NewAmsterdam Pharma Company (NAMS) Q4 2023 earnings summary

Executive summary

• Advanced a late-stage pipeline centered on oral, once-daily obicetrapib, with three pivotal Phase 3 trials underway and TANDEM planned for 1Q 2024.

• 2023 brought positive Phase 2 data, expanded clinical and commercial-readiness activity, and a $201.6M public offering completed in February 2024.

Financial highlights

• FY 2023 revenue was $14.1M vs. $102.7M in FY 2022, primarily reflecting the prior-year Menarini upfront payment recognized upon execution of the license agreement.

• FY 2023 R&D expense was $159.4M vs. $86.7M; SG&A was $37.6M vs. $19.5M, driven by Phase 3 activity, headcount growth, share-based compensation, and public-company costs.

• FY 2023 net loss was $176.9M vs. $11.5M in FY 2022; year-end cash was $340.5M vs. $467.7M a year earlier, with the cash decrease primarily due to operating expenditures.

Outlook and guidance

• BROOKLYN topline data expected in 3Q 2024; BROADWAY topline data expected in 4Q 2024.

• TANDEM initiation and PREVAIL enrollment completion expected in 1Q 2024; TANDEM topline data expected in 1Q 2025 and PREVAIL topline data in 2026.

• Pro forma cash was $500M following the upsized offering, supporting ongoing clinical development and commercial readiness.