NewAmsterdam Pharma Company N.V. reported significant financial developments in its latest 10-Q filing for the quarter ending September 30, 2024. The company, focused on developing obicetrapib for metabolic diseases, experienced a substantial increase in revenue, with total revenue for the three months reaching $29.1 million, a remarkable 890% increase from $2.9 million in the same period of 2023. This surge was primarily attributed to a clinical success milestone payment of $27.3 million from its licensing agreement with Menarini, which had no comparable milestones in the prior year.
Despite the revenue growth, NewAmsterdam Pharma reported an operating loss of $25.0 million for the quarter, a significant improvement from the $49.6 million loss recorded in the same quarter of 2023. The loss before tax also decreased to $16.6 million from $47.1 million year-over-year. For the nine months ended September 30, 2024, the company reported a total revenue of $32.8 million, up 147% from $13.3 million in the same period of 2023, driven by the same licensing agreement.
Total operating expenses for the three months ended September 30, 2024, were $54.1 million, slightly higher than $52.5 million in the previous year. Research and development expenses decreased to $35.7 million from $43.4 million, reflecting a reduction in clinical expenses as some trials neared completion. Conversely, selling, general, and administrative expenses surged to $18.4 million, up 102% from $9.1 million, primarily due to increased personnel costs and marketing expenses related to the planned commercial launch of obicetrapib.
The company’s cash position improved significantly, with cash as of September 30, 2024, totaling $422.7 million, up from $340.5 million at the end of 2023. This increase was largely due to proceeds from a public offering completed in February 2024, which generated net proceeds of $190 million. The company also reported net cash used in operating activities of $121.1 million for the nine months, compared to $108.1 million in the same period of 2023.
NewAmsterdam Pharma's total shareholders' equity rose to $378.9 million as of September 30, 2024, compared to $288.4 million at the end of 2023. The company continues to focus on advancing obicetrapib through clinical trials, with ongoing Phase 3 trials expected to yield topline data in the fourth quarter of 2024. However, the company has not yet generated revenue from product sales and does not anticipate doing so in the near future, relying instead on milestone payments and licensing agreements for revenue generation.
About NewAmsterdam Pharma Co N.V.
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