | 392.72 | 127,490 |  |  |\n| 2033 | 392.72 | 495,821 |  |  |\n| 2028 | 508.96 | 2,235 |  |  |\n| 2033 | 508.96 | 69,704 |  |  |\n| 2028-2032 (2) | $ 330.06 | 79,305 |  |  |\n|  |  | 5,118,949 | 5,511,767 | 5,619,113 |",
    "footnotes": [],
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  {
    "title": "Outstanding at January 1 - Exercisable at December 31",
    "subtitle": "",
    "markdown": "|  | 2023 |  | 2022 |  | 2021 |  |\n| --- | --- | --- | --- | --- | --- | --- |\n|  | Number of stock options | Weighted average exercise price (*) | Number of stock options | Weighted average exercise price (*) | Number of stock options | Weighted average exercise price (*) |\n| Outstanding at January 1 | 5,511,767 | $ 205.02 | 5,619,113 | $ 164.33 | 5,365,743 | $ 142.87 |\n| Granted | 844,011 | 395.92 | 1,021,642 | 375.58 | 882,584 | 314.99 |\n| Exercised | (1,137,439) | 142.31 | (1,025,780) | 92.62 | (503,282) | 64.72 |\n| Forfeited | (99,390) | 356.57 | (103,208) | 273.93 | (125,932) | 234.98 |\n| Outstanding at December 31 | 5,118,949 | 255.41 | 5,511,767 | 205.02 | 5,619,113 | 164.33 |\n| Exercisable at December 31 | 3,030,486 | $ 179.22 | 3,983,960 | $ 148.11 | 3,613,371 | $ 106.53 |",
    "footnotes": [
      "(*) 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 the year ended December 31, 2023 was $456.8, compared to $336.5 during the year ended December 31, 2022 and $305.9"
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  {
    "title": "Exercise price in $ - Weighted average remaining contractual life in years",
    "subtitle": "",
    "markdown": "| Exercise price (in $) | Outstanding on December 31, 2023 | Weighted average remaining contractual life (in years) |\n| --- | --- | --- |\n| 2.7 - 7.92 | 85,340 | 0.96 |\n| 10.46 - 12.64 | 100,926 | 1.95 |\n| 12.57 - 15.62 | 234,183 | 2.67 |\n| 20.34 - 23.39 | 264,286 | 3.89 |\n| 89.31 - 95.38 | 239,347 | 4.95 |\n| 125.4 - 150 | 572,486 | 4.75 |\n| 132.08 - 273.6 | 1,225,857 | 5.26 |\n| 259.01 - 341.67 | 669,229 | 6.04 |\n| 312.16 - 407.19 | 893,870 | 7.53 |\n| 330.06 - 508.96 | 833,425 | 8.69 |",
    "footnotes": [
      "The fair market value of the stock options has been determined based on the Black and Scholes model using the following unobservable assumptions:"
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  {
    "title": "Stock options granted in",
    "subtitle": "",
    "markdown": "| Stock options granted in | April 2023 | July 2023 | October 2023 | December 2023 (1) |\n| --- | --- | --- | --- | --- |\n| Number of options granted | 61,056 | 629,121 | 74,529 | 79,305 |\n| Average Fair value of options (in $) (*) | $158.21-196.18 | $176.44 - 271.59 | $123.94 - 209.04 | $161.88 - 165.69 |\n| Share price (in $) (*) | $361.64-401.21 | $380.81 - 521.19 | $439.42 - 491.75 | $371.36 |\n| Exercise price (in $) (*) | $370.34 | $387.35 | $485.01 | $329.26 |\n| Expected volatility | 41.00 - 42.18 % | 36.22 - 43.99 % | 35.35 - 36.67 % | 36.20 - 36.21 % |\n| Average Expected option life (in years) | 4 - 6.50 | 4 - 6.50 | 4 - 6.50 | 6.15 - 6.50 |\n| Risk free interest rate | 2.96 - 3.14 % | 2.90 - 3.03 % | 2.80 - 3.44 % | 2.40 % |\n| Expected dividends | % | % | % | % |",
    "footnotes": [
      "In December 2023, the Company granted a total of 79,305 stock options of which 8,459 stock options to Belgian taxed beneficiaries. Belgian taxed beneficiaries can choose between a contractual term of five or ten years. The expected option life"
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  {
    "title": "Stock options granted in",
    "subtitle": "",
    "markdown": "| Stock options granted in | April 2022 | July 2022 | October 2022 | December 2022 (1) |\n| --- | --- | --- | --- | --- |\n| Number of options granted | 102,081 | 311,311 | 100,118 | 508,132 |\n| Average Fair value of options (in $) (*) | $ 111.27 - 140.23 | $ 153.45 - 190.53 | $ 136.66 - 169.96 | $ 127.68 - 163.94 |\n| Share price (in $) (*) | $ 320.84 - 321.06 | $ 378.11 - 397.92 | $ 352.97 - 376.01 | $ 368.69 - 377.61 |\n| Exercise price (in $) (*) | $ 312.22 | $ 372.69 | $ 359.80 | $ 381.97 |\n| Expected volatility | 39.18 - 40.87 % | 41.30 - 43.10 % | 39.64 - 45.97 % | 39.74 - 40.26 % |\n| Average Expected option life (in years) | 4 - 6.50 | 4 - 6.50 | 4 - 6.50 | 4 - 6.50 |\n| Risk free interest rate | 1.05 - 1.62 % | 1.77 - 2.28 % | 2.57 - 2.80 % | 3.09 - 3.29 % |\n| Expected dividends | % | % | % | % |",
    "footnotes": [
      "(*) amounts have been converted to USD at the applicable rate prevailing at the grant date."
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  {
    "title": "Stock options granted in",
    "subtitle": "Below is an overview of the parameter used in relation to the determination of the fair value of grants during 2021:",
    "markdown": "| Stock options granted in | April 2021 | July 2021 | October 2021 | December 2021 |\n| --- | --- | --- | --- | --- |\n| Number of options granted | 67,833 | 280,339 | 144,824 | 389,588 |\n| Average Fair value of options (in $) (*) | $98.96 - 154.88 | $131.65 - 159.13 | $101.53 - 131.80 | $75.03 - 145.34 |\n| Share price (in $) (*) | $248.9 - 283.67 | $300.78 - 340.95 | $286.52 - 304.5 | $277.72 - 351.73 |\n| Exercise price (in $) (*) | $275.33 | $303.16 | $301.02 | $349.92 |\n| Expected volatility | 54.24 - 60.08 % | 45.58 - 47.96 % | 46.01 - 48.46 % | 43.24 - 43.64 % |\n| Average expected option life (in years) | 4 - 6.50 | 4 - 6.50 | 4 - 6.50 | 4 - 6.50 |\n| Risk free interest rate | (0.41) - (0.08)% | (0.41) - (0.17) % | (0.18) - (0.05) % | 0.03 - 0.67 % |\n| Expected dividends | % | % | % | % |",
    "footnotes": [
      "(*) amounts have been converted to USD at the closing rate of the respective period."
    ],
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  {
    "title": "The following restricted stock units arrangements were in existence during the current and prior years:",
    "subtitle": "",
    "markdown": "| | 2023 | 2023 | 2022 | 2022 | 2021 | 2021 |\n| --- | --- | --- | --- | --- | --- | --- |\n| | Number of RSUs | Weighted average Grant Date Fair Value | Number of RSUs | Weighted average Grant Date Fair Value | Number of RSUs | Weighted average Grant Date Fair Value |\n| Non-vested units at January 1 | 385,280 | $ 387.20 | 213,038 | $ 314.25 | | $ |\n| Granted | 192,237 | 396.22 | 243,010 | 375.81 | 216,522 | 313.84 |\n| Vested | (105,678) | 352.61 | (53,872) | | | |\n| Forfeited | (29,517) | 358.49 | (16,896) | 307.11 | (3,484) | 288.92 |\n| Non-vested units at December 31 | 442,322 | $ 375.89 | 385,280 | $ 387.20 | 213,038 | $ 314.25 |",
    "footnotes": [
      "The total share-based payment expense related to RSUs recognized in the consolidated statements of profit or loss totaled $69.0 million for the year ended December 31, 2023 compared to $36.9 million for the"
    ],
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  {
    "title": "Trade and other payables",
    "subtitle": "",
    "markdown": "| | At December 31, 2023 | At December 31, 2022 | At December 31, 2021 |\n| --- | --- | --- | --- |\n| Trade payables | $ 245,557 | $ 188,721 | $ 208,850 |\n| Short term employee benefits | 95,104 | 84,337 | 83,737 |\n| Gross-to-net-accruals | 55,788 | 19,478 |  |\n| Other | 17,564 | 3,142 | 828 |\n| Total trade and other payables | $ 414,013 | $ 295,679 | $ 293,415 |",
    "footnotes": [
      "The carrying amounts of trade and other payables approximate their respective fair values."
    ],
    "units": "(in thousands of $)",
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  {
    "title": "The following table summarizes the movement in the gross-to-net accruals for the year ended December 31, 2023, 2022:",
    "subtitle": "",
    "markdown": "| | Rebates and chargebacks | Distribution fees, product returns and other | Total |\n| --- | --- | --- | --- |\n| Balance at January 1, 2022 | $ | $ | $ |\n| Current estimate related to the sales made in the current year | 35,426 | 10,740 | 46,166 |\n| (Credits or payments related to sales made during the year) | (20,028) | (6,661) | (26,689) |\n| Balance at December 31, 2022 | $ 15,398 | $ 4,079 | $ 19,478 |\n| Current estimate related to the sales made in the current year | 123,542 | 26,427 | 149,969 |\n| Adjustment for prior year sales | (4,041) | (883) | (4,924) |\n| (Credits or payments related to sales made during the year) | (78,327) | (20,722) | (99,049) |\n| (Credit or payments related to sales made during prior year) | (6,910) | (2,775) | (9,685) |\n| Balance at December 31, 2023 | $ 49,662 | $ 6,126 | $ 55,788 |",
    "footnotes": [
      "15. Product net sales"
    ],
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    "page": 437,
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  {
    "title": "Product net sales",
    "subtitle": "",
    "markdown": "| | Year Ended December 31, 2023 | Year Ended December 31, 2022 | Year Ended December 31, 2021 |\n| --- | --- | --- | --- |\n| Product gross sales | $ 1,342,148 | $ 446,923 | $ - |\n| Gross to net adjustment | (151,365) | (46,203) | - |\n| Product net sales | $ 1,190,783 | $ 400,720 | $ - |",
    "footnotes": [],
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  {
    "title": "Collaboration Revenue Details",
    "subtitle": "For the years ended December 31, 2023, 2022 and 2021 by collaboration agreement and by category of revenue: upfront payments, milestone payments, research and development service fees and other revenue.",
    "markdown": "| | Year Ended December 31, 2023 | Year Ended December 31, 2022 | Year Ended December 31, 2021 |\n| --- | --- | --- | --- |\n| Zai Lab | $ | | 151,903 |\n| J&J | | | 292,279 |\n| AbbVie | | | 121 |\n| Upfront payments | | | 444,303 |\n| Zai Lab | | | 25,634 |\n| J&J | | | 22,865 |\n| AbbVie | 30,000 | | 102 |\n| Other | | 5,365 | 1,214 |\n| Milestone payments | 30,000 | 5,365 | 49,815 |\n| J&J | | | 2,028 |\n| Other | | 424 | 298 |\n| Research and development service fees | | 424 | 2,326 |\n| Zai Lab | 5,533 | 4,238 | 833 |\n| Other collaboration revenue | 5,533 | 4,238 | 833 |\n| Total collaboration revenue | $ 35,533 | $ 10,026 | $ 497,277 |",
    "footnotes": [
      "For the years ended December 31, 2023, 2022 and 2021, the collaboration revenue was generated under the agreements with Zai Lab, J&J and AbbVie, each as described below."
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    "units": "(in thousands of $)",
    "page": 438,
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  {
    "title": "17. Other operating income",
    "subtitle": "Year Ended December 31,",
    "markdown": "| | 2023 | 2022 | 2021 |\n| --- | --- | --- | --- |\n| Grants | $ 2,538 | $ 2,186 | $ 4,398 |\n| Research and development incentives | 27,815 | 19,502 | 13,970 |\n| Payroll tax rebates | 11,925 | 8,576 | 12,621 |\n| Change in fair value on non-current financial assets | | 4,256 | 11,152 |\n| Total other operating income | $ 42,278 | $ 34,520 | $ 42,141 |",
    "footnotes": [],
    "units": "(in thousands of $)",
    "page": 440,
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  {
    "title": "Product net sales by country",
    "subtitle": "",
    "markdown": "| | Year Ended December 31, 2023 | Year Ended December 31, 2022 |\n| --- | --- | --- |\n| United States | $ 1,046,592 | $ 377,659 |\n| Japan | 56,432 | 15,764 |\n| EMEA | 72,852 | 7,297 |\n| China | 14,907 | |\n| Total product net sales | $ 1,190,783 | $ 400,720 |",
    "footnotes": [],
    "units": "(in thousands of $)",
    "page": 441,
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  {
    "title": "Collaboration revenue is generated by external customers with their main registered office geographically located as shown in the table below:",
    "subtitle": "Year ended December 31,",
    "markdown": "| | Year ended December 31, 2023 | Year ended December 31, 2022 | Year ended December 31, 2021 |\n| --- | --- | --- | --- |\n| Denmark | $ | $ 5,365 | $ 1,389 |\n| United States | 30,000 | | 317,396 |\n| China | 5,533 | 4,238 | 178,370 |\n| Other | | 424 | 123 |\n| Total collaboration revenue | $ 35,533 | $ 10,026 | $ 497,277 |",
    "footnotes": [
      "The property plant and equipment and intangible assets of the Company are geographically located as shown in the table below:"
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    "units": "(in thousands of $)",
    "page": 441,
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    "title": "Non-current assets",
    "subtitle": "At December 31,",
    "markdown": "| | 2023 | 2022 | 2021 |\n| --- | --- | --- | --- |\n| Netherlands | $ | $ | $ |\n| Belgium | 138,252 | 186,923 | 182,118 |\n| United States | 6,219 | 2,275 | 3,091 |\n| Japan | 2,971 | 1,938 | 2,319 |\n| Germany | 461 | | |\n| Total | $ 147,903 | $ 191,136 | $ 187,528 |",
    "footnotes": [
      "Prior year amounts were updated/recast to match current year presentation"
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  {
    "title": "19. Research and development expenses",
    "subtitle": "",
    "markdown": "| | Year Ended December 31, 2023 | Year Ended December 31, 2022 | Year Ended December 31, 2021 |\n| --- | --- | --- | --- |\n| Personnel expenses | $ 226,344 | $ 162,010 | $ 160,464 |\n| External research and development expenses | 483,192 | 366,955 | 382,902 |\n| Materials and consumables | 4,057 | 2,396 | 2,735 |\n| Depreciation and amortization | 105,546 | 102,132 | 3,742 |\n| IT expenses | 19,935 | 12,678 | 7,798 |\n| Other expenses | 20,418 | 17,194 | 22,879 |\n| Total Research and development expenses | $ 859,492 | $ 663,366 | $ 580,520 |",
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    "title": "20. Selling, general and administrative expenses",
    "subtitle": "",
    "markdown": "| | Year Ended December 31, 2023 | Year Ended December 31, 2022 | Year Ended December 31, 2021 |\n| --- | --- | --- | --- |\n| Personnel expenses | $ 303,033 | $ 234,740 | $ 164,646 |\n| Marketing services | 202,146 | 115,950 | 59,968 |\n| Professional fees | 108,820 | 62,620 | 42,707 |\n| Supervisory board | 8,362 | 6,912 | 12,958 |\n| Depreciation and amortization | 2,366 | 2,211 | 2,126 |\n| IT expenses | 20,408 | 17,431 | 8,977 |\n| Other expenses | 66,770 | 32,268 | 16,263 |\n| Total Selling, general and administrative expenses | $ 711,905 | $ 472,132 | $ 307,644 |",
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    "title": "21. Personnel expenses",
    "subtitle": "The personnel expenses mentioned in notes 19 and 20 above are as follows:",
    "markdown": "| | Year Ended December 31, 2023 | Year Ended December 31, 2022 | Year Ended December 31, 2021 |\n| --- | --- | --- | --- |\n| Short term employee benefits Salaries | $ 266,482 | $ 216,847 | $ 135,676 |\n| Short term employee benefits Social Security | 19,231 | 16,274 | 12,785 |\n| Post employment benefits | 7,758 | 5,406 | 2,864 |\n| Termination benefits | 1,089 | 401 | 818 |\n| Share based payment | 226,830 | 151,912 | 167,965 |\n| Employer social security contributions stock options | 7,987 | 5,910 | 5,002 |\n| Total personnel expenses | $ 529,377 | $ 396,750 | $ 325,110 |",
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      "The post-employment benefits relate to the pension plans the Company has in place for its employees."
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  {
    "title": "Average Number of FTE",
    "subtitle": "",
    "markdown": "| Average Number of FTE | Year Ended December 31, 2023 | Year Ended December 31, 2022 | Year Ended December 31, 2021 |\n| --- | --- | --- | --- |\n| Research and development | 607.3 | 474.8 | 349.7 |\n| Selling, general and administrative | 681.2 | 442.4 | 264.4 |\n|  | 1,288.5 | 917.2 | 614.1 |",
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    "title": "The statements of financial position shows the following amounts relating to leases:",
    "subtitle": "",
    "markdown": "| In thousands of $ | Year Ended December 31, 2023 | Year Ended December 31, 2022 | Year Ended December 31, 2021 |\n| --- | --- | --- | --- |\n| Right-of-use assets |  |  |  |\n| Buildings | $ 16,798 | $ 10,867 | $ 9,688 |\n| Vehicles | 3,191 | 1,835 | 1,664 |\n| Equipment | 160 | 196 | 230 |\n|  | $ 20,149 | $ 12,897 | $ 11,583 |\n| Lease liabilities |  |  |  |\n| Current | $ 4,646 | $ 3,417 | $ 3,509 |\n| Non-current | 15,354 | 9,009 | 7,956 |\n|  | $ 20,000 | $ 12,426 | $ 11,465 |",
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      "Additions to the right-of-use assets amounted to $11.1 million for the year ended December 31, 2023, compared to $4.2 million and $5.7 million for the years ended December 31, 2022 and 2021"
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    "title": "The table below shows a maturity analysis of the lease liabilities as on December 31, 2023:",
    "subtitle": "",
    "markdown": "| | Less than 1 year | 1-3 years | 3-5 years | More than 5 years | Total contractual cash flows | Carrying amount |\n| --- | --- | --- | --- | --- | --- | --- |\n| Lease liabilities | $ 4,286 | $ 8,136 | $ 5,754 | $ 1,824 | $ 20,000 | $ 20,000 |",
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      "The consolidated statements of profit or loss and the consolidated statements of other comprehensive income (loss) shows the following amounts relating to leases:"
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    "title": "Lease liabilities",
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    "markdown": "| | Year Ended December 31, 2023 | Year Ended December 31, 2022 | Year Ended December 31, 2021 |\n| --- | --- | --- | --- |\n| Depreciation charges | | | |\n| Buildings | $ 2,839 | $ 2,179 | $ 2,714 |\n| Vehicles | 971 | 735 | 651 |\n| Equipment | 36 | 35 | 34 |\n| | $ 3,846 | $ 2,949 | $ 3,399 |\n| Interest expense (included in finance cost) | $ 693 | $ 1,343 | $ 412 |\n| Expense relating to short-term leases | 1,517 | 732 | 212 |\n| Expense relating to leases of low-value assets that are not shown above as short-term leases | 40 | 21 | 7 |",
    "footnotes": [
      "The total cash outflow for leases in 2023, 2022 and 2021 was $3.8 million, $4.2 million and $4.5 million respectively."
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    "title": "23. Financial result and exchange gains/(losses)",
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    "markdown": "| | Year Ended December 31, 2023 | Year Ended December 31, 2022 | Year Ended December 31, 2021 |\n| --- | --- | --- | --- |\n| Interest income | $ 92,962 | $ 24,741 | $ 3,489 |\n| Net gain on cash equivalents & current financial assets held at fair value through profit or loss and cash equivalents | 14,424 | 2,924 | 144 |\n| Financial income | $ 107,386 | $ 27,665 | $ 3,633 |\n| Net loss on cash equivalents & current financial assets held at fair value through profit or loss and cash equivalents | $ (2) | $ (1,713) | $ (3,482) |\n| Other financial expense | (904) | (2,193) | (1,096) |\n| Financial expense | $ (906) | $ (3,906) | $ (4,578) |\n| Realized exchange gains/(losses) | $ 29 | $ (3,743) | $ 15 |\n| Unrealized exchange gains/(losses) | 14,044 | (28,989) | (50,068) |\n| Exchange gains/(losses) | $ 14,073 | $ (32,732) | $ (50,053) |",
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      "The exchange gains of $14.1 million for the year ended December 31, 2023 were primarily attributable to unrealized exchange rate gains on the cash and cash equivalents and current financial assets position in EUR due to the fluctuation of the EUR/USD exchange rate over the period."
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    "title": "24. Income taxes",
    "subtitle": "Income taxes recognized in the income statements can be detailed as follows:",
    "markdown": "| | Year Ended December 31, 2023 | Year Ended December 31, 2022 | Year Ended December 31, 2021 |\n| --- | --- | --- | --- |\n| Current year | $ (9,592) | $ (27,162) | $ (15,224) |\n| Income tax prior years | (2,080) | (12) | 398 |\n| Current tax (expense) / benefit | (11,672) | (27,174) | (14,826) |\n| Originating and reversal of temporary differences | 21,115 | 46,894 | 6,304 |\n| Deferred tax (expense) / benefit | 21,115 | 46,894 | 6,304 |\n| Total tax (expense) / benefit | $ 9,443 | $ 19,720 | $ (8,522) |",
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  {
    "title": "The difference between the provision for income taxes and the amount that would result from applying the Dutch statutory tax rate to income before provision for income taxes is as follows:",
    "subtitle": "",
    "markdown": "| | Year Ended December 31, 2023 | Year Ended December 31, 2022 | Year Ended December 31, 2021 |\n| --- | --- | --- | --- |\n| Loss before taxes | $ 304,496 | $ 729,314 | $ 399,743 |\n| Income tax (expense)/benefit calculated at the Dutch statutory federal income tax rates for applicable tax years (1) | 78,560 | 188,163 | 99,936 |\n| Effect of intercompany asset deal / transaction | 396 | (112,200) |  |\n| Effect of expenses not deductible in determining taxable results | (2,674) | (1,570) | (4,441) |\n| Effect of share based payment expenses that are not deductible in determining taxable results | (43,040) | (27,043) | (29,925) |\n| Effect of stock issue expenses that are not taxable in determining taxable results | 18,620 | 11,412 | 14,119 |\n| Effect of concessions | 87,123 | 18,263 | 13,413 |\n| Effect of change of (de)recognition of deferred tax assets on tax losses | (2,282) | (194) | (44,232) |\n| Effect of different tax rates in jurisdictions in which the company operates | (3,509) | (5,566) | (2,084) |\n| Effect of change of (de)recognition of deferred tax assets | (124,457) | (51,320) | (50,389) |\n| Withholding tax paid | (68) |  | (5,076) |\n| (Underprovided)/overprovided in prior years | (2,080) | (12) | 398 |\n| Other | 2,854 | (213) | (241) |\n| Income tax (expense)/benefit recognized in the consolidated statements of profit or loss | $ 9,443 | $ 19,720 | $ (8,522) |",
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      "During 2022, argenx Benelux BV transferred certain pipeline activities to argenx BV through a transfer of assets, (hereafter referred to as asset deal ), for a total amount of $449.0 million. As a result of the"
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    "title": "Deferred tax assets / (liabilities)",
    "subtitle": "At December 31, 2023",
    "markdown": "| | Assets | Liabilities | Net |\n| --- | --- | --- | --- |\n| Accruals and allowances | $ 13,189 | $ | $ 13,189 |\n| Income tax benefit from excess tax deductions related to share-based payments | 23,310 | | 23,310 |\n| Profit in inventory | 52,026 | | 52,026 |\n| Other tax carryforwards | 6,339 | | 6,339 |\n| Property, plant and equipment | 2,136 | (1,550) | 586 |\n| Non-current fixed assets | | (5,155) | (5,155) |\n| Other | 1,760 | | 1,760 |\n| Netting by taxable entity | (1,549) | 1,550 | 1 |\n| Net deferred tax assets / (liabilities) | $ 97,211 | $ (5,155) | $ 92,056 |",
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    "title": "Deferred tax assets / (liabilities)",
    "subtitle": "At December 31, 2022",
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    "title": "Deferred Tax Assets and Liabilities",
    "subtitle": "At December 31, 2021",
    "markdown": "| Deferred tax assets / (liabilities) | Assets | Liabilities | Net |\n| --- | --- | --- | --- |\n| Accruals and allowances | $ 2,858 | $ | $ 2,858 |\n| Income tax benefit from excess tax deductions related to share-based payments | 26,026 | | 26,026 |\n| Profit in inventory | 3,305 | | 3,305 |\n| Property, plant and equipment | 532 | (740) | (208) |\n| Intangible assets | | (2,714) | (2,714) |\n| Non-current fixed assets | | (3,725) | (3,725) |\n| Other | 210 | | 210 |\n| Netting by taxable entity | (740) | 740 | |\n| Net deferred tax assets / (liabilities) | $ 32,191 | $ (6,438) | $ 25,753 |",
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    "title": "The change in net deferred taxes recorded in the consolidated statements of financial position can be detailed as follows:",
    "subtitle": "",
    "markdown": "| | Deferred tax assets | Deferred tax liabilities |\n| --- | --- | --- |\n| Balance at January 1, 2023 | $ 79,222 | $ (8,406) |\n| Recognized in profit or loss | 17,685 | 3,430 |\n| Recognized in equity | 381 |  |\n| Effects of change in foreign exchange rate | (77) | (179) |\n| Balance at December 31, 2023 | $ 97,211 | $ (5,155) |",
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  {
    "title": "Balance at December 31, 2023",
    "subtitle": "",
    "markdown": "|  | Deferred tax assets | Deferred tax liabilities |\n| --- | --- | --- |\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) |  |\n| Effects of change in foreign exchange rate | (84) | 212 |\n| Balance at December 31, 2022 | $ 79,222 | $ (8,406) |",
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  {
    "title": "Balance at January 1, 2021 and December 31, 2021 - Deferred tax assets and liabilities",
    "subtitle": "",
    "markdown": "|  | Deferred tax assets | Deferred tax liabilities |\n| --- | --- | --- |\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 |  |\n| Effects of change in foreign exchange rate | 274 | 131 |\n| Balance at December 31, 2021 | $ 32,191 | $ (6,438) |",
    "footnotes": [
      "The unrecognized deferred tax asset on unused tax losses amounts to $196.1 million on December 31, 2023, compared to $189.3 million on December 31, 2022 and $203.8 million on December 31, 2021. The"
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    "title": "Categories of financial assets and liabilities:",
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    "markdown": "| | Measurement category | Carrying amount At December 31, 2023 | Carrying amount At December 31, 2022 | Carrying amount At December 31, 2021 |\n| --- | --- | --- | --- | --- |\n| Financial assets non-current | FVTPL | $ 21,715 | $ 21,715 | $ 17,459 |\n| Financial assets non-current | FVTOCI | 15,528 | 17,443 | 35,710 |\n| Research and development incentive receivables non-current | Amortised cost | 76,706 | 47,488 | 32,707 |\n| Restricted cash non-current | Amortised cost | 2,419 | 1,736 | 1,707 |\n| Trade and other receivables | Amortised cost | 496,687 | 275,697 | 38,221 |\n| Financial assets current | FVTPL | | 46,162 | 73,052 |\n| Financial assets current | Amortised cost | 1,131,000 | 1,345,646 | 929,000 |\n| Research and development incentive receivables current | Amortised cost | 2,584 | 1,578 | |\n| Cash and bank balances | Amortised cost | 20,744 | 77,477 | 242,494 |\n| Cash equivalents | FVTPL | 1,678,100 | 669,147 | 997,092 |\n| Cash equivalents | Amortised cost | 350,000 | 54,116 | 95,090 |\n| Trade and other payables | Amortised cost | 414,013 | 295,679 | 293,415 |",
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    "title": "The Company carried the following assets at fair value on December 31, 2023, 2022 and 2021 respectively:",
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    "title": "The net exposure to exchange differences of the monetary assets (being cash, cash equivalents and current financial assets) of the Company at the end of the reporting period are as follows:",
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    "markdown": "| Currency | At December 31, 2023 | At December 31, 2022 | At December 31, 2021 |\n| --- | --- | --- | --- |\n| EUR | 923,773 | 613,866 | 591,887 |\n| JPY | 8,232 | 5,613 | 6,316 |\n| GBP | 7 | 59,026 | 1,237 |\n| CHF | 193 | 3,832 | 727 |\n| CAD | 266 | 657 |  |\n| SEK | 1 | 7 |  |\n| DKK | 9 | 6 |  |",
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    "markdown": "| | Year Ended December 31, 2023 | Year Ended December 31, 2022 | Year Ended December 31, 2021 |\n| --- | --- | --- | --- |\n| Remuneration of key management personnel |  |  |  |\n| Short-term benefits for senior management members as a group |  |  |  |\n| Gross salary | $ 4,161 | $ 4,199 | $ 3,465 |\n| Variable pay | 2,816 | 3,077 | 2,020 |\n| Employer social security | 807 | 1,015 | 789 |\n| Other short term benefits | 545 | 372 | 274 |\n| Termination Benefits |  |  | 382 |\n| Post-employment benefits for senior management members as a group | 167 | 104 | 150 |\n| Cost of stock options granted in the year for senior management members as a group | 27,983 | 18,393 | 15,060 |\n| Cost of restricted stock units granted in the year for senior management members as a group | 11,694 | 9,594 | 8,025 |\n| Employer social security cost related to stock options | (494) | 1,101 | 4,172 |\n| Total benefits for key management personnel | 47,679 | 37,855 | 34,337 |\n| Numbers of stock options granted in the year |  |  |  |\n| Senior Management as a group | 132,100 | 117,600 | 101,446 |\n| Numbers of restricted stock units granted in the year |  |  |  |\n| Senior Management as a group | 30,425 | 26,500 | 22,888 |\n| Remuneration of non-executive directors |  |  |  |\n| Board fees and other short-term benefits for non-executive directors | 533 | 437 | 435 |\n| Cost of stock options granted in the year for non-executive directors | 2,280 | 3,643 | 3,263 |\n| Cost of restricted stock units granted in the year for non-executive directors | 1,034 | 1,850 | 1,731 |\n| Total benefits for non-executive board members | $ 3,847 | $ 5,929 | $ 5,429 |\n| Numbers of stock options granted in the year |  |  |  |\n| Non-executive directors | 12,400 | 21,600 | 22,950 |\n| Numbers of restricted stock units granted in the year |  |  |  |\n| Non-executive directors | 2,713 | 4,800 | 5,100 |",
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    "markdown": "| Fees | Year Ended December 31, 2023 | Year Ended December 31, 2022 | Year Ended December 31, 2021 |\n| --- | --- | --- | --- |\n| Audit fees (1) | $ 1,979 | $ 1,394 | $ 1,183 |\n| Audit-related fees | 330 | 380 | 267 |\n| Tax fees (2) | 79 | | |\n| Total | $ 2,309 | $ 1,774 | $ 1,529 |",
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    "title": "Consolidated entities",
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    "markdown": "| Name | Country | Participation |\n| --- | --- | --- |\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 % |\n| argenx Spain S.L. | Spain | 100.00 % |",
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