periods is primarily driven by cash payments for the purchase of treasury shares of DKK 564 million in the first nine months of 2023 compared to DKK 908 million for the first nine months of 2022.
Genmab’s USD denominated cash and cash equivalents, and marketable securities represented 89% of Genmab’s total cash and cash equivalents, and marketable securities as of September 30, 2023 compared to 86% as of December 31, 2022.
There were no short-term marketable securities classified as cash and cash equivalents as of September 30, 2023. Cash and cash equivalents included short-term marketable securities of DKK 594 million as of December 31, 2022. In accordance with our accounting policy, securities purchased with a maturity of less than ninety days at the date of acquisition are classified as cash and cash equivalents. Refer to Financial Statement Note 3 in this interim report for further details about our marketable securities.
Key Developments to Cash Flows – Third Quarter of 2023
No significant key developments other than the items described above.
Balance Sheet
As of September 30, 2023, total assets were DKK 35,238 million compared to DKK 30,278 million on December 31, 2022. As of September 30, 2023, assets were mainly comprised of marketable securities of DKK 13,252 million, cash and cash equivalents of DKK 14,273 million and current receivables of DKK 5,432 million. The current receivables consist primarily of amounts related to royalties from our collaboration agreements.
As of September 30, 2023, total liabilities were DKK 4,126 million compared to DKK 2,837 million on December 31, 2022. The increase in total liabilities of DKK 1,289 million, or 45%, was primarily driven by accruals related to the expansion of our product pipeline, and the increase in corporate tax payable due to Genmab’s net profit before tax and timing of estimated tax payments.
Shareholders’ equity as of September 30, 2023 was DKK 31,112 million compared to DKK 27,441 million on December 31, 2022. The increase of DKK 3,671 million, or 13%, was primarily driven by Genmab’s net profit for the period and share-based compensation expenses, partly offset by the purchase of treasury shares. Genmab’s equity ratio was 88% as of September 30, 2023 compared to 91% as of December 31, 2022.
Team Members
As of September 30, 2023, the total number of team members was 2,132 compared to 1,560 as of September 30, 2022. The increase was primarily driven by the expansion and acceleration of our pipeline, as well as the investment in the expansion of Genmab’s commercialization capabilities, including support for the launch of EPKINLY in the U.S. and Japan, and broader organizational capabilities.
| | | | |
| | Nine Months Ended |
| | September 30, |
Team Members | | 2023 | | 2022 |
Research and development team members | | 1,484 | | 1,129 |
Selling, general and administrative team members | | 648 | | 431 |
Total team members | | 2,132 | | 1,560 |