ARGX Stock — argenx SE: Cash, EV, Pipeline

What they do

We made significant progress executing against this goal throughout the year, by expanding our global reach with VYVGART in two blockbuster indications, advancing 10 ongoing registrational clinical trials, and completed our goal to bring forward four Phase 1 molecules by the end of the decade.

Source: 20-F FY2025 via SEC EDGAR

Share price

$927.21

Market cap

$57,545.3M

Cash

$3,491.3M

Enterprise value

$54,061.3M

Balance sheet

Cash	$3,491.3M
Debt	$7.3M
Net cash	$3,484.0M
Enterprise value	$54,061.3M
Basic shares	62.1M shares
Fully diluted shares	66.4M shares
Fully diluted market cap	$61,549.5M
Cash per share	$56.26
Quarterly burn	+$161.7M generated

Cash figures as of 2025-12-31. Database snapshot: 2026-11-07.

Share structure

Common

61.9M

Pre-funded warrants

0.0M

Options

3.9M

RSUs

0.6M

Warrants

0.0M

Converts

0.0M

Conv preferred

0.0M

ESPP reserve

0.0M

FDSO

66.4M

Cap table as of 2025-12-31.

Price history

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Next catalyst

Empasiprubart · Now - Nov 24, 2026 Now · Phase 3 · Multifocal Motor Neuropathy (MMN); MMN

Recently reported

efgartigimod Phase 3 Negative · 2026-10-08

Source release →

FB102 Phase 2 Positive · 2026-10-08

FB102-301 · celiac disease

Source release →

Efgartigimod Phase 3 Positive · 2026-08-17

Source release →

Upcoming catalysts

Expected	Drug	Phase	Indication	Mgmt guide
Now - Nov 24, 2026 Now	Empasiprubart	Phase 3	Multifocal Motor Neuropathy (MMN); MMN	Q4 2026 Est. Nov 15, 2026 · quarter midpoint
Now - Dec 11, 2026 Now	Efgartigimod PH20 SC via PFS	Phase 1	Healthy Volunteer; Healthy Adult Participants	—
Nov 12 - Dec 24 in 5d	efgartigimod PH20 SC	Phase 3	Primary Immune Thrombocytopenia	—
Dec 13, 2026 - Jan 24, 2027 in 5 wks	Empasiprubart IV	Phase 2	Dermatomyositis; Myositis	—
Jan 12 - Feb 23 in 9 wks	Adimanebart IV	Phase 1	Healthy Volunteers (HV); Healthy Volunteer	—
Jan 12 - Feb 23 in 9 wks	Efgartigimod Alfa	Phase 2	Optic Neuritis	—
Feb 11 - Mar 25 in 14 wks	ARGX-124	Phase 1	Healthy Volunteers	—
GUIDEDEst. Apr 1, 2027 in 8 wks half midpoint	efgartigimod ADVANCE-NEXT registrational in primary ITP	Not disclosed	primary ITP	1H 2027
Apr 12 - May 24 in 5 mo	Efgartigimod IV	Phase 3	Generalized Myasthenia Gravis	—
Apr 12 - May 24 in 5 mo	empasiprubart SC AI	Phase 1	Healthy Volunteers	—
Jun 11 - Jul 23 in 7 mo	Efgartigimod PH20 SC	Phase 2	Chronic Inflammatory Demyelinating Polyneuropathy (CIDP)	—
Jun 26 - Aug 7 in 8 mo	Cusatuzumab	Phase 1	Leukemia, Myeloid, Acute	—
Aug 12 - Sep 23 in 9 mo	Efgartigimod PH20 SC	Phase 3	Primary Sjogrens Disease	2H 2027 Est. Sep 30, 2027 · half midpoint
Oct 5 - Nov 16 in 11 mo	ARGX-119	Phase 1	Congenital Myasthenic Syndrome; CMS	—
Oct 13 - Nov 24 in 11 mo	Efgartigimod PH20 SC	Phase 3	Generalized Myasthenia Gravis	—
Oct 13 - Nov 24 in 11 mo	empasiprubart	Phase 3	Chronic Inflammatory Demyelinating Polyneuropathy; CIDP; CIDP - Chronic Inflammatory Demyelinating Polyneuropathy	2H 2027 Est. Sep 30, 2027 · half midpoint
Nov 12 - Dec 24 in 12 mo	Empasiprubart IV	Phase 2	AChR-Ab Seropositive Generalized Myasthenia Gravis; Myasthenia Gravis (MG); MG - Myasthenia Gravis	—
Nov 18 - Dec 30 in 13 mo	Empasiprubart IV	Phase 3	Chronic Inflammatory Demyelinating Polyneuropathy; CIDP; Chronic Inflammatory Demyelinating Polyradiculoneuropathy	2H 2027 Est. Nov 18, 2027 · PCD + 6 wks (Nov 4-Dec 2)
Mar 14 - Apr 25 in 16 mo	Empasiprubart IV	Phase 1	Multifocal Motor Neuropathy (MMN)	—
Apr 18 - May 30 in 18 mo	Efgartigimod IV	Phase 2	AChR-Ab Seropositive Generalized Myasthenia Gravis; Myasthenia Gravis; MG	—
May 13 - Jun 24 in 18 mo	Empasiprubart IV	Phase 3	Chronic Inflammatory Demyelinating Polyradiculoneuropathy; CIDP (Chronic Inflammatory Demyelinating Polyradiculoneuropathy); CIDP	2H 2027 Est. Sep 30, 2027 · half midpoint
Jul 13 - Aug 24 in 20 mo	Efgartigimod IV	Phase 3	Primary Immune Thrombocytopenia (ITP)	—
Jul 13 - Aug 24 in 20 mo	Efgartigimod PH20 SC	Phase 3	Graves' Disease; Graves Disease	2H 2027 Est. Sep 30, 2027 · half midpoint
Jul 13 - Aug 24 in 20 mo	efgartigimod PH20 SC	Phase 3	Graves Disease	2H 2027 Est. Sep 30, 2027 · half midpoint
Sep 8 - Oct 20 in 22 mo	efgartigimod PH20 SC	Phase 2	Sjogrens Disease; Primary Sjögren's Syndrome Painful Sensory Neuropathies	—
Oct 13 - Nov 24 in 24 mo	Efgartigimod PH20 SC	Phase 3	Myositis; Active Idiopathic Inflammatory Myopathy; Dermatomyositis	Q3 2026
Nov 12 - Dec 24 in 25 mo	Efgartigimod IV	Phase 3	Immune Thrombocytopenia (ITP); ITP - Immune Thrombocytopenia; ITP	—
Mar 3 - Apr 14 in 28 mo	Efgartigimod PH20 (ARGX-113) SC	Phase 2	Autoimmune Encephalitis (AE)	—
Jul 9 - Aug 20 in 32 mo	ARGX-119 IV	Phase 2	Spinal Muscular Atrophy (SMA)	—
Oct 13 - Nov 24 in 36 mo	Efgartigimod IV or Efgartigimod PH20 SC	Phase 3	Generalized Myasthenia Gravis; gMG	—
Nov 11 - Dec 23 in 37 mo	ARGX-117	Phase 2	Multifocal Motor Neuropathy (MMN)	—
Dec 10, 2029 - Jan 21, 2030 in 38 mo	ARGX-121	Phase 2	Immunoglobulin A Nephropathy (IgAN)	—
Nov 12 - Dec 24 in 49 mo	Adimanebart IV	Phase 3	Congenital Myasthenic Syndrome; CMS	—

Estimated readout windows: registry primary-completion date + 6-12 weeks. Windows already open are shown from "Now". Drug names link to ClinicalTrials.gov.

Full readout calendar →

Pipeline assets

Efgartigimod

Approved · Active

Aliases VYVGART, VYVGART HYTRULO, VYVDURA

Target FcRn

Indications

Generalized myasthenia gravis (gMG) (Approved)
Chronic inflammatory demyelinating polyneuropathy (CIDP) (Approved)
Immune thrombocytopenia (ITP) (Approved)

Status note Intravenous formulation (efgartigimod alfa-fcab) approved in U.S., Japan, EU, UK, Switzerland, Israel, China, Canada, South Korea, UAE for gMG; approved in Japan for ITP. Subcutaneous formulation (efgartigimod alfa + hyaluronidase qvfc) approved in U.S./China as VYVGART HYTRULO, Japan as VYVDURA, EU/UK as VYVGART for gMG; also approved in U.S., China, Japan, EU for CIDP. VYVGART HYTRULO prefilled syringe approved in U.S. for self-injection by adult gMG/CIDP patients. Excerpts do not state the molecular target.

Empasiprubart

Stage not disclosed · Active

Target complement C2

Indications

CIDP (Phase 3)
Multifocal Motor Neuropathy (MMN) (Phase 3)
Chronic Inflammatory Demyelinating Polyneuropathy (Phase 3)

Status note Named only in the long-term growth strategy to develop additional products and product candidates. The excerpts (mostly risk factors; the 20-F's product-candidate section was not captured) contain no stage, indication, target, or partnership disclosure for this asset.

Adimanebart

Stage not disclosed · Active

Target MuSK

Indications

Congenital Myasthenic Syndrome (Phase 3)
CMS (Phase 3)

Status note Named only in the long-term growth strategy. The excerpts contain no stage, indication, target, or partnership disclosure for this asset.

Per-asset detail extracted from the 20-F filed 2026-03-19. Fields the filing does not state are marked "not disclosed" rather than filled from other sources.

No lead program on file for this company.

Active clinical trials

Trial	Phase	Status	Role	Sponsor	BP	Condition(s)	Mgmt guide
NCT04812925	Phase 3	Active, not recruiting	Sponsor	ARGX	—	Primary Immune Thrombocytopenia	—
NCT04833894	Phase 3	Recruiting	Sponsor	ARGX	—	Generalized Myasthenia Gravis	—
NCT06684847	Phase 3	Active, not recruiting	Sponsor	ARGX	—	Primary Sjogrens Disease	2H 2027 Est. Sep 30, 2027 · half midpoint
NCT06392386	Phase 3	Recruiting	Sponsor	ARGX	—	Generalized Myasthenia Gravis	—
NCT06920004	Phase 3	Recruiting	Sponsor	ARGX	—	Chronic Inflammatory Demyelinating Polyneuropathy; CIDP; CIDP - Chronic Inflammatory Demyelinating Polyneuropathy	2H 2027 Est. Sep 30, 2027 · half midpoint
NCT07091630	Phase 3	Recruiting	Sponsor	ARGX	—	Chronic Inflammatory Demyelinating Polyneuropathy; CIDP; Chronic Inflammatory Demyelinating Polyradiculoneuropathy	2H 2027 Est. Nov 18, 2027 · PCD + 6 wks (Nov 4-Dec 2)
NCT07638566	Phase 3	Not yet recruiting	Sponsor	ARGX	—	Chronic Inflammatory Demyelinating Polyradiculoneuropathy; CIDP (Chronic Inflammatory Demyelinating Polyradiculoneuropathy); CIDP	2H 2027 Est. Sep 30, 2027 · half midpoint
NCT06544499	Phase 3	Recruiting	Sponsor	ARGX	—	Primary Immune Thrombocytopenia (ITP)	1H 2027 Est. Apr 1, 2027 · half midpoint
NCT07570316	Phase 3	Recruiting	Sponsor	ARGX	—	Graves' Disease; Graves Disease	2H 2027 Est. Sep 30, 2027 · half midpoint
NCT07596849	Phase 3	Recruiting	Sponsor	ARGX	—	Graves Disease	2H 2027 Est. Sep 30, 2027 · half midpoint
NCT05979441	Phase 3	Enrolling by invitation	Sponsor	ARGX	—	Myositis; Active Idiopathic Inflammatory Myopathy; Dermatomyositis	Q3 2026
NCT07194850	Phase 3	Recruiting	Sponsor	ARGX	—	Immune Thrombocytopenia (ITP); ITP - Immune Thrombocytopenia; ITP	1H 2027 Est. Apr 1, 2027 · half midpoint

Sponsor-matched active trials from ClinicalTrials.gov (43 as sponsor, 8 as collaborator); "Sponsor" = company is the lead sponsor, "Collaborator" = company is a collaborator. The BP column flags big-pharma involvement as lead sponsor or collaborator (excluding the company itself). The Mgmt guide column shows what management guided for readout timing when a guided program matches the trial (hover for the quote, click for the source). Trial listings are not a company pipeline slide.

View all 51 active trials for argenx on ClinicalTrials.gov

Specialist fund holders

Tracked specialist funds: ADAR1 Capital Management, Aisling Capital, Ally Bridge Group, Avoro Capital Advisors, BVF Partners, Baker Bros. Advisors, Boxer Capital, Braidwell LP, Casdin Capital, Cormorant Asset Management, DAFNA Capital, Deerfield Management, EcoR1 Capital, Frazier Life Sciences, Great Point Partners, Ikarian Capital, Logos Global Management, OrbiMed Advisors, Perceptive Advisors, RA Capital Management, RTW Investments, Sphera Biotech, Stonepine Capital, Tang Capital Partners, Vivo Capital.

Fund	Shares	Q/Q change	% of portfolio	Filing
Avoro Capital Advisors	1,000,000	no change	8.33%	2026-08-14
RTW Investments	709,446	no change	5.62%	2026-08-14
OrbiMed Advisors	92,880	-44,020	1.63%	2026-08-14
Braidwell LP	17,707	-67,232	0.61%	2026-08-14
Baker Bros. Advisors	0	-25,174	0.00%	2026-08-14

Specialist-fund positions from 13F filings. Q/Q change is vs the prior quarter's filing; % of portfolio is the fund's own reported portfolio weight.

Latest news

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ARGX — argenx SE ☆

What they do

Balance sheet

Share structure

Price history

Next catalyst

Recently reported

Upcoming catalysts

Pipeline assets

Active clinical trials

Specialist fund holders

Latest news

ARGX — argenx SE