NewAmsterdam Pharma Company N.V. reported full‑year 2025 revenue of $22.5 million, a 50 percent decline from $45.6 million in 2024. The drop is largely attributable to a reduction in clinical development milestones under its partnership with Menarini, which lowered the company’s milestone payments and related revenue streams. Net loss for the year was $203.8 million, an improvement of $37.8 million compared with the $241.6 million loss reported in 2024, reflecting tighter cost control and a modest reduction in research and development spending.
Cash, cash equivalents, and marketable securities stood at $728.9 million as of December 31, 2025, down from $834.2 million at the end of 2024. The remaining cash balance provides a comfortable runway to fund ongoing Phase 3 trials and potential commercialization activities, even as the company continues to invest heavily in its pipeline.
Research and development expenses fell to $141.8 million, a 7 percent decrease from $151.4 million in 2024, driven by the lower milestone payments and a shift in the mix of development activities. Selling, general and administrative expenses rose to $106.4 million, up 51 percent from $70.4 million in 2024, largely due to increased personnel costs, marketing and communication spend, and intellectual‑property‑related expenses associated with the company’s partnership with Menarini.
CEO Michael Davidson highlighted progress in regulatory submissions, noting that marketing‑authorization applications for obicetrapib and a fixed‑dose combination have been accepted for review by the European Medicines Agency, the United Kingdom, and Switzerland. He also emphasized the company’s ongoing Phase 3 trials—PREVAIL, REMBRANDT, and RUBENS—and the initiation of a new Alzheimer’s trial in 2026, underscoring the breadth of the company’s clinical pipeline.
The company did not provide new forward guidance for 2026 or beyond, and no changes were made to previously issued guidance. Investors will therefore need to monitor upcoming regulatory decisions and trial readouts for further insight into the company’s future prospects.
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