NewAmsterdam Pharma pany N.V.(NAMS) - 2024 Q4 - Annual Results

Financial Performance - Revenue for the year ended December 31, 2024, was $45.6 million, up from $14.1 million in 2023, primarily due to clinical success milestones[9][15] - Revenue for the year ended December 31, 2024, was $45,563,000, a significant increase from $14,090,000 in 2023, representing a growth of 223%[20] - Net loss for the year ended December 31, 2024, was $241.6 million, compared to a net loss of $176.9 million in 2023[9][15] - The company reported a loss for the year of $241,598,000 in 2024, compared to a loss of $176,937,000 in 2023, indicating an increase in losses of approximately 36.5% year-over-year[25] - The operating loss for 2024 was $176,289,000, slightly improved from a loss of $182,967,000 in 2023[20] Cash and Assets - NewAmsterdam reported $834.2 million in cash, cash equivalents, and marketable securities as of December 31, 2024, an increase from $340.5 million at the end of 2023[2][9] - Cash and cash equivalents increased to $771,743,000 in 2024 from $340,450,000 in 2023, marking a growth of 126.6%[19] - Total assets rose to $864,620,000 in 2024, compared to $347,097,000 in 2023, indicating an increase of 149.5%[19] - Shareholders' equity increased to $757,500,000 in 2024 from $288,393,000 in 2023, a growth of 163.5%[19] Expenses - Research and Development expenses decreased to $151.4 million in 2024 from $159.4 million in 2023, attributed to reduced manufacturing and clinical costs[9][10] - Selling, General and Administrative expenses rose to $70.4 million in 2024, compared to $37.6 million in 2023, driven by increased personnel and marketing costs[9][15] - Total operating expenses for 2024 were $221,852,000, up from $197,057,000 in 2023, reflecting an increase of 12.6%[20] - The company incurred share-based compensation expenses of $33,619,000 in 2024, compared to $24,572,000 in 2023, marking a 36.8% increase[25] Clinical Trials and Regulatory Plans - The BROADWAY trial achieved a statistically significant LS mean LDL-C reduction of 33% (p<0.0001) at day 84 compared to placebo[6][7] - The TANDEM trial met all co-primary endpoints, achieving an LS mean LDL-C reduction of 49% (p<0.0001) at day 84 compared to placebo[6][7] - The BROOKLYN trial reported an LS mean LDL-C reduction of 36% (p<0.0001) at day 84 compared to placebo[6][7] - NewAmsterdam plans to submit for EMA approval in the second half of 2025 and is preparing for the potential launch of obicetrapib in the U.S. and Europe[3][4] - The company completed enrollment of over 9,500 patients in the PREVAIL Phase 3 trial in April 2024, which evaluates obicetrapib's impact on major adverse cardiac events[9][11] Cash Flow and Financing Activities - Net cash used in operating activities was $158,564,000 in 2024, an increase from $141,218,000 in 2023, reflecting a decline in operational cash flow[25] - The company generated net cash provided by financing activities of $659,507,000 in 2024, a significant increase from $8,912,000 in 2023, primarily due to new equity offerings[25] - The company reported a net cash used in investing activities of $62,848,000 in 2024, compared to $24,000 in 2023, indicating increased investment expenditures[25] Other Financial Changes - The fair value change of derivative earnout and warrants was $75,593,000 in 2024, a substantial increase from $10,284,000 in 2023[25] - Changes in working capital included a decrease in accounts payable by $12,948,000 in 2024, contrasting with an increase of $5,070,000 in 2023[25] - The company had cash paid for income taxes of $1,000 in 2024, a slight decrease from $27,000 in 2023[25] - The company recognized a noncash financing obligation related to the Business Combination of $6,815,000 in prior years, which was not present in the current year[25]