Genmab A/S
GMAB evidence brief
What we can confirm
What it means
What to watch
Prepared research question
What matters most for GMAB—catalysts, financial risk and supporting evidence?
Traceable citations · Unknowns marked
BioSniper AI · GMAB
Genmab A/S is an international biotechnology company developing antibody-based therapies for cancer and other serious diseases, with a pipeline centered on late-stage programs epcoritamab, Rina-S, and petosemtamab.
Key risk: High debt burden
BioSniper Score
Based on 2 of 6 signals
Limited data coverage
Financial data as of Dec 31, 2025.
Tracking 45 clinical trials · 13 catalysts for Genmab A/S.
Genmab A/S is an international biotechnology company developing antibody-based therapies for cancer and other serious diseases, with a pipeline centered on late-stage programs epcoritamab, Rina-S, and petosemtamab.
- Cash and equivalents of $1,715.0M as of 2025-12-31 [sec].
- Shareholders' equity of $5,847.0M and total debt of $5,599.0M as of 2025-12-31 [sec].
- R&D expenses were $459M for Q2 2026, up 26% from Q2 2025, driven by clinical development costs for petosemtamab and Rina-S [sec · filed 2026-08-06].
- Total liabilities decreased to $6,558M as of June 30, 2026 from $7,026M at year-end 2025 [sec · filed 2026-08-06].
- Portfolio includes proprietary antibody platforms: DuoBody, HexaBody, DuoHexaBody, and HexElect [sec · filed 2026-02-17].
What works
- Genmab has multiple late-stage programs (epcoritamab, Rina-S, petosemtamab) advancing through Phase 3 trials, with several topline readouts expected between 2028 and 2029 [sec · filed 2026-02-17].
- The company has built commercialization capabilities in the US, Japan, and the EU for products like Tivdak and EPKINLY [sec · filed 2026-02-17].
- Proprietary antibody platforms (DuoBody, HexaBody, etc.) provide a foundation for creating novel bispecific and enhanced-potency antibodies [sec · filed 2026-02-17].
What to weigh
- Genmab carries significant debt of $5,599.0M as of 2025-12-31, nearly matching shareholders' equity [sec].
- R&D expenses are rising rapidly (26% increase in Q2 2026), and the company expects further increases from the Merus acquisition, pressuring near-term profitability [sec · filed 2026-08-06].
- Many product candidates are in early stages and face uncertain, costly clinical development; failure in one trial could harm the entire pipeline [sec · filed 2026-02-17].
- The company is subject to extensive regulation and commercialization risks, including pricing limitations and competition [sec · filed 2026-02-17].
From the filings
Quoted directly from source documents.
Genmab's pipeline focuses on epcoritamab, Rina-S, and petosemtamab.
“Our current priorities are the commercial or late-stage programs epcoritamab, Rina-S and pet”
SEC filings · February 17, 2026
R&D expenses increased 26% in Q2 2026 due to clinical development costs.
“Research and development expenses were $459 million for the second quarter of 2026 compared to $364 million for the second quarter of 2025, an increase of $95 million, or 26%.”
SEC filings · August 6, 2026
Genmab has proprietary antibody platforms.
“Our portfolio includes multiple proprietary antibody technology platforms: our DuoBody platform, which can be used for the creation and development of bispecific antibodies; our HexaBody platform, which can be used to increase the potential potency of antibodies through hexamerization;”
SEC filings · February 17, 2026
Total liabilities decreased to $6,558M as of June 30, 2026.
“As of June 30, 2026, total liabilities were $6,558 million compared to $7,026 million on December 31, 2025.”
SEC filings · August 6, 2026
Catalyst timeline
- 2028-03-01 · Phase3_Topline · epcoritamab — Phase 3 Topline: A Phase 3, Multicenter, Randomized, Open-Label Study of Epcoritamab Plus Lenalidomide Compared to Ri — First topline readout for epcoritamab in combination therapy; results will inform its potential in earlier treatment lines.
- 2028-04-01 · Phase3_Topline · epcoritamab — Phase 3 Topline: A Randomized, Open-Label, Phase 3 Trial of Epcoritamab vs Investigator's Choice Chemotherapy in Rela — Second epcoritamab topline readout comparing monotherapy to chemotherapy in relapsed/refractory setting.
- 2028-05-23 · Phase3_Topline · rinatabart — Phase 3 Topline: A Phase 3 Randomized, Open-label Study of Rinatabart Sesutecan (Rina-S) Versus Treatment of Investig — First topline readout for Rina-S, an antibody-drug conjugate, in a head-to-head study against investigator's choice.
- 2028-06-14 · Phase3_Topline · epcoritamab — Phase 3 Topline: A Randomized, Open-Label, Phase 3 Trial of Epcoritamab vs Investigator's Choice Chemotherapy in Rela — Additional epcoritamab topline readout in a different relapsed/refractory population.
- 2028-09-30 · Phase3_Topline · acasunlimab — Phase 3 Topline: A Prospective, Open-Label, Randomized, Phase 3 Trial of Acasunlimab (GEN1046) in Combination With Pe — First topline readout for acasunlimab, a bispecific antibody, in combination with pembrolizumab.
- 2028-12-01 · Phase3_Topline · rinatabart — Phase 3 Topline: A Phase 3 Randomized, Open-label Study of Rinatabart Sesutecan (Rina-S) Versus Treatment of Investig — Second topline readout for Rina-S in a different indication.
- 2029-11-01 · Phase3_Topline · rinatabart — Phase 3 Topline: A Phase 3 Randomized, Open-label Study of Rinatabart Sesutecan (Rina-S) Versus Treatment of Investig — Third topline readout for Rina-S, potentially in a later-line setting.
- 2029-12-01 · Phase3_Topline · rituximab — Phase 3 Topline: A Phase 3, Open-Label Study to Evaluate Safety and Efficacy of Epcoritamab in Combination With Ritux — Epcoritamab combination study with rituximab topline readout.
Risks & what to watch (4)›
Key risks
- High debt burden — Total debt of $5,599.0M as of 2025-12-31, nearly equal to shareholders' equity [sec].
- Rising R&D costs — R&D expenses increased 26% in Q2 2026, with further increases expected from Merus acquisition [sec · filed 2026-08-06].
- Clinical development uncertainty — Many candidates are early-stage; failure in one trial could harm the entire pipeline [sec · filed 2026-02-17].
- Regulatory and commercialization risks — Subject to extensive regulation, pricing limitations, and competition [sec · filed 2026-02-17].
What to watch
- Phase 3 topline results for epcoritamab in multiple indications starting March 2028 [catalyst_timeline].
- Phase 3 topline results for rinatabart sesutecan (Rina-S) starting May 2028 [catalyst_timeline].
- Phase 3 topline results for acasunlimab in September 2028 [catalyst_timeline].
- Integration and development costs from the Merus acquisition, which are expected to increase R&D and SG&A expenses [sec · filed 2026-02-17].
Sources: SEC filings · Generated August 29, 2026 · How we verify sources →
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Evidence & data
Score breakdownBased on 2 of 6 signals · derived from public data
No clinical pipeline tracked — this score reflects financial & catalyst signals only.
Cash runway data unavailable
D/E 1.20
No tracked pipeline phase
No tracked pipeline candidates
13 upcoming, next in ~549d
No insider transactions in the last 180 days
Catalysts
Regulatory
Financials
Institutional Holdings
Source: SEC Form 13F · as of Mar 2026Institutional holders
270
Total value held
$1.60B
| Holder | Shares | Value |
|---|---|---|
| alliancebernstein l.p. | 9,557,149 | $294.4M |
| arrowstreet capital, limited partnership | 4,975,324 | $133.5M |
| blackrock, inc. | 4,536,565 | $121.7M |
| renaissance technologies llc | 4,414,550 | $118.4M |
| deep track capital, lp | 3,663,250 | $98.3M |
| deerfield management company, l.p. | 2,462,000 | $66.1M |
| first trust advisors lp | 2,461,342 | $66.0M |
| two sigma investments, lp | 2,339,432 | $62.8M |
| morgan stanley | 2,184,701 | $58.6M |
| federated hermes, inc. | 1,251,590 | $33.6M |
Showing top 10 of 270 institutional holders of Genmab A/S. Open the full 13F history after sign-in.
Short Interest
as of Apr 19, 2026- % of float
- 1.4%
- Days to cover
- 5.3
- Shares short
- 8,576,449
- Daily short volume
- -
Short percent of float and days-to-cover reflect reported short positioning. Daily short volume is the exchange-reported short share of a single day's trading volume and is noisier. See the most-shorted biotech ranking →
GMAB short interestGovernance
Frequently asked questions
What is the AI investment thesis for Genmab A/S?
Genmab A/S is an international biotechnology company developing antibody-based therapies for cancer and other serious diseases, with a pipeline centered on late-stage programs epcoritamab, Rina-S, and petosemtamab.
What is Genmab A/S's next catalyst?
Genmab A/S's next tracked catalyst is a Phase3_Topline event — "Phase 3 Topline: A Phase 3, Multicenter, Randomized, Open-Label Study of Epcoritamab Plus Lenalidomide Compared to Ri" — expected March 1, 2028.
Who is the CEO of Genmab A/S?
Dr. Jan G.J. van de Winkel Ph.D. is the chief executive officer of Genmab A/S (GMAB).
Where is Genmab A/S headquartered?
Genmab A/S (GMAB) is headquartered in Copenhagen, Denmark.
What therapeutic areas does Genmab A/S focus on?
Genmab A/S develops therapies across Oncology, Immunology, Dermatology, Nephrology, Gastroenterology.
The AI overview and BioSniper Score are neutral, data-derived signals built from public SEC filings, ClinicalTrials.gov and FDA records — not investment advice.