NewAmsterdam Pharma Reports Full Year 2023 Financial Results and Provides Corporate Update
- Positive clinical trial progress with encouraging Phase 2 trial data for obicetrapib
- Upcoming milestones include Phase 3 trials and a pivotal trial for a fixed-dose combination
- Successful completion of a $202 million public offering to support ongoing operations
- Expenditures related to research and development activities and general and administrative expenses led to a decrease in cash
- Revenue decreased due to the upfront payment from Menarini in 2022
- R&D expenses increased due to ongoing Phase 3 clinical trials and expansion in headcount
- SG&A expenses rose due to personnel costs, share-based compensation expenses, and compliance requirements
- Net loss for 2023 significantly higher compared to 2022
- Decrease in cash position from $467.7 million in 2022 to $340.5 million in 2023
- Revenue decline from $102.7 million in 2022 to $14.1 million in 2023
- Significant increase in R&D and SG&A expenses
- Net loss of $176.9 million in 2023, compared to $11.5 million in 2022
Insights
Examining NewAmsterdam Pharma's financial results reveals a significant increase in R&D expenses, which surged from $86.7 million to $159.4 million year-on-year, reflecting the company's investment in advancing its Phase 3 clinical trials. This aligns with industry norms where late-stage clinical development typically incurs higher costs. The net proceeds of $189.8 million from the upsized public offering enhance the company's cash position, providing crucial funding for continued development and potential commercialization of obicetrapib. However, this financial maneuvering has led to a net loss of $176.9 million, a substantial increase compared to the previous year's net loss of $11.5 million. This widening loss is a critical consideration for stakeholders, as it may impact the stock's performance in the short-term, despite the potential long-term benefits of successful clinical trials and drug approval.
The progress of NewAmsterdam Pharma in developing obicetrapib is noteworthy, particularly the completion of two Phase 2 trials with positive outcomes. The upcoming topline data from the Phase 3 BROOKLYN and BROADWAY trials could be pivotal in determining obicetrapib's efficacy and safety profile for patients with HeFH and ASCVD. The initiation of the TANDEM trial, evaluating the fixed-dose combination with ezetimibe, indicates a strategic move to expand the drug's therapeutic potential. The successful completion and positive results of these trials could lead to a significant market advantage, as current treatment options for patients with elevated LDL-C who do not respond well to existing therapies are limited. The potential impact on key lipid and lipoprotein measurements associated with cardiovascular disease risk could position obicetrapib as a transformative solution in the cardiovascular drug market.
The strategic expansion of NewAmsterdam's commercial organization to prepare for obicetrapib's potential global launch indicates foresight in capturing market share upon regulatory approval. The focus on a non-statin oral therapy for patients with cardiovascular disease addresses a significant unmet medical need, potentially disrupting the current market dominated by statins. The company's proforma cash of $500 million, bolstered by the recent public offering, positions it to navigate the costly commercialization phase. Market reception to these developments will likely depend on the outcome of the Phase 3 trials. Positive data could attract further investment and partnerships, while any setbacks could adversely affect investor confidence and the company's valuation.
-- On-track to report topline data from Phase 3 BROOKLYN trial in HeFH in 3Q 2024 and Phase 3 BROADWAY trial in ASCVD in 4Q 2024 --
-- Plan to initiate TANDEM, pivotal Phase 3 trial evaluating obicetrapib and ezetimibe fixed-dose combination, in 1Q 2024; topline data expected in 1Q 2025 --
-- Expect to complete enrollment in Phase 3 PREVAIL CVOT in 1Q 2024; topline data expected in 2026 --
-- Completed
NAARDEN, The Netherlands and MIAMI, Feb. 28, 2024 (GLOBE NEWSWIRE) -- 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 with elevated low-density lipoprotein cholesterol (“LDL-C”), for whom existing therapies are not sufficiently effective or well-tolerated, today announced financial results for the fourth quarter and full year ended December 31, 2023 and provided a corporate update.
"2023 was a year of remarkable progress for NewAmsterdam, marked by consistent clinical execution and substantial corporate development. We reported multiple encouraging datasets and expanded our team with key hires, underscoring our commitment to revolutionizing patient outcomes, building a fully integrated company with the potential to deliver obicetrapib globally, if approved, and continue creating significant value for our shareholders," said Michael Davidson, M.D., Chief Executive Officer of NewAmsterdam. "We enter 2024 in a position of strength, with multiple upcoming milestones and a healthy balance sheet to support our operations. In the near-term, we look forward to topline results from BROOKLYN and BROADWAY in the third and fourth quarters of 2024, respectively, which we expect will build on the promising datasets generated from our prior Phase 2 trials and support obicetrapib’s ability to positively impact key lipid and lipoprotein measurements associated with risk for cardiovascular disease.”
Dr. Davidson continued, “In addition, in the first quarter of this year, we anticipate completing enrollment in PREVAIL, our cardiovascular outcomes trial, and launching TANDEM, our fourth pivotal Phase 3 trial, which will evaluate a fixed-dose combination of obicetrapib and ezetimibe. As we advance our clinical program, we continue to invest strategically in our commercial organization to lay the foundation for obicetrapib’s successful global launch, pending necessary regulatory approvals. We believe we are on the precipice of delivering a transformative solution to improve outcomes for over 30 million patients impacted by cardiovascular disease in the U.S., and we eagerly anticipate sharing further progress and achievements in the upcoming year.”
2023 Highlights and Recent Progress
Clinical Development Updates:
NewAmsterdam is developing obicetrapib, an oral, low-dose and once-daily cholesteryl ester transfer protein (“CETP”) inhibitor, as the 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 2023, NewAmsterdam reported positive, statistically significant and clinically meaningful data from two Phase 2 clinical trials of obicetrapib: the Phase 2 ROSE2 trial, which evaluated obicetrapib in combination with ezetimibe, and a Phase 2b dose-finding trial, which evaluated obicetrapib in Japanese patients. In total, the Company has completed six Phase 1 or 2 clinical trials and tested obicetrapib in over 800 patients. Statistically significant LDL-lowering was observed in each of the Company’s completed Phase 2 clinical trials, combined with a side effect profile similar to placebo.
The Company is currently conducting three pivotal Phase 3 clinical trials of obicetrapib: BROOKLYN, BROADWAY and PREVAIL. In addition, the Company plans to initiate a fourth Phase 3 trial, TANDEM, evaluating a fixed-dose combination (“FDC”) of obicetrapib and ezetimibe.
- BROOKLYN is evaluating obicetrapib in patients with heterozygous familial hypercholesterolemia (“HeFH”), whose LDL-C is not adequately controlled, despite being on maximally tolerated lipid-lowering therapy. NewAmsterdam completed enrollment of over 350 patients in April 2023 and expects to report topline data in the third quarter of 2024.
- BROADWAY is evaluating obicetrapib in adult patients with HeFH and/or established atherosclerotic cardiovascular disease (“ASCVD”), whose LDL-C is not adequately controlled, despite being on maximally tolerated lipid-lowering therapy. NewAmsterdam completed enrollment of over 2,500 patients in July 2023 and expects to report topline data in the fourth quarter of 2024.
- PREVAIL is a cardiovascular outcomes trial (“CVOT”) evaluating obicetrapib in patients with a history of ASCVD, whose LDL-C is not adequately controlled, despite being on maximally tolerated lipid-lowering therapy. NewAmsterdam expects to complete patient enrollment in PREVAIL in the first quarter of 2024 and to report topline data in 2026.
- TANDEM is designed as a pivotal Phase 3 clinical trial to evaluate obicetrapib as part of a FDC tablet with ezetimibe, a non-statin oral LDL-lowering therapy. The Company expects to initiate TANDEM in the first quarter of 2024 and to report topline data in the first quarter of 2025.
In 2023, NewAmsterdam reported positive initial data from a Phase 2a clinical trial evaluating obicetrapib in patients with early Alzheimer’s disease who carry at least one copy of the apolipoprotein E4 mutation. NewAmsterdam anticipates sharing the full results from this Phase 2a clinical trial in a forthcoming publication or in a presentation at a medical meeting.
Corporate Updates
- In January 2024, NewAmsterdam appointed William H. Lewis, J.D., M.B.A as Chair of its Board of Directors. Mr. Lewis has more than 30 years of executive experience in the pharmaceutical and finance industries both in the U.S. and internationally and has been widely recognized for his commitment to a patient-first approach to drug discovery, development, and commercialization.
- In February 2024, NewAmsterdam completed an upsized public offering of 5,871,909 ordinary shares and 4,736,841 pre-funded warrants, generating gross proceeds of approximately
$201.6 million . The net proceeds to NewAmsterdam were$189.8 million after deducting underwriting discounts and commissions and estimated offering expenses payable by the Company. NewAmsterdam intends to use the additional capital to support the continued development and ongoing commercial readiness of obicetrapib. The offering attracted several new and existing investors.
Upcoming Potential Milestones
NewAmsterdam currently expects to achieve the following upcoming milestones:
- Initiate TANDEM, a Phase 3 clinical trial evaluating a fixed-dose combination tablet of obicetrapib and ezetimibe, in the first quarter of 2024.
- Complete enrollment in the Phase 3 PREVAIL trial for obicetrapib monotherapy in the first quarter of 2024 and announce topline data in 2026.
- Announce topline data from the Phase 3 BROOKLYN trial for obicetrapib monotherapy in the third quarter of 2024.
- Announce topline data from the Phase 3 BROADWAY trial for obicetrapib monotherapy in the fourth quarter of 2024.
Full Year 2023 Financial Results
- Cash Position: As of December 31, 2023, NewAmsterdam recorded cash of
$340.5 million , compared to$467.7 million as of December 31, 2022. The decrease is primarily due to expenditures related to research and development activities and general and administrative expenses, slightly offset by a milestone payment received from Menarini and cash received from the exercise of warrants and options. - Revenue: NewAmsterdam recognized
$14.1 million in revenue for the year ended December 31, 2023, compared to$102.7 million in the year ended December 31, 2022. This decrease was primarily due to the receipt of the upfront payment from Menarini in 2022, the majority of which was recognized as revenue upon execution of the license agreement. - Research and Development (“R&D”) Expenses: R&D expenses were
$159.4 million in the year ended December 31, 2023, compared to$86.7 million for the year ended December 31, 2022. This increase was primarily related to our ongoing Phase 3 clinical trials and an increase in personnel expenses due to expansion in headcount to support the clinical trials in addition to an increase in share-based compensation expenses. - Selling, General and Administrative (“SG&A”) Expenses: SG&A expenses were
$37.6 million in the year ended December 31, 2023, compared to$19.5 million for the year ended December 31, 2022. This increase was primarily due to an increase in personnel costs due to expansion of headcount to support our growth and share-based compensation expenses. In addition, costs related to finance and administration and insurance increased due to increased compliance requirements related to operation as a Nasdaq-listed company for the full year. - Net loss: Net loss for the year ended December 31, 2023 was
$176.9 million , or$2.15 per share, compared to net loss of$11.5 million , or$1.19 per share, for the year ended December 31, 2022.
About Obicetrapib
Obicetrapib is a novel, oral, low-dose CETP inhibitor that NewAmsterdam is developing to overcome the limitations of current LDL-lowering treatments. The Company believes that obicetrapib has the potential to be a once-daily oral CETP inhibitor for lowering LDL-C, if approved. In the Company’s Phase 2b ROSE trial, obicetrapib demonstrated a
About NewAmsterdam
NewAmsterdam Pharma (Nasdaq: NAMS) is a late-stage biopharmaceutical company whose mission is to improve patient care in populations with metabolic diseases where currently approved therapies have not been adequate or well tolerated. We seek to fill a significant unmet need for a safe, well tolerated and convenient LDL-lowering therapy. In multiple phase 3 studies, NewAmsterdam is investigating obicetrapib, an oral, low-dose and once-daily CETP inhibitor, alone or as a fixed-dose combination with ezetimibe, as preferred LDL-C lowering therapies to be used as an adjunct to statin therapy for patients at risk of CVD with elevated LDL-C, for whom existing therapies are not sufficiently effective or well tolerated.
Forward-Looking Statements
Certain statements included in this document that are not historical facts are forward-looking statements for purposes of the safe harbor provisions under the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements generally are accompanied by words such as “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “expect,” “should,” “would,” “plan,” “predict,” “potential,” “seem,” “seek,” “future,” “outlook” and similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include, but are not limited to, statements regarding the consummation of the proposed Offering. These statements are based on various assumptions, whether or not identified in this document, and on the current expectations of the Company’s management and are not predictions of actual performance. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as and must not be relied on as a guarantee, an assurance, a prediction, or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and may differ from assumptions. Many actual events and circumstances are beyond the control of the Company. These forward-looking statements are subject to a number of risks and uncertainties, including changes in domestic and foreign business, market, financial, political, and legal conditions; risks relating to the uncertainty of the projected financial information with respect to the Company; risks related to the approval of the Company’s product candidate and the timing of expected regulatory and business milestones; ability to negotiate definitive contractual arrangements with potential customers; the impact of competitive product candidates; ability to obtain sufficient supply of materials; global economic and political conditions, including the Russia-Ukraine and Israel-Hamas conflicts; the effects of competition on the Company’s future business; and those factors described in the Company’s public filings with the SEC. Additional risks related to the Company’s business include, but are not limited to: uncertainty regarding outcomes of the Company’s ongoing clinical trials, particularly as they relate to regulatory review and potential approval for its product candidate; risks associated with the Company’s efforts to commercialize a product candidate; the Company’s ability to negotiate and enter into definitive agreements on favorable terms, if at all; the impact of competing product candidates on the Company’s business; intellectual property related claims; the Company’s ability to attract and retain qualified personnel; ability to continue to source the raw materials for its product candidate. If any of these risks materialize or the Company’s assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks that the Company does not presently know or that the Company currently believes are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. In addition, forward-looking statements reflect the Company’s expectations, plans, or forecasts of future events and views as of the date of this document and are qualified in their entirety by reference to the cautionary statements herein. The Company anticipates that subsequent events and developments may cause the Company’s assessments to change. These forward-looking statements should not be relied upon as representing the Company’s assessment as of any date subsequent to the date of this communication. Accordingly, undue reliance should not be placed upon the forward-looking statements. Neither the Company nor any of its affiliates undertakes any obligation to update these forward-looking statements, except as may be required by law.
Company Contact
Matthew Philippe
P: 1-917-882-7512
matthew.philippe@newamsterdampharma.com
Media Contact
Spectrum Science on behalf of NewAmsterdam
Jen Gordon
P: 1-202-957-7795
jgordon@spectrumscience.com
Investor Contact
Stern Investor Relations on behalf of NewAmsterdam
Hannah Deresiewicz
P: 1-212-362-1200
hannah.deresiewicz@sternir.com
| NewAmsterdam Pharma Company N.V. Consolidated Balance Sheets | |||||||
| As at December 31, | |||||||
| 2023 | 2022 | ||||||
| (In thousands of USD) | |||||||
| Assets | |||||||
| Current assets: | |||||||
| Cash | 340,450 | 467,728 | |||||
| Prepayments and other receivables | 6,341 | 10,251 | |||||
| Total current assets | 346,791 | 477,979 | |||||
| Property, plant and equipment, net | 46 | 34 | |||||
| Operating right of use asset | 55 | 120 | |||||
| Intangible assets | 170 | 208 | |||||
| Long term prepaid expenses | 35 | 156 | |||||
| Total assets | 347,097 | 478,497 | |||||
| Liabilities and Shareholders' Equity | |||||||
| Current liabilities: | |||||||
| Accounts payable | 16,923 | 11,853 | |||||
| Accrued expenses and other current liabilities | 11,398 | 6,117 | |||||
| Deferred revenue, current | 8,942 | 13,874 | |||||
| Lease liability, current | 60 | 66 | |||||
| Derivative warrant liabilities | 12,574 | 4,147 | |||||
| Total current liabilities | 49,897 | 36,057 | |||||
| Deferred revenue, net of current portion | 1,019 | 4,792 | |||||
| Lease liability, net of current portion | - | 60 | |||||
| Derivative earnout liability | 7,788 | 7,522 | |||||
| Total liabilities | 58,704 | 48,431 | |||||
| Commitments and contingencies (Note 13) | |||||||
| Shareholders' Equity (deficit): | |||||||
| Ordinary shares, | 10,173 | 10,055 | |||||
| Additional paid-in capital | 590,771 | 555,625 | |||||
| Accumulated loss | (316,973 | ) | (140,036 | ) | |||
| Accumulated other comprehensive income (loss) | 4,422 | 4,422 | |||||
| Total shareholders' equity | 288,393 | 430,066 | |||||
| Total liabilities and shareholders' equity (deficit) | 347,097 | 478,497 | |||||
| NewAmsterdam Pharma Company N.V. Consolidated Statements of Operations and Comprehensive Income (Loss) | |||||||||||
| For the year ended December 31, | |||||||||||
| 2023 | 2022 | 2021 | |||||||||
| (In thousands of USD, except per share amounts) | |||||||||||
| Revenue | 14,090 | 102,694 | — | ||||||||
| Operating expenses: | |||||||||||
| Research and development expenses | 159,424 | 86,744 | 28,974 | ||||||||
| Selling, general and administrative expenses | 37,633 | 19,507 | 6,003 | ||||||||
| Total operating expenses | 197,057 | 106,251 | 34,977 | ||||||||
| Operating loss | (182,967 | ) | (3,557 | ) | (34,977 | ) | |||||
| Other income (expense): | |||||||||||
| Interest income | 11,283 | — | — | ||||||||
| Interest expense | — | (287 | ) | (411 | ) | ||||||
| Loss on debt extinguishment | — | — | (883 | ) | |||||||
| Fair value change – earnout and warrants | (10,284 | ) | (1,041 | ) | — | ||||||
| Fair value change – profit rights | — | (12,390 | ) | (20,613 | ) | ||||||
| Fair value change – tranche rights | — | 4,388 | 13,393 | ||||||||
| Foreign exchange gains/(losses) | 5,058 | (9,747 | ) | 1,706 | |||||||
| Loss before tax | (176,910 | ) | (22,634 | ) | (41,785 | ) | |||||
| Income tax expense | 27 | — | — | ||||||||
| Loss for the year | (176,937 | ) | (22,634 | ) | (41,785 | ) | |||||
| Other comprehensive income (loss) | |||||||||||
| Foreign currency translation adjustments | — | 11,126 | 286 | ||||||||
| Income tax effects of other comprehensive income (loss) | — | — | — | ||||||||
| Total comprehensive income (loss) for the year, net of tax | (176,937 | ) | (11,508 | ) | (41,499 | ) | |||||
| Net loss per ordinary share | |||||||||||
| Basic and diluted | $ | (2.15 | ) | $ | (1.19 | ) | $ | (3.81 | ) | ||
| NewAmsterdam Pharma Company N.V. Consolidated Statements of Mezzanine Equity and Shareholders' Equity (Deficit) | ||||||||||||||||||||||||||||
| Mezzanine Equity | Shareholders' Equity | |||||||||||||||||||||||||||
| (In thousands of USD, except share amounts) | Shares | Amount | Shares | Amount | Additional Paid-In Capital | Accumulated Loss | Cumulative Translation Adjustments | Total Shareholders' Equity | ||||||||||||||||||||
| Opening balance at January 1, 2021 | - | - | 5,000,000 | 55 | 2,702 | (68,802 | ) | (6,990 | ) | (73,035 | ) | |||||||||||||||||
| Conversion of convertible debt | 1,111,115 | 12,953 | — | — | — | — | — | — | ||||||||||||||||||||
| Series A - Tranche I | 4,928,613 | 71,588 | — | — | — | — | — | — | ||||||||||||||||||||
| Issuance of non-voting shares (CEO Restricted Share Award) | — | — | 285,714 | 3 | (3 | ) | — | — | — | |||||||||||||||||||
| Share-based compensation | — | — | — | — | 718 | — | — | 718 | ||||||||||||||||||||
| Total profit or loss and comprehensive loss for the year | — | — | — | — | — | (41,785 | ) | 286 | (41,499 | ) | ||||||||||||||||||
| As at December 31, 2021 | 6,039,728 | 84,541 | 5,285,714 | 58 | 3,417 | (110,587 | ) | (6,704 | ) | (113,816 | ) | |||||||||||||||||
| Equity contribution (Series A - Tranche II) | 5,691,430 | 90,468 | — | — | — | — | — | — | ||||||||||||||||||||
| Repayment of loan (CEO Restricted Share Award) | — | — | — | — | 747 | — | — | 747 | ||||||||||||||||||||
| Elimination of old shares (NewAmsterdam Pharma shareholders) | (11,731,158 | ) | (175,009 | ) | (5,285,714 | ) | (58 | ) | (4,164 | ) | — | — | (4,222 | ) | ||||||||||||||
| Equity contribution (NewAmsterdam Pharma shareholders) | — | — | 36,258,312 | 4,470 | 174,761 | — | — | 179,231 | ||||||||||||||||||||
| Equity contribution (FLAC shareholders) | — | — | 13,185,138 | 1,625 | 66,252 | — | — | 67,877 | ||||||||||||||||||||
| Equity contribution (PIPE Financing) | — | — | 23,460,000 | 2,892 | 231,708 | — | — | 234,600 | ||||||||||||||||||||
| Equity contribution (Amgen & MTPC shareholders) | — | — | 8,656,330 | 1,068 | 84,371 | — | — | 85,439 | ||||||||||||||||||||
| Transaction costs on issue of shares | — | — | — | — | (5,794 | ) | — | — | (5,794 | ) | ||||||||||||||||||
| Earnout obligation upon Closing (NewAmsterdam Pharma shareholders) | — | — | — | — | — | (6,815 | ) | — | (6,815 | ) | ||||||||||||||||||
| Share-based compensation | — | — | — | — | 4,327 | — | — | 4,327 | ||||||||||||||||||||
| Total profit or loss and comprehensive loss for the year | — | — | — | — | — | (22,634 | ) | 11,126 | (11,508 | ) | ||||||||||||||||||
| As at December 31, 2022 | — | - | 81,559,780 | 10,055 | 555,625 | (140,036 | ) | 4,422 | 430,066 | |||||||||||||||||||
| Exercise of warrants | — | — | 749,741 | 97 | 10,116 | — | — | 10,213 | ||||||||||||||||||||
| Exercise of stock options | — | — | 160,247 | 21 | 269 | — | — | 290 | ||||||||||||||||||||
| Share-based compensation | — | — | — | — | 24,761 | — | — | 24,761 | ||||||||||||||||||||
| Total profit or loss and comprehensive loss for the year | — | — | — | — | — | (176,937 | ) | — | (176,937 | ) | ||||||||||||||||||
| As at December 31, 2023 | - | - | 82,469,768 | 10,173 | 590,771 | (316,973 | ) | 4,422 | 288,393 | |||||||||||||||||||
| NewAmsterdam Pharma Company N.V. Consolidated Statements of Cash Flows | |||||||||||
| For the year ended December 31, | |||||||||||
| 2023 | 2022 | 2021 | |||||||||
| (In thousands of USD) | |||||||||||
| Operating activities: | |||||||||||
| Loss for the year | (176,937 | ) | (22,634 | ) | (41,785 | ) | |||||
| Non-cash adjustments to reconcile loss before tax to net cash flows: | |||||||||||
| Depreciation and amortization | 49 | 9 | 5 | ||||||||
| Non-cash rent expense | 6 | 10 | 2 | ||||||||
| Amortization of discount on convertible note | — | — | 155 | ||||||||
| Loss on extinguishment of convertible note | — | — | 883 | ||||||||
| Fair value change - tranche rights | — | (4,388 | ) | (13,393 | ) | ||||||
| Fair value change - IPR&D | — | 12,390 | 20,613 | ||||||||
| Fair value change - derivative earnout and warrants | 10,284 | 1,041 | - | ||||||||
| Foreign exchange (gains)/losses | (5,058 | ) | 9,747 | (1,706 | ) | ||||||
| Share-based compensation | 24,572 | 4,117 | 1,244 | ||||||||
| Changes in working capital: | |||||||||||
| Changes in prepayments (current and non-current) and other receivables | 4,031 | (4,185 | ) | (5,232 | ) | ||||||
| Changes in accounts payable | 5,070 | 4,809 | 6,558 | ||||||||
| Changes in accrued expenses and other current liabilities | 5,470 | (8,679 | ) | 3,144 | |||||||
| Changes in deferred revenue | (8,705 | ) | 18,428 | - | |||||||
| Net cash (used in)/provided by operating activities | (141,218 | ) | 10,665 | (29,512 | ) | ||||||
| Investing activities: | |||||||||||
| Purchase of property, plant and equipment, including internal use software | (24 | ) | (221 | ) | (24 | ) | |||||
| Net cash used in investing activities | (24 | ) | (221 | ) | (24 | ) | |||||
| Financing activities: | |||||||||||
| Proceeds from issuing equity securities (Series A) | — | 90,469 | 84,704 | ||||||||
| Proceeds from issuing equity securities (FLAC shareholders) | — | 71,883 | — | ||||||||
| Proceeds from issuing equity securities (PIPE Financing) | — | 234,600 | — | ||||||||
| Transaction costs on issue of shares | — | (5,794 | ) | — | |||||||
| Proceeds from payment of shareholder loan | — | 747 | — | ||||||||
| Proceeds from exercise of warrants | 8,622 | — | — | ||||||||
| Proceeds from exercise of options | 290 | — | — | ||||||||
| Net cash provided by financing activities | 8,912 | 391,905 | 84,704 | ||||||||
| Net change in cash | (132,330 | ) | 402,349 | 55,168 | |||||||
| Foreign exchange differences | 5,052 | 5,248 | (4,683 | ) | |||||||
| Cash at the beginning of the year | 467,728 | 60,131 | 9,646 | ||||||||
| Cash at the end of the year | 340,450 | 467,728 | 60,131 | ||||||||
| Noncash financing and investing activities | |||||||||||
| Derivative earnout obligation recognized related to the Business Combination (as defined in Note 3) | — | 6,815 | — | ||||||||
| Liabilities assumed in the Business Combination (as defined in Note 3) | — | (4,006 | ) | — | |||||||
| Contribution of interest in NewAmsterdam Pharma Holding B.V. by Participating Shareholders (as defined in Note 3) | — | (179,231 | ) | — | |||||||
| Issuance of Ordinary Shares to Participating Shareholders (as defined in Note 3) | — | 179,231 | — | ||||||||
| Issuance of Ordinary Shares pursuant to the Profit Right Agreement (as defined in Note 2) | — | 85,439 | — | ||||||||
| Conversion of convertible debt to mezzanine equity | — | — | 12,953 | ||||||||
| Recognition of ROU asset | — | — | 196 | ||||||||
| Supplemental cash flow disclosures | |||||||||||
| Cash paid for interest | — | 277 | — | ||||||||
| Cash paid for income taxes | 27 | — | — | ||||||||
FAQ
What are the upcoming milestones for NewAmsterdam Pharma Company N.V. (NAMS)?
What positive clinical trial data did NewAmsterdam report in 2023?
How much did NewAmsterdam raise in their public offering?
Why did NewAmsterdam's cash position decrease in 2023?
What led to the increase in R&D expenses for NewAmsterdam in 2023?
