0001193125-23-204488 | POS AM | XBRL Viewer

Supplemental Cash Flow Information

12 Months Ended

Dec. 31, 2022

Supplemental Cash Flow Information Disclosure [Abstract]

Note 25 — Supplemental Cash Flow Information

The following table shows supplemental cash flow information for the year ended December 31:


	2022		2021		2020
Non-cash financing and investing activities
IPR&D asset recognized resulting from equity issued to Amgen & MTPC shareholders		83,160		—		—
Derivative earnout obligation assumed on closing		6,633		—		—
Conversion of convertible debt to equity		—		11,667		—
Equity issued to FLAC shareholders in excess of proceeds received		56,913		—		—

Financial Assets and Liabilities Fair Value - Schedule of changes to the Probability of Milestone Completion (Parenthetical) (Details)	12 Months Ended
	Dec. 31, 2022
Disclosure Of Financial Instruments [Abstract]
Percentage of increase in probability of milestone achievement	20.00%
Percentage of decrease in probability of milestone achievement	20.00%

Personnel Expense

12 Months Ended

Dec. 31, 2022

Disclosure Of Information About Defined Benefit Plans [Abstract]

Personnel Expense

Note 8 — Personnel Expense

The Group recognized the following personnel expenses within research and development expense and selling, general and administrative expenses for the years ended December 31:


	2022			2021			2020
Wages, salaries and contracted personnel costs		(7,015	)		(3,668	)		(1,259	)
Other employee benefits		(832	)		(264	)		—
Share based compensation expense		(3,922	)		(1,049	)		—

Total personnel expenses		(11,769	)		(4,981	)		(1,259	)

Other employee benefit expenses include employee retirement fund contributions. The Company’s wholly owned U.S. subsidiary, NewAmsterdam Pharma Corporation, sponsors a defined contribution retirement plan for employees in the United States. During 2022, 2021 and 2020, total Group contributions to the defined contribution plan amounted to €66 thousand, €35 thousand and nil respectively, included as other employee benefit expenses.

For the years ended December 31, 2022, 2021 and 2020, other employee benefits also include employee health insurance and workers compensation insurance costs amounting to €170 thousand, €75 thousand and nil, employment taxes amounting to €191 thousand, €88 thousand and nil and other miscellaneous expenses amounting to nil, €66 thousand and nil, respectively.

Related Parties - Summary of Total Compensation Paid to KMPs (Details) - USD ($)	6 Months Ended		12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disclosure Of Transactions Between Related Parties [Abstract]
Short-term employee benefits	$ 2,198	$ 1,257	$ 2,741	$ 1,505	$ 1,303
Share-based payments	10,164	290	3,203	753
Total compensation paid to key management personnel	$ 12,362	$ 1,547	$ 5,944	$ 2,258	$ 1,303

Loans Receivable - Summary of Movements in Loans Receivable (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Borrowings [Abstract]
Loans receivable	€ 718
Loan provided		€ 709
Accrued finance expense	10	€ 9
Repayment of loan	€ (728)

Share-Based Payments - Summary Of Number Of Options Outstanding and Weighted Average Exercise Price (Details)		6 Months Ended		12 Months Ended
	Nov. 22, 2022 $ / shares	Jun. 30, 2023 shares € / shares	Jun. 30, 2023 shares $ / shares	Dec. 31, 2022 shares € / shares	Dec. 31, 2022 shares $ / shares	Dec. 31, 2021 shares € / shares
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Weighted average exercise price, Outstanding \| € / shares		€ 6.52		€ 1.16
Weighted average exercise price, Granted \| (per share)	$ 10		$ 11.01		$ 10	€ 1.16
Weighted average exercise price, Exercised \| € / shares		6.89
Weighted average exercise price, Forfeited \| € / shares		9.96
Weighted average exercise price, Outstanding \| € / shares		€ 7.33		€ 6.52		€ 1.16
Number of options, Outstanding		11,146,861	11,146,861	4,185,360	4,185,360
Number of options, Granted during the year		4,558,729	4,558,729	6,961,501	6,961,501	4,185,360
Number of options, Exercised		(14,910)	(14,910)
Number of options, Forfeited		(1,724,516)	(1,724,516)
Number of options, Outstanding		13,966,164	13,966,164	11,146,861	11,146,861	4,185,360
July 6, 2031
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Weighted average exercise price, Outstanding \| € / shares				€ 1.16
Weighted average exercise price, Granted \| € / shares		€ 1.16		€ 1.16
Weighted average exercise price, Outstanding \| € / shares						€ 1.16
Number of options, Outstanding				4,185,360	4,185,360	4,185,360
Number of options, Granted during the year		4,174,706	4,174,706
Number of options, Outstanding						4,185,360
November 22, 2032
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Weighted average exercise price, Granted \| $ / shares			$ 10		$ 10
Number of options, Granted during the year		6,140,444	6,140,444	6,961,501	6,961,501
January 1—June 5, 2033
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Number of options, Granted during the year		3,651,014	3,651,014
January 1—June 5, 2033 \| Minimum
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Weighted average exercise price, Granted \| $ / shares			$ 10.9
January 1—June 5, 2033 \| Maximum
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Weighted average exercise price, Granted \| $ / shares			$ 13.85

Income Taxes - Additional Information (Details)	12 Months Ended
Income Taxes - Additional Information (Details)	Dec. 31, 2022 EUR (€)	Dec. 31, 2021 EUR (€)	Dec. 31, 2020 EUR (€)	Dec. 31, 2022 USD ($)
Income Tax [Line Items]
Effective income tax rate reconciliation at statutory income tax rate for the first	15.00%	15.00%	16.50%
Effective income tax rate reconciliation at statutory income tax rate thereafter	25.80%	25.00%	25.00%
Tax losses carried forward limit percentage of taxable income	50.00%
Tax losses carried forward excess amount over taxable income in respective year	€ 1,000,000
Assessed tax losses carried forward	78,100,000	€ 28,600,000	€ 6,100,000
Deferred tax asset \| $				$ 0
Maximum
Income Tax [Line Items]
Effective income tax rate reconciliation at statutory income tax rate, amount	€ 395,000	€ 245	€ 200,000

Group Information	6 Months Ended	12 Months Ended
Group Information	Jun. 30, 2023	Dec. 31, 2022
Disclosure Of Group Information [Abstract]
Group Information	Note 1 — Group Information NewAmsterdam Pharma Company N.V. (the “ Company ” and together with its subsidiaries, the “ Group ”) is a global biotechnology company focused on the research and development of transformative therapies for cardio-metabolic diseases. The Company was incorporated in the Netherlands as a Dutch private company with limited liability ( besloten vennootschap met beperkte aansprakelijkheid ) under the name NewAmsterdam Pharma Company B.V. on June 10, 2022. On November 21, 2022, in connection with its merger with Frazier Life Sciences Acquisition Corp (“FLAC”), the Company’s corporate form was converted to a Dutch public limited liability company ( naamloze vennootschap ) and its name was changed to NewAmsterdam Pharma Company N.V. The Group’s principal place of business and registered office is Gooimeer 2-35, 1411 DC Naarden, The Netherlands. These unaudited condensed consolidated financial statements comprise the financial statements of the Group. Terms in these accompanying notes take on the same meaning as defined elsewhere in the Registration Statement of which this prospectus forms a part.	Note 1 — Group Information NewAmsterdam Pharma Company N.V. (the “ Company ” and together with its subsidiaries, the “ Group ”) is a global biotech company focused on the research and development of transformative therapies for cardio-metabolic diseases. The Company was incorporated in the Netherlands as a Dutch private company with limited liability ( besloten vennootschap met beperkte aansprakelijkheid ) under the name NewAmsterdam Pharma Company B.V. on June 10, 2022. On November 21, 2022, the Company’s corporate form was converted to a Dutch public limited liability company ( naamloze vennootschap ) and its name was changed to NewAmsterdam Pharma Company N.V. The Group’s principal place of business and registered office is Gooimeer 2-35, 1411 DC Naarden, The Netherlands. These consolidated financial statements comprise the financial statements of the Group. In November 2022, the Group conducted an internal reorganization for the purpose of participating in the merger of the acquired company, Frazier Lifesciences Acquisition Corporation ( “FLAC” ) as described in Note 4. As a result of the internal restructuring and merger, NewAmsterdam Pharma, FLAC and NewAmsterdam Pharma Investment Corporation, a new Cayman-based exempted company, became wholly-owned subsidiaries of the Company. The consolidated financial statements were authorized by the Company’s Board of Directors (the “ Board ”) for issuance on March 31, 2023.

FLAC Merger and Capital Reorganization - Additional Information (Details) € / shares in Units, € in Thousands			6 Months Ended		12 Months Ended
	Nov. 22, 2022 EUR (€) € / shares shares	Jan. 07, 2021 EUR (€)	Jun. 30, 2023 EUR (€) € / shares shares	Jun. 30, 2022 € / shares shares	Dec. 31, 2022 EUR (€) € / shares shares	Dec. 31, 2021 € / shares	Dec. 31, 2020 € / shares	Nov. 22, 2022 $ / shares shares	Jan. 01, 2022 shares	Jul. 31, 2021 shares	Apr. 09, 2020 shares	Dec. 31, 2019 € / shares
Disclosure Of Business Combinations [Line Items]
Date of entity incorporation					Jun. 30, 2022
Par value per share \| € / shares	€ 0.01			€ 0.12	€ 0.12	€ 0.01	€ 0.01					€ 0.01
Share listing expense \| €					€ 60,600
Proceeds from issuing equity securities \| €		€ 160,000
Exchange ratio				2.13		2.13	2.13
Number of ordinary share convert from each warrant \| shares	1				1			1
Public Warrants
Disclosure Of Business Combinations [Line Items]
Par value per share \| € / shares					€ 0.12
Number of warrants outstanding \| shares	4,600,000		3,850,321		4,600,000			4,600,000
Private Placement Warrants
Disclosure Of Business Combinations [Line Items]
Par value per share \| € / shares					€ 0.12
Number of warrants outstanding \| shares	167,000		167,000		167,000			167,000
Business Combination Agreement
Disclosure Of Business Combinations [Line Items]
Number of shares exchanged \| shares				1,964,286					1,964,286
Number of shares issued upon exchange \| shares				4,185,360
Class A Ordinary Shares
Disclosure Of Business Combinations [Line Items]
Par value per share \| $ / shares								$ 0.0001
Ordinary Shares
Disclosure Of Business Combinations [Line Items]
Par value per share \| € / shares	€ 0.12		€ 0.12		€ 2.48
Number of shares issued \| shares										285,714
Proceeds from issuing equity securities \| €			€ 8,000
Ordinary Shares \| Business Combination Agreement
Disclosure Of Business Combinations [Line Items]
Number of shares exchanged \| shares	17,016,872							17,016,872
Par value per share before exchange \| € / shares	€ 0.01
Increase (decrease) in share capital \| €	€ 4,200
Increase (decrease) in share premium \| €	€ 4,200
Number of shares issued upon exchange \| shares	36,258,312							36,258,312
Par value per share \| € / shares	€ 0.12
Exchange ratio	2.13			2.13	2.13
Long Term Incentive Plan \| Earnout Shares
Disclosure Of Business Combinations [Line Items]
Potential number of shares to be issued \| shares	1,886,137							1,886,137
Amgen and MTPC \| Ordinary Shares
Disclosure Of Business Combinations [Line Items]
Number of shares issued \| shares	8,656,330							8,656,330			8,656,330
Participating Optionholders \| Earnout Shares
Disclosure Of Business Combinations [Line Items]
Potential number of shares to be issued \| shares	160,778							160,778
Participating Shareholders \| Earnout Shares
Disclosure Of Business Combinations [Line Items]
Potential number of shares to be issued \| shares	1,725,358							1,725,358
PIPE Investors \| Ordinary Shares
Disclosure Of Business Combinations [Line Items]
Increase (decrease) in share capital \| €	€ 2,800
Increase (decrease) in share premium \| €	225,500
Proceeds from issuing equity securities \| €	228,300
FLAC Shareholders and PIPE Investors
Disclosure Of Business Combinations [Line Items]
Incremental transaction costs related to share issue \| €	2,500
FLAC
Disclosure Of Business Combinations [Line Items]
Date of entity incorporation					Oct. 07, 2020
Initial public offering completion date					Dec. 11, 2020
Closing date of business combination					Nov. 22, 2022
Increase (decrease) in share capital \| €	4,200
Increase (decrease) in share premium \| €	4,200
Share listing expense \| €	€ 60,600
Fair value of shares price \| $ / shares								$ 9.87

Segment Reporting - Schedule of Breakdown of Group's Non-current Assets by Geographical Location (Details) - EUR (€) € in Thousands	Jun. 30, 2023	Dec. 31, 2022	Dec. 31, 2021
Disclosure of operating segments [line items]
Total non-current assets	€ 81,834	€ 83,450	€ 190
Netherlands
Disclosure of operating segments [line items]
Total non-current assets	81,640	83,172	12
USA
Disclosure of operating segments [line items]
Total non-current assets	€ 194	€ 278	€ 178

Property, Plant and Equipment (Tables)

12 Months Ended

Dec. 31, 2022

Disclosure Of Property Plant And Equipment [Abstract]

Schedule of Movements in Property, Plant and Equipment, Net

Movements in property, plant and equipment, net were as follows:


	Right of Use Asset			Computer Equipment		Total
(i) Cost
At 31 December 2020		—			13		13
Additions		172			20		192

At 31 December 2021		172			33		205

(ii) Accumulated depreciation
At 31 December 2020		—			1		1
Depreciation		10			4		14

At 31 December 2021		10			5		15

(iii) Net book value
At 31 December 2020		—			12		12

At 31 December 2021		162			28		190


	Right of Use Asset			Computer Equipment		Total
(i) Cost
At 31 December 2021		172			33		205
Additions		—			13		13

At 31 December 2022		172			46		218

(ii) Accumulated depreciation
At 31 December 2021		10			5		15
Depreciation		64			8		72
FX		(15	)		2		(13	)

At 31 December 2022		59			15		74

(iii) Net book value
At 31 December 2021		162			28		190

At 31 December 2022		113			31		144

Trade and Other Payables - Schedule of Trade and Other Payables (Details) - EUR (€) € in Thousands	Jun. 30, 2023	Dec. 31, 2022	Dec. 31, 2021
Trade And Other Current Payables [Abstract]
Accounts payable		€ 11,113	€ 6,219
Accrued expenses		5,455	375
Value added tax payable			2,774
Share based payment liabilities	€ 2,951	1,935	458
Total trade and other payables	€ 20,854	€ 18,503	€ 9,827

Segment Reporting - Additional Information (Details) - EUR (€) € in Thousands	6 Months Ended		12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Disclosure of operating segments [line items]
Revenue	€ 9,562	€ 93,500	€ 97,500
Menarini License
Disclosure of operating segments [line items]
Revenue	€ 9,600	€ 93,500	€ 97,500

Financial Assets and Liabilities Fair Value - Schedule of Inputs to Fair Value of Derivative Earnout Liability (Details)	12 Months Ended
	Dec. 31, 2022 € / shares $ / shares	Dec. 31, 2022 $ / shares	Nov. 22, 2022 € / shares	Jun. 30, 2022 € / shares	Dec. 31, 2021 € / shares	Dec. 31, 2020 € / shares	Dec. 31, 2019 € / shares
Disclosure of significant unobservable inputs used in fair value measurement of liabilities [line items]
Share value (USD) \| € / shares	€ 0.12		€ 0.01	€ 0.12	€ 0.01	€ 0.01	€ 0.01
Black-Scholes Pricing Model
Disclosure of significant unobservable inputs used in fair value measurement of liabilities [line items]
Share value (USD)		$ 10.9
Strike price (USD)	€ 0
Probability of Milestone Completion \| Black-Scholes Pricing Model
Disclosure of significant unobservable inputs used in fair value measurement of liabilities [line items]
Inputs to fair value of derivative earnout liability	40	40
Dividend Yield
Disclosure of significant unobservable inputs used in fair value measurement of liabilities [line items]
Inputs to fair value of derivative earnout liability	0	0
Dividend Yield \| Black-Scholes Pricing Model
Disclosure of significant unobservable inputs used in fair value measurement of liabilities [line items]
Inputs to fair value of derivative earnout liability	0	0
Minimum \| Black-Scholes Pricing Model
Disclosure of significant unobservable inputs used in fair value measurement of liabilities [line items]
Expected Range of milestone completion (years)	1 year 3 months 29 days
Minimum \| Volatility (%) \| Black-Scholes Pricing Model
Disclosure of significant unobservable inputs used in fair value measurement of liabilities [line items]
Inputs to fair value of derivative earnout liability	33	33
Minimum \| Risk-Free Rate \| Black-Scholes Pricing Model
Disclosure of significant unobservable inputs used in fair value measurement of liabilities [line items]
Inputs to fair value of derivative earnout liability	4.5	4.5
Maximum \| Black-Scholes Pricing Model
Disclosure of significant unobservable inputs used in fair value measurement of liabilities [line items]
Expected Range of milestone completion (years)	1 year 8 months 1 day
Maximum \| Volatility (%) \| Black-Scholes Pricing Model
Disclosure of significant unobservable inputs used in fair value measurement of liabilities [line items]
Inputs to fair value of derivative earnout liability	35	35
Maximum \| Risk-Free Rate \| Black-Scholes Pricing Model
Disclosure of significant unobservable inputs used in fair value measurement of liabilities [line items]
Inputs to fair value of derivative earnout liability	4.6	4.6

Revenue - Schedule of deferred revenue (Details) € in Thousands	12 Months Ended
	Dec. 31, 2022 EUR (€)
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Abstract]
Addition of deferred revenue under the Menarini License	€ 21,500
Revenue recognized under the Menarini License during the period	(4,000)
Ending balance on December 31	€ 17,500

Share-Based Payments - Summary of movements in the Number of Founder DRs Outstanding (Details) - shares	6 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2022	Dec. 31, 2021
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Abstract]
Outstanding as at January 1	608,779	608,779
Granted/ purchased during the year	0	0	608,779
Outstanding as at December 31	608,779	608,779	608,779

Events After the Reporting Period	6 Months Ended	12 Months Ended
Events After the Reporting Period	Jun. 30, 2023	Dec. 31, 2022
Disclosure Of Nonadjusting Events After Reporting Period [Abstract]
Events After the Reporting Period	Note 13 — Events After the Reporting Period The Group evaluated all events through August 3, 2023 and determined that there were no reportable subsequent events to be disclosed or adjusted in the unaudited condensed consolidated financial statements.	Note 26 — Events After the Reporting Period The Company evaluated subsequent events for recognition or disclosure through March 31, 2023, the date these consolidated financial statements were authorized for issuance by the Board. On January 1, 2023, the Company granted options to purchase an aggregate of 4,171,572 Ordinary Shares to certain employees and directors. Such options each have an expiration date of ten years from the date of grant and an exercise price of $10.90. On January 14, 2023, the Company granted options to purchase an aggregate of 18,600 Ordinary Shares to a non-executive director. Such options each have an expiration date of ten years from the date of grant and an exercise price of $10.22. In January 2023, the Group achieved a clinical success milestone related to our Phase 2b ROSE2 clinical trial and as a result expect to receive the milestone payment from Menarini by April 2023 amounting to €5 million. The Company announced on March 3, 2023 that David Topper, Chief Financial Officer, who provided advice and guidance in support of the Company’s now complete public company transition, has resigned. The Company has appointed current Chief Accounting Officer, Louise Kooij, as Interim Chief Financial Officer. The Company intends to conduct a search for a new permanent chief financial officer.

Income Taxes - Schedule of Assumed Tax Loss Carry Forward Amount During Tax Period (Details) € in Thousands	12 Months Ended
	Dec. 31, 2022 EUR (€)
Income Tax [Line Items]
Assumed tax loss carry forward amount during tax period	€ 251,592
2012-2013
Income Tax [Line Items]
Assumed tax loss carry forward amount during tax period	7,097
2014
Income Tax [Line Items]
Assumed tax loss carry forward amount during tax period	11,303
2015
Income Tax [Line Items]
Assumed tax loss carry forward amount during tax period	27,255
2016
Income Tax [Line Items]
Assumed tax loss carry forward amount during tax period	86,547
2017
Income Tax [Line Items]
Assumed tax loss carry forward amount during tax period	1,340
2018
Income Tax [Line Items]
Assumed tax loss carry forward amount during tax period	2,303
2019
Income Tax [Line Items]
Assumed tax loss carry forward amount during tax period	3,019
2020
Income Tax [Line Items]
Assumed tax loss carry forward amount during tax period	6,077
2021
Income Tax [Line Items]
Assumed tax loss carry forward amount during tax period	28,599
2022
Income Tax [Line Items]
Assumed tax loss carry forward amount during tax period	€ 78,052

Selling, General and Administrative Expenses (Tables)

6 Months Ended

12 Months Ended

Jun. 30, 2023

Dec. 31, 2022

Selling General And Administrative Expense [Abstract]

Schedule of Selling, General and Administrative Expenses

Selling, general and administrative expenses consisted of the following items for the six months ended June 30:


	2023			2022
Included in selling expenses:
Commission expense		(160	)		(2,429	)
Included in general and administrative expenses:
Personnel expense		(4,737	)		(1,314	)
Travel costs		(370	)		(83	)
Intellectual property		(726	)		(699	)
Legal costs		(1,761	)		(2,250	)
Licenses		(9	)		—
Finance and administration		(3,702	)		(1,624	)
IT		(35	)		(10	)
Rent and office services		(95	)		(77	)
Marketing and communication		(381	)		(487	)
Insurance		(928	)		(8	)
Depreciation and amortization		(34	)		(36	)
Commercial costs		(611	)		—
Business development		(10	)		(132	)
Board fees		(157	)		(40	)
Miscellaneous		(20	)		(105	)

Total selling, general and administrative expenses		(13,736	)		(9,294	)

Selling, general and administrative expenses consisted of the following items for the years ended December 31:


	2022			2021			2020
Included in selling expenses:
Commission expense		(2,485	)		—			—
Included in general and administrative expenses:
Personnel expense (see Note 8)		(5,017	)		(1,618	)		(265	)
Travel costs		(430	)		(136	)		—
Intellectual property		(1,348	)		(708	)		(498	)
Legal costs		(2,176	)		(771	)		(382	)
Licenses		—			(28	)		(6	)
Finance and administration		(5,209	)		(270	)		(151	)
Transaction costs		(3,021	)		—			—
IT		(25	)		(20	)		(2	)
Rent and office services		(165	)		(110	)		(55	)
Marketing and communication		(1,269	)		(710	)		(11	)
Insurance		(289	)		(187	)		(11	)
Depreciation and amortization		(72	)		(14	)		(1	)
Commercial costs		(134	)		—			—
Business development		(260	)		(135	)		—
Board fees		(69	)		(31	)		—
Miscellaneous		(261	)		(65	)		(2	)

Total selling, general and administrative expenses		(22,230	)		(4,803	)		(1,384	)

Property, Plant and Equipment - Schedule of Movements in Property, Plant and Equipment, Net (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Disclosure Of Property Plant And Equipment [Line Items]
Beginning balance	€ 190	€ 12
Ending balance	144	190
Cost
Disclosure Of Property Plant And Equipment [Line Items]
Beginning balance	205	13
Additions	13	192
Ending balance	218	205
Accumulated Depreciation
Disclosure Of Property Plant And Equipment [Line Items]
Beginning balance	(15)	(1)
Depreciation	72	14
FX	(13)
Ending balance	(74)	(15)
Right of Use Asset
Disclosure Of Property Plant And Equipment [Line Items]
Beginning balance	162
Ending balance	113	162
Right of Use Asset \| Cost
Disclosure Of Property Plant And Equipment [Line Items]
Beginning balance	172
Additions		172
Ending balance	172	172
Right of Use Asset \| Accumulated Depreciation
Disclosure Of Property Plant And Equipment [Line Items]
Beginning balance	(10)
Depreciation	64	10
FX	(15)
Ending balance	(59)	(10)
Computer Equipment
Disclosure Of Property Plant And Equipment [Line Items]
Beginning balance	28	12
Ending balance	31	28
Computer Equipment \| Cost
Disclosure Of Property Plant And Equipment [Line Items]
Beginning balance	33	13
Additions	13	20
Ending balance	46	33
Computer Equipment \| Accumulated Depreciation
Disclosure Of Property Plant And Equipment [Line Items]
Beginning balance	(5)	(1)
Depreciation	8	4
FX	2
Ending balance	€ (15)	€ (5)

Current Prepayments and Other Receivables

12 Months Ended

Dec. 31, 2022

Prepayments And Other Receivables Current [Abstract]

Current Prepayments and Other Receivables

Note 10 — Current Prepayments and Other Receivables

Current prepayments and other receivables consisted of the following items as at December 31:


	2022		2021
Prepayments
Chemistry, Manufacturing and Controls (CMC)		—		21
Non-clinical R&D costs		707		1,111
Clinical other		4,704		349
General and administrative		2,259		11

Total prepayments		7,670		1,492
Value added tax receivable		1,941		4,290

Total prepayments and other receivables		9,611		5,782

Revenue - Summary of Revenue (Details) - EUR (€) € in Thousands		6 Months Ended		12 Months Ended
	Jun. 23, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items]
Total revenue		€ 9,562	€ 93,500	€ 97,500
License Revenue
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items]
Total revenue		9,562	93,500
License Revenue \| License Performance Obligation
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items]
Total revenue	€ 93,500	5,000	€ 93,500	93,500
License Revenue \| R&D Performance Obligations
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items]
Total revenue		€ 4,562		€ 4,000

Financial Risk Management

6 Months Ended

12 Months Ended

Jun. 30, 2023

Dec. 31, 2022

Disclosure Of Financial Instruments [Abstract]

Financial Risk Management

Note 6 — Financial Risk Management

The Group’s risk management activities are the same as those disclosed in our Annual Report.

The table below summarizes the maturity profile of the Group’s financial liabilities based on contractual undiscounted payments. Payments related to foreign currency are included at the exchange rates applicable as at June 30, 2023.


	On demand		Less than 3 months		3—12 months		More than 1 year		Total
As at June 30, 2023
Trade and other payables		—		17,903		—		—		17,903
Share based payment liabilities		2,763		43		130		15		2,951


	On demand		Less than 3 months		3—12 months		More than 1 year		Total
Lease liability		—		15		48		24		87
Derivative warrant liabilities		7,727		—		—		—		7,727
Derivative earnout liability		—		—		—		7,553		7,553

Total financial liabilities		10,490		17,961		178		7,592		36,221

Note 16 — Financial Risk Management

The Group’s principal financial liabilities consist of trade and other payables, derivative warrant liabilities and derivative earnout liability. The main purpose of these financial liabilities is to finance the Group’s day-to-day operations. The Group’s financial assets consist of prepayments and other receivables and cash, and had a loan receivable balance in 2021, that are derived from the Group’s operating activities and funding.

The Group is exposed to market risk, credit risk and liquidity risk. The Company’s senior management oversees the management of these risks. The Board reviews and agrees policies for managing each of these risks, which are summarized below.

Market Risk

Market risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market prices. Market risk comprises interest rate risk, foreign currency risk and other price risks.

The sensitivity analyses in the following sections relate to the position as of December 31, 2022 and 2021.

Interest rate risk

The only variable interest-bearing financial instruments are cash. Changes in interest rates may cause variations in interest income and expense resulting from short-term interest-bearing assets. Management does not expect the short-term interest rates to decrease significantly in the immediate foreseeable future, which limits the interest exposure on our cash and current financial assets. Currently the interest rate exposure is not hedged.

Interest rate sensitivity

The following table demonstrates the sensitivity to a reasonably possible change in interest rates on that portion of financial assets affected. With all other variables held constant, the Company’s profit or loss before tax/equity is affected through the impact on floating rate borrowings, as follows:


	Increase/(decrease) in basis points			Increase/(decrease) on profit before tax/Equity
2021
Euro		100			(380	)
Euro		(100	)		380
U.S. Dollar		100			(150	)
U.S. Dollar		(100	)		150
2022
Euro		100			(1,517	)
Euro		(100	)		1,517
U.S. Dollar		100			(2,867	)
U.S. Dollar		(100	)		2,867

Foreign currency risk

Foreign currency risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in foreign exchange rates. The Group’s exposure to the risk of changes in foreign exchange rates relates primarily to cash, and trade and other payables denominated in currencies other than the functional currency of the Group. As of December 31, 2022 and at December 31, 2021, the Group’s net exposure to foreign currency risk amounts to €268.2 million and €15.9 million, respectively, primarily arising from exposure to the U.S. Dollar.

The Group partly manages its foreign currency risk by selectively holding foreign currency in its cash to offset foreign currency exposures from liabilities and trade and other payables denominated in varying foreign currencies. The Group plans to use this cash to settle future expenses it expects to incur in those foreign currencies.

Due to proceeds received from the Merger with FLAC and PIPE Financing that were denominated in U.S. dollar, the Group has a significant U.S. dollar balance on its statements of financial position held as cash. In 2022, the Group recognized significant foreign exchange losses as the Group´s functional currency is Euro but hold significant U.S. dollar amounts.

Foreign currency sensitivity

The Group is mainly exposed to the currency of U.S. Dollar, British Pound Sterling and Japanese Yen. The following table demonstrates the sensitivity to a possible change in exchange rates against the Euro with all other variables held constant. Additional sensitivity changes to the indicated currencies are expected to be approximately proportionate. The table shows the effect on the Group’s profit or loss before tax (due to changes in the value of monetary assets and liabilities). The Group’s exposure to foreign currency changes for all other currencies is not material. There is no impact to equity other than to accumulated deficit and no impact to other comprehensive income.


	Effect on profit / (loss) before tax
Change in foreign exchange rate against Euro	10% depreciation			10% appreciation
2021
British Pound Sterling		(9	)		15
Canadian Dollar		—			1
Japanese Yen		(1	)		1
U.S. Dollar		(1,360	)		1,843
2022
British Pound Sterling		(55	)		67
Japanese Yen		34			(41	)
U.S. Dollar		(24,361	)		29,775

Other Market Price Risk

As a result of the Merger with FLAC, the Company has derivative warrant liabilities and a derivative earnout liability which are measured at FVTPL (see Note 17). At December 31, 2022, derivative warrant liabilities and derivative earnout liability amount to €3.9 million and €7.1 million, respectively.

The following table demonstrates the sensitivity to a reasonably possible change in share prices on that portion of financial liabilities affected, being the key input. Volatility in the price of the Ordinary Shares has no material impact on the fair value of the financial liabilities. With all other variables held constant, including the expected

volatility in the price of the Ordinary Shares on Nasdaq, the Company’s profit or loss before tax/equity is affected through the impact on market prices, as follows:


	% Increase / (decrease) in share price (NAMS / NAMSW)			Increase/ (decrease) in profit or loss before tax/ equity
2022
Derivative warrant liabilities (under NAMSW)		15			(583	)
Derivative warrant liabilities (under NAMSW)		(15	)		583
Derivative earnout liability (under NAMS)		15			(1,058	)
Derivative earnout liability (under NAMS)		(15	)		1,058

Credit Risk

Credit risk is the risk that a counterparty will not meet its obligations under a financial instrument or customer contract, leading to a financial loss. The Group is exposed to credit risk primarily from its treasury activities, including deposits with banks and financial institutions and has limited credit risk exposure from its operating activities. The Group holds available cash in bank accounts with banks which have investment grade credit ratings. Management periodically reviews the creditworthiness of the banks with which it holds assets.

The Group provided an interest-bearing secured loan to the Chief Executive Officer which has been fully repaid as of December 31, 2022. Refer to Note 14 for details surrounding repayment.

The Group performs research and development activities and does not yet have any sales. Therefore, the Group is able to reclaim Value Added Tax (“

VAT

”) which is recoverable from tax authorities. Management periodically reviews the recoverability of the balance of input value added tax and believes it is fully recoverable.

The Group’s maximum exposure to credit risk for the components of the consolidated statement of financial position at December 31, 2022 and 2021, is the carrying amount as illustrated in Note 10 (excluding prepayments) and Note 11.

Liquidity Risk

The Company monitors its risk to a shortage of funds using forecasting planning tools. The Group’s objective is to maintain a sufficient level of funding in order to continue its research and development activities and capital and financing obligations. The Group manages liquidity risk by maintaining adequate reserves by continuously monitoring forecast and actual cash flows, and by matching the maturity profiles of financial assets and liabilities.

The Company’s main sources of liquidity are obtained through licensing arrangements and financing proceeds. The Company believes that it has sufficient liquidity as a result of the upfront fee received from the Menarini License (see Note 5) and the recent equity funding from the Merger with FLAC which had both occurred in the current reporting period (see Note 4), resulting in the cash balance of €438.5 million at December 31, 2022 (see Note 18).

Maturity profile

The table below summarizes the maturity profile of the Group’s financial liabilities based on contractual undiscounted payments. Amounts disclosed are based on spot rates at the reporting date. Payments related to foreign currency are included at the exchange rates applicable as at December 31, 2022 and 2021.


	On demand		Less than 3 months		3—12 months		More than 1 year		Total
At December 31, 2021
Trade and other payables		—		5,715		880		—		6,595
Value added tax payable		—		2,774		—		—		2,774
Share based payment liabilities		458		—		—		—		458
Lease liability		—		13		40		111		164

Total financial liabilities		458		8,502		920		111		9,991


	On demand		Less than 3 months		3—12 months		More than 1 year		Total
At December 31, 2022
Trade and other payables		—		16,448		92		28		16,568
Share based payment liabilities		1,935		—		—		—		1,935
Lease liability		—		15		63		40		118
Derivative warrant liabilities		3,888		—		—		—		3,888
Derivative earnout liability		—		—		—		7,053		7,053

Total financial liabilities		5,823		16,463		155		7,121		29,562

Capital Management

For the purpose of the Company’s capital management, capital includes issued share capital, share premium contribution and all other equity reserves attributable to the equity holders of the Company. The primary objective of the Company’s capital management is to ensure that it will be able to continue as a going concern. The current cash on hand and the anticipated research activities are the most important parameters in assessing the capital structure. The Company monitors capital management to ensure that it meets its financial needs to achieve its business objectives while maintaining its solvency.

Revenue

6 Months Ended

12 Months Ended

Jun. 30, 2023

Dec. 31, 2022

Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Abstract]

Revenue

Note 3 — Revenue

The Group earns revenue through a license agreement with A. Menarini International Licensing S.A. (“

Menarini

”) (the “

Menarini License

”), pursuant to which it granted Menarini an exclusive, royalty-bearing, sublicensable license under certain of its intellectual property and its regulatory documentation to undertake post approval development activities and commercialize multiple brands of obicetrapib. The Menarini License includes a non-refundable upfront payment, fixed reimbursements for the Group’s continued development costs, payments based upon the achievement of defined development, regulatory and commercial milestones, sales-based royalties, and certain cost sharing payments made by Menarini to the Group and by the Group to Menarini.

In January 2023, the Group achieved a clinical milestone related to our Phase 2 ROSE2 clinical trial, which resulted in a €5 million milestone payment from Menarini in April 2023. Revenues related to the achievement of milestones under the Menarini License are attributed to the license performance obligation.

Revenue consisted of the following for the six months ended June 30:


	2023		2022
License revenue attributed from license performance obligation		5,000		93,500
License revenue attributed from R&D performance obligation		4,562		—

Total revenue		9,562		93,500

At January 1, 2023

the Group had total deferred revenue of €17.5 million. During the six months ended June 30, 2023, €4.6 million of the deferred revenue was recognized as revenue and a translation difference of approximately €0.3 million further reduced the deferred revenue liability. No additional deferred revenue was recognized during the period. The deferred revenue has been recognized within current and non-current liabilities based on the expected timing of the associated research and development services. In connection with the Menarini License, €9.7 million is recognized within current liabilities as the Company expects to perform the associated services within twelve months after the reporting period and the remaining €2.9 million is recognized within non-current liabilities as of June 30, 2023.

Note 5 — Revenue

Revenue consisted of the following for the years ended December 31:


	2022		2021		2020
License revenue attributed from license performance obligation		93,500		—		—
License revenue attributed from R&D performance obligation		4,000		—		—

Total revenue		97,500		—		—

On June 23, 2022, NewAmsterdam Pharma entered into a licensing agreement with A. Menarini International Licensing S.A. (“

Menarini

”) (the “

Menarini License

”), pursuant to which it granted Menarini an exclusive,

royalty-bearing, sublicensable license under certain of its intellectual property and its regulatory documentation to undertake post approval development activities and commercialize multiple brands of obicetrapib, either as a sole active ingredient product or in a fixed dose combination with ezetimibe (the “

Licensed Products

”), for any use in the majority of European Countries (“

Menarini Territory

”).

The Group remains responsible for the development and commercialization costs related to Licensed Products, excluding local development, regulatory and commercialization costs incurred by Menarini in the Menarini Territory. In addition, Menarini is expected to purchase the Licensed Products from the Group in accordance with a supply agreement that is to be executed following the execution of the Menarini License and prior to commercialization. As such, the Company determined that the agreements should not be combined as a single contract pursuant to the guidance prescribed in IFRS 15.

The Menarini License includes a non-refundable upfront payment, fixed reimbursements for the Group’s continued development costs, payments based upon the achievement of defined development, regulatory and commercial milestones, sales-based royalties, and certain cost sharing payments made by Menarini to the Group and by the Group to Menarini.

The Company has evaluated the Menarini License based on the requirements of IFRS 15 Revenue Recognition and has concluded the following:

Within the license performance obligation described below, there are various licenses granted under the Menarini License which currently in place do not represent distinct performance obligations in themselves, as the licenses are highly interrelated and Menarini would likely be unable to derive significant benefits from their access to these licenses on an individual basis.

The Company, considering that (i) there are no material restrictions included in the contract which would prevent Menarini to direct the use of, and obtain substantially all of the remaining benefits and (ii) the majority of the Company’s remaining development activities are in late-stage development and are not expected to significantly affect the functionality of the underlying intellectual property, concludes that the license as of the effective date of the contract has standalone value. As such, the Company concluded that the promise in granting the licenses to Menarini is to provide a right to use the Group’s intellectual property as it exists at the point in time at which the license is granted and therefore, revenue accrued and allocated to this performance obligation has been recognized at a point in time.

The Company has also identified an additional performance obligation that consists of the research and development activities related to the general development and commercialization costs related to Licensed Products. The Company determined that this performance obligation is satisfied over time as Menarini simultaneously receives and consumes the benefits of the services provided as they are performed. This is based on the fact that Menarini is receiving status of the research periodically which allows it to make informed decisions in its local development activities. The Company further considered that the licenses and the R&D services are not highly interdependent or highly interrelated because the Group is able to fulfill its promise to transfer the licenses regardless of fulfilling its promise to perform the remaining R&D services. The Company also concluded that the licenses are considered distinct as Menarini could benefit from the licenses together with readily available resources other than the Company’s research and development services. The Company utilizes a cost-based input method to measure its progress toward completion of its performance obligation and to calculate the corresponding amount of revenue to recognize each period. The Company believes this is the best measure of progress because other measures do not reflect how the Company transfers its performance obligation to Menarini. In applying the cost-based input method of revenue recognition, the Company uses actual clinical study enrollment figures as well as actual costs incurred relative to budgeted costs expected to be incurred attributable to the Menarini Territory for the performance obligation. These costs consist primarily of third-party contract costs relative to the level of patient enrollment in the studies. Revenue will be recognized based on the level of costs incurred relative to the total budgeted costs for the performance obligation.

As such, two performance obligations for the Menarini License were identified at contract inception, comprising a license to use the Company’s IP (the “license performance obligation”) and a promise to continue the development activities for the licensed compound (the “R&D performance obligation”).

The Company’s assessment of the transaction price included an analysis of amounts it expected to receive, which at contract inception consisted of the non-refundable, upfront payment of €115.0 million that was received by the Group in July 2022. The Company considers this non-refundable fee of €115.0 million to be the initial transaction price.

The Company has allocated the transaction price to each performance obligation identified on a relative stand-alone selling price basis. The Company has used a combination of methods to calculate the stand-alone selling prices, using the expected cost plus a margin approach to calculate the standalone selling price of the research and development services required in the Menarini License and needed to commercialize obicetrapib in the Menarini Territory and the residual approach to calculate the stand-alone selling price for the license based on the fair value of the total promised goods and services in the Menarini License considering that the Company has not yet established a price for licenses, has not historically sold licenses on a stand-alone basis (i.e., the selling

price is uncertain), and the amount allocated is consistent with the allocation objective as the Company believes the stated upfront amount is consistent with a risk-adjusted price that a market participant would be willing to pay for the licenses.

At contract inception, the Company has allocated €93.5 million to the license performance obligation, recognized as “revenue” in the condensed consolidated statement of profit and €21.5 million to the R&D performance obligation, recognized as “deferred revenue” in the condensed consolidated statement of financial position. In the fourth quarter of 2022, additional costs were added to the studies required to satisfy the R&D performance obligation, which resulted in a cumulative-effect adjustment to the denominator used in the cost-based input method that was greater than the costs identified upon inception of the Menarini License term. As a result, for the year ended December 31, 2022, the Company recognized revenue of €4.0 million in connection with R&D services performed under the Menarini License. There may be additional costs added to the studies required to satisfy the R&D performance obligation in the future. Assuming a 50% increase in total estimated costs as of December 31, 2022, revenue recognition related to the R&D performance obligation for the year ended December 31, 2022 would have decreased by approximately €1.2 million.

The deferred revenue has been recognized within current and non-current liabilities based on the expected timing of the associated research and development services. In connection with the Menarini License, €13.0 million has been recognized as current liabilities as the Company expects to perform the associated services within twelve months after the reporting period and the remaining €4.5 million has been recognized as non-current liabilities as of December 31, 2022.

The following table presents changes in the balance of the Company’s deferred revenue (in thousands):


	2022			2021		2020
Beginning balance on January 1		—			—		—
Addition of deferred revenue under the Menarini License		21,500			—		—
Revenue recognized under the Menarini License during the period		(4,000	)		—		—

Ending balance on December 31		17,500			—		—

The Company allocated the upfront payment of €115 million to the identified performance obligations based on the combined license performance obligation and recognized the upfront payment as revenue at a point in time upon satisfaction of the performance obligation, which was achieved at the execution of the Menarini License.

Additionally, in partial contribution to the Company’s costs of development of the Licensed Products, Menarini will pay the Group €27.5 million, payable in two equal annual installments, together with bearing 50% of any development costs incurred in respect of the pediatric population in the Menarini Territory. Due to the scientific uncertainties around the commercialization of the Licensed Products based on the success of clinical trials, out of the control of the Company, the fixed €27.5 million is considered constrained at contract execution and is not initially recognized within the transaction price until it becomes highly probable of no significant revenue reversal. If certain conditions are not met, then the Group does not have the right to payment. At the end of each reporting period, the Company will assess the probability of significant reversals for any amounts that become likely to be realized prior to recognizing the fixed consideration associated with these payments within the transaction price. To date, the Group has not received any reimbursement payments.

The Menarini License also provides for certain milestone payments from Menarini to the Group upon the achievement of specified development, regulatory and commercial milestones linked to the enhanced value of the license performance obligation. More specifically, the Group is eligible to receive up to an additional €863 million upon the achievement of various clinical, regulatory and commercial milestones. These milestones are contingent payments. These milestone payments represent variable consideration that are not initially recognized within the transaction price, due to the scientific uncertainties around the commercialization of the Licensed Products based on the success of clinical trials. At the end of each reporting period, the Company will assess the probability of significant reversals for any amounts that become likely to be realized prior to recognizing the variable consideration associated with these payments within the transaction price. To date, the Company has not received any milestones payments.

Lastly, the Group is entitled to receive tiered royalty payments based on annual aggregate net sales of all Licensed Products in the Menarini Territory, subject to specified reductions upon commercialization. The royalty term begins for each Licensed Product on a country-by-country basis upon the first commercial sale of such product in such country and ends on the later of (i) the expiration of the last-to-expire patent that includes a valid claim, (ii) the expiration of regulatory exclusivity in such country for such Licensed Product and (iii) a specified number of years after the first commercial sale of such Licensed Product in such country (the term of the agreement). In accordance with IFRS 15, the Company recognizes revenue from royalty payments at the later of (i) the occurrence of the subsequent sale; or (ii) the performance obligation to which some or all of the sales-based milestone or royalty payments has been allocated has been satisfied. The Company anticipates recognizing these royalty payments if and when subsequent sales are generated from the Licensed Products.

The Group has incurred €3.1 million of costs to obtain the Menarini License related to unavoidable costs from the Company’s financial advisor assisting in the negotiation. These costs have been proportionally allocated to the identified performance obligations on a relative standalone selling price basis as previously discussed. Based on that, €2.5 million has been recognized as “selling, general and administrative expenses” related to the satisfied license performance obligation, €0.5 million has been capitalized as “prepayments and other receivables,” and €0.1 million has been capitalized as “long term prepaid expenses,” of which the entire capitalized balance will be amortized on a systematic basis that is consistent with the transfer to the customer of the goods or services to which the asset relates.

Earnings (Loss) Per Share (Tables)

6 Months Ended

12 Months Ended

Jun. 30, 2023

Dec. 31, 2022

Earnings Per Share [Abstract]

Summary Of Weighted Average Number Of Ordinary Shares Outstanding For Basic And Diluted EPS


	June 30, 2022
Shares for basic EPS of NewAmsterdam Pharma—as reported		17,016,872
Shares for diluted EPS of NewAmsterdam Pharma—as reported		18,981,158
Exchange ratio		2.13
Shares for basic EPS of NewAmsterdam Pharma—restated		36,258,312
Shares for diluted EPS of NewAmsterdam Pharma—restated		40,443,670


	December 31, 2021		December 31, 2020
Shares for basic EPS of NewAmsterdam Pharma		11,325,442		5,000,000
Exchange ratio		2.13		2.13
Adjusted number of shares		24,131,427		10,653,636

Schedule Of Computation Of Original and Restated Basic And Diluted Loss Per Share

The following table sets forth the computation of original and restated basic and diluted loss per share for the six months ended June 30:


(In thousands of Euro, except share and per share amounts)	2023			2022
(Loss)/profit for the period		(75,102	)		54,513

Weighted average basic number of Ordinary Shares—as reported		81,846,438			17,016,872
Weighted average diluted number of Ordinary Shares—as reported		81,846,438			18,981,158

Basic earnings per share—as reported		(0.92	)		3.20
Diluted earnings per share—as reported		(0.92	)		2.87


(In thousands of Euro, except share and per share amounts)	2023			2022
Weighted average basic number of Ordinary Shares—restated		81,846,438			36,258,312
Weighted average diluted number of Ordinary Shares—restated		81,846,438			40,443,670

Basic earnings per share—restated		(0.92	)		1.50
Diluted earnings per share—restated		(0.92	)		1.35

The following table sets forth the computation of original and restated basic and diluted loss per share for the year ended December 31:


(In thousands of Euro, except share and per share amounts)	2022			2021			2020
Loss for the year		(78,052	)		(28,599	)		(5,749	)
Weighted average number of ordinary shares — original		81,559,780			11,325,442			5,000,000

Basic and diluted loss per share — original		(0.96	)		(2.53	)		(1.15	)

Weighted average number of ordinary shares—restated		81,559,780			24,131,427			10,653,636

Basic and diluted loss per share — restated		(0.96	)		(1.19	)		(0.54	)

Personnel Expense - Additional Information (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disclosure Of Information About Defined Benefit Plans [Abstract]
Defined contribution plans	€ 66	€ 35	€ 0
Employee health insurance and workers compensation insurance costs	170	75	0
Employment taxes	191	88	0
Other miscellaneous expenses	€ 0	€ 66	€ 0

Cash - Summary of Cash Comprise Entirely of Bank Balances (Details) - EUR (€) € in Thousands	Jun. 30, 2023	Dec. 31, 2022	Dec. 31, 2021
Cash [abstract]
Cash at banks		€ 438,522	€ 53,092
Total cash	€ 383,495	€ 438,522	€ 53,092

Cash (Tables)

12 Months Ended

Dec. 31, 2022

Cash [abstract]

Schedule of Cash Comprise Entirely of Bank Balances

Cash comprise entirely of bank balances and consisted of the following items as at December 31:


	2022		2021
Cash at banks		438,522		53,092

Cash		438,522		53,092

FLAC Merger and Capital Reorganization

12 Months Ended

Dec. 31, 2022

Disclosure Of Business Combinations [Abstract]

FLAC Merger and Capital Reorganization

Note 4 — FLAC Merger and Capital Reorganization

Prior to November 22, 2022, NewAmsterdam Pharma Company N.V. was a shell company with no active trade or business, and all relevant assets and liabilities, as well as income and expenses, were borne by NewAmsterdam Pharma Holding B.V. (“

NewAmsterdam Pharma

”). FLAC was a special purpose acquisition company (“

SPAC

”) incorporated on October 7, 2020 as a Cayman Islands exempted company formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or a similar business combination. FLAC completed its initial public offering on December 11, 2020 and listed on the Nasdaq.

On July 25, 2022, FLAC entered into a Business Combination Agreement (“

Business Combination Agreement

”) with NewAmsterdam Pharma, the Company, and NewAmsterdam Pharma Investment Corporation, a Cayman Islands exempted company and wholly owned subsidiary of the Company.

On November 22, 2022 (the “

Closing Date

”), Pursuant to the terms of the Business Combination Agreement, the following transactions occurred (collectively, the “

Business Combination

”).

•

On the date prior to the Closing Date, the shareholders of NewAmsterdam Pharma (“

Participating Shareholders

”) exchanged their interest for ordinary shares in the share capital of the Company (“

Ordinary Shares

”) such that the Company became the direct parent of NewAmsterdam Pharma (the “

Exchange

”). The Exchange is accounted for as a capital reorganization, with NewAmsterdam Pharma being the accounting predecessor. In connection with the Exchange, 17,016,872 NewAmsterdam Pharma shares of €0.01 par value were exchanged at a ratio of approximately 2.13 for 36,258,312 Ordinary Shares, €0.12 par value per share which resulted in a €4.2 million increase in share capital and an offsetting decrease in share premium (See Note 19).

•

Immediately after giving effect to the Exchange, a subsidiary of the Company merged with and into FLAC (the “

Merger

”), with FLAC surviving as a wholly owned subsidiary of the Company. The merger of FLAC constituted a transaction by the Company which is accounted for within the scope of IFRS 2, as the acquired company of FLAC does not meet the definition of a business pursuant to IFRS 3, Business Combinations.

In exchange, the Company received the following identifiable net assets held by FLAC on the Closing Date:


	2022
Fair value of shares issued to FLAC shareholders		126,667
Less FLAC identifiable net assets:
Cash held in FLAC’s trust account		69,779
Derivative warrant liabilities assumed		(3,712	)

Total FLAC identifiable net assets		66,067

Share listing expense — share-based compensation for listing cost		60,600

In accordance with IFRS 2, the difference between the fair value of the net assets contributed by FLAC and the fair value of equity instruments provided to former FLAC shareholders is treated as an expense, resulting in a

€60.6 million share listing expense classified within the loss for the year (See Note 9) and an increase in equity representing the fair value of the shares issued at a price of $9.87.

•

Immediately following the Merger, each outstanding warrant to purchase a Class A ordinary share, par value $0.0001 per share, of FLAC became a warrant to purchase one Ordinary Share, on the same contractual terms which resulted in the issuance of 167,000 Private Placement Warrants and 4,600,000 Public Warrants (collectively, the “

Warrants

”).

•

Each NewAmsterdam Pharma option that was outstanding and unexercised remained outstanding, and to the extent unvested, such option will continue to vest in accordance with its applicable terms, and at the time of the Exchange, such NewAmsterdam Pharma options became options to purchase, and will when exercised be settled in Ordinary Shares.

•

In addition to the transactions described above, 8,656,330 Ordinary Shares were issued to Saga Investments Coöperatief U.A. (“

Amgen

”) and Mitsubishi Tanabe Pharma Corporation (“

MTPC

”) pursuant to their profit rights granted upon the acquisition of Dezima Pharma B.V. (See Note 15).

•

Following the Merger, upon the achievement of a certain clinical development milestone, the Company will issue to the Participating Shareholders, Amgen, MTPC and holders of options to purchase shares of NewAmsterdam Pharma prior to the closing of the Business Combination, who were directors, officers, employees or consultants of NewAmsterdam Pharma as of the date of the Business Combination Agreement and who are at the time of achievement of such milestone still providing services to the Group (the “

Participating Optionholders

”), 1,886,137 additional Ordinary Shares (the “

Earnout Shares

”), which in the case of the Participating Optionholders will take the form of awards of restricted stock units. As a result, 1,725,358 Earnout Shares are currently allocated to the Participating Shareholder, including Amgen and MTPC which is discussed in Note 17. Additionally, 160,778 Earnout Shares are currently allocated to Participating Optionholders discussed in Note 17.

•

The Company raised an additional €228.3 million in net equity proceeds through a private placement of ordinary shares with existing shareholders of NewAmsterdam Pharma, FLAC and other new investors (the “

PIPE Financing

”). The PIPE Financing was treated as a capital contribution, which resulted in increases of €2.8 million and €225.5 million to share capital and share premium, respectively.

Both the Merger and PIPE Financing closed as of November 22, 2022. Upon consummation of the transactions, the Company’s Ordinary Shares began trading on the Nasdaq under the ticker NAMS. The Public Warrants are traded under the ticker NAMSW. The Company incurred incremental transaction costs directly attributable to the issuance of new shares to FLAC shareholders and the PIPE Financing of €2.5 million, which is netted against the equity proceeds as a reduction in share premium.

The Company also amended existing share-based compensation agreements held by employees of NewAmsterdam Pharma Holding prior to the Merger (see Note 20), in addition to making additional share-based payments to key management personnel (see Note 23).

Segment Reporting (Tables)

6 Months Ended

12 Months Ended

Jun. 30, 2023

Dec. 31, 2022

Disclosure of operating segments [abstract]

Schedule of Breakdown of Group's Non-current Assets by Geographical Location

The following table shows the breakdown of the Group’s non-current assets (i.e., intangible assets, property, plant and equipment and long-term prepaid expenses) by geographical location as of:


	June 30, 2023		December 31, 2022
Non-current assets
Netherlands		81,640		83,172
USA		194		278

Total		81,834		83,450

The following table shows the breakdown of the Group’s non-current assets (i.e., intangible assets, property, plant and equipment and long-term prepaid expenses) by geographical location as of December 31:


	2022		2021
Non-current assets
Netherlands		83,172		12
USA		278		178

Total		83,450		190

Related Parties

6 Months Ended

12 Months Ended

Jun. 30, 2023

Dec. 31, 2022

Disclosure Of Transactions Between Related Parties [Abstract]

Related Parties

Note 11 — Related Parties

During the six months ended June 30, 2023 and 2022 the Company did not have any material transactions with related parties.

Terms and conditions of transactions with related parties

Transactions with related parties, other than the remuneration of certain non-executive directors as disclosed below, are made on terms equivalent to those that prevail in arm’s length transactions. Outstanding balances at the year-end are unsecured and interest free and settlement generally occurs in cash. There have been no guarantees provided or received for any related party receivables or payables.

Compensation to Directors and Senior Managers of the Company

The Company’s compensation includes base salary, as well as short and long-term incentive schemes.

Key Management Personnel (“

KMPs

”) are those persons having authority and responsibility for planning, directing and controlling the activities of the Group, including the directors of the Company. KMPs include the Chief Executive Officer, Chief Financial Officer, Chief Science Officer, Chief Operating Officer, Chief Business Officer and Vice President of Research and Development. The following table sets forth the total compensation paid to KMPs during the six months ended June 30:


	2023		2022
Short-term employee benefits		2,198		1,257
Share-based payments		10,164		290

Total compensation paid to key management personnel		12,362		1,547

Note 23 — Related Parties

The following table provides the total amount of transactions that have been entered into with related parties for the relevant financial year ended December 31:


	Related party relationship		Type of transaction		Purchases from		Amounts owed to			Amounts owed by
2022
FCPM III Services B.V. (“Forbion III”)		Common control		Rent and office services		40		12			—
2021

FCPM III Services B.V. (“Forbion III”)		Common control		Rent and office services		20		21			—

Mr. M.H. Davidson		Exec. director & shareholder		Receivables		—		—			718
2020

FCPM III Services B.V. (“Forbion III”)		Common control		Rent and office services		28		3			—

Forbion Capital Partners		Common control		Due diligence and travel		3		—			—

Forbion Capital Fund II Coöperatief U.A. (“Forbion II”)		Shareholder		Borrowings		—		10,291	*		—

Forbion Capital Fund IV Coöperatief U.A. (“Forbion IV”)		Common control		Borrowings		—		679	*		—

Mr. M.H. Davidson		Exec. director & shareholder		Borrowings		—		679	*		—

*	Amounts receivable from this related party were with NewAmsterdam Pharma and comprised of outstanding principal and unpaid interest, with further details given in Note 14 which reflects the total loan receivable. Amount was fully settled in July 2022.

NewAmsterdam Pharma B.V. signed a services agreement with Forbion III where the Company could utilize office space and other facilities at the premises of Forbion III. The Services agreement is effective beginning March 2020 and continues for an indefinite period of time. As the lease grants each party the unilateral right to terminate the lease on giving 30 days’ notice to the other party, for any reason and with no significant penalty, management concluded that the agreement did not contain a lease component and the full amount was expensed as Selling, General and Administration expenses during 2022, 2021 and 2020.

Terms and conditions of transactions with related parties

Compensation to Directors and Senior Managers of the Company

The Company’s compensation includes base salary, as well as short and long-term incentive schemes.

Key Management Personnel (“

KMPs

”) are those persons having authority and responsibility for planning, directing and controlling the activities of the Company, including the directors of the company. KMP include the Chief Executive Officer, Chief Financial Officer, Chief Science Officer, Chief Operating Officer, Chief Business

Officer and Vice President of Research and Development. The following table sets forth the total compensation paid to KMPs during the period:


	2022		2021		2020
Short-term employee benefits		2,741		1,505		1,303
Share-based payments		3,203		753		—

Total compensation paid to key management personnel		5,944		2,258		1,303

Additionally, certain non-executive directors of the Company who serve as representatives of the Company’s shareholders and as such, have of received cash remuneration from the Company during the years ended December 31, 2022, 2021 and 2020 totaling €61 thousand, €26 thousand and nil, respectively, and share-based payment expenses during the period totaling €62 thousand, €13 thousand and nil, respectively. The remaining non-executive directors receive remuneration directly from certain shareholders (Entities affiliated with Forbion, Frazier Lifesciences Sponsor LLC and affiliates, and Entities affiliated with Bain Capital Life Sciences Investors, LLC) that is not recharged to the Company. The amount of this remuneration is not known by the Company.

Supplemental Cash Flow Information - Schedule of Supplemental Cash Flow Information (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Non-cash financing and investing activities
IPR&D asset recognized resulting from equity issued to Amgen & MTPC shareholders	€ 83,160
Derivative earnout obligation assumed on closing	6,633
Conversion of convertible debt to equity		€ 11,667
Equity issued to FLAC shareholders in excess of proceeds received	€ 56,913

Research and Development Expense - Schedule of Research and Development Expense (Details) - EUR (€) € in Thousands	6 Months Ended		12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disclosure of detailed information about intangible assets [line items]
Total research and development expenses	€ (72,873)	€ (30,588)	€ (82,230)	€ (25,032)	€ (4,045)
Clinical Expenses
Disclosure of detailed information about intangible assets [line items]
Total research and development expenses	(44,256)	(21,026)	(56,795)	(10,842)	(1,450)
Non-clinical Expenses
Disclosure of detailed information about intangible assets [line items]
Total research and development expenses	(1,837)	(1,264)	(2,802)	(974)	(41)
Personnel Expense
Disclosure of detailed information about intangible assets [line items]
Total research and development expenses	(13,708)	(1,869)	(6,752)	(3,363)	(994)
Manufacturing Costs
Disclosure of detailed information about intangible assets [line items]
Total research and development expenses	(12,633)	(6,001)	(14,850)	(8,338)	(1,236)
Regulatory Expenses
Disclosure of detailed information about intangible assets [line items]
Total research and development expenses	(394)	(381)	(901)	(1,452)	(141)
Other R&D costs
Disclosure of detailed information about intangible assets [line items]
Total research and development expenses	€ (45)	€ (47)	€ (130)	€ (63)	€ (183)

Share-Based Payments - Summary of movements in the Number of Founder DRs Outstanding (Parenthetical) (Details)	1 Months Ended	6 Months Ended	12 Months Ended
	Dec. 31, 2022	Jun. 30, 2022	Dec. 31, 2021	Dec. 31, 2020	Nov. 22, 2022 shares
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Exchange ratio		2.13	2.13	2.13
Non-voting Ordinary Shares
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Number of shares exchanged					285,714
Number of shares issued upon exchange					608,779
Exchange ratio	2.13

Earnings (Loss) Per Share - Summary Of Weighted Average Number Of Ordinary Shares Outstanding For Basic And Diluted EPS (Details)	6 Months Ended		12 Months Ended
	Jun. 30, 2023 shares	Jun. 30, 2022 shares	Dec. 31, 2022 shares	Dec. 31, 2021 shares	Dec. 31, 2020 shares
Earnings per share [line items]
Shares for basic EPS of NewAmsterdam Pharma	81,846,438	36,258,312	81,559,780	24,131,427	10,653,636
Exchange ratio		2.13		2.13	2.13
Shares for diluted EPS of NewAmsterdam Pharma	81,846,438	40,443,670		11,325,442	5,000,000
Original
Earnings per share [line items]
Shares for basic EPS of NewAmsterdam Pharma	81,846,438	17,016,872	81,559,780	11,325,442	5,000,000
Shares for diluted EPS of NewAmsterdam Pharma	81,846,438	18,981,158

Share Capital and Share Premium - Additional Information (Details) - EUR (€) € in Thousands	6 Months Ended
	Jun. 30, 2023	Jul. 31, 2021
Disclosure Of Classes Of Share Capital [Line Items]
Exercise of warrants	€ 9,423
Exercise of company options	96
Issued capital
Disclosure Of Classes Of Share Capital [Line Items]
Exercise of warrants	90
Exercise of company options	2
Share premium
Disclosure Of Classes Of Share Capital [Line Items]
Exercise of warrants	9,333
Exercise of company options	€ 138
Ordinary Shares
Disclosure Of Classes Of Share Capital [Line Items]
Ordinary shares issued		285,714
Ordinary Shares \| Exercise of warrants
Disclosure Of Classes Of Share Capital [Line Items]
Ordinary shares issued	749,641
Ordinary Shares \| Exercise of company options
Disclosure Of Classes Of Share Capital [Line Items]
Ordinary shares issued	14,910

Basis of Preparation and Summary of Significant Accounting Policies

6 Months Ended

12 Months Ended

Jun. 30, 2022

Dec. 31, 2022

Disclosure Of Basis Of Presentation And Summary Of Significant Accounting Policies [Abstract]

Basis of Preparation and Summary of Significant Accounting Policies

Note 2 — Basis of Preparation and Summary of Material Accounting Policy Information

Basis of Preparation

These unaudited condensed consolidated financial statements as at June 30, 2023 and for the six months ended June 30, 2023 and 2022 should be read in conjunction with the annual consolidated financial statements as at and for the years ended December 31, 2022 and 2021 (“

annual financial statements

”) as the unaudited condensed consolidated financial statements are prepared on a condensed basis in accordance with IAS 34

Interim Financial Reporting

and do not contain all information required for a complete set of financial statements prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board (“

IFRS

”). Unless stated otherwise the unaudited condensed consolidated financial statements as at June 30, 2023and for the six months ended June 30, 2023 and 2022 are presented on a basis consistent with the accounting policies set out in annual financial statements.

There were no significant changes in accounting policies, critical accounting judgements and key sources of estimation uncertainty applied by us in these unaudited condensed consolidated financial statements compared to those used in the annual consolidated financial statements as at December 31, 2022.

The unaudited condensed consolidated financial statements have been prepared on a historical cost basis, unless otherwise disclosed. The unaudited condensed consolidated financial statements have been prepared on a basis which assumes that the Company will continue as a going concern, and which contemplates the recoverability of assets and the satisfaction of the liabilities and commitments in the normal course of business.

Based on the Group’s current operating plan, management has assessed that the existing cash and cash equivalents will be sufficient to fund the Group’s anticipated level of operations for the twelve months following the date of the issuance of these financial statements.

The functional currency of the Group has historically been EUR. In the first half of 2023, the Group reassessed its functional currency and determined the United States Dollar (“

USD

” or “

”) to be the Group’s functional currency beginning January 1, 2023. Significant elements involved in the determination of the functional currency change include a shift in the Group’s sources of financing from EUR to USD given its access to the U.S. public

market and an increase of operating costs incurred in USD due to Phase III trials taking place predominantly in the United States, among other factors. Given these significant changes, management considered the economic factors outlined in IAS 21,

The Effects of Changes in Foreign Exchange Rates

and concluded that the majority of the factors supported the determination of the USD as the functional currency.

The unaudited condensed consolidated financial statements are presented in Euro (“

EUR

” or “

€

”). In these notes, Euro amounts are presented in thousands, except for share and per share amounts and as otherwise indicated. The Company has elected to present its financial statements in EUR in order to provide information comparable to the historical financial information included within previous Company filings.

New and Amended IFRS Standards that are Effective for the Current Year

New standards and interpretations effective for the annual period beginning on January 1, 2023 did not have any material impact on the Company’s condensed consolidated financial statements.

New Standards, Interpretations and Amendments Issued but Not Yet Adopted by the Company

At the date of authorization of these financial statements, the Group has not applied new and revised IFRS Standards that have been issued but are not yet effective. The amendments to the standards and interpretations presented are not expected to have a material impact on the consolidated financial statements in future periods.

Note 2 — Basis of Preparation and Summary of Significant Accounting Policies

Basis of Preparation

These consolidated financial statements have been prepared in accordance with International Financial Reporting Standards and the interpretations of the IFRS Interpretations Committee (“

IFRS IC

”) as issued by the International Accounting Standards Board (“

IFRS

”). The consolidated financial statements have been prepared on a historical cost basis, unless otherwise disclosed.

The consolidated financial statements are presented in Euro (“

EUR

” or “

€

”). In these notes, Euro amounts are presented in thousands, except for share and per share amounts and as otherwise indicated.

Basis of Consolidation

The consolidated financial statements include the financial statements of the Company and entities controlled by the Company (its subsidiaries). Control is achieved when the Company:

•

has power over the investee;

•

is exposed, or has rights, to variable returns from its involvement with the investee; and

•

has the ability to use its power to affect its returns.

The Company reassesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control listed above.

The results of the subsidiaries are included in the consolidated statements of profit or loss and comprehensive loss, consolidated statements of financial position, consolidated statements of changes in equity and consolidated statements of cash flows from the effective date of acquisition up to the date when control ceases to exist. When necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with those used by the Company.

All inter-company transactions and unrealized gains on transactions between the Company and its subsidiaries are eliminated.

Going Concern

The Group has incurred a net loss since its inception and for all periods presented. Management has assessed it appropriate to prepare these consolidated financial statements on a going concern basis, taking into account the cash balance of €438.5 million as at December 31, 2022. See Note 19 for more information regarding the capital structure of the Company. In June 2022, the Group entered into a licensing agreement with A. Menarini International Licensing S.A. (“

Menarini

”), whereby the Group received an upfront payment of €115.0 million in July 2022 in exchange for allowing Menarini to locally develop, obtain and maintain regulatory approval, and commercialize finished products containing obicetrapib and ezetimibe. See Note 5 for more information regarding the agreement with Menarini.

In November 2022, the Company completed the Business Combination (as defined below) described in Note 4. The Company received proceeds of €69.8 million as a result of the Business Combination and €228.3 million as a result of the concurrent PIPE Financing. The proceeds from the Business Combination and the upfront payment from Menarini, along with the Company’s cash, is expected to be sufficient to fund the Company’s anticipated level of operations through 2026.

In this respect, management has not identified any material uncertainties that may cast a significant doubt about the Company’s ability to continue to adopt the going concern basis of accounting for a period at least twelve months from the date when the consolidated financial statements are authorized for issue.

Consolidated Statement of Cash Flows

The Consolidated Statement of Cash Flows has been prepared using the indirect method. The cash disclosed in the Consolidated Statement of Cash Flows comprises of cash at bank.

Revenue

Under IFRS 15, to determine the recognition of revenue, the Company performs the following five steps:

identify the contract(s) with the customer;

identify the performance obligations in the in the contract;

determine the transaction price;

allocate the transaction price to the performance obligations in the contract; and

recognize revenue when (or as) the Company satisfies a performance obligation.

The Company performs an analysis to identify the performance obligations for its license agreement. Where a license agreement comprises several promises, it must be assessed whether these promises are capable of being distinct within the context of the contract. Promised goods or services are considered distinct when: (i) the customer can benefit from the good or service on its own or together with other readily available resources, and (ii) the promised good or service is separately identifiable from other promises in the contract. In assessing whether promised goods or services are distinct, the Company considers factors such as the stage of development of the underlying intellectual property, the capabilities of the customer to develop the intellectual property on their own and whether the required expertise is readily available. In addition, the Company considers whether the customer can benefit from a promise for its intended purpose without the receipt of the remaining promises, whether the value of the promise is dependent on the unsatisfied promises, whether there are other vendors that could provide the remaining promises, and whether it is separately identifiable from the remaining promises.

The Company estimates the transaction price based on the amount of consideration the Company expects to receive for transferring the promised goods or services in the contract. The consideration may include both fixed consideration and variable consideration. At the inception of each arrangement that includes variable consideration, the Company evaluates the amount of the potential payments and the likelihood that the payments will be received. The Company utilizes either the most likely amount method or expected value method to estimate variable consideration to include in the transaction price based on which method better predicts the amount of consideration expected to be received. The amount included in the transaction price is constrained to the amount for which it is highly probable that a significant reversal of cumulative revenue recognized will not occur. At the end of each subsequent reporting period, the Company re-evaluates the estimated variable consideration included in the transaction price and any related constraint, and if necessary, adjusts its estimate of the overall transaction price. Any such adjustments are recorded on a cumulative catch-up basis in the period of adjustment.

After the transaction price is determined, it is allocated to the identified performance obligations based on the estimated standalone selling price. The Company must develop assumptions that require judgment to determine the standalone selling price for each performance obligation identified in the contract. The Company utilizes key assumptions to determine the standalone selling price, which may include other comparable transactions, pricing considered in negotiating the transaction, probabilities of technical and regulatory success and the estimated costs. Certain variable consideration is allocated specifically to one or more performance obligations in a contract when the terms of the variable consideration relate to the satisfaction of the performance obligation and the resulting amounts allocated to each performance obligation are consistent with the amounts the Company would expect to receive for each performance obligation.

Revenue is recognized when the customer obtains control of the goods and/or services as provided in the license agreement. The control can be transferred over time or at a point in time – which results in the recognition of revenue over time or at a point in time. The Company recognizes revenue over time as the customer simultaneously receive the benefits provided by the Company’s performance, satisfied over time.

Upfront licensing payments are recognized as revenue at the point in time when the Company transfers control of the license only if the license is determined to be a separate performance obligation from other undelivered performance obligations. Contingent development costs and milestone payments are generally included in the transaction price at the amount stipulated in the respective agreement and recognized to the extent that it is highly probable that a significant reversal in the amount of cumulative revenue recognized will not occur.

The Company will recognize royalty revenue at the later of (i) when the related sales occur, or (ii) when the performance obligation to which some or all of the royalty has been allocated has been satisfied (or partially satisfied).

Research and Development Expense

Research and development costs are recognized as an expense when incurred and are typically made up of clinical and preclinical activities, drug development and manufacturing costs, and include costs for clinical research organizations and investigative sites. Costs for certain development activities, such as clinical trials, are recognized based on an evaluation of the progress to completion of specific tasks using data such as information provided by vendors on their actual costs incurred. The determination of the level of services performed by the vendors and the associated expenditure incurred for the services provided is made at each balance sheet date.

Development expenses are capitalized only if the cost involved can be measured reliably, the product or process under development is technically feasible, future economic benefits are probable and the Group has the intention and resources to complete development and use or sell it. Due to the regulatory environment and other types of uncertainty, management has determined that the criteria for capitalizing development costs to intangible assets, as set out in IAS 38, have not been met and therefore the Group has not capitalized any development expenses in 2022, 2021 or 2020. Significant estimates and judgments are further described in Note 3.

Selling, General and Administrative Expenses

Expenses are recognized on the accrual basis when incurred by the Group.

Personnel Expenses

Wages and salaries, social security contributions, payroll taxes, bonuses, and other employee benefits are recognized on the accrual basis in which the employee provides the associated services.

The Group’s pension plans are classified as defined contribution plans, and, accordingly, no pension obligations are recognized in the balance sheet. Costs relating to defined contribution plans are included in the income statement in the period in which they are incurred, and outstanding contributions are included in trade and other payables.

Share Listing Expense

The Merger with FLAC, as defined in Note 4, has been accounted for within the scope of IFRS 2, as FLAC does not constitute a business under IFRS 3. Based on IFRS 2 and from an analysis of the transaction, it has been considered that the excess of fair value of Ordinary Shares issued over the fair value of FLAC’s identifiable net assets acquired represents compensation for the service of stock exchange listing for its shares and has been expensed as incurred.

Current Prepayments and Other Receivables

Prepayments are recognized upon the occurrence of a payment made for an expenditure during one accounting period that will be consumed and incurred in a future period. Prepayments expire and become expenses with the passage of time, use, or events. Value added tax receivable is measured at cost.

Expected credit losses

The Group applies the IFRS 9 simplified approach to measuring expected credit losses which uses a lifetime expected loss allowance for trade receivables. To measure the expected credit losses, trade receivables have been grouped based on shared credit risk characteristics and the days past due. Trade receivables are written off when there is no reasonable expectation of recovery. Indicators that there is no reasonable expectation of recovery include, amongst others, the failure of a debtor to engage in a repayment plan with the Group, and a failure to make contractual payments for a period of greater than 120 days past due. Impairment losses on trade receivables and contract assets are presented as net impairment losses within operating profit. Subsequent recoveries of amounts previously written off are credited against the same line item.

Income Taxes

Income tax expense represents the aggregate amount determined on the profit for the period based on current tax and deferred tax.

In cases where the tax relates to items that are charged to other comprehensive income or directly to equity, the tax is also charged respectively to other comprehensive income or directly to equity.

In evaluating the probability of recognizing income tax assets, management makes estimates related to the expectation of future taxable income, applicable tax opportunities, tax planning strategies, and recent financial performance. In making its assessment, management gives weight to positive and negative evidence that can be objectively verified. The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in profit or loss because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The Group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

A provision is recognized for those matters for which the tax determination is uncertain but it is considered probable that there will be a future outflow of funds to a tax authority. The provisions are measured at the best estimate of the amount expected to become payable. The assessment is based on the judgment of tax professionals within the Group supported by previous experience in respect of such activities and in certain cases based on specialist independent tax advice.

Deferred taxation

Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit, and is accounted for using the liability method. Deferred tax liabilities are generally recognized for all taxable temporary differences and deferred tax assets are recognized to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilized. Such assets and liabilities are not recognized if the temporary difference arises from the initial recognition (other than in a business combination) of other assets and liabilities in a transaction that affects neither the taxable profit nor the accounting profit. In addition, a deferred tax liability is not recognized if the temporary difference arises from the initial recognition of goodwill.

Deferred tax liabilities are recognized for taxable temporary differences arising on investments in subsidiaries and associates, and interests in joint ventures, except where the Group is able to control the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future. Deferred tax assets arising from deductible temporary differences associated with such investments and interests are only recognized to the extent that it is probable that there will be sufficient taxable profits against which to utilize the benefits of the temporary differences and they are expected to reverse in the foreseeable future.

The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realized based on tax laws and rates that have been enacted or substantively enacted at the reporting date.

The measurement of deferred tax liabilities and assets reflects the tax consequences that would follow from the manner in which the Group expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.

Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and when they relate to income taxes levied by the same taxation authority and the Group intends to settle its current tax assets and liabilities on a net basis.

Current income tax is the expected tax expense, payable or receivable on taxable income or loss for the period, using tax rates enacted or substantively enacted at reporting date.

The Group has no income tax reported due to losses incurred in both periods presented.

Property, Plant and Equipment

Items of property, plant and equipment are initially recognized at cost. As well as the purchase price, cost includes directly attributable costs and the estimated present value of any future unavoidable costs of dismantling and removing items. The corresponding liability is recognized within provisions. They are subsequently measured at cost less accumulated depreciation and impairment losses.

Depreciation is provided on all items of property, plant and equipment so as to write off their carrying value over their expected useful economic lives or in the case of the right of use asset, over the shorter period of lease term and useful life of the underlying asset. Depreciation is provided at the following rates:

Computer equipment — 20% per annum straight line

The estimated useful life, residual values and depreciation method are reviewed at the end of each reporting period, with the effect of any changes in estimate accounted for on a prospective basis.

Loan Receivable

Loan receivables are measured at amortized cost using the effective interest method, less any impairment losses, within the scope of IFRS 2. Interest receivable is included in financing income.

Intangible Assets

Intangible assets comprise of acquired in-process research and development (

“IPR&D”

) and was initially recognized at cost, which was the consideration paid upon the asset acquisition of NewAmsterdam Pharma B.V. in 2020. In connection with the asset acquisition, contingent consideration for future profit rights and IPO share right was initially recognized as contingent consideration and had not been included in the carrying amount of the asset at acquisition. Management deemed that the events considered in estimating the contingent consideration were uncertain and could not be reliably estimated. For these reasons, the Company accounted for the contingent consideration under the cost accumulation model and not initially recognize a liability.

In accordance with IFRS 2, the additional contingent consideration paid for the IPR&D asset in exchange for shares in the Company upon the Closing Date (as defined below) is a share-based payment that is to be recognized at its fair value upon the date of the exchange. Payments for acquired in-process research and development projects obtained through in-licensing arrangements are capitalized as intangible assets provided that they are separately identifiable, controlled by the Company and expected to provide future economic benefits. Refer to Note 4 and Note 15 for additional details behind the acquisition and related cost recognized as IPR&D. The acquired IPR&D asset is regarded as having an indefinite useful life while in-progress as there is no foreseeable limit to the period over which the asset is expected to generate future cash flows, and the useful life will be determined once finalized.

Impairment of Intangible Assets

At each reporting date, the Group reviews the carrying amounts of its intangible assets with a definite life to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated to determine the extent of the impairment loss (if any). Where the asset does not generate cash flows that are independent from other assets, the Group estimates the recoverable amount of the cash-generating unit to which the asset belongs. A cash generating unit is the smallest identifiable group of assets that generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets. When a reasonable and consistent basis of allocation can be identified, corporate assets are also allocated to individual cash-generating units, or otherwise they are allocated to the smallest group of cash-generating units for which a reasonable and consistent allocation basis can be identified.

Intangible assets with an indefinite useful life are tested for impairment at least annually and whenever there is an indication at the end of a reporting period that the asset may be impaired.

Recoverable amount is the higher of fair value less costs of disposal and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted. The value in use amount is sensitive to the discount rate used in our discounted cash flow model as well as the expected future cash-inflows and the growth rate used for extrapolation purposes. Future cash flows are dependent on internal budgets and forecasts, whereas the discount rate depends on the interest rate and risk premium associated with the asset. Assumptions and estimates about future values of intangible assets are complex and subjective. They can be affected by a variety of factors, including external factors such as industry and economic trends, and internal factors such as changes in business strategy and internal forecasts.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognized immediately in profit or loss.

At the end of each reporting period, the Group determines if there is any indication a previously impaired intangible asset, excluding goodwill, no longer exists, has had a change in the estimates used to determine the asset’s recoverable amount since the impairment loss was recognized. If indicators are identified, the Group determines if the recoverable amount is greater than its carrying amount. If the recoverable amount is greater than its carrying amount, impairment is reversed. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognized for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognized immediately in profit or loss to the extent that it eliminates the impairment loss which has been recognized for the asset in prior years.

Financial Liabilities

Financial liabilities within the scope of IFRS 9 are classified as financial liabilities at fair value through profit or loss (“

FVTPL

”) or at amortized cost, as appropriate. The Group determines the classification of its financial liabilities at initial recognition. A financial liability is classified as at FVTPL if it is classified as held-for-trading, it is a derivative, or it is designated as such on initial recognition. Financial liabilities at FVTPL are measured at fair value and net gains and losses, including any financing expense, are recognized in profit or loss. Financing expense and foreign exchange gains and losses are recognized in profit or loss. Any gain or loss on derecognition is also recognized in profit or loss.

The Group’s financial liabilities include trade and other financial payables, derivative warrant liabilities and derivative earnout liability.

The net identifiable assets acquired in connection with the merger with FLAC included warrants that were issued in connection with FLAC’s Initial Public Offering (the “

Public Warrants

”) and the warrants issued by FLAC in a private offering which closed concurrently with its Initial Public Offering (the “

Private Placement Warrants

”) which are further described at Note 4. Those instruments fall within the scope of IAS 32 and have been classified as a derivative financial liability.

The derivative warrant liabilities and derivative earnout liability are accounted for as financial instruments measured at fair value through profit or loss, as their characteristics meet the definition of a derivative, as noted in Note 17. In accordance with IFRS 9, such derivative financial instruments were initially recognized at fair value and subsequently remeasured at fair value through profit or loss.

The Group derecognizes a financial liability when its contractual obligations are discharged or cancelled or expire. The Group also derecognizes a financial liability when its terms are modified and the cash flows of the modified liability are substantially different, in which case a new financial liability based on the modified terms is recognized at fair value. On derecognition of a financial liability, the difference between the carrying amount extinguished and the consideration paid (including any non-cash assets transferred or liabilities assumed) is recognized in profit or loss. The cash flows regarding financial liabilities are presented as gross in the consolidated statement of cash flows regardless of their maturity date.

Cash

Cash comprise cash and short-term bank deposits with an original maturity of three months or less. The carrying amount of these assets is approximately equal to their fair value due to their short term nature. Cash at the end of the reporting period as shown in the consolidated statement of cash flows can be reconciled to the related items in the consolidated reporting position as shown below.

Equity and reserves

No gain or loss is recognized in profit or loss on the purchase, sale, issue or cancellation of the Company’s own equity instruments. Any difference between the carrying amount and the consideration, if reissued, is recognized in share premium.

An equity instrument is any contract that evidences a residual interest in the assets of an entity after deducting all of its liabilities. Equity instruments issued by the Company are recognized at the proceeds received, net of direct issue costs.

Share-based Payments

The Company operates equity-settled share-based payment arrangements, under which the Company and its subsidiaries receive services from directors, employees and others providing similar services as consideration for equity instruments of the Company.

The Company determines the fair value of the share-based payment awards at the grant date, including the impact of any market conditions and non-vesting conditions, and recognizes an expense for the services received over the service period, with a corresponding increase in equity. For awards with graded-vesting features, each installment of the award is treated as a separate grant, which means that each installment is separately expensed over the related vesting period. At the end of each reporting period, service conditions and non-market vesting conditions are taken into account when estimating the number of awards that will ultimately vest.

The total amount to be expensed for services received is determined by reference to the grant date fair value of the awards. For options, the grant date fair value is determined using an option valuation model. For restricted stock units, the grant date fair value is equal to the closing share price at the grant date.

Determining the fair value of share-based payment transactions requires the most appropriate valuation for the specific program, which depends on the underlying terms and conditions. This estimate also requires the determination of the most appropriate inputs to the valuation model, including the fair value of the share option. Management determines the value of share-based awards at the respective grant date and at the end of each reporting period with the assistance of a third-party valuation specialist using certain assumptions, such as share price volatility, the determination of an appropriate risk-free interest rate and expected dividends. For options granted under the Company’s long-term incentive plan, the total amount to be expensed for services received is determined by reference to the grant date fair value of the options granted as determined using the Black-Scholes pricing model. The Black-Scholes model requires management to make assumptions and judgments about the variables used in the calculations, including the expected term (weighted-average period of time that the options

granted are expected to be outstanding), the expected volatility of Ordinary Shares, the related risk-free interest rate and the expected dividend. Changes in these estimates can have a material effect on share-based expenses recognized.

If the terms and conditions on which an award was granted are modified, the Company recognizes the effects of the modification if it increases the total fair value of the share-based payment arrangement or is otherwise beneficial to the participant. If an award is cancelled or settled during the vesting period and a new award is granted as a replacement award, the Company accounts for the grant of the replacement award as a modification. The incremental fair value is the difference between the fair value of the replacement award and the net fair value of the cancelled award at the date the replacement award is granted. If an incremental fair value is granted, it is recognized over the remaining vesting period in addition to the expense recognized for the original award.

Employer social security contributions payable in connection with share-based payment awards are accounted for as cash-settled share-based payment transactions. The expense for such employer social security contributions is allocated over the vesting period based on the estimated fair value of the liability. From the end of the vesting period to the date of actual exercise of options, the fair value of the liability is remeasured, with any changes in fair value recognized in profit or loss.

Leases

Right of use asset

Leased assets are capitalized at the commencement date of the lease and comprise the initial amount, initial direct costs incurred when entering into the lease less any lease incentives. An impairment is undertaken for any right of use lease assets that shows indicators of impairment and an impairment less is recognized against any right of use lease assets that is impaired. Right of use assets are amortized straight-line over the shorter period of lease term and useful life of the underlying asset. See Note 22 for details of the leasing arrangement.

Lease liability

The lease liability is measured at the present value of the fixed and variable lease payments net of cash lease incentives that are not paid at the balance date. Lease payments are apportioned between the finance charges and reduction of the lease liability using the incremental borrowing rate implicit in the lease to achieve a constant rate of interest on the remaining balance of the liability. Lease payments for buildings exclude services fees for cleaning and other costs. Lease modifications are accounted for as a new lease with an effective date of the modification.

Fair value measurement

Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value of a liability reflects its non-performance risk.

The Group measures the fair value of an instrument using the quoted price in an active market for that instrument, if that price is available. A market is regarded as ‘active’ if transactions for the asset or liability take place with sufficient frequency and volume to provide pricing information on an ongoing basis.

If there is no quoted price in an active market, then the Group uses valuation techniques that maximize the use of relevant observable inputs and minimize the use of unobservable inputs. The chosen valuation technique incorporates all the factors that market participants would take into account in pricing a transaction.

The fair value of an asset or a liability is measured using the assumptions that market participants would use when pricing the asset or liability, assuming that market participants act in their economic best interest. The

Group uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value, maximizing the use of relevant observable inputs and minimizing the use of unobservable inputs. All assets and liabilities for which fair value is measured or disclosed in the consolidated financial statements are categorized within the fair value hierarchy, described as follows, based on the lowest level input that is significant to the fair value measurement as a whole:

•

Level 1: Quoted (unadjusted) market prices in active markets for identical assets or liabilities.

•

Level 2: Inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices).

•

Level 3: Inputs for the asset or liability that are not based on observable market data (unobservable inputs).

If the inputs used to measure the fair value of an asset or a liability fall into different levels of the fair value hierarchy, then the fair value measurement is categorized in its entirety in the same level of the fair value hierarchy as the lowest level input that is significant to the entire measurement.

For assets and liabilities that are recognized in the consolidated financial statements at fair value on a recurring basis, the Group determines whether transfers have occurred between levels in the hierarchy by re-assessing categorization (based on the lowest level input that is significant to the fair value measurement as a whole), at the end of each reporting period.

New and Amended IFRS Standards that are Effective for the Current Year

New standards and interpretations effective for the annual period beginning on January 1, 2022 did not have any material impact on the Company’s consolidated financial statements.

Annual Improvements to IFRS Standards 2018-2020 — Amendments to IFRS 1 — First-Time Adoption of International Financial Reporting Standards (Effective January 1, 2022)

The amendment permits a subsidiary that applies paragraph D16(a) of IFRS 1 to measure cumulative translation differences using the amounts reported by its parent, based on the parent’s date of transition to IFRSs.

Annual Improvements to IFRS Standards 2018-2020 — Amendments to IFRS 9 — Financial Instruments (Effective January 1, 2022)

The amendment clarifies fees in the applying the ‘10 percent’ test for derecognition of financial liabilities.

Annual Improvements to IFRS Standards 2018-2020 — Amendments to IAS 41 — Agriculture (Effective January 1, 2022)

The amendment removes the requirement in paragraph 22 of IAS 41 for entities to exclude taxation cash flows when measuring the fair value of a biological asset using a present value technique.

Amendments to IFRS 3 — Reference to the Conceptual Framework (Effective January 1, 2022)

The amendments add to IFRS 3 a requirement that, for obligations within the scope of IAS 37, an acquirer applies IAS 37 to determine whether at the acquisition date a present obligation exists as a result of past events. For a levy that would be within the scope of IFRIC 21 Levies, the acquirer applies IFRIC 21 to determine whether the obligating event that gives rise to a liability to pay the levy has occurred by the acquisition date. Finally, the amendments add an explicit statement that an acquirer does not recognize contingent assets acquired in a business combination.

Amendments to IAS 16 — Property, Plant and Equipment — Proceeds before Intended Use (Effective January 1, 2022)

The amendments prohibit deducting from the cost of an item of property, plant and equipment any proceeds from selling items produced before that asset is available for use. Consequently, an entity recognizes such sales proceeds and related costs in profit or loss and measures the cost of those items in accordance with IAS 2 Inventories.

The amendments also clarify the meaning of ‘testing whether an asset is functioning properly’. IAS 16 now specifies this as assessing whether the technical and physical performance of the asset is such that it is capable of being used in the production or supply of goods or services, for rental to others, or for administrative purposes. If not presented separately in the statement of comprehensive income, the financial statements shall disclose the amounts of proceeds and cost included in profit or loss that relate to items produced that are not an output of the entity’s ordinary activities, and which line item(s) in the statement of comprehensive income include(s) such proceeds and cost.

Amendments to IAS 37 — Onerous Contracts — Cost of Fulfilling a Contract (Effective January 1, 2022)

The amendments specify that the ‘cost of fulfilling’ a contract comprises the ‘costs that relate directly to the contract’. Costs that relate directly to a contract consist of both the incremental costs of fulfilling that contract (examples would be direct labor or materials) and an allocation of other costs that relate directly to fulfilling contracts (an example would be the allocation of the depreciation charge for an item of property, plant and equipment used in fulfilling the contract). The amendments apply to contracts for which the entity has not yet fulfilled all its obligations at the beginning of the annual reporting period in which the entity first applies the amendments. Comparatives are not restated. Instead, the entity shall recognize the cumulative effect of initially applying the amendments as an adjustment to the opening balance of retained earnings or other component of equity, as appropriate, at the date of initial application.

New Standards, Interpretations and Amendments Issued but Not Yet Adopted by the Company

At the date of authorization of these financial statements, the Company has not applied the following new and revised IFRS Standards that have been issued but are not yet effective. The amendments to the standards and interpretations presented are not expected to have a material impact on the consolidated financial statements in future periods. Any new or amended standards and interpretations that are not deemed relevant to the Group’s consolidated financial position and results of operations are not listed.

Amendments to IAS 1 — Presentation of Financial Statements — Classification of liabilities as Current and Non-current (Effective January 1, 2023)

The amendments to IAS 1 affect only the presentation of liabilities as current or non-current in the statement of financial position and not the amount or timing of recognition of any asset, liability, income or expense, or the information disclosed about those items.

The amendments clarify that the classification of liabilities as current or non-current is based on rights that are in existence at the end of the reporting period, specify that classification is unaffected by expectations about whether an entity will exercise its right to defer settlement of a liability, explain that rights are in existence if covenants are complied with at the end of the reporting period, and introduce a definition of ‘settlement’ to make clear that settlement refers to the transfer to the counterparty of cash, equity instruments, other assets or services.

Amendments to IAS 1 — Presentation of Financial Statements and IFRS Practice Statement 2 — Making Materiality Judgments — Disclosure of Accounting Policies (Effective January 1, 2023)

The amendments change the requirements in IAS 1 with regard to disclosure of accounting policies. The amendments replace all instances of the term ‘significant accounting policies’ with ‘material accounting policy information’. Accounting policy information is material if, when considered together with other information included in an entity’s financial statements, it can reasonably be expected to influence decisions that the primary users of general purpose financial statements make on the basis of those financial statements.

The supporting paragraphs in IAS 1 are also amended to clarify that accounting policy information that relates to immaterial transactions, other events or conditions is immaterial and need not be disclosed. Accounting policy information may be material because of the nature of the related transactions, other events or conditions, even if the amounts are immaterial. However, not all accounting policy information relating to material transactions, other events or conditions is itself material.

The Board has also developed guidance and examples to explain and demonstrate the application of the ‘four-step materiality process’ described in IFRS Practice Statement 2.

Amendments to IAS 8 — Accounting Policies, Changes in Accounting Estimates and Errors — Definition of Accounting Estimates (Effective January 1, 2023)

The amendments replace the definition of a change in accounting estimates with a definition of accounting estimates. Under the new definition, accounting estimates are “monetary amounts in financial statements that are subject to measurement uncertainty.”

The definition of a change in accounting estimates was deleted. However, the Board retained the concept of changes in accounting estimates in the Standard with the following clarifications:

•

A change in accounting estimate that results from new information or new developments is not the correction of an error.

•

The effects of a change in an input or a measurement technique used to develop an accounting estimate are changes in accounting estimates if they do not result from the correction of prior period errors.

Amendments to IAS 12 — Income Taxes — Deferred Tax related to Assets and Liabilities arising from a Single Transaction (Effective January 1, 2023)

The amendments introduce a further exception from the initial recognition exemption. Under the amendments, an entity does not apply the initial recognition exemption for transactions that give rise to equal taxable and deductible temporary differences.

Depending on the applicable tax law, equal taxable and deductible temporary differences may arise on initial recognition of an asset and liability in a transaction that is not a business combination and affects neither accounting nor taxable profit. For example, this may arise upon recognition of a lease liability and the corresponding right-of-use asset applying IFRS 16 at the commencement date of a lease.

Following the amendments to IAS 12, an entity is required to recognize the related deferred tax asset and liability, with the recognition of any deferred tax asset being subject to the recoverability criteria in IAS 12.

The amendments apply to transactions that occur on or after the beginning of the earliest comparative period presented. In addition, at the beginning of the earliest comparative period an entity recognizes:

•

A deferred tax asset (to the extent that it is probable that taxable profit will be available against which the deductible temporary difference can be utilized) and a deferred tax liability for all deductible and taxable temporary differences associated with:

•

Right-of-use assets and lease liabilities; or

•

Decommissioning, restoration and similar liabilities and the corresponding amounts recognized as part of the cost of the related asset.

•

The cumulative effect of initially applying the amendments as an adjustment to the opening balance of retained earnings (or other component of equity, as appropriate) at that date.

The impact on the Company of the related amendment is still under evaluation.

Amendments to IAS 1 — Presentation of Financial Statements — Classification of Liabilities as Current or Non-current, and Non-current Liabilities with Covenants (Effective January 1, 2024)

Published in 2020 and 2022 respectively, clarify that the classification of liabilities as current or noncurrent is based solely on a company’s right to defer settlement for at least 12 months at the reporting date. The right needs to exist at the reporting date and must have substance.

Only covenants with which a company must comply on or before the reporting date may affect this right. Covenants to be complied with after the reporting date do not affect the classification of a liability as current or noncurrent at the reporting date. However, disclosure about covenants is now required to help users understand the risk that those liabilities could become repayable within 12 months after the reporting date.

The amendments also clarify that the transfer of a company’s own equity instruments is regarded as settlement of a liability. If a liability has any conversion options, then those generally affect its classification as current or noncurrent, unless these conversion options are recognized as equity under IAS 32, Financial Instruments: Presentation.

The impact on the Company of the related amendment is still under evaluation.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - EUR (€) € in Thousands	6 Months Ended		12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Operating activities:
Loss before tax	€ (75,102)	€ 54,513	€ (78,052)	€ (28,599)	€ (5,749)
Non-cash adjustments to reconcile loss before tax to net cash flows:
Depreciation and amortization	34	36	72	14	1
Share listing expense			60,600
Finance income	(5,176)	(10)	(11)	(9)
Finance expense	0	5	9	2	330
Fair value change—derivative earnout and warrants	5,998		976
Foreign exchange gains	(2,770)	(1,070)	9,256	(1,443)	(24)
Share-based compensation	12,118	349	3,922	1,049
Changes in working capital:
Changes in trade receivables		(115,000)
Changes in prepayments and other receivables	3,686	(6,692)	(3,975)	(4,424)	(1,357)
Changes in trade and other payables	2,893	1,727	(2,063)	8,246	829
Changes in deferred revenue	(4,590)	21,500	17,500
Changes in non-current assets/liabilities
Changes in long-term prepaid expenses	51
Interest paid	(3)		(262)
Net cash provided by/(used in) operating activities	(62,861)	(44,642)	7,972	(25,164)	(5,970)
Investing activities:
Purchase of equipment	(4)	(2)	(13)	(20)	(13)
Repayment of loan receivable			728		0
Interest received	5,176
Net cash provided by/(used in) investing activities	5,172	(2)	715	(20)	(13)
Financing activities:
Transaction costs on issue of shares			(2,534)
Proceeds from issuance of borrowings					11,320
Payments of lease liabilities	(30)	(33)	(65)	(10)
Net cash provided by financing activities	8,023	79,647	375,177	68,990	11,320
Net change in cash	(49,666)	35,003	383,864	43,806	5,337
Foreign exchange differences	(5,361)	1,383	1,566	1,425	24
Cash at the beginning of the period	438,522	53,092	53,092	7,861	2,500
Cash at the end of the period	383,495	89,478	438,522	53,092	€ 7,861
Series A
Financing activities:
Proceeds from issuing equity securities		€ 79,680	79,680	€ 69,000
Exercise of warrants
Financing activities:
Proceeds from issuing equity securities	7,957
Exercise of company options
Financing activities:
Proceeds from issuing equity securities	€ 96
FLAC shareholders
Financing activities:
Proceeds from issuing equity securities			69,753
P I P E Financing
Financing activities:
Proceeds from issuing equity securities			€ 228,343

Related Parties (Tables)

6 Months Ended

12 Months Ended

Jun. 30, 2023

Dec. 31, 2022

Disclosure Of Transactions Between Related Parties [Abstract]

Summary of Total Amount of Transactions Entered into Related Parties

The following table provides the total amount of transactions that have been entered into with related parties for the relevant financial year ended December 31:


	Related party relationship		Type of transaction		Purchases from		Amounts owed to			Amounts owed by
2022
FCPM III Services B.V. (“Forbion III”)		Common control		Rent and office services		40		12			—
2021

FCPM III Services B.V. (“Forbion III”)		Common control		Rent and office services		20		21			—

Mr. M.H. Davidson		Exec. director & shareholder		Receivables		—		—			718
2020

FCPM III Services B.V. (“Forbion III”)		Common control		Rent and office services		28		3			—

Forbion Capital Partners		Common control		Due diligence and travel		3		—			—

Forbion Capital Fund II Coöperatief U.A. (“Forbion II”)		Shareholder		Borrowings		—		10,291	*		—

Forbion Capital Fund IV Coöperatief U.A. (“Forbion IV”)		Common control		Borrowings		—		679	*		—

Mr. M.H. Davidson		Exec. director & shareholder		Borrowings		—		679	*		—

*	Amounts receivable from this related party were with NewAmsterdam Pharma and comprised of outstanding principal and unpaid interest, with further details given in Note 14 which reflects the total loan receivable. Amount was fully settled in July 2022.

Summary of Total Compensation Paid to KMPs

The following table sets forth the total compensation paid to KMPs during the six months ended June 30:


	2023		2022
Short-term employee benefits		2,198		1,257
Share-based payments		10,164		290

Total compensation paid to key management personnel		12,362		1,547

The following table sets forth the total compensation paid to KMPs during the period:


	2022		2021		2020
Short-term employee benefits		2,741		1,505		1,303
Share-based payments		3,203		753		—

Total compensation paid to key management personnel		5,944		2,258		1,303

Income Taxes

12 Months Ended

Dec. 31, 2022

Major components of tax expense (income) [abstract]

Income Taxes

Note 12 — Income Taxes

Fiscal Unity in the Netherlands

With an effective date of November 21, 2022, NewAmsterdam Pharma Company N.V. formed a fiscal unity with NewAmsterdam Pharma Holding B.V. and NewAmsterdam Pharma B.V. for corporate income tax purposes. A company and its subsidiaries that are part of the fiscal unity are jointly and severally liable for the tax payable by the fiscal unity.

Effective Tax Rate

The table below outlines the reconciliation between the maximum statutory tax rate in 2022 in the Netherlands of 15% for the first €395,000 and 25.8% thereafter (In 2021, this rate was 15% for the first €245.000 and 25% thereafter; in 2020, 16.5% for the first €200,000 and 25% thereafter) and the effective income tax rates for the Company, together with the corresponding amounts, for the years ended December 31:


	2022			2021			2020
Loss before tax		(78,052	)		(28,599	)		(5,749	)
Income tax benefit at statutory tax rate		20,095			7,125			1,420
Difference due to the effects of:
Movement in unrecognized deferred tax assets resulting from carried forward losses		(20,095	)		(7,125	)		(1,420	)

Income tax expense:		—			—			—

Effective tax rate:		0	%		0	%		0	%

Deferred Taxes

Unused tax losses and other credits carried forwards

The Group recognizes a deferred tax asset for unused tax losses, to the extent that it is probable that the deferred tax asset could be utilized against taxable income within the foreseeable future.

As at December 31, 2022, tax losses can be carried forward indefinitely to offset against future taxable income, with utilization of such losses limited to 50% of taxable income in excess of € 1 million in any respective year. As at December 31, 2022, at December 31, 2021 and at December 31, 2020, the Group had assessed losses amounting to €78.1 million, €28.6 million and €6.1 million, respectively. In addition, the Group assumed carry forward losses from the following tax periods, resulting from the fiscal unity of the Company and NewAmsterdam Pharma B.V. as associated with the acquisition of its assets and liabilities:


Year	Tax loss
2012-2013		7,097
2014		11,303
2015		27,255
2016		86,547
2017		1,340
2018		2,303
2019		3,019
2020		6,077
2021		28,599
2022		78,052

		251,592

No deferred tax asset was recognized for these assessed losses as the Group has no products approved for sale, it is not yet probable that the unused tax losses can be utilized against any taxable amounts from the Menarini License, and there are no sources of income in general.

Financial Assets and Liabilities Fair Value - Schedule of Reconciliation of Movements of Liabilities to Cash Flows Arising from Financing Activities (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Disclosure of reconciliation of liabilities arising from financing activities [line items]
Balance at beginning of period	€ 164
Principal paid on lease liabilities	(56)	€ (8)
Interest paid on lease liabilities	(9)	(2)
Total changes from financing cash flows	(65)	(10)
Effect of changes in foreign exchange rates	(370)
Interest charges	9	2
Acquired at Closing Date	10,345
Change in fair value	976
Capital increases		172
Total liability-related charges	10,960	174
Balance at end of period	11,059	164
Lease Liability
Disclosure of reconciliation of liabilities arising from financing activities [line items]
Balance at beginning of period	164
Principal paid on lease liabilities	(56)	(8)
Interest paid on lease liabilities	(9)	(2)
Total changes from financing cash flows	(65)	(10)
Effect of changes in foreign exchange rates	10
Interest charges	9	2
Capital increases		172
Total liability-related charges	19	174
Balance at end of period	118	€ 164
Derivative Earnout Liability
Disclosure of reconciliation of liabilities arising from financing activities [line items]
Effect of changes in foreign exchange rates	(243)
Acquired at Closing Date	6,633
Change in fair value	663
Total liability-related charges	7,053
Balance at end of period	7,053
Derivative Warrant Liabilities
Disclosure of reconciliation of liabilities arising from financing activities [line items]
Effect of changes in foreign exchange rates	(137)
Acquired at Closing Date	3,712
Change in fair value	313
Total liability-related charges	3,888
Balance at end of period	€ 3,888

Financial Risk Management - Summary of Maturity Profile of Group Financial Liabilities Based on Contractual Undiscounted Payments (Details) - EUR (€) € in Thousands	Jun. 30, 2023	Dec. 31, 2022	Dec. 31, 2021
Disclosure of Financial Risk Management [Line Items]
Trade and other payables	€ 17,903	€ 16,568	€ 6,595
Value added tax payable			2,774
Share based payment liabilities	2,951	1,935	458
Lease liability	87	118	164
Derivative warrant liabilities	7,727	3,888
Derivative earnout liability	7,553	7,053
Total financial liabilities	36,221	29,562	9,991
On demand
Disclosure of Financial Risk Management [Line Items]
Share based payment liabilities	2,763	1,935	458
Derivative warrant liabilities	7,727	3,888
Total financial liabilities	10,490	5,823	458
Less than 3 months
Disclosure of Financial Risk Management [Line Items]
Trade and other payables	17,903	16,448	5,715
Value added tax payable			2,774
Share based payment liabilities	43
Lease liability	15	15	13
Total financial liabilities	17,961	16,463	8,502
3-12 months
Disclosure of Financial Risk Management [Line Items]
Trade and other payables		92	880
Share based payment liabilities	130
Lease liability	48	63	40
Total financial liabilities	178	155	920
More than 1 Year
Disclosure of Financial Risk Management [Line Items]
Trade and other payables		28
Share based payment liabilities	15
Lease liability	24	40	111
Derivative earnout liability	7,553	7,053
Total financial liabilities	€ 7,592	€ 7,121	€ 111

Financial Assets and Liabilities Fair Value - Summary of Carrying amounts of Financial Liabilities Measured at Fair Value Through Profit and Loss (Details) - EUR (€)	Jun. 30, 2023	Dec. 31, 2022
Disclosure of Financial Risk Management [Line Items]
Derivative warrant liabilities	€ 7,727,000	€ 3,888,000
Derivative earnout liability	7,553,000	7,053,000
Recurring
Disclosure of Financial Risk Management [Line Items]
Derivative earnout liability	7,553	7,053
Total financial liabilities	15,280	10,941
Public Warrants \| Recurring
Disclosure of Financial Risk Management [Line Items]
Derivative warrant liabilities	7,406	3,752
Private Placement Warrants \| Recurring
Disclosure of Financial Risk Management [Line Items]
Derivative warrant liabilities	321	136
Level 1 \| Recurring
Disclosure of Financial Risk Management [Line Items]
Total financial liabilities	7,406	3,752
Level 1 \| Public Warrants \| Recurring
Disclosure of Financial Risk Management [Line Items]
Derivative warrant liabilities	7,406	3,752
Level 2 \| Recurring
Disclosure of Financial Risk Management [Line Items]
Total financial liabilities	321	136
Level 2 \| Private Placement Warrants \| Recurring
Disclosure of Financial Risk Management [Line Items]
Derivative warrant liabilities	321	136
Level 3 \| Recurring
Disclosure of Financial Risk Management [Line Items]
Derivative earnout liability	7,553	7,053
Total financial liabilities	€ 7,553	€ 7,053

Basis of Preparation and Summary of Significant Accounting Policies - Additional Information (Details) - EUR (€)	1 Months Ended	12 Months Ended
	Nov. 30, 2022	Dec. 31, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Disclosure Of Basis of Preparation and Summary of Significant Accounting Policies [Line Items]
Cash balance		€ 438,522,000	€ 383,495,000	€ 89,478,000	€ 53,092,000	€ 7,861,000	€ 2,500,000
Upfront payment received		115,000,000
Defined contribution plans, pension obligation		0
Trade receivables written off, reasonable expectation of recovery		€ 0
Depreciation method, property, plant and equipment		straight line
Gain (loss) on purchase or sale of equity instruments		€ 0
Gain (loss) on Issue or cancellation of equity instruments		€ 0
Computer Equipment
Disclosure Of Basis of Preparation and Summary of Significant Accounting Policies [Line Items]
Percentage of straight line per annum		20.00%
Business Combination Agreement
Disclosure Of Basis of Preparation and Summary of Significant Accounting Policies [Line Items]
Proceeds received as a result of business combination	€ 69,800,000
PIPE Financing
Disclosure Of Basis of Preparation and Summary of Significant Accounting Policies [Line Items]
Proceeds received	€ 228,300,000

Intangible Assets - Additional Information (Details) - EUR (€)	Apr. 09, 2020	Jun. 30, 2023	Dec. 31, 2022	Nov. 22, 2022	Jun. 30, 2022	Dec. 31, 2021	Jul. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Disclosure of detailed information about intangible assets [line items]
Par value per share			€ 0.12	€ 0.01	€ 0.12	€ 0.01		€ 0.01	€ 0.01
Ordinary Shares
Disclosure of detailed information about intangible assets [line items]
Number of shares issued							285,714
Par value per share		€ 0.12	€ 2.48	€ 0.12
Amgen and MTPC \| Ordinary Shares
Disclosure of detailed information about intangible assets [line items]
Number of shares issued	8,656,330			8,656,330
Dezima \| Ordinary Shares
Disclosure of detailed information about intangible assets [line items]
Number of shares issued	4,910,000
Increase in ordinary shares	€ 83,200,000
Dezima \| Amgen Incorporation
Disclosure of detailed information about intangible assets [line items]
Consideration paid	€ 1
Dezima \| Amgen and MTPC \| Ordinary Shares
Disclosure of detailed information about intangible assets [line items]
Number of shares issued	3,746,330
Par value per share	€ 9.61
Intangible asset recognized	€ 83,200,000

Revenue - Additional Information (Details) € in Thousands		1 Months Ended		6 Months Ended		12 Months Ended
Revenue - Additional Information (Details) € in Thousands	Jun. 23, 2022 EUR (€)	Apr. 30, 2023 EUR (€)	Jul. 31, 2022 EUR (€)	Jun. 30, 2023 EUR (€)	Jun. 30, 2022 EUR (€)	Dec. 31, 2022 EUR (€) Installment	Jan. 01, 2023 EUR (€)	Dec. 31, 2021 EUR (€)
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items]
Deferred revenue							€ 17,500
Increase (decrease) in deferred revenue liability				€ (300)
Additional deferred revenue				0
Current liabilities				38,335		€ 35,461		€ 9,880
Non-current liabilities				10,499		11,601		€ 111
Non refundable upfront payment			€ 115,000
Non refundable fee			€ 115,000
Upfront payment of payment obligation						115,000
Long term prepaid expenses				93		146
Total revenue				9,562	€ 93,500	97,500
Clinical Success Milestone Related to Phase 2b ROSE2 Clinical Trial
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items]
Milestone payment received		€ 5,000
Deferred revenue
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items]
Revenue				4,600
Menarini License
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items]
Current liabilities				9,700
Non-current liabilities				2,900
Cost for development of products						€ 27,500
Number of annual installments of revenue partially contribution \| Installment						2
Percentage of revenue from performance obligations satisfied or partially satisfied in previous periods						50.00%
Additional milestone payment upon achievement						€ 863,000
Cost incurred						3,100
Sales and marketing expense						2,500
Prepayments and other receivables						500
Long term prepaid expenses						100
Transaction price allocated to remaining performance obligations						27,500
Total revenue				9,600	93,500	97,500
License Revenue
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items]
Total revenue				9,562	93,500
License Performance Obligation \| License Revenue
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items]
Total revenue	€ 93,500			€ 5,000	€ 93,500	€ 93,500
Research and Development Performance Obligation
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items]
Percentage of increase decrease in estimated costs						50.00%
Deferred revenue						€ 21,500
Research and Development Performance Obligation \| Menarini License
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items]
Revenue from performance obligations satisfied or partially satisfied in previous periods						1,200
Current liabilities						13,000
Research and Development Performance Obligation \| License Revenue
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items]
Total revenue						4,000
Non-current liabilities						€ 4,500

Trade and Other Payables (Tables)

12 Months Ended

Dec. 31, 2022

Trade And Other Current Payables [Abstract]

Schedule of Trade and Other Payables

Trade and other payables consisted of the following items as of December 31:


	2022		2021
Accounts payable		11,113		6,219
Accrued expenses		5,455		375
Value added tax payable		—		2,774
Share based payment liabilities		1,935		458

Total trade and other payables		18,503		9,827

Earnings (Loss) Per Share - Schedule Of Computation Of Original and Restated Basic And Diluted Loss Per Share (Details) - EUR (€)
€ / shares in Units, € in Thousands

6 Months Ended

12 Months Ended

Jun. 30, 2023

Jun. 30, 2022

Dec. 31, 2022

Dec. 31, 2021

Dec. 31, 2020

Earnings per share [line items]

(Loss)/profit for the period

€ (75,102)

€ 54,513

€ (78,052)

€ (28,599)

€ (5,749)

Weighted average basic number of Ordinary Shares

81,846,438

36,258,312

81,559,780

24,131,427

10,653,636

Weighted average diluted number of Ordinary Shares

81,846,438

40,443,670

11,325,442

5,000,000

Basic

€ (0.92)

^[1]

€ 1.5

^[1]

€ (0.96)

^[2]

€ (1.19)

^[2]

€ (0.54)

^[2]

Diluted

€ (0.92)

^[1]

€ 1.35

^[1]

€ (0.96)

^[2]

€ (1.19)

^[2]

€ (0.54)

^[2]

Original

Earnings per share [line items]

Weighted average basic number of Ordinary Shares

81,846,438

17,016,872

81,559,780

11,325,442

5,000,000

Weighted average diluted number of Ordinary Shares

81,846,438

18,981,158

Basic

€ (0.92)

€ 3.2

€ (0.96)

€ (2.53)

€ (1.15)

Diluted

€ (0.92)

€ 2.87

€ (0.96)

€ (2.53)

€ (1.15)

[1]	Restated—see Note 10
[2]	Restated — see Note 21

Financial Assets and Liabilities Fair Value - Summary of Changes to Proabability of the Milestone Completion (Details) € in Thousands	12 Months Ended
	Dec. 31, 2022 EUR (€)
Disclosure Of Financial Instruments [Abstract]
Increase in probability of milestone achievement by 20%	€ (3,526)
Decrease in probability of milestone achievement by 20%	€ 3,526

Financial Assets and Liabilities Fair Value

6 Months Ended

12 Months Ended

Jun. 30, 2023

Dec. 31, 2022

Disclosure Of Financial Instruments [Abstract]

Financial Assets and Liabilities Fair Value

Note 7 — Financial Assets and Liabilities Fair Value

Financial liabilities consist of trade and other payables, lease liability, derivative warrant liabilities and derivative earnout liability.

The carrying amount of cash, trade and other payables approximate their fair value due to their short-term nature. The fair values of these financial assets and liabilities are included at the amount at which the instrument could be exchanged in a current transaction between willing parties, other than in a forced or liquidation sale. Lease liabilities are measured at amortized cost based on the present value of the contractual payments due to the lessor over the lease term.

Derivative Warrant Liabilities

At January 1, 2023 a total of 167,000 Private Placement Warrants and 4,600,000 Public Warrants (collectively, the

“Warrants”

) were outstanding. In the six months ended June 30, 2023, no new warrants were issued and 749,679 were exercised at a price of $11.50 per ordinary share, nominal value €0.12 per share, of the Company (the “

Ordinary Shares

”), for total proceeds of €8.0 million. At June 30, 2023, the Company had 3,850,321 and 167,000 Public Warrants and Private Placement Warrants outstanding, respectively.

The fair value of the outstanding Warrants increased from $0.87 per warrant as of December 31, 2022 to $2.09 per warrant at June 30, 2023. At the moment of exercise, the fair value of a Warrant is calculated as the difference between the exercise price and the closing price on the date of exercise of an Ordinary Share trading on Nasdaq under the ticker NAMS. For the six months ended June 30, 2023, the Group recognized a charge of €5.4 million in profit or loss, which has been presented as a change in the fair value of derivative warrant liabilities under fair value change – derivative earnout and warrants expense.

Derivative Earnout Liability

The Business Combination Agreement contemplates the issuance of Earnout Shares, totaling 1,886,137 Ordinary Shares, contingent upon the achievement of a development milestone. At December 31, 2022, 1,725,358 Earnout Shares were allocated to Participating Shareholders. During the period a Participating Optionholder forfeited their rights with respect to a total of 409 Earnout Shares. These shares were reallocated pro rata among the remaining pool of Earnout Shares. As a result, at June 30, 2023 an additional 374 Earnout Shares were allocated to Participating Shareholders for a total of 1,725,732 Earnout Shares.

At December 31, 2022, the fair value of the 1,725,358 Earnout Shares allocated to Participating Shareholders was €7.1 million. At June 30, 2023, the fair value of the 1,725,732 Earnout Shares allocated to Participating Shareholders was €7.6 million. The remeasurement of the financial liability resulted in a charge of €0.6 million in profit or loss, which has been presented as a change in the fair value of derivative warrant liabilities under fair value change – derivative earnout and warrants expense.

Fair value measurements

The financial liability for the derivative warrants is accounted for at fair value through profit or loss. The Public Warrants are considered liquid and are actively listed on Nasdaq and have been measured at fair value using the quoted price (Level 1).

The Private Placement Warrants have been measured at fair value using inputs other than quoted prices included in Level 1 that are observable for the liability (Level 2), since the terms of the Private Placement Warrants are considered to be nearly identical to the Public Warrants, and the Public Warrants have an observable price in the active market. For these reasons, the measurement of the Private Placement Warrants can be indirectly derived from the quoted price of the Public Warrants.

Based upon an assumed zero dividend rate and the fact that no strike price exists that would have led to any volatility measure relative to the Company’s share price, the fair value of the Earnout Shares allocated to Participating Shareholders resulting from the Black-Scholes pricing model is driven by the Company’s closing share price as a Level 1 input and the probability of milestone completion, estimated by management to be 40%, as a Level 3 input. As management’s judgment of the probability of milestone completion remained constant during the period, the change in fair value resulted from the Company’s price per share between the valuations performed at December 31, 2022 and at June 30, 2023. The resulting per share fair value of the Earnout Shares allocated to Participating Shareholders is €4.38 at June 30, 2023, compared to a per share fair value of €4.09 at the December 31, 2022.

The following table shows the carrying amounts of the financial liabilities measured at fair value through profit and loss on a recurring basis:


	Level 1		Level 2		Level 3		Total
Liabilities measured at FVTPL
Derivative warrant liability (Public Warrants)		7,406		—		—		7,406
Derivative warrant liability (Private Placement Warrants)		—		321		—		321
Derivative earnout liability		—		—		7,553		7,553

Total financial liabilities		7,406		321		7,553		15,280

Note 17 — Financial Assets and Liabilities Fair Value

Financial liabilities consist of trade and other payables, lease liability, derivative warrant liabilities and derivative earnout liability.

Derivative Warrant Liabilities

Immediately following the Merger mentioned in Note 4, each outstanding warrant to purchase a Class A ordinary share, par value $0.0001 per share, of FLAC became a warrant to purchase one Ordinary Share, on substantially the same terms as were in effect immediately prior to the Closing Date which resulted in the issuance of 167,000 Private Placement Warrants and 4,600,000 Public Warrants (collectively, the

“Warrants”

) and were considered part of the net assets of FLAC at the time of the Merger. The Company assumed and continues to hold these

warrants on the same terms as before (to the extent applicable). No new warrants were issued and no existing Warrants were exercised or redeemed from the Closing Date to December 31, 2022. At December 31, 2022, the Group had 4,600,000 and 167,000 Public Warrants and Private Placement Warrants outstanding, respectively.

Both Private Placement Warrants and Public Warrants entitle the holder to convert each warrant into one Ordinary Share of the Company of €0.12 par value at an exercise price of $11.50 per Ordinary Share at any time commencing 30 days after the date after the Closing Date.

Once exercisable, the Company may call the Warrants for redemption if the closing market price of Ordinary Shares equals or exceeds $18.00 per share for any 20 trading days within a 30-trading day period ending on the third trading day prior to the date on which notice of the redemption is given to the warrant holders (the “

Reference Value

”). The Company may redeem the outstanding Warrants if the Reference Value equals or exceeds $10.00 per share (as adjusted for share subdivisions, share dividends, reorganizations, recapitalizations and the like) on the trading day prior to the date on which notice of the redemption is given to the warrant holders. The terms of the Private Placement Warrants are identical to the Public Warrants except if the Reference Value is less than $18.00 per share, the Private Placement Warrants must also be concurrently called for redemption on the same terms as the outstanding Public Warrants.

Until Warrant holders acquire the Ordinary Shares upon exercise of such Warrants, they will have no voting or economic rights. The Warrants will expire on November 23, 2027, five years after the date after the Closing Date, or earlier upon redemption or liquidation in accordance with their terms.

As there are no elements in the Warrants that give the Company the possibility to prevent the warrant owners to convert their warrants within 12 months the Company has classified the derivative warrant liabilities as a current liability.

The fair value of the Warrants increased from $0.80 per warrant as of the Closing Date to $0.87 per warrant at December 31, 2022. Consequently, for the year ended December 31, 2022, the Group has recognized a charge of €0.3 million in profit or loss, which has been presented as a change in the fair value of derivative warrant liabilities under fair value change – derivative earnout and warrants expense.

Derivative Earnout Liability

As mentioned in Note 4, the Business Combination Agreement contemplates the issuance of Earnout Shares, totaling 1,886,137 Ordinary Shares, contingent upon the achievement of a development milestone. Of the total Earnout Shares 1,725,358 Earnout Shares are currently allocated to Participating Shareholders. The development milestone consists of achievement and public announcement of Positive Phase 3 Data (as defined in the Business Combination Agreement) for each of the Company’s BROADWAY clinical trial and BROOKLYN clinical trial at any time during the period beginning on the day prior to the Closing Date and ending on the date that is five years after the Closing Date (the “

Earnout Period

”). As the development milestone has not yet been achieved, no Earnout Shares have been issued as of December 31, 2022, and no Earnout Shares will be issuable if the applicable milestone is not achieved within the Earnout Period.

At the closing of the Merger, the fair value of the Earnout Shares allocated to Participating Shareholders was €6.4 million. The financial liability was remeasured at December 31, 2022 which resulted in a charge of €0.7 million in profit or loss, which has been presented as a change in the fair value of derivative warrant liabilities under fair value change – derivative earnout and warrants expense.

Fair value measurements

The estimated fair value of the Earnout Shares to Participating Shareholders was determined using Level 3 inputs, other than the Company’s share price as a Level 1 input, as no observable market inputs were available. The Earnout Shares allocated to Participating Shareholders have been measured at fair value using a Black-Scholes pricing model. Inputs to the fair value of the derivative earnout liability are as follows:


	December 31, 2022
Share value (USD)		10.90
Volatility (%)		33%–35	%
Expected Range of milestone completion (years)		1.33–1.67
Probability of milestone completion		40	%
Dividend yield		0	%
Risk-free rate		4.50%–4.60	%
Strike price (USD)		0.00

The initial recognition of the Earnout Shares allocated to Participating Shareholders included the same Level 3 inputs except for the share value which was €9.61 per share at the Closing Date (translated at the per share price of $9.87 at the Closing Date).

The assumptions used to determine the fair value of the Earnout Shares allocated to Participating Shareholders represent management’s best estimates. The Group estimates the volatility of its Earnout Shares allocated to Participating Shareholders from historical volatility of selected peer companies’ common stock that matches the expected timing of the milestone completion date. The expected timing of the milestone completion date is based on management’s estimation and relevant industry targets. The dividend rate is based on the historical rate, which the Company anticipates will remain at zero.

Given the assumed zero dividend rate and the fact that no strike price exists that would have led to any volatility measure relative to the Company’s share price, the fair value of the Earnout Shares allocated to Participating Shareholders resulting from the Black-Scholes pricing model is driven by the Company’s closing share price as a Level 1 input and the probability of milestone completion as a Level 3 input. As management’s judgment of the probability of milestone completion remained constant during the period, the change in fair value resulted from the Company’s price per share between the valuations performed at the Closing Date and at December 31, 2022. The resulting per share fair value of the Earnout Shares allocated to Participating Shareholders is €4.09 at December 31, 2022, compared to a per share fair value of €3.84 at the Closing Date.

The following table summarizes the results of changes to the probability of the milestone completion, as being the significant unobservable Level 3 input and key sensitive parameter used in the valuation model on the fair value of the allocated to Participating Shareholders:


	Increase/(decrease) on profit before tax/equity (in €‘000s)
Changes to parameters
Increase in probability of milestone achievement by 20%		(3,526	)
Decrease in probability of milestone achievement by 20%		3,526

Refer to Note 16 for a sensitivity analysis over the change in the Company’s share prices on the fair value of the Earnout Shares allocated to Participating Shareholders, with all other variables held constant. The derivative earnout liability, which is classified as Level 3, was initially recognized on the Closing Date during the year. The only change during the year related to its remeasurement which resulted in an increase to the liability and a corresponding charge of €0.7 million in profit or loss, which has been presented as a change in the fair value of derivative earnout liability under fair value change—earnout and warrants expense.

The following table shows the carrying amounts of the financial liabilities measured at fair value through profit and loss on a recurring basis:


	Level 1		Level 2		Level 3		Total
Liabilities measured at FVTPL
Derivative warrant liability (Public Warrants)		3,752		—		—		3,752
Derivative warrant liability (Private Placement Warrants)		—		136		—		136
Derivative earnout liability		—		—		7,053		7,053

Total financial liabilities		3,752		136		7,053		10,941

Reconciliation of movements of liabilities to cash flows arising from financing activities


	Lease liability			Derivative earnout liability			Derivative warrant liabilities			Total liabilities from financing activities
At January 1, 2022		164			—			—			164
Principal paid on lease liabilities		(56	)		—			—			(56	)
Interest paid on lease liabilities		(9	)		—			—			(9	)

Total changes from financing cash flows		(65	)		—			—			(65	)

Effect of changes in foreign exchange rates		10			(243	)		(137	)		(370	)
Interest charges		9			—			—			9
Acquired at Closing Date		—			6,633			3,712			10,345
Change in fair value		—			663			313			976

Total liability-related charges		19			7,053			3,888			10,960

At December 31, 2022		118			7,053			3,888			11,059


	Lease liability			Derivative earnout liability		Derivative warrant liabilities		Total liabilities from financing activities
At January 1, 2021		—			—		—		—
Principal paid on lease liabilities		(8	)		—		—		(8	)
Interest paid on lease liabilities		(2	)		—		—		(2	)

Total changes from financing cash flows		(10	)		—		—		(10	)

Interest charges		2			—		—		2
Capital increases		172			—		—		172

Total liability-related charges		174			—		—		174

At December 31, 2021		164			—		—		164

Share Capital and Share Premium - Details of Total Share Capital and Share Premium (Details) € / shares in Units, € in Thousands	Dec. 31, 2022 EUR (€) € / shares shares	Nov. 22, 2022 EUR (€) € / shares shares	Nov. 22, 2022 $ / shares	Jun. 30, 2022 € / shares	Dec. 31, 2021 EUR (€) € / shares shares	Dec. 31, 2020 EUR (€) € / shares shares	Dec. 31, 2019 EUR (€) € / shares shares
Disclosure Of Classes Of Share Capital [Line Items]
Number of shares outstanding \| shares	81,559,780	17,016,872			11,325,442	5,000,000	2,500,000
Par value per share \| € / shares	€ 0.12	€ 0.01		€ 0.12	€ 0.01	€ 0.01	€ 0.01
Share capital	€ 9,787	€ 170			€ 113	€ 50	€ 25
Share premium	589,404	163,386			83,763	2,450	2,475
Share Capital And Share Premium	€ 599,191	€ 163,556			€ 83,876	€ 2,500	€ 2,500
Issuance Of Non Voting Shares
Disclosure Of Classes Of Share Capital [Line Items]
Number of shares outstanding \| shares						2,500,000
Par value per share \| € / shares						€ 0.01
Share capital						€ 25
Share premium						€ 25
January 2021 Conversion of Convertible Debt
Disclosure Of Classes Of Share Capital [Line Items]
Number of shares outstanding \| shares					1,111,115
Par value per share \| € / shares					€ 0.01
Share capital					€ 11
Share premium					11,656
Share Capital And Share Premium					€ 11,667
January 2021 Equity Contributions (Series A - Tranche I)
Disclosure Of Classes Of Share Capital [Line Items]
Number of shares outstanding \| shares					4,928,613
Par value per share \| € / shares					€ 0.01
Share capital					€ 49
Share premium					68,951
Share Capital And Share Premium					€ 69,000
July 2021 Issuance of Non-voting Shares
Disclosure Of Classes Of Share Capital [Line Items]
Number of shares outstanding \| shares					285,714
Par value per share \| € / shares					€ 0.01
Share capital					€ 3
Share premium					706
Share Capital And Share Premium					€ 709
February 18, 2022 Equity Contribution (Series A - Tranche II)
Disclosure Of Classes Of Share Capital [Line Items]
Number of shares outstanding \| shares	5,691,430
Par value per share \| € / shares	€ 0.01
Share capital	€ 57
Share premium	79,623
Share Capital And Share Premium	€ 79,680
November 22, 2022 Elimination Old Shares \| New Amsterdam Pharma Shareholders
Disclosure Of Classes Of Share Capital [Line Items]
Number of shares outstanding \| shares		(17,016,872)
Par value per share \| € / shares		€ 0.01
Share capital		€ (170)
Share premium		(163,386)
Share Capital And Share Premium		€ (163,556)
November 22, 2022 Share Capital Increase \| New Amsterdam Pharma Shareholders
Disclosure Of Classes Of Share Capital [Line Items]
Number of shares outstanding \| shares		36,258,312
Par value per share \| € / shares		€ 0.12
Share capital		€ 4,351
Share premium		159,205
Share Capital And Share Premium		€ 163,556
November 22, 2022 Equity Contribution \| FLAC shareholders
Disclosure Of Classes Of Share Capital [Line Items]
Number of shares outstanding \| shares		13,185,138
Par value per share \| € / shares		€ 0.12
Share capital		€ 1,582
Share premium		125,084
Share Capital And Share Premium		€ 126,666
November 22, 2022 Equity Contribution \| P I P E Financing
Disclosure Of Classes Of Share Capital [Line Items]
Number of shares outstanding \| shares		23,460,000
Par value per share \| (per share)		€ 0.12	$ 10
Share capital		€ 2,815
Share premium		225,528
Share Capital And Share Premium		€ 228,343
November 22, 2022 Equity Contribution \| Amgen M T P C Shareholders
Disclosure Of Classes Of Share Capital [Line Items]
Number of shares outstanding \| shares		8,656,330
Par value per share \| € / shares		€ 0.12
Share capital		€ 1,039
Share premium		82,121
Share Capital And Share Premium		83,160
November 22, 2022 Transaction Costs on Issue of Shares
Disclosure Of Classes Of Share Capital [Line Items]
Share premium		2,534
Share Capital And Share Premium		€ (2,534)

Research and Development Expense

6 Months Ended

12 Months Ended

Jun. 30, 2023

Dec. 31, 2022

Analysis Of Income And Expense [Abstract]

Research and Development Expense

Note 4 — Research and Development Expense

Research and development expense consisted of the following items for the six months ended June 30:


	2023			2022
Clinical expenses		(44,256	)		(21,026	)
Non-clinical expenses		(1,837	)		(1,264	)
Personnel expense		(13,708	)		(1,869	)
Manufacturing costs		(12,633	)		(6,001	)
Regulatory expenses		(394	)		(381	)
Other R&D costs		(45	)		(47	)

Total research and development expenses		(72,873	)		(30,588	)

Note 6 — Research and Development Expense

Research and development expense consisted of the following items for the years ended December 31:


	2022			2021			2020
Clinical expenses		(56,795	)		(10,842	)		(1,450	)
Non-clinical expenses		(2,802	)		(974	)		(41	)
Personnel expense (see Note 8)		(6,752	)		(3,363	)		(994	)
Manufacturing costs		(14,850	)		(8,338	)		(1,236	)
Regulatory expenses		(901	)		(1,452	)		(141	)
Other R&D costs		(130	)		(63	)		(183	)

Total research and development expenses		(82,230	)		(25,032	)		(4,045	)

CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION - EUR (€) € in Thousands	Jun. 30, 2023	Dec. 31, 2022	Dec. 31, 2021
Non-current assets
Intangible assets	€ 81,629	€ 83,160
Property, plant and equipment	112	144	€ 190
Loan receivable			718
Long term prepaid expenses	93	146
Total non-current assets	81,834	83,450	908
Current assets
Prepayments and other receivables	5,769	9,611	5,782
Cash	383,495	438,522	53,092
Total current assets	389,264	448,133	58,874
Total assets	471,098	531,583	59,782
Equity
Share capital	608,754	599,191	83,876
Other reserves	16,852	4,691	591
Translation differences	(8,879)
Accumulated loss	(194,463)	(119,361)	(34,676)
Total equity	422,264	484,521	49,791
Non-current liabilities
Deferred revenue	2,923	4,492
Lease liability	23	56	111
Derivative earnout liability	7,553	7,053
Total non-current liabilities	10,499	11,601	111
Current liabilities
Trade and other payables	20,854	18,503	9,827
Deferred revenue	9,690	13,008
Lease liability	64	62	53
Derivative warrant liabilities	7,727	3,888
Total current liabilities	38,335	35,461	9,880
Total equity and liabilities	€ 471,098	€ 531,583	€ 59,782

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

Major components of tax expense (income) [abstract]

Schedule of Effective Income Tax Rate Reconciliation


	2022			2021			2020
Loss before tax		(78,052	)		(28,599	)		(5,749	)
Income tax benefit at statutory tax rate		20,095			7,125			1,420
Difference due to the effects of:
Movement in unrecognized deferred tax assets resulting from carried forward losses		(20,095	)		(7,125	)		(1,420	)

Income tax expense:		—			—			—

Effective tax rate:		0	%		0	%		0	%

Schedule of Assumed Tax Loss Carry Forward Amount During Tax Period

In addition, the Group assumed carry forward losses from the following tax periods, resulting from the fiscal unity of the Company and NewAmsterdam Pharma B.V. as associated with the acquisition of its assets and liabilities:


Year	Tax loss
2012-2013		7,097
2014		11,303
2015		27,255
2016		86,547
2017		1,340
2018		2,303
2019		3,019
2020		6,077
2021		28,599
2022		78,052

		251,592

Financial Risk Management - Summary of Change in Share Prices and Profit Before Tax/Equity on Market Prices (Details) € in Thousands	12 Months Ended
	Dec. 31, 2022 EUR (€)
Derivative warrant liabilities (under NAMSW)
Disclosure Of Financial Instruments [Line Items]
% Increase / (decrease) in share price (NAMS / NAMSW)	15.00%
Increase / (decrease) in profit or loss before tax / Equity	€ (583)
Derivative warrant liabilities (under NAMSW)
Disclosure Of Financial Instruments [Line Items]
% Increase / (decrease) in share price (NAMS / NAMSW)	(15.00%)
Increase / (decrease) in profit or loss before tax / Equity	€ 583
Derivative earnout liability (under NAMS)
Disclosure Of Financial Instruments [Line Items]
% Increase / (decrease) in share price (NAMS / NAMSW)	15.00%
Increase / (decrease) in profit or loss before tax / Equity	€ (1,058)
Derivative earnout liability (under NAMS)
Disclosure Of Financial Instruments [Line Items]
% Increase / (decrease) in share price (NAMS / NAMSW)	(15.00%)
Increase / (decrease) in profit or loss before tax / Equity	€ 1,058

Cash

12 Months Ended

Dec. 31, 2022

Cash [abstract]

Cash

Note 18 — Cash

Cash comprise entirely of bank balances and consisted of the following items as at December 31:


	2022		2021
Cash at banks		438,522		53,092

Cash		438,522		53,092

The cash at banks is at full disposal of the Company.

Share Capital and Share Premium (Tables)

12 Months Ended

Dec. 31, 2022

Disclosure Of Classes Of Share Capital [Abstract]

Details of Total Share Capital and Share Premium

The following table details the total share capital and share premium of the Group as at December 31, 2022 and 2021:


	Shares			Price per share (in €)		Share Capital (in €‘000)			Share Premium (in €‘000)			Total (in €‘000)
At January 1, 2020		2,500,000			0.01		25			2,475			2,500
Issuance of non-voting shares		2,500,000			0.01		25			-25			—

At January 1, 2021		5,000,000			0.01		50			2,450			2,500

January 2021 Conversion of convertible debt (1)		1,111,115			0.01		11			11,656			11,667
January 2021 Equity contributions (Series A — Tranche I) (1)		4,928,613			0.01		49			68,951			69,000
July 2021 Issuance of non-voting shares		285,714			0.01		3			706			709

At December 31, 2021 (2)		11,325,442			0.01		113			83,763			83,876

February 18, 2022 Equity contribution (Series A — Tranche II) (3)		5,691,430			0.01		57			79,623			79,680

At November 22, 2022, prior to exchange		17,016,872			0.01		170			163,386			163,556

November 22, 2022 Elimination old shares (NewAmsterdam Pharma shareholders) (4)		(17,016,872	)		0.01		(170	)		(163,386	)		(163,556	)
November 22, 2022 Share capital increase on conversion (NewAmsterdam Pharma shareholders) (4)		36,258,312			0.12		4,351			159,205			163,556
November 22, 2022 Equity contribution (FLAC shareholders) (5)		13,185,138			0.12		1,582			125,084			126,666
November 22, 2022 Equity contribution (PIPE financing) (6)		23,460,000			0.12		2,815			225,528			228,343
November 22, 2022 Equity contribution (Amgen & MTPC shareholders) (7)		8,656,330			0.12		1,039			82,121			83,160
November 22, 2022 Transaction costs on issue (5) of shares		—			—		—			(2,534	)		(2,534	)

At December 31, 2022 (8)		81,559,780			0.12		9,787			589,404			599,191

(1)

On January 7, 2021, NewAmsterdam Pharma closed a funding round to raise up to €160 million in equity financing, set to occur in two tranches. The first tranche of €69 million occurred upon an initial closing on January 7, 2021 for the issue of 4,928,613 Series A preferred shares on the same date. In connection with the funding round of the first tranche, €11.7 million in outstanding principal and unpaid interest of convertible debt was converted on the same date of the first tranche into 1,111,155 Series A preferred shares.

(2)	At December 31, 2021, the share capital of NewAmsterdam Pharma amounted to €113 thousand, divided into 2,500,000 voting ordinary shares, 2,785,714 non-voting ordinary shares and 6,039,728 Series A preferred shares, each with a nominal value of €0.12 per share.

(3)

On February 18, 2022, NewAmsterdam Pharma received the second tranche financing of €79.7 million for the issuance of 5,691,430 Series A preferred shares, leading to increases in the share capital and share premium amounting to €57 thousand and €79.6 million, respectively, as a result of attainment of certain milestone tranche conditions (the “

Milestone Closing

”), namely: at least 50% LDL lowering in the ongoing obicetrapib and ezetimibe Phase 2 combination trial; the hiring of a full-time chief business officer; and confirmation by the FDA that no CVOT would be required for regulatory approval in the United States. After achieving the first two of these milestones, NewAmsterdam Pharma proceeded with the Milestone Closing as permitted by the terms of the Series A Subscription Agreement. Because the Milestone Closing occurred without having achieved all of the milestones, NewAmsterdam Pharma was obligated to pursue certain strategic transactions, including a business combination with a special purpose acquisition company.

(4)

As described in Note 1 and Note 4, the Company was incorporated in

June 2022

with a share capital of €0.12. On November 22, 2022, pursuant to the Business Combination Agreement, NewAmsterdam Pharma shareholders exchanged their interest for Ordinary Shares in the share capital of the Company in accordance with an exchange ratio defined in the Business Combination Agreement of approximately 2.13. Consequently, following this internal reorganization, 17,016,872 NewAmsterdam Pharma shares of €0.01 par value were exchanged for 36,258,312 Ordinary Shares, €0.12 par value per share. As such, share capital increased by €4.2 million and the share premium decreased by the same amount.

(5)

On November 22, 2022, each ordinary share of FLAC was canceled and exchanged for one Ordinary Share resulting in the issuance of 13,185,138 Ordinary Shares, thereby increasing share capital and share premium by €1.6 million and €125.1 million, respectively, which includes the impact of equity related to the IFRS 2 listing charge for €60.6 million (See Note 9) and, inclusive of the issuance of new Ordinary Shares from the PIPE Financing, the deduction of the net of the transaction costs on issuance of new Ordinary Shares amounting to €2.5 million.

(6)

In connection with the Merger, the Company issued 23,460,000 Ordinary Shares to existing shareholders of NewAmsterdam Pharma, FLAC and other new investors through a PIPE Financing, at a price of $10.00 per Ordinary Share for an aggregate of $234.6 million in proceeds on the Closing Date. The issuance of the 23,460,000 Ordinary Shares increased share capital and share premium by €2.8 million and €225.5 million, respectively.

(7)

As described in Note 4 and Note 15, the Company also issued 4,910,000 Ordinary Shares and 3,746,330 Ordinary Shares to Amgen and MTPC, respectively, each with a nominal value of €0.12 per share, in order to settle all rights of Amgen and MTPC under the 2020 SPA and Profit Right Agreement, respectively. The issuance of an aggregate of 8,656,330 Ordinary Shares increased share capital and share premium by €1.0 million and €82.1 million, respectively.

(8)

Upon completing the Business Combination, the Company had 81,559,780 Ordinary Shares outstanding with a par value of €0.12 per share, resulting in a share capital of €9.8 million. As of December 31, 2022, the total number of Ordinary Shares outstanding was 81,559,780 with a par value of €0.12 per share.

Personnel Expense (Tables)

12 Months Ended

Dec. 31, 2022

Disclosure Of Information About Defined Benefit Plans [Abstract]

Components of Personnel Expenses

The Group recognized the following personnel expenses within research and development expense and selling, general and administrative expenses for the years ended December 31:


	2022			2021			2020
Wages, salaries and contracted personnel costs		(7,015	)		(3,668	)		(1,259	)
Other employee benefits		(832	)		(264	)		—
Share based compensation expense		(3,922	)		(1,049	)		—

Total personnel expenses		(11,769	)		(4,981	)		(1,259	)

Current Prepayments and Other Receivables (Tables)

12 Months Ended

Dec. 31, 2022

Prepayments And Other Receivables Current [Abstract]

Schedule of Current Prepayments and Other Receivables

Current prepayments and other receivables consisted of the following items as at December 31:


	2022		2021
Prepayments
Chemistry, Manufacturing and Controls (CMC)		—		21
Non-clinical R&D costs		707		1,111
Clinical other		4,704		349
General and administrative		2,259		11

Total prepayments		7,670		1,492
Value added tax receivable		1,941		4,290

Total prepayments and other receivables		9,611		5,782

Segment Reporting

6 Months Ended

12 Months Ended

Jun. 30, 2023

Dec. 31, 2022

Disclosure of operating segments [abstract]

Segment Reporting

Note 12 — Segment Reporting

Operating segments are components of the Group that engage in business activities from which it may incur expenses, for which discrete financial information is available and whose operating results are evaluated regularly by the Company’s Chief Operating Decision Maker (“

CODM

”) to make decisions about resources to be allocated to the segment and assess its performance. The activities of the Group are considered to be one

segment which is reflected in its organizational structure and internal reporting and comprises the research, development and subsequent commercialization of innovative and proprietary compounds that have a potential therapeutic effect in cardiovascular disease. The Group does not distinguish in its internal reporting different segments, neither business nor geographical segments. The Chief Executive Officer is identified as the CODM and reviews the operating results regularly to make decisions about the resources and to assess overall performance of the Group.

Total revenues recognized from the Menarini License of €9.6 million and €93.5 million during the six months ended June 30, 2023 and 2022, respectively, are derived entirely from Italy.

The following table shows the breakdown of the Group’s non-current assets (i.e., intangible assets, property, plant and equipment and long-term prepaid expenses) by geographical location as of:


	June 30, 2023		December 31, 2022
Non-current assets
Netherlands		81,640		83,172
USA		194		278

Total		81,834		83,450

Note 24 — Segment Reporting

Operating segments are components of the Company that engage in business activities from which it may incur expenses, for which discrete financial information is available and whose operating results are evaluated regularly by the Company’s Chief Operating Decision Maker (“

CODM

”) to make decisions about resources to be allocated to the segment and assess its performance. The activities of the Group are considered to be one segment which is reflected in its organizational structure and internal reporting and comprises the research, development and subsequent commercialization of innovative and proprietary compounds that have a potential therapeutic effect in cardiovascular disease. The Company does not distinguish in its internal reporting different segments, neither business nor geographical segments. The Chief Executive Officer is identified as the CODM and reviews the operating results regularly to make decisions about the resources and to assess overall performance of the Company. Prior to 2022, the Board was identified as the CODM. The change in CODM did not impact any identification of segments.

Total revenue recognized of €97.5 million from the Menarini License during the year ended December 31, 2022 is derived entirely from Italy.


	2022		2021
Non-current assets
Netherlands		83,172		12
USA		278		178

Total		83,450		190

Related Parties - Additional Information (Details) € in Thousands	6 Months Ended				12 Months Ended
	Jun. 30, 2023 EUR (€)	Jun. 30, 2023 USD ($)	Jun. 30, 2022 EUR (€)	Jun. 30, 2022 USD ($)	Dec. 31, 2022 EUR (€)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 EUR (€)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 EUR (€)
Disclosure of Transactions Between Related Parties [Line Items]
Lease termination notice period					30 days	30 days	30 days	30 days	30 days
Share-based payment expenses \| $		$ 10,164		$ 290		$ 3,203		$ 753
Non-executive Directors
Disclosure of Transactions Between Related Parties [Line Items]
Cash remuneration received	€ 166		€ 39		€ 61		€ 26		€ 0
Share-based payment expenses	€ 241		€ 11		€ 62		€ 13		€ 0

Personnel Expense - Components of Personnel Expenses (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disclosure Of Information About Defined Benefit Plans [Abstract]
Wages, salaries and contracted personnel costs	€ 7,015	€ 3,668	€ 1,259
Other employee benefits	832	264
Share based compensation expense	(3,922)	(1,049)
Total personnel expenses	€ 11,769	€ 4,981	€ 1,259

Earnings (Loss) Per Share

6 Months Ended

12 Months Ended

Jun. 30, 2023

Dec. 31, 2022

Earnings Per Share [Abstract]

Earnings (Loss) Per Share

Note 10 — Earnings per Share

Earnings per share for the period presented has been determined by dividing the earnings attributable to shareholders by the weighted average number of shares outstanding during the period. NewAmsterdam Pharma’s former non-voting ordinary shares and voting ordinary shares are considered to be the same class of equity for purposes of determining the loss attributable per shareholder class per share.

In accordance with the Business Combination Agreement, 17,016,872 NewAmsterdam Pharma shares were exchanged for 36,258,312 Ordinary Shares following the internal reorganization, which reflects the exchange ratio of approximately 2.13. Consequently, the weighted average number of Ordinary Shares outstanding for basic and diluted EPS for the prior period has been restated as required by IFRS.


	June 30, 2022
Shares for basic EPS of NewAmsterdam Pharma—as reported		17,016,872
Shares for diluted EPS of NewAmsterdam Pharma—as reported		18,981,158
Exchange ratio		2.13
Shares for basic EPS of NewAmsterdam Pharma—restated		36,258,312
Shares for diluted EPS of NewAmsterdam Pharma—restated		40,443,670

In total, 1,964,286 NewAmsterdam Pharma Options were outstanding as of January 1, 2022 and as of June 30, 2022. At the time of the Exchange these were converted into 4,185,360 Company Options. The table below reflects the original and restated number of options in the diluted number of Ordinary shares, as appropriate.

The following table sets forth the computation of original and restated basic and diluted loss per share for the six months ended June 30:


(In thousands of Euro, except share and per share amounts)	2023			2022
(Loss)/profit for the period		(75,102	)		54,513

Weighted average basic number of Ordinary Shares—as reported		81,846,438			17,016,872
Weighted average diluted number of Ordinary Shares—as reported		81,846,438			18,981,158

Basic earnings per share—as reported		(0.92	)		3.20
Diluted earnings per share—as reported		(0.92	)		2.87


(In thousands of Euro, except share and per share amounts)	2023			2022
Weighted average basic number of Ordinary Shares—restated		81,846,438			36,258,312
Weighted average diluted number of Ordinary Shares—restated		81,846,438			40,443,670

Basic earnings per share—restated		(0.92	)		1.50
Diluted earnings per share—restated		(0.92	)		1.35

At June 30, 2023, outstanding share-based awards and unexercised Warrants were excluded from the calculation because their impact would be anti-dilutive. At June 30, 2023, the total number of potential Ordinary Shares excluded amounted to 17,983,485.

Note 21 — Loss per Share

Loss per share for the period presented has been determined by dividing the loss attributable to shareholders by the weighted average number of shares outstanding during the period. NewAmsterdam Pharma’s former non-voting ordinary shares and voting ordinary shares are considered to be the same class of equity for purposes of determining the loss attributable per shareholder class per share.

As described in Note 4, Note 19 and Note 20, 17,016,872 NewAmsterdam Pharma shares were exchanged for 36,258,312 Ordinary Shares following the internal reorganization, which reflects the exchange ratio of approximately 2.13. Consequently, the weighted average number of Ordinary Shares outstanding for basic and diluted EPS for the prior periods have been restated as required by IFRS.


	December 31, 2021		December 31, 2020
Shares for basic EPS of NewAmsterdam Pharma		11,325,442		5,000,000
Exchange ratio		2.13		2.13
Adjusted number of shares		24,131,427		10,653,636

The following table sets forth the computation of original and restated basic and diluted loss per share for the year ended December 31:


(In thousands of Euro, except share and per share amounts)	2022			2021			2020
Loss for the year		(78,052	)		(28,599	)		(5,749	)
Weighted average number of ordinary shares — original		81,559,780			11,325,442			5,000,000

Basic and diluted loss per share — original		(0.96	)		(2.53	)		(1.15	)

Weighted average number of ordinary shares—restated		81,559,780			24,131,427			10,653,636

Basic and diluted loss per share — restated		(0.96	)		(1.19	)		(0.54	)

At December 31, 2022, and 2020 2021, outstanding share-based awards (see Note 20) was excluded from the calculation because their impact would be anti-dilutive. At December 31, 2022, 2021 and 2020, the total number of potential ordinary shares excluded amounted to 11,146,861, 4,185,360 and 1,111,115, respectively.

FLAC Merger and Capital Reorganization (Tables)

12 Months Ended

Dec. 31, 2022

Disclosure Of Business Combinations [Abstract]

Schedule of Identifiable Net Assets

In exchange, the Company received the following identifiable net assets held by FLAC on the Closing Date:


	2022
Fair value of shares issued to FLAC shareholders		126,667
Less FLAC identifiable net assets:
Cash held in FLAC’s trust account		69,779
Derivative warrant liabilities assumed		(3,712	)

Total FLAC identifiable net assets		66,067

Share listing expense — share-based compensation for listing cost		60,600

Financial Risk Management - Summary of Sensitivity Analysis Change in Interest Rates (Details) - Interest Rate Risk - EUR (€)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Euro at 100 Basis Points
Disclosure of Financial Risk Management [Line Items]
Increase / (decrease) in basis points	100.00%	100.00%
Increase / (decrease) in profit before tax / Equity	€ (1,517)	€ (380)
Euro at (100) Basis Points
Disclosure of Financial Risk Management [Line Items]
Increase / (decrease) in basis points	(100.00%)	(100.00%)
Increase / (decrease) in profit before tax / Equity	€ 1,517	€ 380
U.S. Dollar at 100 Basis Points
Disclosure of Financial Risk Management [Line Items]
Increase / (decrease) in basis points	100.00%	100.00%
Increase / (decrease) in profit before tax / Equity	€ (2,867)	€ (150)
U.S. Dollar at (100) Basis Points
Disclosure of Financial Risk Management [Line Items]
Increase / (decrease) in basis points	(100.00%)	(100.00%)
Increase / (decrease) in profit before tax / Equity	€ 2,867	€ 150

CONSOLIDATED STATEMENTS OF PROFIT OR LOSS AND COMPREHENSIVE LOSS - EUR (€)
€ in Thousands

6 Months Ended

12 Months Ended

Jun. 30, 2023

Jun. 30, 2022

Dec. 31, 2022

Dec. 31, 2021

Dec. 31, 2020

Income Statement [Abstract]

Revenue

€ 9,562

€ 93,500

€ 97,500

Research and development expenses

(72,873)

(30,588)

(82,230)

€ (25,032)

€ (4,045)

Selling, general and administrative expenses

(13,736)

(9,294)

(22,230)

(4,803)

(1,384)

Share listing expense

(60,600)

Total operating expenses

(86,609)

(39,882)

(165,060)

(29,835)

(5,429)

Operating (loss) / profit

(77,047)

53,618

(67,560)

(29,835)

(5,429)

Finance income

5,176

Finance expense

(3)

(185)

(271)

(216)

(344)

Fair value change – earnout and warrants

(5,998)

(976)

Foreign exchange gains

2,770

1,070

(9,256)

1,443

(Loss) / profit before tax

(75,102)

54,513

(78,052)

(28,599)

(5,749)

(Loss) / profit for the period

(75,102)

54,513

(78,052)

(28,599)

(5,749)

Total comprehensive (loss) / profit for the period, net of tax

€ (83,981)

€ 54,513

€ (78,052)

€ (28,599)

€ (5,749)

Earnings per share (in Euros)

Basic

€ (0.92)

^[1]

€ 1.5

^[1]

€ (0.96)

^[2]

€ (1.19)

^[2]

€ (0.54)

^[2]

Diluted

€ (0.92)

^[1]

€ 1.35

^[1]

€ (0.96)

^[2]

€ (1.19)

^[2]

€ (0.54)

^[2]

[1]	Restated—see Note 10
[2]	Restated — see Note 21

Selling, General and Administrative Expenses

6 Months Ended

12 Months Ended

Jun. 30, 2023

Dec. 31, 2022

Selling General And Administrative Expense [Abstract]

Selling, General and Administrative Expenses

Note 5 — Selling, General and Administrative Expenses

Selling, general and administrative expenses consisted of the following items for the six months ended June 30:


	2023			2022
Included in selling expenses:
Commission expense		(160	)		(2,429	)
Included in general and administrative expenses:
Personnel expense		(4,737	)		(1,314	)
Travel costs		(370	)		(83	)
Intellectual property		(726	)		(699	)
Legal costs		(1,761	)		(2,250	)
Licenses		(9	)		—
Finance and administration		(3,702	)		(1,624	)
IT		(35	)		(10	)
Rent and office services		(95	)		(77	)
Marketing and communication		(381	)		(487	)
Insurance		(928	)		(8	)
Depreciation and amortization		(34	)		(36	)
Commercial costs		(611	)		—
Business development		(10	)		(132	)
Board fees		(157	)		(40	)
Miscellaneous		(20	)		(105	)

Total selling, general and administrative expenses		(13,736	)		(9,294	)

Note 7 — Selling, General and Administrative Expenses

Selling, general and administrative expenses consisted of the following items for the years ended December 31:


	2022			2021			2020
Included in selling expenses:
Commission expense		(2,485	)		—			—
Included in general and administrative expenses:
Personnel expense (see Note 8)		(5,017	)		(1,618	)		(265	)
Travel costs		(430	)		(136	)		—
Intellectual property		(1,348	)		(708	)		(498	)
Legal costs		(2,176	)		(771	)		(382	)
Licenses		—			(28	)		(6	)
Finance and administration		(5,209	)		(270	)		(151	)
Transaction costs		(3,021	)		—			—
IT		(25	)		(20	)		(2	)
Rent and office services		(165	)		(110	)		(55	)
Marketing and communication		(1,269	)		(710	)		(11	)
Insurance		(289	)		(187	)		(11	)
Depreciation and amortization		(72	)		(14	)		(1	)
Commercial costs		(134	)		—			—
Business development		(260	)		(135	)		—
Board fees		(69	)		(31	)		—
Miscellaneous		(261	)		(65	)		(2	)

Total selling, general and administrative expenses		(22,230	)		(4,803	)		(1,384	)

Lease (Tables)

12 Months Ended

Dec. 31, 2022

Presentation Of Leases For Lessee [Abstract]

Schedule of Group's Right of Use Assets

The following table provides information about the Group’s right of use assets at December 31:


	2022			2021
Opening balance at January 1		162			—
Additions		—			172

Depreciation		(64	)		(10	)

Impact of transaction of foreign currency		15			—

Total ROU asset at December 31		113			162

Schedule of Group's Lease Liabilities

The following table provides information about the Group’s lease liabilities at December 31:


	2022			2021
Opening balance at January 1		164			—
Additions		—			172
Repayment		(55	)		(10	)
Interest		9			2

Total lease liability at December 31		118			164

Current
Lease liabilities		62			53
Non-current
Lease liabilities		56			111

FLAC Merger and Capital Reorganization - Schedule of Identifiable Net Assets (Details) - EUR (€) € in Thousands		12 Months Ended
	Nov. 22, 2022	Dec. 31, 2022
Less FLAC identifiable net assets:
Share listing expense - share-based compensation for listing cost		€ 60,600
FLAC
Disclosure Of Business Combinations [Line Items]
Fair value of shares issued to FLAC shareholders	€ 126,667
Less FLAC identifiable net assets:
Cash held in FLAC's trust account	69,779
Derivative warrant liabilities assumed	(3,712)
Total FLAC identifiable net assets	66,067
Share listing expense - share-based compensation for listing cost	€ 60,600

Current Prepayments and Other Receivables (Details) - EUR (€) € in Thousands	Jun. 30, 2023	Dec. 31, 2022	Dec. 31, 2021
Prepayments
Chemistry, Manufacturing and Controls (CMC)			€ 21
Non-clinical R&D costs		€ 707	1,111
Clinical other		4,704	349
General and administrative		2,259	11
Total prepayments		7,670	1,492
Value added tax receivable		1,941	4,290
Total prepayments and other receivables	€ 5,769	€ 9,611	€ 5,782

Lease - Schedule of Group's Lease Liabilitites (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Jun. 30, 2023
Presentation Of Leases For Lessee [Abstract]
Opening balance at January 1	€ 164
Additions		€ 172
Repayment	(55)	(10)
Interest	9	2
Total lease liability at December 31	118	164
Lease liability	62	53	€ 64
Lease liability	€ 56	€ 111	€ 23

Loans Receivable

12 Months Ended

Dec. 31, 2022

Borrowings [Abstract]

Loans Receivable

Note 14 — Loans Receivable

Movements in loans receivable were as follows:


	Loans Receivable
At January 1, 2021		—
Loan provided		709
Accrued finance expense		9

At December 31, 2021		718

Accrued finance expense		10
Repayment of loan		(728	)

At December 31, 2022		—

On June 28, 2021, NewAmsterdam loaned its chief executive officer, M. Davidson, €709 thousand for the payment of a purchase price related to issued depository receipts issued by the Stichting Administratiekantoor EPNAP (“

STAK EPNAP

”) to the M. Davidson. NewAmsterdam Pharma, M. Davidson and STAK EPNAP entered into a founder depository receipt award agreement. Interest accrued on the principal amount of the loan at a rate per annum of 2.75%. The interest accrued from day to day and was added to the principal amount of the loan as from the date that the loan was made available up to the last business day of the loan term.

On July 19, 2022, M. Davidson, repaid the entire amount of the loan facility of €709 thousand, including outstanding unpaid interest of € 19 thousand, for a total of € 728 thousand.

Selling, General and Administrative Expenses - Schedule of Selling, General and Administrative Expenses (Details) - EUR (€) € in Thousands	6 Months Ended		12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Included in selling expenses:
Commission expense	€ (160)	€ (2,429)	€ (2,485)
Included in general and administrative expenses:
Personnel expenses	(4,737)	(1,314)	(5,017)	€ (1,618)	€ (265)
Travel costs	(370)	(83)	(430)	(136)
Intellectual property	(726)	(699)	(1,348)	(708)	(498)
Legal costs	(1,761)	(2,250)	(2,176)	(771)	(382)
Licenses	(9)			(28)	(6)
Finance and administration	(3,702)	(1,624)	(5,209)	(270)	(151)
Transaction costs			(3,021)
IT	(35)	(10)	(25)	(20)	(2)
Rent and office services	(95)	(77)	(165)	(110)	(55)
Marketing and communication	(381)	(487)	(1,269)	(710)	(11)
Insurance	(928)	(8)	(289)	(187)	(11)
Depreciation and amortization	(34)	(36)	(72)	(14)	(1)
Commercial costs	(611)		(134)
Business development	(10)	(132)	(260)	(135)
Board fees	(157)	(40)	(69)	(31)
Miscellaneous	(20)	(105)	(261)	(65)	(2)
Total selling, general and administrative expenses	€ (13,736)	€ (9,294)	€ (22,230)	€ (4,803)	€ (1,384)

Financial Assets and Liabilities Fair Value (Tables)

6 Months Ended

12 Months Ended

Jun. 30, 2023

Dec. 31, 2022

Disclosure Of Financial Instruments [Abstract]

Schedule of Inputs to Fair Value of Derivative Earnout Liability

Inputs to the fair value of the derivative earnout liability are as follows:


	December 31, 2022
Share value (USD)		10.90
Volatility (%)		33%–35	%
Expected Range of milestone completion (years)		1.33–1.67
Probability of milestone completion		40	%
Dividend yield		0	%
Risk-free rate		4.50%–4.60	%
Strike price (USD)		0.00

Summary of Changes to the Probability of Milestone Completion Explanatory


	Increase/(decrease) on profit before tax/equity (in €‘000s)
Changes to parameters
Increase in probability of milestone achievement by 20%		(3,526	)
Decrease in probability of milestone achievement by 20%		3,526

Summary of Carrying amounts of Financial Liabilities Measured at Fair Value Through Profit and Loss

The following table shows the carrying amounts of the financial liabilities measured at fair value through profit and loss on a recurring basis:


	Level 1		Level 2		Level 3		Total
Liabilities measured at FVTPL
Derivative warrant liability (Public Warrants)		7,406		—		—		7,406
Derivative warrant liability (Private Placement Warrants)		—		321		—		321
Derivative earnout liability		—		—		7,553		7,553

Total financial liabilities		7,406		321		7,553		15,280

The following table shows the carrying amounts of the financial liabilities measured at fair value through profit and loss on a recurring basis:


	Level 1		Level 2		Level 3		Total
Liabilities measured at FVTPL
Derivative warrant liability (Public Warrants)		3,752		—		—		3,752
Derivative warrant liability (Private Placement Warrants)		—		136		—		136
Derivative earnout liability		—		—		7,053		7,053

Total financial liabilities		3,752		136		7,053		10,941

Schedule of Reconciliation of Movements of Liabilities to Cash Flows Arising from Financing Activities

Reconciliation of movements of liabilities to cash flows arising from financing activities


	Lease liability			Derivative earnout liability			Derivative warrant liabilities			Total liabilities from financing activities
At January 1, 2022		164			—			—			164
Principal paid on lease liabilities		(56	)		—			—			(56	)
Interest paid on lease liabilities		(9	)		—			—			(9	)

Total changes from financing cash flows		(65	)		—			—			(65	)

Effect of changes in foreign exchange rates		10			(243	)		(137	)		(370	)
Interest charges		9			—			—			9
Acquired at Closing Date		—			6,633			3,712			10,345
Change in fair value		—			663			313			976

Total liability-related charges		19			7,053			3,888			10,960

At December 31, 2022		118			7,053			3,888			11,059


	Lease liability			Derivative earnout liability		Derivative warrant liabilities		Total liabilities from financing activities
At January 1, 2021		—			—		—		—
Principal paid on lease liabilities		(8	)		—		—		(8	)
Interest paid on lease liabilities		(2	)		—		—		(2	)

Total changes from financing cash flows		(10	)		—		—		(10	)

Interest charges		2			—		—		2
Capital increases		172			—		—		172

Total liability-related charges		174			—		—		174

At December 31, 2021		164			—		—		164

Financial Risk Management - Summary of Change in Foreign Exchange Rate (Details) - Foreign Currency Risk - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
10% Depreciation \| British Pound Sterling
Disclosure of Financial Risk Management [Line Items]
Effect on profit / (loss) before tax	€ (55)	€ (9)
10% Depreciation \| Japanese Yen
Disclosure of Financial Risk Management [Line Items]
Effect on profit / (loss) before tax	34	(1)
10% Depreciation \| U.S. Dollar
Disclosure of Financial Risk Management [Line Items]
Effect on profit / (loss) before tax	(24,361)	(1,360)
10% Appreciation \| British Pound Sterling
Disclosure of Financial Risk Management [Line Items]
Effect on profit / (loss) before tax	67	15
10% Appreciation \| Canadian Dollar
Disclosure of Financial Risk Management [Line Items]
Effect on profit / (loss) before tax		1
10% Appreciation \| Japanese Yen
Disclosure of Financial Risk Management [Line Items]
Effect on profit / (loss) before tax	(41)	1
10% Appreciation \| U.S. Dollar
Disclosure of Financial Risk Management [Line Items]
Effect on profit / (loss) before tax	€ 29,775	€ 1,843

Lease

12 Months Ended

Dec. 31, 2022

Presentation Of Leases For Lessee [Abstract]

Lease

Note 22 — Lease

The following table provides information about the Group’s right of use assets at December 31:


	2022			2021
Opening balance at January 1		162			—
Additions		—			172

Depreciation		(64	)		(10	)

Impact of transaction of foreign currency		15			—

Total ROU asset at December 31		113			162

The following table provides information about the Group’s lease liabilities at December 31:


	2022			2021
Opening balance at January 1		164			—
Additions		—			172
Repayment		(55	)		(10	)
Interest		9			2

Total lease liability at December 31		118			164

Current
Lease liabilities		62			53
Non-current
Lease liabilities		56			111

With effective date May 29, 2021, the Company leases office premises in Florida set to expire October 31, 2024. Refer to Note 13 for right of use lease asset details related to this finance lease liability.

Loans Receivable (Tables)

12 Months Ended

Dec. 31, 2022

Borrowings [Abstract]

Summary of Movements in Loans Receivable

Movements in loans receivable were as follows:


	Loans Receivable
At January 1, 2021		—
Loan provided		709
Accrued finance expense		9

At December 31, 2021		718

Accrued finance expense		10
Repayment of loan		(728	)

At December 31, 2022		—

Share Listing Expense	12 Months Ended
Share Listing Expense	Dec. 31, 2022
Share Listing Expense [Abstract]
Share Listing Expense	Note 9 — Share Listing Expense As described in Note 4, the Company issued 13,185,138 shares with a fair value of €126.7 million to former FLAC shareholders, comprised of the fair value of Ordinary Shares that were issued to former FLAC shareholders of €9.61 per share (translated at the per share price of $9.87 at the Closing Date of FLAC shares). In exchange, the Company received the identifiable net assets held by FLAC, which had a fair value of €66.1 million upon the Closing Date. The excess of the fair value of the equity instruments issued over the fair value of the identified net assets contributed, represents a non-cash expense in accordance with IFRS 2. This one-time expense as a result of the Merger, in the amount of €60.6 million, is recognized as share listing expense presented as part of the financial result within the Consolidated Statement of Profit or Loss and Comprehensive Loss.

Financial Risk Management (Tables)

6 Months Ended

12 Months Ended

Jun. 30, 2023

Dec. 31, 2022

Disclosure Of Financial Instruments [Abstract]

Summary of Sensitivity Analysis Change in Interest Rates


	Increase/(decrease) in basis points			Increase/(decrease) on profit before tax/Equity
2021
Euro		100			(380	)
Euro		(100	)		380
U.S. Dollar		100			(150	)
U.S. Dollar		(100	)		150
2022
Euro		100			(1,517	)
Euro		(100	)		1,517
U.S. Dollar		100			(2,867	)
U.S. Dollar		(100	)		2,867

Summary of Change in Foreign Exchange Rate

The table shows the effect on the Group’s profit or loss before tax (due to changes in the value of monetary assets and liabilities). The Group’s exposure to foreign currency changes for all other currencies is not material. There is no impact to equity other than to accumulated deficit and no impact to other comprehensive income.


	Effect on profit / (loss) before tax
Change in foreign exchange rate against Euro	10% depreciation			10% appreciation
2021
British Pound Sterling		(9	)		15
Canadian Dollar		—			1
Japanese Yen		(1	)		1
U.S. Dollar		(1,360	)		1,843
2022
British Pound Sterling		(55	)		67
Japanese Yen		34			(41	)
U.S. Dollar		(24,361	)		29,775

Summary of Change in Share Prices and Profit or Loss Before Tax/Equity on Market Prices

volatility in the price of the Ordinary Shares on Nasdaq, the Company’s profit or loss before tax/equity is affected through the impact on market prices, as follows:


	% Increase / (decrease) in share price (NAMS / NAMSW)			Increase/ (decrease) in profit or loss before tax/ equity
2022
Derivative warrant liabilities (under NAMSW)		15			(583	)
Derivative warrant liabilities (under NAMSW)		(15	)		583
Derivative earnout liability (under NAMS)		15			(1,058	)
Derivative earnout liability (under NAMS)		(15	)		1,058

Summary of Maturity Profile of Group Financial Liabilities Based on Contractual Undiscounted Payments


	On demand		Less than 3 months		3—12 months		More than 1 year		Total
As at June 30, 2023
Trade and other payables		—		17,903		—		—		17,903
Share based payment liabilities		2,763		43		130		15		2,951


	On demand		Less than 3 months		3—12 months		More than 1 year		Total
Lease liability		—		15		48		24		87
Derivative warrant liabilities		7,727		—		—		—		7,727
Derivative earnout liability		—		—		—		7,553		7,553

Total financial liabilities		10,490		17,961		178		7,592		36,221


	On demand		Less than 3 months		3—12 months		More than 1 year		Total
At December 31, 2021
Trade and other payables		—		5,715		880		—		6,595
Value added tax payable		—		2,774		—		—		2,774
Share based payment liabilities		458		—		—		—		458
Lease liability		—		13		40		111		164

Total financial liabilities		458		8,502		920		111		9,991


	On demand		Less than 3 months		3—12 months		More than 1 year		Total
At December 31, 2022
Trade and other payables		—		16,448		92		28		16,568
Share based payment liabilities		1,935		—		—		—		1,935
Lease liability		—		15		63		40		118
Derivative warrant liabilities		3,888		—		—		—		3,888
Derivative earnout liability		—		—		—		7,053		7,053

Total financial liabilities		5,823		16,463		155		7,121		29,562

Earnings (Loss) Per Share - Additional Information (Details)		6 Months Ended		12 Months Ended
	Nov. 22, 2022 shares	Jun. 30, 2023 shares	Jun. 30, 2022 shares	Dec. 31, 2022 shares	Dec. 31, 2021 shares	Dec. 31, 2020 shares	Jan. 01, 2022 shares
Earnings per share [line items]
Exchange ratio			2.13		2.13	2.13
Number of potential ordinary shares excluded from calculation of anti-dilutive		17,983,485		11,146,861	4,185,360	1,111,115
Business Combination Agreement
Earnings per share [line items]
Number of shares exchanged			1,964,286				1,964,286
Number of shares issued upon exchange			4,185,360
Ordinary Shares \| Business Combination Agreement
Earnings per share [line items]
Number of shares exchanged	17,016,872
Number of shares issued upon exchange	36,258,312
Exchange ratio	2.13		2.13	2.13

Research and Development Expense (Tables)

6 Months Ended

12 Months Ended

Jun. 30, 2023

Dec. 31, 2022

Analysis Of Income And Expense [Abstract]

Schedule of Research and Development Expense

Research and development expense consisted of the following items for the six months ended June 30:


	2023			2022
Clinical expenses		(44,256	)		(21,026	)
Non-clinical expenses		(1,837	)		(1,264	)
Personnel expense		(13,708	)		(1,869	)
Manufacturing costs		(12,633	)		(6,001	)
Regulatory expenses		(394	)		(381	)
Other R&D costs		(45	)		(47	)

Total research and development expenses		(72,873	)		(30,588	)

Research and development expense consisted of the following items for the years ended December 31:


	2022			2021			2020
Clinical expenses		(56,795	)		(10,842	)		(1,450	)
Non-clinical expenses		(2,802	)		(974	)		(41	)
Personnel expense (see Note 8)		(6,752	)		(3,363	)		(994	)
Manufacturing costs		(14,850	)		(8,338	)		(1,236	)
Regulatory expenses		(901	)		(1,452	)		(141	)
Other R&D costs		(130	)		(63	)		(183	)

Total research and development expenses		(82,230	)		(25,032	)		(4,045	)

Use of Judgments and Estimates	12 Months Ended
Use of Judgments and Estimates	Dec. 31, 2022
Disclosure Of Use Of Judgments And Estimates [Abstract]
Use of Judgments and Estimates	Note 3 — Use of Judgments and Estimates In the application of the Company’s accounting policies, which are described above, the Company is required to make judgments, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimate is revised if the revision affects only that period or in the period of the revision and future periods if the revision affects both current and future periods. Revenue Critical Judgment The Group performs an analysis to identify the performance obligations for its license agreement. Under IFRS 15, the Group applies significant judgment when evaluating (i) whether the obligations under these agreements represent one or more combined performance obligations, (ii) the determination of whether the reimbursable development costs and milestone payments should be included in the transaction price, (iii) the allocation of the transaction price between the identified performance obligations and (iv) the timing of satisfaction of the identified performance obligations. As further detailed at Note 5, management concluded that two performance obligations exist under the Menarini License: a license performance obligation, which comprises of interrelated licenses granted under the agreement, and a research and development performance obligation which corresponds to the reimbursement of certain research and development expenditures. Critical Estimate The recognition of revenue over time is based on a pattern that best reflects the satisfaction of the related performance obligation, applying the input method. The input method estimates the satisfaction of the performance obligation as the percentage of total costs that are completed each period compared to the total estimated costs. A cost-based input method of revenue recognition requires management to make estimates of costs to complete the Company’s performance obligation. In making such estimates, significant judgment is required to evaluate assumptions related to cost estimates. The cumulative effect of revisions to estimated costs to complete the Company’s performance obligation will be recorded in the period in which changes are identified and amounts can be reasonably estimated. A significant change in these assumptions and estimates could have a material impact on the timing and amount of revenue recognized in future periods. The Group allocated the initial transaction price of the Menarini License across both performance obligations based upon a relative stand-alone selling price basis by applying an expected cost plus margin approach. As a result, a portion of the initial transaction price has been deferred from recognition until the expected timing of the associated research and development services have been attained. Such costs and timing are dependent upon forecasted research and development costs which generally follow the remaining term of contracted studies. Significant management judgment is driven by critical estimates such as the forecasted cost and timing of clinical studies, as further described below, which are required to determine the level of effort and the expected period to complete the performance obligations under the Menarini License. Significant changes in the forecasted research and development costs, including when such costs are incurred, can have a material effect on the timing and amount of revenue recognized. Research and Development Expense Research and development expenses are currently not capitalized but are expensed because the criteria for capitalization are not met (see Note 2 and Note 6). At each balance sheet date, the Group estimates the level of services performed by the vendors and the associated expenditure incurred for the services performed. Quantification of the research and development expenses incurred during the period requires judgment based on key estimates comprising of non-financial data, because the progress of activities is not directly observable and therefore the precise timing of the R&D activities may not be entirely certain. In estimating progress toward completion of specific tasks, the Group therefore uses non-financial data such as number of patient screenings, patient visits, patient enrollment, clinical site activations and vendor information of actual costs incurred. This data is obtained through reports from outside service providers as to the progress or state of completion of trials or the completion of services and reviewed by Group personnel. Management’s judgments based on this non-financial data have not changed during the financial periods presented. Due to the nature of the expense it is not practicable to give meaningful sensitivity estimates due to the large volume of variables that contribute to the research and development expenses. Financial Derivative Liabilities According to management’s assessment, the Public Warrants, Private Placement Warrants and Earnout Shares for Participating Shareholders fall within the scope of IAS 32 and have been classified as derivative financial liabilities. In accordance with IFRS 9 guidance, derivatives that are classified as financial liabilities shall be measured at fair value with subsequent changes in fair value to be recognized in profit and loss. On the Closing Date, the initial fair value of the Public Warrants was based on the actively quoted market price, and the initial fair value of the Private Placement Warrants was derived from the quoted price of the Public Warrants given the terms being nearly identical. For further details regarding the inputs and assumptions inherent in the warrants’ valuation, refer to Note 17. The Earnout Shares for Participating Shareholders are recognized as a financial derivative earnout liability carried at FVTPL by reference to Level 3 measurement inputs because a quoted or observable price for the instrument or an identical instrument is not available in active markets. The fair value of the earnout is determined using a Black-Scholes pricing model using inputs as outlined at Note 17. The expected probability of milestone completion triggering issuance of the Earnout Shares represents the most significant unobservable input utilized in this Level 3 valuation technique in driving the fair value measurement. The calculated fair value would increase (decrease) if the probability was higher (lower). For further details regarding the inputs and assumptions inherent in the Earnout Shares’ valuation model, refer to Note 17.

Intangible Assets	12 Months Ended
Intangible Assets	Dec. 31, 2022
Disclosure of detailed information about intangible assets [abstract]
Intangible Assets	Note 15 — Intangible Assets On April 9, 2020, NewAmsterdam Pharma entered into a purchase agreement with Amgen (the “ 2020 SPA ”), to acquire all of the outstanding share capital of NewAmsterdam Pharma B.V. (formerly Dezima Pharma B.V.), a company whose principal activity is to develop compounds that treat cardiovascular disease related to dyslipidemia. The principal reason for this acquisition was to secure the intellectual property, licensing and know-how of the patented drug Obicetrapib and the in-process research and development. NewAmsterdam Pharma paid consideration of €1 for the IPR&D asset and could potentially make an additional contingent payment depending on future exit events (if they occur) as further described below. In connection with the 2020 SPA, NewAmsterdam Pharma and Amgen entered into a profit right and waiver agreement with MTPC (the “ Profit Right Agreement ”) in consideration for the waiver of certain rights held by MTPC prior to the Dezima transaction. The aggregate contingent consideration to be paid to Amgen and MTPC would become payable upon a traditional underwritten public offering or an exit event, as defined in the 2020 SPA. The profit right shall lapse if the IPO share right is exercised. The IPO share right shall lapse if, as a result of one or more exit events, the profit right is exercised and all of the assets related IPR&D are sold, leased, transferred, licensed, or otherwise disposed of, or there are no remaining shares. Further, upon an IPO, Amgen would also have the right to repurchase all of the outstanding shares of NewAmsterdam Pharma B.V. at a certain specified price. In addition, Amgen and MTPC were granted rights to match certain major corporate transactions (“ Matching Rights ”). The transactions contemplated by the Business Combination Agreement (as defined in Note 4) qualified as an exit event pursuant to the 2020 SPA but were not subject to Matching Rights. As a result, in connection with the Business Combination and pursuant to side letters entered into by the parties, Amgen and MTPC each received their respective profit right payments in the form of Ordinary Shares, in the amount of 4,910,000 Ordinary Shares and 3,746,330 Ordinary Shares to Amgen and MTPC, respectively, prior to the consummation of the Business Combination. Based on the price of €9.61 per Ordinary Share at the Closing Date, the issuance of an aggregate of 8,656,330 Ordinary Shares increased equity by €83.2 million (see Note 19). Management determined the issuance of Ordinary Shares to Amgen and MTPC as an exit event resulting in additional contingent consideration paid for the IPR&D asset. As such, the IPR&D asset was subsequently recognized at the fair value of Ordinary Shares issued of €83.2 million. Upon the issuance of Ordinary Shares to Amgen and MTPC, all rights of Amgen and MTPC under the 2020 SPA and the Profit Right Agreement, respectively, were extinguished. At December 31, 2022, management determined that the contingent consideration no longer exists as a result of the equity issuance of Ordinary Shares having extinguished all rights previously held by Amgen and MTPC upon acquisition.

Revenue (Tables)

6 Months Ended

12 Months Ended

Jun. 30, 2023

Dec. 31, 2022

Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Abstract]

Summary of Revenue

Revenue consisted of the following for the six months ended June 30:


	2023		2022
License revenue attributed from license performance obligation		5,000		93,500
License revenue attributed from R&D performance obligation		4,562		—

Total revenue		9,562		93,500

Revenue consisted of the following for the years ended December 31:


	2022		2021		2020
License revenue attributed from license performance obligation		93,500		—		—
License revenue attributed from R&D performance obligation		4,000		—		—

Total revenue		97,500		—		—

Summary of deferred revenue

The following table presents changes in the balance of the Company’s deferred revenue (in thousands):


	2022			2021		2020
Beginning balance on January 1		—			—		—
Addition of deferred revenue under the Menarini License		21,500			—		—
Revenue recognized under the Menarini License during the period		(4,000	)		—		—

Ending balance on December 31		17,500			—		—

Share Listing Expense - Additional Information (Details) € / shares in Units, € in Thousands		12 Months Ended
	Nov. 22, 2022 EUR (€) € / shares shares	Dec. 31, 2022 EUR (€) € / shares	Jun. 30, 2023 EUR (€)	Nov. 22, 2022 $ / shares	Jun. 30, 2022 € / shares	Dec. 31, 2021 EUR (€) € / shares	Dec. 31, 2020 € / shares	Dec. 31, 2019 € / shares
Share Listing Expense [Line Items]
Fair value of issued shares		€ 599,191	€ 608,754			€ 83,876
Par value per share \| € / shares	€ 0.01	€ 0.12			€ 0.12	€ 0.01	€ 0.01	€ 0.01
Share listing expense		€ 60,600
FLAC
Share Listing Expense [Line Items]
Share price at closing date of merger \| $ / shares				$ 9.87
Identifiable net assets held at fair value	€ 66,067
Share listing expense	€ 60,600
FLAC \| Former Shareholders of FLAC
Share Listing Expense [Line Items]
Number of shares issued \| shares	13,185,138
Fair value of issued shares	€ 126,700
Par value per share \| € / shares	€ 9.61

Share-Based Payments - Summary Of Weighted Average Fair Value and Inputs Measurements Of Fair Value Equity Settled Options (Details)	6 Months Ended	12 Months Ended
	Jun. 30, 2023 EUR (€) yr € / shares	Dec. 31, 2022 EUR (€) yr € / shares	Dec. 31, 2021 EUR (€) yr € / shares
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Share value (EUR) \| € / shares	€ 10.31	€ 9.61	€ 2.48
Option exercise price (EUR) \| € / shares	€ 10.31	€ 9.73	€ 2.48
Dividend yield	0.00%	0.00%	0.00%
Fair value per option (EUR)	€ 4.55	€ 4.2
Minimum
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Volatility (%)	37.00%	38.00%	42.00%
Expected life (years) \| yr	5.3	5	5
Risk-free rate	3.55%	3.88%	(0.62%)
Fair value per option (EUR)			€ 0.91
Maximum
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Volatility (%)	42.00%	42.00%	44.00%
Expected life (years) \| yr	7	7	6.9
Risk-free rate	3.98%	3.93%	(0.58%)
Fair value per option (EUR)			€ 0.98

Property, Plant and Equipment

12 Months Ended

Dec. 31, 2022

Disclosure Of Property Plant And Equipment [Abstract]

Property, Plant and Equipment

Note 13 — Property, Plant and Equipment

Movements in property, plant and equipment, net were as follows:


	Right of Use Asset			Computer Equipment		Total
(i) Cost
At 31 December 2020		—			13		13
Additions		172			20		192

At 31 December 2021		172			33		205

(ii) Accumulated depreciation
At 31 December 2020		—			1		1
Depreciation		10			4		14

At 31 December 2021		10			5		15

(iii) Net book value
At 31 December 2020		—			12		12

At 31 December 2021		162			28		190


	Right of Use Asset			Computer Equipment		Total
(i) Cost
At 31 December 2021		172			33		205
Additions		—			13		13

At 31 December 2022		172			46		218

(ii) Accumulated depreciation
At 31 December 2021		10			5		15
Depreciation		64			8		72
FX		(15	)		2		(13	)

At 31 December 2022		59			15		74

(iii) Net book value
At 31 December 2021		162			28		190

At 31 December 2022		113			31		144

The Group leases office premises in Florida. Refer to Note 22 for lease liability details related to the right of use asset.

Share-Based Payments

6 Months Ended

12 Months Ended

Jun. 30, 2023

Dec. 31, 2022

Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Abstract]

Share-Based Payments

Note 9 — Share-Based Payments

The Company has three Share-based payment plans and one restricted share award in place as at June 30, 2023:

•

The Company’s Long-Term Incentive Plan (the “

Plan

”);

•

The Company’s Supplementary Long-Term Incentive Plan (the “

Supplementary Plan

”);

•

the Company’s Rollover Option Plan (the “

Rollover Plan

,” together with the Plan and the Supplementary Plan, the “

Plans

”); and

•

Chief Executive Officer Restricted Share Award.

Long Term Incentive Plans

The Plans are equity-settled, and the Company may grant various forms of equity awards, including the granting of options to purchase Ordinary Shares (“

Company Options

”) and restricted stock units (“

RSU

s”), pursuant to the Plans.

The contractual term is 10 years from grant date for options granted under the Plans In general, each Company Option granted in 2023 has a four-year vesting period with 25% vesting after one year and the remaining 75% vesting in equal monthly installments over the next following three years.

The changes for the six months ended June 30, 2023 in the number of options outstanding related to Ordinary Shares and their related weighted average exercise prices are as follows:


			2023
	Weighted average exercise price		Number of options
Outstanding as at January 1	€	6.52		11,146,861
Granted during the year	$	11.01		4,558,729
Exercised during the year	€	6.89		(14,910	)
Forfeited during the year	€	9.96		(1,724,516	)

Outstanding as at June 30	€	7.33		13,966,164

As at June 30, 2023, 4,189,605 of the outstanding Company Options are exercisable. The options outstanding as of June 30, 2023 have a weighted average remaining contractual life of 9.0 years.


			2023
Expiry date	Exercise Price		Number of options
July 6, 2031	€	1.16		4,174,706
November 22, 2032	$	10.00		6,140,444
January 1—June 5, 2033	$	10.90—13.85		3,651,014

Outstanding as at June 30	€	7.33		13,966,164

Fair Value of Options Granted

The Black-Scholes option pricing formula has been applied for measuring the fair value of the options granted. The weighted average fair values and the inputs (ranges) used in the measurement of the fair values of these equity-settled options at the date of grant are summarized below:


	2023
Share value (EUR)		10.31
Option exercise price (EUR)		10.31
Volatility (%)		37%–42	%
Expected life (years)		5.3–7.0
Dividend yield		0	%
Risk-free rate		3.55%–3.98	%
Fair value per option (EUR)		4.55

Share-Based Payment Expenses Recognized for Options Granted

The fair value of the options is expensed over the relevant vesting periods using the graded vesting method, based on management’s estimate of the number of options that will eventually vest. For the six months ended June 30, 2023 and 2022, the total share-based payment expense recognized for the equity-settled options amounted to €12.1 million and €0.3 million, respectively.

In addition, during the six months ended June 30, 2023 and 2022, the Group recognized €1.1 million and €0.0

million, respectively, as expenses for the employer social security contributions expected to be payable related to these options. The corresponding liability as at June 30, 2023 and December 31, 2022 amounts to €2.8 million and €0.1 million, respectively.

Restricted Stock Units (“RSUs”)

As at June 30, 2023 the Company had allocated 160,404 Earnout Shares to be granted to participants in the Plan who were directors, officers, employees or consultants of NAP B.V. as of the date of the Business Combination Agreement and who are at the time of the achievement of such milestone providing services to the Company or its subsidiaries (“

Participating Optionholders

”) if and when a certain clinical development milestone is achieved during the earnout period. These Earnout Shares will be delivered in the form of awards of RSUs granted pursuant to the Plan to such Participating Optionholders who are at the time of achievement of such milestone still providing services to the Group.

The development milestone consists of the achievement and public announcement of Positive Phase 3 Data for each of the Company’s BROADWAY clinical trial and BROOKLYN clinical trial at any time during the period beginning on November 22, 2022 and ending on the date that is five years after such date.

There is no impact on these financial statements with respect to these RSUs due to the uncertainty of achieving the clinical development milestone.

Chief Executive Officer Restricted Share Award

In July 2021, our chief executive officer, Michael Davidson, M.D., paid

the fair market value of the underlying ordinary shares (in aggregate €708,571) when he made an investment in restricted shares issued through Depositary Receipts as previously disclosed. Accordingly, the total fair value of these equity-settled share-based payment awards amounts to nil and there will be no expenses recognized in the income statement. This award had a four year vesting period with 25% vesting on August 1, 2021 and the remaining 75% vesting in equal monthly installments over the following three years.

In connection with the award arrangement, if Dr. Davidson leaves the Group, all unvested Ordinary Shares will be cancelled against payment by the Company to him of the lower of the (i) the purchase price paid and (ii) the fair market value of such Ordinary Shares at the time of forfeiture. In order to reflect the consideration paid and the possibility that the Ordinary Shares would be repurchased if Dr. Davidson becomes a “Good Leaver” (as such term is defined in the award agreement) during the vesting period, the Company has recognized the consideration as a financial liability until the award has fully vested, at which time it will be reclassified to equity provided that Dr. Davidson remains with the Group. This liability is measured at the lower of (i) the purchase price paid and (ii) the fair market value of the Ordinary Shares at the end of the reporting period. The liability for unvested Ordinary Shares as at June 30, 2023 amounted to €192 thousand.

For the six months ended June 30, 2023, the movements in the number of Ordinary Shares outstanding are as follows:


	2023
	Number of Ordinary Shares
Outstanding as at January 1		608,779
Granted/purchased during the year		—

Outstanding as at June 30		608,779

As of June 30, 2023, a total of 443,901 Ordinary Shares had vested.

Note 20 — Share-Based Payments

The Company has two Share-based payment plans and

one

restricted share award in place as at December 31, 2022:

•

The Company’s Long-Term Incentive Plan (the “

Plan

”), which also includes restricted stock units;

•

the Company’s Rollover Option Plan (the “

Rollover Plan

,” together with the Plan, the “

Plans

”); and

•

Chief Executive Officer Restricted Share Award.

Long Term Incentive Plans

In November 2022, the Company adopted Plans in connection with the Business Combination to replace the Prior LTIP (as defined below). The Plans are equity-settled, and the Company may grant various forms of equity awards, including the granting of options to purchase Ordinary Shares (“

Company Options

”), pursuant to the Plans.

Each option of NewAmsterdam Pharma granted under the Prior LTIP (“

NewAmsterdam Pharma Options

”) outstanding immediately prior to the consummation of the Exchange remained outstanding and, to the extent unvested, continued to vest in accordance with its applicable terms, and at the time of the Exchange, such options became options to purchase, and will when exercised be settled in Ordinary Shares under the Plans. Additionally, the exercise price of each converted option has been determined by dividing the exercise price per share (or depository receipt for a share) of each option to purchase shares (or depository receipts for shares) of NewAmsterdam Pharma by an exchange ratio of approximately 2.13.

Term and Vesting Period

The contractual term is 10 years from grant date for options granted. Each new option granted in 2022 under the Plans has a four-year vesting period with 1/48 vesting on each one-month anniversary of the grant date.

In the case of a participant who voluntarily leaves and therefore ceases to be an eligible participant (“

Good Leaver

”), all unvested options will lapse and all vested options that have not yet been exercised or settled must be exercised or settled within 3 months after the Participant became a Good Leaver.

If long-term incentive awards are granted in exchange for outstanding options under the Plans in connection with a change of control and the Board has determined that such awards are sufficiently equivalent to the outstanding options concerned, then such outstanding options shall be cancelled and terminated upon the replacement awards being granted to the participants concerned. If this is not the case, then such options shall immediately vest in full, unless the Board decides otherwise.

Prior to the modification on November 22, 2022, NewAmsterdam Pharma introduced a long-term incentive plan (the “

Prior LTIP

”) for employees, officers, and other service providers in July 2021. Under this equity-settled plan, NewAmsterdam Pharma granted options on Depositary Receipts (“

DRs

”) relating to non-voting ordinary shares and options on non-voting ordinary shares. On July 8, 2021, NewAmsterdam Pharma granted 262,857 Pre-Series A options, 887,116 First Tranche Options, and 814,312 Second Tranche Options. Each option had a four-year vesting period with 25% vesting after one year and the remaining 75% vesting in equal installments over the next following three years. All options under the Prior LTIP were issued with the same terms with the exception of the Second Tranche Options, which were subject to the following two additional vesting conditions: (i) the Milestone Closing (i.e., the closing of the second tranche of the Series A financing round) having occurred, provided that the Milestone Closing occurs prior to June 1, 2022; and (ii) the Participant’s employment, management, or advisory agreement having continued uninterrupted through the date of the Milestone Closing. These additional non-market vesting conditions were met in 2022.

Modifications of Options During the Year

The options issued under the Prior LTIP have been converted into 4,185,360 options issued under the Plans over Ordinary Shares in the Company in connection with the Business Combination Agreement.

The changes related to the NewAmsterdam Pharma Options have been treated as a modification because the Business Combination Agreement outlines that the new award replaces a canceled award; and so it is treated as if the original award had been modified. Each replacement option (i.e., Company Option) shall be subject to the same terms and conditions (including applicable vesting, expiration and forfeiture provisions) that applied to the

NewAmsterdam Pharma Option immediately prior to the closing of the Business Combination. Since the change was structured to preserve the value of the NewAmsterdam Pharma Options, the total fair value of the replacement options granted to an employee is the same as the fair value of the NewAmsterdam Pharma Option held immediately before the closing of the transaction. Therefore, no incremental fair value has been granted in relation to the replacement of the NewAmsterdam Pharma Options with Company Options, and the grant date fair value of the original NewAmsterdam Pharma Options will therefore continue to be charged over the original vesting period.

In total, 1,964,286 NewAmsterdam Pharma Options with an exercise price of €2.48 were outstanding as of December 31, 2021 and as of the date prior to the Exchange. At the time of the Exchange, these were converted into 4,185,360 Company Options with an exercise price of €1.16392. The number of options and the exercise price presented as comparative information for 2021 in the tables below have been updated to reflect this conversion in 2022. In addition, on November 22, 2022, the Company granted 6,961,501 Company Options under the Plan.

The changes in the number of options outstanding related to Ordinary Shares and their related weighted average exercise prices are as follows:


			2022				2021
	Weighted average exercise price		Number of options		Weighted average exercise price		Number of options (1)
Outstanding as at January 1	€	1.16		4,185,360		—		—
Granted during the year	$	10.00		6,961,501	€	1.16		4,185,360
Forfeited during the year		—		—		—		—

Outstanding as at December 31	€	6.52		11,146,861		1.16		4,185,360

(1)

On November 22, 2022, the NewAmsterdam Pharma Options outstanding of 1,964,286 were exchanged for 4,185,360 Company Options using an exchange ratio of approximately 2.13. The weighted average exercise price was also re-stated from €2.48 to €1.16392 based on the same exchange ratio. The 2021 amounts and the opening balance as at January 1, 2022, have been restated to reflect this conversion.

As at December 31, 2022, 2,837,865 of the outstanding Company Options are exercisable. The Company Options granted on November 22, 2022 have an exercise price of $10.00 per option and will expire on November 22, 2032. The options outstanding as of December 31, 2022 and 2021 have a weighted average remaining contractual life of 9.4 years and 9.5 years, respectively. There were no options outstanding as of December 31, 2020.


			2022				2021
Expiry date	Exercise Price		Number of options		Exercise Price		Number of options
July 6, 2031	€	1.16		4,185,360	€	1.16		4,185,360
November 22, 2032	$	10.00		6,961,501		—		—

Outstanding as at December 31	€	6.52		11,146,861		1.16		4,185,360

Fair Value of Options Granted

The Black-Scholes option pricing formula has been applied for measuring the fair value of the options granted. The assumptions used to determine the fair value of the options represent management’s best estimates. These estimates involve inherent uncertainties and the application of management’s judgment, specifically as it relates to share value prior to the Merger, volatility and expected life. The weighted average fair values and the inputs

(ranges) used in the measurement of the fair values of these equity-settled options at the date of grant are summarized below:


	2022			2021
Share value (EUR)		9.61			2.48
Option exercise price (EUR)		9.73			2.48
Volatility (%)		38%–42	%		42%–44	%
Expected life (years)		5.0–7.0			5.0–6.9
Dividend yield		0	%		0	%
Risk-free rate		3.88%–3.93	%		(0.62%)–(0.58	%)
Fair value per option (EUR)		4.20			0.91–0.98

The expected option life is based on management’s best estimate of when the options will be exercised. Expected volatility is estimated by considering historical average share price volatility of a group of comparable companies over a period before the grant date being equal to the expected option life. The expected dividend rate is zero as the Company currently has no history or expectation of declaring dividends on its ordinary shares. For the options granted in 2021 with an exercise price denominated in euro, the risk-free interest rate is estimated based on the continuous yield on triple A-rated, zero-coupon government bonds in the Eurozone with a term to maturity comparable to the (remaining) expected option life. For the options granted in 2022 with an exercise price denominated in U.S. dollars, the risk-free interest rate is based upon the U.S. Treasury yield curve in effect at the time of grant, with a term that approximates the expected life of the option.

For the options granted in 2022, the fair value of the Ordinary Shares is equal to the closing share price at the grant date. For the 1,964,286 NewAmsterdam Pharma Options granted in 2021 with an exercise price of €2.48, the fair value of the underlying ordinary shares in NewAmsterdam Pharma (the share value in table above) was estimated in the absence of a public market for the company’s equity instruments. NewAmsterdam Pharma relied on an option pricing method (“

OPM

”) to determine fair value of the ordinary shares. The OPM allocates the overall equity value to the various share classes based on differences in liquidation preferences and participation rights. After the value of the ordinary shares is determined, a discount for lack of marketability (“

DLOM

”) of 15% is applied to arrive at fair value of the underlying ordinary shares. A DLOM is applied in order to reflect the lack of a recognized market for a privately held interest and the fact that equity interest may not be readily transferrable. A market participant purchasing this equity instrument would recognize this illiquidity associated with the equity instrument which would reduce the overall fair market value.

Share-Based Payment Expenses Recognized for Options Granted

The fair value of the options is expensed over the relevant vesting periods using the graded vesting method, based on management’s estimate of the number of options that will eventually vest. For the years ended December 31, 2022, 2021 and 2020, the total share-based payment expense recognized for the equity-settled options amounted to €3.922 million, €1.049 million and nil, respectively.

In addition, during the years ended December 31, 2022, 2021 and 2020, the Company recognized €1.612 million, €43 thousand and nil as expenses for the employer social security contributions expected to be payable related to t

hese o

ptions. The corresponding liability as of December 31, 2022 and 2021 amounts to €1.655 million and €43 thousand, respectively.

Restricted Stock Units (“RSUs”)

As a result of the Business Combination Agreement, the Company has currently allocated 160,778 Earnout Shares to grant to Participating Optionholders if and when a certain clinical development milestone is achieved during the earnout period. These Earnout Shares will be delivered in the form of awards of RSUs granted pursuant to the Plan to such Participating Optionholders who are at the time of achievement of such milestone still providing services to the Company or its subsidiaries.

The development milestone consists of the achievement and public announcement of Positive Phase 3 Data for each of NewAmsterdam Pharma’s BROADWAY clinical trial and BROOKLYN clinical trial at any time during the period beginning on November 22, 2022 and ending on the date that is five years after such date. As a result, no Earnout Shares will be issuable if the applicable milestone is not achieved within five years of the Merger. If the clinical development milestone is not achieved during the Earnout Period, but a Participating Optionholder has completed their service requirement, they will not be considered vested in the RSUs.

There is no impact on these financial statements with respect to the Participating Optionholders’ awards due to the uncertainty of achieving the clinical development milestone. Refer to Note 17 regarding the financial statement impact of the Earnout Shares allocated to Participating Shareholders.

Chief Executive Officer Restricted Share Award

In July 2021, NewAmsterdam Pharma entered into an arrangement and issued 285,714 non-voting ordinary shares to a foundation (

“STAK EPNAP”

) at an aggregate issue price of €708,571 for which Depository Receipts (“

Founder DRs

”) were agreed to be issued by STAK EPNAP to NewAmsterdam Pharma’s chief executive officer, M. Davidson, under the Prior LTIP. The vesting and contractual terms for this transaction align with other DRs issued under the Prior LTIP in 2021 that have been previously disclosed, except as noted below.

NewAmsterdam Pharma provided a loan facility to M. Davidson to pay the purchase price of the Founder DRs subject to the terms and conditions of the loan agreement. On July 19, 2022, M. Davidson repaid the entire outstanding principal amount and unpaid interest.

The Company does not have an obligation to repurchase any vested Founder DRs or otherwise settle vested DRs in cash or repurchase any vested DRs. This element of the Founder DR award is therefore accounted for as an equity-settled share-based payment transaction. M. Davidson paid the fair market value of the underlying ordinary shares in the Company at the grant date, each €2.48 per share. Accordingly, the total fair value of these equity-settled share-based payment awards amounts to nil and there will be no expenses recognized in the income statement related to these investments.

In connection with the award arrangement, if M. Davidson leaves NewAmsterdam Pharma, all unvested Founder DRs will be cancelled automatically, with simultaneous cancellation of the underlying shares, and against payment by the Company to the participant of the lower of the (i) the purchase price paid and (ii) the fair market value. As the Founder DRs were delivered immediately on receipt for consideration paid by M. Davidson but remain subject to ongoing vesting conditions, to reflect the consideration paid and the potential that the Ordinary Shares may be repurchased, the Company has recognized the consideration as a financial liability until the awards have vested, at which time it will be reclassified to equity provided that M. Davidson remains with the Group. This liability is measured at the lower of the price paid for the Founder DRs and their current fair market value of the Ordinary Shares. The liability for unvested Ordinary Shares as of December 31, 2022 and 2021 amounts to €280 thousand and €458 thousand, respectively.

At the time of the Exchange, the 285,714 non-voting ordinary shares in NewAmsterdam Pharma underlying the Founder DRs were converted into 608,779 Ordinary Shares. The number of awards presented as comparative information for 2021 in the table below has been updated to reflect this conversion in 2022.

The movements in the number of Founder DRs outstanding are as follows:


	2022		2021
	Number of Ordinary Shares		Number of Ordinary Shares (1)
Outstanding as at January 1		608,779		—
Granted/purchased during the year		—		608,779

Outstanding as at December 31		608,779		608,779

(1)

On November 22, 2022, the non-voting ordinary shares in NewAmsterdam Pharma outstanding of 285,714 were exchanged for 608,779 Ordinary Shares using an exchange ratio of approximately 2.13. The 2021 amounts and the opening balance as at January 1, 2022, have been re-stated to reflect this conversion.

As of December 31, 2022 and 2021, in total 367,804 and 215,609 Ordinary Shares underlying the Founder DRs had vested, respectively.

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - EUR (€) € in Thousands	Total	Series A Tranche I	Series A Tranche I I	New Amsterdam Pharma Shareholders	Frazier Lifesciences Acquisition Corporation Shareholders	P I P E Financing	Amgen M T P C Shareholders	Issued capital	Issued capital Series A Tranche I	Issued capital Series A Tranche I I	Issued capital New Amsterdam Pharma Shareholders	Issued capital Frazier Lifesciences Acquisition Corporation Shareholders	Issued capital P I P E Financing	Issued capital Amgen M T P C Shareholders	Share premium	Share premium Series A Tranche I	Share premium Series A Tranche I I	Share premium New Amsterdam Pharma Shareholders	Share premium Frazier Lifesciences Acquisition Corporation Shareholders	Share premium P I P E Financing	Share premium Amgen M T P C Shareholders	Other reserves	Translation differences	Retained earnings
Opening balance at Dec. 31, 2019	€ 2,172							€ 25							€ 2,475									€ (328)
Issuance of non-voting shares								25							(25)
Total comprehensive (loss) / profit for the period, net of tax	(5,749)																							(5,749)
(Loss) / profit for the period	(5,749)
Ending balance at Dec. 31, 2020	(3,577)							50							2,450									(6,077)
Conversion of convertible debt	11,667							11							11,656
Equity contribution		€ 69,000							€ 49							€ 68,951
Issuance of non-voting shares	709							3							706
Total comprehensive (loss) / profit for the period, net of tax	(28,599)																							(28,599)
Share based compensation	591																					€ 591
(Loss) / profit for the period	(28,599)
Ending balance at Dec. 31, 2021	49,791							113							83,763							591		(34,676)
Equity contribution			€ 79,680							€ 57							€ 79,623
Total comprehensive (loss) / profit for the period, net of tax	54,513																							54,513
Share based compensation	438																					438
(Loss) / profit for the period	54,513																							54,513
Ending balance at Jun. 30, 2022	184,422							170							163,386							1,029		19,837
Opening balance at Dec. 31, 2021	49,791							113							83,763							591		(34,676)
Elimination of old shares				€ (163,556)							€ (170)							€ (163,386)
Equity contribution			€ 79,680	€ 163,556	€ 126,666	€ 228,343	€ 83,160			€ 57	€ 4,351	€ 1,582	€ 2,815	€ 1,039			€ 79,623	€ 159,205	€ 125,084	€ 225,528	€ 82,121
Transaction costs on issue of shares	(2,534)														(2,534)
Earnout obligation upon Closing (NewAmsterdam Pharma shareholders)	(6,633)																							(6,633)
Total comprehensive (loss) / profit for the period, net of tax	(78,052)																							(78,052)
Share based compensation	4,100																					4,100
(Loss) / profit for the period	(78,052)
Ending balance at Dec. 31, 2022	484,521							9,787							589,404							4,691		(119,361)
Total comprehensive (loss) / profit for the period, net of tax	(83,981)																						€ (8,879)	(75,102)
Exercise of Warrants	9,423							90							9,333
Exercise of Company Options	96							2							138							(44)
Share based compensation	12,205																					12,205
(Loss) / profit for the period	(75,102)																							(75,102)
Other comprehensive (loss) / profit for the period	(8,879)																						(8,879)
Ending balance at Jun. 30, 2023	€ 422,264							€ 9,879							€ 598,875							€ 16,852	€ (8,879)	€ (194,463)

Share Capital and Share Premium - Details of Total Share Capital and Share Premium (Parenthetical) (Details) € / shares in Units, $ / shares in Units, € in Thousands, $ in Millions						1 Months Ended	6 Months Ended		12 Months Ended
	Nov. 22, 2022 EUR (€) € / shares shares	Feb. 18, 2022 EUR (€) shares	Jan. 07, 2021 EUR (€) shares	Apr. 09, 2020 EUR (€) shares	Apr. 09, 2020 USD ($) shares	Dec. 31, 2022 EUR (€) € / shares shares	Jun. 30, 2023 EUR (€) € / shares	Jun. 30, 2022 € / shares shares	Dec. 31, 2022 EUR (€) € / shares shares	Dec. 31, 2021 EUR (€) € / shares shares	Dec. 31, 2020 EUR (€) € / shares shares	Nov. 22, 2022 $ / shares	Jan. 01, 2022 shares	Jul. 31, 2021 shares	Dec. 31, 2019 EUR (€) € / shares shares
Disclosure Of Classes Of Share Capital [Line Items]
Date of entity incorporation									Jun. 30, 2022
Par value per share \| € / shares	€ 0.01					€ 0.12		€ 0.12	€ 0.12	€ 0.01	€ 0.01				€ 0.01
Share capital \| €	€ 170					€ 9,787			€ 9,787	€ 113	€ 50				€ 25
Proceeds from issuing equity securities \| €			€ 160,000
Number of shares outstanding \| shares	17,016,872					81,559,780			81,559,780	11,325,442	5,000,000				2,500,000
Equity listing charge \| €									€ 60,600
Exchange ratio								2.13		2.13	2.13
PIPE Financing
Disclosure Of Classes Of Share Capital [Line Items]
Proceeds from issuing equity securities \| €									€ 228,343
Business Combination Agreement
Disclosure Of Classes Of Share Capital [Line Items]
Number of shares exchanged \| shares								1,964,286					1,964,286
Number of shares issued upon exchange \| shares								4,185,360
First Tranche Financing
Disclosure Of Classes Of Share Capital [Line Items]
Outstanding convertible debt converted \| €			11,700
Second Tranche Financing
Disclosure Of Classes Of Share Capital [Line Items]
Minimum percentage of low-density lipoprotein attained as milestone tranche condition		50.00%
Ordinary Shares
Disclosure Of Classes Of Share Capital [Line Items]
Par value per share \| € / shares	€ 0.12					€ 2.48	€ 0.12		€ 2.48
Share capital \| €	€ 9,800
Proceeds from issuing equity securities \| €							€ 8,000
Number of shares outstanding \| shares	81,559,780
Number of shares issued \| shares														285,714
Ordinary Shares \| PIPE Financing
Disclosure Of Classes Of Share Capital [Line Items]
Incremental transaction costs related to share issue \| €									€ 2,500
Ordinary Shares \| FLAC
Disclosure Of Classes Of Share Capital [Line Items]
Number of shares exchanged \| shares	1
Number of shares issued upon exchange \| shares	13,185,138
Increase (decrease) in share capital \| €	€ 1,600
Increase (decrease) in share premium \| €	125,100
Equity listing charge \| €	€ 60,600
Ordinary Shares \| Business Combination Agreement
Disclosure Of Classes Of Share Capital [Line Items]
Par value per share \| € / shares	€ 0.12
Number of shares exchanged \| shares	17,016,872
Par value per share before exchange \| € / shares	€ 0.01
Number of shares issued upon exchange \| shares	36,258,312
Increase (decrease) in share capital \| €	€ 4,200
Increase (decrease) in share premium \| €	€ 4,200
Exchange ratio	2.13							2.13	2.13
Ordinary Shares \| SPA and Profit Right Agreement
Disclosure Of Classes Of Share Capital [Line Items]
Number of shares issued \| shares				8,656,330	8,656,330
Increase (decrease) in share capital \| €				€ 1,000
Increase (decrease) in share premium \| €				€ 82,100
Ordinary Shares \| SPA and Profit Right Agreement \| Amgen Incorporation
Disclosure Of Classes Of Share Capital [Line Items]
Par value per share \| € / shares	€ 0.12
Number of shares issued \| shares				4,910,000	4,910,000
Ordinary Shares \| SPA and Profit Right Agreement \| MTPC
Disclosure Of Classes Of Share Capital [Line Items]
Par value per share \| € / shares	€ 0.12
Number of shares issued \| shares				3,746,330	3,746,330
Voting Ordinary Shares
Disclosure Of Classes Of Share Capital [Line Items]
Number of shares issued \| shares										2,500,000
Non-voting Ordinary Shares
Disclosure Of Classes Of Share Capital [Line Items]
Number of shares issued \| shares						285,714			285,714	2,785,714
Number of shares exchanged \| shares	285,714
Number of shares issued upon exchange \| shares	608,779
Exchange ratio						2.13
Series A Preferred Shares
Disclosure Of Classes Of Share Capital [Line Items]
Par value per share \| € / shares										€ 0.12
Number of shares issued \| shares										6,039,728
Series A Preferred Shares \| First Tranche Financing
Disclosure Of Classes Of Share Capital [Line Items]
Proceeds from issuing equity securities \| €			€ 69,000
Number of shares issued \| shares			4,928,613
Convertible debt number of shares issued upon conversion \| shares			1,111,155
Series A Preferred Shares \| Second Tranche Financing
Disclosure Of Classes Of Share Capital [Line Items]
Share capital \| €		€ 79,700
Number of shares issued \| shares		5,691,430
Increase (decrease) in share capital \| €		€ 57
Increase (decrease) in share premium \| €		€ 79,600
November 22, 2022 Equity Contribution \| PIPE Financing
Disclosure Of Classes Of Share Capital [Line Items]
Par value per share \| (per share)	€ 0.12											$ 10
Share capital \| €	€ 2,815
Proceeds from issuing equity securities \| $					$ 234.6
Number of shares outstanding \| shares	23,460,000
Number of shares issued \| shares	23,460,000
Increase (decrease) in share capital \| €	€ 2,800
Increase (decrease) in share premium \| €	€ 225,500

Income Taxes - Schedule of Effective Income Tax Rate Reconciliation (Details) - EUR (€) € in Thousands	6 Months Ended		12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Major components of tax expense (income) [abstract]
Loss before tax	€ (75,102)	€ 54,513	€ (78,052)	€ (28,599)	€ (5,749)
Income tax benefit at statutory tax rate			20,095	7,125	1,420
Movement in unrecognized deferred tax assets resulting from carried forward losses			€ (20,095)	€ (7,125)	€ (1,420)
Tax rate effect from change in tax rate			0.00%	0.00%	0.00%

Lease - Schedule of Group's Right of Use Assets (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Presentation Of Leases For Lessee [Abstract]
Opening balance at January 1	€ 162
Additions		€ 172
Depreciation	(64)	(10)
Impact of transaction of foreign currency	15
Total ROU asset at December 31	€ 113	€ 162

Share Capital and Share Premium

6 Months Ended

12 Months Ended

Jun. 30, 2023

Dec. 31, 2022

Disclosure Of Classes Of Share Capital [Abstract]

Share Capital and Share Premium

Note 8 — Share Capital and Share Premium

During the six months ended June 30, 2023

the Group issued 749,641 Ordinary Shares upon the exercise of Warrants and 14,910 Ordinary Shares upon the exercise of Company Options. The exercise of Warrants resulted in an increase of share capital and share premium of €90 thousand and €9.3 million, respectively. The exercise of Company Options resulted in an increase of share capital and share premium of €2 thousand and €138 thousand, respectively.

Note 19 — Share Capital and Share Premium

The following table details the total share capital and share premium of the Group as at December 31, 2022 and 2021:


	Shares			Price per share (in €)		Share Capital (in €‘000)			Share Premium (in €‘000)			Total (in €‘000)
At January 1, 2020		2,500,000			0.01		25			2,475			2,500
Issuance of non-voting shares		2,500,000			0.01		25			-25			—

At January 1, 2021		5,000,000			0.01		50			2,450			2,500

January 2021 Conversion of convertible debt (1)		1,111,115			0.01		11			11,656			11,667
January 2021 Equity contributions (Series A — Tranche I) (1)		4,928,613			0.01		49			68,951			69,000
July 2021 Issuance of non-voting shares		285,714			0.01		3			706			709

At December 31, 2021 (2)		11,325,442			0.01		113			83,763			83,876

February 18, 2022 Equity contribution (Series A — Tranche II) (3)		5,691,430			0.01		57			79,623			79,680

At November 22, 2022, prior to exchange		17,016,872			0.01		170			163,386			163,556

November 22, 2022 Elimination old shares (NewAmsterdam Pharma shareholders) (4)		(17,016,872	)		0.01		(170	)		(163,386	)		(163,556	)
November 22, 2022 Share capital increase on conversion (NewAmsterdam Pharma shareholders) (4)		36,258,312			0.12		4,351			159,205			163,556
November 22, 2022 Equity contribution (FLAC shareholders) (5)		13,185,138			0.12		1,582			125,084			126,666
November 22, 2022 Equity contribution (PIPE financing) (6)		23,460,000			0.12		2,815			225,528			228,343
November 22, 2022 Equity contribution (Amgen & MTPC shareholders) (7)		8,656,330			0.12		1,039			82,121			83,160
November 22, 2022 Transaction costs on issue (5) of shares		—			—		—			(2,534	)		(2,534	)

At December 31, 2022 (8)		81,559,780			0.12		9,787			589,404			599,191

(1)

(2)	At December 31, 2021, the share capital of NewAmsterdam Pharma amounted to €113 thousand, divided into 2,500,000 voting ordinary shares, 2,785,714 non-voting ordinary shares and 6,039,728 Series A preferred shares, each with a nominal value of €0.12 per share.

(3)

Milestone Closing

(4)

As described in Note 1 and Note 4, the Company was incorporated in

June 2022

(5)

(6)

(7)

(8)

Loans Receivable - Additional Information (Details) - EUR (€) € in Thousands			12 Months Ended
	Jul. 19, 2022	Jun. 28, 2021	Dec. 31, 2022
Disclosure Of Loans Receivable [Line Items]
Percentage of interest accrued on principal amount of loan		2.75%
Repayments of loan			€ 728
M. Davidson
Disclosure Of Loans Receivable [Line Items]
Loan - Michael Davidson		€ 709
Repayments of loan	€ 709
Outstanding unpaid interest	19
Total loans	€ 728

Cover	6 Months Ended
Cover	Jun. 30, 2023
Document Information [Line Items]
Document Type	POS AM
Amendment Flag	true
Entity Registrant Name	NewAmsterdam Pharma Company N.V.
Entity Central Index Key	0001936258
Entity Incorporation, State or Country Code	P7
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Address, Address Line One	Gooimeer 2-35
Entity Address, City or Town	Naarden
Entity Address, Postal Zip Code	1411 DC
City Area Code	+31
Local Phone Number	(0) 35 206 2971
Amendment Description	On December 20, 2022, the Registrant filed a Registration Statement on Form F-1 (File No. 333-268888), which was subsequently declared effective by the U.S. Securities and Exchange Commission on January 30, 2023. On April 17, 2023, the Registrant filed Post-Effective Amendment No. 1 to the Registration Statement on Form F-1 to include information contained in the Registrant’s Annual Report on Form 20-F and to update certain other information contained in the Registration Statement on Form F-1. The Registrant is filing this post-effective amendment to the Registration Statement on Form F-1 pursuant to the undertakings in Item 9 of the Registration Statement on Form F-1 to include the Registrant’s unaudited condensed consolidated financial statements as at June 30, 2023 and for the six months ended June 30, 2023 and 2022 and to update certain other information contained in the Registration Statement on Form F-1. Pursuant to Rule 429 under the Securities Act, the prospectus included herein is a combined prospectus which also relates to the Registration Statement on Form F-4 (File No. 333-266510), which was declared effective on October 18, 2022, as amended, (the “Prior Registration Statement”), relating, among other securities, to: • the issuance by the Registrant of 4,767,000 Ordinary Shares upon the exercise of the Warrants (as defined below); and • the issuance by the Registrant of up to 1,886,137 Earnout Shares (as defined below). Accordingly, pursuant to Rule 429(b) under the Securities Act, this Registration Statement also constitutes Post-Effective Amendment No. 2 to the Prior Registration Statement. No additional securities are being registered by this post-effective amendment. All applicable registration fees were paid at the time of the original filing of the Registration Statements on Form F-1 and Form F-4.
Entity Primary SIC Number	2834
Entity Tax Identification Number	00-0000000
Business Contact
Document Information [Line Items]
Entity Address, Address Line One	20803 Biscayne Blvd, Suite #105
Entity Address, City or Town	Aventura
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	33180
City Area Code	+31
Local Phone Number	(0) 35 206 2971

Financial Assets and Liabilities Fair Value - Additional Information (Details) € / shares in Units, € in Millions				6 Months Ended		12 Months Ended
	Nov. 22, 2022 EUR (€) € / shares shares	Nov. 22, 2022 € / shares $ / shares shares	Jan. 07, 2021 EUR (€)	Jun. 30, 2023 EUR (€) € / shares shares	Jun. 30, 2023 € / shares $ / shares shares	Dec. 31, 2022 EUR (€) Days € / shares shares	Dec. 31, 2022 € / shares $ / shares shares	Jun. 30, 2023 $ / shares shares	Jan. 01, 2023 shares	Dec. 31, 2022 $ / shares shares	Nov. 22, 2022 $ / shares shares	Jun. 30, 2022 € / shares	Dec. 31, 2021 € / shares	Dec. 31, 2020 € / shares	Dec. 31, 2019 € / shares
Disclosure Of Financial Instruments [Line Items]
Number of warrants issued				0	0	0	0	0		0
Number of warrant exercised				749,679	749,679	0	0	749,679		0
Number of ordinary share convert from each warrant	1	1				1	1			1	1
Par value per share \| € / shares	€ 0.01	€ 0.01				€ 0.12	€ 0.12					€ 0.12	€ 0.01	€ 0.01	€ 0.01
Warrant exercise price per ordinary share \| $ / shares							€ 11.5
Period to convert warrant to ordinary share						30 days
Minimum closing market price of ordinary shares to call warrants for redemption \| $ / shares										$ 18
Threshold trading days for redemption of public warrants \| Days						20
Threshold consecutive trading days for redemption of public warrants \| Days						30
Minimum reference value to redeem outstanding warrants \| $ / shares										10
Maximum reference value to redeem outstanding private placement warrants \| $ / shares										18
Warrants expiration date						Nov. 23, 2027
Warrants expiration term after closing date						5 years
Fair value of warrants per warrant \| $ / shares								$ 2.09		$ 0.87	$ 0.8
Earnout period	5 years
Number of earnout shares issued as development milestone not yet been achieved						0	0			0
Number of earnout shares issuable if milestone not achieved within earnout period				1,725,732	1,725,732	0	0	1,725,732		0
Fair value of earnout shares \| €	€ 6.4			€ 7.6		€ 7.1
Fair value of earnout price per share \| € / shares	€ 3.84	€ 3.84		€ 4.38	€ 4.38	€ 4.09	€ 4.09
Change in fair value of derivative earn out liability \| €						€ 0.7
Proceeds from issuing shares \| €			€ 160.0
Participating optionholder forfeited their rights				409
Dividend Yield
Disclosure Of Financial Instruments [Line Items]
Anticipated dividend rate						0	0			0
Level 3
Disclosure Of Financial Instruments [Line Items]
Earnout price per share \| € / shares	9.61
Translated earnout price per share \| $ / shares		€ 9.87
Ordinary Shares
Disclosure Of Financial Instruments [Line Items]
Par value per share \| € / shares	€ 0.12	€ 0.12		€ 0.12	€ 0.12	€ 2.48	€ 2.48
Warrant exercise price per ordinary share \| $ / shares					€ 11.5
Issuance of earnout shares	1,886,137
Earnout shares allocated to participating shareholders	1,725,358			1,725,732		1,725,358
Proceeds from issuing shares \| €				€ 8.0
Additional earnout shares allocated to participating shareholders				374
Class A Ordinary Shares
Disclosure Of Financial Instruments [Line Items]
Par value per share \| $ / shares											$ 0.0001
Public Warrants
Disclosure Of Financial Instruments [Line Items]
Number of warrants issued	4,600,000	4,600,000							4,600,000		4,600,000
Number of warrants outstanding	4,600,000	4,600,000		3,850,321	3,850,321	4,600,000	4,600,000	3,850,321		4,600,000	4,600,000
Par value per share \| € / shares						€ 0.12	€ 0.12
Private Placement Warrants
Disclosure Of Financial Instruments [Line Items]
Number of warrants issued	167,000	167,000							167,000		167,000
Number of warrants outstanding	167,000	167,000		167,000	167,000	167,000	167,000	167,000		167,000	167,000
Par value per share \| € / shares						€ 0.12	€ 0.12
Warrant
Disclosure Of Financial Instruments [Line Items]
Charge recognized in profit or loss \| €				€ 5.4		€ 0.3
Earnout Shares
Disclosure Of Financial Instruments [Line Items]
Charge recognized in profit or loss \| €				€ 0.6		€ 0.7

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE PROFIT OR LOSS € in Thousands	6 Months Ended
	Jun. 30, 2023 EUR (€)
Statement of comprehensive income [abstract]
(Loss) / profit for the period	€ (75,102)
Items that may be reclassified subsequently to profit or loss:
Translation differences	(8,879)
Other comprehensive (loss) / profit for the period, net of tax	(8,879)
Total comprehensive (loss) / profit for the period, net of tax	€ (83,981)

- Definition

The amount of change in equity resulting from transactions and other events, other than those changes resulting from transactions with owners in their capacity as owners.

+ References + Details

- Definition

The total of income less expenses from continuing and discontinued operations, excluding the components of other comprehensive income. [Refer: Other comprehensive income]

+ References

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+ Details

Share-Based Payments - Summary Of Number Of Options Outstanding and Weighted Average Exercise Price (Parenthetical) (Details)		6 Months Ended	12 Months Ended
	Nov. 22, 2022 shares	Jun. 30, 2022	Dec. 31, 2021 € / shares	Dec. 31, 2020	Dec. 31, 2022 € / shares
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Exchange ratio		2.13	2.13	2.13
Business Combination Agreement
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Number of shares exchanged	1,964,286
Number of shares issued upon exchange	4,185,360
Exchange ratio	2.13
Exercise price \| € / shares			€ 2.48		€ 1.16392

Basis of Preparation and Summary of Significant Accounting Policies (Policies)