8-K
NewAmsterdam Pharma Co N.V. NL 00-0000000 false 0001936258 0001936258 2024-02-28 2024-02-28 0001936258 us-gaap:FairValueMeasuredAtNetAssetValuePerShareMember 2024-02-28 2024-02-28 0001936258 nams:OrdinarySharesNominalValue0.12PerShareMember 2024-02-28 2024-02-28

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM 8-K

 

 

CURRENT REPORT

Pursuant to Section 13 OR 15(d)

of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): February 28, 2024

 

 

NewAmsterdam Pharma Company N.V.

(Exact name of registrant as specified in its charter)

 

 

 

The Netherlands   001-41562   N/A

(State or other jurisdiction

of incorporation)

 

(Commission

File Number)

 

(I.R.S. Employer

Identification No.)

 

Gooimeer 2-35

Naarden

The Netherlands

  1411 DC
(Address of principal executive offices)   (Zip Code)

+31 (0) 35 206 2971

(Registrant’s telephone number, including area code)

Not Applicable

(Former name or former address, if changed since last report)

 

 

Check the appropriate box below if the Form 8-K is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

Written communication pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

Pre-commencements communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

 

Trading

Symbols

 

Name of each exchange

on which registered

Ordinary Shares, nominal value €0.12 per share   NAMS   The Nasdaq Stock Market LLC
Warrants to purchase Ordinary Shares   NAMSW   The Nasdaq Stock Market LLC

  Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

  If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

 

 

 


Item 2.02.

Results of Operations and Financial Condition.

On February 28, 2024, NewAmsterdam Pharma Company N.V. (the “Company”) issued a press release announcing corporate updates and its financial results for the full year ended December 31, 2023. A copy of the press release is furnished as Exhibit 99.1 hereto.

In accordance with General Instruction B.2 of Form 8-K, the information included in Item 2.02 of this Current Report on Form 8-K (including Exhibit 99.1 hereto), shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference into any filing made by the Company under the Exchange Act or Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such a filing.

 

Item 9.01.

Financial Statements and Exhibits.

 

  (d)

Exhibits.

 

EXHIBIT

NUMBER

  

EXHIBIT DESCRIPTION

99.1    NewAmsterdam Pharma Company N.V. Press Release, dated February 28, 2024
104    Cover Page Interactive Data File (embedded within the Inline XBRL document)


SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

    NewAmsterdam Pharma Company N.V.
February 28, 2024     By:  

/s/ Michael Davidson

    Name:   Michael Davidson
    Title:   Chief Executive Officer
EX-99.1

Exhibit 99.1

NewAmsterdam Pharma Reports Full Year 2023 Financial Results and Provides Corporate Update

On-track to report topline data from Phase 3 BROOKLYN trial in HeFH in 3Q 2024 and Phase 3 BROADWAY trial in ASCVD in 4Q 2024 —

— Plan to initiate TANDEM, pivotal Phase 3 trial evaluating obicetrapib and ezetimibe fixed-dose combination, in 1Q 2024; topline data expected in 1Q 2025 —

— Expect to complete enrollment in Phase 3 PREVAIL CVOT in 1Q 2024; topline data expected in 2026 —

— Completed $202 million upsized public offering, expanding shareholder base with strong participation from new investors, existing shareholders, and insiders; proforma cash of $500 million—

Naarden, the Netherlands and Miami, USA; February 28, 2024 – NewAmsterdam Pharma Company N.V. (Nasdaq: NAMS or “NewAmsterdam” or the “Company”), a late-stage, clinical biopharmaceutical company developing oral, non-statin medicines for patients at risk of cardiovascular disease with elevated low-density lipoprotein cholesterol (“LDL-C”), for whom existing therapies are not sufficiently effective or well-tolerated, today announced financial results for the fourth quarter and full year ended December 31, 2023 and provided a corporate update.

“2023 was a year of remarkable progress for NewAmsterdam, marked by consistent clinical execution and substantial corporate development. We reported multiple encouraging datasets and expanded our team with key hires, underscoring our commitment to revolutionizing patient outcomes, building a fully integrated company with the potential to deliver obicetrapib globally, if approved, and continue creating significant value for our shareholders,” said Michael Davidson, M.D., Chief Executive Officer of NewAmsterdam. “We enter 2024 in a position of strength, with multiple upcoming milestones and a healthy balance sheet to support our operations. In the near-term, we look forward to topline results from BROOKLYN and BROADWAY in the third and fourth quarters of 2024, respectively, which we expect will build on the promising datasets generated from our prior Phase 2 trials and support obicetrapib’s ability to positively impact key lipid and lipoprotein measurements associated with risk for cardiovascular disease.”

Dr. Davidson continued, “In addition, in the first quarter of this year, we anticipate completing enrollment in PREVAIL, our cardiovascular outcomes trial, and launching TANDEM, our fourth pivotal Phase 3 trial, which will evaluate a fixed-dose combination of obicetrapib and ezetimibe. As we advance our clinical program, we continue to invest strategically in our commercial organization to lay the foundation for obicetrapib’s successful global launch, pending necessary regulatory approvals. We believe we are on the precipice of delivering a transformative solution to improve outcomes for over 30 million patients impacted by cardiovascular disease in the U.S., and we eagerly anticipate sharing further progress and achievements in the upcoming year.”

2023 Highlights and Recent Progress

Clinical Development Updates:

NewAmsterdam is developing obicetrapib, an oral, low-dose and once-daily cholesteryl ester transfer protein (“CETP”) inhibitor, as the preferred LDL-C lowering therapy to be used in patients at risk of CVD for whom existing therapies are not sufficiently effective or well-tolerated. In 2023, NewAmsterdam reported positive, statistically significant and clinically meaningful data from two Phase 2 clinical trials of obicetrapib: the Phase 2 ROSE2 trial, which evaluated obicetrapib in combination with ezetimibe, and a Phase 2b dose-finding trial, which evaluated obicetrapib in Japanese patients. In total, the Company has completed six Phase 1 or 2 clinical trials and tested obicetrapib in over 800 patients. Statistically significant LDL-lowering was observed in each of the Company’s completed Phase 2 clinical trials, combined with a side effect profile similar to placebo.


The Company is currently conducting three pivotal Phase 3 clinical trials of obicetrapib: BROOKLYN, BROADWAY and PREVAIL. In addition, the Company plans to initiate a fourth Phase 3 trial, TANDEM, evaluating a fixed-dose combination (“FDC”) of obicetrapib and ezetimibe.

 

   

BROOKLYN is evaluating obicetrapib in patients with heterozygous familial hypercholesterolemia (“HeFH”), whose LDL-C is not adequately controlled, despite being on maximally tolerated lipid-lowering therapy. NewAmsterdam completed enrollment of over 350 patients in April 2023 and expects to report topline data in the third quarter of 2024.

 

   

BROADWAY is evaluating obicetrapib in adult patients with HeFH and/or established atherosclerotic cardiovascular disease (“ASCVD”), whose LDL-C is not adequately controlled, despite being on maximally tolerated lipid-lowering therapy. NewAmsterdam completed enrollment of over 2,500 patients in July 2023 and expects to report topline data in the fourth quarter of 2024.

 

   

PREVAIL is a cardiovascular outcomes trial (“CVOT”) evaluating obicetrapib in patients with a history of ASCVD, whose LDL-C is not adequately controlled, despite being on maximally tolerated lipid-lowering therapy. NewAmsterdam expects to complete patient enrollment in PREVAIL in the first quarter of 2024 and to report topline data in 2026.

 

   

TANDEM is designed as a pivotal Phase 3 clinical trial to evaluate obicetrapib as part of a FDC tablet with ezetimibe, a non-statin oral LDL-lowering therapy. The Company expects to initiate TANDEM in the first quarter of 2024 and to report topline data in the first quarter of 2025.

In 2023, NewAmsterdam reported positive initial data from a Phase 2a clinical trial evaluating obicetrapib in patients with early Alzheimer’s disease who carry at least one copy of the apolipoprotein E4 mutation. NewAmsterdam anticipates sharing the full results from this Phase 2a clinical trial in a forthcoming publication or in a presentation at a medical meeting.

Corporate Updates

 

   

In January 2024, NewAmsterdam appointed William H. Lewis, J.D., M.B.A as Chair of its Board of Directors. Mr. Lewis has more than 30 years of executive experience in the pharmaceutical and finance industries both in the U.S. and internationally and has been widely recognized for his commitment to a patient-first approach to drug discovery, development, and commercialization.

 

   

In February 2024, NewAmsterdam completed an upsized public offering of 5,871,909 ordinary shares and 4,736,841 pre-funded warrants, generating gross proceeds of approximately $201.6 million. The net proceeds to NewAmsterdam were $189.8 million after deducting underwriting discounts and commissions and estimated offering expenses payable by the Company. NewAmsterdam intends to use the additional capital to support the continued development and ongoing commercial readiness of obicetrapib. The offering attracted several new and existing investors.

Upcoming Potential Milestones

NewAmsterdam currently expects to achieve the following upcoming milestones:

 

   

Initiate TANDEM, a Phase 3 clinical trial evaluating a fixed-dose combination tablet of obicetrapib and ezetimibe, in the first quarter of 2024.

 

   

Complete enrollment in the Phase 3 PREVAIL trial for obicetrapib monotherapy in the first quarter of 2024 and announce topline data in 2026.

 

   

Announce topline data from the Phase 3 BROOKLYN trial for obicetrapib monotherapy in the third quarter of 2024.

 

   

Announce topline data from the Phase 3 BROADWAY trial for obicetrapib monotherapy in the fourth quarter of 2024.


Full Year 2023 Financial Results

 

   

Cash Position: As of December 31, 2023, NewAmsterdam recorded cash of $340.5 million, compared to $467.7 million as of December 31, 2022. The decrease is primarily due to expenditures related to research and development activities and general and administrative expenses, slightly offset by a milestone payment received from Menarini and cash received from the exercise of warrants and options.

 

   

Revenue: NewAmsterdam recognized $14.1 million in revenue for the year ended December 31, 2023, compared to $102.7 million in the year ended December 31, 2022. This decrease was primarily due to the receipt of the upfront payment from Menarini in 2022, the majority of which was recognized as revenue upon execution of the license agreement.

 

   

Research and Development (“R&D”) Expenses: R&D expenses were $159.4 million in the year ended December 31, 2023, compared to $86.7 million for the year ended December 31, 2022. This increase was primarily related to our ongoing Phase 3 clinical trials and an increase in personnel expenses due to expansion in headcount to support the clinical trials in addition to an increase in share-based compensation expenses.

 

   

Selling, General and Administrative (“SG&A”) Expenses: SG&A expenses were $37.6 million in the year ended December 31, 2023, compared to $19.5 million for the year ended December 31, 2022. This increase was primarily due to an increase in personnel costs due to expansion of headcount to support our growth and share-based compensation expenses. In addition, costs related to finance and administration and insurance increased due to increased compliance requirements related to operation as a Nasdaq-listed company for the full year.

 

   

Net loss: Net loss for the year ended December 31, 2023 was $176.9 million, or $2.15 per share, compared to net loss of $11.5 million, or $1.19 per share, for the year ended December 31, 2022.

About Obicetrapib

Obicetrapib is a novel, oral, low-dose CETP inhibitor that NewAmsterdam is developing to overcome the limitations of current LDL-lowering treatments. The Company believes that obicetrapib has the potential to be a once-daily oral CETP inhibitor for lowering LDL-C, if approved. In the Company’s Phase 2b ROSE trial, obicetrapib demonstrated a 51% lowering of LDL-C from baseline at a 10 mg dose level on top of high-intensity statins and, in the Company’s Phase 2 ROSE2 trial, the combination of a 10 mg dose of obicetrapib and a 10 mg dose of ezetimibe demonstrated a 63% lowering of LDL-C from baseline. In each of the Company’s Phase 2 trials, ROSE2, TULIP, ROSE, and OCEAN, evaluating obicetrapib as monotherapy or combination therapy, the Company observed statistically significant LDL-lowering combined with a side effect profile similar to that of placebo, including no increase in blood pressure or muscle related side effects. Obicetrapib has demonstrated strong tolerability in more than 800 patients with elevated lipid levels (“dyslipidemia”) in NewAmsterdam’s clinical trials to date. The Company is conducting two Phase 3 pivotal trials, BROADWAY and BROOKLYN, to evaluate obicetrapib as a monotherapy used as an adjunct to maximally tolerated lipid-lowering therapies to provide additional LDL-lowering for high-risk cardiovascular disease (“CVD”) patients. The Company began enrolling patients in BROADWAY in January 2022 and in BROOKLYN in July 2022 and completed enrollment of BROOKLYN in April 2023 and BROADWAY in July 2023. The Company also commenced the Phase 3 PREVAIL cardiovascular outcomes trial in March 2022, which is designed to assess the potential of obicetrapib to reduce occurrences of major adverse cardiovascular events, including cardiovascular death, non-fatal myocardial infarction, non-fatal stroke and non-elective coronary revascularization.

About NewAmsterdam

NewAmsterdam Pharma (Nasdaq: NAMS) is a late-stage biopharmaceutical company whose mission is to improve patient care in populations with metabolic diseases where currently approved therapies have not been adequate or well tolerated. We seek to fill a significant unmet need for a safe, well tolerated and convenient LDL-lowering therapy. In multiple phase 3 studies, NewAmsterdam is investigating obicetrapib, an oral, low-dose and once-daily CETP inhibitor, alone or as a fixed-dose combination with ezetimibe, as preferred LDL-C lowering therapies to be used as an adjunct to statin therapy for patients at risk of CVD with elevated LDL-C, for whom existing therapies are not sufficiently effective or well tolerated.


Forward-Looking Statements

Certain statements included in this document that are not historical facts are forward-looking statements for purposes of the safe harbor provisions under the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements generally are accompanied by words such as “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “expect,” “should,” “would,” “plan,” “predict,” “potential,” “seem,” “seek,” “future,” “outlook” and similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include, but are not limited to, statements regarding the consummation of the proposed Offering. These statements are based on various assumptions, whether or not identified in this document, and on the current expectations of the Company’s management and are not predictions of actual performance. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as and must not be relied on as a guarantee, an assurance, a prediction, or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and may differ from assumptions. Many actual events and circumstances are beyond the control of the Company. These forward-looking statements are subject to a number of risks and uncertainties, including changes in domestic and foreign business, market, financial, political, and legal conditions; risks relating to the uncertainty of the projected financial information with respect to the Company; risks related to the approval of the Company’s product candidate and the timing of expected regulatory and business milestones; ability to negotiate definitive contractual arrangements with potential customers; the impact of competitive product candidates; ability to obtain sufficient supply of materials; global economic and political conditions, including the Russia-Ukraine and Israel-Hamas conflicts; the effects of competition on the Company’s future business; and those factors described in the Company’s public filings with the SEC. Additional risks related to the Company’s business include, but are not limited to: uncertainty regarding outcomes of the Company’s ongoing clinical trials, particularly as they relate to regulatory review and potential approval for its product candidate; risks associated with the Company’s efforts to commercialize a product candidate; the Company’s ability to negotiate and enter into definitive agreements on favorable terms, if at all; the impact of competing product candidates on the Company’s business; intellectual property related claims; the Company’s ability to attract and retain qualified personnel; ability to continue to source the raw materials for its product candidate. If any of these risks materialize or the Company’s assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks that the Company does not presently know or that the Company currently believes are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. In addition, forward-looking statements reflect the Company’s expectations, plans, or forecasts of future events and views as of the date of this document and are qualified in their entirety by reference to the cautionary statements herein. The Company anticipates that subsequent events and developments may cause the Company’s assessments to change. These forward-looking statements should not be relied upon as representing the Company’s assessment as of any date subsequent to the date of this communication. Accordingly, undue reliance should not be placed upon the forward-looking statements. Neither the Company nor any of its affiliates undertakes any obligation to update these forward-looking statements, except as may be required by law.

Company Contact

Matthew Philippe

P: 1-917-882-7512

matthew.philippe@newamsterdampharma.com

Media Contact

Spectrum Science on behalf of NewAmsterdam

Jen Gordon

P: 1-202-957-7795

jgordon@spectrumscience.com

Investor Contact

Stern Investor Relations on behalf of NewAmsterdam

Hannah Deresiewicz

P: 1-212-362-1200

hannah.deresiewicz@sternir.com


NewAmsterdam Pharma Company N.V.

Consolidated Balance Sheets

 

     As at December 31,  
     2023     2022  
(In thousands of USD)             

Assets

 

Current assets:

    

Cash

     340,450       467,728  

Prepayments and other receivables

     6,341       10,251  
  

 

 

   

 

 

 

Total current assets

     346,791       477,979  

Property, plant and equipment, net

     46       34  

Operating right of use asset

     55       120  

Intangible assets

     170       208  

Long term prepaid expenses

     35       156  
  

 

 

   

 

 

 

Total assets

     347,097       478,497  
  

 

 

   

 

 

 

Liabilities and Shareholders’ Equity

    

Current liabilities:

    

Accounts payable

     16,923       11,853  

Accrued expenses and other current liabilities

     11,398       6,117  

Deferred revenue, current

     8,942       13,874  

Lease liability, current

     60       66  

Derivative warrant liabilities

     12,574       4,147  
  

 

 

   

 

 

 

Total current liabilities

     49,897       36,057  

Deferred revenue, net of current portion

     1,019       4,792  

Lease liability, net of current portion

     —        60  

Derivative earnout liability

     7,788       7,522  
  

 

 

   

 

 

 

Total liabilities

     58,704       48,431  
  

 

 

   

 

 

 

Commitments and contingencies (Note 13)

    

Shareholders’ Equity (deficit):

    

Ordinary shares, €0.12 par value; 400,000,000 shares authorized; 82,469,768 and 81,559,780 shares issued and outstanding at December 31, 2023 and 2022, respectively

     10,173       10,055  

Additional paid-in capital

     590,771       555,625  

Accumulated loss

     (316,973     (140,036

Accumulated other comprehensive income (loss)

     4,422       4,422  
  

 

 

   

 

 

 

Total shareholders’ equity

     288,393       430,066  
  

 

 

   

 

 

 

Total liabilities and shareholders’ equity (deficit)

     347,097       478,497  
  

 

 

   

 

 

 


NewAmsterdam Pharma Company N.V.

Consolidated Statements of Operations and Comprehensive Income (Loss)

 

     For the year ended December 31,  
     2023     2022     2021  
(In thousands of USD, except per share amounts)                   

Revenue

     14,090       102,694       —   

Operating expenses:

      

Research and development expenses

     159,424       86,744       28,974  

Selling, general and administrative expenses

     37,633       19,507       6,003  
  

 

 

   

 

 

   

 

 

 

Total operating expenses

     197,057       106,251       34,977  
  

 

 

   

 

 

   

 

 

 

Operating loss

     (182,967     (3,557     (34,977

Other income (expense):

      

Interest income

     11,283       —        —   

Interest expense

     —        (287     (411

Loss on debt extinguishment

     —        —        (883

Fair value change – earnout and warrants

     (10,284     (1,041     —   

Fair value change – profit rights

     —        (12,390     (20,613

Fair value change – tranche rights

     —        4,388       13,393  

Foreign exchange gains/(losses)

     5,058       (9,747     1,706  
  

 

 

   

 

 

   

 

 

 

Loss before tax

     (176,910     (22,634     (41,785

Income tax expense

     27       —        —   
  

 

 

   

 

 

   

 

 

 

Loss for the year

     (176,937     (22,634     (41,785

Other comprehensive income (loss)

      

Foreign currency translation adjustments

     —        11,126       286  

Income tax effects of other comprehensive income (loss)

     —        —        —   
  

 

 

   

 

 

   

 

 

 

Total comprehensive income (loss) for the year, net of tax

     (176,937     (11,508     (41,499
  

 

 

   

 

 

   

 

 

 

Net loss per ordinary share

      

Basic and diluted

   $ (2.15   $ (1.19   $ (3.81


NewAmsterdam Pharma Company N.V.

Consolidated Statements of Mezzanine Equity and Shareholders’ Equity (Deficit)

 

     Mezzanine Equity     Shareholders’ Equity  
(In thousands of USD, except share amounts)    Shares     Amount     Shares     Amount     Additional
Paid-In
Capital
    Accumulated
Loss
    Cumulative
Translation
Adjustments
    Total
Shareholders’
Equity
 

Opening balance at January 1, 2021

     —        —        5,000,000       55       2,702       (68,802     (6,990     (73,035

Conversion of convertible debt

     1,111,115       12,953       —        —        —        —        —        —   

Series A – Tranche I

     4,928,613       71,588       —        —        —        —        —        —   

Issuance of non-voting shares (CEO Restricted Share Award)

     —        —        285,714       3       (3     —        —        —   

Share-based compensation

     —        —        —        —        718       —        —        718  

Total profit or loss and comprehensive loss for the year

     —        —        —        —        —        (41,785     286       (41,499
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

As at December 31, 2021

     6,039,728       84,541       5,285,714       58       3,417       (110,587     (6,704     (113,816
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Equity contribution (Series A – Tranche II)

     5,691,430       90,468       —        —        —        —        —        —   

Repayment of loan (CEO Restricted Share Award)

     —        —        —        —        747       —        —        747  

Elimination of old shares
(NewAmsterdam Pharma shareholders)

     (11,731,158     (175,009     (5,285,714     (58     (4,164     —        —        (4,222

Equity contribution (NewAmsterdam Pharma
shareholders)

     —        —        36,258,312       4,470       174,761       —        —        179,231  

Equity contribution (FLAC shareholders)

     —        —        13,185,138       1,625       66,252       —        —        67,877  

Equity contribution (PIPE Financing)

     —        —        23,460,000       2,892       231,708       —        —        234,600  

Equity contribution (Amgen & MTPC shareholders)

     —        —        8,656,330       1,068       84,371       —        —        85,439  

Transaction costs on issue of shares

     —        —        —        —        (5,794     —        —        (5,794

Earnout obligation upon Closing (NewAmsterdam
Pharma shareholders)

     —        —        —        —        —        (6,815     —        (6,815

Share-based compensation

     —        —        —        —        4,327       —        —        4,327  

Total profit or loss and comprehensive loss for the year

     —        —        —        —        —        (22,634     11,126       (11,508
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

As at December 31, 2022

     —        —         81,559,780       10,055       555,625       (140,036     4,422       430,066  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Exercise of warrants

     —        —        749,741       97       10,116       —        —        10,213  

Exercise of stock options

     —        —        160,247       21       269       —        —        290  

Share-based compensation

     —        —        —        —        24,761       —        —        24,761  

Total profit or loss and comprehensive loss for the year

     —        —        —        —        —        (176,937     —        (176,937
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

As at December 31, 2023

     —        —        82,469,768       10,173       590,771       (316,973     4,422       288,393  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 


NewAmsterdam Pharma Company N.V.

Consolidated Statements of Cash Flows

 

     For the year ended December 31,  
     2023     2022     2021  
(In thousands of USD)                   

Operating activities:

      

Loss for the year

     (176,937     (22,634     (41,785

Non-cash adjustments to reconcile loss before tax to net cash flows:

      

Depreciation and amortization

     49       9       5  

Non-cash rent expense

     6       10       2  

Amortization of discount on convertible note

     —        —        155  

Loss on extinguishment of convertible note

     —        —        883  

Fair value change - tranche rights

     —        (4,388     (13,393

Fair value change - IPR&D

     —        12,390       20,613  

Fair value change - derivative earnout and warrants

     10,284       1,041       —   

Foreign exchange (gains)/losses

     (5,058     9,747       (1,706

Share-based compensation

     24,572       4,117       1,244  

Changes in working capital:

      

Changes in prepayments (current and non-current) and other receivables

     4,031       (4,185     (5,232

Changes in accounts payable

     5,070       4,809       6,558  

Changes in accrued expenses and other current liabilities

     5,470       (8,679     3,144  

Changes in deferred revenue

     (8,705     18,428       —   
  

 

 

   

 

 

   

 

 

 

Net cash (used in)/provided by operating activities

     (141,218     10,665       (29,512
  

 

 

   

 

 

   

 

 

 

Investing activities:

      

Purchase of property, plant and equipment, including internal use software

     (24     (221     (24
  

 

 

   

 

 

   

 

 

 

Net cash used in investing activities

     (24     (221     (24
  

 

 

   

 

 

   

 

 

 

Financing activities:

      

Proceeds from issuing equity securities (Series A)

     —        90,469       84,704  

Proceeds from issuing equity securities (FLAC shareholders)

     —        71,883       —   

Proceeds from issuing equity securities (PIPE Financing)

     —        234,600       —   

Transaction costs on issue of shares

     —        (5,794     —   

Proceeds from payment of shareholder loan

     —        747       —   

Proceeds from exercise of warrants

     8,622       —        —   

Proceeds from exercise of options

     290       —        —   
  

 

 

   

 

 

   

 

 

 

Net cash provided by financing activities

     8,912       391,905       84,704  
  

 

 

   

 

 

   

 

 

 

Net change in cash

     (132,330     402,349       55,168  

Foreign exchange differences

     5,052       5,248       (4,683

Cash at the beginning of the year

     467,728       60,131       9,646  
  

 

 

   

 

 

   

 

 

 

Cash at the end of the year

     340,450       467,728       60,131  
  

 

 

   

 

 

   

 

 

 

Noncash financing and investing activities

      

Derivative earnout obligation recognized related to the Business Combination (as defined in Note 3)

     —        6,815       —   

Liabilities assumed in the Business Combination (as defined in Note 3)

     —        (4,006     —   

Contribution of interest in NewAmsterdam Pharma Holding B.V. by Participating Shareholders (as defined in Note 3)

     —        (179,231     —   

Issuance of Ordinary Shares to Participating Shareholders (as defined in Note 3)

     —        179,231       —   

Issuance of Ordinary Shares pursuant to the Profit Right Agreement (as defined in Note 2)

     —        85,439       —   

Conversion of convertible debt to mezzanine equity

     —        —        12,953  

Recognition of ROU asset

     —        —        196  

Supplemental cash flow disclosures

      

Cash paid for interest

     —        277       —   

Cash paid for income taxes

     27       —        —