Estados financieros detallados de NewAmsterdam Pharma Company N.V. (NAMS): cuenta de resultados, balance general y flujo de caja. Sigue la evolución de márgenes, deuda, liquidez y rentabilidad año a año con hasta 20 años de histórico.
Resumen del Análisis
Márgenes de los últimos 12 meses: margen bruto 99.7%, margen operativo -10.0%, margen neto -9.1%.
Al precio actual de $21.18, NAMS presenta beneficios negativos (P/E no significativo) y un ROE del -29.82%. La capitalización bursátil es de $2.5B.
Cuenta de Resultados (10 años)
| Año | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Ingresos | 0 | 0 | $102.7M | $14.1M | $45.6M | $22.5M |
| Coste de Ventas | 0 | 0 | 0 | 0 | 0 | $59000 |
| Beneficio Bruto | 0 | 0 | $102.7M | $14.1M | $45.6M | $22.4M |
| I+D | $4.9M | $29.0M | $86.7M | $159.4M | $151.4M | $141.8M |
| Generales y Administrativos | $1.7M | $5.7M | $19.5M | $37.6M | $70.4M | $106.3M |
| Gastos Operativos | $6.6M | $35.0M | $106.3M | $197.1M | $221.9M | $248.1M |
| Beneficio Operativo | -$6.6M | -$35.0M | -$3.6M | -$183.0M | -$176.3M | -$225.7M |
| EBITDA | -$6.6M | -$41.4M | -$22.3M | -$176.9M | -$241.5M | -$242.3M |
| Gastos por Intereses | 0 | $411000 | $287000 | $6.8M | 0 | 0 |
| Beneficio Antes de Impuestos | -$7.0M | -$41.8M | -$22.6M | -$176.9M | -$241.6M | -$203.8M |
| Impuestos | 0 | 0 | 0 | $27000 | -$1000 | 0 |
| Beneficio Neto | -$7.0M | -$41.8M | -$22.6M | -$176.9M | -$241.6M | -$203.8M |
| BPA | $0.00 | $-3.34 | $-1.19 | $-2.15 | $-2.56 | $-1.75 |
| BPA Diluido | $0.00 | $-3.34 | $-1.19 | $-2.15 | $-2.56 | $-1.75 |
| Acciones en Circulación (Diluidas) | $17.8M | $17.8M | $19.0M | $82.2M | $94.4M | $114.4M |
Cuenta de Resultados (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Ingresos | $348000 | $32000 | $3.0M | $3.7M |
| Beneficio Bruto | $348000 | -$27000 | $2.5M | $3.7M |
| Beneficio Operativo | -$55.1M | -$66.0M | -$58.4M | -$64.9M |
| EBITDA | -$71.9M | -$74.9M | -$48.4M | -$59.7M |
| Beneficio Neto | -$72.0M | -$74.9M | -$48.4M | -$64.1M |
| BPA | $-0.61 | $-0.65 | $-0.40 | $-0.52 |
| BPA Diluido | $-0.61 | $-0.65 | $-0.40 | $-0.52 |
Balance (10 años)
| Año | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Caja y Equivalentes | $1.4M | $60.4M | $467.7M | $340.4M | $771.7M | $490.0M |
| Inversiones a Corto | 0 | 0 | 0 | 0 | $62.4M | $146.2M |
| Cuentas por Cobrar | 0 | $5.5M | 0 | $1.9M | $21.3M | $23.2M |
| Inventario | 0 | 0 | 0 | 0 | 0 | 0 |
| Activos Corrientes | $1.9M | $67.0M | $478.0M | $346.8M | $863.4M | $675.7M |
| Inmovilizado Material | 0 | $216081 | $154000 | $101000 | $673000 | $568000 |
| Fondo de Comercio | 0 | 0 | 0 | 0 | 0 | 0 |
| Activos Intangibles | 0 | 0 | $208000 | $170000 | $534000 | $407000 |
| Activos Totales | $139.9M | $68.0M | $478.5M | $347.1M | $864.6M | $769.3M |
| Cuentas por Pagar | $162478 | $7.1M | $11.9M | $16.9M | $4.7M | $9.0M |
| Deuda a Corto | 0 | 0 | 0 | 0 | 0 | $136000 |
| Pasivos Corrientes | $236521 | $11.2M | $36.1M | $49.9M | $106.9M | $85.8M |
| Deuda a Largo | 0 | 0 | 0 | 0 | 0 | $66000 |
| Pasivos Totales | $12.4M | $11.4M | $48.4M | $58.7M | $107.1M | $85.9M |
| Reservas | $41453 | -$39.4M | -$140.0M | -$317.0M | -$558.6M | -$762.4M |
| Patrimonio Neto | $127.5M | $56.6M | $430.1M | $288.4M | $757.5M | $683.4M |
| Deuda Total | 0 | $186511 | $126000 | $60000 | $448000 | $202000 |
| Deuda Neta | -$1.4M | -$60.2M | -$467.6M | -$340.4M | -$833.7M | -$636.0M |
| Capital Circulante | $1.6M | $55.7M | $441.9M | $296.9M | $756.5M | $589.9M |
Balance (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Caja y Equivalentes | $538.4M | $490.0M | $457.6M | $424.2M |
| Activos Totales | $786.4M | $769.3M | $732.6M | $704.5M |
| Pasivos Totales | $58.4M | $85.9M | $67.4M | $73.0M |
| Patrimonio Neto | $728.1M | $683.4M | $665.2M | $631.4M |
| Deuda Total | $266000 | $202000 | $23000 | $82000 |
Flujo de Caja (10 años)
| Año | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Beneficio Neto | -$7.1M | -$41.8M | -$22.6M | -$176.9M | -$241.6M | -$203.8M |
| Amortizaciones | $1229 | $5000 | $9000 | $49000 | $113000 | $220000 |
| Compensación en Acciones | 0 | $1.2M | $4.1M | $24.6M | $33.6M | $59.4M |
| Cambio en Capital Circulante | -$649414 | $4.5M | $10.4M | $5.9M | -$32.7M | -$7.9M |
| Flujo de Caja Operativo | -$7.3M | -$29.5M | $10.7M | -$141.2M | -$158.6M | -$147.8M |
| Inversiones (CapEx) | -$15989 | -$24000 | -$221000 | -$24000 | -$672000 | -$246000 |
| Adquisiciones | 0 | 0 | 0 | 0 | 0 | 0 |
| Recompra de Acciones | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividendos Pagados | 0 | 0 | 0 | 0 | 0 | 0 |
| Flujo de Caja Libre | -$7.4M | -$29.5M | $10.4M | -$141.2M | -$159.2M | -$148.0M |
Flujo de Caja (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Flujo de Caja Operativo | -$32.8M | -$40.9M | -$30.6M | -$39.2M |
| Inversiones (CapEx) | -$42000 | -$100000 | -$38000 | -$80000 |
| Flujo de Caja Libre | -$32.8M | -$41.0M | -$30.6M | -$39.3M |
| Dividendos Pagados | 0 | 0 | 0 | 0 |
| Compensación en Acciones | $15.0M | 0 | 0 | $18.4M |
Crecimiento y Márgenes (10 años)
| Año | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Crecimiento Ingresos (anual) | | | | -86.3% | +223.4% | -50.6% |
| Crecimiento Beneficio Neto (anual) | | -495.0% | +45.8% | -681.7% | -36.5% | +15.6% |
| Crecimiento BPA (anual) | | -145317.4% | +64.4% | -80.7% | -19.1% | +31.6% |
| Cambio en Acciones (anual) | | +0.0% | +6.8% | +333.2% | +14.8% | +21.2% |
| Crecimiento FCF (anual) | | -301.4% | +135.4% | -1452.4% | -12.7% | +7.0% |
| Margen Bruto | | | 100.0% | 100.0% | 100.0% | 99.7% |
| Margen Operativo | | | -3.5% | -1298.6% | -386.9% | -1002.9% |
| Margen EBITDA | | | -21.8% | -1255.2% | -530.0% | -1076.9% |
| Margen Neto | | | -22.0% | -1255.8% | -530.3% | -905.7% |
| Margen FCF | | | 10.2% | -1002.4% | -349.5% | -657.8% |
| Tasa Impositiva Efectiva | -0.0% | -0.0% | -0.0% | -0.0% | 0.0% | -0.0% |
Datos por Acción (10 años)
| Año | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF por Acción | $-0.41 | $-1.66 | $0.55 | $-1.72 | $-1.69 | $-1.29 |
| Dividendo por Acción | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Acciones en Circulación (Básicas) | $17.8M | $17.8M | $19.0M | $82.2M | $94.4M | $114.4M |
Qué mirar en Biotech
La mayoría de biotechs pequeñas pierden dinero. Analizarlas con P/E no tiene sentido — mira caja y pipeline.
- Cash Runway — Meses de caja al ritmo de gasto actual. <18 meses = riesgo de dilución urgente
- Cash burn anual — Ritmo al que queman caja operativa. Comparar con posición de caja para proyectar runway
- Total Debt — Biotech sin ingresos + deuda = receta para bancarrota
- I+D / Capitalización — Cuánto invierten en pipeline vs lo que vale la empresa — indicador de intensidad investigadora
- Market cap / Cash — Si cotiza cerca de su caja, el mercado le da ~0 valor al pipeline — puede ser oportunidad o trampa
Rentabilidad
| Rentabilidad sobre capital | -29.82% |
| Rentabilidad sobre capital invertido | -33.01% |
| Rentabilidad sobre activos | -26.49% |
| Margen bruto | 99.74% |
| Margen operativo | -1002.90% |
| Margen neto | -905.74% |
Salud financiera
| Deuda / Patrimonio | 0.00 |
| Ratio corriente | 7.88 |
Ratios Clave (10 años)
| Año | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | 4613.91 | -2.92 | -9.16 | -5.20 | -10.04 | -20.05 |
| P/VC | 1.48 | 3.06 | 0.48 | 3.18 | 3.20 | 5.87 |
| P/V | 0.00 | 0.00 | 2.01 | 65.13 | 53.22 | 178.34 |
| Margen Bruto | 0.0% | 0.0% | 100.0% | 100.0% | 100.0% | 99.7% |
| Margen Operativo | 0.0% | 0.0% | -3.5% | -1298.6% | -386.9% | -1002.9% |
| Margen Neto | 0.0% | 0.0% | -22.0% | -1255.8% | -530.3% | -905.7% |