NewAmsterdam Pharma Company (NAMS) Q3 2026 earnings summary

Executive summary

• Q3 2026 revenue was $19.164M, driven largely by $18.3M in Menarini regulatory milestone revenue; net loss narrowed to $17.4M from $72.0M, including a $23.1M warrant fair-value gain.

• The European Commission authorized Ubeslo and Evlarco in September, the first worldwide obicetrapib approvals; Menarini expected a Germany launch by year-end 2026.

• SPINOZA began dosing, while PREVAIL interim review and RUBENS topline results are anticipated next; cash, cash equivalents and marketable securities totaled $643.1M at September 30.

Financial highlights

• Q3 revenue was $19.164M vs. $0.348M YoY; 9M revenue was $25.905M vs. $22.471M, including $18.3M in milestone revenue and $7.6M in supply revenue.

• Q3 R&D rose 27% to $39.4M, mainly from clinical-trial and personnel costs; SG&A fell 2% to $24.0M. 9M R&D rose 15% to $119.0M; SG&A declined 6% to $74.3M.

• Q3 operating loss was $44.2M vs. $55.1M; net loss was $17.4M vs. $72.0M. The net-loss change reflected a $46.9M YoY swing in warrant fair-value change.

• 9M operating loss was $167.5M vs. $159.7M; net loss was $130.0M vs. $128.9M.

Outlook and guidance

• PREVAIL reached the minimum 2.5-year follow-up by end-2026; Q4 interim analysis will be reviewed by the blinded DSMB, with its recommendation expected in Q1 2027.

• If PREVAIL continues after interim review, completion is expected by end-2027; early stopping for efficacy or futility would trigger study wind-down and final data procedures.

• RUBENS completed enrollment of 347 participants in August 2026; Phase 3 topline results are expected around year-end 2026.

• Menarini expected to launch Ubeslo and Evlarco in Germany by year-end 2026 and in the UK in 2027; UK and Swiss regulatory decisions were anticipated later in 2026.

• R&D spending is expected to remain significant as trials advance; SG&A is expected to increase with organizational growth and commercial preparation.