GHENT, Belgium, 21 August 2013 - Ablynx [Euronext Brussels: ABLX] today announced its results for the sixmonth period ending 30 June 2013, which have been prepared in accordance with the IAS 34 “Interim Financial
Reporting” as adopted by the European Union. Operational highlights are also reported.

Operational highlights – year-to-date 2013
 Reported excellent Phase IIa results with the anti-IL-6R Nanobody, ALX-0061, in RA patients. Licensing
discussions for this asset are progressing with a number of pharmaceutical companies
 Entry criteria adapted for Phase II TITAN trial in TTP with caplacizumab (anti-vWF Nanobody) to better
facilitate recruitment
 Phase I study initiated by Merck Serono with the Nanobody, ALX-0761, for use in inflammation
 Initiated additional Phase I studies with the anti-RSV Nanobody, ALX-0171
 Enhanced the internal pipeline with the start of pre-clinical development of a potentially differentiated antiIgE Nanobody, ALX-0962, to treat severe allergic asthma
 Signed a research collaboration with Spirogen to evaluate the potential of novel Nanobody-toxin drug
conjugates in cancer
 Strengthened management team with appointment of a Chief Operating Officer, a newly created role
 Appointment of Catherine Moukheibir as a new Independent Director of the Company.

mmenting on the half-year 2013 results, Dr Edwin Moses, Chairman and CEO of Ablynx, said:
“We are pleased with the progress we have made during the first six months of the year, both operationally
and financially. The most significant news was the announcement of excellent Phase IIa efficacy and safety
data for our anti-IL-6R Nanobody in rheumatoid arthritis patients. Discussions with a number of interested
pharmaceutical companies with the aim to license this Nanobody are making good progress. We further
enhanced our internal pipeline with earlier stage assets, including the anti-IgE Nanobody, ALX-0962, to treat
severe allergic asthma. Our partner Merck Serono has also dosed the first healthy volunteer in a Phase I study
with the Nanobody, ALX-0761, for use in inflammation.”

Financial review
(€ million) H1 2013 H1 2012
Revenues 12.9 16.6
R&D income 12.0 15.6
Grants 0.9 1.0
Operating expenses (23.8) (30.6)
R&D (19.3) (25.9)
G&A (4.5) (4.7)
Other operating income/(expense) - (0.3)
Operating result (10.9) (14.4)
Finance income (net) 0.4 0.8
Net result (10.5) (13.6)
Net cash inflow (burn) 9.2 (7.3)
Cash at June 30th 72.0 (1) 76.5 (2)
(1) Including €2.3 million in restricted cash (2) Including €2.7 million restricted cash
Income statement
Total revenues during the first six months of 2013 were €12.9 million (2012: €16.6 million) and included FTE
payments and contract income from on-going collaborations plus a €2.5 million milestone payment received
from Merck Serono.
During the first half of 2013, research and development expenses decreased by 25% to €19.3 million (2012:
€25.9 million). This decrease was mainly attributable to lower external development costs.
General and administrative expenses were slightly lower than in 2012 at €4.5 million (2012: €4.7 million).
The loss from continuing operations, before tax and net finance income, decreased to €10.9 million during the
first half of 2013 (2012: €14.4 million).
Net finance income primarily comprises interest from deposits and was €0.4 million (2012: €0.8 million).
The net loss before taxes decreased to €10.5 million during the first six months ending June 30th 2013 (2012:
€13.6 million).
As the Company incurred losses in the period, the Company had no taxable income.
Financial highlights – first six months ending June 30th 2013
 Raised €31.5 million in a private placement of new shares
 Revenues of €12.9 million (2012: €16.6 million)
 Net loss for the period of €10.5 million (2012: €13.6 million)
 Positive net cash inflow of €9.2 million, resulting in a strong financial position of €72.0 million in cash, cash
equivalents, restricted cash and short-term investments

Balance sheet
The Company’s intangible assets include a portfolio of acquired patents which are being amortised over approximately 12 years, and technology licenses that are being amortised over 5 and 18 years. The Company has not capitalised any other patents and it expenses all its research and development activities. The intangible assets also include software licenses.
The Company’s non-current tangible assets include the Company’s laboratory and office equipment, the investments in its facilities, tax receivables and €2.3 million restricted cash, which is related to a cash pledge that the Company has provided in respect of the service agreement with its landlord, NV Bio-Versneller. The Company does not own any real estate, but continues to invest in equipment for its research activities.
The Company’s current assets consist mainly of trade receivables, other short-term investments, and cash and cash equivalents. The €9.2 million increase during the first six months of 2013 is primarily related to the successful private placement of new shares completed on 28th February and which raised €31.5 million.
The Company’s equity increased from €31.7 million to €53.0 million mainly due to an increase in the share capital and share premium as result of the successful private placement completed on 28th February and the exercise of warrants.
The Company’s non-current liabilities relate to the financing of additional investments in its building and the
leasing of equipment.
The Company’s current liabilities primarily relate to deferred income from collaborative agreements and trade payables.

On July 23rd, Ablynx announced the issuance of an additional 273,913 common shares in exchange for €884,476.40 as the result of the exercise of warrants by some employees and consultants of the Company. As a result of this transaction, Ablynx now has 48,802,115 shares outstanding.

Outlook for the remainder of 2013
Discussions are progressing well for the licensing of the anti-IL-6R Nanobody, ALX-0061.
Ablynx expects important new partnering deals and advances in existing collaborations as additional partnered programmes move into clinical development. Technology developments to exploit the Nanobody platform even more broadly will continue both in-house and in collaboration with partners.
A pre-clinical study with the anti-RSV Nanobody, ALX-0171, is currently on-going with the results expected by the end of 2013.
During the second quarter of 2013, the Company experienced a prolonged and unprecedented reduction in patient recruitment for the Phase II TITAN study with caplacizumab to treat acquired TTP. There was an apparent coincident sharp decrease in the numbers of patients presenting at many of the clinical trial centres, with no clear explanation except that large fluctuations are known to occasionally occur. The third quarter has
started more promisingly in terms of patient recruitment into the study but it is no longer expected to complete recruitment of the targeted 110 patients this year. After discussion with regulatory authorities Ablynx has been advised to somewhat adapt the entry criteria for the TITAN study to better facilitate recruitment. This could have a notable impact, particularly in certain clinical centres and the Company will be monitoring the situation very carefully over the coming months.
Good cash management will remain a key priority for the Company, with a strong focus on net cash burn and the generation of cash to support the on-going development of the business. The Company expects to keep net cash burn for the full year 2013, excluding the proceeds of the private placement and a potential licensing deal for ALX-0061, in the range €20-25 million, the same level as last year.

Cash flow statement
Cash flow from operating activities represented a net outflow of €21.6 million as compared to a net outflow of €6.3 million during the first six months ending June 30th 2012. The difference primarily relates to the lower net loss and the effects of negative working capital.
Cash flow from investing activities represented a net outflow of €7.4 million as compared to a net inflow of €6.4 million during the first six months ending June 30th 2012. The variance relates to net movements in the sale of short-term investments (monies placed on term deposits with banks with an initial term between 3 and 12 months).
Cash flow from financing activities represented a net inflow of €31.0 million compared to a net outflow of €0.4
million during the first six months of 2012. The difference is a result of the proceeds from the private placement on 28th February 2013, which raised €31.5 million, and the exercise of warrants.
At 30 June 2013, the Company had €72.0 million in cash, cash equivalents, restricted cash and short-term investments.