NewAmsterdam Pharma Company N.V., a late-stage biopharmaceutical firm, reported a net loss of $203.8 million for the year ended December 31, 2025, compared to a net loss of $241.6 million in 2024. The company's revenue decreased by 50.6% to $22.5 million, primarily due to the recognition of a $27.3 million clinical development milestone in 2024 that did not recur in 2025, partially offset by increased revenue from development cost contributions under the Menarini License. Research and development expenses decreased by 6.3% to $141.8 million, driven by the completion of several Phase 3 clinical trials in the second half of 2024, offset by increases in non-clinical, manufacturing, personnel, and regulatory expenses.
Selling, general, and administrative expenses increased by 51.0% to $106.4 million, mainly due to higher personnel costs, marketing and communication expenses, and intellectual property costs. Interest income increased to $27.6 million, reflecting greater cash balances and investments in marketable securities. The company reported a gain of $4.0 million from the fair value change of the earnout liability, compared to a loss of $37.0 million in the previous year, as the earnout liability was settled in March 2025. The fair value change of warrant liabilities resulted in a loss of $22.8 million, and foreign exchange gains were $13.1 million.
Key operational developments included the EMA's acceptance for review of Marketing Authorization Applications for obicetrapib monotherapy and a fixed-dose combination with ezetimibe. The company also announced positive data from a prespecified Alzheimer's disease biomarker analysis in the BROADWAY clinical trial, with plans to initiate a new clinical trial evaluating obicetrapib in patients with early Alzheimer’s disease in 2026. As of December 31, 2025, NewAmsterdam Pharma had 100 employees and 12 independent contractors.
Looking ahead, NewAmsterdam Pharma anticipates significant research and development expenses as it progresses obicetrapib through clinical trials and seeks regulatory approval. The company's future success depends on the successful clinical development, regulatory approval, and commercialization of obicetrapib. The company expects to continue to incur significant operating losses for the foreseeable future. As of December 31, 2025, NewAmsterdam Pharma had cash, cash equivalents, and marketable securities totaling $728.9 million.
About NewAmsterdam Pharma Co N.V.
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