| ● | Research and development expenses for the six months ended June 30, 2024, were $450 million compared to $361 million for the same period in 2023. The research and development expenses mainly relate to external research and development expenses and personnel expenses incurred in the clinical development of efgartigimod in various indications and the expansion of other clinical and preclinical pipeline candidates. |
| ● | Selling, general and administrative expenses for the six months ended June 30, 2024, were $492 million compared to $311 million for the same period in 2023. The selling, general and administrative expenses mainly relate to professional and marketing fees linked to the commercialization of VYVGART and VYVGART SC, and personnel expenses. |
Financial income for the six months ended June 30, 2024, was $78 million compared to $37 million for the same period in 2023. The increase in financial income is mainly due to an increase in interest income coming from an increase of cash, cash equivalents and current financial assets as a result of the July 2023 financing round.
Exchange losses for the six months ended June 30, 2024, were $27 million compared to $9 million of exchange gains for the same period in 2023. Exchange gains/losses are mainly attributable to unrealized exchange rate gains or losses on the cash, cash equivalents and current financial assets denominated in Euro.
Income tax for the six months ended June 30, 2024, was $57 million of income tax benefit compared to $37 million of income tax benefit for the same period in 2023. Income tax benefit for the six months ended June 30, 2024, consists of $16 million of current income tax expense and $73 million of deferred tax benefit, compared to $23 million of current income tax expense and $59 million of deferred tax benefit for the comparable prior period.
Loss for the six months ended June 30, 2024 was $33 million compared to $123 million for the same period in 2023. On a per weighted average share basis, the basic loss per share was $0.55 and $2.21 for the six months ended June 30, 2024 and 2023, respectively.
Cash, cash equivalents and current financial assets totalled $3.1 billion as of June 30, 2024, compared to $3.2 billion as of December 31, 2023. The decrease in cash and cash equivalents and current financial assets result from net cash flows used in operating activities.
We refer to the description of risk factors in the 2023 annual report, pp. 97-143 as supplemented by the description of risk factors in our annual report on Form 20-F filed with the U.S. Securities and Exchange Commission, pp. 1-39. In summary, the principal risks and uncertainties faced by us relate to: our financial position and need for additional capital, commercialization of our products and product candidates, including new indications, government regulations, development and clinical testing of our products and product candidates, dependence on third parties, business and industry, intellectual property, our organization and operations.
We also refer to the description of our financial risk management given in the 2023 annual report, pp. F40-F44, which remains valid.
| 4. | FORWARD-LOOKING STATEMENTS |
The contents of this announcement include statements that are, or may be deemed to be, “forward-looking statements.” These forward-looking statements can be identified by the use of forward-looking terminology, including the terms “advance,” “aim,” “anticipates,” “continue,” “expect,” “expand,” “plan,” or “seek” and include statements argenx makes regarding its Vision 2030 plan to develop and deliver continued and sustainable innovation for patients; its long-term commitments; its Vision 2030 goals, including having 50,000 patients globally on treatment with an argenx medicine, 10 labeled indications across all approved assets,