8-K
0001936258false00-00000000001936258us-gaap:WarrantMember2024-08-072024-08-070001936258us-gaap:CommonStockMember2024-08-072024-08-0700019362582024-08-072024-08-07

 

 

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): August 7, 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)

(IRS Employer
Identification No.)

 

 

 

 

 

Goomieer 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 filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

Written communications 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-commencement 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
Symbol(s)

 


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 August 7, 2024, NewAmsterdam Pharma Company N.V. (the “Company”) issued a press release announcing corporate updates and its financial results for the quarter ended June 30, 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.

 

Description

 

 

99.1

 

NewAmsterdam Pharma Company N.V. Press Release, dated August 7, 2024

104

 

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.

 

 

 

NewAmsterdam Pharma Company N.V.

 

 

 

 

Date:

August 7, 2024

By:

/s/ Michael Davidson

 

 

Name:

Michael Davidson, M.D.

 

 

Title:

Chief Executive Officer

 

 


EX-99.1

 

NewAmsterdam Pharma Provides Corporate Update and Reports Second Quarter Financial Results

 

-- Reported positive topline data from pivotal Phase 3 BROOKLYN trial evaluating obicetrapib in patients with HeFH; achieved primary endpoint of LS mean reduction in LDL-C versus placebo, as well as statistically significant reductions in other biomarkers, with safety results comparable to placebo –

-- Extended US IP protection into 2043 with a new composition of matter patent --

-- On-track to report topline data from pivotal Phase 3 BROADWAY trial in 4Q 2024 –

 

-- Completed enrollment of pivotal Phase 3 TANDEM trial evaluating fixed-dose combination of obicetrapib and ezetimibe; topline data expected in 1Q 2025 --

-- Strong financial position; $430.7 million in cash --

 

Naarden, the Netherlands and Miami, USA; August 7, 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 of low-density lipoprotein cholesterol (“LDL-C”), for whom existing therapies are not sufficiently effective or well-tolerated, today announced financial results for the three and six months ended June 30, 2024.

 

“I am extremely pleased with our execution over the first half of 2024 and continue to be motivated by the team’s relentless commitment to unlocking the value of obicetrapib. We were thrilled to recently announce positive and statistically significant topline data from the pivotal Phase 3 BROOKLYN trial, which targeted heterozygous familial hypercholesterolemia (“HeFH”), a historically difficult-to-treat patient population, and underscores obicetrapib’s potential to address the significant unmet need for lipid lowering therapies,” said Michael Davidson, M.D., Chief Executive Officer of NewAmsterdam. “Results from BROOKLYN achieved LDL-C lowering consistent with our phase 2 studies, along with a safety profile comparable to placebo, and with over half of patients on obicetrapib achieving the LDL-C guideline directed treatment goal of less than 70 mg/dl, we believe obicetrapib has potential to improve patient care for those living with dyslipidemia.”

 

"In addition, we recently hosted an R&D Day event where we detailed the differentiated target product profile of obicetrapib, discussed our commercial strategy, and unveiled REMBRANDT, a Phase 3 clinical study evaluating the fixed-dose combination (“FDC”) of obicetrapib and ezetimibe on coronary atherosclerotic plaque buildup in adults with or at high risk of atherosclerotic cardiovascular disease (“ASCVD”),” Dr. Davidson continued. “Supported by our recently issued composition of matter patent, which extends patent protection in the US for obicetrapib into 2043, and $430.7 million of cash, we are advancing our mission from a position of strength. Looking at the second half and beyond, we are eager to build on the results of BROOKLYN with topline data from BROADWAY and TANDEM expected in the fourth quarter of 2024 and first quarter of 2025, respectively, while concurrently advancing our PREVAIL cardiovascular outcomes trial (“CVOT”).”

 

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 July 2024, NewAmsterdam announced positive topline data from the Phase 3 BROOKLYN clinical trial evaluating obicetrapib in patients with HeFH.
o
The BROOKLYN trial met its primary endpoint, with the obicetrapib arm achieving an LS mean reduction of 36.3% (p < 0.0001) compared to placebo at day 84, which was sustained at day 365 with an LS mean LDL-C reduction of 41.5% (p < 0.0001). The observed changes in other biomarkers, including high-density lipoprotein cholesterol (“HDL-C”), non-HDL-C, lipoprotein(a) (“Lp(a)”), and apolipoprotein B (“ApoB”), met statistical significance and were consistent with data reported from

 


 

the Company’s prior clinical trials.
o
In the trial, obicetrapib was observed to be well-tolerated, with safety results comparable to placebo and no increase in blood pressure, nor any difference from placebo in liver enzymes, hs-CRP, or renal function.
o
NewAmsterdam plans to present full results from BROOKLYN at an upcoming medical conference and to publish the data in a major medical journal.
In July 2024, NewAmsterdam completed patient enrollment in the pivotal Phase 3 TANDEM clinical trial evaluating the FDC of obicetrapib plus ezetimibe in adult patients with HeFH and/or ASCVD or multiple risk factors for ASCVD.
In May and June 2024, respectively, NewAmsterdam presented new clinical and preclinical data highlighting the potential for obicetrapib as a novel, oral, low-dose therapy for hypercholesterolemia, at the European Atherosclerosis Society (EAS) 92nd Congress and National Lipid Association (NLA) 2024 Scientific Sessions.
In May 2024, NewAmsterdam announced the initiation of REMBRANDT, a Phase 3 clinical trial evaluating the FDC of obicetrapib and ezetimibe against placebo on coronary atherosclerotic plaque characteristics in adults with or at high-risk for ASCVD.

 

Corporate Updates

 

In July 2024, NewAmsterdam appointed Mark C. McKenna and Wouter Joustra to its Board of Directors and announced the departure of Sander Slootweg from its Board of Directors.
In June 2024, NewAmsterdam announced the United States Patent and Trademark Office (“USPTO”) issued U.S. Patent No. 12,006,305, titled “Salts of Obicetrapib and Processes for their Manufacture and Intermediates Thereof.” The patent contains claims covering amorphous obicetrapib hemicalcium, the solid form that will be used in the Company’s products and will be listed in the FDA’s “Orange Book” as a drug substance patent, if approved. The issuance of this composition of matter patent provides intellectual property protection for obicetrapib until July 2043.
In May 2024, NewAmsterdam hosted an R&D Day event featuring presentations from Company management and key opinion leader cardiovascular disease specialists to discuss obicetrapib’s clinical development path, NewAmsterdam’s commercial readiness and strategy, and the cardiovascular disease landscape and opportunities for innovative new products. An archived replay of the event is available on the Investor Relations page of the NewAmsterdam website at ir.newamsterdampharma.com.

 

Upcoming Potential Milestones

 

NewAmsterdam’s global, pivotal Phase 3 clinical development program consists of four studies in over 12,250 patients, three for obicetrapib monotherapy and one for a FDC of obicetrapib and ezetimibe. NewAmsterdam currently expects to achieve the following upcoming milestones:

Announce full data from Phase 3 BROOKLYN trial for obicetrapib monotherapy at an upcoming medical conference and publish the data in a major medical journal.
Announce topline data from the Phase 3 BROADWAY trial for obicetrapib monotherapy in the fourth quarter of 2024. BROADWAY is evaluating obicetrapib in adult patients with HeFH and/or established ASCVD, whose LDL-C is not adequately controlled, despite being on maximally tolerated lipid-lowering therapy.
Announce topline data from the Phase 3 TANDEM trial evaluating a FDC of obicetrapib and ezetimibe in the first quarter of 2025.

 

Second Quarter Financial Results

 

·
Cash Position: As of June 30, 2024, NewAmsterdam recorded cash of $430.7 million, compared to $340.5 million as of December 31, 2023. The increase in cash is primarily driven by the proceeds of the follow-on offering and warrant exercises partially offset by cash outflows related to research and development costs as the Company continues development of obicetrapib and increased spending on selling, general and

 


 

administrative expenses to support the Company’s growing organization.
·
Revenue: NewAmsterdam recognized $2.3 million in revenue for the three months ended June 30, 2024, compared to $1.7 million in the same period in 2023. This increase is due to an increase in the amount of previously deferred revenue which was recognized as revenue in the current period.
·
Research and Development (“R&D”) Expenses: R&D expenses were $38.4 million for the three months ended June 30, 2024, compared to $34.3 million for the same period in 2023. This increase was primarily due to clinical expenses related to the Company’s ongoing Phase 3 clinical trials.
·
Selling, General and Administrative (“SG&A”) Expenses: SG&A expenses were $16.5 million in three months ended June 30, 2024, compared to $9.9 million for the same period in 2023. This increase was primarily due an increase in personnel costs related to expansion of the team to support the growth of the organization and investments in capabilities to support the Company’s planned commercial launch of obicetrapib, if approved.
·
Net loss: Net loss for the three months ended June 30, 2024 was $39.0 million, or $0.41 per diluted share, compared to net loss of $38.3 million, or $0.47 per diluted share, for the same period in 2023.

 

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, as well as the Company’s Phase 3 BROOKLYN trial, 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 an additional Phase 3 pivotal trial BROADWAY, 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 and in TANDEM in March 2024; completing enrollment of BROADWAY in July 2023, and TANDEM in July 2024. 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. Commercialization rights of obicetrapib in Europe, either as a monotherapy or as part of a fixed dose combination with ezetimibe, for cardiovascular diseases have been exclusively granted to the Menarini Group, an Italy-based, leading international pharmaceutical and diagnostics company.

 

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 intellectual property and its ability to enforce, and sufficiency of, its patents, 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

Bryan Blatstein

P: 1-917-714-2609

bblatstein@spectrumscience.com

 

Investor Contact

Precision AQ on behalf of NewAmsterdam

Austin Murtagh

P: 1-212-698-8696

austin.murtagh@precisionaq.com

 

 


 

Financial Tables

 

NewAmsterdam Pharma Company N.V.

Condensed Consolidated Balance Sheets

(Unaudited)

 

June 30,
2024

 

 

December 31,
2023

 

(In thousands of USD)

 

 

 

 

 

Assets

 

Current assets:

 

 

 

 

 

Cash

 

430,708

 

 

 

340,450

 

Prepayments and other receivables

 

14,644

 

 

 

6,341

 

Total current assets

 

445,352

 

 

 

346,791

 

Property, plant and equipment, net

 

234

 

 

 

46

 

Operating right of use asset

 

554

 

 

 

55

 

Intangible assets

 

542

 

 

 

170

 

Long term prepaid expenses

 

8

 

 

 

35

 

Total assets

 

446,690

 

 

 

347,097

 

Liabilities and Shareholders' Equity

 

 

 

 

 

Current liabilities:

 

 

 

 

 

Accounts payable

 

5,275

 

 

 

16,923

 

Accrued expenses and other current liabilities

 

10,194

 

 

 

11,398

 

Deferred revenue, current

 

6,059

 

 

 

8,942

 

Lease liability, current

 

234

 

 

 

60

 

Derivative warrant liabilities

 

23,545

 

 

 

12,574

 

Total current liabilities

 

45,307

 

 

 

49,897

 

Deferred revenue, net of current portion

 

222

 

 

 

1,019

 

Lease liability, net of current portion

 

328

 

 

 

-

 

Derivative earnout liability

 

13,394

 

 

 

7,788

 

Total liabilities

 

59,251

 

 

 

58,704

 

Commitments and contingencies (Note 10)

 

 

 

 

 

Shareholders' Equity (deficit):

 

 

 

 

 

Ordinary shares, €0.12 par value; 400,000,000 shares authorized; 90,015,357 and 82,469,768 shares issued and outstanding as at June 30, 2024 and December 31, 2023, respectively

 

11,151

 

 

 

10,173

 

Additional paid-in capital

 

821,613

 

 

 

590,771

 

Accumulated loss

 

(449,747

)

 

 

(316,973

)

Accumulated other comprehensive income

 

4,422

 

 

 

4,422

 

Total shareholders' equity

 

387,439

 

 

 

288,393

 

Total liabilities and shareholders' equity

 

446,690

 

 

 

347,097

 

 

 


 

NewAmsterdam Pharma Company N.V.

Condensed Consolidated Statements of Operations and Comprehensive Income (Loss)

(Unaudited)

 

For the three months ended June 30,

 

 

For the six months ended June 30,

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

(In thousands of USD, except per share amounts)

 

 

 

 

 

 

 

 

 

 

 

Revenue

 

2,279

 

 

 

1,717

 

 

 

3,680

 

 

 

10,346

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

Research and development expenses

 

38,379

 

 

 

34,341

 

 

 

80,809

 

 

 

74,761

 

Selling, general and administrative expenses

 

16,475

 

 

 

9,858

 

 

 

30,928

 

 

 

17,920

 

Total operating expenses

 

54,854

 

 

 

44,199

 

 

 

111,737

 

 

 

92,681

 

Operating loss

 

(52,575

)

 

 

(42,482

)

 

 

(108,057

)

 

 

(82,335

)

Other income (expense):

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

4,870

 

 

 

4,613

 

 

 

7,953

 

 

 

5,556

 

Fair value change – earnout and warrants

 

9,692

 

 

 

(350

)

 

 

(29,258

)

 

 

(6,525

)

Foreign exchange gains/(losses)

 

(994

)

 

 

(72

)

 

 

(3,412

)

 

 

2,995

 

Loss before tax

 

(39,007

)

 

 

(38,291

)

 

 

(132,774

)

 

 

(80,309

)

Income tax expense

 

 

 

 

 

 

 

 

 

 

 

Loss and comprehensive loss for the period

 

(39,007

)

 

 

(38,291

)

 

 

(132,774

)

 

 

(80,309

)

Net loss per ordinary share

 

 

 

 

 

 

 

 

 

 

 

Basic and diluted

$

(0.41

)

 

$

(0.47

)

 

$

(1.45

)

 

$

(0.98

)

 

 


 

NewAmsterdam Pharma Company N.V.

Condensed Consolidated Statements of Shareholders' Equity (Deficit)

(Unaudited)

(In thousands of USD, except share amounts)

Shares

 

 

Amount

 

 

Additional Paid-In Capital

 

 

Accumulated Loss

 

 

Cumulative Translation Adjustments

 

 

Total Shareholders' Equity

 

Balance at December 31, 2022

 

81,559,780

 

 

 

10,055

 

 

 

555,625

 

 

 

(140,036

)

 

 

4,422

 

 

 

430,066

 

Exercise of warrants

 

208,032

 

 

 

27

 

 

 

2,671

 

 

 

 

 

 

 

 

 

2,698

 

Share-based compensation

 

 

 

 

 

 

 

7,663

 

 

 

 

 

 

 

 

 

7,663

 

Total loss and comprehensive loss for the period

 

 

 

 

 

 

 

 

 

 

(42,018

)

 

 

 

 

 

(42,018

)

As at March 31, 2023

 

81,767,812

 

 

 

10,082

 

 

 

565,959

 

 

 

(182,054

)

 

 

4,422

 

 

 

398,409

 

Exercise of warrants

 

541,609

 

 

 

70

 

 

 

7,444

 

 

 

 

 

 

 

 

 

7,514

 

Exercise of stock options

 

14,910

 

 

 

2

 

 

 

103

 

 

 

 

 

 

 

 

 

105

 

Share-based compensation

 

 

 

 

 

 

 

5,606

 

 

 

 

 

 

 

 

 

5,606

 

Total loss and comprehensive loss for the period

 

 

 

 

 

 

 

 

 

 

(38,291

)

 

 

 

 

 

(38,291

)

As at June 30, 2023

 

82,324,331

 

 

 

10,154

 

 

 

579,112

 

 

 

(220,345

)

 

 

4,422

 

 

 

373,343

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at December 31, 2023

 

82,469,768

 

 

 

10,173

 

 

 

590,771

 

 

 

(316,973

)

 

 

4,422

 

 

 

288,393

 

Issuance of Ordinary Shares and Pre-Funded Warrants, net of issuance costs

 

5,871,909

 

 

 

759

 

 

 

189,207

 

 

 

 

 

 

 

 

 

189,966

 

Exercise of warrants

 

926,698

 

 

 

121

 

 

 

19,674

 

 

 

 

 

 

 

 

 

19,795

 

Exercise of stock options

 

452,461

 

 

 

60

 

 

 

(609

)

 

 

 

 

 

 

 

 

(549

)

Share-based compensation

 

 

 

 

 

 

 

7,965

 

 

 

 

 

 

 

 

 

7,965

 

Total loss and comprehensive loss for the period

 

 

 

 

 

 

 

 

 

 

(93,767

)

 

 

 

 

 

(93,767

)

As at March 31, 2024

 

89,720,836

 

 

 

11,113

 

 

 

807,008

 

 

 

(410,740

)

 

 

4,422

 

 

 

411,803

 

Exercise of warrants

 

294,521

 

 

 

38

 

 

 

6,268

 

 

 

 

 

 

 

 

 

6,306

 

Share-based compensation

 

 

 

 

 

 

 

8,337

 

 

 

 

 

 

 

 

 

8,337

 

Total loss and comprehensive loss for the period

 

 

 

 

 

 

 

 

 

 

(39,007

)

 

 

 

 

 

(39,007

)

As at June 30, 2024

 

90,015,357

 

 

 

11,151

 

 

 

821,613

 

 

 

(449,747

)

 

 

4,422

 

 

 

387,439

 


 

 

 


 

NewAmsterdam Pharma Company N.V.

Condensed Consolidated Statements of Cash Flows

(Unaudited)

 

For the six months ended June 30,

 

 

2024

 

 

2023

 

(In thousands of USD)

 

 

 

 

 

Operating activities:

 

 

 

 

 

Loss for the period

 

(132,774

)

 

 

(80,309

)

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

 

 

 

 

 

Depreciation and amortization

 

34

 

 

 

22

 

Non-cash rent expense

 

3

 

 

 

3

 

Fair value change - derivative earnout and warrants

 

29,258

 

 

 

6,525

 

Foreign exchange (gains)/losses

 

3,412

 

 

 

(2,995

)

Share-based compensation

 

16,208

 

 

 

13,174

 

Changes in working capital:

 

 

 

 

 

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

 

(8,276

)

 

 

4,038

 

Changes in accounts payable

 

(11,656

)

 

 

1,410

 

Changes in accrued expenses and other current liabilities

 

(1,110

)

 

 

1,925

 

Changes in deferred revenue

 

(3,680

)

 

 

(4,961

)

Net cash (used in)/provided by operating activities

 

(108,581

)

 

 

(61,168

)

Investing activities:

 

 

 

 

 

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

 

(594

)

 

 

(12

)

Net cash used in investing activities

 

(594

)

 

 

(12

)

Financing activities:

 

 

 

 

 

Proceeds from offering of Ordinary Shares and Pre-Funded Warrants

 

190,481

 

 

 

 

Transaction costs on issue of Ordinary Shares and Pre-Funded Warrants

 

(515

)

 

 

 

Proceeds from exercise of warrants

 

13,421

 

 

 

8,621

 

Proceeds from exercise of options

 

440

 

 

 

105

 

Payment of withholding taxes related to net share settlement of exercised options

 

(989

)

 

 

 

Net cash provided by financing activities

 

202,838

 

 

 

8,726

 

Net change in cash

 

93,663

 

 

 

(52,454

)

Foreign exchange differences

 

(3,405

)

 

 

1,432

 

Cash at the beginning of the period

 

340,450

 

 

 

467,728

 

Cash at the end of the period

 

430,708

 

 

 

416,706

 

Noncash financing and investing activities

 

 

 

 

 

Right-of-use assets obtained in exchange for new operating lease liabilities

 

562