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Financial Statements — ARGX

Balance Sheet

(in billions USD)

Metric	Q4 2025	Q2 2025	Q4 2024	Q2 2024	Q4 2023	Q2 2023	Q4 2022	Q2 2022	Q4 2021	Q2 2021
Cash & Equivalents	3.49	2.09	1.50	1.44	2.05	1.11	0.22	1.37	1.33	1.58
Inventory	0.47	0.34	0.41	0.33	0.31	0.20	0.23	0.14	0.11	0.06
Total Current Assets	6.90	5.83	4.88	4.26	4.12	2.69	2.77	2.93	2.54	2.86
Total Non-current Assets	1.78	1.35	1.32	0.53	0.42	0.50	0.36	0.32	0.31	0.35
Total Assets	8.68	7.18	6.20	4.80	4.54	3.19	3.13	3.25	2.85	3.21
Total Current Liabilities	1.32	1.04	0.67	0.50	0.42	0.32	0.30	0.26	0.30	0.24
Total Non-current Liabilities	0.04	0.04	0.03	0.03	0.02	0.02	0.02	0.01	0.01	0.02
Total Liabilities	1.36	1.08	0.70	0.53	0.44	0.34	0.32	0.28	0.32	0.26
Retained Earnings	(0.28)	(1.16)	(1.57)	(2.44)	(2.40)	(2.23)	(2.11)	(1.84)	(1.40)	(0.93)
Total Stockholder Equity	7.32	6.10	5.50	4.26	4.10	2.86	2.81	2.97	2.53	2.95

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Income Statement

(in billions USD) (except per-share rows)

Metric	Q2 2025	Q2 2024	Q2 2023	Q2 2022	Q2 2021
Total Revenue	--	--	--	0.10	0.47
Research & Development	0.64	0.45	0.36	0.28	0.27
Selling, General & Admin	0.60	0.49	0.31	0.23	0.13
Total Operating Expenses	1.43	1.04	0.72	0.51	0.40
Operating Income	0.34	(0.14)	(0.21)	(0.40)	0.10
Pretax Income	0.49	(0.09)	(0.16)	(0.45)	0.08
Tax Provision	0.07	(0.06)	(0.04)	(0.01)	0.01
Net Income	0.41	(0.03)	(0.12)	(0.44)	0.06
Basic EPS	6.80	(0.55)	(2.21)	(8.16)	1.25
Diluted EPS	6.32	(0.55)	(2.21)	(8.16)	1.17

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Cash Flow Statement

(in billions USD)

Metric	Q2 2025	Q2 2024	Q2 2023	Q2 2022	Q2 2021
Operating Cash Flow	0.36	(0.12)	(0.29)	(0.49)	(0.23)
Investing Cash Flow	0.06	(0.51)	0.53	(0.23)	(0.49)
Financing Cash Flow	0.07	0.04	0.06	0.81	1.10

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