Good morning. My name is Rob and I will be your conference operator today. I would like to welcome everyone to the call. At this time, all lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session. Thank you. I'd like to introduce Beth DelGiacco, Vice President, Corporate Communications and Investor Relations. You may begin your call. Thank you. A press release was issued earlier today with our third quarter 2025 financial results and business update. This can be found on our website along with the presentation for today's webcast. Before we begin on slide two, I'd like to remind you that forward-looking statements may be presented during this call. These may include statements about our future expectations, clinical developments, regulatory timelines, the potential success of our product candidates, financial projections, and upcoming milestones. Actual results may differ materially from those indicated by these statements. Argenx is not under any obligation to update statements regarding the future or to conform those statements in relation to actual results unless required by law. I'm joined on the call today by Tim Van Hauwermeiren, Chief Executive Officer, Karl Gubitz, Chief Financial Officer, and Karen Massey, Chief Operating Officer. Luc Truyen, our Chief Medical Officer, will be available during Q& A. I'll now turn the call to Tim. Thank you, Beth, and welcome everyone. I'll begin on slide number three. At the start of the year, we set a bold growth agenda anchored in our long-term roadmap for value creation, Vision 2030. Today, VYVGART is delivering meaningful impact in two blockbuster indications with gMG and CIDP. Our pre-filled syringe is now approved in most major markets, fueling new patient and prescriber adoption. We've also made significant pipeline progress and will enter 2026 with three phase III assets. At the same time, we are investing in our next wave of growth with four new molecules in phase I development by year end and a vibrant immunology innovation program driving future opportunities. Slide four. Today, I'm joining you from AANEM in San Francisco where we are engaging with the neurology community and sharing new data that reinforce our commitment to continuous innovation in rare neuromuscular diseases. I would like to briefly highlight several key data sets presented this week that underscore our leadership in gMG. VYVGART has set a high bar in gMG, driving rapid, deep, and sustained responses. Our gold standard for patient impact is for patients to achieve minimum symptom expression, or MSE. New data from the ADAPT-SC study show that up to 60% of patients reached MSE, with 83% maintaining it for at least eight weeks, highlighting the durability of VYVGART responses. We also know that steroid reduction is recognized as a critical outcome for both patients and prescribers. Building on earlier data showing meaningful steroid reductions with VYVGART at six months, we now see this sustained through 18 months, with over 55% of VYVGART patients reducing steroids to below 5 mg per day. We also presented data from the ADAPT SERON study, which met its primary endpoint, showing significant improvement in MG-ADL at week four compared to placebo. Importantly, we observed increasingly pronounced and clinically meaningful improvements in both MG-ADL and QMG scores across subsequent treatment cycles in the overall population and across all patient subgroups. These positive results support our plan to file for a label expansion that includes all three seronegative subgroups: MuSK positive, LRP4 positive, and triple seronegative. This is a landmark moment in advancing our scientific understanding of gMG, as the results indicate that pathogenic IgG autoantibodies drive disease regardless of antibody status. Additionally, we continue to showcase the strength of our adhered data in CIDP while introducing new HEOR insights that highlight a severe disease burden, long diagnostic journey, and the urgent need for innovation for these patients. Slide five. We now have three first-in-class molecules in phase III development: efgartigimod, empasiprubart, and ARGX-119, each representing a true pipeline-in-a-product opportunity. We continue to maximize the FcRn opportunity by advancing efgartigimod in severe IgG-mediated autoimmune diseases while building the future of this target with the next generation of molecules. As we grow our understanding of FcRn biology, we're building up our capabilities to address patient needs in therapeutic areas beyond neurology. We're also reinforcing our leadership in neurology with empasiprubart now in phase III development for MMN and CIDP. With its selective approach blocking C2 at the intersection of the classical and lectin pathways, empasiprubart is uniquely positioned to address a broad range of autoimmune diseases. Lastly, ARGX-119, our MuSK agonist, has now advanced to phase III in CMS. It is designed to restore neuromuscular junction function, opening the door to indications like ALS and SMA and underscoring our commitment to pioneering new biology in high unmet need. Indications pipeline-in-a-product molecules are designed with built-in optionality, giving us the flexibility to prioritize indications and allocate resources to programs where we can deliver the greatest patient impact. In line with this strategy, we've made three disciplined development decisions. First, we stopped development of empasiprubart in dermatomyositis due to operational challenges with study enrollment. That said, DM remains an area of commitment for us. This is a population that has seen little innovation, an unmet need further validated by the strong pace of DM enrollment in our ALKIVIA study with efgartigimod. Second, we decided not to advance efgartigimod into a registration study in lupus nephritis based on the results of the phase II data. Efgartigimod was well tolerated and safety in line with established profile. Third, we are rolling out our next efgartigimod indication, which is Graves disease. This expands our reach into thyroid-driven autoimmunity and allows us to move directly into phase III in a disease where there is a high need for a new treatment option. We expect to initiate the registration studies early next year. These are very informed decisions to ensure we focus our time and capital on indications where we can deliver the most value. We're also thinking in terms of long-term growth horizons for our core assets, which means that even though we are moving forward in certain indications today, we are a data based company and will be ready to revisit our decisions as new evidence emerges. Slide six, the progress we've made positions us for five registration readouts next year. Each reflects our disciplined approach to indication selection, a clear biology rationale, trial designs anchored in robust clinical endpoints, and strong commercial potential to address an unmet patient need. Ocular gMG will be the first of these in 2026. We have established a strong biologic rationale supported by encouraging ocular domain data from the ADAPT study and real world case reports. The ocular study will assess the MGII ocular score, and if successful, could expand our label to include MGFA class I patients. Myositis and TED studies extend our reach into rheumatology and endocrinology. With myositis, the phase II portion of the registrational ALKAVIA study demonstrated meaningful improvement in muscle strength and physical function using TIS, which we will evaluate over 52 weeks in the phase III. In TED, where stimulating TSHR autoantibodies drive disease, we leveraged peer data to advance directly into phase III. Across both indications, we see a clear opportunity for VYVGART to deliver differentiated efficacy and safety. MMN will be our first registration readout for empasiprubart, with IVIg as the only available therapy today. There is a significant opportunity to disrupt this market with a novel treatment. In consultation with regulatory agencies, we've changed the primary endpoint to grip strength, which should capture meaningful functional improvement for patients. Lastly, in ITP, which is already approved in Japan, we designed an efficient confirmatory trial to enable regulatory submission in the U.S. and EU. Translational data continue to show that efgartigimod reduces platelet destruction and supports platelet production and maturation. Slide seven, as part of Vision 2030 and in support of our ambitious goals, we're making investments across our business to ensure long-term sustainable growth. We're actively scaling our operations in the U.S., including an expanded collaboration with Fujifilm through a new manufacturing facility in North Carolina. This move strengthens our global supply chain and supports our manufacturing in-region for the region strategy, ensuring we can meet growing demand for VYVGART and future pipeline therapies. At the same time, we are investing in our pipeline innovation engine, doubling down on our pursuit of novel biology. Because this playbook is working, we remain on track to have four new pipeline assets in phase I by year end, with more expected to advance from our 20 active IIP programs, each representing a potential breakthrough in immunology. With that, I will now turn the call over to Karl. Thank you, Tim. Slide eight, the third quarter 2025 financial results are detailed in this morning's press release. We are proud to report an outstanding quarter reflecting exceptional execution and sustained momentum in our business. In the third quarter, we reported total product net sales of $1.13 billion, marking a historic milestone for argenx as we surpassed for the first time $1 billion in VYVGART sales. In a single quarter, we achieved growth of 19% or $178 million in product net sales when comparing to the previous quarter of this year and 96% or $554 million in growth when comparing 3Q on a year-over-year basis. If you look at the breakdown by region, product net sales were $964 million in the U.S., $60 million in Japan, $94 million across our rest of the world markets including our partner markets, and $9 million for product supply to ZYLAB in China. The product net sales in the U.S. specifically grew by 20% quarter-over-quarter, reflecting the impact of our investments in the pre-filled syringe (PFS) launch earlier this year. PFS is now firmly established as a growth driver in our markets, supporting our continued momentum in gMG and CIDP. Across the net adjustments in Q3 and the net pricing in the U.S. are in line with the prior quarter. Next slide, total operating expenses in the third quarter are $805 million, representing a 5% increase. Compared to the second quarter, our R&D expenses increased by 9%, or $28 million, and our SG&A expenses by 4% or $11 million. Building on our solid revenue performance, we continue to invest in our growth opportunities. Therefore, expect our expenses to continue to grow in the single digits for the rest of the year. This will result in our combined R&D and SG&A expenses to land just north of $2.5 billion at between $2.6 billion and $2.7 billion. Cost of sales for the quarter is $109 million. Our year-to-date gross margin remains consistent at 11%. Our operating profit for the quarter is $346 million and the quarterly financial income is $43 million, which results in profit before tax of $386 million. The year-to-date effective tax rate is 13%. After tax, the profit for the quarter is $344 million and $759 million on a year-to-date basis. Our cash balance at the end of the quarter, represented by cash, cash equivalents and current financial assets, is $4.3 billion, which represents a nearly $1 billion increase in cash since the beginning of the year. I will now turn the call over to Karen who will provide details on the commercial front. Thanks, Karl. Let's go to slide 10. As we close the year, it's inspiring to reflect on how far we've come since VYVGART's first approval four years ago, reaching more than 15,000 patients globally across three indications and three product presentations. We're transforming patient outcomes, redefining what patients can demand from their treatments, and pioneering an entirely new class of medicine with our first-in-class FcRn blockade. This quarter is a continuation of delivering that transformative impact. Today, I'm excited to share how our commercial strategy continues to turn innovation into access and impact for patients and how we plan to sustain our growth momentum into 2026. Slide 11. Once again, the team has delivered an outstanding quarter, reflecting growth in all indications across all markets. The pre-filled syringe is performing exactly as expected, driving increased VYVGART demand among patients and prescribers who embrace a more flexible treatment option. More than half of patients starting on PFS are new to VYVGART, with the rest switching from Hytrulo vial or IV. Since the launch of PFS for self-injection, over 260 prescribers have written their first ever prescription, expanding our prescriber base and setting the stage for continued patient growth. We've also strengthened payer access, securing additional policies to enable more patients to initiate treatment. Growth outside the U.S. is strong, with the PFS approved in most major markets. I'm excited to now share how we're executing on our strategy to strengthen our MG leadership and build the momentum to establish an equally strong foothold in the CIDP treatment landscape. Slide 12. In MG, we have consistently delivered new patient growth for 15 quarters while executing on our strategy to unlock the full 60,000 patient opportunity, advancing two label expansion studies in seronegative and ocular MG, and driving earlier adoption of VYVGART to expand the biologics market by an additional 25,000 patients. Today, we're the number one prescribed and fastest growing biologic in MG. Where we see the biggest opportunity to maintain this leadership is to reach patients earlier in the treatment paradigm. We're already seeing this shift take place, with the percentage of patients coming from oral therapies increasing year-over-year, now at 70%. The PFS is fueling this momentum, opening doors to new segments of younger, more active patients, and our strong safety and efficacy remain the foundation of physician confidence driving earlier prescribing decisions. As Tim highlighted, we're excited to be moving closer to potentially expanding our label to include seronegative gMG patients following positive top line results. The unmet need here is significant, especially for triple CRA negative patients who experience diagnostic challenges and currently have no approved therapies. Ocular gMG is next. Patients often struggle with symptoms that make everyday activities like working or driving nearly impossible. Many are heavily reliant on steroids in the absence of treatment options. These programs reflect our commitment to address underserved populations and redefine care in gMG, setting a higher bar for what patients can expect from treatment. Slide 13. In CIDP, we continue to deliver innovation that translates into patient impact. We're seeing consistent growth in both patient starts and prescriber engagement, driven by physician trust in the safety profile of VYVGART Hytrulo and its ability to deliver meaningful functional improvement. We're on track to grow towards our 12,000 addressable market of patients not well controlled on current therapy. We continue to hear stories from patients about their positive experience to date. The pre-filled syringe is driving additional demand as patients value the convenience of self-injection, and our activation efforts are empowering patients to ask their neurologists about VYVGART Hytrulo. Here's the story of one of those patients. Sasha is a mother of four in her 30s. She was hospitalized for over three months earlier this year. Given her symptom progression, she shared the frustration that came with CIDP, completely dependent on her spouse for even the simplest daily activities. After starting VYVGART Hytrulo and later switching to the pre-filled syringe, she said, I can live my life. She's walking her children to the school bus, something she deeply missed. Thanks to the flexibility of the PFS, she's thrilled to plan a 10-day cruise without worrying about having to be home for an injection. While this is just one patient experience, these stories give us confidence to expand our reach and serve more patients over time. We're now gearing up for five phase III readouts next year, actively engaging with patients and physicians to ensure that if the data are positive and approved, we'll be ready to expand into these markets and deliver broader patient impact. As an example, we're strengthening our rheumatology presence through deeper engagement and increased visibility at major medical conferences with our clinical data. Our focus remains on finishing this year strongly while laying the foundation for multiple future launches. With that, I will now turn the call back to Tim. At the heart of our success is our commitment to transforming patient outcomes with multiple pathways to realize Vision 2030. We're not just positioned for sustained growth, we are building a legacy of long-term value for patients and shareholders. We have the strategy, the science, and the momentum behind us. Most importantly, we have the passion and purpose to redefine what's possible in immunology. With that, operator, we'll open the call up to questions. Thank you. We will now begin the question and answer session. If you would like to ask a question. Question, please press star one on your telephone keypad. If you would like to withdraw your question, simply press star one. Again, we ask that you please limit yourself to one question only. Your first question comes from the line of Rajan Sharma from Goldman Sachs. Your line is open. Hi, thanks for taking the question. Just one clarification, actually, just on the formulation. It obviously seems that the PFS is driving the growth, but could you just. Confirm that all of the other form. Are the other two formulations still growing underlying in both CIDP and gMG? Just on the pipeline, I know it's a little bit further out for you at the minute, but be interested to get your perspectives on Sjögren's disease. We saw some phase III data from Novartis Ianalumab yesterday, and we can get your thoughts on that and how you think VYVGART could potentially differentiate and what represents a clinically meaningful signal. Thank you. Yes, thanks for the question. Maybe I can take the first one on the PFS. Tim, if you want to comment on Sjögren's, you're right, pre-filled syringe is the major driver of growth this quarter and that actually continues the trends that we've seen over time since Hytrulo launched or since we launched the subcutaneous version. Having said that, the IV does continue to be an important contributor to the business and to the results that we saw this quarter. There is definitely a segment of patients and physicians that prefer the IV option. The fact that VYVGART has all three presentations and they're all contributing to our performance is important for both. Obviously for gMG, whereas for CIDP the focus is on Hytrulo as the approved presentation. Tim, do you want to comment on Sjögren? Thank you, Karen, and thank you for the question. I think it's important and great news for patients, Sjögren's patients, to see the Novartis data, which clearly showed a statistically significant win in Sjögren's. When we look at the efficacy, we believe a 2-point improvement is considered clinically meaningful. There's definitely room for improvement. We have strong conviction, of course, in efgartigimod based on our own phase II data and peer data in phase II. This is a precision tool, which we believe is going straight after circulating immune complexes instead of a more broad general B cell suppression. The data need to speak, and the trial is well underway. Thank you for the question. Your next question comes from a line of Tazeen Ahmad from Bank of America. Your line is open. Hi guys, good morning. Thanks for taking my question. Wanted to get some color about how you're thinking about the CIDP launch. Specifically, our survey work indicates a high level of excitement from physicians to want to move efgartigimod into frontline therapy ahead of IVIg. I wanted to hear what your feedback from the salesforce is and what efforts would be needed in addition to what you are already detailing in order to make efgartigimod the first line option for patients in CIDP. Thanks. Thanks for the question, Tazeen. We're hearing very positive feedback from prescribers about the CIDP launch as well. The feedback that we're hearing is that the real world experience for CIDP patients reflects what we see in the clinical trials and importantly around efficacy and safety. Obviously, we have the convenience. You'll recall that in our clinical trial and in our label we have the approved indication for all patients, and what we're seeing at the moment is that the early experience is from IVIg switch patients. 85% of our patients are coming from IVIg switch, but we are seeing some of the patients that are starting naive, where they haven't started with IVIg, they're not switching. We're having just like in the clinical trials, we're seeing good real world experience with that. We see that we're at the beginning of the growth curve for CIDP, we see continued momentum, we see continued expansion of the prescriber base, and I think that over time we'll start to see more penetration in the market across all patient segments. Thanks for the question. Your next question comes from a line of Derek Archila from Wells Fargo. Your line is open. Hey, good morning and congrats on the progress. Just as the narrative shifts to VYVGART's pivotal readouts in 2026, I mean, can y ou give us a sense of the r evenue potential for those indications and how they may compare to MG and CIDP? If I can sneak in a. Second, I guess what diligence got you e xcited about pursuing thyroid eye disease with VYVGART? I know there's been some debate about the unmet need there. Thanks. Yeah, thank you, Derek. Thank you for the question. What we have been saying publicly is that, you know, revenue potential wise, each of these phase III indications roughly represent an MG-like opportunity, and we will be giving more detailed information when we come closer to the market. You know that Grace has always been on our indication list. I think there's a clear biology rationale. It's established how you do the clinical trials, and we have been digging deeper into the unmet medical needs. Whilst it is true that it is a subset of patients doing well on the cheap available medication, there's a substantial subset of patients which are not doing well. From that point of view, it may resemble MG. A subset of patients is in bad need of an alternative medication because there's not much left once you feel the cheap available medication today. Thanks for the question. Your next question comes from a line of Alex Thompson from Stifel. Your line is open. Hey, great. Congrats on the quarter. Thanks for taking our question. I guess on the empasiprubart continuation in dermatomyositis, I wonder if you could speak about sort of the trial issues, the enrollment issues you had there. Was that due to the IV presentation and how that compared to the myositis trial with efgartigimod? Maybe you could also comment on the CIDP empasiprubart enrollment as well, and if that's being affected. Thanks. Alex. Thank you for the question. We have the benefit of having Luc with us, our colleague and Chief Medical Officer. Luc, why don't you take the question on the discontinuation of DM and the excitement which we have about ALKIVIA. Yeah, thanks. Thanks, Tim. And thanks for the question. Mostly this was a POC trial, it is a trial that we were running, of course, in a highly competitive enrollment environment. It didn't help that C5 read out negatively, and we set a bar high for what we want to see. Our inclusion criteria are pretty robust to make sure that we can have a readout that would be predictable for phase III. The enrollment just stumbled on that. We have to make decisions within our portfolio with all the work we have, what we keep trying or what we say, okay. DM is an important indication, hence ALKIVIA, during which DM enrolled pretty well. Right now for the C2, we felt we had to reprioritize. On your question on CIDP enrollment, we just started those empasiprubart trials. It's still too early to say on how enrollment is projecting there. Thank you, Alex. your next question comes from the line of Yatin Suneja from Guggenheim. Your line is open. Guys. Thank you for taking my question. Just a quick one for me. With regard to the thyroid eye disease s tudies, could you just talk about the e xpectation in this indication, how you thinking about the potential positioning, and then, you know, I think also just talk about, you know, is there a way to capture some of the patient population with gMG study that you might be wanting now. Thank you. Yeah, thank you, Yatin. For TED, we decided not to disclose too much about positioning. I think we first need to wait for the data to speak. We think that is a convincing proof of concept out there from a peer molecule, and the jury is out. You know, how this mechanism of action is going to differentiate itself from the available mechanisms of action. It's fundamentally different biology, fundamentally different mode of action, but the data need to speak for themselves. I think there is ample room for improvement both on the efficacy side and the safety side. You know, we're running this trial as well with the pre-filled syringe. TED and Graves are basically presentations of the same spectrum, the same disease biology, underlying disease biology. With venturing into Graves, which we announced today, we are actually increasing our efforts in the thyroid space. Thank you for the question. Your next question comes from a line of Yaron Werber from TD Cowen. Your line is open. Great, thanks so much and congrats. Really nice quarter. I have a couple of questions. Maybe the first one, can we? Chance to get an update on ARGX-121, the IgA sweeping platform, and then ARGX-213, the long-acting, you know, VHHs of efgartigimod. Secondly, maybe when we look. At sales, sales essentially have now quarterly sales more or less doubled since about a year ago, as you noted. You launched also CIDP, and obviously PFS has now launched. I'm just trying to get a sense. Can you say how much of the growth is driven by CIDP versus gMG? Thank you. Why don't you start with a commercial question on the relative growth drivers, their impact, and I will take the pipeline question. Absolutely. Happy to. Yes. You're right, we saw, when you zoom out, nearly 100% growth year-over-year, as you said. What we see in the underlying fundamentals of the business is strong growth across both MG and CIDP, both contributing to the growth that we're seeing for the quarter and over the long-term. If you look at MG in particular, I think it's important to note we're the number one brand of biologic at this point and we're growing faster than the market, and that market is expanding quickly with biologics being used earlier in the treatment paradigm. In CIDP, just a year out from launch, we're seeing expansion in our market share there as well. I spoke earlier about the increased penetration into that market. I would say what you can expect moving forward is continued growth in both MG and CIDP and contribution from across the different markets and geographies as well. Thank you, Karen. Yaron, on your question on the pipeline, which I really appreciate, both ARGX-119 and ARGX-121 and 213 are swiftly progressing through the phase I studies. Remember, in the dose escalation, single dose, multiple dose, we are of course first and foremost interested in safety and tolerability. These are also molecules which are going to unveil their potential through that PD effect. You know that the ambition level for ARGX-213 is to move to monthly dosing with an equivalent PD effect as VYVGART and no compromise on safety. For ARGX-121, the IgA removal sweeper, the objective is to have a very fast and very deep IgA reduction. These phase I trials will disclose a lot about the potential of these molecules. They're on track, and I would say stay tuned for the first data disclosure soon. Thank you. As a reminder, we ask you please limit yourself to one question only. Your first question comes from the line of Danielle Brill from Truist Securities. Your line is open. Hi guys. Good morning. Congrats on the quarter and thanks for the question. Maybe I'll ask a question about the seronegative opportunity based on our conversation yesterday. Can you talk about your confidence in the opportunity from a commercial standpoint and the approval based on the subgroup data that you presented? I'm also curious if you could share any MSE data findings given the importance of that endpoint to prescribers. Thank you. Thank you, Danielle. We had the benefit of having Luc on the phone. Maybe you share some color on the path into submission and then from where you sit the likelihood for an approval, and then maybe Karen, you comment on the importance from a commercial point of view. Yeah, and Danielle, thanks for the question. We're very excited by the outcome of the Ceylon study because we invested a lot in running the biggest trial in seronegatives with a rather innovative design including diagnostic and education. The overall results really reinforce VYVGART's potential to really move the dial in this underserved population as Karen already said. We met the primary endpoint, which by design was on the overall population, with a clinically meaningful and highly robust statistical significance reduction in MG-ADL score. We also, as we showed at AAN with Chip Howard presenting, showed that over consecutive cycles these benefits accrued deeper and deeper. This was seen across the three subgroups: so the MuSK, which coincidentally we have one of the biggest MuSK data sets here, triple seronegatives, and then LRP4, and across these three the benefit moved towards the same direction. That for us is the basis that we have quite some conviction in the benefit we are providing to these patients. Of course, ultimately it's going to be a review decision by the agency, but we feel pretty confident that we can have a great discussion on the real benefit that we're bringing to this underserved population. Thank you, Luc and Danielle, on your MSC question. There is a ton of data to unpack. The long-term follow-up, the deep dive into these patients, there will be much more data sets disclosed going forward into the future. Please stay tuned. Karen, why don't you comment on the significance from a commercial point of view. Yeah, happy to. I think this is a significant opportunity from a commercial perspective, and we're certainly very pleased to see such strong data from the seronegative study. As you know, we're the leaders in the MG market, and our strategy is to expand that leadership with the broadest label possible. The seronegative opportunity is one angle for that. Another is ocular MG, and we know that we have the data readouts coming next year for that. We're well on our path of executing our strategy of expanding our market leadership, and the opportunity that we see in seronegative with the 11,000 patients is very high. One of the indicators that we think is important is how fast this clinical trial enrolled across all three of the subtypes. I think that really demonstrates the unmet need and the enthusiasm about VYVGART in these subtypes. I'm looking forward to the approval, if we get the approval, and I know the team is looking forward to being able to bring transformative impact to patients in seronegative patients as well. Your next question comes from Akash Tiwari from Jefferies. Your line is open. Hi, this is Amy on Akash. Thanks so much and congrats on the quarter. Just a quick question on myositis. Curious to see what your bar for success is across the three subsets and how you are thinking about integrating the new steroid tapering protocol while still mitigating placebo risk. Thank you, Amy, and thank you for joining us on the call today. The first thing we want to achieve in this basket trial is to achieve statistically significant separation from placebo. It is generally understood in the community that the total improvement score of 20 represents a clinically meaningful benefit. You may recall the phase II data which we presented where we did the sensitivity analysis looking at TIs of 20, but also TIs of 40 and even 60, where you just see an increasing effect of VYVGART, which is very exciting. That is how you should frame or look at success in the clinical trial. Thank you for your question. Your next question comes from the line of Richard Vosser from JP Morgan. Your line is open. Hi, thanks for taking my questions. Maybe you could talk a little bit. More around the rationale for the change. In endpoint for the empasiprubart trial for MMN and give us an idea of what you're looking for around the grip strength endpoint. Thanks very much. Thank you, Richard. Thank you for joining us. Great question. Luc, this is a great question for you, right? Yeah, thanks for that question. We made a change in close consultation with the agencies who on that endpoint had a precedent and felt that this could indeed be an indicator of a meaningful outcome. That's why we made that switch. We had strong data on this endpoint, by the way, from our phase II trial where there was accruing benefit over time on this measure. We feel pretty confident that with this switch our probability to show the benefit of empasiprubart is more or less unchanged from the prior endpoint, the MMN rops, on which we also keep doing the work, which is going to be a key secondary which will provide further insights in the dimensions of benefit. Thank you, Luc. I think this is a great advantage for us because the alternative was MMN rods, which was still going through an important validation step. Now we see CBER and CRUSH using the same endpoint in a specific indication for IVIg in the past. We have got going forward, so we're welcoming that harmonization. Thanks for the question. Your next question comes from a line of Samantha Semenkow from Citi. Your line is open. Good morning and thanks very much for taking the question. I wonder, following the lupus nephritis data that you've seen, is there anything that you can take from that data set to help inform additional indication selection for ARGX-119 or even empasiprubart going forward? Just relatedly, how are you thinking about additional indication expansion for empasiprubart and do you have any plans for subcutaneous formulation development there, similar to your playbook that you have for VYVGART? Thank you. Yeah, Samantha, thank you for the question. From a playbook point of view, it is indeed the intention to leverage our SC platform across all indications. Maybe, Luc, you want to comment on, you know, the lupus nephritis data? Thank you for that question. We're still fully digesting it, but just from the top line evaluation, it was clear that right now there isn't a path forward to a registration study. Given that we want to be transparent about these things, we put it in here, but we're still trying to fully understand the data, which to your point, may inform further decisions on a path forward potentially with another asset in the portfolio. Your next question comes from the line of Myles Minter from William Blair. Your line is open. Hey, congrats on the quarter. My question's back on the ianalumab data that we just saw and placebo responses in Sjögren's disease. I'm just wondering whether, you know, that five and a half, five point change from baseline in SDI, is that within your expectations for your ongoing UNITY study, or does seeing that data change your expectations and potentially powering assumptions for that trial? Thanks very much. Thank you, Myles. That's a great question. Insurance. I think we badly need better endpoints. That's why in the phase II proof of concept study we explore the effect of the drug across an entire spectrum of endpoints, also some of the new endpoints which are coming. Unfortunately, today the regulators still force you to use cleanest dye because the crescent star endpoints haven't been fully validated yet. I think the placebo effect which you see in this study is actually quite consistent with the placebo effects which we have seen in historical trials. It's the ballpark which we expected when we were designing the clinical trial and powering the clinical trial. Thank you for the question. Your next question comes from a line of Shawn Lehmann from Morgan Stanley. Your line is open. Hi everyone. Congrats on the quarter. This is Morgan on for Shawn. We have two questions. First, just wanted to get your thoughts on J&J announcing the head-to-head for Amavi versus VYVGART in gMG. Second, I know you provided guidance on OpEx for the rest of the year, but given all the pipeline indications and trials you have going on, wanted to know if you could provide any guidance on OpEx and the potential lift over the next 12 months or so. Thank you. Luc, do you want to first comment on that study from J&J, please? Yeah, yeah. Thanks Tim. Thanks for the question. I want to start by saying at argenx our goal is always to prioritize evidence generation that will really add significant value to the patient and the community. If we look at this design of this head-to-head trial, I'm afraid it will not provide that much new information that benefits patients because of the primary endpoints chosen and the timing of the readouts. We already know that when you stop dosing VYVGART or any FcRn for that matter, that IgGs will return to baseline. That is not novel. This study will just prove different PD effect of 4 doses of VYVGART versus continuous dosing. I don't think that that really adds. It's also not in line with how VYVGART is actually used in the real world today. At AAN, for example, we have poster number 12 for those that are interested to show the long-term data on subcut that shows that, you know, with a regimen that really triggers new treatment when the start of deterioration happens, you can keep people well below the significance difference of minus two points. To me that therefore creates this question how much added value will this study bring? Understanding and overall our perspective, our perspective on competitive landscape hasn't really changed with this. We welcome competition because it's good for patients and we get to better outcomes ultimately for that patient community. We have not seen really meaningful differentiation being offered here. We continue to be confident about what we have set. The accumulated data shown at AAN with all the data out there across both pediatrics, long-term data, the seronegatives are really in line with our mission to present data that really add value. Thank you, Luca. I want to remind the audience that for the long-term follow-up in the SC study, we now reach 60% MSC in our patients. 85% of these patients have sustained MSC of 8 weeks or longer. I think that's what matters to patients most. Thank you for the question. Morgan, thank you for your question. On operating expenses, just to repeat what I said earlier this year, we will end between $2.6 million and $2.7 million. Our capital allocation priorities is clear. We investing in growth. We're not going to talk about operating expenses and guidance for next year now, but what we will say is that the increases you saw in Q3, you can expect that to continue going forward. Thank you for the question. Your next question comes from the line of Jacob Mekhael from KBC Securities. Your line is open. Hi there and thanks for taking my question. With $4.3 billion on your balance sheet, how are you thinking about external innovation in the future? I believe you did an early stage deal earlier this year, but should we expect more of those going forward, and are there any technologies that you think would be a good fit with your internal efforts? Yeah, Jacob, and thank you for the question and thanks for joining us today. Just as a quick reminder, all innovation at argenx starts with a collaboration with the external world. At the core of each pipeline asset is a very strong fabric of collaborators. It is true that, with the increasing cash balance, our aperture for novel biology, which we're hunting for, is opening up. We're no longer just looking in academic labs, but we're also involved in a number of constructive discussions with young biotech companies, typically another place where you find exciting biology. We're looking for the same biology. The hunting ground just increased thanks to the balance sheet. Stay tuned. In our innovation mission, more of that biology will be coming in. Thank you, your next question comes from the line of Luca Issi from RBC Capital Markets. Your line is open. Hi. Thanks, Tim, for taking our question. This is Cassie on for Luca. Congrats on the robust quarter. We have a question on VYVGART for gMG. We've been hearing from a few KOLs that patients are receiving the drug using shorter off cycles compared to the label. That is because these physicians are worried that these patients relapse towards the end of the off cycle, so they prefer to restart the next cycle sooner rather than later. Is that consistent with your understanding? If so, this is an important tailwind that is partially offsetting your growth to net headwind. Any color there is much appreciated. If it's okay, we have a quick follow-up on seronegative gMG for Luc. Any recognition around why triple seronegative patients are not as responsive? Thanks so much. Yeah, and Cassie, thank you for the questions. First of all, in the ADAPT trial, we adapted the cyclical dosing of the drug to the individual need of the patient. That's also what the label says. The label is not prescriptive in how you use the cycles. You read those based on clinical judgment. It is possible that there is a subset of patients which needs the drug more frequently. There's also a tail of patients which needs to dose much less frequently. There's the whole individualization concept behind VYVGART. Your information is correct. Actually, we presented these data in the poster where you see the total distribution of patients with an average cycle of 5.2 per year, but number of patients needing it more frequently and a long tail of patients needing it less frequently. The seronegative question is intriguing. Right? Luc, why don't you pick up this one? Yeah, yeah. It's important to realize that triple CR negatives often have a longer diagnostic course and therefore present often also with the more severe disease, which is actually what we have observed in ADAPT SERON. Therefore, talking through, of course, experts in the field, our hypothesis is that the initial signal may be lower because repair mechanisms may need to kick in and so forth. What is really encouraging for us is that in these subsequent cycles they really get to meaningful benefits. In that sense, that story is not too much different from what we've seen in non-seronegatives, and we find that encouraging. We, of course, will continue to look into the data, as was already said, around can we get to MSE also in these patients, given their longer disease journey. Overall, we feel the totality of the data fully supports a robust benefit here. Thank you, Luc. Thank you, Cassie. Your next question comes from the line of Thomas Smith from Leerink Partners. Your line is open. Hey guys, good morning. Thanks for taking the questions. Let me add my congrats on the strong quarter. Just on Graves, we recently saw some long-term follow-up data from a competitor SRM suggesting potential to drive long-term disease remission in this disease. I was just wondering if you could. Comment specifically on that data set and how important the potential disease modification was in your decision here to pursue thyroid eye disease with VYVGART. You mentioned some excitement around the market potential. I was just wondering if you could maybe expand on that and share some of your initial assessment around the potentially addressable market here. Thanks so much. I will start with taking the answer. Maybe Karen, you can shed some qualitative color on our excitement around, you know, the size of this opportunity. It is correct that, you know, there are data out there from a peer in the FcRn space. We share the passion for FcRn with our peer group. Whilst it is interesting, we have to be very careful because this was a very small sample. I think it warrants further investigation in a large, properly controlled clinical trial. Stay tuned for more data coming out of your more advanced clinical trial work, and maybe Karen, a few words on example around Grace. Yeah, happy to. Whenever we select an indication, we look through three lenses. The biology, can we develop the indication, and we always look at the commercial opportunity through the lens of what is the real unmet patient need in this indication and can we bring transformative outcomes to the patients. When we looked at the Graves indication, what we saw was that there's a large prevalence of the disease and there is a subset of patients that has a clear unmet need that we think they've got based on the proof of biology study, based on the convenience of our subcutaneous dosing that we think we could fulfill that need. It also creates that franchise, if you will, opportunity given the connection to TED that Tim talked about earlier. We see that there's a significant commercial opportunity here and look forward to seeing the clinical data readout. Thanks for the question. Your next question comes from the line of Douglas Tsao from H.C. Wainwright. Your line is open. Hi, good morning. Thanks for taking the questions. Just maybe sticking to the subject of thyroid eye disease. I'm just curious, obviously it is a spectrum along with TED. Given the start of this study, I mean, are you thinking. About targeting a particular time point in that progression, do you think it's realistic or possible to potentially show that you're able to sort of modify the course of disease in terms of progression to CIDP? Thank you for the question. We're not going to comment in this call specifically about the trial design. The trial will come live relatively soon, and we will be presenting trial design, inclusion, exclusion criteria, etc. at the appropriate conferences. Please stay tuned on the potential disease modification. It's an interesting hypothesis. I think we need more data to come to a firm conclusion there, but thank you for the question. Your next question comes from the line of Victor Floch from BNP Paribas. Your line is open. Hi, thanks so much for taking my question. Actually, a quick follow-up on the peer assets that one of the analysts was mentioning before. That's exactly the one you actually used to leverage their phase II data to go straight to TED a few years ago. I was wondering, that exact asset is going to report some phase III data in the not so distant future. We're just wondering whether these data sets are a relevant proxy for VYVGART's odds of success in TED or if you have any comments to be made. Thanks so much. Yeah, thank you. It's hard for us, Victor, to comment on the timeline of clinical trials of third parties. I think we're best off asking the question to them. The way we look at this type of phase II work is it is a proof of biology. I mean it is an FcRn antagonist. It is firmly establishing the role of FcRn and autoantibodies in the disease and we know these diseases are autoantibody driven. I would be very careful jumping to conclusions because as we know in the FcRn class not all FcRns are made equal. I think VYVGART is a unique Fc fragment. It's uniquely engineered based on a unique understanding of the biology. I would not just cross compare between molecules in the same class. We have already seen in other indications that actually it's just not appropriate to do so s trong proof of biology. Stay tuned for the argenx data, I would say. Thank you. Your next question comes from the line of Xian Deng from UBS. Your line is open. Hi, thank you for taking my question. I have a question on VYVGART phase II data in myositis, please. Just wondering, for the phase II data there were about 23% injection site erythema. Just wondering if you could share any comment on that and any strategies to mitigate that. In general, just wondering, how serious do you think that is? In terms of physician feedback, given in a small subset of patients, they might have interstitial lung disease. Just wondering, what's your mitigation strategy there? If I may also squeeze in very quickly, Roivant recently announced the positive phase III data for their JAK1 TYK2 inhibitor, brepocitinib, in dermatomyositis. I mean, of course, you are running the trial in a much broader general myositis overall. Just wondering, what's your comment on the competitive landscape, please? Thank you. Yeah, there's two questions in one. Right, but that's not a problem. Look, yes, we have seen the data in diem. This is, I think, a large market, future medical needs. There will be multiple molecules which will be playing in this marketplace, and we are welcoming this molecule. It's going to help us shape and build that market. It will not be the solution for each patient. I think you will need a portfolio of therapies to adequately deal with these patients. They're very complex patients. Back to the erythema, it's much ado about nothing. I would say these are very mild erythemas. It's typically your first administration where it can happen, and then it disappears. This is nothing new. We have reported that as well, you know, in our gMG and CIDP patients. We know the phenomenon. It's not unusual or atypical. I think it's mild, it's transient, and it's certainly not stopping us in commercialization of this product in other indications to the contrary. Thank you for the questions. Your next question comes from the line of Charles Pitman- King from Barclays. Your line is open. Hi, guys. Thanks so much for taking my question. I've got one just on the patient numbers. You've not provided us with an update today on the total number of patients tried on therapy. I'm just wondering what the next milestones are that you could be announcing. Can we assume from, say, that you've not hit 20,000 across all indications or 5,000 for CIDP, just given the prior 15,000 total and 2,500 guidance that you gave us in 2Q? Also, just related to that, I w onder if you could give us some. Commentary on just the quarterly patient add dynamics given. You now got gMG, CIDP, and PFS launched. When should we expect kind of patient adds to peak ahead of the next indication approval? Thanks very much. Thanks, Charles. Yeah, we did not provide a patient number this quarter, the last one we provided still stands which was from Q2. We did a similar communication rhythm with MG in that we provide patient numbers as we cross certain thresholds. We're not going to share what those thresholds are, but I think it's important to know that we have seen consistent growth and that the revenue in this situation really speaks for itself. Karen, do you want to talk about the patient growth dynamics? Absolutely. Happy to talk about the patient growth. I'm pleased for the question because I'm really excited about the continued momentum that we see across all indications in terms of patient growth this quarter. I think when you zoom out, certainly for MG it's been 15 quarters of consistent momentum in terms of patient growth as we bring more innovation to patients and most recently obviously the pre-filled syringe has contributed to accelerating that growth. I think what's really important to note is that with pre-filled syringe, 50% of the patients are new to VYVGART and that's across both indications. Don't forget the 260 prescribers since pre-filled syringe launched two quarters ago are new to VYVGART. These prescribers had never written before pre-filled syringe launch. What you can see is both patient growth very consistently across the quarter with momentum as well as prescriber growth consistently. That prescriber growth is important because it opens up new pockets of patients in both MG and CIDP and indicates that we're at the beginning of the growth curve for both indications. Thanks for the question. Your final question today comes from the line of Colleen Kusy from Baird. Your line is open. Hey, this is Nick on for Colleen. Congrats on the quarter and thanks for taking our question. If you could comment on the progress you made in the ex U.S. launches, whether you think that could be a meaningful top line growth driver for the next year or whether you think focus will be more so on deepening penetration in the U.S., and what you view as the eventual market opportunity for ex- U.S. relative to the opportunity in the U.S. Thank you. Yes, thanks for the question. What you will have seen is that we have growth across all geographies or all markets, and what we're pleased to see. Certainly, if I go through those markets, in Japan we've launched CIDP, we recently got the PFS approval, and we're pleased to see continued demand growth for both MG and CIDP. Japan is a very important growth driver for us, and we see that continuing in the future with the PFS launch. If we turn our attention to the other major markets in Europe and in Canada, what we see is that in MG, as you'd expect, it takes a little more time for those markets to come online as we negotiate pricing and reimbursement agreements. We have a narrow price band, and we have good pricing and reimbursement agreements in place. What we are starting to see is those revenue contributions for those HTA markets increasing. We recently received the approval for CIDP that's launched in Germany, and we expect that there will be further launches for CIDP in additional markets in the upcoming months and years. We expect that there will continue to be growth ex- U.S., but, of course, the U.S. will continue to be a strong growth driver for us as well. Thanks for the question. That does conclude today's conference call. Thank you for your participation. You may now disconnect.