0001697862-26-000032 | 20-F | XBRL Viewer

Personnel Expenses - Schedule of average number of full-time equivalents by function (Details) - employee	12 Months Ended
Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Personnel expenses [Abstract]
Research and development	1,003	805	607
Selling, general and administrative	1,006	835	681

Label

Element

Value

Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage

argx_ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingRightsPercentage

25.00%

Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage

argx_ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingRightsPercentage

25.00%

Vesting Requirements For Share-Based Payment Arrangement, Vesting Period

argx_VestingRequirementsForShareBasedPaymentArrangementVestingPeriod

3 years

Vesting Requirements For Share-Based Payment Arrangement, Vesting Period

argx_VestingRequirementsForShareBasedPaymentArrangementVestingPeriod

3 years

Research and Development Incentive Receivables, Non Current

argx_ResearchAndDevelopmentIncentiveReceivablesNonCurrent

$ 86,212,000

Research and Development Incentive Receivables, Non Current

argx_ResearchAndDevelopmentIncentiveReceivablesNonCurrent

94,854,000

Research and Development Incentive Receivables, Non Current

argx_ResearchAndDevelopmentIncentiveReceivablesNonCurrent

76,706,000

Prepaid Expenses, Noncurrent

argx_PrepaidExpensesNoncurrent

25,811,000

Prepaid Expenses, Noncurrent

argx_PrepaidExpensesNoncurrent

23,643,000

Prepaid Expenses, Noncurrent

argx_PrepaidExpensesNoncurrent

47,327,000

Research and Development Incentive Receivables, Current

argx_ResearchAndDevelopmentIncentiveReceivablesCurrent

10,367,000

Research and Development Incentive Receivables, Current

argx_ResearchAndDevelopmentIncentiveReceivablesCurrent

4,625,000

Research and Development Incentive Receivables, Current

argx_ResearchAndDevelopmentIncentiveReceivablesCurrent

2,584,000

Adjustments for Decrease (Increase) in Current Prepaid Expenses

argx_AdjustmentsForDecreaseIncreaseInCurrentPrepaidExpenses

(139,992,000)

Adjustments for Decrease (Increase) in Current Prepaid Expenses

argx_AdjustmentsForDecreaseIncreaseInCurrentPrepaidExpenses

(54,113,000)

^[1]

Adjustments for Decrease (Increase) in Current Prepaid Expenses

argx_AdjustmentsForDecreaseIncreaseInCurrentPrepaidExpenses

(58,081,000)

^[1]

Adjustments for Decrease (Increase) in Other Non Current Assets

argx_AdjustmentsForDecreaseIncreaseInOtherNonCurrentAssets

14,224,000

Adjustments for Decrease (Increase) in Other Non Current Assets

argx_AdjustmentsForDecreaseIncreaseInOtherNonCurrentAssets

(19,930,000)

^[1]

Adjustments for Decrease (Increase) in Other Non Current Assets

argx_AdjustmentsForDecreaseIncreaseInOtherNonCurrentAssets

(29,416,000)

^[1]

Adjustments for Decrease (Increase) in Non Current Prepaid Expenses

argx_AdjustmentsForDecreaseIncreaseInNonCurrentPrepaidExpenses

(2,167,000)

Adjustments for Decrease (Increase) in Non Current Prepaid Expenses

argx_AdjustmentsForDecreaseIncreaseInNonCurrentPrepaidExpenses

23,683,000

^[1]

Adjustments for Decrease (Increase) in Non Current Prepaid Expenses

argx_AdjustmentsForDecreaseIncreaseInNonCurrentPrepaidExpenses

(47,327,000)

^[1]

Exchange Gain From Currency Conversion On Proceeds From Issue Of New Shares

argx_ExchangeGainFromCurrencyConversionOnProceedsFromIssueOfNewShares

Exchange Gain From Currency Conversion On Proceeds From Issue Of New Shares

argx_ExchangeGainFromCurrencyConversionOnProceedsFromIssueOfNewShares

^[1]

Exchange Gain From Currency Conversion On Proceeds From Issue Of New Shares

argx_ExchangeGainFromCurrencyConversionOnProceedsFromIssueOfNewShares

(1,507,000)

^[1]

Payment, Employee Tax Withholding, Share-Based Payment Arrangement

argx_PaymentEmployeeTaxWithholdingShareBasedPaymentArrangement

41,258,000

Payment, Employee Tax Withholding, Share-Based Payment Arrangement

argx_PaymentEmployeeTaxWithholdingShareBasedPaymentArrangement

21,868,000

^[1]

Payment, Employee Tax Withholding, Share-Based Payment Arrangement

argx_PaymentEmployeeTaxWithholdingShareBasedPaymentArrangement

12,138,000

^[1]

Increase Decrease In Cash And Cash Equivalents Excluding Exchange Gain Loss

argx_IncreaseDecreaseInCashAndCashEquivalentsExcludingExchangeGainLoss

1,902,207,000

Increase Decrease In Cash And Cash Equivalents Excluding Exchange Gain Loss

argx_IncreaseDecreaseInCashAndCashEquivalentsExcludingExchangeGainLoss

(520,582,000)

^[1]

Increase Decrease In Cash And Cash Equivalents Excluding Exchange Gain Loss

argx_IncreaseDecreaseInCashAndCashEquivalentsExcludingExchangeGainLoss

1,224,610,000

^[1]

Increase (Decrease) Through Exercise Of Options, Equity

argx_IncreaseDecreaseThroughExerciseOfOptionsEquity

130,000

Increase (Decrease) Through Exercise Of Options, Equity

argx_IncreaseDecreaseThroughExerciseOfOptionsEquity

158,133,000

Increase (Decrease) Through Exercise Of Options, Equity

argx_IncreaseDecreaseThroughExerciseOfOptionsEquity

158,263,000

Increase (Decrease) Through Exercise Of Options, Equity

argx_IncreaseDecreaseThroughExerciseOfOptionsEquity

158,263,000

Increase (Decrease) Through Exercise Of Options, Equity

argx_IncreaseDecreaseThroughExerciseOfOptionsEquity

169,000

Increase (Decrease) Through Exercise Of Options, Equity

argx_IncreaseDecreaseThroughExerciseOfOptionsEquity

319,288,000

Increase (Decrease) Through Exercise Of Options, Equity

argx_IncreaseDecreaseThroughExerciseOfOptionsEquity

319,457,000

Increase (Decrease) Through Exercise Of Options, Equity

argx_IncreaseDecreaseThroughExerciseOfOptionsEquity

319,457,000

Increase (Decrease) Through Exercise Of Options, Equity

argx_IncreaseDecreaseThroughExerciseOfOptionsEquity

127,000

Increase (Decrease) Through Exercise Of Options, Equity

argx_IncreaseDecreaseThroughExerciseOfOptionsEquity

278,896,000

Increase (Decrease) Through Exercise Of Options, Equity

argx_IncreaseDecreaseThroughExerciseOfOptionsEquity

279,023,000

Increase (Decrease) Through Exercise Of Options, Equity

argx_IncreaseDecreaseThroughExerciseOfOptionsEquity

279,023,000

Decrease Increase Through Shares Withheld for Employee Tax Holding Liability

argx_DecreaseIncreaseThroughSharesWithheldForEmployeeTaxHoldingLiability

12,139,000

Decrease Increase Through Shares Withheld for Employee Tax Holding Liability

argx_DecreaseIncreaseThroughSharesWithheldForEmployeeTaxHoldingLiability

12,139,000

Decrease Increase Through Shares Withheld for Employee Tax Holding Liability

argx_DecreaseIncreaseThroughSharesWithheldForEmployeeTaxHoldingLiability

12,139,000

Decrease Increase Through Shares Withheld for Employee Tax Holding Liability

argx_DecreaseIncreaseThroughSharesWithheldForEmployeeTaxHoldingLiability

21,869,000

Decrease Increase Through Shares Withheld for Employee Tax Holding Liability

argx_DecreaseIncreaseThroughSharesWithheldForEmployeeTaxHoldingLiability

21,869,000

Decrease Increase Through Shares Withheld for Employee Tax Holding Liability

argx_DecreaseIncreaseThroughSharesWithheldForEmployeeTaxHoldingLiability

21,869,000

Decrease Increase Through Shares Withheld for Employee Tax Holding Liability

argx_DecreaseIncreaseThroughSharesWithheldForEmployeeTaxHoldingLiability

41,258,000

Decrease Increase Through Shares Withheld for Employee Tax Holding Liability

argx_DecreaseIncreaseThroughSharesWithheldForEmployeeTaxHoldingLiability

41,258,000

Decrease Increase Through Shares Withheld for Employee Tax Holding Liability

argx_DecreaseIncreaseThroughSharesWithheldForEmployeeTaxHoldingLiability

$ 41,258,000

Statement Of Compliance And Basis Of Preparation [Text Block]

argx_StatementOfComplianceAndBasisOfPreparationTextBlock

2.1 Statement of compliance and basis of preparation

The consolidated financial statements are prepared in accordance with the IFRS® Accounting Standards (IFRS) as issued

by the International Accounting Standards Board (IASB). The consolidated financial statements provide a general

overview of the Company’s activities and the results achieved. They present fairly the entity’s financial position, its

financial performance and cash flows, on a going concern basis.

The material accounting policy information applied in the preparation of the above consolidated financial statements are

set out below. All amounts are presented in thousands of US dollar, unless otherwise indicated, rounded to the nearest $

‘000.

The consolidated financial statements have been approved for issue by the Company’s Board of Directors (the “Board”)

on March 18, 2026.

Description of Adoption of New and Revised Standards [Policy Text Block]

argx_DescriptionOfAdoptionOfNewAndRevisedStandardsPolicyTextBlock

2.2 Adoption of new and revised standardsNew standards and interpretations applicable for the annual period beginning on January 1, 2025

•In the current year, the Group has assessed and adopted amendments to IFRS as issued by the IASB that are

mandatorily effective for accounting periods that begin on or after January 1, 2025. Their adoption has not had any

material impact on the disclosures or on the amounts reported in these consolidated financial statements.

New standards and interpretations issued, but not yet applicable for the annual period beginning on January 1, 2025

•IFRS 18 Presentation and Disclosures in Financial Statements

IFRS 18 replaces IAS 1, carrying forward many of the requirements in IAS 1 unchanged and complementing them with

new requirements. In addition, some IAS 1 paragraphs have been moved to IAS 8 Accounting Policies, Changes in

Accounting Estimates and Errors and IFRS 7 Financial Instruments: Disclosures. Furthermore, the IASB has made

minor amendments to IAS 7 Statement of Cash Flows and IAS 33 Earnings per Share.

IFRS 18 introduces new requirements to:

•present specified categories and defined subtotals in the statement of profit or loss

•provide disclosures on management-defined performance measures (MPMs) in the notes to the financial statements

•improve aggregation and disaggregation.

An entity is required to apply IFRS 18 for annual reporting periods beginning on or after January 1, 2027, with earlier

application permitted. The amendments to IAS 7 and IAS 33, as well as the revised IAS 8 and IFRS 7, become effective

when an entity applies IFRS 18. IFRS 18 requires retrospective application with specific transition provisions.

The Company is currently working to identify all impacts the new standard and amendments will have on the primary

financial statements and notes to the financial statements. The initial expected material impact on the Company’s

financial statements is, as follows:

•Foreign exchange differences will be classified in the same category as the income and expenses from the items

giving rising to the foreign exchange differences.

•Amendments to the Classification and Measurement of Financial Instruments (Amendments to IFRS 9 and IFRS 7)

The amendments address matters identified during the post-implementation review of the classification and measurement

requirements of IFRS 9 Financial Instruments. The amendments are effective for annual periods starting on or after 1

January 2026.

The Company does not anticipate that the amendments will have a material effect on the Company’s financial statements

in future periods.

We have not early adopted any standard, interpretation, or amendment that has been issued but is not yet effective.

Description of Accounting Policy for Basis of Consolidation [Policy Text Block]

argx_DescriptionOfAccountingPolicyForBasisOfConsolidationPolicyTextBlock

2.3 Basis of consolidation

The consolidated financial statements include the financial statements of the Company and entities controlled by the

Company (its subsidiaries). Control is achieved when the Company:

•has power over the investee;

•is exposed, or has rights, to variable returns from its involvement with the investee; and

•has the ability to use its power to affect its returns.

The Company reassesses whether or not it controls an investee if facts and circumstances indicate that there are changes

to one or more of the three elements of control listed above.

The results of the subsidiaries are included in the consolidated statements of profit or loss and consolidated statements of

other comprehensive income or loss from the effective date of acquisition up to the date when control ceases to exist.

When necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into

line with those used by other members of the Group.

All intercompany transactions and unrealized gains on transactions between group companies are eliminated. Unrealized

losses are also eliminated unless the transaction provides evidence of an impairment of the transferred asset.

Description of Accounting Policy for Research and Development Incentive Receivables [Policy Text Block]

argx_DescriptionOfAccountingPolicyForResearchAndDevelopmentIncentiveReceivablesPolicyTextBlock

2.6 Research and development incentives receivables

The current and non-current research and development incentive receivables relate to refunds resulting from research and

development incentives on Research and development expenses in Belgium and are credited to the consolidated

statements of profit or loss and the consolidated statements of other comprehensive income or loss under the line “Other

operating income” when the relevant expenditure has been incurred and there is a reasonable assurance that the research

and development incentives will be received.

Description of Accounting Policy for Shareholder's Equity [Policy Text Block]

argx_DescriptionOfAccountingPolicyForShareholderSEquityPolicyTextBlock

2.14 Shareholder’s equity

An equity instrument is any contract that evidences a residual interest in the assets of an entity after deducting all of its

liabilities. Equity instruments issued by the Company are recognized at the proceeds received, net of direct issue costs.

The Company has never distributed any dividends to its shareholders. As of December 31, 2025, no profits were

available for distribution.

Description Of Accounting Policy For Collaborations and License Agreements [Policy Text Block]

argx_DescriptionOfAccountingPolicyForCollaborationsAndLicenseAgreementsPolicyTextBlock

2.18 Other operating income - Collaboration and license agreements

Amongst the Company’s collaboration and license agreements in scope of IFRS 15, the following two have generated

revenue in the reporting periods:

Zai Lab

Under the collaboration agreement, the Company provides clinical and commercial supply to Zai Lab. The Company

concludes to recognize such sales as revenue given that the Company acts as principal in the transaction as the risk

related to inventory is borne by the Company until the inventory is transferred to Zai Lab. The revenue related to clinical

supply is recorded under line item “Other operating income”. The revenue related to commercial supply is recorded

under line item “Product net sales” in the Consolidated Statements of Profit or Loss. The income related to royalties or

sales-based milestones on sales made in China is recorded under line item “Other operating income”.

AbbVie

For the AbbVie Collaboration Agreement the Company has determined that the transfer of license combined with the

performance of research and development activities represent one single performance obligation. The Company

concluded that the license is not distinct in the context of the contract.

The transaction price is composed of a fixed part, being an upfront license fee, and a variable part, being milestone

payments and cost reimbursements for research and development activities delivered. Milestone payments are only

included in the transaction price to the extent it is highly probable that a significant reversal in the amount of cumulative

revenue recognition will not occur when the uncertainty associated with the variable consideration is subsequently

resolved. Management estimates the amount to be included in the transaction price upon achievement of the milestone

event. Sales-based milestones and sales-based royalties are a part of the Company’s arrangements but are not yet

included in its revenues.

The transaction price has been allocated to the single performance obligation and revenues have been recognized over

the estimated service period based on an input model, being the percentage of completion method. The upfront license

fee has been fully recognized since 2021 as the performance obligation has been fulfilled at that time. Milestone

payments that become highly probable after the performance obligation has been fulfilled are therefore recognized at that

point in time.

Description Of Accounting Policy For Cost Of Sales [Policy Text Block]

argx_DescriptionOfAccountingPolicyForCostOfSalesPolicyTextBlock

2.19 Cost of Sales

Cost of sales are recognized when the associated revenue from product net sales is recognized. Cost of sales include

material, manufacturing costs and other costs attributable to production, including shipping costs relevant amortizations,

as well as royalties payable on sold products.

Number of New Targets In-Licensed

argx_NumberOfNewTargetsInLicensed

Derecognition of Intangible Assets Other Than Goodwill

argx_DerecognitionOfIntangibleAssetsOtherThanGoodwill

$ 102,000,000

Disclosure Of Non-Current Financial Assets [Text Block]

argx_DisclosureOfNonCurrentFinancialAssetsTextBlock

6. Other Non-Current Assets

Other non-current assets consisted of non-current restricted cash and financial assets held at fair value through profit or

loss or through OCI.


		As of December 31,
(in thousands of $)		2025		2024		2023
Non-current restricted assets	$	4,838	$	1,964	$	2,419
Non-current financial assets held at fair value through profit or loss		37,130		25,549		21,715
Non-current financial assets held at fair value through OCI		10,022		14,880		15,528
Total other non-current assets	$	51,990	$	42,393	$	39,662

Non-current restricted assets on December 31, 2025 was mainly composed of deposit guarantees paid under the lease

agreements for the laboratory and offices of the Company.

Non-current financial assets held at fair value through profit or loss is comprised of the profit share in AgomAb

Therapeutics NV. In March 2019, the Company entered into a license agreement with AgomAb Therapeutics NV for the

use of HGF-mimetic SIMPLE Antibodies™, developed under the Company’s Immunology Innovative Program. In

exchange for granting this license, the Company received a profit share in AgomAb Therapeutics NV. Since AgomAb

Therapeutics NV is a private company, the valuation of the profit share is based on the post-money valuation coming

from its most recent financing round.

In October 2023, AgomAb Therapeutics NV secured €100 million as a result of a Series C financing round. The

Company’s profit share was diluted, but resulting in no change of the fair value. In October 2024, AgomAb Therapeutics

NV secured $89 million as a result of a Series D financing round.

The Company reassessed the fair value of the asset as of December 31, 2025 based on publicly available clinical

announcements as of the reporting date.

Fair value changes on non-current financial assets with fair value through profit or loss are recognized in the

consolidated statements of profit or loss and the consolidated statements of other comprehensive income or loss under

“Other operating income”.

As part of the license agreement for the development and commercialization for efgartigimod in Greater China, in 2021

the Company obtained, amongst others, 568,182 newly issued Zai Lab shares calculated at a price of €132 per share. The

fair value of the equity instrument at reporting date is determined by reference to the closing price of such securities at

each reporting date (classified as level 1 in the fair value hierarchy). The Company made the irrevocable election to

recognize subsequent changes in fair value through OCI under “Fair value gain/(loss) on investments in equity

instruments designated as at FVTOCI”.

The table below illustrates these non-current financials assets at fair value through profit or loss or OCI:


	As of December 31,
(in thousands of $)	2025		2024		2023
Cost on January 1	$	76,659	$	76,659	$	76,659
Additions of the year		—		—		—
Cost on December 31	$	76,659	$	76,659	$	76,659

Fair value adjustments on January 1	$	(36,230)	$	(39,416)	$	(37,501)
Fair value adjustment of the year through profit or loss		11,581		3,834		—
Fair value adjustment of the year through OCI		(4,858)		(648)		(1,915)
Fair value adjustment on December 31	$	(29,507)	$	(36,230)	$	(39,416)

Net book value on December 31	$	47,152	$	40,429	$	37,243

Schedule of Other Non-current Assets [Table Text Block]

argx_ScheduleOfOtherNonCurrentAssetsTableTextBlock


		As of December 31,
(in thousands of $)		2025		2024		2023
Non-current restricted assets	$	4,838	$	1,964	$	2,419
Non-current financial assets held at fair value through profit or loss		37,130		25,549		21,715
Non-current financial assets held at fair value through OCI		10,022		14,880		15,528
Total other non-current assets	$	51,990	$	42,393	$	39,662

Non Current Financial Assets at Fair Value Through Profit or Loss [Table Text Block]

argx_NonCurrentFinancialAssetsAtFairValueThroughProfitOrLossTableTextBlock

The table below illustrates these non-current financials assets at fair value through profit or loss or OCI:


	As of December 31,
(in thousands of $)	2025		2024		2023
Cost on January 1	$	76,659	$	76,659	$	76,659
Additions of the year		—		—		—
Cost on December 31	$	76,659	$	76,659	$	76,659

Fair value adjustments on January 1	$	(36,230)	$	(39,416)	$	(37,501)
Fair value adjustment of the year through profit or loss		11,581		3,834		—
Fair value adjustment of the year through OCI		(4,858)		(648)		(1,915)
Fair value adjustment on December 31	$	(29,507)	$	(36,230)	$	(39,416)

Net book value on December 31	$	47,152	$	40,429	$	37,243

Non Current Financial Assets Acquired, During Period

argx_NonCurrentFinancialAssetsAcquiredDuringPeriod

$ 0

Non Current Financial Assets Acquired, During Period

argx_NonCurrentFinancialAssetsAcquiredDuringPeriod

Non Current Financial Assets Acquired, During Period

argx_NonCurrentFinancialAssetsAcquiredDuringPeriod

Non Current Financial Assets, Fair Value Adjustments

argx_NonCurrentFinancialAssetsFairValueAdjustments

(36,230,000)

Non Current Financial Assets, Fair Value Adjustments

argx_NonCurrentFinancialAssetsFairValueAdjustments

(39,416,000)

Non Current Financial Assets, Fair Value Adjustments

argx_NonCurrentFinancialAssetsFairValueAdjustments

(37,501,000)

Non Current Financial Assets, Fair Value Adjustments

argx_NonCurrentFinancialAssetsFairValueAdjustments

(29,507,000)

Non Current Financial Assets Fair Value Adjustments, During Period

argx_NonCurrentFinancialAssetsFairValueAdjustmentsDuringPeriod

11,581,000

Non Current Financial Assets Fair Value Adjustments, During Period

argx_NonCurrentFinancialAssetsFairValueAdjustmentsDuringPeriod

3,834,000

Non Current Financial Assets Fair Value Adjustments, During Period

argx_NonCurrentFinancialAssetsFairValueAdjustmentsDuringPeriod

Non Current Financial Assets Fair Value Adjustments Through OCI During Period

argx_NonCurrentFinancialAssetsFairValueAdjustmentsThroughOCIDuringPeriod

(4,858,000)

Non Current Financial Assets Fair Value Adjustments Through OCI During Period

argx_NonCurrentFinancialAssetsFairValueAdjustmentsThroughOCIDuringPeriod

(648,000)

Non Current Financial Assets Fair Value Adjustments Through OCI During Period

argx_NonCurrentFinancialAssetsFairValueAdjustmentsThroughOCIDuringPeriod

$ (1,915,000)

Schedule Of Current Inventory [Table Text Block]

argx_ScheduleOfCurrentInventoryTableTextBlock


		As of December 31,
(in thousands of $)		2025		2024		2023
Raw materials and consumables	$	335,540	$	337,832	$	240,836
Inventories in process		55,535		26,357		47,074
Finished goods		82,455		43,044		22,640
Total inventories	$	473,530	$	407,233	$	310,550

Disclosure Of Prepaid Expenses, Current [Text Block]

argx_DisclosureOfPrepaidExpensesCurrentTextBlock

8. Prepaid Expenses (Current)

The current prepaid expenses are composed of prepayments which are detailed below:


	As of December 31,
(in thousands of $)	2025		2024			2023
Prepaid research and development expenses	$	214,631	$	110,249	$	71,201
Prepaid software		50,148		18,564		6,240
Prepaid inventory		19,249		34,753		22,460
Prepaid advertising expenses		12,711		9,463		19,933
Other prepaid expenses		31,737		14,919		14,238
Total prepaid expenses	$	328,476	$	187,948	$	134,072

Schedule of Prepaid Expenses [Table Text Block]

argx_ScheduleOfPrepaidExpensesTableTextBlock

The current prepaid expenses are composed of prepayments which are detailed below:


	As of December 31,
(in thousands of $)	2025		2024			2023
Prepaid research and development expenses	$	214,631	$	110,249	$	71,201
Prepaid software		50,148		18,564		6,240
Prepaid inventory		19,249		34,753		22,460
Prepaid advertising expenses		12,711		9,463		19,933
Other prepaid expenses		31,737		14,919		14,238
Total prepaid expenses	$	328,476	$	187,948	$	134,072

Prepaid Research And Development Expenses, Current

argx_PrepaidResearchAndDevelopmentExpensesCurrent

$ 214,631,000

Prepaid Research And Development Expenses, Current

argx_PrepaidResearchAndDevelopmentExpensesCurrent

110,249,000

Prepaid Research And Development Expenses, Current

argx_PrepaidResearchAndDevelopmentExpensesCurrent

71,201,000

Prepaid Software, Current

argx_PrepaidSoftwareCurrent

50,148,000

Prepaid Software, Current

argx_PrepaidSoftwareCurrent

18,564,000

Prepaid Software, Current

argx_PrepaidSoftwareCurrent

6,240,000

Prepaid Inventory, Current

argx_PrepaidInventoryCurrent

19,249,000

Prepaid Inventory, Current

argx_PrepaidInventoryCurrent

34,753,000

Prepaid Inventory, Current

argx_PrepaidInventoryCurrent

22,460,000

Prepaid Advertising Expenses, Current

argx_PrepaidAdvertisingExpensesCurrent

12,711,000

Prepaid Advertising Expenses, Current

argx_PrepaidAdvertisingExpensesCurrent

9,463,000

Prepaid Advertising Expenses, Current

argx_PrepaidAdvertisingExpensesCurrent

19,933,000

Other Prepaid Expenses, Current

argx_OtherPrepaidExpensesCurrent

31,737,000

Other Prepaid Expenses, Current

argx_OtherPrepaidExpensesCurrent

14,919,000

Other Prepaid Expenses, Current

argx_OtherPrepaidExpensesCurrent

$ 14,238,000

Disclosure of Detailed Information About Trade And Other Receivables [Table Text Block]

argx_DisclosureOfDetailedInformationAboutTradeAndOtherReceivablesTableTextBlock

The trade and other receivables are composed of receivables which are detailed below:


	As of December 31,
(in thousands of $)	2025		2024		2023
Trade receivables	$	1,489,572	$	817,707	$	417,994
Tax receivables		123,123		40,886		63,605
Interest receivables		33,533		40,214		13,126
Other receivables		464		5,664		1,962
Total trade and other receivables	$	1,646,692	$	904,471	$	496,687

Disclosure of Detailed Information About Cash and Cash Equivalents [Table Text Block]

argx_DisclosureOfDetailedInformationAboutCashAndCashEquivalentsTableTextBlock


	As of December 31,
(in thousands of $)	2025		2024		2023
Money market funds	$	2,541,112	$	1,394,409	$	1,678,100
Term accounts		945,001		100,000		350,000
Cash and bank balances		5,176		5,527		20,744
Total cash and cash equivalents	$	3,491,289	$	1,499,936	$	2,048,844

Money Market Funds

argx_MoneyMarketFunds

$ 2,541,112,000

Money Market Funds

argx_MoneyMarketFunds

1,394,409,000

Money Market Funds

argx_MoneyMarketFunds

1,678,100,000

Term Accounts

argx_TermAccounts

945,001,000

Term Accounts

argx_TermAccounts

100,000,000

Term Accounts

argx_TermAccounts

350,000,000

Cash and Bank Balances

argx_CashAndBankBalances

5,176,000

Cash and Bank Balances

argx_CashAndBankBalances

5,527,000

Cash and Bank Balances

argx_CashAndBankBalances

$ 20,744,000

Reconciliation of number of shares outstanding [Table Text Block]

argx_ReconciliationOfNumberOfSharesOutstandingTableTextBlock

Roll forward of number of shares outstanding:


Number of shares outstanding on January 1, 2023		55,395,856
Exercise of stock options		1,137,439
Vesting of RSUs		79,560
Global public offering on Nasdaq on July 18, 2023		2,244,899
Over-allotment option exercised by underwriters on July 19, 2023		336,734
Number of shares outstanding on December 31, 2023		59,194,488
Exercise of stock options		1,478,225
Vesting of RSUs		88,244
Number of shares outstanding on December 31, 2024		60,760,957
Exercise of stock options		986,507
Vesting of RSUs		135,842
Number of shares outstanding on December 31, 2025		61,883,306

Increase (Decrease) Through Exercise Of Options, Number of Shares Outstanding

argx_IncreaseDecreaseThroughExerciseOfOptionsNumberOfSharesOutstanding

1,137,439

Increase (Decrease) Through Exercise Of Options, Number of Shares Outstanding

argx_IncreaseDecreaseThroughExerciseOfOptionsNumberOfSharesOutstanding

1,478,225

Increase (Decrease) Through Exercise Of Options, Number of Shares Outstanding

argx_IncreaseDecreaseThroughExerciseOfOptionsNumberOfSharesOutstanding

986,507

Maximum Percentage of Outstanding Share Capital

argx_MaximumPercentageOfOutstandingShareCapital

10.00%

Period of Outstanding Share Capital

argx_PeriodOfOutstandingShareCapital

18 months

Maximum Authorized Increase in Share Capital

argx_MaximumAuthorizedIncreaseInShareCapital

$ 532,863

Maximum Authorized Increase in Number of Shares

argx_MaximumAuthorizedIncreaseInNumberOfShares

5,328,634

Conversion of Stock, Shares Issued

argx_ConversionOfStockSharesIssued

Conversion of Stock, Shares Issued

argx_ConversionOfStockSharesIssued

Conversion of Stock, Shares Issued

argx_ConversionOfStockSharesIssued

Number of share options granted in share-based payment arrangement used to pay tax

argx_NumberOfShareOptionsGrantedInShareBasedPaymentArrangementUsedToPayTax

12,951

Disclosure of detailed information of share-based payment arrangement [table text block]

argx_DisclosureOfDetailedInformationOfShareBasedPaymentArrangementTableTextBlock

The following stock option arrangements were in existence during the current and prior years and which are exercisable

at the end of each period presented:


			Outstanding stock options on December 31,
Expiry date	Exercise price per stock options (in $)¹⁾		2025	2024	2023
2024	$	2.87	—	—	3,308
2024		4.64	—	—	532
2024		8.43	—	—	81,500
2025		13.44	—	400	1,600
2025		11.13	—	78,690	99,326
2026		13.48	75,643	93,378	97,972
2026		13.37	10,000	14,000	24,400
2026		16.61	95,749	103,859	111,811
2027		21.63	31,646	35,046	38,434
2027		24.87	136,705	152,085	225,852
2028		94.96	6,670	7,370	13,890
2028		101.43	187,281	190,011	225,457
2024		133.35	—	—	26,171
2029		133.35	33,513	44,158	71,573
2024		159.51	—	—	104,176
2029		159.51	251,019	275,154	370,566
2025		140.45	—	3,758	16,712
2030		140.45	18,291	30,675	50,801
2025		230.48	—	7,926	126,331
2030		230.48	69,359	79,691	160,677
2025		235.26	—	5,629	31,424
2030		235.26	31,388	47,908	78,534
2025		290.93	—	90,425	202,205
2030		290.93	246,192	351,911	559,173
2026		275.42	9,413	23,491	23,491
2031		275.42	8,820	19,486	27,201
2026		299.74	22,733	59,527	59,626
2031		299.74	38,475	96,888	128,600
2026		304.91	5,085	45,044	45,228
2031		304.91	24,697	39,359	62,138
2025		363.31	—	—	16,000


			Outstanding stock options on December 31,
Expiry date	Exercise price per stock options (in $)¹⁾		2025	2024	2023
2026		363.31	47,559	80,179	80,425
2031		363.31	124,043	169,196	226,520
2027		331.94	13,876	13,876	13,957
2032		331.94	19,412	34,773	58,255
2027		420.06	57,024	57,118	58,091
2032		420.06	104,811	144,505	192,291
2027		432.99	13,764	13,764	13,764
2032		432.99	41,692	56,820	73,288
2027		422.53	134,492	134,748	136,459
2032		422.53	179,832	249,755	347,765
2028		400.32	15,014	15,014	15,014
2033		400.32	28,285	36,065	43,856
2028		417.60	120,517	121,071	127,490
2033		417.60	318,762	415,859	495,821
2028		541.21	2,173	2,235	2,235
2033		541.21	43,035	56,782	69,704
2028		350.97	6,043	6,043	—
2033		350.97	43,405	61,806	79,305
2029		430.17	3,202	3,291	—
2034		430.17	27,767	37,642	—
2029		489.27	87,700	88,157	—
2034		489.27	454,081	553,251	—
2029		562.47	6,023	6,023	—
2034		562.47	23,579	26,622	—
2029		699.60	2,079	2,137	—
2034		699.60	15,737	18,159	—
2030		648.60	3,763	—	—
2035		648.60	16,453	—	—
2030		563.18	64,565	—	—
2035		563.18	513,390	—	—
2030		718.16	1,519	—	—
2035		718.16	29,243	—	—
2030–2035²⁾	$	837.78	17,595	—	—
			3,883,114	4,300,760	5,118,949

1)Amounts have been converted to USD at the closing rate as of December 31, 2025.

2)In December 2025, the Company granted stock options for which the Belgian taxed beneficiaries had a 60-day period to choose between a

contractual term of five or ten years.

Disclosure of Parameters Used in Relation to New Grants [Table Text Block]

argx_DisclosureOfParametersUsedInRelationToNewGrantsTableTextBlock

Below is an overview of the parameters used in relation to the determination of the fair value of the grants during 2025:


Stock options granted in	March 2025			June 2025			September 2025			December 2025¹⁾
Number of options granted		21,469			593,475			30,762			17,595
Average Fair value of options (in $)²⁾	$	147.95 - 194.55		$	177.33 - 308.47		$	249.21 - 446.49		$	324.22
Share price (in $)²⁾	$	547.67 - 584.66		$	550.61 - 707.89		$	724.65 - 918.62		$	842.24
Exercise price (in $)²⁾	$	596.99		$	561.74		$	717.61		$	837.78
Expected volatility		32.61 - 33.43	%		30.54 - 31.61	%		33.16 - 37.48	%		38.22	%
Average Expected option life (in years)		4.33 - 6.52			4.16 - 6.35			4.02 - 6.22			5.34
Risk‑free interest rate		1.91 - 2.43	%		2.02 - 2.37	%		2.09 - 2.26	%		2.35	%
Expected dividends		—	%		—	%		—	%		—	%

1)In December 2025, the Company granted a total of 17,595 stock options of which 1,833 stock options to Belgian taxed beneficiaries. Belgian

taxed beneficiaries can choose between a contractual term of five or ten years. The expected option life ranges between 3.88 and 6.07 years. This

estimate will be reassessed once the acceptance period of 60 days has passed and the beneficiaries will have made a choice between a contractual

term of five or ten years. The total difference in fair value of the grant to Belgian taxed beneficiaries would not be material irrespective of 100%

of the stock options of Belgian taxed beneficiaries with a contractual term of five years or ten years.

2)Amounts have been converted to USD at the applicable rate prevailing at the grant date.

Below is an overview of the parameters used in relation to the determination of the fair value of grants during 2024:


Stock options granted in	April 2024			June 2024			September 2024			December 2024¹⁾
Number of options granted		42,243			660,166			33,529			20,296
Average Fair value of options (in $)²⁾	$	112.14 - 156.49		$	158.50 - 215.16		$	188.85 - 298.99		$	170.44 - 220.99
Share price (in $)²⁾	$	365.56 - 396.30		$	437.41 - 492.86		$	543.68 - 656.53		$	620.43
Exercise price (in $)²⁾	$	396.30		$	445.76		$	535.95		$	618.56
Expected volatility		35.53 - 39.04	%		35.17 - 36.16	%		33.33 - 35.61	%		31.55 - 34.46	%
Average Expected option life (in years)		4.30 - 6.49			4.16 - 6.35			4.05 - 6.24			3.88 - 6.07
Risk‑free interest rate		2.66 - 3.02	%		2.48 - 2.87	%		2.06 - 2.24	%		1.97 - 2.25	%
Expected dividends		—	%		—	%		—	%		—	%

1)In December 2024, the Company granted a total of 20,296 stock options. Belgian beneficiaries could choose between a contractual term of five or

ten years impacting the parameters used in determination of the fair value of the grant. Once the acceptance period of 60 days had passed in

which the beneficiaries made a choice between a contractual term of five or ten years years, the parameters and fair value used in the financial

year ending December 31, 2024 were reassessed.

2)Amounts have been converted to USD at the applicable rate prevailing at the grant date.

Below is an overview of the parameter used in relation to the determination of the fair value of grants during 2023:


Stock options granted in	April 2023			July 2023			October 2023			December 2023
Number of options granted		61,056			629,121			74,529			79,305
Average Fair value of options (in $)¹⁾	$	158.21 - 196.18		$	176.44 - 271.59		$	123.94 - 209.04		$	161.88 - 200.55
Share price (in $)¹⁾	$	361.64 - 401.21		$	380.81 - 521.19		$	439.42 - 491.75		$	371.36 - 403.77
Exercise price (in $)¹⁾	$	370.34		$	387.35		$	485.01		$	329.26
Expected volatility		41.00 - 42.18	%		36.22 - 43.99	%		35.35 - 36.67	%		36.21 - 38.64	%
Average Expected option life (in years)		4.00 - 6.50			4.00 - 6.50			4.00 - 6.50			4.00 - 6.50
Risk‑free interest rate		2.96 - 3.14	%		2.90 - 3.03	%		2.80 - 3.44	%		2.40 - 2.81	%
Expected dividends		—	%		—	%		—	%		—	%

1)Amounts have been converted to USD at the applicable rate prevailing at the grant date.

Weighted average fair value at measurement date, per share options granted