Welcome to the first day of the 44th JPMorgan Healthcare Conference. I'm Richard Vosser, European Pharma Analyst at JPMorgan. It's my great pleasure to introduce our argenx's CEO, Tim Van Hauwermeiren. Just a few housekeeping rules. We will take questions from the room after Tim's presentation, or you can submit those into the portal. So with that, Tim, welcome to the conference.
Thank you, Richard. Thanks for having us. It's great to be together and kicking off this fantastic week at JPMorgan. Very warm welcome, by the way, ladies and gentlemen, to the argenx presentation. Let me kick it off with an important question each biotech entrepreneur should ask himself. The question actually is, who would miss you if you wouldn't exist? In our case, that question is leading us straight to our patients on VYVGART. I couldn't be more pleased to bring Sam today to this meeting. We're going to listen to a 30-second video from our patient, Sam.
Sam, when you and I first spoke a couple of months ago at this point, you said prior to VYVGART Hytrulo, you had trouble walking to the end of your driveway. Can you share, now that you've been on VYVGART Hytrulo for many months now, can you share what you do every day?
Sure. So actually, I have some even better news because I have an iPhone that tells me how much I walk. I walk 10 miles a day every day. And I also go snorkeling or scuba diving. And my activity level is at probably where I was 10 years ago. I mean, it's amazing. I feel great. I mean, what a story. You changed my life.
Yeah, what a story, Sam.
Done, Lindsay. Sam is not the only person who undergoes a transformation when he's on VYVGART. By the way, Sam is now on PFS, and he's traveling the world. What happens is a transformation of a patient's life. The way that happens is by offering breakthrough science to our patients. We're an immunology company. We think we're just at the beginning of our understanding of human immunology. Therefore, we think that the opportunity in front of us as bioentrepreneurs is infinite. Patients are also central to Vision 2030. We have the bold mission to impact 50,000 patients by 2030. We would love to do that through 10 labeled indications. Because we're in the business of building a sustainable biotech company, we have the ambition to have five new molecules in phase III by 2030.
I'm very proud to tell you today that we're well on track. Actually, we have 19,000 patients on VYVGART today. We're running 10 registration trials in 2026. And last year, we advanced four new pipeline molecules. I'm very proud of this. When patient transformation happens, financial success follows. I couldn't be more proud of the commercial team, which gave us such a strong Q4 in 2025. We sold about $1.3 billion, which is 14% up from last quarter. And that means that we almost doubled the business in 2025 compared to 2024. Last year was also the first year where we reached structural profitability. So I believe we're in a position of strength to execute on Vision 2030. Let's look at our strategic priorities for 2026. We have three of them. First, we want to impact more patients with VYVGART. Second, we want to shape the long-term future of FcRn.
And third, we want to deliver on that next wave of innovation. In my presentation today, I will be unpacking each of these priorities step by step. Let's talk about impacting more patients with VYVGART. Our playbook in the indications where we are is very clear. First, we redefine biology. Then we redefine the treatment paradigm. And then we redefine patient outcomes. For example, in myasthenia gravis, we have redefined biology. Regardless of whether you're seropositive or seronegative, we have proven for once and for all this is an IgG-mediated disease. In CIDP, after 30 years of no innovation, for the first time, we have shown this is an IgG-mediated disease and potentially a subset of patients with an IgM-mediated disease. I like to believe VYVGART is not just first in class, but also best in class. When it comes to redefining treatment in MG, we have changed the bar.
The bar used to be at, oh, my patient is doing fine because the patient is not hospitalized. That's not good enough. We have established a whole new gold standard, which is called MSE, minimum symptom expression. That means that these people can live a life with no or minimum symptoms. 60% of VYVGART patients in the real world achieve MSE. In CIDP, as we could see from Sam, we can see in a subset of patients a spectacular regain of function. Sam is not the only patient who's sending me his step counter through FaceTime or WhatsApp. Many patients are doing that. I would also like to applaud the commercial excellence of the team. Our secret power is market access. We made a promise not to leave any patient behind. I can assure you that we're serving the broadest possible population of MG patients and CIDP patients.
We redefine patient outcomes. We constantly out-innovate competition. We're announcing today that we're in combination studies in MG. I will explore that later in this deck with you. But we're also bringing a second mechanism of action into the CIDP space. Raising expectations also means that you delight your customer with your product presentation. Sam is traveling the world with his prefilled syringe. Many people are enjoying the prefilled syringe. And actually, the PFS has been a real driver of growth in 2025. What that results into is that VYVGART is the number one prescribed biologic in MG. It's driving 60% of the biologic growth in MG. We continue to penetrate the treatment paradigm. 70% of the patients are coming straight from orals. So we get earlier and earlier, and VYVGART becomes the go-to therapy for a newly diagnosed MG patient.
In CIDP, we already achieved blockbuster status in Q3 of last year, and we continue to penetrate the prescriber base. I'm very proud of the fact that now there are more than 4,700 active prescribers here in the United States, which is a 20% growth year on year. Playbook in MG is crystal clear. We landed in a time of 17,000 refractory patients, and we have articulated clear stepping stones to move into that 60,000-patient time. First of all, the seronegative patients. We made a promise to them, which we kept. We ran the biggest-ever seronegative trial, strong data. We believe we're on track for the potential approval and launch second half of this year. The next data card to turn is ocular MG. That data point is around the corner. It will happen in Q1. We're going after a significant unmet need in these ocular MG patients.
And then we continue to build the market by generating real-world evidence. We have pretty spectacular data in terms of steroid sparing. We have pretty impressive data in terms of eliminating hospitalizations and dramatically reducing stays in the hospital. And we continue to innovate with things like, for example, the autoinjector and the combination trial, which is now public. Also in CIDP, there's a clear path of growth. There's no reason VYVGART should stay in the 12,000 refractory patient population. Actually, we're already entering in the 24,000-patient population of people who are currently on steroids and/or IVIG. We do a ton of translational work unraveling the biology behind the disease. That is why we're bringing a second mode of action into the disease with empasiprubart, going after complement C2.
And based on the regain of function data, the real-world evidence data, we think there is upside potential into that 42,000 CIDP diagnosed patients. Guys, I couldn't be more excited about rheumatology in 2026. First of all, autoimmune myositis. This is no longer idiopathic myositis. It's an autoimmune disease. We know it is driven by pathogenic IgGs. And actually, today, the fingerprint of your pathogenic IgGs is determining the subtype of myositis you suffer from. We had solid phase II data with significant improvement in muscle strength on the TIS score. Sjögren's disease, two independent phase II trials have shown for once and for all that pathogenic IgGs and the circulating immune complexes they form drive this disease. Pretty remarkable impact in systemic disease activity.
What both rheumatology indications share is these are both sizable patient populations in very high unmet medical need with treatment toolboxes, which are virtually empty. Let's talk about priority number two, shaping the long-term future of FcRn. Today, we're in a position of strength. We have a very clean, very powerful IV product. We already have two sub-Q product presentations, one HCP-administered, one self-administered. They have a unique formulation thanks to the exclusive partnership we have at Halozyme. And we continue to innovate on the product presentation side, not just with one-of-a-kind PFS, but also with the first-of-a-kind autoinjector, which is well on its way for a launch in 2027. And as I said, we're venturing into the combination trial, which is public on ClinicalTrials.gov. That's not enough.
Tomorrow, we will be advancing ARGX-213, our first next-gen FcRn, which I will showcase later in this presentation. We have a second next-gen, ARGX-124, which is currently in phase I clinical trials, and we're building more molecules in typical argenx fashion, which means in close collaboration with the best out there with whom we partner. We also believe there is more combination potential in the pipeline of argenx. Combination therapy has been the standard in oncology. It will become the standard in autoimmunity. Priority number three, the next wave of innovation. Guys, this is the year of We spoke about it multiple times. This is an underdeveloped market. It's already a blockbuster market today, driven by the plasma fractionators, but these patients are in bad shape. There are about 12,000 patients in our key markets. Difficult diagnostic path. Lots of misdiagnosis.
These patients are getting the diagnosis of ALS, sometimes the diagnosis of CIDP. There is zero targeted therapies out there today. 60% of these patients progress despite being on the highest dose of IVIG. 20% of patients ending up in permanent disability. I couldn't be more excited about the opportunity which is waiting for us to transform the life of patients. A couple of data. This would not be an argenx presentation without data. Two panels on this slide. The left panel is a randomized controlled portion of the phase II ARDA trial. The right-hand part of the slide is new to you. This is the first time we're showing the open label extension data from this study. Remember, on the left panel, we randomized patients at their best on IVIG onto empasiprubart in blue, two different doses, or placebo in yellow.
What you see is the immediate jump in functionality, the improvement in grip strength. This is a dramatic gain in function, similar to what we have shown with VYVGART in CIDP. And now comes the cool part. When these guys roll over into the open label extension, you see again the same jump for the placebo patients. They're enjoying the same instant effect of EMPA . And the blue curves show you that the longer you stay on drug, the more function you recover. Guys, what you're seeing is a remarkable ability of the human peripheral nerve system to recover function when you take away the toxic pressure of these pathogenic IgM autoantibodies. So we spoke about efgartigimod, which is being developed in more than 15 indications. I now spoke about EMPA , which is being developed in more than three indications.
ARGX-119 had its little moment of glory in a mini R&D day in Boston not such a long time ago. I will not talk about it today, but it's advancing into phase III for CMS, and it is currently in phase II for ALS and for SMA. I want to spend a few minutes on ARGX-213, our next-gen FcRn, the first of many, and ARGX-121, our IgA sweeper. What I brought to the presentation today are PD data on the left-hand side. You see ARGX-213. The ask to the scientist was, make a molecule which, with a single monthly sub-Q push, can replicate the PD effect of weekly efgartigimod dosing. A child can see that the curves overlap. This is the outcome of the healthy volunteer study. We are ready to go into advanced clinical development. The curves overlap, mission accomplished.
On the right-hand side, we see ARGX-121, our IgA sweeper. This is a single sub-Q push, which is instantly and completely eliminating IgA selectively, including all the pathogenic forms of IgA. There are many of them. This molecule can grab all of them. And you can see that it would be easy to achieve monthly dosing, if not less frequent dosing. This molecule has successfully completed phase I, clean safety profile, ready to venture into a number of IgA-driven diseases, including IgM. In the press release this morning, we also spoke about a deal which we did with Tensegrity. Our formula of innovation, our innovation engine is constantly looking for novel biology, typically in the hands of strong translational biology labs in academia. We started to open up the aperture and started to work with biotech companies. The Tensegrity deal is the first of many.
And that basically means that we're pushing three new molecules into the pipeline, ARGX-118 going after Galectin-10, ARGX-125, a bispecific antibody against undisclosed targets, and then TSP-101 targeting Fn14 in muscle regeneration. All of this is summing up into a pretty exciting pipeline. Today, we have 10 molecules in clinical development. We have four molecules in phase III development. And we have built an engine which can crank out R&Ds at the cadence of about one new molecule per year, each time going after pretty cool biology with black belt antibody engineering. The news flow for the next months, the next quarters is going to be busy. That's why we only limit this to the phase III readouts.
But for efgartigimod, we're waiting now for the ocular MG data, which will come out back in the first quarter of the year, followed by the myositis data in the third quarter of the year, followed by ITP in the fourth quarter of the year. And of course, Sjögren's is well underway to give us data the second half of 2027. For EMPA , we're waiting for the data to come out in the fourth quarter of 2026. And the first CIDP data will start to emerge second half of 2027. And I can confirm today that we did submit the sBLA for the seronegative MG patients. We are on track, we believe, for a potential approval second half this year. Where this leaves us is a company which I think is a sustainable innovator.
We have this wonderful IP machine, this engine, which is cranking out these waves of innovation. Very proud of the new programs entering the clinic, very proud of the advanced clinical development assets being EMPA and ADI, and of course, the FcRn franchise, which we're building out as the leader in the space. And with that being said, I would like to open the floor to questions with the panel, where I would like to ask Karen to join us on the podium. Thank you.
So are there any questions from the floor? If not, I'll start. Welcome to the panel, Karen. Thanks, Tim, for the presentation. Maybe we can start just from we've just seen 2025 results. But how are you thinking about 2025 results for VYVGART? How do you think about the growth of VYVGART into 2026? Where are we? How do you think about that?
Yeah. Thank you. Happy to take the question. From my perspective, we're still at the beginning of the growth journey with VYVGART. And I think that is incredible, 16 quarters since the launch, that we continue to see double-digit growth quarter on quarter. And when you look at the underlying fundamentals for MG, for CIDP, for the PFS launch, what we see is consistent momentum, consistent patient growth, and really strong performance across the board. When I look forward to 2026, I think you continue to see MG growing. We have opportunities with seronegative that Tim just referenced. We have ocular MG as another market expansion potential. And of course, we continue to grow the biologics market with VYVGART in MG. And in CIDP, we're very much at the beginning of the launch story.
What's exciting in 2026 is that we start the journey into rheumatology with the first data readout in autoimmune myositis. I think it's clear to say that or it's clear to me that VYVGART is at the beginning of the growth journey. Certainly, our FcRn leadership is also at the beginning with the exciting molecules to come.
When you mentioned the ADAPT seronegative data that is going to be filed and come on the label in the second half of 2026, are you already seeing a change in the way physicians are and the competitive profile? I mean, one of your competitors had a slightly broader label, which may have let them into the market a little bit. Are you already seeing a benefit from that in MG for VYVGART?
Yeah. I mean, obviously, we don't promote off-label. And we don't see broad use off-label in terms of payer restrictions. But what we do here is a lot of questions and a lot of unmet need in seronegative. I mean, the study enrolled very quickly. By the way, that's the same for ocular MG. The study enrolled very quickly. And I think that's a really good sign of the unmet need that is out there. And we receive a lot of questions and a lot of excitement from the community. I think it's important to note that we had positive data in seronegative from our pivotal trial. And we made the commitment to the patient community that there will be no patient left behind. We're going to go back and do a study and pursue the approval for seronegative.
I'm really proud that we're so close to delivering on that promise to patients.
And on ocular MG, two questions, really. One, if we think about the ADAPT trial, the ADAPT trial, I think, had some patients in there. What can we learn from that in terms of the readout and the confidence in the success? I think, Tim, you had bred confidence on the readout. But just some thoughts there. And also, in terms of commercially, are you seeing some use already on the back of ADAPT? And how much of a broadening could ocular MG, the readout, bring?
I'll give the second part of the question to Karen, but this is a database company, and we're marching on the back of strong data, so there is a peer-reviewed publication from Vera Brill, the leading MG authority in Canada, which did a post-hoc analysis of the ADAPT data, where actually she was looking at the impact of VYVGART for each individual muscle domain. And what we saw is that the impact of VYVGART is equally strong on the eye muscle domain as it was on all other muscle domains. It's a post-hoc analysis, but the data are pretty clear. There are also stories reaching us from the real world, where physicians report to us pretty spectacular improvement in ptosis and diplopia. So now the question is, can you prove that in a controlled trial in a way that is convincing to regulators?
Typically, we pre-calibrate with the FDA and the regulators on trial design, on endpoint. So I think this experiment is marching on strong data, has been very well designed. But of course, there's always intrinsic risk in any clinical trial. Maybe Karen, you can come on commercial?
Yeah. Happy to. I mean, our strategy in MG is to get the broadest label in MG. So we updated the addressable market from 17,000 at launch to 60,000. And a big driver of that is ocular MG and getting the expanded label in ocular MG. We do hear, to your question, from neurologists that, of course, they're not using VYVGART off-label and we're not promoting it. But in generalized MG, they see the impact on ocular, on the eye symptoms. And so they're excited, given the fact that there's no other treatment options, other than steroids, for these patients. And what you hear from patients is that ocular MG is a devastating disease and that often they're not taken seriously enough. So the impact on the healthcare system is large. These patients have trouble working. They have trouble driving. They can't use a laptop.
So the patient impact is big. And for us, the real opportunity is, can you imagine in the future that you can treat ocular MG with VYVGART and these patients never progress to generalized? They never experience the symptoms of generalized MG. And we won't know that from the data that we get in Q1. What we'll see is the impact on the eye domain. But we'll follow these patients with open label extension. And I think that's in the style of argenx to see how do we demonstrate the long-term benefit of our treatments.
We saw last year a third FcRn get approved. But it doesn't seem to have done anything to really affect your momentum with VYVGART at all. I think you've already broadened the opportunity in terms of patient number once, maybe a couple of years ago now. Just is this evidence that there's a broader opportunity for FcRns? What do you think about competition from other FcRns?
Yeah. I mean, I think what we see in whether it's MG, and I think we'll see it in the future indications that we're in as well, is a few different things. The indications that we go into as argenx are white space indications where there's significant unmet need for patients. You're talking about MG, and we've seen how we've transformed outcomes there. In CIDP, we entered, there'd been no innovation in terms of mechanism of action for 30 years. And so with that comes growth in the market and the ability to transform patient outcomes. And I think in these white space indications, there is room for multiple different mechanisms and medicines because what we're trying to do is transform patient outcomes.
Within that, I think we've demonstrated that VYVGART is not just first in class, but I believe, like Tim, best in class in terms of what we deliver to patients. Whether you look at the efficacy, we've redefined the standard of efficacy in MG, establishing MSE, and then more broadly, looking at steroid reduction and disease control, the breadth of our safety data and the consistency of the safety data, and then out-innovating the competition, bringing first the butterfly execution, then prefilled syringe. We have auto injector coming. So I think you can see in our playbook that we raise the bar, we out-innovate, and that allows us to grow these markets, build these markets, and certainly be number one within those markets. And I think that'll continue.
You touched on the expansion of the CIDP market. How is patient retention going? How's that rollout going, maybe just generally?
Yeah. Yeah. We're definitely at the beginning of the launch curve for CIDP. And what we're seeing in the real world actually mirrors what we saw in the clinical trial. So we had the 70% response rate for CIDP in the clinical trial. And we had data where in a subset of patients, you see functional improvement. And we heard that from the patient earlier today. And I'd say that's what we're seeing in the real world. So we see patients starting on VYVGART. We see generally a similar response rate to what we saw in the clinical trial. And then they want to stay on VYVGART, especially because they're seeing the efficacy. But most importantly, with prefilled syringe for self-injection, they're not tethered to the infusion chair any longer.
They can go out and get back to living their life and being with their loved ones and doing what they love.
Maybe we could pivot to the myositis data that's upcoming. The placebo response in phase II was a little bit higher than we'd seen in IVIG trials. Just maybe you could talk through what you've seen in the phase II and why that gives a little bit more color than earlier on why that gives confidence into that readout later this year.
Yeah. Thank you for the question. Of course, it's very difficult to compare between trials. And the IVIG trial was a very short trial and was just done in dermatomyositis. So we're running a longer study in phase II, or we have been running a longer study. And we did a basket trial. So actually, we looked at different subsets of myositis: IMNM, ASyS, DM. And what is important, I think, is the efficacy which emerged from that study. We hit that primary endpoint with a very convincing p-value. But what gives me even more confidence is actually that when you look at the TIS20, TIS40, TIS60 readout, where actually you just blow placebo out of the water. So I think that this for a proof of concept study, mission accomplished, it's not a phase III.
But it's pretty strong and gives us conviction that we have a winning phase III clinical trial design. So I think we're ready for success. Every clinical trial, of course, involves some intrinsic risk. We cannot exclude that.
I should ask any questions from the floor? Yeah. We've got one question. Go ahead. We have to wait for the mic these days. Blimey.
Congratulations. Tremendous talk and just all the innovation. Very impressive. My question is about just following up on the immediately prior discussion. If you have anything you can share so far about early data or if you've had a look at the data so far from the phase III myositis with regard to the TIS, the steroid sparing as well, and any toxicity data as well and how that compares to IVIG and toxicity in this population.
Yeah. Thank you for the question. It's too early to tell. So there is no early look at data in this trial. It was a seamless operation, a seamless phase II, phase III. We can monitor in a blinded fashion the steroid tapering protocol. I think steroid tapering is important in these patients. The steroid burden across autoimmunity, I think, should no longer be tolerated. I think we have to actively work on it. So now we have to wait, of course, for the unblinded data. But I think the steroid tapering protocol is carefully watched. And I think it's being implemented according to the protocol. From a safety point of view, blinded look at the data, we don't see any emerging safety signal. We now have a safety database which is very sizable. And actually, across indications, we see the same consistent safety pattern. So nothing really standing out.
But again, let's wait for the unblinded data. Thank you for the question.
Any further questions from the floor? Maybe moving to ITP. There was some mixed data, I think, in previous trials. Maybe you could just give an idea of the learnings that went forward into the design of the upcoming phase III that's going to read out and what we should read into that.
I will take the responsibility for that, Karen. You're right. We had two registration trials, one with the IV product, one with the SubQ product. The IV product was a clear win. The SubQ product was flat. We published on it. There's a bit of speculation about what really derailed that study. But the IV study was a clear win. Remember, we're on the market in Japan now for quite some time with the IV product. I personally visited the physicians dosing the product to the ITP patients. It's pretty interesting. The efficacy in the real world is spot on as what we have seen in the clinical trial. This is a very refractory patient population, 50% response rate. And the two things which stand out and which really differentiate VYVGART in ITP is the speed of onset and secondly, the clean safety profile.
This is a later line drug also because it is IV administered. But it's clearly finding its place in the treatment paradigm. What we have learned in the clinical trial is that we have to pay attention to the use of background medication, how it is used, when it is used. There are certain rules on how you can change the dose for the TPO receptor agonist, et cetera. There were also some geographical biases. So we have taken all these learnings into account in the phase III trial design. I think the FDA gave us a much more powerful endpoint, cumulative platelet count, and all this weird construct of the earlier primary endpoints. So I think this company is investing in a responsible way in ITP IV. And we can now wait for the data.
Makes sense. Maybe moving to EMPA in MMN. You recently changed the primary endpoint there. Maybe you could talk through, I mean, you showed strong data just now. But maybe you could talk through the reasons for the change, what that brings to the study, and how we should think about that.
Yeah. Happy to. I'm excited for empa for this year. It's a pivotal year for EMPA in MMN. So the change to the endpoint was relatively straightforward. It was in partnership with the FDA. Actually, they requested the change to the endpoint. And we were very happy to do that given the fact that that was our phase II endpoint. And you saw the data that Tim shared earlier, not just short term, but long term with grip strength being a good endpoint for MMN as approved. So pretty straightforward from that perspective. From an MMN perspective, I'm excited to see the data. It should be coming in Q4. And I think this is really another opportunity, like MG, like CIDP, where we can truly transform outcomes for patients.
I think you touched on a combination in CIDP as well with VYVGART and EMPA together. What's behind that decision? Maybe give us a bit of color to what we can think about, the additivity of the two mechanisms, et cetera.
When we venture into an indication, we really do a lot of bed to bench research. We do a lot of translational biology work, also trying to write or rewrite a textbook on immunology for these indications. No one has done that in CIDP. We have actually presented a poster at PNS last year where you see a pretty sizable cluster of autoantibodies of the IgG type going after a certain type of autoantigen on the myelin sheath. We also saw a distinctly different cluster of IgM autoantibodies against their own autoantigens. We believe there could be opportunity for a complement blocker to push the efficacy envelope above and beyond the 70% Karen just mentioned. Let's first see what EMPA can do as monotherapy in CIDP.
Then we will be able, based on the serology of these patients, to determine whether this is an overlapping patient population or a different one. And that will then set the strategy going forward to develop in CIDP.
Makes sense. Makes sense. Maybe on 119, I think we've got maybe I'll characterize it as high risk, but in ALS. I think there is a phase II readout this year as well. Maybe you could talk about the mechanism and how that reads into ALS and what you could see in this disease, what it's trying to do.
Yeah. This is a high risk area. Don't get us wrong. But we're moving in there again in a data-based fashion and I think in a responsible fashion. We're working with the world experts as we always do on this target, MuSK. It is remarkable what knowledge we're tapping on the muscle biology. And there seems to be a mechanism involved in that when you activate MuSK, you enhance the communication between the muscle cell and the nerve cell, which is important for the innervation. Now, the first step in ALS is the denervation, the nerve cell and the muscle cell decoupling, which is the beginning of the disease process. And we believe, based on the preclinical work we did, is that by activating MuSK, we can keep the two together longer. So this is not a curative approach.
It is an approach where maybe you can slow down the disease in a significant fashion, and we feel confident moving into a proof of concept study also based on some precision measurements we're doing, which are way better equipped to measure the effect of the biology than that endpoint, that typical ALS clinical endpoint, so eyes wide open. It's a high risk, high reward indication, but we will be looking at the data in this year and make a decision that we continue to expand the phase II clinical trial or not. Stay tuned.
And do you ensure that, I mean, patient selection presumably is going to be very, very important in terms of having early enough stage patients that you can slow down the disease. That's presumably built in. That's.
That's built in. It's a proper study. It's placebo controlled. It's dose finding. We have been very thoughtful about inclusion exclusion criteria with the world experts on ALS. So I think this is a high quality experiment. But we need to manage our expectations.
Maybe one final question for me, maybe a slightly more boring one than the pipeline. But the pipeline and the burgeoning pipeline has implications, financial implications on costs. So maybe how should we think about R&D costs going forward for argenx?
Yeah. I would say, as you say, you can see with that pipeline slide that Tim shared how our late stage pipeline is growing and also the early stage pipeline. And it's really exciting. And they're all pipelining a product opportunity. So what you can expect is as we advance those pipelines, those products through the pipeline, that our investment in R&D will continue to increase. And that's part of our strategic agenda. We're a growth company. We're an innovation company. And we're going to continue to invest to fully develop our pipeline.
Fantastic. There's maybe one minute left for a question in the room. And if not, I'll say thank you very much to Tim and Karen. Thanks very much.
Thank you.
Thank you.