0000950170-24-092281 | 10-Q | XBRL Viewer | Newamsterdam Pharma Co NV

Outstanding as at December 31, 2023

Granted/purchased during the period

Outstanding as at June 30, 2024

Print Document

The Company - Additional Information (Details) $ in Thousands	Jun. 30, 2024 € / shares	Jun. 30, 2024 USD ($)	Dec. 31, 2023 € / shares	Dec. 31, 2023 USD ($)
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Ordinary shares, par value \| € / shares	€ 0.12		€ 0.12
Accumulated deficit		$ 449,747		$ 316,973
Cash		$ 430,708		$ 340,450

- Definition

Amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Excludes cash and cash equivalents within disposal group and discontinued operation.

+ References + Details

- Definition

Amount of accumulated undistributed earnings (deficit).

+ References + Details

Revenue

6 Months Ended

Jun. 30, 2024

Principal Transaction Revenue [Line Items]

Revenue

Note 3. Revenue

Revenue consisted of the following:


	Three months ended June 30,				Six months ended June 30,
(In thousands of USD)	2024		2023		2024		2023
License revenue attributed from license performance obligation		—		—		—		5,385
License revenue attributed from R&D performance obligation		2,279		1,717		3,680		4,961
Total revenue		2,279		1,717		3,680		10,346

All revenue recognized from the R&D performance obligation was included within deferred revenue on the consolidated balance sheet as of the beginning of the applicable reporting period.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

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Cover Page - shares	6 Months Ended
Cover Page - shares	Jun. 30, 2024	Aug. 02, 2024
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Amendment Flag	false
Document Period End Date	Jun. 30, 2024
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Entity Registrant Name	NewAmsterdam Pharma Company N.V.
Entity Central Index Key	0001936258
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity File Number	001-41562
Entity Tax Identification Number	00-0000000
Entity Address, Address Line One	Gooimeer 2-35
Entity Address, City or Town	Naarden
Entity Address, Country	NL
Entity Address, Postal Zip Code	1411 DC
City Area Code	+31
Local Phone Number	(0) 35 206 2971
Entity Incorporation, State or Country Code	P7
Document Transition Report	false
Entity Common Stock, Shares Outstanding		90,015,357
Ordinary Shares, Nominal Value €0.12 Per Share
Document Information [Line Items]
Title of 12(b) Security	Ordinary Shares, nominal value €0.12 per share
Trading Symbol	NAMS
Security Exchange Name	NASDAQ
Warrants to Purchase Ordinary Shares
Document Information [Line Items]
Title of 12(b) Security	Warrants to purchase Ordinary Shares
Trading Symbol	NAMSW
Security Exchange Name	NASDAQ

Net Loss Per Ordinary Share - Summary of Basic And Diluted Net Loss Per Ordinary Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Earnings Per Share [Abstract]
Net Income (Loss)	$ (39,007)	$ (38,291)	$ (132,774)	$ (80,309)
Weighted Average Ordinary Shares Outstanding, Basic	94,711,604	82,064,519	91,611,785	81,850,662
Weighted Average Ordinary Shares Outstanding, Diluted	94,711,604	82,064,519	91,611,785	81,850,662
Net Loss Per Ordinary Share, Basic	$ (0.41)	$ (0.47)	$ (1.45)	$ (0.98)
Net Loss Per Ordinary Share, Diluted	$ (0.41)	$ (0.47)	$ (1.45)	$ (0.98)

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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Reference 26: http://www.xbrl.org/2003/role/disclosureRef
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Reference 27: http://www.xbrl.org/2003/role/disclosureRef
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Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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Reference 29: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 30
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-30

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 60B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482689/260-10-45-60B

Reference 32: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
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Reference 33: http://www.xbrl.org/2003/role/disclosureRef
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Reference 34: http://www.xbrl.org/2003/role/disclosureRef
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Reference 35: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 36: http://www.xbrl.org/2003/role/disclosureRef
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Reference 37: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Share-Based Compensation - Summary of Movements In The Number Of Ordinary Shares Outstanding (Details)	Jun. 30, 2024 shares
Share-Based Payment Arrangement [Abstract]
Outstanding, Beginning Balance	608,779
Outstanding, Ending Balance	608,779

Prepayments and Other Receivables

6 Months Ended

Jun. 30, 2024

Prepaid Expense and Other Assets, Current [Abstract]

Prepayments and Other Receivables

Note 5. Prepayments and Other Receivables

Prepayments and other receivables consisted of the following:


(In thousands of USD)	June 30, 2024		December 31, 2023
Prepaid research and development costs		6,994		2,337
Other prepaid expenses		2,244		2,123
Value added tax receivable		3,272		1,006
Other receivables		2,134		875
Total prepayments and other receivables		14,644		6,341

Share-Based Compensation

6 Months Ended

Jun. 30, 2024

Share-Based Payment Arrangement [Abstract]

Share-Based Compensation

Note 8. Share-Based Compensation

The Company has four Share-based payment plans and one restricted share award in place as at June 30, 2024:

•

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

•

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

•

The Company’s Rollover Option Plan (the “Rollover Plan,”);

•

The Company's Inducement Plan (the “Inducement Plan,” together with the Plan, the Supplementary Plan and the Rollover Plan, the “Plans”); and

•

Chief Executive Officer Restricted Share Award.

The Plans

The Plans are equity-settled, and the Company may grant various forms of equity awards, including the granting of options to purchase Ordinary Shares (“Company Options”) and restricted stock units (“RSUs”), pursuant to the Plans. In total, as of June 30, 2024 a maximum of 22,049,356 Ordinary Shares may be reserved for issuance pursuant to the Plans. The number of Ordinary Shares reserved for grant under the

Plan will increase annually on January 1 of each calendar year by 5% of the then issued and outstanding Ordinary Shares or such lower number as may be determined by the Company's Board of Directors.

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

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


	Number of options			Weighted average exercise price		Weighted average remaining contractual term (in years)		Aggregate intrinsic value (in thousands of USD)
Outstanding as at December 31, 2023		15,783,509		$	7.98
Granted		4,541,148		$	13.61
Exercised		(546,403	)	$	1.27
Outstanding as at June 30, 2024		19,778,254		$	9.45		8.5		195,399
Options exercisable as at June 30, 2024		6,888,620		$	6.01		7.8		90,930

The weighted average grant date fair value of Company Options, estimated as of the grant date using the Black-Scholes option pricing model, was $6.30, and $4.86 per option for options granted during the six months ended June 30, 2024 and 2023, respectively. The total intrinsic value (the amount by which the fair market value exceeded the exercise price) of Company Options exercised during the six months ended June 30, 2024 and 2023 was $8.0 million and $0.1 million, respectively. Weighted average assumptions used to apply this pricing model were as follows:


	Six months ended June 30,
	2024			2023
Expected life (years)		6.1			6.1
Risk-free rate		3.9	%		3.9	%
Volatility		41.4	%		38.4	%
Dividend yield		0.0	%		0.0	%

Expected Term

The Company’s expected term represents the period that the Company’s stock-based awards are expected to be outstanding and is determined using the simplified method (based on the mid-point between the vesting date and the end of the contractual term). The Company utilizes this method due to lack of historical exercise data and the plain-vanilla nature of the Company’s stock-based awards.

Expected Volatility

Since the Company was privately held through November 2022, it alone does not have sufficient relevant company-specific historical data to support its expected volatility alone. In prior periods, due to the insufficiency of historical volatility data on the Company’s own securities, the expected volatility input was determined using comparable companies alone. Beginning on January 1, 2024 expected volatility input was determined using a weighted average calculation considering the volatility of the Company’s own securities and the volatilities of a representative group of publicly traded biopharmaceutical companies over a period equal to the expected term of the stock option grants. Initially, the volatility of the Company’s Ordinary Shares is assigned a weighting of 10%. This weighting will be increased by 5% per calendar quarter until the expected volatility input is based entirely on the historical volatility of the Company’s Ordinary Shares. For purposes of identifying comparable companies, the Company selected companies with comparable characteristics to it, including enterprise value, risk profiles, position within the industry, and with historical share price information sufficient to meet the expected life of the stock-based awards. The historical volatility data was computed using the daily closing prices for the selected companies’ shares during the equivalent period of the calculated expected term of the stock-based awards.

Risk-Free Interest Rate

The risk-free interest rate is based upon the U.S. Treasury yield curve in effect at the time of grant, with a term that approximates the expected life of the Company Option.

Expected Dividend

The expected dividend rate is zero as the Company currently has no history or expectation of declaring dividends on its Ordinary Shares.

Share-based compensation is classified in the consolidated statement of operations and comprehensive loss as follows:


	Three months ended June 30,				Six months ended June 30,
(in thousands of USD)	2024		2023		2024		2023
Research and development expenses		2,992		3,730		6,471		8,219
Selling, general and administrative expenses		5,298		1,828		9,737		4,955
Total		8,290		5,558		16,208		13,174

As of June 30, 2024, there was $37.7 million of unrecognized compensation cost related to Company Options that have not yet vested. These costs are expected to be recognized over a weighted average period of 3.2 years until fully vested.

Restricted Stock Units

As at June 30, 2024 and December 31, 2023, the Company had allocated 143,002 Earnout Shares to be granted to Participating Optionholders if and when a certain clinical development milestone is achieved during the earnout period. These Earnout Shares will be delivered in the form of awards of RSUs granted pursuant to the Plan to such Participating Optionholders who are at the time of achievement of such milestone still providing services to the Company.

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

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

Chief Executive Officer Restricted Share Award

In July 2021, the Company's chief executive officer, Michael Davidson, M.D., paid the fair market value of the underlying Ordinary Shares (in aggregate $838,806) when he made an investment in restricted shares issued through Depositary Receipts. The total fair value of these equity-settled share-based payment awards amounts to nil and there will be no expenses recognized in the income statement. This award had a four year vesting period with 25% vesting on August 1, 2021 and the remaining 75% vesting in equal monthly installments over the following three years.

In connection with the award arrangement, if Dr. Davidson leaves the Company, all unvested Ordinary Shares will be cancelled against payment by the Company to him of the lower of the (i) the purchase price paid and (ii) the fair market value of such Ordinary Shares at the time of forfeiture. In order to reflect the consideration paid and the possibility that the Ordinary Shares would be repurchased if Dr. Davidson becomes a “Good Leaver” (as such term is defined in the award agreement) during the vesting period, the Company has recognized the consideration as a financial liability until the award has fully vested, at which time it will be reclassified to equity provided that Dr. Davidson remains with the Company. This liability is measured at the lower of (i) the purchase price paid and (ii) the fair market value of the Ordinary Shares at the end of the reporting period. The liability for unvested Ordinary Shares as at June 30, 2024 and December 31, 2023 amounted to $0.0 million and $0.1 million, respectively.

For the six months ended June 30, 2024, the movements in the number of Ordinary Shares outstanding are as follows:

As of June 30, 2024 and December 31, 2023, a total of 596,096 and 519,999 Ordinary Shares had vested, respectively.

Summary of Significant Accounting Policies	6 Months Ended
Summary of Significant Accounting Policies	Jun. 30, 2024
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Note 2. Summary of Significant Accounting Policies Basis of Presentation The unaudited condensed consolidated financial statements should be read together with our audited financial statements and accompanying notes for year ended December 31, 2023, included in our Annual Report on Form 10-K (the "Annual Report"), filed with the SEC on February 28, 2024. Any terms not defined herein take the meaning as defined in the Annual Report. The Company’s unaudited condensed consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) and the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) regarding interim financial reporting. As permitted under those rules, certain footnotes or other financial information that are normally required by U.S. GAAP have been condensed or omitted, and accordingly the balance sheet as of December 31, 2023 included herein has been derived from the audited financial statements at that date but does not include all of the information required by U.S. GAAP for complete financial statements. These unaudited interim condensed consolidated financial statements have been prepared on the same basis as the Company’s annual financial statements and, in the opinion of management, reflect all adjustments, consisting only of normal recurring adjustments which are necessary for a fair statement of the Company’s financial information. The interim results of operations for the three and six months ended June 30, 2024 are not necessarily indicative of the results to be expected for the year ending December 31, 2024 or for any other interim period or for any other future year. The unaudited condensed consolidated financial statements comprise the financial statements of the Company and its subsidiaries. Any reference in these notes to the applicable guidance is meant to refer to authoritative U.S. GAAP as found in the Accounting Standards Codification (“ASC”) and Accounting Standards Update (“ASU”) of the Financial Accounting Standards Board (“FASB”). The unaudited condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries, after elimination of intercompany accounts and transactions. Prior to 2023, the Company prepared its financial statements in accordance with the International Financial Reporting Standards as issued by the International Accounting Standard Board (“IFRS”) as permitted in the United States based on the Company’s qualification as a foreign private issuer under the rules and regulations of the SEC. In connection with the loss of the Company’s status as a foreign private issuer effective on January 1, 2024, the Company, as a domestic filer, prepared these financial statements in accordance with U.S. GAAP. The transition to U.S. GAAP was made retrospectively for all periods from the Company’s inception. Except for the policy described below, the accounting policies of the Company are consistent with those described in Note 2 of the consolidated financial statements included within the Annual Report. Net Loss Per Share Basic net loss per share is calculated by dividing the net loss by the weighted-average number of Ordinary Shares outstanding during the period. For the purposes of calculating the weighted-average number of Ordinary Shares outstanding, the Ordinary Shares underlying the Pre-Funded Warrants issued in the Offering (as defined in Note 7 below) are included. Diluted net loss per share is the same as basic net loss per share, since the effects of potentially dilutive securities are antidilutive given the net loss for each period presented.

Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2024

Fair Value Disclosures [Abstract]

Summary of Financial Liabilities Recognized at Fair Value on Recurring Basis

As at June 30, 2024 and December 31, 2023, the Company’s financial liabilities recognized at fair value on a recurring basis consisted of the following:


	As at June 30, 2024
(In thousands of USD)	Level 1		Level 2		Level 3		Total
Derivative warrant liability (Public Warrants)		22,089		—		—		22,089
Derivative warrant liability (Private Placement Warrants)		—		1,456		—		1,456
Derivative earnout liability		—		—		13,394		13,394
Total financial liabilities		22,089		1,456		13,394		36,939


	As at December 31, 2023
(In thousands of USD)	Level 1		Level 2		Level 3		Total
Derivative warrant liability (Public Warrants)		12,051		—		—		12,051
Derivative warrant liability (Private Placement Warrants)		—		523		—		523
Derivative earnout liability		—		—		7,788		7,788
Total financial liabilities		12,051		523		7,788		20,362

Schedule of Estimated Fair Value of Derivative Earnout Liability

As such, the relevant inputs to the fair value of the derivative earnout liability are as follows:


	June 30, 2024			December 31, 2023
Ordinary Share value (USD)	$	19.21		$	11.17
Probability of milestone completion		40	%		40	%
Dividend yield		0	%		0	%
Strike price (USD)		0.00			0.00

Summary of Reconciliation of Derivative Earnout Liability Measured on Recurring Basis Using Level 3 Inputs

The following table presents a reconciliation of the derivative earnout liability measured on a recurring basis using Level 3 inputs as of June 30, 2024:

All changes in fair value recognized in the statement of operations are unrealized. There were no sales, purchases, settlements or transfers into or out of Level 3 of the fair value hierarchy related to the derivative earnout liability during the period ended June 30, 2024.

Share-Based Compensation - Summary of Weighted Average Assumptions (Details) - USD ($)	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Share-Based Payment Arrangement [Abstract]
Expected life (years)	6 years 1 month 6 days	6 years 1 month 6 days
Risk-free rate	3.90%	3.90%
Volatility	41.40%	38.40%
Dividend yield	$ 0	$ 0

Condensed Consolidated Statements of Shareholders' Equity (Deficit) - USD ($) $ in Thousands	Total	Common Stock [Member]	Additional Paid-In Capital [Member]	Accumulated Loss [Member]	Cumulative Translation Adjustments [Member]
Beginning Balance at Dec. 31, 2022	$ 430,066	$ 10,055	$ 555,625	$ (140,036)	$ 4,422
Beginning Balance, shares at Dec. 31, 2022		81,559,780
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of warrants	2,698	$ 27	2,671
Exercise of warrants, shares		208,032
Share-based compensation	7,663		7,663
Total profit or loss and comprehensive loss for the year	(42,018)			(42,018)
Ending Balance at Mar. 31, 2023	398,409	$ 10,082	565,959	(182,054)	4,422
Ending Balance, shares at Mar. 31, 2023		81,767,812
Beginning Balance at Dec. 31, 2022	430,066	$ 10,055	555,625	(140,036)	4,422
Beginning Balance, shares at Dec. 31, 2022		81,559,780
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Total profit or loss and comprehensive loss for the year	(80,309)
Ending Balance at Jun. 30, 2023	373,343	$ 10,154	579,112	(220,345)	4,422
Ending Balance, shares at Jun. 30, 2023		82,324,331
Beginning Balance at Mar. 31, 2023	398,409	$ 10,082	565,959	(182,054)	4,422
Beginning Balance, shares at Mar. 31, 2023		81,767,812
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of warrants	7,514	$ 70	7,444
Exercise of warrants, shares		541,609
Exercise of stock options	105	$ 2	103
Exercise of stock options, shares		14,910
Share-based compensation	5,606		5,606
Total profit or loss and comprehensive loss for the year	(38,291)			(38,291)
Ending Balance at Jun. 30, 2023	373,343	$ 10,154	579,112	(220,345)	4,422
Ending Balance, shares at Jun. 30, 2023		82,324,331
Beginning Balance at Dec. 31, 2023	288,393	$ 10,173	590,771	(316,973)	4,422
Beginning Balance, shares at Dec. 31, 2023		82,469,768
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of ordinary shares and pre-funded warrants	189,966	$ 759	189,207
Stock Issuance of Ordinary Shares and Pre-funded Warrants, Shares		5,871,909
Exercise of warrants	19,795	$ 121	19,674
Exercise of warrants, shares		926,698
Exercise of stock options	(549)	$ 60	(609)
Exercise of stock options, shares		452,461
Share-based compensation	7,965		7,965
Total profit or loss and comprehensive loss for the year	(93,767)			(93,767)
Ending Balance at Mar. 31, 2024	411,803	$ 11,113	807,008	(410,740)	4,422
Ending Balance, shares at Mar. 31, 2024		89,720,836
Beginning Balance at Dec. 31, 2023	$ 288,393	$ 10,173	590,771	(316,973)	4,422
Beginning Balance, shares at Dec. 31, 2023		82,469,768
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of stock options, shares	546,403
Total profit or loss and comprehensive loss for the year	$ (132,774)
Ending Balance at Jun. 30, 2024	387,439	$ 11,151	821,613	(449,747)	4,422
Ending Balance, shares at Jun. 30, 2024		90,015,357
Beginning Balance at Mar. 31, 2024	411,803	$ 11,113	807,008	(410,740)	4,422
Beginning Balance, shares at Mar. 31, 2024		89,720,836
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of warrants	6,306	$ 38	6,268
Exercise of warrants, shares		294,521
Share-based compensation	8,337		8,337
Total profit or loss and comprehensive loss for the year	(39,007)			(39,007)
Ending Balance at Jun. 30, 2024	$ 387,439	$ 11,151	$ 821,613	$ (449,747)	$ 4,422
Ending Balance, shares at Jun. 30, 2024		90,015,357

Fair Value Measurements - Summary of Reconciliation of Earnout Liability Measured on Recurring Basis Using Level 3 Inputs (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2024 USD ($)
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Change in fair value	$ (6,200)
Recurring \| Level 3
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Beginning balance	7,788
Change in fair value	$ 5,606
Fair Value, Liability, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Change in Fair Value of Earnout and Warrants
Ending balance	$ 13,394

Share-Based Compensation - Summary of Share-based Compensation As Classified In The Consolidated Statement Of Operations And Comprehensive Loss (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total	$ 8,290	$ 5,558	$ 16,208	$ 13,174
Research and Development Expense
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total	2,992	3,730	6,471	8,219
Selling, General and Administrative Expenses
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total	$ 5,298	$ 1,828	$ 9,737	$ 4,955

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 1D
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480483/718-10-35-1D

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
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-URI https://asc.fasb.org//1943274/2147480483/718-10-35-3

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-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

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-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

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-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

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-SubTopic 10
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-SubTopic 10
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-Subparagraph (c)(1)(iv)(02)
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+ Details

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Jun. 30, 2024 shares
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	Rule 10b5-1 Trading Arrangements Except as set forth below, during the three months ended June 30, 2024, none of our officers or directors adopted, amended or terminated a “Rule 10b5-1 trading arrangement,” as defined in Item 408(c) of Regulation S-K, each of which is intended to satisfy the affirmative defense of Rule 10b5-1(c) under the Exchange Act. On June 27, 2024, Louise Kooij, our Chief Accounting Officer, adopted a Rule 10b5-1 trading arrangement for the potential sale of up to 213,073 Ordinary Shares, subject to certain price thresholds and other conditions. The arrangement's expiration date is June 26, 2026. There were no “non-Rule 10b5-1 trading arrangement,” as defined in Item 408(c) of Regulation S-K, entered into or terminated during the three months ended June 30, 2024.
Non-Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Terminated	false
Louise Kooij
Trading Arrangements, by Individual
Name	Louise Kooij
Title	Chief Accounting Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	June 27, 2024
Rule 10b5-1 Arrangement Terminated	true
Termination Date	June 26, 2026
Aggregate Available	213,073

Commitments and Contingencies

6 Months Ended

Jun. 30, 2024

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Note 10. Commitments and Contingencies

Commitments

The Company has entered into a variety of agreements and financial commitments in the normal course of business with contract research organizations, contract manufacturing organizations, and other third parties for preclinical and clinical development and manufacturing services. The terms generally provide the Company with the option to cancel, reschedule and adjust our requirements based on the Company's business needs, prior to the delivery of goods or performance of services. Payments due upon cancellation generally consist only of payments for services provided or expenses incurred, including non-cancellable obligations of the Company's service providers, up to the date of cancellation. However, some of the Company's service providers also charge cancellation fees upon cancellation. The amount and timing of such payments are not known, but at June 30, 2024 they are estimated to be a maximum of $18.1 million.

According to the terms of the Menarini License the Company will be responsible for development and commercialization costs related to Licensed Products other than those in the Menarini Territory. In addition, under specified conditions of the agreement, the Company agreed to bear 50% of certain development costs incurred by the other party in the development of the Licensed Products in the Menarini Territory.

Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Statement [Abstract]
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)
Loss for the year	(39,007)	(38,291)	(132,774)	(80,309)
Other comprehensive income (loss)
Loss and comprehensive loss for the period	$ (39,007)	$ (38,291)	$ (132,774)	$ (80,309)
Net loss per ordinary share
Basic	$ (0.41)	$ (0.47)	$ (1.45)	$ (0.98)
Diluted	$ (0.41)	$ (0.47)	$ (1.45)	$ (0.98)

Accrued Expenses and Other Current Liabilities - Schedule of Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Accounts Payable and Accrued Liabilities, Current [Abstract]
Accrued research and development materials and services	$ 6,419	$ 5,945
Accrued compensation and benefits	2,317	3,384
Accrued professional fees and other	1,458	2,069
Total accrued expenses and other current liabilities	$ 10,194	$ 11,398

Accrued Expenses and Other Current Liabilities

6 Months Ended

Jun. 30, 2024

Accounts Payable and Accrued Liabilities, Current [Abstract]

Accrued Expenses and Other Current Liabilities

Note 6. Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consisted of the following:


(in thousands of USD)	June 30, 2024		December 31, 2023
Accrued research and development materials and services		6,419		5,945
Accrued compensation and benefits		2,317		3,384
Accrued professional fees and other		1,458		2,069
Total accrued expenses and other current liabilities		10,194		11,398

Net Loss Per Ordinary Share

6 Months Ended

Jun. 30, 2024

Earnings Per Share [Abstract]

Net Loss per Ordinary Share

Note 9. Net Loss per Ordinary Share

For the purposes of calculating the weighted-average number of Ordinary Shares outstanding, the Ordinary Shares underlying the Pre-Funded Warrants issued in the Offering are included.

Basic and diluted net loss per Ordinary Share was calculated as follows:


	Three months ended June 30,						Six months ended June 30,
(In thousands of USD, except share and per share amounts)	2024			2023			2024			2023
Net loss		(39,007	)		(38,291	)		(132,774	)		(80,309	)
Weighted average Ordinary Shares outstanding, basic and diluted		94,711,604			82,064,519			91,611,785			81,850,662
Net loss per Ordinary Share, basic and diluted		(0.41	)		(0.47	)		(1.45	)		(0.98	)

The following potentially dilutive securities have been excluded from the computation of diluted weighted-average Ordinary Shares outstanding as they would be anti-dilutive:


	As at June 30,
	2024		2023
Stock options		19,778,254		13,966,164
Outstanding warrants		2,700,152		4,017,321
Total		22,478,406		17,983,485

Fair Value Measurements - Summary of Financial Liabilities Recognized at Fair Value on Recurring Basis (Details) - Recurring - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Financial Liabilities Fair Value Disclosure [Abstract]
Total financial liabilities	$ 36,939	$ 20,362
Derivative
Financial Liabilities Fair Value Disclosure [Abstract]
Derivative earnout liability	13,394	7,788
Derivative \| Public Warrants
Financial Liabilities Fair Value Disclosure [Abstract]
Total financial liabilities	22,089	12,051
Derivative \| Private Placement Warrants
Financial Liabilities Fair Value Disclosure [Abstract]
Total financial liabilities	1,456	523
Level 1
Financial Liabilities Fair Value Disclosure [Abstract]
Total financial liabilities	22,089	12,051
Level 1 \| Derivative \| Public Warrants
Financial Liabilities Fair Value Disclosure [Abstract]
Total financial liabilities	22,089	12,051
Level 2
Financial Liabilities Fair Value Disclosure [Abstract]
Total financial liabilities	1,456	523
Level 2 \| Derivative \| Private Placement Warrants
Financial Liabilities Fair Value Disclosure [Abstract]
Total financial liabilities	1,456	523
Level 3
Financial Liabilities Fair Value Disclosure [Abstract]
Total financial liabilities	13,394	7,788
Level 3 \| Derivative
Financial Liabilities Fair Value Disclosure [Abstract]
Derivative earnout liability	$ 13,394	$ 7,788

Accrued Expenses and Other Current Liabilities (Tables)

6 Months Ended

Jun. 30, 2024

Accounts Payable and Accrued Liabilities, Current [Abstract]

Schedule of Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consisted of the following:


(in thousands of USD)	June 30, 2024		December 31, 2023
Accrued research and development materials and services		6,419		5,945
Accrued compensation and benefits		2,317		3,384
Accrued professional fees and other		1,458		2,069
Total accrued expenses and other current liabilities		10,194		11,398

Net Loss Per Ordinary Share - Summary of Potentially Dilutive Securities Have Been Excluded From The Computation Of Diluted Weighted-average Ordinary Shares Outstanding (Details) - shares	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	22,478,406	17,983,485
Stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	19,778,254	13,966,164
Outstanding warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	2,700,152	4,017,321

Share-Based Compensation - Additional Information (Details) - USD ($)		6 Months Ended		12 Months Ended
	Jul. 21, 2021	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023	Jan. 01, 2024
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of options, granted		4,541,148
Weighted average grant date fair value of options		$ 6.3	$ 4.86
Total intrinsic value of stock options exercised		$ 8,000,000	$ 100,000
Weighted average remaining vesting period		3 years 2 months 12 days
Unrecognized Compensation Cost		$ 37,700,000
Underlying ordinary shares	$ 838,806
Liability for unvested ordinary shares				100,000
Ordinary shares vested		596,096		519,999
Volatility ordinary shares					10.00%
Increase in volatility weight percentage of ordinary share per calendar quarter		5.00%
Chief Executive Officer
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting period		4 years
Liability for unvested ordinary shares		0
Share-Based Payment Arrangement, Tranche One \| Chief Executive Officer
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Award vesting percentage		25.00%
Share-Based Payment Arrangement, Tranche Two \| Chief Executive Officer
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting period		3 years
Award vesting percentage				75.00%
Employee Stock Option
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Ordinary shares reserved for issuance		22,049,356
Percentage of ordinary shares reserved for grant will increase annually of issued and outstanding shares		5.00%
Contractual term				10 years
Vesting period				4 years
Employee Stock Option \| Share-Based Payment Arrangement, Tranche One
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Award vesting percentage				25.00%
Employee Stock Option \| Share-Based Payment Arrangement, Tranche Two
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting period				3 years
Award vesting percentage				75.00%
Restricted Stock Units (RSUs)
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Earnout shares		143,002		143,002

Share-Based Compensation (Tables)

6 Months Ended

Jun. 30, 2024

Share-Based Payment Arrangement [Abstract]

Schedule of Stock Option Activity

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


	Number of options			Weighted average exercise price		Weighted average remaining contractual term (in years)		Aggregate intrinsic value (in thousands of USD)
Outstanding as at December 31, 2023		15,783,509		$	7.98
Granted		4,541,148		$	13.61
Exercised		(546,403	)	$	1.27
Outstanding as at June 30, 2024		19,778,254		$	9.45		8.5		195,399
Options exercisable as at June 30, 2024		6,888,620		$	6.01		7.8		90,930

Schedule of Weighted Average Assumptions for Stock Options

Weighted average assumptions used to apply this pricing model were as follows:


	Six months ended June 30,
	2024			2023
Expected life (years)		6.1			6.1
Risk-free rate		3.9	%		3.9	%
Volatility		41.4	%		38.4	%
Dividend yield		0.0	%		0.0	%

Schedule of Impact on Results of Operations and Comprehensive Loss of Recording Stock-Based Compensation

Share-based compensation is classified in the consolidated statement of operations and comprehensive loss as follows:


	Three months ended June 30,				Six months ended June 30,
(in thousands of USD)	2024		2023		2024		2023
Research and development expenses		2,992		3,730		6,471		8,219
Selling, general and administrative expenses		5,298		1,828		9,737		4,955
Total		8,290		5,558		16,208		13,174

Schedule of Restricted Stock Unit Activity

For the six months ended June 30, 2024, the movements in the number of Ordinary Shares outstanding are as follows:

Revenue - License Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Revenue from Contract with Customer [Abstract]
License revenue attributed from license performance obligation				$ 5,385
License revenue attributed from R&D performance obligation	$ 2,279	$ 1,717	$ 3,680	4,961
Total revenue	$ 2,279	$ 1,717	$ 3,680	$ 10,346

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 924
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479941/924-10-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-30

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 22
-Subparagraph (b)
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Fair Value Measurements - Additional Information (Details)	6 Months Ended
	Jun. 30, 2024 USD ($)
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Sales, purchase and settlements	$ 0

Net Loss Per Ordinary Share (Tables)

6 Months Ended

Jun. 30, 2024

Earnings Per Share [Abstract]

Schedule Of Basic And Diluted Net Loss Per Ordinary Share

Basic and diluted net loss per Ordinary Share was calculated as follows:


	Three months ended June 30,						Six months ended June 30,
(In thousands of USD, except share and per share amounts)	2024			2023			2024			2023
Net loss		(39,007	)		(38,291	)		(132,774	)		(80,309	)
Weighted average Ordinary Shares outstanding, basic and diluted		94,711,604			82,064,519			91,611,785			81,850,662
Net loss per Ordinary Share, basic and diluted		(0.41	)		(0.47	)		(1.45	)		(0.98	)

Schedule of Antidilutive Securities Excluded from Computation of Diluted Weighted-average Ordinary Shares Outstanding

The following potentially dilutive securities have been excluded from the computation of diluted weighted-average Ordinary Shares outstanding as they would be anti-dilutive:


	As at June 30,
	2024		2023
Stock options		19,778,254		13,966,164
Outstanding warrants		2,700,152		4,017,321
Total		22,478,406		17,983,485

Revenue (Tables)

6 Months Ended

Jun. 30, 2024

Revenue from Contract with Customer [Abstract]

Summary of License Revenue

Revenue consisted of the following:


	Three months ended June 30,				Six months ended June 30,
(In thousands of USD)	2024		2023		2024		2023
License revenue attributed from license performance obligation		—		—		—		5,385
License revenue attributed from R&D performance obligation		2,279		1,717		3,680		4,961
Total revenue		2,279		1,717		3,680		10,346

Prepayments and Other Receivables (Tables)

6 Months Ended

Jun. 30, 2024

Prepaid Expense and Other Assets, Current [Abstract]

Schedule of Prepayments and Other Receivables

Prepayments and other receivables consisted of the following:


(In thousands of USD)	June 30, 2024		December 31, 2023
Prepaid research and development costs		6,994		2,337
Other prepaid expenses		2,244		2,123
Value added tax receivable		3,272		1,006
Other receivables		2,134		875
Total prepayments and other receivables		14,644		6,341

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
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

Condensed Consolidated Balance Sheets (Parenthetical) - € / shares	Jun. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Ordinary shares, par value	€ 0.12	€ 0.12
Ordinary shares, authorized	400,000,000	400,000,000
Ordinary shares, issued	90,015,357	82,469,768
Ordinary shares, outstanding	90,015,357	82,469,768

Related Parties

6 Months Ended

Jun. 30, 2024

Related Parties

Note 11. Related Parties

In the ordinary course of business, the Company may enter into transactions with entities that are associated with a party that meets the criteria of a related party of the Company. These transactions are reviewed quarterly and to date have not been material to the Company’s consolidated financial statements.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
-Section 50
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-URI https://asc.fasb.org//1943274/2147480990/946-20-50-6

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Paragraph 1
-Subparagraph (SX 210.6-07(2)(e))
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org//850/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147483326/850-10-50-6

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

+ Details

Shareholders' Equity

6 Months Ended

Jun. 30, 2024

Equity [Abstract]

Shareholders' Equity

Note 7. Shareholders’ Equity

Follow-on Offering

On February 16, 2024, the Company completed an underwritten public offering (the “Offering”) of 5,871,909 Ordinary Shares at a public offering price of $19.00 per Ordinary Share and, in lieu of Ordinary Shares to certain investors, pre-funded warrants (the “Pre-Funded Warrants”) to purchase 4,736,841 Ordinary Shares at a public offering price of $18.9999 per Pre-Funded Warrant, which represents the per share public offering price for the Ordinary Shares, less the $0.0001 per share exercise price for each such Pre-Funded Warrant. Of the 5,871,909 Ordinary Shares issued and sold in the offering, 1,383,750 Ordinary Shares were issued and sold pursuant to the exercise of the underwriters’ option to purchase additional Ordinary Shares at the public offering price per share. The Ordinary Shares and Pre-Funded Warrants were issued and sold pursuant to an underwriting agreement, among the Company and Jefferies LLC, Leerink Partners LLC, Piper Sandler & Co. and RBC Capital Markets, LLC, as representatives of the several underwriters listed on Schedule A thereto. The net proceeds to the Company from the Offering were $190.0 million after deducting underwriting discounts and commissions and offering expenses payable by the Company.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
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-URI https://asc.fasb.org//1943274/2147480237/815-40-50-6

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480008/505-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (a)
-Publisher FASB
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section 50
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-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-16

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section 50
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-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

+ Details

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
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
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	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

Fair Value Measurements

6 Months Ended

Jun. 30, 2024

Fair Value Disclosures [Abstract]

Fair Value Measurements

Note 4. Fair Value Measurements

As at June 30, 2024 and December 31, 2023, the Company’s financial liabilities recognized at fair value on a recurring basis consisted of the following:


	As at June 30, 2024
(In thousands of USD)	Level 1		Level 2		Level 3		Total
Derivative warrant liability (Public Warrants)		22,089		—		—		22,089
Derivative warrant liability (Private Placement Warrants)		—		1,456		—		1,456
Derivative earnout liability		—		—		13,394		13,394
Total financial liabilities		22,089		1,456		13,394		36,939


	As at December 31, 2023
(In thousands of USD)	Level 1		Level 2		Level 3		Total
Derivative warrant liability (Public Warrants)		12,051		—		—		12,051
Derivative warrant liability (Private Placement Warrants)		—		523		—		523
Derivative earnout liability		—		—		7,788		7,788
Total financial liabilities		12,051		523		7,788		20,362

The estimated fair value of the derivative earnout liability was determined using Level 3 inputs, other than the Company's share price as a Level 1 input, as no observable market inputs were available. The derivative earnout liability has been measured at fair value using a Black-Scholes pricing model. Given the assumed zero dividend rate and the fact that no strike price exists that would have led to any volatility measure relative to the Company's share price, the fair value of the earnout liability resulting from the Black-Scholes pricing model is entirely driven by the Company’s closing share price as a Level 1 input and the probability of milestone completion as a Level 3 input. As such, the relevant inputs to the fair value of the derivative earnout liability are as follows:


	June 30, 2024			December 31, 2023
Ordinary Share value (USD)	$	19.21		$	11.17
Probability of milestone completion		40	%		40	%
Dividend yield		0	%		0	%
Strike price (USD)		0.00			0.00

As management's judgment of the probability of milestone completion remained constant during the period, the change in fair value resulted from the Company’s price per share between valuation dates.

The following table presents a reconciliation of the derivative earnout liability measured on a recurring basis using Level 3 inputs as of June 30, 2024:

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

The Company

6 Months Ended

Jun. 30, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

The Company

Note 1. The Company

NewAmsterdam Pharma Company N.V. (“NewAmsterdam Pharma” or the “Company”) 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. The Company was incorporated in the Netherlands as a Dutch private company with limited liability (besloten vennootschap met beperkte aansprakelijkheid) under the name NewAmsterdam Pharma Company B.V. on June 10, 2022. On November 21, 2022, the Company’s corporate form was converted to a Dutch public limited liability company (naamloze vennootschap) and its name was changed to NewAmsterdam Pharma Company N.V. The Company’s ordinary shares, nominal value €0.12 per share (the "Ordinary Shares") are listed on the Nasdaq Global Market ("Nasdaq") and trade under the symbol “NAMS.”

The Company is subject to risks and uncertainties common to early-stage companies in the biopharmaceutical industry, including, but not limited to, development by competitors of more advanced or effective therapies, dependence on key executives, protection of and dependence on intellectual property, compliance with government regulations and ability to secure additional capital to fund operations. Significant additional research and development efforts and regulatory approval will be required prior to commercialization. These efforts require significant amounts of additional capital, adequate personnel and infrastructure and extensive compliance-reporting capabilities. Even if the Company’s product development efforts are successful, it is uncertain when, if ever, the Company will realize significant revenue from product sales.

Summary of Significant Accounting Policies (Policies)	6 Months Ended
Summary of Significant Accounting Policies (Policies)	Jun. 30, 2024
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The unaudited condensed consolidated financial statements should be read together with our audited financial statements and accompanying notes for year ended December 31, 2023, included in our Annual Report on Form 10-K (the "Annual Report"), filed with the SEC on February 28, 2024. Any terms not defined herein take the meaning as defined in the Annual Report. The Company’s unaudited condensed consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) and the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) regarding interim financial reporting. As permitted under those rules, certain footnotes or other financial information that are normally required by U.S. GAAP have been condensed or omitted, and accordingly the balance sheet as of December 31, 2023 included herein has been derived from the audited financial statements at that date but does not include all of the information required by U.S. GAAP for complete financial statements. These unaudited interim condensed consolidated financial statements have been prepared on the same basis as the Company’s annual financial statements and, in the opinion of management, reflect all adjustments, consisting only of normal recurring adjustments which are necessary for a fair statement of the Company’s financial information. The interim results of operations for the three and six months ended June 30, 2024 are not necessarily indicative of the results to be expected for the year ending December 31, 2024 or for any other interim period or for any other future year. The unaudited condensed consolidated financial statements comprise the financial statements of the Company and its subsidiaries. Any reference in these notes to the applicable guidance is meant to refer to authoritative U.S. GAAP as found in the Accounting Standards Codification (“ASC”) and Accounting Standards Update (“ASU”) of the Financial Accounting Standards Board (“FASB”). The unaudited condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries, after elimination of intercompany accounts and transactions. Prior to 2023, the Company prepared its financial statements in accordance with the International Financial Reporting Standards as issued by the International Accounting Standard Board (“IFRS”) as permitted in the United States based on the Company’s qualification as a foreign private issuer under the rules and regulations of the SEC. In connection with the loss of the Company’s status as a foreign private issuer effective on January 1, 2024, the Company, as a domestic filer, prepared these financial statements in accordance with U.S. GAAP. The transition to U.S. GAAP was made retrospectively for all periods from the Company’s inception. Except for the policy described below, the accounting policies of the Company are consistent with those described in Note 2 of the consolidated financial statements included within the Annual Report.
Net Loss Per Share	Net Loss Per Share Basic net loss per share is calculated by dividing the net loss by the weighted-average number of Ordinary Shares outstanding during the period. For the purposes of calculating the weighted-average number of Ordinary Shares outstanding, the Ordinary Shares underlying the Pre-Funded Warrants issued in the Offering (as defined in Note 7 below) are included. Diluted net loss per share is the same as basic net loss per share, since the effects of potentially dilutive securities are antidilutive given the net loss for each period presented.

Commitments and Contingencies - Additional Information (Details) $ in Millions	6 Months Ended
	Jun. 30, 2024 USD ($)
Loss Contingencies [Line Items]
Estimated maximum cancellation fees	$ 18.1
Percentage of development costs incurred	50.00%

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ (39,007)	$ (38,291)	$ (132,774)	$ (80,309)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

Fair Value Measurements - Schedule of Estimated Fair Value of Derivative Earnout Liability (Details)	Jun. 30, 2024	Dec. 31, 2023
Share Value (USD)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative liability, measurement input	19.21	11.17
Probability of Milestone Completion
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative liability, measurement input	40	40
Dividend Yield
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative liability, measurement input	0	0
Strike Price (USD)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative liability, measurement input	0	0

Subsequent Events

6 Months Ended

Jun. 30, 2024

Subsequent Events [Abstract]

Subsequent Events

Note 12. Subsequent Events

On July 29, 2024 the Company announced positive topline results from its Phase 3 BROOKLYN clinical trial. Positive results from the BROOKLYN trial is a component of the milestone which is required in order for the Earnout Shares to be granted. The probability of achieving the milestone is a key input into the Level 3 fair value measurement of the derivative earnout liability as described in Note 4 - Fair Value Measurements. The Company has determined that the reporting of positive data from the BROOKLYN clinical trial increases the probability of achieving the milestone from 40%, as described in Note 4, to 65%. Based upon this updated probability of success and the closing price of the Ordinary Shares on July 29, 2024, the fair value of the earnout liability is equal to $19.5 million as of that date. This represents an increase in fair value of $6.2 million from the fair value of the liability as of June 30, 2024 which is recognized through earnings.

Share-Based Compensation - Summary of Stock Options Outstanding (Details) $ / shares in Units, $ in Thousands	6 Months Ended
	Jun. 30, 2024 USD ($) $ / shares shares
Share-Based Payment Arrangement [Abstract]
Number of options, beginning balance \| shares	15,783,509
Number of options, granted \| shares	4,541,148
Number of options, exercised \| shares	(546,403)
Number of options, ending balance \| shares	19,778,254
Number of options, exercisable \| shares	6,888,620
Weighted average exercise price, beginning balance \| $ / shares	$ 7.98
Weighted average exercise price, granted \| $ / shares	13.61
Weighted average exercise price, exercised \| $ / shares	1.27
Weighted average exercise price, ending balance \| $ / shares	9.45
Weighted average exercise price, exercisable \| $ / shares	$ 6.01
Weighted average remaining contractual term (in years)	8 years 6 months
Weighted average remaining contractual term (in years), exercisable	7 years 9 months 18 days
Aggregate intrinsic value \| $	$ 195,399
Aggregate intrinsic value, exercisable \| $	$ 90,930

Shareholders' Equity - Additional Information (Details) $ / shares in Units, $ in Millions	Feb. 16, 2024 USD ($) $ / shares shares	Jun. 30, 2024 € / shares shares	Dec. 31, 2023 € / shares shares
Class of Stock [Line Items]
Ordinary shares, authorized		400,000,000	400,000,000
Ordinary shares, par value \| € / shares		€ 0.12	€ 0.12
Shares outstanding		90,015,357	82,469,768
Pre-Funded Warrants
Class of Stock [Line Items]
Offering price \| $ / shares	$ 18.9999
Exercise price of pre-funded warrant \| $ / shares	$ 0.0001
Number of warrants to purchase of ordinary shares	4,736,841
Underwritten Public Offering
Class of Stock [Line Items]
Ordinary shares issued	5,871,909
Offering price \| $ / shares	$ 19
Shares issued	5,871,909
Ordinary shares issued and sold in offering	1,383,750
Net proceeds from offering \| $	$ 190.0

Prepayments and Other Receivables - Schedule of Prepayments and Other Receivables (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Prepaid Expense and Other Assets, Current [Abstract]
Prepaid research and development costs	$ 6,994	$ 2,337
Other prepaid expenses	2,244	2,123
Value added tax receivable	3,272	1,006
Other receivables	2,134	875
Total prepayments and other receivables	$ 14,644	$ 6,341

Subsequent Events - Additional Information (Details) $ in Millions	6 Months Ended
	Jun. 30, 2024 USD ($)	Jul. 29, 2024 USD ($)	Dec. 31, 2023
Subsequent Event [Line Items]
Change in fair value recognized through earnings	$ 6.2
Probability of Milestone Completion
Subsequent Event [Line Items]
Derivative liability, measurement input	40		40
Subsequent Event
Subsequent Event [Line Items]
Fair value of earnout liability		$ 19.5
Subsequent Event \| Probability of Milestone Completion
Subsequent Event [Line Items]
Derivative liability, measurement input		65