NewAmsterdam Pharma Provides Corporate Update and Reports Third Quarter Financial Results

 

– Received European Commission approval for Ubeslo® (obicetrapib monotherapy) and Evlarco® (obicetrapib plus ezetimibe fixed-dose combination), marking the first regulatory approval of obicetrapib worldwide –

 

– Initiated SPINOZA Phase 2b trial evaluating obicetrapib in preclinical Alzheimer’s disease –

 

– PREVAIL interim analysis planned for 4Q2026, with result expected in 1Q2027 –

 

– $643.1 million in cash, cash equivalents and marketable securities at September 30, 2026 –

 

Naarden, the Netherlands and Miami, USA; November 4, 2026 – NewAmsterdam Pharma Company N.V. (Nasdaq: NAMS or “NewAmsterdam” or the “Company”), a late-stage, clinical biopharmaceutical company developing oral, non-statin medicines for patients at risk of cardiovascular disease (“CVD”) with elevated low-density lipoprotein cholesterol (“LDL-C”), for whom existing therapies are not sufficiently effective or well-tolerated, today provided a corporate update and announced financial results for the quarter ended September 30, 2026.

 

“The third quarter was marked by significant progress across our regulatory and clinical priorities, including the first regulatory approval of obicetrapib worldwide and the initiation of the SPINOZA Phase 2b trial in preclinical Alzheimer’s disease,” said Michael Davidson, M.D., Chief Executive Officer of NewAmsterdam Pharma. “Looking ahead, we anticipate reaching the predefined event number for the planned PREVAIL interim analysis in the fourth quarter, with the outcome expected in the first quarter of 2027. With PREVAIL, the first cardiovascular outcomes trial evaluating a CETP inhibitor in more than a decade, advancing toward its next major inflection point and top-line data from our Phase 3 RUBENS trial expected around year-end, we look forward to these upcoming readouts as we continue to build the body of evidence supporting obicetrapib across cardiovascular disease and other areas of significant unmet need.”

 

Commercial Updates

 

In September 2026, NewAmsterdam and its partner Menarini announced that the European Commission (“EC”) granted marketing authorization for Ubeslo® (obicetrapib 10 mg monotherapy) and Evlarco® (10 mg obicetrapib plus 10 mg ezetimibe fixed-dose combination (“FDC”) for patients with primary hypercholesterolaemia, both heterozygous familial (“HeFH”) and non-familial or mixed dyslipidaemia, marking the first regulatory approval of obicetrapib worldwide. The EC approval followed the positive opinion adopted by the European Medicines Agency’s Committee for Medicinal Products for Human Use (“CHMP”) and was supported by data from NewAmsterdam's comprehensive clinical development program evaluating obicetrapib, including the Phase 3 BROADWAY, BROOKLYN and TANDEM trials, which demonstrated statistically significant LDL-C reductions of up to 40% with obicetrapib monotherapy versus placebo and approximately 50% with obicetrapib combined with ezetimibe versus placebo, with a tolerability profile comparable to placebo.

 

Under the parties' licensing agreement, Menarini holds exclusive commercialization rights for obicetrapib in Europe and is responsible for regulatory interactions and commercialization activities throughout the region. NewAmsterdam is entitled to tiered double-digit percentage royalties ranging from the low double-digits to mid-twenties on net sales in the Menarini Territory and up to an additional €817 million upon the achievement of various clinical, regulatory and commercial milestones. Menarini plans to launch into Germany by YE2026 and the UK in 2027, additional updates may be provided as launches occur.

 

Clinical Development Updates

 

NewAmsterdam is developing obicetrapib, an oral, low-dose, once-daily, highly-selective cholesteryl ester transfer protein (“CETP”) inhibitor, as a monotherapy and in fixed-dose combination with ezetimibe, as the potential preferred LDL-C lowering therapy to be used in patients at risk of CVD for whom existing therapies are not sufficiently effective or well-tolerated.

 

In August 2026, NewAmsterdam presented three analyses at the European Society of Cardiology (ESC) Congress 2026. The presentations included pooled Phase 3 efficacy data, analyses of Lp(a) variability, and broader research into the clinical implications of elevated HDL-C levels, including the following highlights:


•
A pooled analysis of Phase 3 obicetrapib trials demonstrated consistent on-treatment lipid-lowering efficacy across the program, reinforcing the robustness of LDL-C reduction observed in patients receiving obicetrapib.
•
An analysis of observational, randomized, and Mendelian randomization evidence showed no increased cardiovascular or all-cause mortality risk from high HDL-C, with reported adverse associations explained by alcohol-related confounding not previously identified or controlled.
•
An analysis evaluating determinants of short-term Lp(a) variability in Phase 3 studies identified factors contributing to fluctuations in Lp(a) measurements, providing additional context for interpreting treatment-related changes in this important cardiovascular risk marker.

 

Upcoming Milestones and Ongoing Trials:

 

Following the successful completion of and positive topline results from the Phase 3 BROADWAY, TANDEM, and BROOKLYN trials, NewAmsterdam plans to announce additional clinical data from these trials relating to obicetrapib and the FDC of obicetrapib plus ezetimibe over the next several quarters.

 

The following Phase 3 trials are currently ongoing:

 

•
PREVAIL Phase 3 trial: PREVAIL is a cardiovascular outcomes trial (“CVOT”) evaluating obicetrapib in patients with a history of artherosclerotic cardiovascular disease (“ASCVD”), whose LDL-C is not adequately controlled despite being on maximally tolerated lipid-lowering therapy. NewAmsterdam completed enrollment of over 9,500 patients in April 2024.
•
REMBRANDT Phase 3 trial: The REMBRANDT trial utilizes coronary computed tomography angiography imaging to evaluate the effect of obicetrapib 10 mg plus ezetimibe 10 mg FDC on coronary plaque burden. The placebo-controlled, double-blind, randomized, Phase 3 trial is being conducted in adult participants with LDL-C ≥70 mg/dL and established ASCVD with evidence of coronary plaque who are not adequately controlled by their maximally tolerated lipid-modifying therapy, with the aim to assess the impact of the obicetrapib plus ezetimibe FDC daily on lipid-rich coronary plaque and arterial wall inflammation characteristics. In March 2026, the trial completed enrollment of 323 patients.
•
RUBENS Phase 3 trial: Initiated in December 2025, the RUBENS trial is evaluating obicetrapib alone or in combination with ezetimibe in patients with type 2 diabetes or metabolic syndrome with LDL-C ≥70 mg/dL that require additional lowering of LDL-C despite guideline-recommended lipid-lowering therapy. In August 2026, the trial completed enrollment of 347 patients.

 

In September 2026, NewAmsterdam announced the dosing of the first participant in SPINOZA, a Phase 2b clinical trial evaluating obicetrapib in individuals with preclinical Alzheimer’s disease.

 

•
SPINOZA Phase 2b trial: The SPINOZA trial is a Phase 2b, randomized, double-blind, placebo-controlled, parallel-group trial designed to evaluate the efficacy and safety of obicetrapib in approximately 400 participants with preclinical Alzheimer's disease. Eligible participants have biomarker evidence consistent with early Alzheimer's disease pathology and carry ApoE4/E4, ApoE3/E4 or ApoE3/E3 genotypes. The SPINOZA trial design was informed by findings from the prespecified Alzheimer’s disease biomarker analysis in the Company’s Phase 3 BROADWAY trial, which demonstrated the strongest observed biomarker response in ApoE4/E4 participants and supportive signals across additional genotype-defined populations.

Third Quarter Financial Results

 

•
Cash Position: As of September 30, 2026, NewAmsterdam recorded cash, cash equivalents and marketable securities of $643.1 million, compared to $728.9 million as of December 31, 2025. The decrease was primarily driven by cash outflows related to research and development costs as the Company continues development of obicetrapib and spending on selling, general and administrative expenses to support the Company’s ongoing operations, partially offset by cash inflows from the exercise of options and warrants.

 


•
Revenue: NewAmsterdam recognized $19.2 million in revenue for the quarter ended September 30, 2026, compared to $0.3 million in the same period in 2025. The increase was primarily attributable to the recognition during the current period of certain regulatory milestones under the license agreement with Menarini.

 

•
Research and Development (“R&D”) Expenses: R&D expenses were $39.4 million in the quarter ended September 30, 2026, compared to $31.0 million for the same period in 2025. This increase was primarily due to an increase in clinical and personnel expenses, partially offset by a decrease in regulatory and manufacturing expenses. Share-based payment expenses included within R&D expenses totaled $4.4 million in the quarter ended September 30, 2026, compared to $5.0 million in the same period in 2025.

 

•
Selling, General and Administrative (“SG&A”) Expenses: SG&A expenses were $24.0 million in the quarter ended September 30, 2026, compared to $24.5 million for the same period in 2025. This decrease was primarily due to a decrease in personnel expenses, partially offset by an increase in costs related to organizational commercial readiness activities. Share-based payment expenses included within SG&A expenses totaled $8.1 million in the quarter ended September 30, 2026, compared to $10.0 million in the same period in 2025.

 

•
Net loss: Net loss for the quarter ended September 30, 2026, was $17.4 million, compared to net loss of $72.0 million for the same period in 2025. The individual components of the change are described above in addition to interest income, a non-cash loss related to changes in the fair value of the Company’s derivative warrant liabilities and foreign exchange losses.

 

About Obicetrapib

 

Obicetrapib is a novel, oral, low-dose CETP inhibitor that NewAmsterdam is developing to overcome the limitations of current LDL-lowering treatments. In each of the Company’s Phase 2 trials, ROSE2, TULIP, ROSE, and OCEAN, as well as the Company’s Phase 3 BROOKLYN, BROADWAY and TANDEM trials, evaluating obicetrapib as monotherapy or combination therapy, the Company observed statistically significant LDL-lowering combined with a side effect profile similar to that of placebo. The Company commenced the Phase 3 PREVAIL cardiovascular outcomes trial in March 2022, which is designed to assess the potential of obicetrapib to reduce occurrences of MACE. The Company completed enrollment of PREVAIL in April 2024 and randomized over 9,500 patients. Commercialization rights of obicetrapib in Europe, either as a monotherapy or as part of a fixed-dose combination with ezetimibe, have been exclusively granted to the Menarini Group, an Italy-based, leading international pharmaceutical and diagnostics company.

 

About Cardiovascular Disease

 

Cardiovascular disease remains the leading cause of death globally, despite the availability of lipid-lowering therapies (“LLTs”). By 2050 more than 184 million U.S. adults are expected to be affected by CVD and hypertension, including 27 million with coronary heart disease and 19 million with stroke. In the United States from 2019 through 2022, CVD age-adjusted mortality rates increased by 9%, reversing the trend observed since 2010 and undoing nearly a decade of progress. Despite the availability of high-intensity statins and non-statin LLTs, LDL-C target level attainment remains low, contributing to residual cardiovascular risk, and underscoring a significant clinical need for improved therapeutic regimens. Even with 269 million LLT prescriptions written over the last 12 months, around 40 million under-treated US adults are not at their risk-based LDL-C goal, of which 17 million have ASCVD. Less than 1 in 4 patients with ASCVD achieve an LDL-C goal of less than 70 mg/dL and only 20% of very high-risk ASCVD patients achieve the goal below 55 mg/dL. In addition to the 40 million under-treated U.S. adults, there are over 20 million patients diagnosed with elevated LDL-C who are not taking any LLTs including statins. Beyond LDL-C, additional factors are at play, such as lifestyle choices, tobacco use, and obesity, as well as inflammation, thrombosis, triglyceride levels, elevated Lp(a) levels, and type 2 diabetes.

 

Alzheimer’s Analysis

 

In BROADWAY, a pre-specified analysis was designed to assess plasma biomarkers of Alzheimer’s disease (“AD”) in patients enrolled in the BROADWAY trial and evaluated the effects of longer duration of therapy (12 months) with a prespecified ApoE population, based on phenotypic analysis. The analysis included 1,535 patients, including 367 ApoE4


carriers (ApoE3/E4 or ApoE4/E4), whose ApoE status was able to be determined. Because this analysis was based on a subset of patients from BROADWAY (which was designed to evaluate LDL-C reductions in an ASCVD and/or HeFH population), the AD analysis was not controlled for baseline differences between the treatment and placebo populations, but statistical analyses were adjusted for baseline biomarker values and age. The absolute and percent change over 12 months in p-tau217, a key biomarker of AD pathology, were measured among patients with baseline and end of study datapoints above the lower limit of quantitation. Additional outcome measures included NFL, GFAP, p-tau181, and Aβ42/40 ratio absolute and percent change over 12 months. NewAmsterdam observed statistically significant absolute reductions in p-tau217 compared to placebo over 12 months in both the full analysis set (p=0.002; n= 1,535) and in ApoE4 carriers (p=0.02; n=367) as well as favorable trends in the other AD biomarkers. Although a safety analysis was not performed in the AD analysis population, in BROADWAY obicetrapib was observed to be well-tolerated, with safety results comparable to placebo.

 

About NewAmsterdam

 

NewAmsterdam Pharma (Nasdaq: NAMS) is a late-stage biopharmaceutical company dedicated to building a new standard of care for people living with cardiometabolic and neurodegenerative diseases. The Company is advancing therapies designed to address a significant unmet need for safe, well-tolerated, and convenient treatment options that lower LDL-C while advancing innovation beyond a single marker to better address cardiovascular risk. In multiple Phase 3 trials, NewAmsterdam is investigating obicetrapib, an oral, low-dose, once-daily CETP inhibitor, alone and as a fixed-dose combination with ezetimibe, in patients at risk of cardiovascular disease with elevated LDL-C. Guided by its mission, the Company challenges convention with courage, translates deep biological insight into meaningful patient impact, and delivers with rigor, precision, and purpose.

 

Forward-Looking Statements

 

This press release contains forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995 and are subject to the “safe harbor” provisions created thereunder. All statements that are not historical facts are hereby identified as forwarding-looking statements for this purposes and include, among others, statements relating to: the Company’s intention to conduct the PREVAIL interim analysis and its expectations regarding the timing of the interim analysis and when the result of the interim analysis may be announced; expectations regarding the availability of Ubeslo® and Evlarco® in the European Union; the Company’s expectations for topline data from the RUBENS trial around year-end 2026; patient enrollment expectations for the Company’s SPINOZA trial; the therapeutic potential of the Company’s product candidates; the Company’s other plans regarding and the timing for commencing trials, enrolling patients and completing trials, and the timing and forums for announcing data; expected milestones and anticipated progress toward such milestones; and other statements regarding the Company's future operations, prospects, objectives, strategies and other future events.

 

The Company may not actually achieve the plans, intentions or expectations disclosed in these forward-looking statements, and you should not place undue reliance on these forward-looking statements. These forward-looking statements are based upon management’s current expectations and assumptions. Actual results or events could differ materially and adversely from the plans, intentions and expectations disclosed in these forward-looking statements as a result of various risks, uncertainties and other factors, including, among others: uncertainties and delays regarding the enrollment in and completion of the Company’s clinical trials; uncertainties regarding the result of the PREVAIL interim analysis; uncertainties regarding the outcome of the Company’s clinical trials, and whether such outcomes will be adequate to support regulatory review and approval of its product candidates; whether topline, initial or preliminary results, trends or analyses from a particular clinical trial will be predictive of the final results of that trial and whether results of early clinical trials and analyses will be indicative of the results of later clinical trials and analyses, or whether projections regarding clinical outcomes will reflect actual results in future clinical trials or clinical use of the Company’s product candidates; the potential for varying interpretation of the results of clinical trials and analyses; risks related to the Company’s ability to achieve its business plans, objectives and milestones, including approval of the Company’s product candidates and potential commercialization; challenges inherent to the launch of new drug products, if and as approved in various jurisdictions; risks related to the Company’s reliance on third parties; unanticipated costs and expenses impacting the Company’s cash runway; the Company’s ability to continue to source the raw materials for its product candidates and ensure adequate supply of product for clinical trials and, if and as approved in various jurisdictions, commercialization; the impact of competing product candidates on the Company’s business; risks and uncertainties relating to intellectual property and regulatory exclusivities; changes in domestic and foreign business,


market, financial, political, and legal conditions; and other important factors, any of which could cause the Company’s actual results to differ from those contained in the forward-looking statements, that are described in greater detail in the sections entitled “Risk Factors” in the Company’s Annual Report on Form 10-K filed with the Securities and Exchange Commission (“SEC”) on February 18, 2026 and in its Quarterly Report on Form 10-Q filed with the SEC on November 4, 2026, as well as in other filings the Company may make with the SEC in the future, which are available at www.sec.gov. Any forward-looking statements contained in this press release speak only as of the date of this press release, and the Company expressly disclaims any obligation to update any forward-looking statements contained herein, whether because of new information, future events, changed circumstances or otherwise, except as otherwise required by law.

 

 

Company Contact

Matthew Philippe

P: 1-917-882-7512

matthew.philippe@newamsterdampharma.com

 

Media Contact

Real Chemistry on behalf of NewAmsterdam

Christian Edgington

P: 1-513-310-6410

cedgington@realchemistry.com

 

Investor Contact

Precision AQ on behalf of NewAmsterdam

Austin Murtagh

P: 1-212-698-8696

austin.murtagh@precisionaq.com


 

NewAmsterdam Pharma Company N.V.

Condensed Consolidated Balance Sheet

(Unaudited)

 

September 30,
2026

 

 

December 31,
2025

 

(In thousands of USD)

 

 

 

 

 

Assets

 

Current assets:

 

 

 

 

 

Cash and cash equivalents

 

423,129

 

 

 

490,002

 

Prepayments and other receivables

 

42,423

 

 

 

38,138

 

Marketable securities, current

 

205,113

 

 

 

146,239

 

Restricted cash

 

1,496

 

 

 

1,321

 

Total current assets

 

672,161

 

 

 

675,700

 

Marketable securities, net of current portion

 

14,883

 

 

 

92,609

 

Property, plant and equipment, net

 

554

 

 

 

383

 

Operating right of use asset

 

75

 

 

 

185

 

Intangible assets

 

312

 

 

 

407

 

Total assets

 

687,985

 

 

 

769,284

 

Liabilities and Shareholders' Equity

 

 

 

 

 

Current liabilities:

 

 

 

 

 

Accounts payable

 

4,628

 

 

 

8,970

 

Accrued expenses and other current liabilities

 

15,460

 

 

 

15,422

 

Deferred revenue, current

 

5,706

 

 

 

3,987

 

Lease liability, current

 

27

 

 

 

136

 

Derivative warrant liabilities

 

31,333

 

 

 

57,272

 

Total current liabilities

 

57,154

 

 

 

85,787

 

Lease liability, net of current portion

 

49

 

 

 

66

 

Total liabilities

 

57,203

 

 

 

85,853

 

Commitments and contingencies (Note 12)

 

 

 

 

 

Shareholders' Equity:

 

 

 

 

 

Ordinary shares, €0.12 par value; 400,000,000 shares authorized; 119,819,484 and 114,399,326 shares issued and outstanding as at September 30, 2026 and December 31, 2025, respectively

 

15,033

 

 

 

14,278

 

Additional paid-in capital

 

1,504,484

 

 

 

1,426,750

 

Accumulated loss

 

(892,355

)

 

 

(762,390

)

Accumulated other comprehensive income

 

3,620

 

 

 

4,793

 

Total shareholders' equity

 

630,782

 

 

 

683,431

 

Total liabilities and shareholders' equity

 

687,985

 

 

 

769,284

 

 

 


 

NewAmsterdam Pharma Company N.V.

Condensed Consolidated Statements of Operations and Comprehensive Loss

(Unaudited)

 

For the three months ended September 30,

 

 

For the nine months ended September 30,

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

(In thousands of USD, except per share amounts)

 

 

 

 

 

 

 

 

 

 

 

Revenue

 

19,164

 

 

 

348

 

 

 

25,905

 

 

 

22,471

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

Research and development expenses

 

39,357

 

 

 

30,971

 

 

 

119,039

 

 

 

103,238

 

Selling, general and administrative expenses

 

23,995

 

 

 

24,521

 

 

 

74,338

 

 

 

78,937

 

Total operating expenses

 

63,352

 

 

 

55,492

 

 

 

193,377

 

 

 

182,175

 

Operating loss

 

(44,188

)

 

 

(55,144

)

 

 

(167,472

)

 

 

(159,704

)

Other income (expense):

 

 

 

 

 

 

 

 

 

 

 

Interest income, net

 

5,187

 

 

 

6,713

 

 

 

16,647

 

 

 

21,119

 

Fair value change – earnout

 

—

 

 

 

—

 

 

 

—

 

 

 

3,992

 

Fair value change – warrants

 

23,118

 

 

 

(23,792

)

 

 

24,505

 

 

 

(7,440

)

Foreign exchange gains/(losses)

 

(299

)

 

 

218

 

 

 

(2,438

)

 

 

13,137

 

Loss before tax

 

(16,182

)

 

 

(72,005

)

 

 

(128,758

)

 

 

(128,896

)

Income tax expense

 

1,207

 

 

 

—

 

 

 

1,207

 

 

 

—

 

Loss for the period

 

(17,389

)

 

 

(72,005

)

 

 

(129,965

)

 

 

(128,896

)

Other comprehensive income/(loss)

 

 

 

 

 

 

 

 

 

 

 

Unrealized gain/(loss) on available-for-sale securities, net of tax

 

(241

)

 

 

313

 

 

 

(1,173

)

 

 

173

 

Total comprehensive loss for the period, net of tax

 

(17,630

)

 

 

(71,692

)

 

 

(131,138

)

 

 

(128,723

)

Net loss per share attributable to ordinary shares, basic and diluted

$

(0.14

)

 

$

(0.61

)

 

$

(1.06

)

 

$

(1.09

)

Weighted average Ordinary Shares outstanding, basic and diluted

 

124,136,610

 

 

 

119,000,266

 

 

 

123,083,149

 

 

 

117,904,432

 

 

 


 

NewAmsterdam Pharma Company N.V.

Condensed Consolidated Statements of Shareholders' Equity

(Unaudited)

(In thousands of USD, except share amounts)

Shares

 

 

Amount

 

 

Additional Paid-In Capital

 

 

Accumulated Loss

 

 

Accumulated Other Comprehensive Income

 

 

Total Shareholders' Equity

 

Balance at December 31, 2024

 

108,064,340

 

 

 

13,444

 

 

 

1,298,160

 

 

 

(558,571

)

 

 

4,467

 

 

 

757,500

 

Issuance of Earnout Shares

 

1,743,136

 

 

 

226

 

 

 

40,581

 

 

 

—

 

 

 

—

 

 

 

40,807

 

Exercise of Pre-Funded Warrants

 

1,293,938

 

 

 

162

 

 

 

(162

)

 

 

—

 

 

 

—

 

 

 

—

 

Exercise of warrants

 

15,942

 

 

 

2

 

 

 

410

 

 

 

—

 

 

 

—

 

 

 

412

 

Exercise of stock options

 

909,140

 

 

 

116

 

 

 

2,875

 

 

 

—

 

 

 

—

 

 

 

2,991

 

Vesting of RSUs

 

142,795

 

 

 

18

 

 

 

(18

)

 

 

—

 

 

 

—

 

 

 

—

 

Share-based compensation

 

—

 

 

 

—

 

 

 

15,213

 

 

 

—

 

 

 

—

 

 

 

15,213

 

Total loss and comprehensive loss for the period

 

—

 

 

 

—

 

 

 

—

 

 

 

(39,527

)

 

 

(33

)

 

 

(39,560

)

As at March 31, 2025

 

112,169,291

 

 

 

13,968

 

 

 

1,357,059

 

 

 

(598,098

)

 

 

4,434

 

 

 

777,363

 

Exercise of warrants

 

100

 

 

 

—

 

 

 

2

 

 

 

—

 

 

 

—

 

 

 

2

 

Exercise of stock options

 

340,317

 

 

 

46

 

 

 

3,378

 

 

 

—

 

 

 

—

 

 

 

3,424

 

Vesting of RSUs

 

206

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Share-based compensation

 

—

 

 

 

—

 

 

 

15,179

 

 

 

—

 

 

 

—

 

 

 

15,179

 

Total loss and comprehensive loss for the period

 

—

 

 

 

—

 

 

 

—

 

 

 

(17,364

)

 

 

(107

)

 

 

(17,471

)

As at June 30, 2025

 

112,509,914

 

 

 

14,014

 

 

 

1,375,618

 

 

 

(615,462

)

 

 

4,327

 

 

 

778,497

 

Exercise of warrants

 

23,826

 

 

 

4

 

 

 

633

 

 

 

—

 

 

 

—

 

 

 

637

 

Exercise of stock options

 

638,944

 

 

 

89

 

 

 

5,529

 

 

 

—

 

 

 

—

 

 

 

5,618

 

Share-based compensation

 

—

 

 

 

—

 

 

 

15,010

 

 

 

—

 

 

 

—

 

 

 

15,010

 

Total loss and comprehensive loss for the period

 

—

 

 

 

—

 

 

 

—

 

 

 

(72,005

)

 

 

313

 

 

 

(71,692

)

As at September 30, 2025

 

113,172,684

 

 

 

14,107

 

 

 

1,396,790

 

 

 

(687,467

)

 

 

4,640

 

 

 

728,070

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at December 31, 2025

 

114,399,326

 

 

 

14,278

 

 

 

1,426,750

 

 

 

(762,390

)

 

 

4,793

 

 

 

683,431

 

Exercise of warrants

 

56,619

 

 

 

8

 

 

 

1,745

 

 

 

—

 

 

 

—

 

 

 

1,753

 

Exercise of stock options

 

1,971,548

 

 

 

278

 

 

 

10,771

 

 

 

—

 

 

 

—

 

 

 

11,049

 

Vesting of RSUs

 

214,163

 

 

 

30

 

 

 

(30

)

 

 

—

 

 

 

—

 

 

 

—

 

Share-based compensation

 

—

 

 

 

—

 

 

 

18,002

 

 

 

—

 

 

 

—

 

 

 

18,002

 

Total loss and comprehensive loss for the period

 

—

 

 

 

—

 

 

 

—

 

 

 

(48,441

)

 

 

(572

)

 

 

(49,013

)

As at March 31, 2026

 

116,641,656

 

 

 

14,594

 

 

 

1,457,238

 

 

 

(810,831

)

 

 

4,221

 

 

 

665,222

 

Exercise of warrants

 

12,752

 

 

 

2

 

 

 

476

 

 

 

—

 

 

 

—

 

 

 

478

 

Exercise of stock options

 

971,668

 

 

 

135

 

 

 

11,701

 

 

 

—

 

 

 

—

 

 

 

11,836

 

Vesting of RSUs

 

25,621

 

 

 

4

 

 

 

(4

)

 

 

—

 

 

 

—

 

 

 

—

 

Share-based compensation

 

—

 

 

 

—

 

 

 

18,381

 

 

 

—

 

 

 

—

 

 

 

18,381

 

Total loss and comprehensive loss for the period

 

—

 

 

 

—

 

 

 

—

 

 

 

(64,135

)

 

 

(360

)

 

 

(64,495

)

As at June 30, 2026

 

117,651,697

 

 

 

14,735

 

 

 

1,487,792

 

 

 

(874,966

)

 

 

3,861

 

 

 

631,422

 

Exercise of Pre-Funded Warrants

 

1,632,646

 

 

 

224

 

 

 

(224

)

 

 

—

 

 

 

—

 

 

 

—

 

Exercise of warrants

 

101

 

 

 

—

 

 

 

3

 

 

 

—

 

 

 

—

 

 

 

3

 

Exercise of stock options

 

535,040

 

 

 

74

 

 

 

4,397

 

 

 

—

 

 

 

—

 

 

 

4,471

 

Share-based compensation

 

—

 

 

 

—

 

 

 

12,516

 

 

 

—

 

 

 

—

 

 

 

12,516

 

Total loss and comprehensive loss for the period

 

—

 

 

 

—

 

 

 

—

 

 

 

(17,389

)

 

 

(241

)

 

 

(17,630

)

As at September 30, 2026

 

119,819,484

 

 

 

15,033

 

 

 

1,504,484

 

 

 

(892,355

)

 

 

3,620

 

 

 

630,782

 

 

 


 

NewAmsterdam Pharma Company N.V.

Condensed Consolidated Statements of Cash Flows

(Unaudited)

 

For the nine months ended September 30,

 

 

2026

 

 

2025

 

(In thousands of USD)

 

 

 

 

 

Operating activities:

 

 

 

 

 

Loss for the period

 

(129,965

)

 

 

(128,896

)

Non-cash adjustments to reconcile loss for the period to net cash flows:

 

 

 

 

 

Depreciation and amortization

 

188

 

 

 

161

 

Non-cash rent expense

 

(11

)

 

 

3

 

Fair value change - derivative earnout and warrants

 

(24,505

)

 

 

3,448

 

Loss on disposal of property, plant and equipment

 

18

 

 

 

1

 

Foreign exchange (gains)/losses

 

2,438

 

 

 

(13,137

)

Amortization of premium/discount on available-for-sale debt securities

 

(43

)

 

 

(1,381

)

Share-based compensation

 

48,899

 

 

 

45,402

 

Changes in working capital:

 

 

 

 

 

Changes in prepayments and other receivables

 

(4,052

)

 

 

(3,216

)

Changes in accounts payable

 

(4,315

)

 

 

(409

)

Changes in accrued expenses and other current liabilities

 

38

 

 

 

(2,876

)

Changes in deferred revenue

 

1,719

 

 

 

(6,008

)

Net cash used in operating activities

 

(109,591

)

 

 

(106,908

)

Investing activities:

 

 

 

 

 

Purchase of property, plant and equipment, including internal use software

 

(295

)

 

 

(146

)

Maturities of marketable securities

 

144,390

 

 

 

71,563

 

Purchases of marketable securities

 

(126,667

)

 

 

(225,192

)

Net cash provided by/(used in) investing activities

 

17,428

 

 

 

(153,775

)

Financing activities:

 

 

 

 

 

Transaction costs on December 2024 issue of Ordinary Shares and Pre-Funded Warrants

 

—

 

 

 

(1,586

)

Proceeds from exercise of warrants

 

799

 

 

 

458

 

Proceeds from exercise of options

 

26,758

 

 

 

16,964

 

Net cash provided by financing activities

 

27,557

 

 

 

15,836

 

Net change in cash, cash equivalents and restricted cash

 

(64,606

)

 

 

(244,847

)

Foreign exchange differences

 

(2,092

)

 

 

12,819

 

Cash, cash equivalents and restricted cash at the beginning of the period

 

491,323

 

 

 

771,743

 

Cash, cash equivalents and restricted cash at the end of the period

 

424,625

 

 

 

539,715

 

Noncash financing and investing activities

 

 

 

 

 

Issuance of earnout shares

 

—

 

 

 

40,807

 

 

 

 

 

 

 

Reconciliation of cash, cash equivalents and restricted cash to the Condensed Consolidated Balance Sheets

 

 

 

 

 

Cash and cash equivalents

 

423,129

 

 

 

538,407

 

Restricted cash

 

1,496

 

 

 

1,308

 

 

 

424,625

 

 

 

539,715