NewAmsterdam Pharma Co. N.V. (NAMS)

Key figures

The last twelve months reported, with the latest price and balance sheet.

Revenue, last twelve months

$7.1M

Revenue growth

-88.9%

Net income, last twelve months

-$259.5M

Earnings per share

-$2.15

Operating margin

-3432.2%

Net margin

-3644.2%

Free cash flow

-$143.7M

Return on equity

-41.1%

Market value

$2.5B

Cash

$424.2M

Debt

$0

Debt to equity

0.00

Shares outstanding

117.7M

Financial statements

Revenue, profit and cash flow by fiscal year, each year linked to its annual report.

By quarter

What the company said with its results

From the second quarter of 2026 (quarter ended June 30, 2026) results, filed 5 August 2026.

• Positive CHMP opinion in Europe. The CHMP adopted a positive opinion in July 2026 for obicetrapib alone and as a 10 mg plus 10 mg ezetimibe combination, for primary hypercholesterolemia or mixed dyslipidemia.
• REMBRANDT enrollment completed. REMBRANDT, a coronary CT angiography trial of obicetrapib plus ezetimibe on plaque burden, completed enrollment of 323 patients in March 2026.
• PREVAIL enrollment base. PREVAIL, a cardiovascular outcomes trial in patients with ASCVD, completed enrollment in April 2024 and randomized over 9,500 patients.
• Revenue fell to $3.7 million. Revenue was $3.7 million for the quarter, against $19.1 million a year earlier. The current-quarter revenue came from the Menarini supply agreement.
• Net loss widened to $64.1 million. Net loss was $64.1 million, against $17.4 million a year earlier. The operating loss for the quarter was $64.9 million.
• Warrant and currency items moved loss. Other items included a warrant fair-value loss of $4.6 million and a foreign exchange loss of $0.5 million, against a warrant gain and a currency gain a year earlier.
• R&D expense rose to $41.7 million. R&D expense was $41.7 million, up from $27.5 million a year earlier.
• Trial activity drove R&D increase. Management attributed the R&D rise mainly to clinical expenses from starting trials and advancing ongoing trials, plus higher personnel expenses.
• SG&A close to prior year. SG&A was $26.9 million, against $27.3 million a year earlier. Lower marketing, communication and intellectual property costs were partly offset by higher personnel expenses.
• Share-based pay within SG&A. Share-based payment expense included in SG&A was $12.5 million for the quarter.
• Share-based pay within R&D. Share-based payment expense included in R&D was $5.9 million for the quarter, against $5.1 million a year earlier.
• p-tau217 reduction versus placebo. A pre-specified BROADWAY analysis showed statistically significant lower 12-month change in p-tau217 versus placebo, in the full set and in ApoE4 carriers. The analysis was not controlled for baseline differences.
• Mediation analysis of MACE benefit. A pooled BROADWAY and BROOKLYN mediation analysis reported a 23% MACE reduction, with LDL-C and lipoprotein(a) jointly mediating 84.5% of the observed benefit.
• Real-world statin treatment gaps. Two real-world analyses using the Komodo dataset showed gaps in LDL-C goal attainment, adherence and tolerability among high-risk patients on high-intensity statins.

Company events

The newest 8-K filings of 49 held.

Every filing

The newest filings with the SEC of 181 held.

Insider trades

Form 4 trades by officers, directors and 10% owners, last 12 months.

Planned insider sales

Form 144 notices, filed when the sell order goes to the broker.

Large holders

Schedule 13D and 13G filings by holders of more than 5% of the voting shares.

Short interest

Shares sold short and not yet bought back, on each FINRA settlement date.

Funds that hold it

From each fund's latest Form 13F.

214 funds held it at 30 Jun 2026: 111 added and 50 trimmed in the quarter. The largest:

Peers

Companies in the same industry.

• Eli Lilly & Co. (LLY): revenue $79.7B, market value $1.21T
• Johnson & Johnson (JNJ): revenue $99.3B, market value $652.9B
• AbbVie Inc. (ABBV): revenue $64.4B, market value $506.1B
• Merck & Co., Inc. (MRK): revenue $66.6B, market value $348.1B
• Novartis AG (NVS): revenue $54.5B, market value $297.8B
• AstraZeneca PLC (AZN): revenue $58.7B, market value $263.1B
• Abbott Laboratories (ABT): revenue $46.6B, market value $177.7B
• Novo Nordisk A/S (NVO): revenue $46.8B, market value $171.0B
• Pfizer Inc. (PFE): revenue $63.7B, market value $168.0B
• Vertex Pharmaceuticals Inc. (VRTX): revenue $12.6B, market value $134.2B

What the company does

NewAmsterdam Pharma Co N.V. is a late-stage biopharmaceutical company focused on cardiometabolic diseases where currently approved therapies have not been adequate or well tolerated. Its work centres on obicetrapib, an oral, low-dose, once-daily cholesteryl ester transfer protein ("CETP") inhibitor. To date it has completed seven Phase 1 trials, five Phase 2 trials and three Phase 3 trials of obicetrapib, and it is running a Phase 3 cardiovascular outcomes trial.

What it is developing

Obicetrapib is aimed at patients with atherosclerotic cardiovascular disease ("ASCVD") and/or heterozygous familial hypercholesterolemia ("HeFH") whose LDL-C stays elevated despite lipid lowering therapy. The company says it has observed obicetrapib to be well tolerated in an aggregate of over 3,500 patients with dyslipidemia. The 10 mg dose was chosen for Phase 3 after the Phase 2b ROSE trial. The company also says it believes CETP inhibition may play a role in other conditions, including Alzheimer's disease and diabetes.

Where the clinical programme stands

Three Phase 3 trials are complete. BROADWAY randomized over 2,500 patients and BROOKLYN over 350, both testing obicetrapib 10 mg on top of maximally tolerated lipid-modifying therapy. TANDEM enrolled approximately 400 patients in the United States and tested the obicetrapib and ezetimibe combination. In these trials the company reports mean LDL-C reductions against placebo of 33% in BROADWAY, 36% in BROOKLYN and 52% in TANDEM.

- PREVAIL, a cardiovascular outcomes trial that enrolled over 9,500 participants at sites in the United States, Canada, Europe, Asia and Australia. It continues until the last participant has been followed for at least 2.5 years and the target number of cardiovascular events has occurred. - REMBRANDT, a Phase 3 imaging trial of the combination on coronary plaque, with approximately 300 patients. - RUBENS, a 12-week Phase 3 study of about 300 patients with Type 2 diabetes and/or Metabolic Syndrome. - VINCENT, a Phase 2 study of obicetrapib with and without evolocumab on Lp(a).

The company says it expects to start a new trial in early Alzheimer's disease in 2026, based on a plasma biomarker analysis from BROADWAY.

The need it targets

The company estimates that in the United States approximately 30 million patients are not at their risk-based LDL-C goals despite lipid lowering therapy, including approximately 13 million with ASCVD. It also estimates that approximately 10 million patients diagnosed with hypercholesterolemia receive no therapy. Ezetimibe is generic and oral. Nexletol/Nexlizet from Esperion Therapeutics is oral and carries label warnings including tendon rupture and gout. The PCSK9 inhibitors Repatha (Amgen), Praluent (Regeneron Pharmaceuticals) and Leqvio (Novartis International AG) are injected. The filing cites an estimate that over 75% of ASCVD and HeFH outpatients prefer oral drugs to injectables.

How the Menarini partnership works

Menarini holds exclusive rights to commercialise obicetrapib 10 mg, alone or with ezetimibe, in the majority of European countries. The company kept all rights in other territories and other dosages. The company is responsible for the development work needed for approval, while Menarini submits and owns the regulatory approvals in its territory. In August 2025 the EMA accepted for review the marketing authorization applications Menarini submitted for the monotherapy and the combination. Applications to regulators in the United Kingdom and Switzerland were also accepted.

If the product is approved and sold, the company is entitled to tiered royalties on net sales in the Menarini territory, ranging from the low double digits to the mid-twenties as a percentage. Menarini also bears 50% of development costs for the pediatric population in its territory. Under a separate supply agreement the company is initially Menarini's exclusive supplier of finished product in bulk tablet form, at a specified mark-up to its cost of goods sold.

Manufacturing and selling

The company relies on contract manufacturers. Obicetrapib and the combination tablets are made under current good manufacturing practices at facilities in the United States, Canada, Austria and India. The company is expanding its supply network ahead of a possible commercial launch. It says it is building its own commercial infrastructure in the United States and expects to use third parties for these services elsewhere. It also says it will consider additional partners for jurisdictions outside the United States and Europe, including Japan and China.

Patents and regulation

All patents are held by the subsidiary NewAmsterdam Pharma B.V. At 31 December 2025 the company owned: - 10 issued United States patents and 25 pending applications - 114 granted European patents and 10 pending applications - 1 granted Chinese patent and 14 pending applications - 5 granted Japanese patents and 6 pending applications - 54 granted patents and about 139 pending applications in other jurisdictions

The earliest listed expiry is for the first generation United States compound patent, in August 2027, before any patent term extension. Later families cover dosage forms, the solid salt form, combinations with ezetimibe, statins and other drugs, and neurodegenerative uses, with expiry dates running to 2046.

Approval requires a New Drug Application to the FDA in the United States and marketing authorization in the European Union. The company's goal is to file for the combination shortly after the monotherapy. Its trial plans incorporate feedback from the FDA, the EMA, Japan's PMDA and China's NMPA.

Who leads it

Dr. Michael Davidson is Chief Executive Officer and a director. Dr. John Kastelein is the founder, Chief Scientific Officer and a director. The filing also names Douglas Kling as Chief Operating Officer, Ian Somaiya as Chief Financial Officer and BJ Jones as Chief Commercial Officer.

*From NewAmsterdam Pharma's annual report on Form 10-K for the year ended 31 December 2025. [The filing](https://www.sec.gov/Archives/edgar/data/1936258/000119312526056029/nams-20251231.htm)*

From the company's 10-K.