UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
CURRENT REPORT
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Securities registered pursuant to Section 12(b) of the Act:
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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). |
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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 May 9, 2024, NewAmsterdam Pharma Company N.V. (the “Company”) issued a press release announcing corporate updates and its financial results for the quarter ended March 31, 2024. 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 No. |
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Description |
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99.1 |
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NewAmsterdam Pharma Company N.V. Press Release, dated May 9, 2024 |
104 |
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Cover Page Interactive Data File (embedded within the Inline XBRL document) |
SIGNATURES
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 hereunto duly authorized.
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NewAmsterdam Pharma Company N.V. |
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Date: |
May 9, 2024 |
By: |
/s/ Michael Davidson |
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Name: |
Michael Davidson, M.D. |
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Title: |
Chief Executive Officer |
NewAmsterdam Pharma Provides Corporate Update and Reports First Quarter Financial Results
-- Enrolled over 9,500 patients in Phase 3 PREVAIL global CVOT--
-- 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 --
-- Dosed first patients in TANDEM, pivotal Phase 3 trial evaluating fixed-dose combination of obicetrapib and ezetimibe; topline data expected in 1Q 2025 --
-- Company to host R&D event on May 16, 2024, beginning at 9:00 a.m. ET in New York City –
-- Strong financial position; ending the quarter with $481.1 million in cash --
Naarden, the Netherlands and Miami, USA; May 9, 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 (“CVD”) with elevated low-density lipoprotein cholesterol (“LDL-C”), for whom existing therapies are not sufficiently effective or well-tolerated, today announced corporate updates and financial results for the quarter ended March 31, 2024.
“Recent months were marked by important milestones across our organization as we execute our multi-pronged clinical development strategy for obicetrapib and begin to prepare for a global launch,” said Michael Davidson, M.D., Chief Executive Officer of NewAmsterdam. “We recently completed enrollment in PREVAIL, our cardiovascular outcomes trial ("CVOT”), and initiated TANDEM, a pivotal Phase 3 trial evaluating a fixed-dose combination of obicetrapib and ezetimibe. These trials, alongside BROOKLYN and BROADWAY, are expected to provide important insights into obicetrapib’s ability to potentially improve upon the existing standard of care, by helping patients achieve their target LDL-C goals and, ultimately, avoid catastrophic outcomes. We are grateful to patients and physicians globally for their partnership, and we look forward to reporting pivotal data, beginning with topline results from BROOKLYN and BROADWAY in the third and fourth quarters of this year, respectively.”
Dr. Davidson continued, “In parallel, we are working diligently to lay the foundation for a future global launch of obicetrapib, if approved. We believe that the market opportunity for obicetrapib is substantial; millions of people are living with hypercholesterolemia and many of those with atherosclerotic cardiovascular disease (“ASCVD”) or heterozygous familial hypercholesterolemia (“HeFH”) are not achieving LDL-C targets, despite the availability of statin therapies and PCSK9 inhibitors. We look forward to sharing additional details on our pre-launch activities and commercial strategy at our R&D Day on May 16th and, if our Phase 3 program is successful and regulatory approval is received, to delivering obicetrapib to improve health outcomes for CVD patients worldwide.”
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.
Corporate Updates
Upcoming Potential Milestones
NewAmsterdam currently expects to achieve the following upcoming milestones:
Upcoming Investor Events
NewAmsterdam management will participate in a fireside chat at the RBC Capital Markets Global Healthcare Conference on Tuesday, May 14 at 4:35 p.m. ET in New York City.
Additionally, NewAmsterdam will host an R&D Day event on Thursday, May 16, 2024, beginning at 9:00 a.m. ET in New York City. The event will feature a panel discussion and presentations from management to discuss obicetrapib’s clinical development path, the Company’s commercial readiness and strategy, and the cardiovascular disease landscape and opportunities for innovative new products.
Live webcasts of both events will be available through the investor relations section of the NewAmsterdam website at ir.newamsterdampharma.com. Following the live webcasts, archived replays will be available on the Company’s website.
First Quarter Financial Results
About Obicetrapib
Obicetrapib is a novel, oral, low-dose CETP inhibitor that NewAmsterdam is developing to overcome the limitations of current LDL-lowering treatments. 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. 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 CVD patients and TANDEM, to evaluate obicetrapib and ezetimibe as a fixed-dose combination. The Company began enrolling patients in BROADWAY in January 2022, in BROOKLYN in July 2022, and in TANDEM in March 2024; completing 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. NewAmsterdam completed enrollment of PREVAIL in April 2024 and randomized over 9,500 patients.
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 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 Company’s business and strategic plans, the Company’s commercial opportunity, the therapeutic and curative potential of the Company’s product candidate, the Company’s clinical trials and the timing for enrolling patients, the timing and forums for announcing data, the achievement and timing of regulatory approvals, and plans for commercialization. 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 related to the approval of the Company’s product candidate and the timing of expected regulatory and business milestones, including potential commercialization; 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 conflict; the effects of competition on the Company’s future business; and those factors described in the Company’s public filings with the Securities Exchange Commission. 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
Financial Tables
NewAmsterdam Pharma Company N.V.
Condensed Consolidated Balance Sheets
(Unaudited)
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March 31, |
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December 31, |
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(In thousands of USD) |
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Assets |
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Current assets: |
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Cash |
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481,147 |
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340,450 |
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Prepayments and other receivables |
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6,675 |
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6,341 |
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Total current assets |
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487,822 |
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346,791 |
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Property, plant and equipment, net |
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101 |
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46 |
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Operating right of use asset |
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38 |
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55 |
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Intangible assets |
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486 |
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170 |
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Long term prepaid expenses |
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16 |
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35 |
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Total assets |
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488,463 |
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347,097 |
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Liabilities and Shareholders' Equity |
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Current liabilities: |
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Accounts payable |
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8,536 |
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16,923 |
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Accrued expenses and other current liabilities |
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9,970 |
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11,398 |
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Deferred revenue, current |
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8,116 |
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8,942 |
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Lease liability, current |
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43 |
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60 |
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Derivative warrant liabilities |
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33,061 |
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12,574 |
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Total current liabilities |
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59,726 |
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49,897 |
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Deferred revenue, net of current portion |
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444 |
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1,019 |
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Derivative earnout liability |
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16,490 |
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7,788 |
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Total liabilities |
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76,660 |
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58,704 |
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Commitments and contingencies (Note 10) |
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Shareholders' Equity (deficit): |
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Ordinary shares, €0.12 par value; 400,000,000 shares authorized; 89,720,836 and 82,469,768 shares issued and outstanding as at March 31, 2024 and December 31, 2023, respectively |
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11,113 |
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10,173 |
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Additional paid-in capital |
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807,008 |
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590,771 |
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Accumulated loss |
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(410,740 |
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(316,973 |
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Accumulated other comprehensive income (loss) |
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4,422 |
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4,422 |
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Total shareholders' equity |
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411,803 |
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288,393 |
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Total liabilities and shareholders' equity (deficit) |
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488,463 |
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347,097 |
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NewAmsterdam Pharma Company N.V.
Condensed Consolidated Statements of Operations and Comprehensive Income (Loss)
(Unaudited)
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For the three months ended March 31, |
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2024 |
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2023 |
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(In thousands of USD, except per share amounts) |
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Revenue |
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1,401 |
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8,629 |
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Operating expenses: |
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Research and development expenses |
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42,430 |
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40,420 |
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Selling, general and administrative expenses |
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14,453 |
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8,062 |
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Total operating expenses |
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56,883 |
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48,482 |
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Operating loss |
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(55,482 |
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(39,853 |
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Other income (expense): |
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Interest income |
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3,083 |
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943 |
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Fair value change – earnout and warrants |
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(38,950 |
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(6,175 |
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Foreign exchange gains/(losses) |
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(2,418 |
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3,067 |
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Loss before tax |
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(93,767 |
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(42,018 |
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Income tax expense |
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— |
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— |
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Loss and comprehensive loss for the period |
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(93,767 |
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(42,018 |
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Net loss per ordinary share |
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Basic and diluted |
$ |
(1.06 |
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$ |
(0.51 |
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NewAmsterdam Pharma Company N.V.
Condensed Consolidated Statements of Shareholders' Equity (Deficit)
(Unaudited)
(In thousands of USD, except share amounts) |
Shares |
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Amount |
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Additional Paid-In Capital |
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Accumulated Loss |
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Cumulative Translation Adjustments |
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Total Shareholders' Equity |
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Balance at December 31, 2022 |
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81,559,780 |
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10,055 |
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555,625 |
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(140,036 |
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4,422 |
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430,066 |
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Exercise of warrants |
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208,032 |
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27 |
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2,671 |
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— |
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— |
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2,698 |
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Share-based compensation |
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— |
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— |
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7,663 |
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— |
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— |
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7,663 |
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Total loss and comprehensive loss for the period |
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— |
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— |
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— |
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(42,018 |
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— |
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(42,018 |
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As at March 31, 2023 |
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81,767,812 |
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10,082 |
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565,959 |
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(182,054 |
) |
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4,422 |
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398,409 |
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Balance at December 31, 2023 |
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82,469,768 |
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10,173 |
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590,771 |
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(316,973 |
) |
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4,422 |
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288,393 |
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Issuance of Ordinary Shares and Pre-Funded Warrants, net of issuance costs |
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5,871,909 |
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759 |
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189,207 |
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— |
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— |
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189,966 |
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Exercise of warrants |
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926,698 |
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121 |
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19,674 |
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— |
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— |
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19,795 |
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Exercise of stock options |
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452,461 |
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60 |
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(609 |
) |
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— |
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— |
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(549 |
) |
Share-based compensation |
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— |
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— |
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7,965 |
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— |
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— |
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7,965 |
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Total loss and comprehensive loss for the period |
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— |
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— |
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— |
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(93,767 |
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— |
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(93,767 |
) |
As at March 31, 2024 |
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89,720,836 |
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11,113 |
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807,008 |
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(410,740 |
) |
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4,422 |
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411,803 |
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NewAmsterdam Pharma Company N.V.
Condensed Consolidated Statements of Cash Flows
(Unaudited)
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For the three months ended March 31, |
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2024 |
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2023 |
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(In thousands of USD) |
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Operating activities: |
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Loss for the period |
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(93,767 |
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(42,018 |
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Non-cash adjustments to reconcile loss before tax to net cash flows: |
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Depreciation and amortization |
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15 |
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9 |
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Non-cash rent expense |
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1 |
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2 |
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Fair value change - derivative earnout and warrants |
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38,950 |
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6,175 |
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Foreign exchange (gains)/losses |
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2,418 |
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(3,067 |
) |
Share-based compensation |
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7,918 |
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7,616 |
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Changes in working capital: |
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Changes in prepayments (current and non-current) and other receivables |
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956 |
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(1,413 |
) |
Changes in accounts payable |
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(8,311 |
) |
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(2,920 |
) |
Changes in accrued expenses and other current liabilities |
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(1,381 |
) |
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6,997 |
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Changes in deferred revenue |
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(1,401 |
) |
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(3,244 |
) |
Net cash (used in)/provided by operating activities |
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(54,602 |
) |
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(31,863 |
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Investing activities: |
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Purchase of property, plant and equipment, including internal use software |
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(385 |
) |
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(7 |
) |
Net cash used in investing activities |
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(385 |
) |
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(7 |
) |
Financing activities: |
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Proceeds from offering of ordinary shares and pre-funded warrants |
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190,481 |
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— |
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Transaction costs on issue of Ordinary Shares and Pre-Funded Warrants |
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(515 |
) |
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— |
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Proceeds from exercise of warrants |
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8,763 |
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|
2,392 |
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Proceeds from exercise of options |
|
440 |
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|
— |
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Payment of withholding taxes related to net share settlement of exercised options |
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(989 |
) |
|
|
— |
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Net cash provided by financing activities |
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198,180 |
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|
|
2,392 |
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Net change in cash |
|
143,193 |
|
|
|
(29,478 |
) |
Foreign exchange differences |
|
(2,496 |
) |
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|
3,062 |
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Cash at the beginning of the period |
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340,450 |
|
|
|
467,728 |
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Cash at the end of the period |
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481,147 |
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441,312 |
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Noncash financing and investing activities |
|
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Receivable related to exercise of warrants |
|
1,271 |
|
|
|
— |
|