Detailed financial statements for NewAmsterdam Pharma Company N.V. (NAMS): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year with up to 20 years of history.
NewAmsterdam Pharma Company N.V., a late-stage biopharmaceutical company, develops therapies to enhance patient care in populations with cardiometabolic disease. It is developing Obicetrapib, an oral low-dose cholesteryl ester transfer protein (CETP) inhibitor, that is in various clinical trials as a monotherapy and a combination therapy with ezetimibe for lowering LDL-C for cardiovascular diseases.
Analysis Summary
Trailing-twelve-month margins: gross margin 99.7%, operating margin -10.0%, net margin -9.1%.
At the current price of $21.18, NAMS has negative trailing earnings (P/E not meaningful) and an ROE of -29.82%. Market capitalisation stands at $2.5B.
Balance sheet quality for NAMS: current ratio of 7.9, net cash position of $636.0M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Income Statement (10y)
| Year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Revenue | 0 | 0 | $102.7M | $14.1M | $45.6M | $22.5M |
| Cost of Revenue | 0 | 0 | 0 | 0 | 0 | $59000 |
| Gross Profit | 0 | 0 | $102.7M | $14.1M | $45.6M | $22.4M |
| Research & Development | $4.9M | $29.0M | $86.7M | $159.4M | $151.4M | $141.8M |
| Selling, General & Admin | $1.7M | $5.7M | $19.5M | $37.6M | $70.4M | $106.3M |
| Operating Expenses | $6.6M | $35.0M | $106.3M | $197.1M | $221.9M | $248.1M |
| Operating Income | -$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 |
| Interest Expense | 0 | $411000 | $287000 | $6.8M | 0 | 0 |
| Pre-tax Income | -$7.0M | -$41.8M | -$22.6M | -$176.9M | -$241.6M | -$203.8M |
| Income Tax | 0 | 0 | 0 | $27000 | -$1000 | 0 |
| Net Income | -$7.0M | -$41.8M | -$22.6M | -$176.9M | -$241.6M | -$203.8M |
| EPS | $0.00 | $-3.34 | $-1.19 | $-2.15 | $-2.56 | $-1.75 |
| EPS (Diluted) | $0.00 | $-3.34 | $-1.19 | $-2.15 | $-2.56 | $-1.75 |
| Shares Outstanding (Diluted) | $17.8M | $17.8M | $19.0M | $82.2M | $94.4M | $114.4M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Revenue | $348000 | $32000 | $3.0M | $3.7M |
| Gross Profit | $348000 | -$27000 | $2.5M | $3.7M |
| Operating Income | -$55.1M | -$66.0M | -$58.4M | -$64.9M |
| EBITDA | -$71.9M | -$74.9M | -$48.4M | -$59.7M |
| Net Income | -$72.0M | -$74.9M | -$48.4M | -$64.1M |
| EPS | $-0.61 | $-0.65 | $-0.40 | $-0.52 |
| EPS (Diluted) | $-0.61 | $-0.65 | $-0.40 | $-0.52 |
Balance Sheet (10y)
| Year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Cash & Equivalents | $1.4M | $60.4M | $467.7M | $340.4M | $771.7M | $490.0M |
| Short-term Investments | 0 | 0 | 0 | 0 | $62.4M | $146.2M |
| Receivables | 0 | $5.5M | 0 | $1.9M | $21.3M | $23.2M |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | $1.9M | $67.0M | $478.0M | $346.8M | $863.4M | $675.7M |
| Property, Plant & Equipment | 0 | $216081 | $154000 | $101000 | $673000 | $568000 |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | $208000 | $170000 | $534000 | $407000 |
| Total Assets | $139.9M | $68.0M | $478.5M | $347.1M | $864.6M | $769.3M |
| Accounts Payable | $162478 | $7.1M | $11.9M | $16.9M | $4.7M | $9.0M |
| Short-term Debt | 0 | 0 | 0 | 0 | 0 | $136000 |
| Total Current Liabilities | $236521 | $11.2M | $36.1M | $49.9M | $106.9M | $85.8M |
| Long-term Debt | 0 | 0 | 0 | 0 | 0 | $66000 |
| Total Liabilities | $12.4M | $11.4M | $48.4M | $58.7M | $107.1M | $85.9M |
| Retained Earnings | $41453 | -$39.4M | -$140.0M | -$317.0M | -$558.6M | -$762.4M |
| Total Equity | $127.5M | $56.6M | $430.1M | $288.4M | $757.5M | $683.4M |
| Total Debt | 0 | $186511 | $126000 | $60000 | $448000 | $202000 |
| Net Debt | -$1.4M | -$60.2M | -$467.6M | -$340.4M | -$833.7M | -$636.0M |
| Working Capital | $1.6M | $55.7M | $441.9M | $296.9M | $756.5M | $589.9M |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Cash & Equivalents | $538.4M | $490.0M | $457.6M | $424.2M |
| Total Assets | $786.4M | $769.3M | $732.6M | $704.5M |
| Total Liabilities | $58.4M | $85.9M | $67.4M | $73.0M |
| Total Equity | $728.1M | $683.4M | $665.2M | $631.4M |
| Total Debt | $266000 | $202000 | $23000 | $82000 |
Cash Flow (10y)
| Year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Net Income | -$7.1M | -$41.8M | -$22.6M | -$176.9M | -$241.6M | -$203.8M |
| Depreciation & Amortization | $1229 | $5000 | $9000 | $49000 | $113000 | $220000 |
| Stock-based Compensation | 0 | $1.2M | $4.1M | $24.6M | $33.6M | $59.4M |
| Change in Working Capital | -$649414 | $4.5M | $10.4M | $5.9M | -$32.7M | -$7.9M |
| Operating Cash Flow | -$7.3M | -$29.5M | $10.7M | -$141.2M | -$158.6M | -$147.8M |
| Capital Expenditure | -$15989 | -$24000 | -$221000 | -$24000 | -$672000 | -$246000 |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 |
| Stock Repurchased | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | -$7.4M | -$29.5M | $10.4M | -$141.2M | -$159.2M | -$148.0M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Operating Cash Flow | -$32.8M | -$40.9M | -$30.6M | -$39.2M |
| Capital Expenditure | -$42000 | -$100000 | -$38000 | -$80000 |
| Free Cash Flow | -$32.8M | -$41.0M | -$30.6M | -$39.3M |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | $15.0M | 0 | 0 | $18.4M |
Growth & Margins (10y)
| Year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Revenue Growth (YoY) | | | | -86.3% | +223.4% | -50.6% |
| Net Income Growth (YoY) | | -495.0% | +45.8% | -681.7% | -36.5% | +15.6% |
| EPS Growth (YoY) | | -145317.4% | +64.4% | -80.7% | -19.1% | +31.6% |
| Shares Change (YoY) | | +0.0% | +6.8% | +333.2% | +14.8% | +21.2% |
| FCF Growth (YoY) | | -301.4% | +135.4% | -1452.4% | -12.7% | +7.0% |
| Gross Margin | | | 100.0% | 100.0% | 100.0% | 99.7% |
| Operating Margin | | | -3.5% | -1298.6% | -386.9% | -1002.9% |
| EBITDA Margin | | | -21.8% | -1255.2% | -530.0% | -1076.9% |
| Net Margin | | | -22.0% | -1255.8% | -530.3% | -905.7% |
| FCF Margin | | | 10.2% | -1002.4% | -349.5% | -657.8% |
| Effective Tax Rate | -0.0% | -0.0% | -0.0% | -0.0% | 0.0% | -0.0% |
Per-Share Data (10y)
| Year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF Per Share | $-0.41 | $-1.66 | $0.55 | $-1.72 | $-1.69 | $-1.29 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | $17.8M | $17.8M | $19.0M | $82.2M | $94.4M | $114.4M |
What to look at in Biotech
Most small biotechs lose money. Analysing them with P/E makes no sense — look at cash and pipeline.
- Cash Runway — Months of cash at current burn rate. <18 months = urgent dilution risk
- Annual cash burn — Rate at which they burn operating cash. Compare with cash position to project runway
- Total Debt — Biotech with no revenue + debt = recipe for bankruptcy
- R&D / Market cap — How much they invest in pipeline vs the company value — research-intensity indicator
- Market cap / Cash — If it trades near its cash, the market assigns ~0 value to the pipeline — opportunity or trap
Profitability
| Return on Equity | -29.82% |
| Return on Invested Capital | -33.01% |
| Return on Assets | -26.49% |
| Gross Margin | 99.74% |
| Operating Margin | -1002.90% |
| Net Margin | -905.74% |
Financial Health
| Debt / Equity | 0.00 |
| Current Ratio | 7.88 |
Key Ratios (10y)
| Year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | 4613.91 | -2.92 | -9.16 | -5.20 | -10.04 | -20.05 |
| P/B | 1.48 | 3.06 | 0.48 | 3.18 | 3.20 | 5.87 |
| P/S | 0.00 | 0.00 | 2.01 | 65.13 | 53.22 | 178.34 |
| Gross Margin | 0.0% | 0.0% | 100.0% | 100.0% | 100.0% | 99.7% |
| Operating Margin | 0.0% | 0.0% | -3.5% | -1298.6% | -386.9% | -1002.9% |
| Net Margin | 0.0% | 0.0% | -22.0% | -1255.8% | -530.3% | -905.7% |