NewAmsterdam Pharma pany N.V.(NAMS) - 2025 Q1 - Quarterly Report

Financial Position - As of March 31, 2025, the company had cash and cash equivalents of $748.4 million, a decrease from $771.7 million as of December 31, 2024, primarily due to ongoing operating expenditures [79]. - As of March 31, 2025, the company had cash, cash equivalents, and marketable securities totaling $808.5 million [105]. - The company had cash and cash equivalents of $748.4 million as of March 31, 2025, which is sufficient to fund its obligations [117]. - The company incurred net cash used in operating activities of $36.468 million for the three months ended March 31, 2025, a decrease of $18.134 million from $54.602 million in 2024 [114]. - The net cash provided by financing activities was $6.519 million for the three months ended March 31, 2025, a decrease of $191.661 million compared to $198.180 million in the prior year [116]. Revenue and Collaborations - The company has not generated any revenue from pharmaceutical product sales, with revenue solely derived from a license agreement with Menarini, which included a non-refundable upfront payment of $120.9 million [81]. - Revenue for the three months ended March 31, 2025, was $2.978 million, an increase of $1.577 million or 113% compared to $1.401 million in the same period of 2024 [96]. - The company does not expect to generate any revenue from product sales for the foreseeable future, with potential future collaborations subject to uncertainties [85]. - The company received a total of €30 million in milestone payments and €13.8 million in R&D cost reimbursements from Menarini as of March 31, 2025 [111]. - The first of two annual installments of €27.5 million from Menarini has been received, contributing to the R&D performance obligation [82]. Research and Development - In the Phase 3 BROADWAY trial, the company observed a 21% reduction in the exploratory major adverse cardiovascular events (MACE) endpoint [72]. - Obicetrapib has shown significant reductions in LDL-C and other biomarkers associated with MACE, with safety comparable to placebo in over 3,500 patients [71]. - The company plans to commercialize obicetrapib for patients with ASCVD and/or heterozygous familial hypercholesterolemia (HeFH) if marketing approval is obtained [77]. - Research and development expenses increased to $44.751 million for the three months ended March 31, 2025, up $2.321 million or 5% from $42.430 million in 2024 [97]. Expenses - Selling, general and administrative expenses are expected to increase due to the growth of the organization and preparation for commercial operations [91]. - Selling, general and administrative expenses rose to $27.152 million, an increase of $12.699 million or 88% compared to $14.453 million in the prior year [98]. Financial Performance - The loss for the period was $39.527 million, a significant improvement of $54.240 million compared to a loss of $93.767 million in the same period of 2024 [103]. - Interest income increased to $7.351 million for the three months ended March 31, 2025, up $4.268 million or 138% from $3.083 million in 2024 [100]. - The fair value change for warrants resulted in a gain of $13.762 million for the three months ended March 31, 2025, compared to a loss of $30.248 million in the same period of 2024 [101]. Risk and Obligations - As of March 31, 2025, the estimated maximum payments due upon cancellation of third-party service agreements are $18.8 million within one year and $1.3 million due in more than a year [117]. - Under the Naarden Lease, the company is obligated to pay €40 thousand per year in rent, while the Miami Lease requires annual rent ranging from $75 thousand to $82 thousand, expiring on October 31, 2027 [118][119]. - The company is responsible for 50% of certain development costs incurred by the other party in the Menarini Territory under the Menarini License agreement [120]. - The company has limited credit risk exposure from treasury activities, holding cash in banks with investment grade credit ratings [131]. Currency Exposure - As of March 31, 2025, the company's net exposure to foreign currency risk was $106.0 million, mainly related to the Euro [128]. - A hypothetical 1% change in exchange rates would result in a potential change in future earnings of approximately $1.1 million [128]. - The fair value of derivative warrant liabilities as of March 31, 2025, totaled $23.5 million, with a 1% change in market price affecting the liability by $0.2 million [130]. Taxation - The company does not yet have any sales but is able to reclaim value added tax from tax authorities, which is believed to be fully recoverable [132].