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NewAmsterdam Pharma Co N.V. (NAMS)·Q3 2024 Earnings Summary

Executive Summary

  • Revenue surged to $29.111M in Q3 2024, up sharply from $2.941M in Q3 2023, driven primarily by a Menarini clinical milestone; net loss narrowed to $16.647M with diluted loss per share of $0.18 .
  • TANDEM topline timing was pulled forward to Q4 2024 due to faster-than-expected enrollment; BROADWAY topline remains on track for Q4 2024, reinforcing near-term catalysts .
  • Cash ended at $422.729M, supporting pivotal readouts and commercial readiness efforts; operating loss improved quarter-over-quarter as R&D expenses declined with trials completing/near completion .
  • Wall Street consensus (S&P Global) for Q3 2024 was unavailable at time of analysis; estimate comparison and beat/miss designation cannot be determined. Values retrieved from S&P Global*.

What Went Well and What Went Wrong

What Went Well

  • Revenue inflection via milestone: “We are pleased to report another strong quarter… due to faster than expected enrollment in our pivotal Phase 3 TANDEM trial… we now expect to release topline data in the fourth quarter of 2024” — CEO Michael Davidson, M.D. .
  • Clinical execution: BROADWAY topline on track by year end; PREVAIL CVOT enrollment completed (>9,500 patients), underpinning long-term value creation .
  • Balance sheet strength: Cash of $422.729M supports pivotal readouts and commercialization planning; R&D moderated to $35.702M as certain trials complete or near completion .

What Went Wrong

  • Expense growth in SG&A: SG&A rose to $18.412M (vs. $9.128M YoY) to build commercial capabilities, pressuring near-term operating loss despite revenue spike .
  • Ongoing losses: Net loss remains negative at $16.647M, reflecting pipeline-stage profile and investment cycle, though improved YoY and QoQ .
  • Estimate context gap: S&P Global consensus was unavailable; inability to benchmark the milestone-driven revenue vs. sell-side expectations leaves near-term beat/miss opacity. Values retrieved from S&P Global*.

Financial Results

Quarterly Progression (Q1 → Q3 2024)

MetricQ1 2024Q2 2024Q3 2024
Revenue ($USD Millions)$1.401 $2.279 $29.111
Operating Loss ($USD Millions)$(55.482) $(52.575) $(25.003)
Net Loss ($USD Millions)$(93.767) $(39.007) $(16.647)
Diluted EPS ($USD)$(1.06) $(0.41) $(0.18)
R&D Expense ($USD Millions)$42.430 $38.379 $35.702
SG&A Expense ($USD Millions)$14.453 $16.475 $18.412
Cash ($USD Millions)$481.147 $430.708 $422.729

Q3 2024 vs Prior Year (Q3 2023)

MetricQ3 2023Q3 2024
Revenue ($USD Millions)$2.941 $29.111
Operating Loss ($USD Millions)$(49.558) $(25.003)
Net Loss ($USD Millions)$(47.133) $(16.647)
Diluted EPS ($USD)$(0.57) $(0.18)
R&D Expense ($USD Millions)$43.371 $35.702
SG&A Expense ($USD Millions)$9.128 $18.412

Q3 2024 vs Prior Quarter (Q2 2024)

MetricQ2 2024Q3 2024
Revenue ($USD Millions)$2.279 $29.111
Operating Loss ($USD Millions)$(52.575) $(25.003)
Net Loss ($USD Millions)$(39.007) $(16.647)
Diluted EPS ($USD)$(0.41) $(0.18)
R&D Expense ($USD Millions)$38.379 $35.702
SG&A Expense ($USD Millions)$16.475 $18.412

Segments

SegmentQ3 2024 Detail
Not applicableCompany is late-stage clinical; revenue primarily milestones/license; no segment reporting disclosed .

KPIs and Balance Sheet Highlights

KPIQ2 2024Q3 2024
Deferred Revenue (Current, $USD Millions)$6.059 $4.495
Derivative Warrant Liabilities ($USD Millions)$23.545 $18.901
Derivative Earnout Liability ($USD Millions)$13.394 $18.808
Weighted Avg Ordinary Shares (Basic & Diluted)82,466,584 94,754,140

Guidance Changes

MetricPeriodPrevious GuidanceCurrent GuidanceChange
TANDEM topline (FDC obicetrapib+ezetimibe)2H 2024/1H 20251Q 2025 4Q 2024 Raised/Pulled forward
BROADWAY topline (monotherapy)4Q 20244Q 2024 (on track) 4Q 2024 (on track) Maintained
BROOKLYN topline (monotherapy)3Q 20243Q 2024 (expected) Reported July 29, 2024 Achieved
PREVAIL CVOT enrollment1H 2024Enrollment target met Apr 2024 (>9,500) Enrollment complete (>9,500) Maintained/completed

Earnings Call Themes & Trends

TopicPrevious Mentions (Q1 2024, Q2 2024)Current Period (Q3 2024)Trend
Clinical execution & timelinesQ1: PREVAIL enrollment completed; BROOKLYN Q3 and BROADWAY Q4 guidance . Q2: Positive BROOKLYN topline; BROADWAY Q4; TANDEM enrollment complete .TANDEM topline pulled forward to Q4 2024; BROADWAY Q4 on track .Strengthening (accelerated milestone timing).
Commercial readinessQ1: Building capabilities; R&D Day announced . Q2: Continued investment in SG&A for launch planning .SG&A up YoY as launch planning continues .Building (higher SG&A investment).
IP protectionQ2: US composition of matter patent extends to 2043 .Patent exclusivity referenced as strategic asset .Maintained (supports moat).
Financial runwayQ1: Cash $481.147M . Q2: Cash $430.708M .Cash $422.729M .Adequate (declining with investment).
Regulatory/OutcomesQ1/Q2: PREVAIL enrollment complete (>9,500) .PREVAIL advancing; CVOT foundational to LT value .Steady progression.

Management Commentary

  • “We are pleased to report another strong quarter… due to faster than expected enrollment in our pivotal Phase 3 TANDEM trial… we now expect to release topline data in the fourth quarter of 2024.” — Michael Davidson, M.D., CEO .
  • “Additionally, we remain on track to announce topline data from our Phase 3 BROADWAY study by year end and continue to advance our 9,500-patient PREVAIL cardiovascular outcomes trial.” — Michael Davidson, M.D. .
  • “Supported by our recently issued composition of matter patent… and $430.7 million of cash, we are advancing our mission from a position of strength.” — Michael Davidson, M.D., Q2 release .

Q&A Highlights

  • No Q3 2024 earnings call transcript was available in the document corpus; therefore, specific Q&A themes and clarifications could not be assessed. We searched for an earnings call transcript and found none in our document catalog [List: 0 results].

Estimates Context

  • S&P Global Wall Street consensus for Q3 2024 EPS and Revenue was unavailable at time of retrieval due to data limits; as a result, beat/miss vs. consensus cannot be determined. Values retrieved from S&P Global*.
  • Given milestone-driven revenue recognition (Menarini clinical milestone), sell-side models typically adjust for license/milestone timing rather than recurring product revenue; expect analysts to focus on durability of milestone cadence, expense trajectory (SG&A build), and near-term catalysts (BROADWAY, TANDEM) .

Key Takeaways for Investors

  • Near-term catalysts are stacked: BROADWAY and TANDEM toplines in Q4 2024 drive event-path stock risk/reward; any strong efficacy/safety readouts can be material re-rating triggers .
  • Revenue inflection in Q3 was milestone-driven; investors should not annualize this run-rate. Focus on clinical timelines and eventual commercialization rather than quarterly revenue volatility .
  • Operating loss narrowed QoQ with R&D declining as trials completed or neared completion; SG&A ramp reflects commercial readiness and will be scrutinized for productivity and pacing .
  • Balance sheet supports execution into pivotal readouts; cash of $422.729M provides flexibility to advance prelaunch strategy and outcomes trial progression .
  • IP moat strengthened with composition of matter patent through 2043, supporting longer-duration value capture if approvals are secured .
  • Without S&P Global consensus, trading implications hinge on clinical event outcomes rather than “beat/miss” on the quarter; positioning into BROADWAY/TANDEM may be the dominant driver. Values retrieved from S&P Global*.
  • Medium-term thesis: If monotherapy and FDC profiles are compelling (LDL-C reductions, tolerability) and PREVAIL later confirms CV benefit, obicetrapib could become a preferred oral adjunct, supporting a multi-year adoption curve .

External press release references supporting clinical context (BROOKLYN topline) and Q3 release replication:

  • NewAmsterdam Q3 2024 press release (IR site/GlobeNewswire):
  • BROOKLYN topline (July 29, 2024):

S&P Global disclaimer: Values retrieved from S&P Global*.