0001193125-26-210272 | 10-Q | XBRL Viewer | Newamsterdam Pharma Co NV

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Income Taxes - Schedule of Income Before Provision for Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Income Tax Disclosure [Abstract]
Loss before tax	$ (48,441)	$ (39,527)

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

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+ Details

The Company	3 Months Ended
Mar. 31, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]
The Company	Note 1. The Company NewAmsterdam Pharma Company N.V. (“NewAmsterdam Pharma” or the “Company”) is a late-stage biopharmaceutical company whose mission is to improve patient care in populations with metabolic diseases where currently approved therapies have not been adequate or well-tolerated. The Company was incorporated in the Netherlands as a Dutch private company with limited liability (besloten vennootschap met beperkte aansprakelijkheid) under the name NewAmsterdam Pharma Company B.V. on June 10, 2022. On November 21, 2022, the Company’s corporate form was converted to a Dutch public limited liability company (naamloze vennootschap), and its name was changed to NewAmsterdam Pharma Company N.V. The Company’s ordinary shares, nominal value €0.12 per share (the “Ordinary Shares”) are listed on the Nasdaq Global Market (“Nasdaq”) and trade under the symbol “NAMS.” On September 24, 2025, NewAmsterdam Pharma Holding B.V., a non-operating, wholly-owned subsidiary of the Company, merged with and into NewAmsterdam Pharma Company N.V. On the same date, Frazier Life Sciences Acquisition Corporation, a non-operating, wholly-owned subsidiary of the Company, merged with and into NewAmsterdam Pharma Corporation, a wholly-owned subsidiary of the Company. The transactions represent combinations between entities under common control. NewAmsterdam Pharma Holding B.V. and Frazier Life Sciences Acquisition Corporation had no material operations, and the mergers had no impact on the consolidated financial statements of the Company. As such, no separate pre-combination results are presented. The Company is subject to risks and uncertainties common to early-stage companies in the biopharmaceutical industry, including, but not limited to, development by competitors of more advanced or effective therapies, dependence on key executives, protection of and dependence on intellectual property, compliance with government regulations and ability to secure additional capital to fund operations. Significant additional research and development efforts and regulatory approval will be required prior to commercialization. These efforts require significant amounts of additional capital, adequate personnel and infrastructure and extensive compliance-reporting capabilities. Even if the Company’s product development efforts are successful, it is uncertain when, if ever, the Company will realize significant revenue from product sales.

The Company

3 Months Ended

Mar. 31, 2026

Organization, Consolidation and Presentation of Financial Statements [Abstract]

The Company

Note 1. The Company

NewAmsterdam Pharma Company N.V. (“NewAmsterdam Pharma” or the “Company”) is a late-stage biopharmaceutical company whose mission is to improve patient care in populations with metabolic diseases where currently approved therapies have not been adequate or well-tolerated. The Company was incorporated in the Netherlands as a Dutch private company with limited liability (besloten vennootschap met beperkte aansprakelijkheid) under the name NewAmsterdam Pharma Company B.V. on June 10, 2022. On November 21, 2022, the Company’s corporate form was converted to a Dutch public limited liability company (naamloze vennootschap), and its name was changed to NewAmsterdam Pharma Company N.V. The Company’s ordinary shares, nominal value €0.12 per share (the “Ordinary Shares”) are listed on the Nasdaq Global Market (“Nasdaq”) and trade under the symbol “NAMS.”

On September 24, 2025, NewAmsterdam Pharma Holding B.V., a non-operating, wholly-owned subsidiary of the Company, merged with and into NewAmsterdam Pharma Company N.V. On the same date, Frazier Life Sciences Acquisition Corporation, a non-operating, wholly-owned subsidiary of the Company, merged with and into NewAmsterdam Pharma Corporation, a wholly-owned subsidiary of the Company. The transactions represent combinations between entities under common control. NewAmsterdam Pharma Holding B.V. and Frazier Life Sciences Acquisition Corporation had no material operations, and the mergers had no impact on the consolidated financial statements of the Company. As such, no separate pre-combination results are presented.

The Company is subject to risks and uncertainties common to early-stage companies in the biopharmaceutical industry, including, but not limited to, development by competitors of more advanced or effective therapies, dependence on key executives, protection of and dependence on intellectual property, compliance with government regulations and ability to secure additional capital to fund operations. Significant additional research and development efforts and regulatory approval will be required prior to commercialization. These efforts require significant amounts of additional capital, adequate personnel and infrastructure and extensive compliance-reporting capabilities. Even if the Company’s product development efforts are successful, it is uncertain when, if ever, the Company will realize significant revenue from product sales.

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2026 shares
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	Rule 10b5-1 Trading Arrangements On February 6, 2026, Ian Somaiya, our Chief Financial Officer terminated a Rule 10b5-1 trading arrangement intended to satisfy the affirmative defense of Rule 10b5-1(c) that he initially adopted on September 30, 2025 and that provided for the potential sale of up to 200,000 Ordinary Shares, subject to certain price thresholds and other conditions. 100,000 Ordinary Shares were sold under this arrangement prior to its termination. On March 27, 2026, Mr. Somaiya adopted a Rule 10b5-1 trading arrangement intended to satisfy the affirmative defense of Rule 10b5-1(c) providing for the potential sale of up to 200,000 Ordinary Shares, subject to certain price thresholds and other conditions. The arrangement's expiration date is June 30, 2027. On February 23, 2026, Louise Kooij, our Chief Accounting Officer, adopted a Rule 10b5-1 trading arrangement intended to satisfy the affirmative defense of Rule 10b5-1(c) providing for the potential sale of up to 210,000 Ordinary Shares, subject to certain price thresholds and other conditions. The arrangement's expiration date is December 30, 2026. On February 27, 2026, Michael Davidson, our Chief Executive Officer, terminated a Rule 10b5-1 trading arrangement intended to satisfy the affirmative defense of Rule 10b5-1(c) that he initially adopted on September 29, 2025 and that provided for the potential sale of up to 750,000 Ordinary Shares, subject to certain price thresholds and other conditions. 306,293 Ordinary Shares were sold under this arrangement prior to its termination. On March 31, 2026, Futurum B.V., an entity affiliated with John Kastelein, our Chief Scientific Officer, adopted a Rule 10b5-1 trading arrangement intended to satisfy the affirmative defense of Rule 10b5-1(c) providing for the potential sale of up to 250,000 Ordinary Shares, subject to certain price thresholds and other conditions. The arrangement's expiration date is June 30, 2027. Other than as discussed above, during the three months ended March 31, 2026, none of our directors or officers (as defined in Rule 16a-1(f) promulgated under the Exchange Act) adopted or terminated a Rule 10b5-1 trading arrangement (as defined in Item 408(a)(1)(i) of Regulation S-K) or a non-10b5-1 trading arrangement (as defined in Item 408(c) of Regulation S-K).
Ian Somaiya
Trading Arrangements, by Individual
Name	Ian Somaiya
Title	Chief Financial Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	September 30, 2025
Rule 10b5-1 Arrangement Terminated	true
Termination Date	February 6, 2026
Arrangement Duration	130 days
Aggregate Available	200,000
Mr. Somaiya
Trading Arrangements, by Individual
Name	Mr. Somaiya
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	March 27, 2026
Rule 10b5-1 Arrangement Terminated	true
Termination Date	June 30, 2027
Arrangement Duration	461 days
Aggregate Available	200,000
Louise Kooij
Trading Arrangements, by Individual
Name	Louise Kooij
Title	Chief Accounting Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	February 23, 2026
Rule 10b5-1 Arrangement Terminated	true
Termination Date	December 30, 2026
Arrangement Duration	311 days
Aggregate Available	210,000
Michael Davidson
Trading Arrangements, by Individual
Name	Michael Davidson
Title	Chief Executive Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	September 29, 2025
Rule 10b5-1 Arrangement Terminated	true
Termination Date	February 27, 2026
Arrangement Duration	152 days
Aggregate Available	750,000
John Kastelein
Trading Arrangements, by Individual
Name	John Kastelein
Title	Chief Scientific Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	March 31, 2026
Rule 10b5-1 Arrangement Terminated	true
Termination Date	June 30, 2027
Arrangement Duration	457 days
Aggregate Available	250,000
Other Directors or Officers
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Net Loss Per Ordinary Share - Summary of Basic And Diluted Net Loss Per Ordinary Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Earnings Per Share [Abstract]
Net Income (Loss)	$ (48,441)	$ (39,527)
Weighted Average Ordinary Shares Outstanding, Basic	121,716,006	116,124,941
Weighted Average Ordinary Shares Outstanding, Diluted	121,716,006	116,124,941
Net Loss Per Ordinary Share, Basic	$ (0.4)	$ (0.34)
Net Loss Per Ordinary Share, Diluted	$ (0.4)	$ (0.34)

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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- Definition

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+ Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

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+ Details

Prepayments and Other Receivables

3 Months Ended

Mar. 31, 2026

Prepaid Expense and Other Assets, Current [Abstract]

Prepayments and Other Receivables

Note 6. Prepayments and Other Receivables

Prepayments and other receivables consisted of the following:


(In thousands of USD)	March 31, 2026		December 31, 2025
Prepaid research and development costs		10,112		13,149
Other prepaid expenses		2,270		1,837
License fee receivable		—		16,156
Value added tax receivable		206		231
Other receivables		8,015		6,765
Total prepayments and other receivables		20,603		38,138

Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2026

Fair Value Disclosures [Abstract]

Summary of Financial Liabilities Recognized at Fair Value on Recurring Basis

As at March 31, 2026 and December 31, 2025, the Company’s financial liabilities recognized at fair value on a recurring basis consisted of the following:


	As at March 31, 2026
(In thousands of USD)	Level 1		Level 2		Level 3		Total
Derivative warrant liability (Public Warrants)		—		46,553		—		46,553
Derivative warrant liability (Private Placement Warrants)		—		3,676		—		3,676
Total financial liabilities		—		50,229		—		50,229


	As at December 31, 2025
(In thousands of USD)	Level 1		Level 2		Level 3		Total
Derivative warrant liability (Public Warrants)		53,431		—		—		53,431
Derivative warrant liability (Private Placement Warrants)		—		3,841		—		3,841
Total financial liabilities		53,431		3,841		—		57,272

Net Loss Per Ordinary Share (Tables)

3 Months Ended

Mar. 31, 2026

Earnings Per Share [Abstract]

Schedule Of Basic And Diluted Net Loss Per Ordinary Share

Basic and diluted net loss per Ordinary Share was calculated as follows:


	Three months ended March 31,
(In thousands of USD, except share and per share amounts)	2026			2025
Net loss		(48,441	)		(39,527	)
Weighted-average Ordinary Shares outstanding, basic and diluted		121,716,006			116,124,941
Net loss per Ordinary Share, basic and diluted		(0.40	)		(0.34	)

Schedule of Antidilutive Securities Excluded from Computation of Diluted Weighted-average Ordinary Shares Outstanding

The following potentially dilutive securities have been excluded from the computation of diluted weighted-average Ordinary Shares outstanding as they would be anti-dilutive:


	Three months ended March 31,
	2026		2025
Stock options		20,880,550		21,851,453
Restricted stock units		1,007,530		663,790
Outstanding warrants		2,433,485		2,616,639
Total		24,321,565		25,131,882

Share-Based Compensation - Schedule of Restricted Stock Unit Activity (Details)	3 Months Ended
	Mar. 31, 2026 $ / shares shares
Share-Based Payment Arrangement [Abstract]
Number of RSUs Outstanding, Beginning Balance \| shares	728,283
Number of RSUs, Granted \| shares	496,390
Number of RSUs, Vested \| shares	(214,163)
Number of RSUs, Forfeited/Cancelled \| shares	(2,980)
Number of RSUs Outstanding, Ending Balance \| shares	1,007,530
Weighted average Fair Value Per Share Outstanding, Beginning Balance \| $ / shares	$ 25.28
Weighted average Fair Value Per Share, Granted \| $ / shares	35.1
Weighted average Fair Value Per Share, Vested \| $ / shares	25.93
Weighted average Fair Value Per Share, Forfeited/Cancelled \| $ / shares	35.45
Weighted average Fair Value Per Share Outstanding, Ending Balance \| $ / shares	$ 29.95

Cash, Cash Equivalents and Marketable Securities - Summary of Cash, Cash Equivalents and Marketable Securities (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Cash and cash equivalents
Cash and Cash Equivalents [Line Items]
Amortized Cost	$ 457,607	$ 490,002
Fair Value	457,607	490,002
Cash and cash equivalents \| Cash
Cash and Cash Equivalents [Line Items]
Amortized Cost	193,871	219,394
Fair Value	193,871	219,394
Cash and cash equivalents \| Money market funds \| Level 1
Cash and Cash Equivalents [Line Items]
Amortized Cost	263,736	270,608
Fair Value	263,736	270,608
Marketable securities
Cash and Cash Equivalents [Line Items]
Amortized Cost	249,938	238,477
Unrealized Gains	74	375
Unrealized Losses	(275)	(4)
Fair Value	249,737	238,848
Marketable securities \| US government securities due within one year \| Level 1
Cash and Cash Equivalents [Line Items]
Amortized Cost	147,132	138,083
Unrealized Gains	61	206
Unrealized Losses	(61)
Fair Value	147,132	138,289
Marketable securities \| US government agency securities due within one year \| Level 2
Cash and Cash Equivalents [Line Items]
Amortized Cost	31,389	7,946
Unrealized Gains	2	5
Unrealized Losses	(25)	(1)
Fair Value	31,366	7,950
Marketable securities \| US government securities due between one and two years \| Level 1
Cash and Cash Equivalents [Line Items]
Amortized Cost	53,597	70,701
Unrealized Gains	11	131
Unrealized Losses	(146)	(2)
Fair Value	53,462	70,830
Marketable securities \| US government agency securities due between one and two years \| Level 2
Cash and Cash Equivalents [Line Items]
Amortized Cost	17,820	21,747
Unrealized Gains		33
Unrealized Losses	(43)	(1)
Fair Value	$ 17,777	$ 21,779

Share-Based Compensation - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025	Jan. 01, 2024
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of options, granted	2,274,140
Weighted average grant date fair value of options	$ 20.56	$ 13.24
Total intrinsic value of stock options exercised	$ 54.6	$ 17.3
Volatility ordinary shares				10.00%
Increase in volatility weight percentage of ordinary share per calendar quarter	50.00%		5.00%
Employee Stock Option
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Ordinary shares reserved for issuance	34,155,321
Percentage of ordinary shares reserved for grant will increase annually of issued and outstanding shares	5.00%
Contractual term	10 years
Vesting period	4 years
Weighted average remaining vesting period	3 years 1 month 6 days
Unrecognized Compensation Cost	$ 65.4
Employee Stock Option \| Share-Based Payment Arrangement, Tranche One
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting period	1 year
Award vesting percentage	25.00%
Employee Stock Option \| Share-Based Payment Arrangement, Tranche Two
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting period	3 years
Award vesting percentage	75.00%
Restricted Stock Units (RSUs)
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting period	3 years
Weighted average remaining vesting period	2 years 4 months 24 days
Unrecognized Compensation Cost	$ 21.1

Prepayments and Other Receivables - Schedule of Prepayments and Other Receivables (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Prepaid Expense and Other Assets, Current [Abstract]
Prepaid research and development costs	$ 10,112	$ 13,149
Other prepaid expenses	2,270	1,837
License fee receivable		16,156
Value added tax receivable	206	231
Other receivables	8,015	6,765
Total prepayments and other receivables	$ 20,603	$ 38,138

Fair Value Measurements - Summary of Financial Liabilities Recognized at Fair Value on Recurring Basis (Details) - Recurring - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Financial Liabilities Fair Value Disclosure [Abstract]
Total financial liabilities	$ 50,229	$ 57,272
Derivative \| Public Warrants
Financial Liabilities Fair Value Disclosure [Abstract]
Total financial liabilities	46,553	53,431
Derivative \| Private Placement Warrants
Financial Liabilities Fair Value Disclosure [Abstract]
Total financial liabilities	3,676	3,841
Level 1
Financial Liabilities Fair Value Disclosure [Abstract]
Total financial liabilities		53,431
Level 1 \| Derivative \| Public Warrants
Financial Liabilities Fair Value Disclosure [Abstract]
Total financial liabilities		53,431
Level 2
Financial Liabilities Fair Value Disclosure [Abstract]
Total financial liabilities	50,229	3,841
Level 2 \| Derivative \| Public Warrants
Financial Liabilities Fair Value Disclosure [Abstract]
Total financial liabilities	46,553
Level 2 \| Derivative \| Private Placement Warrants
Financial Liabilities Fair Value Disclosure [Abstract]
Total financial liabilities	$ 3,676	$ 3,841

- Definition

Fair value of financial obligations, including, but not limited to, debt instruments, derivative liabilities, federal funds purchased and sold under agreements to repurchase, securities loaned or sold under agreements to repurchase, financial instruments sold not yet purchased, guarantees, line of credit, loans and notes payable, servicing liability, and trading liabilities.

+ References + Details

Summary of Significant Accounting Policies	3 Months Ended
Summary of Significant Accounting Policies	Mar. 31, 2026
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Note 2. Summary of Significant Accounting Policies Basis of Presentation The unaudited condensed consolidated financial statements should be read together with our audited financial statements and accompanying notes for year ended December 31, 2025, included in our Annual Report on Form 10-K (the “Annual Report”), filed with the U.S. Securities and Exchange Commission (the “SEC”) on February 18, 2026. Any terms not defined herein take the meaning as defined in the Annual Report. The Company’s unaudited condensed consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) and the rules and regulations of the SEC regarding interim financial reporting. As permitted under those rules, certain footnotes or other financial information that are normally required by U.S. GAAP have been condensed or omitted, and, accordingly, the balance sheet as at December 31, 2025 included herein has been derived from the audited financial statements at that date but does not include all of the information required by U.S. GAAP for complete financial statements. These unaudited interim condensed consolidated financial statements have been prepared on the same basis as the Company’s annual financial statements and, in the opinion of management, reflect all adjustments, consisting only of normal recurring adjustments which are necessary for a fair statement of the Company’s financial information. The interim results of operations for the three months ended March 31, 2026 are not necessarily indicative of the results to be expected for the year ending December 31, 2026 or for any other interim period or for any other future year. The unaudited condensed consolidated financial statements comprise the financial statements of the Company and its subsidiaries. Any reference in these notes to the applicable guidance is meant to refer to authoritative U.S. GAAP as found in the Accounting Standards Codification (“ASC”) and Accounting Standards Update (“ASU”) of the Financial Accounting Standards Board (“FASB”). The unaudited condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries, after elimination of intercompany accounts and transactions. Unless otherwise stated, the accounting policies of the Company are consistent with those described in Note 2 of the consolidated financial statements included within the Annual Report.

FLAC Merger - Additional Information (Details) - € / shares	Mar. 31, 2026	Dec. 31, 2025
Business Combination [Line Items]
Shares outstanding	116,641,656	114,399,326
Shares par value	€ 0.12	€ 0.12
Shares issued	116,641,656	114,399,326

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/exampleRef
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-URI https://asc.fasb.org/1943274/2147479328/805-10-50-8

Reference 3: http://www.xbrl.org/2003/role/exampleRef
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-Section 55
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Share-Based Compensation - Summary of Stock Options Outstanding (Details) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2026 USD ($) $ / shares shares
Share-Based Payment Arrangement [Abstract]
Number of options, beginning balance \| shares	20,625,368
Number of options, granted \| shares	2,274,140
Number of options, exercised \| shares	(1,971,548)
Number of options, forfeited \| shares	(47,410)
Number of options, ending balance \| shares	20,880,550
Number of options, exercisable \| shares	10,182,441
Weighted average exercise price, beginning balance \| $ / shares	$ 13.62
Weighted average exercise price, granted \| $ / shares	35.07
Weighted average exercise price, exercised \| $ / shares	5.6
Weighted average exercise price, forfeited \| $ / shares	28.63
Weighted average exercise price, ending balance \| $ / shares	16.68
Weighted average exercise price, exercisable \| $ / shares	$ 12.02
Weighted average remaining contractual term (in years)	7 years 9 months 18 days
Weighted average remaining contractual term (in years), exercisable	7 years 1 month 6 days
Aggregate intrinsic value \| $	$ 327,595
Aggregate intrinsic value, exercisable \| $	$ 203,541

Segment Information - Schedule of Adjusted Earnings/(Loss) Before Taxes for the Company's Single Segment (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Segment Reporting Information, Profit (Loss) [Abstract]
Revenue	$ 3,040	$ 2,978
Interest income	5,650	7,351
Personnel expense	11,792	10,163
External R&D expense	18,422	29,327
Manufacturing expense	7,576	5,841
Regulatory expense	702	1,017
Commercial programs	2,113	5,907
General and administrative expense	2,716	4,322
Depreciation and amortization	137	113
Segment adjusted loss before tax	(34,768)	(46,361)
Reconciliation to consolidated net loss
Share-based compensation expense	(18,002)	(15,213)
Change in fair value - derivatives	5,942	17,754
Foreign exchange gains/(losses)	(1,613)	4,293
Loss for the year	$ (48,441)	$ (39,527)

Segment Information (Tables)

3 Months Ended

Mar. 31, 2026

Segment Reporting [Abstract]

Schedule of Adjusted Earnings/(Loss) Before Taxes for the Company's Single Segment

The following table presents the adjusted loss before taxes for the Company’s single segment for each of the three months ended March 31, 2026 and 2025:


	Three months ended March 31,
(In thousands of USD)	2026			2025
Revenue		3,040			2,978
Interest income		5,650			7,351
Less:
Personnel expense		11,792			10,163
External R&D expense		18,422			29,327
Manufacturing expense		7,576			5,841
Regulatory expense		702			1,017
Commercial programs		2,113			5,907
General and administrative expense		2,716			4,322
Depreciation and amortization		137			113
Segment adjusted loss before tax		(34,768	)		(46,361	)
Reconciliation to consolidated net loss
Share-based compensation expense		(18,002	)		(15,213	)
Change in fair value - derivatives		5,942			17,754
Foreign exchange gains/(losses)		(1,613	)		4,293
Income tax expense		—			—
Consolidated net loss for the period		(48,441	)		(39,527	)

Cash, Cash Equivalents and Marketable Securities (Tables)

3 Months Ended

Mar. 31, 2026

Cash and Cash Equivalents [Abstract]

Summary of Cash, Cash Equivalents and Marketable Securities

A summary of cash, cash equivalents and marketable securities held by the Company as at March 31, 2026 and December 31, 2025 is as follows:


	As at March 31, 2026
(In thousands of USD)	Amortized Cost		Unrealized gains		Unrealized losses			Fair Value
Cash and cash equivalents:
Cash		193,871		—		—			193,871
Money market funds (Level 1)		263,736		—		—			263,736
Total cash and cash equivalents		457,607		—		—			457,607
Marketable securities
US government securities due within one year (Level 1)		147,132		61		(61	)		147,132
US government agency securities due within one year (Level 2)		31,389		2		(25	)		31,366
US government securities due between one and two years (Level 1)		53,597		11		(146	)		53,462
US government agency securities due between one and two years (Level 2)		17,820		—		(43	)		17,777
Total marketable securities		249,938		74		(275	)		249,737


	As at December 31, 2025
(In thousands of USD)	Amortized Cost		Unrealized gains		Unrealized losses			Fair Value
Cash and cash equivalents:
Cash		219,394		—		—			219,394
Money market funds (Level 1)		270,608		—		—			270,608
Total cash and cash equivalents		490,002		—		—			490,002
Marketable securities
US government securities due within one year (Level 1)		138,083		206		—			138,289
US government agency securities due within one year (Level 2)		7,946		5		(1	)		7,950
US government securities due between one and two years (Level 1)		70,701		131		(2	)		70,830
US government agency securities due between one and two years (Level 2)		21,747		33		(1	)		21,779
Total marketable securities		238,477		375		(4	)		238,848

Shareholders' Equity - Additional Information (Details) - At The Market Offering - USD ($) $ in Millions		3 Months Ended
	Aug. 09, 2024	Mar. 31, 2026
Class of Stock [Line Items]
Shares Offering, Aggregate Amount	$ 250
Percentage of commission payable on gross proceeds	3.00%
Ordinary shares issued and sold in offering		0

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Commitments and Contingencies - Additional Information (Details) $ in Millions	3 Months Ended
	Mar. 31, 2026 USD ($)
Loss Contingencies [Line Items]
Estimated maximum cancellation fees	$ 38.4
Percentage of development costs incurred	50.00%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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+ Details

Share-Based Compensation

3 Months Ended

Mar. 31, 2026

Share-Based Payment Arrangement [Abstract]

Share-Based Compensation

Note 9. Share-Based Compensation

The Company has four Share-based payment plans in place as at March 31, 2026:

•

the Company’s Long-Term Incentive Plan (the “LTIP Plan”);

•

the Company’s Supplementary Long-Term Incentive Plan (the “Supplementary Plan”);

•

the Company’s Rollover Option Plan (the “Rollover Plan”); and

•

the Company’s Inducement Plan (the “Inducement Plan,” together with the LTIP Plan, the Supplementary Plan and the Rollover Plan, the “Plans”);

The Plans

The Plans are equity-settled, and the Company may grant various forms of equity awards, including the granting of options to purchase Ordinary Shares (“Company Options”) and restricted stock units (“RSUs”), pursuant to the Plans. In total, as of March 31, 2026 a maximum of 34,155,321 Ordinary Shares may be reserved for issuance pursuant to the Plans. The number of Ordinary Shares reserved for grant under the LTIP Plan will increase annually on January 1 of each calendar year by 5% of the then issued and outstanding Ordinary Shares or such lower number as may be determined by the Company’s Board of Directors.

The contractual term for options granted under the Plans is 10 years from grant date. In general, each Company Option has a four-year vesting period with 25% of the shares underlying the option vesting after one year and the remaining 75% of the shares underlying the option vesting in equal monthly installments thereafter over the following three years.

In general, each RSU, other than the Earnout RSUs, has a three-year vesting period with one-third of the underlying shares vesting on each one-year anniversary of the vesting start date.

The changes for the three months ended March 31, 2026 in the number of Company Options outstanding related to Ordinary Shares and their related weighted average exercise prices are as follows:


	Number of options			Weighted average exercise price		Weighted average remaining contractual term (in years)		Aggregate intrinsic value (in thousands of USD)
Outstanding as at December 31, 2025		20,625,368		$	13.62
Granted		2,274,140		$	35.07
Exercised		(1,971,548	)	$	5.60
Forfeited		(47,410	)	$	28.63
Outstanding as at March 31, 2026		20,880,550		$	16.68		7.8		327,595
Options exercisable as at March 31, 2026		10,182,441		$	12.02		7.1		203,541

The weighted average grant date fair value of Company Options, estimated as of the grant date using the Black-Scholes option pricing model, was $20.56, and $13.24 per option for options granted during the three months ended March 31, 2026 and 2025, respectively. The total intrinsic value (the amount by which the fair market value exceeded the exercise price) of Company Options exercised during the three months ended March 31, 2026 and 2025 was $54.6 million and $17.3 million, respectively. Weighted average assumptions used to apply this pricing model were as follows:


	Three months ended March 31,
	2026			2025
Expected life (years)		6.1			6.1
Risk-free rate		3.8	%		4.4	%
Volatility		52.1	%		47.3	%
Dividend yield		0.0	%		0.0	%

Expected Term

The expected term represents the period that the Company Options are expected to be outstanding and is determined using the simplified method (based on the mid-point between the vesting date and the end of the contractual term). The Company utilizes this method due to lack of historical exercise data and the plain-vanilla nature of the Company Options.

Expected Volatility

Since the Company was privately held through November 2022, it alone does not have sufficient relevant company-specific historical data to support its expected volatility alone. In prior periods, due to the insufficiency of historical volatility data on the Company’s own securities, the expected volatility input was determined using comparable companies alone. Beginning on January 1, 2024, the expected volatility input was determined using a weighted average calculation considering the volatility of the Company’s own securities and the volatilities of a representative group of publicly traded biopharmaceutical companies over a period equal to the expected term of the stock option grants. Initially, the volatility of the Company’s Ordinary Shares is assigned a weighting of 10%. This weighting will be increased by 5% per calendar quarter (i.e. 50% in the first quarter of 2026), until the expected volatility input is based entirely on the historical volatility of the Company’s Ordinary Shares. For purposes of identifying comparable companies, the Company selected companies with comparable characteristics to it, including enterprise value, risk profiles, position within the industry, and with historical share price information sufficient to meet the expected term of the Company Options. The historical volatility data was computed using the daily closing prices for the selected companies’ shares during the equivalent period of the calculated expected term of the Company Options.

Risk-Free Interest Rate

The risk-free interest rate is based upon the U.S. Treasury yield curve in effect at the time of grant, with a term that approximates the expected term of the Company Options.

Expected Dividend Yield

The expected dividend yield is zero as the Company currently has no history or expectation of declaring dividends on its Ordinary Shares.

Restricted Stock Units

The changes for the three months ended March 31, 2026 in the number of RSUs outstanding are as follows:


	Number of RSUs			Weighted average Fair Value Per Share
Outstanding as at December 31, 2025		728,283		$	25.28
Granted		496,390		$	35.10
Vested		(214,163	)	$	25.93
Forfeited/Cancelled		(2,980	)	$	35.45
Outstanding as at March 31, 2026		1,007,530		$	29.95

The following summarizes the share-based compensation expense recognized by type of award and line-item:


	Three months ended March 31,
(in thousands of USD)	2026		2025
Share-based compensation expense by type of award
Share options		14,010		12,572
Restricted stock units		3,992		2,641
Total share-based compensation expense		18,002		15,213
Share-based compensation expense by line-item
Research and development expenses		6,848		5,223
Selling, general and administrative expenses		11,154		9,990
Total share-based compensation expense		18,002		15,213

As of March 31, 2026, there was $65.4 million and $21.1 million of unrecognized compensation cost related to Company Options and RSUs, respectively, that have not yet vested. These costs are expected to be recognized over a weighted average period until fully vested of 3.1 years and 2.4 years for the Company Options and RSUs, respectively.

Share-Based Compensation - Summary of Share-Based Payment Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total	$ 18,002	$ 15,213
Share Options
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total	14,010	12,572
Restricted Stock Units (RSUs)
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total	3,992	2,641
Research and Development Expense
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total	6,848	5,223
Selling, General and Administrative Expenses
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total	$ 11,154	$ 9,990

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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+ Details

Shareholders' Equity

3 Months Ended

Mar. 31, 2026

Equity [Abstract]

Shareholders' Equity

Note 8. Shareholders’ Equity

At-the-Market Offering

On August 9, 2024, we entered into an amended and restated sales agreement (the “Sales Agreement”) with TD Securities (USA) LLC (“TD Cowen”), pursuant to which we may issue and sell from time to time up to $250 million of our Ordinary Shares through or to TD Cowen as our sales agent or acting as principal in any method deemed to be an “at the market offering.” TD Cowen will receive a commission of up to 3.0% of the gross proceeds of any Ordinary Shares sold pursuant to the Sales Agreement. During the three months ended March 31, 2026, we did not sell any Ordinary Shares pursuant to the Sales Agreement.

- Definition

The entire disclosure for equity.

+ References

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+ Details

Cover Page - shares	3 Months Ended
Cover Page - shares	Mar. 31, 2026	Apr. 29, 2026
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Amendment Flag	false
Document Period End Date	Mar. 31, 2026
Document Fiscal Year Focus	2026
Document Fiscal Period Focus	Q1
Entity Registrant Name	NewAmsterdam Pharma Company N.V.
Entity Central Index Key	0001936258
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity File Number	001-41562
Entity Tax Identification Number	00-0000000
Entity Address, Address Line One	Gooimeer 2-35
Entity Address, City or Town	Naarden
Entity Address, Country	NL
Entity Address, Postal Zip Code	1411 DC
City Area Code	+31
Local Phone Number	(0) 35 206 2971
Entity Incorporation, State or Country Code	P7
Document Transition Report	false
Entity Common Stock, Shares Outstanding		116,903,979
Ordinary Shares, Nominal Value €0.12 Per Share
Document Information [Line Items]
Title of 12(b) Security	Ordinary Shares, nominal value €0.12 per share
Trading Symbol	NAMS
Security Exchange Name	NASDAQ
Warrants to Purchase Ordinary Shares
Document Information [Line Items]
Title of 12(b) Security	Warrants to purchase Ordinary Shares
Trading Symbol	NAMSW
Security Exchange Name	NASDAQ

Net Loss Per Ordinary Share - Summary of Potentially Dilutive Securities Have Been Excluded From The Computation Of Diluted Weighted-average Ordinary Shares Outstanding (Details) - shares	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	24,321,565	25,131,882
Stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	20,880,550	21,851,453
Restricted Stock Units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	1,007,530	663,790
Outstanding warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	2,433,485	2,616,639

Net Loss Per Ordinary Share

3 Months Ended

Mar. 31, 2026

Earnings Per Share [Abstract]

Net Loss per Ordinary Share

Note 11. Net Loss per Ordinary Share

For the purposes of calculating the weighted-average number of Ordinary Shares outstanding, the Ordinary Shares underlying the outstanding pre-funded warrants to purchase Ordinary Shares (the “Pre-Funded Warrants”) issued in the February 2024 Offering and the December 2024 Offering are included.

Basic and diluted net loss per Ordinary Share was calculated as follows:


	Three months ended March 31,
(In thousands of USD, except share and per share amounts)	2026			2025
Net loss		(48,441	)		(39,527	)
Weighted-average Ordinary Shares outstanding, basic and diluted		121,716,006			116,124,941
Net loss per Ordinary Share, basic and diluted		(0.40	)		(0.34	)

The following potentially dilutive securities have been excluded from the computation of diluted weighted-average Ordinary Shares outstanding as they would be anti-dilutive:


	Three months ended March 31,
	2026		2025
Stock options		20,880,550		21,851,453
Restricted stock units		1,007,530		663,790
Outstanding warrants		2,433,485		2,616,639
Total		24,321,565		25,131,882

Revenue (Tables)

3 Months Ended

Mar. 31, 2026

Revenue from Contract with Customer [Abstract]

Summary of License Revenue

Revenue consisted of the following:


	Three months ended March 31,
(In thousands of USD)	2026		2025
License revenue attributed from R&D performance obligation		—		2,978
Supply revenue		3,040		—
Total revenue		3,040		2,978

Share-Based Compensation - Summary of Weighted Average Assumptions (Details)	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Share-Based Payment Arrangement [Abstract]
Expected life (years)	6 years 1 month 6 days	6 years 1 month 6 days
Risk-free rate	3.80%	4.40%
Volatility	52.10%	47.30%
Dividend yield	0.00%	0.00%

Segment Information - Additional Information (Details)	3 Months Ended
Segment Information - Additional Information (Details)	Mar. 31, 2026 Segment
Segment Reporting [Abstract]
Number of operating segments	1
Number of reportable segments	1
Segment Reporting, CODM, Profit (Loss) Measure, How Used, Description	The chief operating decision maker, who is the Company’s chief executive officer, assesses performance and decides how to allocate resources based on consolidated net loss and loss before tax, adjusted for certain non-cash and non-operating items such as share-based compensation, change in fair value of derivatives and foreign currency gains or losses.

Commitments and Contingencies

3 Months Ended

Mar. 31, 2026

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Note 12. Commitments and Contingencies

Commitments

The Company has, in the normal course of business, entered into a variety of agreements and financial commitments with contract research organizations, contract manufacturing organizations and other third parties for preclinical and clinical development and manufacturing services. The terms generally provide the Company with the option to cancel, reschedule and adjust its requirements based on the Company’s business needs, prior to the delivery of goods or performance of services. Payments due upon cancellation generally consist only of payments for services provided or expenses incurred, including non-cancellable obligations of the Company's service providers, up to the date of cancellation. However, some of the Company's service providers also charge cancellation fees upon cancellation. The amount and timing of such payments are not known, but at March 31, 2026 they are estimated to be a maximum of $38.4 million.

According to the terms of the Menarini License, the Company will be responsible for development and commercialization costs related to Licensed Products (as defined in the Menarini License) other than those in the Menarini Territory (as defined in the Menarini License). In addition, under specified conditions of the agreement, the Company agreed to bear 50% of certain development costs incurred by the other party in the development of the Licensed Products in the Menarini Territory.

The Company - Additional Information (Details) - € / shares	Mar. 31, 2026	Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Ordinary shares, par value	€ 0.12	€ 0.12

Cash, Cash Equivalents and Marketable Securities

3 Months Ended

Mar. 31, 2026

Cash and Cash Equivalents [Abstract]

Cash, Cash Equivalents and Marketable Securities

Note 4. Cash, cash equivalents and marketable securities

A summary of cash, cash equivalents and marketable securities held by the Company as at March 31, 2026 and December 31, 2025 is as follows:


	As at March 31, 2026
(In thousands of USD)	Amortized Cost		Unrealized gains		Unrealized losses			Fair Value
Cash and cash equivalents:
Cash		193,871		—		—			193,871
Money market funds (Level 1)		263,736		—		—			263,736
Total cash and cash equivalents		457,607		—		—			457,607
Marketable securities
US government securities due within one year (Level 1)		147,132		61		(61	)		147,132
US government agency securities due within one year (Level 2)		31,389		2		(25	)		31,366
US government securities due between one and two years (Level 1)		53,597		11		(146	)		53,462
US government agency securities due between one and two years (Level 2)		17,820		—		(43	)		17,777
Total marketable securities		249,938		74		(275	)		249,737


	As at December 31, 2025
(In thousands of USD)	Amortized Cost		Unrealized gains		Unrealized losses			Fair Value
Cash and cash equivalents:
Cash		219,394		—		—			219,394
Money market funds (Level 1)		270,608		—		—			270,608
Total cash and cash equivalents		490,002		—		—			490,002
Marketable securities
US government securities due within one year (Level 1)		138,083		206		—			138,289
US government agency securities due within one year (Level 2)		7,946		5		(1	)		7,950
US government securities due between one and two years (Level 1)		70,701		131		(2	)		70,830
US government agency securities due between one and two years (Level 2)		21,747		33		(1	)		21,779
Total marketable securities		238,477		375		(4	)		238,848

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 457,607	$ 490,002
Prepayments and other receivables	20,603	38,138
Marketable securities, current	178,498	146,239
Restricted cash	1,336	1,321
Total current assets	658,044	675,700
Marketable securities, net of current portion	71,239	92,609
Property, plant and equipment, net	379	383
Operating right of use asset	21	185
Intangible assets	375	407
Long term prepaid expenses	2,585
Total assets	732,643	769,284
Current liabilities:
Accounts payable	8,090	8,970
Accrued expenses and other current liabilities	5,092	15,422
Deferred revenue, current	3,987	3,987
Lease liability, current	23	136
Derivative warrant liabilities	50,229	57,272
Total current liabilities	67,421	85,787
Lease liability, net of current portion		66
Total liabilities	67,421	85,853
Commitments and contingencies (Note 12)
Shareholders' Equity:
Ordinary shares	14,594	14,278
Additional paid-in capital	1,457,238	1,426,750
Accumulated loss	(810,831)	(762,390)
Accumulated other comprehensive income	4,221	4,793
Total shareholders' equity	665,222	683,431
Total liabilities and shareholders' equity	$ 732,643	$ 769,284

Condensed Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Income Statement [Abstract]
Revenue	$ 3,040	$ 2,978
Operating expenses:
Research and development expenses	38,009	44,751
Selling, general and administrative expenses	23,451	27,152
Total operating expenses	61,460	71,903
Operating loss	(58,420)	(68,925)
Other income (expense):
Interest income	5,650	7,351
Fair value change - earnout		3,992
Fair value change - warrants	5,942	13,762
Foreign exchange gains/(losses)	(1,613)	4,293
Loss before tax	(48,441)	(39,527)
Loss for the year	(48,441)	(39,527)
Other comprehensive income/(loss)
Unrealized gain/(loss) on available-for-sale securities, net of tax	(572)	(33)
Total comprehensive loss for the year, net of tax	$ (49,013)	$ (39,560)
Net loss per ordinary share
Basic	$ (0.4)	$ (0.34)
Diluted	$ (0.4)	$ (0.34)

Accrued Expenses and Other Current Liabilities

3 Months Ended

Mar. 31, 2026

Accounts Payable and Accrued Liabilities, Current [Abstract]

Accrued Expenses and Other Current Liabilities

Note 7. Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consisted of the following:


(in thousands of USD)	March 31, 2026		December 31, 2025
Accrued research and development materials and services		1,086		4,322
Accrued compensation and benefits		2,273		9,355
Accrued professional fees and other		1,733		1,745
Total accrued expenses and other current liabilities		5,092		15,422

Fair Value Measurements

3 Months Ended

Mar. 31, 2026

Fair Value Disclosures [Abstract]

Fair Value Measurements

Note 5. Fair Value Measurements

As at March 31, 2026 and December 31, 2025, the Company’s financial liabilities recognized at fair value on a recurring basis consisted of the following:


	As at March 31, 2026
(In thousands of USD)	Level 1		Level 2		Level 3		Total
Derivative warrant liability (Public Warrants)		—		46,553		—		46,553
Derivative warrant liability (Private Placement Warrants)		—		3,676		—		3,676
Total financial liabilities		—		50,229		—		50,229


	As at December 31, 2025
(In thousands of USD)	Level 1		Level 2		Level 3		Total
Derivative warrant liability (Public Warrants)		53,431		—		—		53,431
Derivative warrant liability (Private Placement Warrants)		—		3,841		—		3,841
Total financial liabilities		53,431		3,841		—		57,272

During the three months ended March 31, 2026, the Company transferred its Public Warrant liability from Level 1 to Level 2.

The Company changed the valuation method for both Public and Private Placement Warrant liabilities. The change was a result of a decrease in the level of observable market activity for the Company’s Public Warrants. While quoted prices for the Public Warrants remain observable, the Company determined that such prices are not representative of fair value without adjustment, due to the reduced trading volume.

Following the transfer, the Company estimates fair value using a Black-Scholes option pricing model. The model incorporates observable market inputs, including trading price of the Company’s Ordinary Shares, the volatility of the price of the Company’s Ordinary Shares and the risk-free interest rate.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
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-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 3: http://www.xbrl.org/2003/role/exampleRef
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-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 2
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Summary of Significant Accounting Policies (Policies)

3 Months Ended

Mar. 31, 2026

Accounting Policies [Abstract]

Basis of Presentation

The unaudited condensed consolidated financial statements should be read together with our audited financial statements and accompanying notes for year ended December 31, 2025, included in our Annual Report on Form 10-K (the “Annual Report”), filed with the U.S. Securities and Exchange Commission (the “SEC”) on February 18, 2026. Any terms not defined herein take the meaning as defined in the Annual Report. The Company’s unaudited condensed consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) and the rules and regulations of the SEC regarding interim financial reporting. As permitted under those rules, certain footnotes or other financial information that are normally required by U.S. GAAP have been condensed or omitted, and, accordingly, the balance sheet as at December 31, 2025 included herein has been derived from the audited financial statements at that date but does not include all of the information required by U.S. GAAP for complete financial statements. These unaudited interim condensed consolidated financial statements have been prepared on the same basis as the Company’s annual financial statements and, in the opinion of management, reflect all adjustments, consisting only of normal recurring adjustments which are necessary for a fair statement of the Company’s financial information. The interim results of operations for the three months ended March 31, 2026 are not necessarily indicative of the results to be expected for the year ending December 31, 2026 or for any other interim period or for any other future year. The unaudited condensed consolidated financial statements comprise the financial statements of the Company and its subsidiaries. Any reference in these notes to the applicable guidance is meant to refer to authoritative U.S. GAAP as found in the Accounting Standards Codification (“ASC”) and Accounting Standards Update (“ASU”) of the Financial Accounting Standards Board (“FASB”). The unaudited condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries, after elimination of intercompany accounts and transactions.

Unless otherwise stated, the accounting policies of the Company are consistent with those described in Note 2 of the consolidated financial statements included within the Annual Report.

Accrued Expenses and Other Current Liabilities - Schedule of Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Accounts Payable and Accrued Liabilities, Current [Abstract]
Accrued research and development materials and services	$ 1,086	$ 4,322
Accrued compensation and benefits	2,273	9,355
Accrued professional fees and other	1,733	1,745
Total accrued expenses and other current liabilities	$ 5,092	$ 15,422

Revenue - Additional Information - (Details)	3 Months Ended
Revenue - Additional Information - (Details)	Mar. 31, 2026 USD ($)
Revenue from Contract with Customer [Abstract]
Deferred revenue during period	$ 0

Revenue

3 Months Ended

Mar. 31, 2025

Principal Transaction Revenue [Line Items]

Revenue

Note 3. Revenue

Menarini Supply Agreement

On August 12, 2025, NewAmsterdam Pharma B.V. entered into a supply agreement with A. Menarini International Licensing S.A. (“Menarini”) to provide commercial supply of Products (as defined below) for distribution in specified European territories (the “Menarini Supply Agreement”).

The Company recognizes revenue from the sale of obicetrapib tablets, as a monotherapy and as a fixed-dose combination therapy with ezetimibe, or from the sale of active pharmaceutical ingredients for the manufacture of such tablets (collectively, “Products”). The Company’s product supply revenue is recognized at a point in time when the performance obligation is satisfied by transferring control of the promised goods or services to the customer and it is probable that the Company will collect the consideration to which it is entitled. In accordance with the terms of the Menarini Supply Agreement, control of the product is transferred upon the conveyance of title, which occurs when the product is made available to the customer.

The transaction price is contractually fixed at a markup to the actual cost of goods sold. Due to the cost-based nature of the agreement, the pricing structure includes a variable component which is measured using the expected value method. At each reporting period end, the Company updates its estimate of the transaction price using actual cost data and forecasted expenses. The Company considers the variable consideration constraint under ASC 606 to ensure that it is probable that a significant reversal of cumulative revenue recognized will not occur. The Company will invoice the customer upon the acceptance of purchase orders, and the transaction price is not adjusted for a significant financing component as the period between the transfer of goods and payment is less than one year. The Company states revenues net of any taxes collected from customers that are required to be remitted to various government agencies. The amount of taxes collected from customers and payable to governmental entities is included on the balance sheet as part of accrued expenses and other current liabilities.

Revenue consisted of the following:


	Three months ended March 31,
(In thousands of USD)	2026		2025
License revenue attributed from R&D performance obligation		—		2,978
Supply revenue		3,040		—
Total revenue		3,040		2,978

There were no additions to deferred revenue during the reporting period.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-7

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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+ Details

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Mar. 31, 2026	Mar. 31, 2025
Pay vs Performance Disclosure
Net Income (Loss)	$ (48,441)	$ (39,527)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Operating Activities:
Loss for the period	$ (48,441)	$ (39,527)
Non-cash adjustments to reconcile loss for the period to net cash flows:
Depreciation and amortization	62	52
Non-cash rent expense	(16)	3
Fair value change - derivative earnout and warrants	(5,942)	(17,754)
Loss on disposal of property, plant and equipment	12
Foreign exchange (gains)/losses	1,613	(4,293)
Amortization of premium/discount on available-for-sale debt securities	10	(513)
Share-based compensation	18,002	15,213
Changes in working capital:
Changes in prepayments and other receivables	15,219	16,031
Changes in accounts payable	(793)	2,251
Changes in accrued expenses and other current liabilities	(10,330)	(4,953)
Changes in deferred revenue		(2,978)
Net cash used in operating activities	(30,604)	(36,468)
Investing activities:
Purchase of property, plant and equipment, including internal use software	(38)	(16)
Maturities of marketable securities	51,000	12,500
Purchases of marketable securities	(62,471)	(9,629)
Net cash (used in)/provided by investing activities	(11,509)	2,855
Financing activities:
Transaction costs on December 2024 issue of Ordinary Shares and Pre-Funded Warrants		(1,586)
Proceeds from exercise of warrants	651	183
Proceeds from exercise of options	10,414	7,922
Net cash provided by financing activities	11,065	6,519
Net change in cash, cash equivalents and restricted cash	(31,048)	(27,094)
Foreign exchange differences	(1,332)	3,771
Cash, cash equivalents and restricted cash at the beginning of the period	491,323	771,743
Cash, cash equivalents and restricted cash at the end of the period	458,943	748,420
Noncash financing and investing activities
Issuance of earnout shares		40,807
Reconciliation of cash, cash equivalents and restricted cash to the Condensed Consolidated Balance Sheets
Cash and cash equivalents	457,607	748,420
Restricted cash	1,336
Cash, cash equivalents and restricted cash	$ 458,943	$ 748,420

Condensed Consolidated Balance Sheets (Parenthetical) - € / shares	Mar. 31, 2026	Dec. 31, 2025
Statement of Financial Position [Abstract]
Ordinary shares, par value	€ 0.12	€ 0.12
Ordinary shares, authorized	400,000,000	400,000,000
Ordinary shares, issued	116,641,656	114,399,326
Ordinary shares, outstanding	116,641,656	114,399,326

Share-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2026

Share-Based Payment Arrangement [Abstract]

Schedule of Stock Option Activity

The changes for the three months ended March 31, 2026 in the number of Company Options outstanding related to Ordinary Shares and their related weighted average exercise prices are as follows:


	Number of options			Weighted average exercise price		Weighted average remaining contractual term (in years)		Aggregate intrinsic value (in thousands of USD)
Outstanding as at December 31, 2025		20,625,368		$	13.62
Granted		2,274,140		$	35.07
Exercised		(1,971,548	)	$	5.60
Forfeited		(47,410	)	$	28.63
Outstanding as at March 31, 2026		20,880,550		$	16.68		7.8		327,595
Options exercisable as at March 31, 2026		10,182,441		$	12.02		7.1		203,541

Schedule of Weighted Average Assumptions for Stock Options

Weighted average assumptions used to apply this pricing model were as follows:


	Three months ended March 31,
	2026			2025
Expected life (years)		6.1			6.1
Risk-free rate		3.8	%		4.4	%
Volatility		52.1	%		47.3	%
Dividend yield		0.0	%		0.0	%

Schedule of Restricted Stock Unit Activity

The changes for the three months ended March 31, 2026 in the number of RSUs outstanding are as follows:


	Number of RSUs			Weighted average Fair Value Per Share
Outstanding as at December 31, 2025		728,283		$	25.28
Granted		496,390		$	35.10
Vested		(214,163	)	$	25.93
Forfeited/Cancelled		(2,980	)	$	35.45
Outstanding as at March 31, 2026		1,007,530		$	29.95

Summary of Share-Based Payment Expense

The following summarizes the share-based compensation expense recognized by type of award and line-item:


	Three months ended March 31,
(in thousands of USD)	2026		2025
Share-based compensation expense by type of award
Share options		14,010		12,572
Restricted stock units		3,992		2,641
Total share-based compensation expense		18,002		15,213
Share-based compensation expense by line-item
Research and development expenses		6,848		5,223
Selling, general and administrative expenses		11,154		9,990
Total share-based compensation expense		18,002		15,213

Prepayments and Other Receivables (Tables)

3 Months Ended

Mar. 31, 2026

Prepaid Expense and Other Assets, Current [Abstract]

Schedule of Prepayments and Other Receivables

Prepayments and other receivables consisted of the following:


(In thousands of USD)	March 31, 2026		December 31, 2025
Prepaid research and development costs		10,112		13,149
Other prepaid expenses		2,270		1,837
License fee receivable		—		16,156
Value added tax receivable		206		231
Other receivables		8,015		6,765
Total prepayments and other receivables		20,603		38,138

Segment Information

3 Months Ended

Mar. 31, 2026

Segment Reporting [Abstract]

Segment Information

Note 10. Segment Information

The Company has one operating segment and, therefore, one reportable segment, which comprises the discovery, development and commercialization of transformative therapies for cardio-metabolic diseases.

To date, the Company’s license agreement with Menarini, dated June 23, 2022, as amended (the “Menarini License”) and the Menarini Supply Agreement have been the only sources of revenue to the Company, and all such revenues derive from Italy.

The chief operating decision maker, who is the Company’s chief executive officer, assesses performance and decides how to allocate resources based on consolidated net loss and loss before tax, adjusted for certain non-cash and non-operating items such as share-based compensation, change in fair value of derivatives and foreign currency gains or losses. Adjusted loss before taxes is used to monitor budget versus actuals and evaluate the operations of the Company. The measure of segment assets is reported on the balance sheet as total consolidated assets. The future prospects of the Company are highly dependent upon the results of its ongoing clinical trials and interactions with regulatory agencies. Such results and interactions are utilized together with assessment of the comparison of budget versus actuals in order to make decisions regarding the allocation of resources.

The following table presents the adjusted loss before taxes for the Company’s single segment for each of the three months ended March 31, 2026 and 2025:


	Three months ended March 31,
(In thousands of USD)	2026			2025
Revenue		3,040			2,978
Interest income		5,650			7,351
Less:
Personnel expense		11,792			10,163
External R&D expense		18,422			29,327
Manufacturing expense		7,576			5,841
Regulatory expense		702			1,017
Commercial programs		2,113			5,907
General and administrative expense		2,716			4,322
Depreciation and amortization		137			113
Segment adjusted loss before tax		(34,768	)		(46,361	)
Reconciliation to consolidated net loss
Share-based compensation expense		(18,002	)		(15,213	)
Change in fair value - derivatives		5,942			17,754
Foreign exchange gains/(losses)		(1,613	)		4,293
Income tax expense		—			—
Consolidated net loss for the period		(48,441	)		(39,527	)

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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+ Details

Accrued Expenses and Other Current Liabilities (Tables)

3 Months Ended

Mar. 31, 2026

Accounts Payable and Accrued Liabilities, Current [Abstract]

Schedule of Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consisted of the following:


(in thousands of USD)	March 31, 2026		December 31, 2025
Accrued research and development materials and services		1,086		4,322
Accrued compensation and benefits		2,273		9,355
Accrued professional fees and other		1,733		1,745
Total accrued expenses and other current liabilities		5,092		15,422

Condensed Consolidated Statements of Shareholders' Equity - USD ($) $ in Thousands	Total	Common Stock [Member]	Additional Paid-In Capital [Member]	Accumulated Loss [Member]	Accumulated Other Comprehensive Income [Member]
Beginning Balance at Dec. 31, 2024	$ 757,500	$ 13,444	$ 1,298,160	$ (558,571)	$ 4,467
Beginning Balance, shares at Dec. 31, 2024		108,064,340
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of Pre-Funded Warrants		$ 162	(162)
Exercise of Pre-Funded Warrants,Shares		1,293,938
Issuance of Earnout Shares	40,807	$ 226	40,581
Issuance of Earnout Shares, shares		1,743,136
Exercise of warrants	412	$ 2	410
Exercise of warrants, shares		15,942
Exercise of stock options	2,991	$ 116	2,875
Exercise of stock options, shares		909,140
Vesting of RSUs		$ 18	(18)
Vesting of RSUs, shares		142,795
Share-based compensation	15,213		15,213
Total loss and comprehensive loss for the period	(39,560)			(39,527)	(33)
Ending Balance at Mar. 31, 2025	777,363	$ 13,968	1,357,059	(598,098)	4,434
Ending Balance, shares at Mar. 31, 2025		112,169,291
Beginning Balance at Dec. 31, 2025	683,431	$ 14,278	1,426,750	(762,390)	4,793
Beginning Balance, shares at Dec. 31, 2025		114,399,326
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of warrants	1,753	$ 8	1,745
Exercise of warrants, shares		56,619
Exercise of stock options	$ 11,049	$ 278	10,771
Exercise of stock options, shares	1,971,548	1,971,548
Vesting of RSUs		$ 30	(30)
Vesting of RSUs, shares		214,163
Share-based compensation	$ 18,002		18,002
Total loss and comprehensive loss for the period	(49,013)			(48,441)	(572)
Ending Balance at Mar. 31, 2026	$ 665,222	$ 14,594	$ 1,457,238	$ (810,831)	$ 4,221
Ending Balance, shares at Mar. 31, 2026		116,641,656

Revenue - License Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Revenue from Contract with Customer [Abstract]
License revenue attributed from R&D performance obligation	$ 0	$ 2,978
Supply revenue	3,040	0
Total revenue	$ 3,040	$ 2,978

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

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+ Details

Related Parties

3 Months Ended

Mar. 31, 2026

Related Parties

Note 13. Related Parties

In the ordinary course of business, the Company may enter into transactions with entities that are associated with a party that meets the criteria of a related party of the Company. These transactions are reviewed quarterly and to date have not been material to the Company’s consolidated financial statements.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

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+ Details