NewAmsterdam Pharma Company (NAMS) Q4 2025 earnings summary

Executive summary

• Achieved significant clinical and regulatory milestones, including EMA, UK, and Switzerland review acceptance for obicetrapib and its fixed-dose combination, with approval decisions expected in 2H26.

• Advanced three ongoing Phase 3 trials (PREVAIL, REMBRANDT, RUBENS) and initiated a new Alzheimer's disease trial based on positive biomarker data.

• Preparing for potential commercial launch in Europe and expanding U.S. commercial capabilities.

Financial highlights

• Ended 2025 with $728.9 million in cash, cash equivalents, and marketable securities, down from $834.2 million at year-end 2024.

• Recognized $22.5 million in revenue for 2025, compared to $45.6 million in 2024, mainly due to lower milestone payments.

• R&D expenses were $141.8 million (down from $151.4 million in 2024); SG&A expenses rose to $106.4 million (from $70.4 million in 2024).

• Net loss for 2025 was $203.8 million, an improvement from $241.6 million in 2024.

Outlook and guidance

• Cash runway expected to fund operations through the PREVAIL readout and, if approved, support the U.S. commercial launch.

• Topline data from RUBENS Phase 3 trial expected by year-end 2026; additional data from BROADWAY, TANDEM, and BROOKLYN trials to be announced in 2026.

• New Alzheimer's disease trial to be initiated in 2026.