# EDGAR Filing Document

**Accession Number:** 0001936258
**File Stem:** 0000950170-25-103521
**Filing Date:** 2025-8
**Character Count:** 146899
**Document Hash:** 4f132cd9254e70f17255aa6dae635d72
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000950170-25-103521.hdr.sgml**: 20250806

**ACCESSION NUMBER**: 0000950170-25-103521

**CONFORMED SUBMISSION TYPE**: 10-Q

**PUBLIC DOCUMENT COUNT**: 67

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250806

**DATE AS OF CHANGE**: 20250806

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** NewAmsterdam Pharma Co N.V.
- **CENTRAL INDEX KEY:** 0001936258
- **STANDARD INDUSTRIAL CLASSIFICATION:** PHARMACEUTICAL PREPARATIONS [2834]
- **ORGANIZATION NAME:** 03 Life Sciences
- **EIN:** 000000000
- **STATE OF INCORPORATION:** P7
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-Q
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-41562
- **FILM NUMBER:** 251187373

**BUSINESS ADDRESS:**
- **STREET 1:** GOOIMEER 2-35
- **CITY:** NARRDEN
- **STATE:** P7
- **ZIP:** 1411 DC
- **BUSINESS PHONE:** 35 206 2971

**MAIL ADDRESS:**
- **STREET 1:** GOOIMEER 2-35
- **CITY:** NARRDEN
- **STATE:** P7
- **ZIP:** 1411 DC

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** NewAmsterdam Pharma Co B.V.
- **DATE OF NAME CHANGE:** 20220701

?xml version='1.0' encoding='ASCII'? 10-Q

fafROC

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, DC 20549**

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**FORM** 10-Q

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**(Mark One)**

☒ **QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934** 

**For the quarterly period ended** **June 30,** 2025

**OR**

☐ **TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

**For the transition period from to** 

**Commission File Number:** 001-41562

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NewAmsterdam Pharma Company N.V.

**(Exact Name of Registrant as Specified in its Charter)**

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---

| | |
|:---|:---|
| **The** Netherlands | N/A |
| **(State or other jurisdiction of**<br>**incorporation or organization)** | **(I.R.S. Employer<br>Identification No.)** |
| Gooimeer 2-35<br>Naarden<br>**The** Netherlands | 1411 DC |
| **(Address of principal executive offices)** | **(Zip Code)** |

---

**Registrant's telephone number, including area code:** +31 (0) 35 206 2971

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Securities registered pursuant to Section 12(b) of the Act:

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| | | |
|:---|:---|:---|
| **Title of each class** | **Trading**<br>**Symbol(s)** | **Name of each exchange on which registered** |
| Ordinary Shares, nominal value €0.12 per share | NAMS | The Nasdaq Stock Market LLC |
| Warrants to purchase Ordinary Shares | NAMSW | The Nasdaq Stock Market LLC |

---

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

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| | | | |
|:---|:---|:---|:---|
| Large accelerated filer | ☒ | Accelerated filer | ☐ |
| Non-accelerated filer | ☐ | Smaller reporting company | ☐ |
| Emerging growth company | ☐ |  |  |

---

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

As of July 31, 2025, the registrant had 112,628,458 ordinary shares, nominal value €0.12 per share, outstanding.

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**TABLE OF CONTENTS**

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| | | |
|:---|:---|:---|
|  |  | **Page** |
| [<u>SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS</u>](#forward_looking_statements) | [<u>SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS</u>](#forward_looking_statements) | 3 |
| **PART I.** | [<u>FINANCIAL INFORMATION</u>](#part_1_financialstatements) | 5 |
| Item 1. | [<u>Financial Statements (Unaudited)</u>](#item1_fs) | 5 |
|  | [<u>Condensed Consolidated Balance Sheets</u>](#balance_sheet) | 5 |
|  | [<u>Condensed Consolidated Statements of Operations and Comprehensive Loss</u>](#statement_of_operations) | 6 |
|  | [<u>Condensed Consolidated Statements of Shareholders' Equity</u>](#soce) | 7 |
|  | [<u>Condensed Consolidated Statements of Cash Flows</u>](#socf) | 8 |
|  | [<u>Notes to Unaudited Condensed Consolidated Financial Statements</u>](#notes_to_financials) | 9 |
| Item 2. | [<u>Management's Discussion and Analysis of Financial Condition and Results of Operations</u>](#item_2_managements_discussion) | 16 |
| Item 3. | [<u>Quantitative and Qualitative Disclosures About Market Risk</u>](#item_3_quantitative_and_qualitative) | 27 |
| Item 4. | [<u>Controls and Procedures</u>](#item_4_controls_and_procedures) | 28 |
| **PART II.** | [<u>OTHER INFORMATION</u>](#other_information) | 29 |
| Item 1. | [<u>Legal Proceedings</u>](#legal_proceedings) | 29 |
| Item 1A. | [<u>Risk Factors</u>](#risk_factors) | 29 |
| Item 2. | [<u>Unregistered Sales of Equity Securities and Use of Proceeds</u>](#part_2_item_2) | 29 |
| Item 3. | <u>Defaults Upon Senior Securities</u> | 29 |
| Item 4. | [<u>Mine Safety Disclosures</u>](#part_2_item_4) | 29 |
| Item 5. | [<u>Other Information</u>](#part_2_item_5) | 29 |
| Item 6. | [<u>Exhibits</u>](#item_6_exhibits) | 30 |
| [<u>SIGNATURES</u>](#signatures) | [<u>SIGNATURES</u>](#signatures) | 31 |

---

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**SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS**

This Quarterly Report on Form 10-Q ("Quarterly Report") contains forward-looking statements. Forward-looking statements provide the Company's current expectations or forecasts of future events. Forward-looking statements include statements about the Company's expectations, beliefs, plans, objectives, intentions, assumptions and other statements that are not historical facts. Words or phrases such as "anticipate," "believe," "continue," "could," "estimate," "expect," "intend," "may," "might," "objective," "ongoing," "plan," "potential," "predict," "project," "should," "will" and "would," or similar words or phrases, or the negatives of those words or phrases, may identify forward-looking statements, but the absence of these words does not necessarily mean that a statement is not forward-looking. Examples of forward-looking statements in this Quarterly Report include, but are not limited to, statements regarding the Company's disclosure concerning its future operations, cash flows, financial position, dividend policy, prospects, strategies, objectives and other future events.

Forward-looking statements in this Quarterly Report and in any document incorporated by reference in this Quarterly Report may include, for example, statements about:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the potential liquidity and trading of the Company's public securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the Company's ability to raise additional capital in sufficient amounts or on terms acceptable to it;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the efficacy and safety of the Company's product candidates, obicetrapib as a monotherapy and as a fixed-dose combination therapy with ezetimibe, as well as potential reimbursement and anticipated market size and market opportunity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the Company's dependence on the success of obicetrapib as a monotherapy and as a fixed-dose combination therapy with ezetimibe, including the obtaining of regulatory approval of such product candidates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the timing, progress and results of clinical trials for the Company's product candidates, including statements regarding the timing of initiation and completion of studies or trials and related preparatory work and the period during which results of trials will become available and marketing submissions made;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the Company's ability to attract and retain senior management and key scientific personnel;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the Company's limited experience in marketing or distributing products;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•managing the risks related to the Company's international operations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the Company's ability to achieve the broad degree of physician adoption and use and market acceptance necessary for commercial success;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the Company's estimates regarding expenses, future revenue, capital requirements and needs for additional financing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•developments regarding the Company's competitors and the Company's industry;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the impact of government laws and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the Company's reliance on third parties for all aspects of the manufacturing of the Company's product candidates for clinical trials; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the Company's efforts to obtain, protect or enforce its patents and other intellectual property rights related to the Company's product candidates.

Forward-looking statements are subject to known and unknown risks and uncertainties and are based on potentially inaccurate assumptions that could cause actual results to differ materially from those expected or implied by the forward-looking statements. Actual results could differ materially from those anticipated in forward-looking statements for many reasons, including the factors described in the section titled "*Risk Factors*" in this Quarterly Report and in our annual report on Form 10-K for the year ended December 31, 2024, filed with the Securities and Exchange Commission ("SEC"). Accordingly, you should not place undue reliance on these forward-looking statements, which speak only as of the date of this Quarterly Report. The Company undertakes no obligation to publicly revise any forward-looking statement to reflect circumstances or events after the date of this Quarterly Report or to reflect the occurrence of unanticipated events, except as specifically required by law. You should, however, review the factors and risks that the Company describes in the reports it files from time to time with the SEC.

In addition, statements that "we believe" and similar statements reflect the Company's beliefs and opinions on the relevant subject. These statements are based on information available to the Company as of the date of this Quarterly Report. And while the Company believes that information provides a reasonable basis for these statements, that information may be limited or incomplete. The Company's statements should not be read to indicate that it has conducted an exhaustive inquiry into, or review of, all relevant information. These statements are inherently uncertain, and you are cautioned not to unduly rely on these statements.

Although the Company believes the expectations reflected in the forward-looking statements were reasonable at the time made, it cannot guarantee future results, level of activity, performance, achievements or events. You should carefully consider the cautionary statements contained or referred to in this section in connection with the forward-looking statements contained in this Quarterly

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Report and any subsequent written or oral forward-looking statements that may be issued by the Company or persons acting on its behalf.

Unless otherwise stated or the context otherwise indicates, references to "we," "our," "us" or the "Company" refer to NewAmsterdam Pharma Company N.V., together with its subsidiaries.

------

**PART I—FINANCIAL INFORMATION**

**Item 1. Financial Statements.**

**NewAmsterdam Pharma Company N.V.**

**Condensed Consolidated Balance Sheets**

**(Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **June 30,<br>2025** | **December 31,<br>2024** |
| *(In thousands of USD)* |  |  |
| **Assets** | **Assets** | **Assets** |
| Current assets: |  |  |
| &nbsp;&nbsp;Cash and cash equivalents | 563864 | 771743 |
| &nbsp;&nbsp;Prepayments and other receivables | 30688 | 24272 |
| &nbsp;&nbsp;Employee receivables |  | 4951 |
| &nbsp;&nbsp;Marketable securities, current | 175298 | 62447 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total current assets | 769850 | 863413 |
| Marketable securities, net of current portion | 44172 |  |
| Property, plant and equipment, net | 312 | 242 |
| Operating right of use asset | 308 | 431 |
| Intangible assets | 470 | 534 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total assets | 815112 | 864620 |
| **Liabilities and Shareholders' Equity** |  |  |
| Current liabilities: |  |  |
| &nbsp;&nbsp;Accounts payable | 5895 | 4744 |
| &nbsp;&nbsp;Accrued expenses and other current liabilities | 9460 | 13608 |
| &nbsp;&nbsp;Deferred revenue, current |  | 6008 |
| &nbsp;&nbsp;Lease liability, current | 225 | 246 |
| &nbsp;&nbsp;Derivative earnout liability, current |  | 44798 |
| &nbsp;&nbsp;Derivative warrant liabilities | 20932 | 37514 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities | 36512 | 106918 |
| Lease liability, net of current portion | 103 | 202 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 36615 | 107120 |
| Commitments and contingencies (Note 12) |  |  |
| Shareholders' Equity (deficit): |  |  |
| &nbsp;&nbsp;Ordinary shares, €0.12 par value; 400,000,000 shares authorized; 112,509,914 and 82,469,768 shares issued and outstanding as at June 30, 2025 and December 31, 2024, respectively | 14014 | 13444 |
| &nbsp;&nbsp;Additional paid-in capital | 1375618 | 1298160 |
| &nbsp;&nbsp;Accumulated loss | (615462) | (558571) |
| &nbsp;&nbsp;Accumulated other comprehensive income | 4327 | 4467 |
| &nbsp;&nbsp;Total shareholders' equity | 778497 | 757500 |
| Total liabilities and shareholders' equity | 815112 | 864620 |

---

*See notes to consolidated financial statements.*

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**NewAmsterdam Pharma Company N.V.**

**Condensed Consolidated Statements of Operations and Comprehensive Loss**

**(Unaudited)**

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the three months ended June 30,** | **For the three months ended June 30,** | **For the six months ended June 30,** | **For the six months ended June 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| *(In thousands of USD, except per share amounts)* |  |  |  |  |
| Revenue | 19145 | 2279 | 22123 | 3680 |
| Operating expenses: |  |  |  |  |
| &nbsp;&nbsp;Research and development expenses | 27516 | 38379 | 72267 | 80809 |
| &nbsp;&nbsp;Selling, general and administrative expenses | 27264 | 16475 | 54416 | 30928 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses | 54780 | 54854 | 126683 | 111737 |
| Operating loss | (35635) | (52575) | (104560) | (108057) |
| Other income (expense): |  |  |  |  |
| &nbsp;&nbsp;Interest income | 7055 | 4870 | 14406 | 7953 |
| &nbsp;&nbsp;Fair value change – earnout |  | 3096 | 3992 | (5606) |
| &nbsp;&nbsp;Fair value change – warrants | 2590 | 6596 | 16352 | (23652) |
| &nbsp;&nbsp;Foreign exchange gains/(losses) | 8626 | (994) | 12919 | (3412) |
| Loss before tax | (17364) | (39007) | (56891) | (132774) |
| &nbsp;&nbsp;Income tax expense |  |  |  |  |
| Loss for the period | (17364) | (39007) | (56891) | (132774) |
| Other comprehensive income/(loss) |  |  |  |  |
| &nbsp;&nbsp;Unrealized gain/(loss) on available-for-sale securities, net of tax | (107) |  | (140) |  |
| Total comprehensive loss for the period, net of tax | (17471) | (39007) | (57031) | (132774) |
| Net loss per ordinary share |  |  |  |  |
| &nbsp;&nbsp;Basic and diluted | $(0.15) | $(0.41) | $(0.48) | $(1.45) |

---

*See notes to consolidated financial statements.*

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**NewAmsterdam Pharma Company N.V.**

**Condensed Consolidated Statements of Shareholders' Equity**

**(Unaudited)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *(In thousands of USD, except share amounts)* | **Shares** | **Amount** | **Additional Paid-In Capital** | **Accumulated Loss** | **Accumulated Other Comprehensive Income** | **Total Shareholders' Equity** |
| **Balance at December 31, 2023** | 82469768 | 10173 | 590771 | (316973) | 4422 | 288393 |
| &nbsp;&nbsp;Issuance of Ordinary Shares and Pre-Funded Warrants, net of issuance costs | 5871909 | 759 | 189207 |  |  | 189966 |
| &nbsp;&nbsp;Exercise of warrants | 926698 | 121 | 19674 |  |  | 19795 |
| &nbsp;&nbsp;Exercise of stock options | 452461 | 60 | (609) |  |  | (549) |
| &nbsp;&nbsp;Share-based compensation |  |  | 7965 |  |  | 7965 |
| &nbsp;&nbsp;Total loss and comprehensive loss for the period |  |  |  | (93767) |  | (93767) |
| **As at March 31, 2024** | 89720836 | 11113 | 807008 | (410740) | 4422 | 411803 |
| &nbsp;&nbsp;Exercise of warrants | 294521 | 38 | 6268 |  |  | 6306 |
| &nbsp;&nbsp;Share-based compensation |  |  | 8337 |  |  | 8337 |
| &nbsp;&nbsp;Total loss and comprehensive loss for the period |  |  |  | (39007) |  | (39007) |
| **As at June 30, 2024** | 90015357 | 11151 | 821613 | (449747) | 4422 | 387439 |
| **Balance at December 31, 2024** | 108064340 | 13444 | 1298160 | (558571) | 4467 | 757500 |
| &nbsp;&nbsp;Issuance of Earnout Shares | 1743136 | 226 | 40581 |  |  | 40807 |
| &nbsp;&nbsp;Exercise of Pre-Funded Warrants | 1293938 | 162 | (162) |  |  |  |
| &nbsp;&nbsp;Exercise of warrants | 15942 | 2 | 410 |  |  | 412 |
| &nbsp;&nbsp;Exercise of stock options | 909140 | 116 | 2875 |  |  | 2991 |
| &nbsp;&nbsp;Vesting of RSUs | 142795 | 18 | (18) |  |  |  |
| &nbsp;&nbsp;Share-based compensation |  |  | 15213 |  |  | 15213 |
| &nbsp;&nbsp;Total loss and comprehensive loss for the period |  |  |  | (39527) | (33) | (39560) |
| **As at March 31, 2025** | 112169291 | 13968 | 1357059 | (598098) | 4434 | 777363 |
| &nbsp;&nbsp;Exercise of warrants | 100 |  | 2 |  |  | 2 |
| &nbsp;&nbsp;Exercise of stock options | 340317 | 46 | 3378 |  |  | 3424 |
| &nbsp;&nbsp;Vesting of RSUs | 206 |  |  |  |  |  |
| &nbsp;&nbsp;Share-based compensation |  |  | 15179 |  |  | 15179 |
| &nbsp;&nbsp;Total loss and comprehensive loss for the period |  |  |  | (17364) | (107) | (17471) |
| **As at June 30, 2025** | 112509914 | 14014 | 1375618 | (615462) | 4327 | 778497 |

---

*See notes to consolidated financial statements.*

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**NewAmsterdam Pharma Company N.V.**

**Condensed Consolidated Statements of Cash Flows**

**(Unaudited)**

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| | | |
|:---|:---|:---|
|  | **For the six months ended June 30,** | **For the six months ended June 30,** |
|  | **2025** | **2024** |
| *(In thousands of USD)* |  |  |
| **Operating activities:** |  |  |
| Loss for the period | (56891) | (132774) |
| *Non-cash adjustments to reconcile loss before tax to net cash flows:* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 97 | 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-cash rent expense | 3 | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fair value change - derivative earnout and warrants | (20344) | 29258 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign exchange (gains)/losses | (12919) | 3412 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of premium/discount on available-for-sale debt securities | (985) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Share-based compensation | 30392 | 16208 |
| *Changes in working capital:* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Changes in prepayments and other receivables | (5830) | (8276) |
| &nbsp;&nbsp;&nbsp;&nbsp;Changes in accounts payable | 1860 | (11656) |
| &nbsp;&nbsp;&nbsp;&nbsp;Changes in accrued expenses and other current liabilities | (3514) | (1110) |
| &nbsp;&nbsp;&nbsp;&nbsp;Changes in deferred revenue | (6008) | (3680) |
| **Net cash used in operating activities** | **(74139)** | **(108581)** |
| **Investing activities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchase of property, plant and equipment, including internal use software | (104) | (594) |
| &nbsp;&nbsp;&nbsp;&nbsp;Maturities of available-for-sale debt securities | 37163 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchases of available-for-sale debt securities | (193340) |  |
| **Net cash used in investing activities** | **(156281)** | **(594)** |
| **Financing activities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from February 2024 offering of Ordinary Shares and Pre-Funded Warrants |  | 190481 |
| &nbsp;&nbsp;&nbsp;&nbsp;Transaction costs on February 2024 issue of Ordinary Shares and Pre-Funded Warrants |  | (515) |
| &nbsp;&nbsp;&nbsp;&nbsp;Transaction costs on December 2024 issue of Ordinary Shares and Pre-Funded Warrants | (1586) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from exercise of warrants | 184 | 13421 |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from exercise of options | 11346 | 440 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payment of withholding taxes related to net share settlement of exercised options |  | (989) |
| **Net cash provided by financing activities** | **9944** | **202838** |
| Net change in cash | (220476) | 93663 |
| Foreign exchange differences | 12597 | (3405) |
| Cash at the beginning of the period | 771743 | 340450 |
| **Cash at the end of the period** | **563864** | **430708** |
| **Noncash financing and investing activities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Right-of-use assets obtained in exchange for new operating lease liabilities |  | 562 |
| &nbsp;&nbsp;&nbsp;&nbsp;Issuance of earnout shares | 40807 |  |

---

*See notes to consolidated financial statements*

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**NewAmsterdam Pharma Company N.V.**

**Notes to Unaudited Condensed Consolidated Financial Statements**

**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."

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.

**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, 2024, 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 26, 2025. 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 of December 31, 2024 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 and six months ended June 30, 2025 are not necessarily indicative of the results to be expected for the year ending December 31, 2025 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.

**Note 3. Revenue**

Revenue consisted of the following:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three months ended June 30,** | **Three months ended June 30,** | **Six months ended June 30,** | **Six months ended June 30,** |
| *(In thousands of USD)* | **2025** | **2024** | **2025** | **2024** |
| License revenue attributed from license performance obligation |  |  |  |  |
| License revenue attributed from R&D performance obligation | 19145 | 2279 | 22123 | 3680 |
| Total revenue | 19145 | 2279 | 22123 | 3680 |

---

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During the six months ended June 30, 2025 it was determined that the R&D performance obligation was satisfied in full and, as such, all of the deferred revenue on the consolidated balance sheet as of January 1, 2025 has been recognized as revenue during the period. In addition, during the six months ended June 30, 2025, it was determined that the second of two development cost reimbursements was probable to be realized with no significant reversals. As such, the amount of the reimbursement was added to the transaction price resulting in the recognition of $16.1 million in revenue attributed to the R&D performance obligation.

**Note 4. Cash, cash equivalents and marketable securities**

A summary of cash, cash equivalents and marketable securities held by the Company as of June 30, 2025 and December 31, 2024 is as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **As at June 30, 2025** | **As at June 30, 2025** | **As at June 30, 2025** | **As at June 30, 2025** |
| *(In thousands of USD)* | **Amortized Cost** | **Unrealized gains** | **Unrealized losses** | **Fair Value** |
| Cash and cash equivalents: |  |  |  |  |
| &nbsp;&nbsp;Cash | 530905 |  |  | 530905 |
| &nbsp;&nbsp;Money market funds (Level 1) | 32959 |  |  | 32959 |
| Total cash and cash equivalents | 563864 |  |  | 563864 |
| Marketable securities |  |  |  |  |
| &nbsp;&nbsp;US government securities due within one year (Level 1) | 150762 | 1 | (99) | 150664 |
| &nbsp;&nbsp;US government agency securities due within one year (Level 2) | 24641 |  | (7) | 24634 |
| &nbsp;&nbsp;US government securities due between one and two years (Level 1) | 44162 | 14 | (4) | 44172 |
| Total marketable securities | 219565 | 15 | (110) | 219470 |

---

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **As at December 31, 2024** | **As at December 31, 2024** | **As at December 31, 2024** | **As at December 31, 2024** |
| *(In thousands of USD)* | **Amortized Cost** | **Unrealized gains** | **Unrealized losses** | **Fair Value** |
| Cash and cash equivalents: |  |  |  |  |
| &nbsp;&nbsp;Cash | 733826 |  |  | 733826 |
| &nbsp;&nbsp;Money market funds (Level 1) | 25444 |  |  | 25444 |
| &nbsp;&nbsp;US government agency securities (Level 2) | 12473 |  |  | 12473 |
| Total cash and cash equivalents | 771743 |  |  | 771743 |
| Marketable securities |  |  |  |  |
| &nbsp;&nbsp;US government securities due within one year (Level 1) | 37711 | 34 |  | 37745 |
| &nbsp;&nbsp;US government agency securities due within one year (Level 2) | 24691 | 11 |  | 24702 |
| Total marketable securities | 62402 | 45 |  | 62447 |

---

**Note 5. Fair Value Measurements**

As of June 30, 2025 and December 31, 2024, the Company's financial liabilities recognized at fair value on a recurring basis consisted of the following:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **As at June 30, 2025** | **As at June 30, 2025** | **As at June 30, 2025** | **As at June 30, 2025** |
| *(In thousands of USD)* | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Derivative warrant liability (Public Warrants) | 19596 |  |  | 19596 |
| Derivative warrant liability (Private Placement Warrants) |  | 1336 |  | 1336 |
| Derivative earnout liability |  |  |  |  |
| Total financial liabilities | 19596 | 1336 |  | 20932 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **As at December 31, 2024** | **As at December 31, 2024** | **As at December 31, 2024** | **As at December 31, 2024** |
| *(In thousands of USD)* | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Derivative warrant liability (Public Warrants) | 35134 |  |  | 35134 |
| Derivative warrant liability (Private Placement Warrants) |  | 2380 |  | 2380 |
| Derivative earnout liability |  |  | 44798 | 44798 |
| Total financial liabilities | 35134 | 2380 | 44798 | 82312 |

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The estimated fair value of the derivative earnout liability was determined using Level 3 inputs, other than the Company's share price as a Level 1 input, as no observable market inputs were available. The derivative earnout liability has been measured at fair value using a

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Black-Scholes pricing model. Given the assumed zero dividend rate and the fact that no strike price exists that would have led to any volatility measure relative to the Company's share price, the fair value of the earnout liability resulting from the Black-Scholes pricing model is entirely driven by the Company's closing share price as a Level 1 input and the probability of milestone completion as a Level 3 input. As such, the relevant inputs to the fair value of the derivative earnout liability are as follows:

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| | | |
|:---|:---|:---|
|  | **At Settlement** | **December 31, 2024** |
| Ordinary Share value (USD) | $23.41 | $25.70 |
| Probability of milestone completion | 100% | 100% |
| Dividend yield | 0% | 0% |
| Strike price (USD) | 0.00 | 0.00 |

---

As management's judgment of the probability of milestone completion remained constant during the period, the change in fair value resulted from the Company's price per share between valuation dates.

The following table presents a reconciliation of the derivative earnout liability measured on a recurring basis using Level 3 inputs as of June 30, 2025:

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| | |
|:---|:---|
| Balance on December 31, 2024 | 44798 |
| Change in fair value recognized through profit and loss | (3992) |
| Settlement of derivative earnout liability upon achievement of milestone | (40806) |
| Balance on June 30, 2025 |  |

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In March 2025 it was determined that the earnout milestone triggering event set forth in the Business Combination Agreement, dated July 25, 2022 (the "Business Combination Agreement"), by and among the Company, NewAmsterdam Pharma Holding B.V., Frazier Lifesciences Acquisition Corporation ("FLAC"), and NewAmsterdam Pharma Investment Corporation (the "Business Combination") had occurred. As a result, the derivative earnout liability was settled in full, with a total of 1,743,136 Ordinary Shares issued in accordance with the terms of the Business Combination Agreement.

**Note 6. Prepayments and Other Receivables**

Prepayments and other receivables consisted of the following:

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| | | |
|:---|:---|:---|
| *(In thousands of USD)* | **June 30,<br>2025** | **December 31,<br>2024** |
| Prepaid research and development costs | 9474 | 5704 |
| Other prepaid expenses | 1464 | 2214 |
| License fee receivable | 16115 | 14285 |
| Value added tax receivable | 346 | 321 |
| Other receivables | 3289 | 1748 |
| Total prepayments and other receivables | 30688 | 24272 |

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**Note 7. Accrued Expenses and Other Current Liabilities**

Accrued expenses and other current liabilities consisted of the following:

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| | | |
|:---|:---|:---|
| *(in thousands of USD)* | **June 30,<br>2025** | **December 31,<br>2024** |
| Accrued research and development materials and services | 2981 | 2069 |
| Accrued compensation and benefits | 3783 | 8721 |
| Accrued professional fees and other | 2696 | 2818 |
| Total accrued expenses and other current liabilities | 9460 | 13608 |

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**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%

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of the gross proceeds of any Ordinary Shares sold pursuant to the Sales Agreement. During the six months ended June 30, 2025, we did not sell any Ordinary Shares pursuant to the Sales Agreement.

*Issuance of Earnout Shares*

In March 2025, it was determined that the earnout milestone triggering event set forth in the Business Combination Agreement had occurred and, as a result, a total of 1,743,136 Ordinary Shares were issued in accordance with the terms of the Business Combination Agreement.

*Employee Receivables Due Upon Exercise of Company Options*

As of December 31, 2024, the amount reported on the consolidated balance sheet for employee receivables included amounts which were due to the Company for Company Options (as defined below) which had been exercised, but for which the exercise price had not yet been remitted. All such receivables were paid during January and February 2025.

**Note 9. Share-Based Compensation**

The Company has four Share-based payment plans and one restricted share award in place as at June 30, 2025:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The Company's Long-Term Incentive Plan (the "Plan");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The Company's Supplementary Long-Term Incentive Plan (the "Supplementary Plan");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The Company's Rollover Option Plan (the "Rollover Plan");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The Company's Inducement Plan (the "Inducement Plan," together with the Plan, the Supplementary Plan and the Rollover Plan, the "Plans"); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Chief Executive Officer Restricted Share Award.

*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 June 30, 2025, a maximum of 27,435,355 Ordinary Shares may be reserved for issuance pursuant to the Plans. The number of Ordinary Shares reserved for grant under the 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 is 10 years from grant date for options granted under the Plans. In general, each Company Option has a four-year vesting period with 25% vesting after one year and the remaining 75% vesting in equal monthly installments over the next following three years.

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

The changes for the six months ended June 30, 2025 in the number of Company Options outstanding related to Ordinary Shares and their related weighted average exercise prices are as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Number of options** | **Weighted average exercise price** | **Weighted average remaining contractual term<br>(in years)** | **Aggregate intrinsic value<br>(in thousands of USD)** |
| Outstanding as at December 31, 2024 | 19029056 | $10.04 |  |  |
| &nbsp;&nbsp;Granted | 4424537 | $24.63 |  |  |
| &nbsp;&nbsp;Exercised | (1249457) | $5.21 |  |  |
| Outstanding as at June 30, 2025 | 22204136 | $13.24 | 8.0 | 141072 |
| Options exercisable as at June 30, 2025 | 9656167 | $8.92 | 7.2 | 89992 |

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The weighted average grant date fair value of Company Options, estimated as of the grant date using the Black-Scholes option pricing model, was $12.68, and $6.30 per option for options granted during the six months ended June 30, 2025 and 2024, respectively. The total intrinsic value (the amount by which the fair market value exceeded the exercise price) of Company Options exercised during the six months ended June 30, 2025 and 2024 was $20.1 million and $8.0 million, respectively. Weighted average assumptions used to apply this pricing model were as follows:

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---

| | | |
|:---|:---|:---|
|  | **Six months ended June 30,** | **Six months ended June 30,** |
|  | **2025** | **2024** |
| Expected life (years) | 6.1 | 6.1 |
| Risk-free rate | 4.4% | 3.9% |
| Volatility | 47.5% | 41.4% |
| Dividend yield | 0.0% | 0.0% |

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*Expected Term*

The Company's expected term represents the period that the Company's stock-based awards 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's stock-based awards.

*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 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. 35% in Q2 2025), 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 life of the stock-based awards. 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 stock-based awards.

*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 life of the Company Option.

*Expected Dividend*

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

*Restricted Stock Units*

As at December 31, 2024 the Company had allocated 143,002 Earnout Shares to be granted to Participating Optionholders if and when a certain clinical development milestone is achieved during the earnout period. In March 2025 it was determined that the earnout milestone triggering event set forth in the Business Combination Agreement had occurred and, as a result Earnout Shares were delivered in the form of awards of RSUs (the "Earnout RSUs") granted pursuant to the Plan to such Participating Optionholders who were, at the time of achievement of such milestone, still providing services to the Company. In total, 143,001 Earnout RSUs were granted, all of which have vested as of June 30, 2025. Though the Earnout RSUs were only legally granted upon the achievement of the milestone triggering event, in accordance with ASC 718, the Company determined the grant date of such Earnout RSUs to be November 22, 2022 for accounting purposes and began recognizing the associated share-based payment expenses once the milestone was deemed probable to occur.

The changes for the six months ended June 30, 2025 in the number of RSUs outstanding are as follows:

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| | | |
|:---|:---|:---|
|  | **Number of RSUs** | **Weighted average Fair Value Per Share** |
| Outstanding as at December 31,<br>2024 | 143002 | $9.84 |
| &nbsp;&nbsp;Granted | 718584 | $25.28 |
| &nbsp;&nbsp;Vested | (143001) | $9.84 |
| &nbsp;&nbsp;Forfeited/Cancelled | (1) | $9.84 |
| Outstanding as at June 30,<br>2025 | 718584 | $25.28 |

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

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---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three months ended June 30,** | **Three months ended June 30,** | **Six months ended June 30,** | **Six months ended June 30,** |
| *(in thousands of USD)* | **2025** | **2024** | **2025** | **2024** |
| Share-based compensation expense by type of award |  |  |  |  |
| &nbsp;&nbsp;Share options | 12518 | 8290 | 25090 | 16208 |
| &nbsp;&nbsp;Restricted stock units | 2661 |  | 5302 |  |
| **Total share-based compensation expense** | 15179 | 8290 | 30392 | 16208 |
| Share-based compensation expense by line-item |  |  |  |  |
| &nbsp;&nbsp;Research and development expenses | 5108 | 2992 | 10331 | 6471 |
| &nbsp;&nbsp;Selling, general and administrative expenses | 10071 | 5298 | 20061 | 9737 |
| **Total share-based compensation expense** | 15179 | 8290 | 30392 | 16208 |

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As of June 30, 2025, there was $58.2 million and $13.0 million of unrecognized compensation cost related to Company Options and RSUs that have not yet vested, respectively. These costs are expected to be recognized over a weighted average period of 3.2 years and 2.6 years until fully vested for the Company Options and RSUs, respectively.

**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 Menarini License has been the only source of revenue to the Company and all such revenues derive from Italy.

The chief operating decision maker assesses performance and decides how to allocate resources based on consolidated net loss and earnings/(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 earnings/(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 and six months ended June 30, 2025 and 2024:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three months ended June 30,** | **Three months ended June 30,** | **Six months ended June 30,** | **Six months ended June 30,** |
| *(In thousands of USD)* | **2025** | **2024** | **2025** | **2024** |
| Revenue | 19145 | 2279 | 22123 | 3680 |
| Interest income | 7055 | 4870 | 14406 | 7953 |
| Less: |  |  |  |  |
| &nbsp;&nbsp;Personnel expense | 9900 | 7017 | 20063 | 12286 |
| &nbsp;&nbsp;External R&D expense | 14577 | 28449 | 43904 | 61053 |
| &nbsp;&nbsp;Manufacturing expense | 4289 | 4277 | 10130 | 7938 |
| &nbsp;&nbsp;Regulatory expense | 1025 | 408 | 2042 | 900 |
| &nbsp;&nbsp;Commercial programs | 5396 | 2750 | 11303 | 6239 |
| &nbsp;&nbsp;General and administrative expense | 4307 | 3597 | 8629 | 7016 |
| &nbsp;&nbsp;Depreciation and amortization | 107 | 66 | 220 | 97 |
| Segment adjusted loss before tax | (13401) | (39415) | (59762) | (83896) |
| *Reconciliation to consolidated net loss* |  |  |  |  |
| &nbsp;&nbsp;Share-based compensation expense | (15179) | (8290) | (30392) | (16208) |
| &nbsp;&nbsp;Change in fair value - derivatives | 2590 | 9692 | 20344 | (29258) |
| &nbsp;&nbsp;Foreign exchange gains/(losses) | 8626 | (994) | 12919 | (3412) |
| &nbsp;&nbsp;Income tax expense |  |  |  |  |
| Consolidated net loss for the period | (17364) | (39007) | (56891) | (132774) |

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**Note 11. Net Loss per Ordinary Share**

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

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

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three months ended June 30,** | **Three months ended June 30,** | **Six months ended June 30,** | **Six months ended June 30,** |
| *(In thousands of USD, except share and per share amounts)* | **2025** | **2024** | **2025** | **2024** |
| Net loss | (17364) | (39007) | (56891) | (132774) |
| Weighted average Ordinary Shares outstanding, basic and diluted | 118556492 | 94711604 | 117347434 | 91611785 |
| Net loss per Ordinary Share, basic and diluted | (0.15) | (0.41) | (0.48) | (1.45) |

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

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| | | |
|:---|:---|:---|
|  | **As at June 30,** | **As at June 30,** |
|  | **2025** | **2024** |
| Stock options | 22204136 | 19778254 |
| Restricted stock units | 718584 |  |
| Outstanding warrants | 2616539 | 2700152 |
| &nbsp;&nbsp;Total | 25539259 | 22478406 |

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**Note 12. Commitments and Contingencies**

*Commitments*

The Company has entered into a variety of agreements and financial commitments in the normal course of business 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 June 30, 2025 they are estimated to be a maximum of $20.5 million.

According to the terms of the Menarini License the Company will be responsible for development and commercialization costs related to Licensed Products other than those in the Menarini Territory. 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.

**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.

**Note 14. Subsequent Events**

None.

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**Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations.**

*The unaudited condensed consolidated financial statements, included elsewhere in this Quarterly Report, and this Management's Discussion and Analysis of Financial Condition and Results of Operations should be read together with our audited financial statements and accompanying notes for year ended December 31, 2024, 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 26, 2025, and the related Management's Discussion and Analysis of Financial Condition and Results of Operations. In addition to historical financial information, the following discussion contains forward-looking statements that reflect our plans, estimates and beliefs. Our actual results could differ materially from those contained in or implied by any forward-looking statements. Factors that could cause or contribute to these differences include those discussed in the sections titled "Risk Factors" and "Special Note Regarding Forward-Looking Statements" in the Annual Report and this Quarterly Report. Our operating results are not necessarily indicative of results that may occur for the full fiscal year or any other future period.*

**Overview**

We are a late-stage biopharmaceutical company whose mission is to improve patient care in populations with cardiometabolic diseases where currently approved therapies have not been adequate or well tolerated. We seek to fill a significant unmet need for a safe, well tolerated and convenient low-density lipoprotein cholesterol ("LDL-C") lowering therapy. In multiple Phase 3 trials, we have investigated obicetrapib, an oral, low-dose, once-daily, highly selective cholesteryl ester transfer protein ("CETP") inhibitor, alone or as a fixed-dose combination with ezetimibe, as LDL-C lowering therapies to be used as an adjunct to statin therapy for patients at risk of cardiovascular disease ("CVD") with elevated LDL-C, for whom existing therapies are not sufficiently effective or well tolerated. We believe that CETP inhibition may also play a role in other indications by potentially mitigating the risk of developing diseases such as Alzheimer's disease ("AD").

Obicetrapib is a next-generation, oral, low-dose, highly selective CETP inhibitor that we are developing to potentially overcome the limitations of current LDL-C lowering treatments. In addition to LDL-C, in clinical trials obicetrapib has shown significant reductions in lipoprotein (a) ("Lp(a)") and small LDL particles, all with safety comparable to placebo. We believe that obicetrapib has the potential to be a once-daily oral CETP inhibitor for lowering LDL-C, if approved. In each of our Phase 3 clinical trials, BROADWAY and BROOKLYN, evaluating obicetrapib as an adjunct to high-intensity statin therapy, obicetrapib met its primary and secondary endpoints, with statistically significant reductions in LDL-C observed. In our Phase 3 TANDEM clinical trial, evaluating obicetrapib in combination with ezetimibe as an adjunct to high-intensity statin therapy, obicetrapib in combination with ezetimibe met its primary and secondary endpoints, with statistically significant reductions in LDL-C observed. In five of our Phase 2 clinical trials, TULIP, ROSE, OCEAN, ROSE2 and our Japan Phase 2b clinical trial, evaluating obicetrapib as a monotherapy or a combination therapy with ezetimibe 10 mg, we observed statistically significant LDL-C lowering with side effects similar in frequency and severity to placebo including muscle-related side effects and drug-related treatment emergent serious adverse events. We have observed obicetrapib to be well tolerated in an aggregate of over 3,500 patients with low or moderately elevated LDL-C levels ("dyslipidemia") in our clinical trials to date. Furthermore, we believe that obicetrapib's oral delivery, demonstrated activity at low doses, chemical properties and tolerability make it well-suited for combination approaches.

Lowering of LDL-C, has been associated with major adverse cardiovascular events ("MACE") benefit in trials of LDL-C lowering drugs, including the REVEAL trial with the CETP inhibitor, anacetrapib. In our Phase 3 BROADWAY clinical trial we observed a 21% reduction in the exploratory MACE endpoint (coronary heart disease death, non-fatal myocardial infarction, non-fatal stroke and coronary revascularization) and we are performing a Phase 3 cardiovascular outcomes trial ("CVOT"), PREVAIL, to reconfirm this relationship.

In our clinical trials, obicetrapib has not only reduced LDL-C but also several additional biomarkers associated with MACE including non-HDL-C, apolipoprotein B, and small dense lipoprotein particles. We have also observed reductions in Lp(a), which is believed to be an independent MACE risk factor, along with reductions in total lipoprotein ("LDL") particles and more specifically small LDL particles, which are believed to be more atherogenic particles.

CVD is a leading cause of death worldwide. Atherosclerotic cardiovascular disease ("ASCVD") is primarily caused by atherosclerosis, which involves the build-up of fatty material within the inner walls of the arteries. Atherosclerosis is the primary cause of heart attacks, strokes and peripheral vascular disease. One of the most

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important risk factors for ASCVD is hypercholesterolemia, which refers to elevated LDL-C levels within the body, commonly known as high cholesterol.

A significant proportion of patients with high cholesterol do not achieve acceptable LDL-C levels using statin therapy alone. We estimate that in the United States there are approximately 30 million patients that are not at their risk-based LDL-C goals despite treatment with lipid lowering therapy, including approximately 13 million with ASCVD. Existing non-statin treatment options have been largely unable to address the needs of patients with high cholesterol due to limited efficacy, an inconvenient injectable administration route and, in the past, market access restrictions. It is estimated that over 75% of ASCVD and heterozygous familial hypercholesterolemia ("HeFH") outpatients prefer oral drugs to injectable therapies.

Our goal is to develop and commercialize an LDL-C lowering monotherapy and a fixed-dose combination therapy, which offers the advantage of a single, low dose, once-daily oral pill, and fulfills the significant unmet need for an effective and convenient LDL-C lowering therapy. If we obtain marketing approval, we intend to commercialize obicetrapib for patients with ASCVD and/or HeFH and elevated levels of LDL-C despite being treated with currently available optimal lipid lowering therapy.

We have partnered with Menarini, providing them with the exclusive rights to commercialize obicetrapib 10 mg, either as a sole active ingredient product or in a fixed-dose combination with ezetimibe, in the majority of European countries, if approved. Subject to receipt of marketing approval, our current plan is to pursue development and commercialization of obicetrapib in the United States ourselves, and to consider additional partners for jurisdictions outside of the United States and the European Union (the "EU"), including in Japan and China. In addition to our partnership with Menarini, we may in the future utilize a variety of types of collaboration, license, monetization, distribution and other arrangements with other third parties relating to the development or commercialization, once approved, of obicetrapib or future product candidates or indications. We are also continually evaluating the potential acquisition or license of new product candidates.

***Recent Developments***

*Positive Alzheimer's Disease Biomarker Data from BROADWAY Clinical Trial*

On July 30, 2025, we announced data from the prespecified AD biomarker analysis in our BROADWAY clinical trial. The BROADWAY trial was primarily designed as a pivotal Phase 3 trial to evaluate LDL-C lowering efficacy of obicetrapib in adult patients with established ASCVD and/or HeFH, whose LDL-C is not adequately controlled, despite being on maximally tolerated lipid-lowering therapy. In connection with this trial, a prespecified analysis evaluated the effect of obicetrapib on plasma biomarkers of AD in 1,515 patients with established ASCVD and/or HeFH whose ApoE status was able to be determined based on phenotypic testing, including 367 ApoE4 carriers. ApoE4 is both a risk factor for cardiovascular disease and AD where ApoE4 carriers generally exhibit higher levels of LDL-C, Lp(a), and reduced cholesterol transport and clearance. Safety in this population was not evaluated independently from the overall BROADWAY study population, where obicetrapib was observed to be well-tolerated, with safety results comparable to placebo. Because this analysis was based on a subset of patients from BROADWAY (which was designed to evaluate LDL-C reductions in an ASCVD and/or HeFH population), it was not controlled for baseline differences between the treatment and placebo population.

In this analysis, treatment with obicetrapib 10 mg daily for 12 months resulted in statistically significant lower absolute changes in plasma p-tau217, a key biomarker of AD pathology, in both the analysis set of patients with baseline and end of study datapoints above the lower limit of quantification and excluding ApoE2/ApoE4 carriers (p=0.0019; n=1,515) and in the ApoE4 carriers (p=0.0215; n=367). Favorable trends were also observed across additional biomarkers, including neurofilament light chain ("NFL"), glial fibrillary acidic protein ("GFAP"), p-tau181, and the Aβ42/40 ratio, in the full analysis set and in ApoE4 carriers, with the greatest effect generally observed in carriers of two E4 proteins.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**<u>Percent change in AD biomarkers among E4/E4 carriers versus placebo (n=29)</u>** | &nbsp;&nbsp;**<u>Percent change in AD biomarkers among E4/E4 carriers versus placebo (n=29)</u>** | &nbsp;&nbsp;**<u>Percent change in AD biomarkers among E4/E4 carriers versus placebo (n=29)</u>** | &nbsp;&nbsp;**<u>Percent change in AD biomarkers among E4/E4 carriers versus placebo (n=29)</u>** | &nbsp;&nbsp;**<u>Percent change in AD biomarkers among E4/E4 carriers versus placebo (n=29)</u>** | &nbsp;&nbsp;**<u>Percent change in AD biomarkers among E4/E4 carriers versus placebo (n=29)</u>** | &nbsp;&nbsp;**<u>Percent change in AD biomarkers among E4/E4 carriers versus placebo (n=29)</u>** |
| &nbsp;&nbsp;**Biomarker** | &nbsp;&nbsp;**p-tau217** | &nbsp;&nbsp;**NFL** | &nbsp;&nbsp;**GFAP** | &nbsp;&nbsp;**p-tau181** | &nbsp;&nbsp;**Aβ42/40** | &nbsp;&nbsp;**p-tau217/ (Aβ42/40)** |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Mean % Change** | &nbsp;&nbsp;-20.48% | &nbsp;&nbsp;-17.31% | &nbsp;&nbsp;-15.24% | &nbsp;&nbsp;-13.67% | &nbsp;&nbsp;-7.96% | &nbsp;&nbsp;-22.65% |
| &nbsp;&nbsp;***p-value*** | &nbsp;&nbsp;*0.010* | &nbsp;&nbsp;*0.020* | &nbsp;&nbsp;*0.006* | &nbsp;&nbsp;*0.06* | &nbsp;&nbsp;*0.013* | &nbsp;&nbsp;*0.032* |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**<u>Percent change in p-tau217 progression by subgroup versus placebo</u>** | &nbsp;&nbsp;**<u>Percent change in p-tau217 progression by subgroup versus placebo</u>** | &nbsp;&nbsp;**<u>Percent change in p-tau217 progression by subgroup versus placebo</u>** | &nbsp;&nbsp;**<u>Percent change in p-tau217 progression by subgroup versus placebo</u>** | &nbsp;&nbsp;**<u>Percent change in p-tau217 progression by subgroup versus placebo</u>** | &nbsp;&nbsp;**<u>Percent change in p-tau217 progression by subgroup versus placebo</u>** |
| &nbsp;&nbsp;**Biomarker** | &nbsp;&nbsp;**Full Analysis Set** | &nbsp;&nbsp;**ApoE4 Carriers** | &nbsp;&nbsp;**ApoE4,** | &nbsp;&nbsp;**ApoE4,** | &nbsp;&nbsp;**ApoE4/E4** |
| &nbsp;&nbsp;**n=** | &nbsp;&nbsp;1515 | &nbsp;&nbsp;367 | &nbsp;&nbsp;283 | &nbsp;&nbsp;139 | &nbsp;&nbsp;29 |
| &nbsp;&nbsp;**Mean % Change** | &nbsp;&nbsp;-2.99% | &nbsp;&nbsp;-5.74% | &nbsp;&nbsp;-5.40% | &nbsp;&nbsp;-8.39% | &nbsp;&nbsp;-20.48% |
| &nbsp;&nbsp;***p-value*** | &nbsp;&nbsp;*0.019* | &nbsp;&nbsp;*0.022* | &nbsp;&nbsp;*0.06* | &nbsp;&nbsp;*0.039* | &nbsp;&nbsp;*0.010* |

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p-tau217 is one of the first biomarkers to provide evidence of neurodegeneration and can begin to increase more than 20 years before onset of cognitive impairment. In addition, p-tau217 has been reported to have significantly higher accuracy in assessing AD than alternative plasma- or MRI-based analyses, and its performance has been reported to not significantly differ from key CSF- or PET-based measures. NFL and GFAP biomarkers are also considered predictive of neurodegeneration, and elevated levels in the blood have been associated with AD progression and pathology. These results build on the Company's Phase 2a proof of concept trial and preclinical data, which showed reductions in brain cholesterol metabolites and stabilization of AD biomarkers in ApoE4 carriers.

***Components of our Results of Operations***

*Revenue* 

To date, we have not generated any revenue from the sale of pharmaceutical products. Our revenue has been solely derived from our license agreement with Menarini. Two performance obligations for the Menarini license were identified at contract inception, comprising a license to use our intellectual property (the "license performance obligation") and a promise to continue the development activities for the licensed compound (the "R&D performance obligation"). Pursuant to the Menarini License, we received a non-refundable, non-creditable upfront amount of $120.9 million (€115.0 million) from Menarini on July 7, 2022, of which $98.6 million (€93.5 million) was attributed to the license performance obligation and recognized as revenue upon the execution of the Menarini License on June 23, 2022. The remaining $22.3 million (€21.5 million) was attributed to the R&D performance obligation and initially recognized as deferred revenue. As of June 30, 2025, the R&D performance obligation had been deemed to be completely satisfied and all deferred revenue related to such performance obligation was recognized.

Additionally, in partial contribution to our costs of development of the licensed products, Menarini may pay us €27.5 million, payable in two equal annual installments and attributed entirely to the R&D performance obligation. Due to the scientific uncertainties around the commercialization of the licensed products based on the success of clinical trials, which is out of our control, the fixed €27.5 million was considered constrained at contract execution and was not initially recognized within the transaction price until it becomes highly probable of no significant revenue reversal. As of June 30, 2025, both annual development cost contributions had been recognized within the transaction price.

Under the Menarini License, we are also entitled to receive certain cost sharing payments, sales-based royalties and payments based upon the achievement of defined development, regulatory and commercial milestones linked to the enhanced value of the license performance obligation. These milestones are contingent payments and represent variable considerations that are not initially recognized within the transaction price, due to the scientific uncertainties around the commercialization of the licensed products based on the success of clinical trials. Our ability to receive and generate revenue from these payments is dependent upon a number of factors, including our ability to successfully complete the development of and obtain regulatory approval for obicetrapib within the Menarini Territory. The uncertainty of achieving these milestones significantly impacts our ability to generate revenue. At the end of each reporting period, we assess the probability of significant reversals for any amounts that

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become likely to be realized prior to recognizing the variable consideration associated with these payments within the transaction price.

We do not expect to generate any revenue from product sales for the foreseeable future. Any revenue generated from potential future collaborations may vary due to the many uncertainties in the development of obicetrapib and other factors.

*Research and Development Expenses*

Research and development expenses are recognized as an expense when incurred and are typically made up of costs from our clinical and preclinical activities, drug development and manufacturing costs, and costs for contract research organizations ("CROs") and investigative sites. Costs for certain development activities, such as clinical trials, are recognized based on an evaluation of the progress to completion of specific tasks using data provided by vendors of their actual costs incurred. At each balance sheet date, we estimate the level of services provided by vendors and the associated expenditure incurred for the services performed.

All such costs are for the purpose of advancing our product candidates to successfully complete clinical development, attain regulatory approval and, if approved, commercialize our product candidates. Much of our current focus in our ongoing trials is on patient recruitment and retention and data cleaning. Research and development expenses consist of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•clinical expenses primarily incurred by CROs assisting with our sponsored clinical trials and including clinical investigator costs, patient enrollments and costs of clinical sites;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•manufacturing expenses arising from investments in commercial manufacturing capabilities and active pharmaceutical ingredient and drug product development as performed by our contract manufacturing organizations ("CMOs");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•costs associated with obtaining potential regulatory approval of our product candidates, including preparation and submission of filings, ongoing monitoring and compliance with comments and recommendations provided by regulatory authorities, and regulatory-related advisory fees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•contracted personnel and employment costs attributed to research and development efforts, which includes management fees, salaries, share-based compensation expenses, bonus plans and payments to contractors who work for us for a fixed number of hours per week or per month;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•preclinical and nonclinical research and development expenses of our product candidates; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•other clinical costs such as clinical trial insurance and other consultancy fees.

We expect our research and development expenses to be significant as we advance our product candidates through clinical trials and pursue regulatory approval. The process of conducting the necessary clinical trials to obtain regulatory approval is costly and time-consuming. Clinical trials generally become larger and more costly to conduct as they advance into later stages and, in the future, we will be required to make estimates for expense accruals related to clinical trial expenses. At this time, we cannot reasonably estimate or know the nature, timing and estimated costs of the efforts that will be necessary to complete the development of obicetrapib as a monotherapy and as a fixed-dose combination with ezetimibe. See the section entitled "*Risk Factors—Risks Related to Our Product Development, Regulatory Approval and Commercialization*" contained in the Annual Report for more information regarding the risks associated with clinical development.

*Selling, General and Administrative Expenses*

We recognize selling, general and administrative expenses on the accrual basis when incurred. These expenses mainly relate to consultant fees, employee costs, legal costs, marketing and communication, intellectual property costs due to increased efforts to drug patent development and protection globally, and general overhead costs.

Due to the general growth of the organization associated with administering ongoing and planned clinical trials and our focus on commercial preparedness, we expect that our selling, general and administrative expenses may increase. We will incur increased accounting, audit, legal, regulatory, compliance, director and officer insurance costs as well as investor and public relations expenses associated with being a public company. Additionally, if and when a regulatory approval of a product candidate appears likely, we anticipate an increase in payroll and expenses as a result of our preparation for commercial operations.

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*Interest Income*

Interest income is recognized using the effective interest rate method. Interest income for the three and six months ended June 30, 2025 and 2024 is related to interest earned on cash, cash equivalents and marketable securities.

*Net Foreign Exchange Gain/Loss*

Our exchange gain relates mainly to cash balances denominated in foreign currencies, but also to transactions denominated in foreign currencies. Our foreign currency exposure is mainly related to the Euro. As of June 30, 2025, our net exposure to foreign currency risk was $124.3 million, as compared to $108.6 million as of December 31, 2024.

*Income Tax*

We have a history of losses and therefore have de minimis amounts of corporate tax. We expect to continue incurring losses as we continue to invest in our clinical and preclinical development programs. Consequently, any deferred tax assets are fully offset by a valuation allowance on our balance sheet.

**Results of Operations**

***Comparison of the three months ended June 30, 2025 and 2024***

The following table summarizes our consolidated statements of operations for the periods indicated:

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| | | | |
|:---|:---|:---|:---|
|  | **For the three months ended June 30,** | **For the three months ended June 30,** |  |
| *(In thousands of USD)* | **2025** | **2024** | **Change** |
| Revenue | 19145 | 2279 | 16866 |
| Operating Expenses: |  |  |  |
| &nbsp;&nbsp;Research and development expenses | 27516 | 38379 | (10863) |
| &nbsp;&nbsp;Selling, general and administrative expenses | 27264 | 16475 | 10789 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses | 54780 | 54854 | (74) |
| Operating Loss | (35635) | (52575) | 16940 |
| Other income (expense): |  |  |  |
| &nbsp;&nbsp;Interest Income | 7055 | 4870 | 2185 |
| &nbsp;&nbsp;Fair value change - earnout |  | 3096 | (3096) |
| &nbsp;&nbsp;Fair value change - warrants | 2590 | 6596 | (4006) |
| &nbsp;&nbsp;Foreign exchange gains/(losses) | 8626 | (994) | 9620 |
| Loss before tax | (17364) | (39007) | 21643 |
| &nbsp;&nbsp;Income tax expense |  |  |  |
| Loss for the period | (17364) | (39007) | 21643 |

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*Revenue* 

Revenue was $19.1 million for the three months ended June 30, 2025 compared to $2.3 million for the three months ended June 30, 2024, an increase of $16.8 million, or 740%. This increase is largely due to the recognition of $16.1 million of revenue in the current period related to the second installment of development cost contributions under the Menarini License.

*Research and Development Expenses*

Research and development expenses were $27.5 million for the three months ended June 30, 2025 compared to $38.4 million for the three months ended June 30, 2024, a decrease of $10.9 million, or 28%. This was primarily driven by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•a $15.0 million decrease in clinical expenses mainly due to the completion of several Phase 3 clinical trials in the second half of 2024 and cost phasing in ongoing clinical trials;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•partially offset by a $2.4 million increase in personnel expenses related to research and development activities primarily driven by our share-based compensation arrangements which account for $2.1 million of the increase;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•a $1.3 million increase in non-clinical expenses due to greater activity related to pipeline expansion and product lifecycle management; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•a $0.6 million increase in regulatory expenses primarily driven by the preparation and planned submission of regulatory applications for obicetrapib.

The following table summarizes our research and development expenses for the periods indicated:

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| | | | |
|:---|:---|:---|:---|
|  | **For the three months ended June 30,** | **For the three months ended June 30,** |  |
| *(In thousands of USD)* | **2025** | **2024** | **Change** |
| Clinical expenses | 12969 | 28002 | (15033) |
| Non-clinical expenses | 1580 | 301 | 1279 |
| Personnel expenses | 7625 | 5245 | 2380 |
| Manufacturing costs | 4289 | 4277 | 12 |
| Regulatory expenses | 1025 | 408 | 617 |
| Other research and development costs | 28 | 146 | (118) |
| **Total research and development expenses** | **27516** | **38379** | **(10863)** |

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*Selling, General and Administrative Expenses*

Selling, general and administrative expenses were $27.3 million for the three months ended June 30, 2025 compared to $16.5 million for the three months ended June 30, 2024, an increase of $10.8 million or 65%. This was primarily driven by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•a $7.8 million increase in personnel expenses related to selling, general and administrative activities primarily driven by our share-based compensation arrangements which account for $4.8 million of the increase. The remainder was largely due to increased recruitment and employment costs for individuals involved with administrative and commercial preparedness activities to support the growth of the organization and operation as a public company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•a $2.1 million increase in marketing and communication expenses related to startup costs as we began to build capabilities to support our planned commercial launch of obicetrapib, if approved; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•a $0.6 million increase in costs related to our intellectual property primarily driven by worldwide patent filings.

*Interest Income*

Interest income was $7.1 million for the three months ended June 30, 2025 compared to $4.9 million for the three months ended June 30, 2024, an increase of $2.2 million or 45%. This increase was largely driven by an increase in the amount of cash, cash equivalents and marketable debt securities on which interest was earned.

*Fair Value Change - Earnout*

Fair value change - earnout was nil for the three months ended June 30, 2025 compared to a gain of $3.1 million for the three months ended June 30, 2024. The earnout liability was settled in full in March 2025.

*Fair Value Change - Warrants*

Fair value change - warrants was a gain of $2.6 million for the three months ended June 30, 2025 compared to a gain of $6.6 million for the three months ended June 30, 2024. The change is driven by changes in the market price of the warrants trading under the symbol "NAMSW" (the "Warrants") during the period.

*Foreign Exchange Gains/(Losses)*

Net foreign exchange gains/(losses) were a gain of $8.6 million for the three months ended June 30, 2025 compared to a loss of $1.0 million for the three months ended June 30, 2024. This change was largely driven by movements in the exchange rate for Euros which is our primary foreign currency exposure.

*Loss for the Period*

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Loss for the period was $17.4 million for the three months ended June 30, 2025 compared to $39.0 million for the three months ended June 30, 2024, a decrease of $21.6 million. The individual components of the change are described above.

***Comparison of the six months ended June 30, 2025 and 2024***

The following table summarizes our consolidated statements of operations for the periods indicated:

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| | | | |
|:---|:---|:---|:---|
|  | **For the six months ended June 30,** | **For the six months ended June 30,** |  |
| *(In thousands of USD)* | **2025** | **2024** | **Change** |
| Revenue | 22123 | 3680 | 18443 |
| Operating Expenses: |  |  |  |
| &nbsp;&nbsp;Research and development expenses | 72267 | 80809 | (8542) |
| &nbsp;&nbsp;Selling, general and administrative expenses | 54416 | 30928 | 23488 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses | 126683 | 111737 | 14946 |
| Operating Loss | (104560) | (108057) | 3497 |
| Other income (expense): |  |  |  |
| &nbsp;&nbsp;Interest Income | 14406 | 7953 | 6453 |
| &nbsp;&nbsp;Fair value change - earnout | 3992 | (5606) | 9598 |
| &nbsp;&nbsp;Fair value change - warrants | 16352 | (23652) | 40004 |
| &nbsp;&nbsp;Foreign exchange gains/(losses) | 12919 | (3412) | 16331 |
| Loss before tax | (56891) | (132774) | 75883 |
| &nbsp;&nbsp;Income tax expense |  |  |  |
| Loss for the period | (56891) | (132774) | 75883 |

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*Revenue* 

Revenue was $22.1 million for the six months ended June 30, 2025 compared to $3.7 million for the six months ended June 30, 2024, an increase of $18.4 million, or 501%. This increase was largely due to the recognition of $16.1 million of revenue related to the second installment of development cost contributions under the Menarini License in the current period. The remaining increase was due to the 2024 increase in transaction price attributable to the R&D performance obligation.

*Research and Development Expenses*

Research and development expenses were $72.3 million for the six months ended June 30, 2025 compared to $80.8 million for the six months ended June 30, 2024, a decrease of $8.5 million, or 11%. This was primarily driven by a:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•a $23.1 million decrease in clinical expenses mainly due to the completion of several Phase 3 clinical trials in the second half of 2024 and cost phasing in ongoing clinical trials;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•partially offset by a $6.1 million increase in non-clinical expenses due to greater activity related to pipeline expansion and product lifecycle management;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•a $5.3 million increase in personnel expenses related to research and development activities primarily driven by our share-based compensation arrangements which accounted for $3.9 million of the increase;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•a $2.2 million increase in manufacturing expenses driven by investments in commercial manufacturing capabilities; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•a $1.1 million increase in regulatory expenses primarily driven by the preparation and planned submission of regulatory applications for obicetrapib.

The following table summarizes our research and development expenses for the periods indicated:

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| | | | |
|:---|:---|:---|:---|
|  | **For the six months ended June 30,** | **For the six months ended June 30,** |  |
| *(In thousands of USD)* | **2025** | **2024** | **Change** |
| Clinical expenses | 36979 | 60091 | (23112) |
| Non-clinical expenses | 6863 | 796 | 6067 |
| Personnel expenses | 16191 | 10918 | 5273 |
| Manufacturing costs | 10130 | 7938 | 2192 |
| Regulatory expenses | 2042 | 900 | 1142 |
| Other research and development costs | 62 | 166 | (104) |
| **Total research and development expenses** | **72267** | **80809** | **(8542)** |

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*Selling, General and Administrative Expenses*

Selling, general and administrative expenses were $54.4 million for the six months ended June 30, 2025 compared to $30.9 million for the six months ended June 30, 2024, an increase of $23.5 million or 76%. This was primarily driven by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•a $17.3 million increase in personnel expenses related to selling, general and administrative activities primarily driven by our share-based compensation arrangements which accounted for $10.3 million of the increase. The remainder was largely due to increased recruitment and employment costs for individuals involved with administrative and commercial preparedness activities to support the growth of the organization and operation as a public company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•a $4.1 million increase in marketing and communication expenses related to startup costs as we began to build capabilities to support our planned commercial launch of obicetrapib, if approved; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•a $1.4 million increase in costs related to our intellectual property primarily driven by worldwide patent filings.

*Interest Income*

Interest income was $14.4 million for the six months ended June 30, 2025 compared to $8.0 million for the six months ended June 30, 2024, an increase of $6.4 million or 80%. This increase was largely driven by an increase in the amount of cash, cash equivalents and marketable debt securities on which interest was earned.

*Fair Value Change - Earnout*

Fair value change - earnout was a gain of $4.0 million for the six months ended June 30, 2025 compared to a loss of $5.6 million for the six months ended June 30, 2024. The change was driven by changes in the market price for ordinary shares which trade under the symbol "NAMS" (the "Ordinary Shares") prior to the settlement of the earnout liability, which occurred in March 2025.

*Fair Value Change - Warrants*

Fair value change - warrants was a gain of $16.4 million for the six months ended June 30, 2025 compared to a loss of $23.7 million for the six months ended June 30, 2024. The change was driven by changes in the market price of the Warrants during the period.

*Foreign Exchange Gains/(Losses)*

Net foreign exchange gains/(losses) were a gain of $12.9 million for the six months ended June 30, 2025 compared to a loss of $3.4 million for the three months ended June 30, 2024. This change was largely driven by movements in the exchange rate for Euros which is our primary foreign currency exposure.

*Loss for the Period*

Loss for the period was $56.9 million for the six months ended June 30, 2025 compared to $132.8 million for the six months ended June 30, 2024, a decrease of $75.9 million. The individual components of the change are described above.

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**Liquidity and Capital Resources**

***Overview***

To date, we have devoted substantially all of our resources to organizing and staffing our company, business planning, raising capital, undertaking preclinical studies and conducting clinical trials of obicetrapib. As a result, we are not yet profitable and have incurred losses in each annual period since our inception. As of June 30, 2025, we had an accumulated loss of $615.5 million. We expect to continue to incur significant losses for the foreseeable future.

We have historically funded our operations primarily through private and public placements of shares, the sale of convertible notes, proceeds from the Menarini License and the proceeds from the closing of the transactions contemplated by the Business Combination Agreement. As of June 30, 2025, we had cash, cash equivalents and marketable securities of $783.3 million.

***Sources of Liquidity***

*December 2024 Follow-on Offering*

On December 13, 2024, we completed an underwritten public offering (the "December 2024 Offering") of 14,667,347 Ordinary Shares at a public offering price of $24.50 per Ordinary Share and, in lieu of Ordinary Shares to certain investors, Pre-Funded Warrants to purchase 4,882,653 Ordinary Shares at a public offering price of $24.4999 per Pre-Funded Warrant, which represents the per share public offering price for the Ordinary Shares, less the $0.0001 per share exercise price for each such Pre-Funded Warrant. Of the 14,667,347 Ordinary Shares issued and sold in the December 2024 Offering, 2,550,000 Ordinary Shares were issued and sold pursuant to the exercise of the underwriters' option to purchase additional Ordinary Shares at the public offering price per share. The net proceeds to the Company from the December 2024 Offering were $453.4 million after deducting underwriting discounts and commissions and offering expenses payable by the Company.

*February 2024 Follow-on Offering*

On February 16, 2024, we completed an underwritten public offering (the "February 2024 Offering") of 5,871,909 Ordinary Shares at a public offering price of $19.00 per Ordinary Share and, in lieu of Ordinary Shares to certain investors, Pre-Funded Warrants to purchase 4,736,841 Ordinary Shares at a public offering price of $18.9999 per Pre-Funded Warrant, which represents the per share public offering price for the Ordinary Shares less the $0.0001 per share exercise price for each such Pre-Funded Warrant. Of the 5,871,909 Ordinary Shares issued and sold in the February 2024 Offering, 1,383,750 Ordinary Shares were issued and sold pursuant to the exercise of the underwriters' option to purchase additional Ordinary Shares at the public offering price per share. The net proceeds to the Company from the February 2024 Offering were $190.0 million after deducting underwriting discounts and commissions and offering expenses payable by the Company.

*At-the-Market Offering*

On August 9, 2024, we entered into an amended and restated sales agreement (the "Sales Agreement") with Cowen and Company, 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 six months ended June 30, 2025, we did not sell any Ordinary Shares pursuant to the Sales Agreement.

*Menarini License*

On June 23, 2022, we entered into the Menarini License, pursuant to which we granted Menarini an exclusive, royalty-bearing, sublicensable license under certain of our intellectual property and our regulatory documentation to undertake post approval development activities and commercialize the Licensed Products, for any use in the Menarini Territory. Pursuant to the Menarini License, Menarini made a non-refundable, non-creditable upfront payment to us of €115 million. Menarini has also committed to providing us €27.5 million in funding for the research and development activities related to the Licensed Products over two years, together with bearing 50% of any development costs incurred in respect of the pediatric population in the Menarini Territory. We are also eligible to receive up to €863 million upon the achievement of various clinical, regulatory and commercial milestones. If

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obicetrapib is approved, and successfully commercialized by Menarini, we will be entitled to tiered royalties ranging from the low double-digits to the mid-twenties as a percentage of net sales in the Menarini Territory, with royalty step-downs in the event of generic entrance or in respect of required third-party intellectual property payments. See the section entitled "*Business—Commercial*" contained in our Annual Report for a full description of the Menarini License.

As of June 30, 2025, we have received a total of €30 million and €13.8 million in milestone payments and R&D cost reimbursements, respectively, from Menarini, including €13.8 million which was received in the six months ended June 30, 2025.

*Warrants*

In the six months ended June 30, 2025, 16,042 Warrants were exercised at an exercise price of $11.50 per Ordinary Share generating gross proceeds of $0.2 million. As of June 30, 2025, we had another 2,616,539 outstanding Warrants to purchase 2,616,539 Ordinary Shares, exercisable at an exercise price of $11.50 per share, which expire on November 23, 2027, at 5:00 p.m., Eastern Standard Time. Based on the exercise price of the Warrants, we may receive up to $30.1 million assuming the exercise of all Warrants outstanding as of June 30, 2025. The exercise of the Warrants, and any proceeds we may receive from their exercise, are highly dependent on the price of our Ordinary Shares and the spread between the exercise price of the Warrant and the price of an Ordinary Share at the time of exercise. For example, to the extent that the trading price of the Ordinary Shares exceeds $11.50 per share, it is more likely that holders of our Warrants will exercise their Warrants. If the trading price of the Ordinary Shares is less than $11.50 per share, it is unlikely that such holders will exercise their Warrants. The exercise price of the Warrants has at times exceeded the market price of the Ordinary Shares. To the extent that the price of our Ordinary Shares is below $11.50, we believe that the Warrant holders will be unlikely to cash exercise their warrants, resulting in little to no cash proceeds to us. There can be no assurance that our Warrants will be in the money prior to their expiration and, as such, certain unexercised Warrants may expire worthless. As such, it is possible that we may never generate any additional cash proceeds from the exercise of our Warrants. We have not included, and do not intend to include, any potential cash proceeds from the exercise of our Warrants in our short-term or long-term liquidity projections. We will continue to evaluate the probability that the Warrants are exercised over the life of our Warrants and the merit of including potential cash proceeds from the exercise thereof in our liquidity projections.

***Cash Flows***

The following is a summary of cash flows for the six months ended June 30, 2025 and 2024:

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| | | |
|:---|:---|:---|
|  | **For the six months<br>ended June 30,** | **For the six months<br>ended June 30,** |
| *(In thousands of USD)* | **2025** | **2024** |
| Net cash used in operating activities | (74139) | (108581) |
| Net cash used in investing activities | (156281) | (594) |
| Net cash provided by financing activities | 9944 | 202838 |
| Foreign exchange differences | 12597 | (3405) |
| Cash at the beginning of the period | 771743 | 340450 |
| **Cash at the end of the period** | **563864** | **430708** |

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*Net Cash Flows Used In Operating Activities* 

Net cash flows used in operating activities was $74.1 million in the six months ended June 30, 2025 compared to $108.6 million in the six months ended June 30, 2024, a decrease of $34.5 million. This change was primarily due to an increase in interest income and the receipt of the first of two annual development cost contributions due under the Menarini License.

*Net Cash Flows Used In Investing Activities*

Net cash flows used in investing activities was $156.3 million in the six months ended June 30, 2025 compared to $0.6 million in the six months ended June 30, 2024, a change of $155.7 million. The change was primarily due to

------

our investments in available-for-sale debt securities of which we had none in the six months ended June 30, 2024. During the six months ended June 30, 2025, purchases of debt securities totaled $193.3 million, partially offset by maturities of debt securities totaling $37.2 million.

*Net Cash Flows Provided By Financing Activities* 

Net cash flows provided by financing activities was $9.9 million in the six months ended June 30, 2025 compared to $202.8 million in the six months ended June 30, 2024, a decrease of $192.9 million. This decrease was primarily related to the receipt of proceeds from the February 2024 Offering in the prior year.

***Operating Capital and Capital Expenditure Requirements***

*Third-Party Service Agreements* 

We have entered into a variety of agreements and financial commitments in the normal course of business with CROs, CMOs, and other third parties for preclinical and clinical development and manufacturing services. The terms generally provide us with the option to cancel, reschedule and adjust our requirements based on our 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-cancelable obligations of our service providers, up to the date of cancellation. However, some of our service providers also charge cancellation fees upon cancellation. The amount and timing of such payments are not known, but at June 30, 2025 they are estimated to be a maximum of $18.3 million due within one year and $2.2 million due in more than a year. As at June 30, 2025, we had cash and cash equivalents of $563.9 million which is sufficient to fund these obligations.

*Leases* 

We are party to a services agreement (the "Naarden Lease") pursuant to which an affiliate of Forbion leased us office space, an office lease agreement with Renaissance Aventura LLC, dated May 24, 2021, as amended April 9, 2024 (as amended, the "Miami Lease"), and an office sublease agreement with GR8 People, Inc., dated April 2, 2024 (the "Yardley Lease"). Under the Naarden Lease, we are obligated to pay €40 thousand per year in rent. The Naarden Lease will continue until terminated by either us or the landlord. Pursuant to the Miami Lease, we are required to pay annual rent ranging from $75 thousand to $82 thousand, increasing from the low end of the range to the higher end of the range for each year of the lease. The Miami Lease will expire by its terms on October 31, 2027, unless terminated earlier by either party pursuant to the terms of the Miami Lease. Pursuant to the Yardley Lease, we are required to pay annual rent ranging from $189 thousand to $194 thousand, increasing from the low end of the range to the higher end of the range for each year of the lease. The Yardley Lease will expire by its terms on April 3, 2026, unless terminated earlier by either party pursuant to the terms of the Yardley Lease.

*Menarini License* 

We will be responsible for the development and commercialization costs related to Licensed Products other than those in the Menarini Territory. In addition, under specified conditions of the agreement, we agreed to bear 50% of certain development costs incurred by the other party in the development of the Licensed Products in the Menarini Territory. See the section entitled "*Business—Marketing and Sales*" contained in the Annual Report for a description of the Menarini License.

**Critical Accounting Policies and Estimates**

The preparation of our consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. We based our estimates on historical experience, known trends and other market-specific or other relevant factors that we believe to be reasonable under the circumstances. On an ongoing basis, management evaluates its estimates when there are changes in circumstances, facts and experience. Changes in estimates are recorded in the period in which they become known. If actual results differ from our estimates, or to the extent these estimates are adjusted in future periods, our results of operations could either benefit from, or be adversely affected by, any such change in estimate.

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See Note 2 to our consolidated financial statements in the Annual Report and Note 2 to our condensed consolidated financial statements included in Part I, Item 1 of this Quarterly Report for a summary of significant accounting policies and the effect on our consolidated financial statements.

**Item 3. Quantitative and Qualitative Disclosures About Market Risk.**

Our principal financial liabilities consist of trade and other payables, lease liabilities and derivative warrant liabilities. The main purpose of these financial liabilities is to finance our day-to-day operations. Our financial assets consist of prepayments and other receivables and cash, that are derived from our operating activities and funding.

We are exposed to market risk, credit risk and liquidity risk. Our senior management oversees the management of these risks. Our Board of Directors (the "Board of Directors") reviews and approves policies for managing each of these risks, which are summarized below.

*Market Risk* 

Market risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market prices. Market risk comprises interest rate risk, foreign currency risk and other price risks.

*Interest Rate Risk* 

We are exposed to interest rate risk primarily through our cash, cash equivalents and marketable securities. Changes in interest rates may cause variations in interest income and expense resulting from short-term interest-bearing assets. We invest in high-quality financial instruments, primarily money market funds and U.S. government and agency securities with maturities of less than one year, which we believe are subject to limited credit risk. We regularly review our investments and monitor the financial markets and we do not currently hedge interest rate exposure. Due to the nature of our investments, we do not believe an immediate 100 basis point change in interest rates would have a material effect on our financial condition. We do not believe that we have any material exposure to interest rate risk or changes in credit ratings arising from our investments.

*Foreign Currency Risk* 

Foreign currency risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in foreign exchange rates. Our exposure to the risk of changes in foreign exchange rates relates primarily to cash and trade and other payables denominated in currencies other than our functional currency, the U.S. Dollar. As of June 30, 2025, our net exposure to foreign currency risk was $124.3 million, mainly related to the Euro. As of June 30, 2025, the effect of a hypothetical 1% change in exchange rates on currencies denominated in other than our functional currency would result in a potential change in future earnings in our consolidated statement of operations of approximately $1.2 million.

We partly manage our foreign currency risk by selectively holding foreign currency in our cash to offset foreign currency exposures from lease liabilities and trade and other payables. We plan to use this cash to settle future expenses we expect to incur in those foreign currencies.

*Other Market Price Risk* 

As a result of the Business Combination, we have derivative warrant liabilities, which are measured at fair value through profit or loss. As of June 30, 2025 the fair value of the derivative warrant liabilities totaled $20.9 million. The value of the derivative warrant liability is directly correlated to the market price of a publicly traded Warrant which is traded under the symbol "NAMSW". With all other variables held constant, a 1% change in the market price of NAMSW would change the value of the derivative warrant liability by 1% or $0.2 million.

*Credit Risk* 

Credit risk is the risk that a counterparty will not meet its obligations under a financial instrument or customer contract, leading to a financial loss. We are exposed to credit risk primarily from our treasury activities, including deposits with banks and financial institutions and have limited credit risk exposure from our operating activities. We hold available cash in bank accounts with banks which have investment grade credit ratings. Management periodically reviews the creditworthiness of the banks with which it holds assets.

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We perform research and development activities and do not yet have any sales. We are able to reclaim value added tax, which is recoverable from tax authorities. Management periodically reviews the recoverability of the balance of input value added tax and believes it is fully recoverable.

**Item 4. Controls and Procedures.**

**Evaluation of Disclosure Controls and Procedures**

We have established disclosure controls and procedures designed to ensure that information required to be disclosed in the reports that we file or submit under the Securities Exchange Act of 1934, as amended (the "Exchange Act") is recorded, processed, summarized and reported within the time periods specified in the SEC's rules and forms and is accumulated and communicated to management, including our principal executive officer (our Chief Executive Officer) and principal financial officer (our Chief Financial Officer), to allow timely decisions regarding required disclosure.

Our management, under the supervision and with the participation of our Chief Executive Officer and Chief Financial Officer, has evaluated the effectiveness of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act) as of the end of the period covered by this Quarterly Report. Management recognizes that any disclosure controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving their objectives. Based on such evaluation, our Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures were effective at the reasonable assurance level as of June 30, 2025.

**Changes in Internal Controls over Financial Reporting** 

No change in our internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) occurred during the three months ended June 30, 2025 that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

**Limitations on the Effectiveness of Controls and Procedures** 

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

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**PART II—OTHER INFORMATION**

**Item 1. Legal Proceedings.**

We are not party to any material pending legal proceedings. From time to time, we may be involved in legal proceedings arising in the ordinary course of business.

***Item 1A. Risk Factors*** 

*Except as set forth below, there have been no material changes to the risk factors previously disclosed in Part I, "Item 1A. Risk Factors" of our Annual Report on Form 10-K for the year ended December 31, 2024, filed with the SEC on February 26, 2025.*

**Risks Related to Government Regulation** 

***Changes in U.S. government policies including increased tariffs could adversely affect our business.***

Significant political, trade, or regulatory developments in the jurisdictions in which we may sell our product, if approved, such as those stemming from the change in U.S. federal administration, are difficult to predict and may have a material adverse effect on us. Similarly, changes in U.S. federal policy that affect the geopolitical landscape could give rise to circumstances outside our control that could have negative impacts on our business operations. For example, recent policy actions by the Trump administration, including the imposition of new tariffs on imported materials and goods from certain non-U.S. countries, may have an adverse impact on our business.

In April 2025, the Trump administration imposed a baseline ten percent tariff on imports from all nations importing goods to the United States, with that baseline supplemented in certain cases by additional tariffs that vary by nation, product or industry. Retaliatory tariffs on U.S. goods have been imposed by, among others, China, Canada and the European Union. Historically, tariffs have led to increased trade and political tensions between the United States and other countries in the international community. Political tensions as a result of trade policies could reduce trade volume, investment, technological exchange, and other economic activities between major international economies, resulting in a material adverse effect on global economic conditions and the stability of global financial markets. Any changes in political, trade, regulatory, and economic conditions could have a material adverse effect on our financial condition or results of operations. In addition, increased tariffs on critical raw materials, components, and finished goods could raise our production costs and disrupt our supply chain, which could adversely affect our clinical development activities.

If these or similar policy changes continue or expand, we may face increased costs. Although we cannot predict the full extent of these impacts, any prolonged disruption could adversely affect our business, financial condition, and results of operations.

**Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.**

None.

**Item 3. Defaults Upon Senior Securities.**

None.

**Item 4. Mine Safety Disclosures.**

Not applicable.

**Item 5. Other Information.**

*Rule 10b5-1 Trading Arrangements*

Except as set forth below, during the three months ended June 30, 2025, none of our officers or directors adopted, amended or terminated a "Rule 10b5-1 trading arrangement," as defined in Item 408(c) of Regulation S-K, each of which is intended to satisfy the affirmative defense of Rule 10b5-1(c) under the Exchange Act.

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On April 4, 2025, Ian Somaiya, our Chief Financial Officer, terminated a Rule 10b5-1 trading arrangement for the potential sale of up to 200,000 Ordinary Shares. The arrangement was initially adopted on September 27, 2024.

On June 30, 2025, Michael Davidson, our Chief Executive Officer, modified his previously disclosed Rule 10b5-1 trading arrangement that he initially adopted on March 10, 2025. As modified, the plan provides for the potential sale of up to 750,000 Ordinary Shares, subject to certain price thresholds and other conditions, and will expire on October 30, 2026.

There were no "non-Rule 10b5-1 trading arrangements," as defined in Item 408(c) of Regulation S-K, entered into or terminated during the three months ended June 30, 2025.

**Item 6. Exhibits.**

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  |  | Incorporated by Reference to Filings Indicated | Incorporated by Reference to Filings Indicated | Incorporated by Reference to Filings Indicated |  |
| Exhibit No. | Description of Document | Form | File No. | Exhibit  | Filing Date | Filed Herewith |
| &nbsp;&nbsp;&nbsp;&nbsp;3.1 | [<u>English translation of the Deed of Conversion and Articles of Association of NewAmsterdam Pharma Company N.V.</u>](https://www.sec.gov/Archives/edgar/data/1936258/000119312522293435/d395531dex11.htm) | 20-F | 001-41562 | 1.1 | 11/28/22 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;10.1 | [<u>Form of Restricted Stock Unit Award Agreement</u>](nams-ex10_1.htm) |  |  |  |  | X |
| &nbsp;&nbsp;&nbsp;&nbsp;10.2 | [<u>Employment Agreement, dated July 11, 2025, between NewAmsterdam Pharma B.V. and Dr. John Kastelein.</u>](nams-ex10_2.htm) |  |  |  |  | X |
| &nbsp;&nbsp;&nbsp;&nbsp;31.1 | [<u>Certification of Principal Executive Officer Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.</u>](nams-ex31_1.htm) |  |  |  |  | X |
| &nbsp;&nbsp;&nbsp;&nbsp;31.2 | [<u>Certification of Principal Financial Officer Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.</u>](nams-ex31_2.htm) |  |  |  |  | X |
| &nbsp;&nbsp;&nbsp;&nbsp;32.1 | [<u>Certification of Principal Executive Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.</u>](nams-ex32_1.htm) |  |  |  |  | X |
| &nbsp;&nbsp;&nbsp;&nbsp;32.2 | [<u>Certification of Principal Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.</u>](nams-ex32_2.htm) |  |  |  |  | X |
| 101.INS | Inline XBRL Instance Document |  |  |  |  | X |
| 101.SCH | Inline XBRL Taxonomy Extension Schema With Embedded Linkbase Documents |  |  |  |  | X |
| 104 | Cover Page Interactive Data File-the cover page interactive data is embedded within the Inline XBRL document or included within the Exhibit 101 attachments  |  |  |  |  | X |

---

------

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

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| | | |
|:---|:---|:---|
|  | **NewAmsterdam Pharma Company N.V.** | **NewAmsterdam Pharma Company N.V.** |
| Date: August 6, 2025 | By: | /s/ Michael Davidson |
|  |  | Michael Davidson, M.D. |
|  |  | Chief Executive Officer and Director |
|  |  | *(Principal Executive Officer)* |
| Date: August 6, 2025 | By: | /s/ Ian Somaiya |
|  |  | Ian Somaiya |
|  |  | Chief Financial Officer |
|  |  | *(Principal Financial Officer)* |

---

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## Exhibit 10.1

**AWARD AGREEMENT**

**THIS AGREEMENT IS BETWEEN**

**1.** **NewAmsterdam Pharma Company N.V.**, a public company with limited liability, having its corporate seat in Naarden (address: Gooimeer 2-35 1411 DC Naarden, trade register number: 86649051) (the "**Company**"); and

**2.**[***name***] (the "**Participant**").

**NOW HEREBY AGREE AS FOLLOWS**

1.1.1Capitalised terms used herein have the meanings ascribed thereto in the Company's long-term incentive plan (the "**Plan**").

1.1.2In the event of a conflict among the provisions of the Plan, this agreement and/or any descriptive materials concerning the Award governed by this agreement provided to the Participant, the provisions of the Plan will prevail.

**1.1**The Participant has been granted an Award on the terms and subject to the conditions set out in the Plan and below:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;*Form of Award* | &nbsp;&nbsp;: | &nbsp;&nbsp;[***number***] RSUs |
| &nbsp;&nbsp;*Grant Date* | &nbsp;&nbsp;: | &nbsp;&nbsp;[***Date***] (the "**Grant Date**") |
| &nbsp;&nbsp;*Vesting Start Date* | &nbsp;&nbsp;: | &nbsp;&nbsp;[***Date***] |
| &nbsp;&nbsp;*Type of Award* | &nbsp;&nbsp;: | &nbsp;&nbsp;RSU |
| &nbsp;&nbsp;*Automatic settlement* | &nbsp;&nbsp;: | &nbsp;&nbsp;Yes |
| &nbsp;&nbsp;*Performance-based* | &nbsp;&nbsp;: | &nbsp;&nbsp;No |
| &nbsp;&nbsp;*Vesting schedule* | &nbsp;&nbsp;: | &nbsp;&nbsp;The first 1/3, rounded up to the nearest whole number, vesting on the first anniversary of the Vesting Start Date with the second 1/3, rounded up to the nearest whole number, vesting on the second anniversary of the Vesting Start Date, and the remainder vesting on the third anniversary of the Vesting Start Date. |
| &nbsp;&nbsp;*Good Leaver* | &nbsp;&nbsp;: | &nbsp;&nbsp;As per the terms of the Plan. |
| &nbsp;&nbsp;*Acceleration* | &nbsp;&nbsp;: | &nbsp;&nbsp;The vesting of this Award may be subject to acceleration in accordance with the terms of any binding agreement or letter by and among the Company or one of its affiliates and the Participant. |
| &nbsp;&nbsp;*Settlement and tax withholding* | &nbsp;&nbsp;: | &nbsp;&nbsp;Upon vesting, the Company shall be obliged to provide or pay to the Participant (or the beneficiary of such Earnout Awards, as applicable) one Plan Share for each Award vesting or an amount equal to the FMV of the Plan Shares underlying such Awards. The Company may satisfy such payment obligation in cash, in assets, in the form of Shares, or a combination thereof. Settlement in Plan Shares or  |

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| | | |
|:---|:---|:---|
|  |  | &nbsp;&nbsp;payment shall be made within thirty (30) days following vesting. Issuance of shares or payment of other amounts will be subject to applicable taxes and withholding as set forth in the LTIP. Unless otherwise determined by the Company, tax withholding obligations (if applicable) shall be satisfied by means of an immediate sale by or on behalf of the Participant of a sufficient number of Plan Shares underlying the Award being settled, with sale proceeds equal to the tax withholding being remitted to the Company and any remaining net sale proceeds (less applicable costs, if any) being paid to the Participant. By entering into this agreement, Participant hereby consents to and agrees to facilitate such sale of Plan Shares. Notwithstanding anything to the contrary in the Plan or the Award Agreement, if the Participant is subject to Section 16 of the Exchange Act (pursuant to Rule 16a-2 promulgated thereunder) (a "Section 16 Grantee"), at the time that all or any portion of the Award becomes subject to tax of any kind (including, but not limited to, federal, state, local, or non-U.S. income or employment tax), then the Committee may elect, in each instance of vesting, to satisfy the Section 16 Grantee's withholding obligation through Share withholding. |
| &nbsp;&nbsp;*Dividends*  | &nbsp;&nbsp;: | &nbsp;&nbsp;No dividends or distributions will be paid with respect to the Awards. If Awards are settled in Plan Shares, only dividends and distributions issued after such settlement will be paid.  |

---

1.1.3The Participant grants an irrevocable power of attorney to the Company, with full right of substitution, to perform on the Participant's behalf all acts necessary for or conducive to the administration and operation of the Plan, including the following matters (in each case consistent with and subject to the terms of this Plan):

1.1.4delivery of Plan Shares underlying Awards upon the settlement of such Awards in accordance with their terms; and

1.1.5effecting a cancellation, termination and/or transfer to the Company of Awards in case the Participant would become a Bad Leaver or, with respect to unvested Awards, a Good Leaver.

1.1.6The power of attorney granted above also extends to the performance of acts of disposition (*beschikkingshandelingen*). The Company may act as counterparty of the Participant when acting under such power of attorney.

**1.2**This agreement shall be governed by and shall be construed in accordance with the laws of the Netherlands. Any dispute arising in connection with this agreement shall be resolved in accordance with the dispute resolution provisions of the Plan.

**1.3**With respect to any U.S. Participant, this RSU is subject to the terms of the Plan as supplemented by the Annex A to the Plan.

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**_____________________________**

**NewAmsterdam Pharma Company N.V.**

Name :

Title :

**_____________________________**

[***Participant***]

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## Exhibit 10.2

**Exhibit 10.2**

**<u>EMPLOYMENT AGREEMENT</u>**

**1.** **NewAmsterdam Pharma B.V.**, a company with limited liability organised under the laws of the Netherlands, having its corporate seat at Naarden, registered with the Chamber of Commerce under number 76133141, hereinafter referred to as the "**Employer**";

and

**2.**Mr **Prof. J.J.P. (John) Kastelein**, residing at [\*\*\*], hereinafter referred to as the "**Employee**".

The Employer and the Employee will hereinafter also be referred to jointly as the "**Parties**" and each separately as the "**Party**".

**WHEREAS**

**A.**As of 1 November 2022 the Employee has been employed by the Employer in the position of Chief Scientific Officer under an employment agreement dated 18 November 2022 (the "**Original Employment Agreement**");

**B.**The Parties wish to agree in writing on the amended and restated terms and conditions of employment which are set out in this agreement, hereinafter referred to as the "**Employment Agreement**";

**HEREBY AGREE AS FOLLOWS**

**1.** **Duration of the Employment Agreement**

1.1.The Employee has been employed by the Employer in the position of Chief Scientific Officer with effect from 1 November 2022 under the Original Employment Agreement and shall continue to be employed in that position in accordance with the terms and conditions of this Employment Agreement.

1.2.The Employment Agreement is entered into for an indefinite period of time.

1.3.Both Parties shall be entitled to terminate the Employment Agreement by giving notice in writing equal to the statutory notice period, such termination to be effective on the first day after the end of this period. The statutory notice period is one (1) month for the Employee. For the Employer the statutory notice period depends on the duration of the employment relationship:

oone (1) month, if the employment has lasted for five (5) years or

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2<br>

less;

otwo (2) months, if the employment has lasted between five (5) and ten (10) years;

othree (3) months, if the employment has lasted between ten (10) and fifteen (15) years; and

ofour (4) months, if the employment has lasted for more than fifteen (15) years.

**2.** **Job performance**

2.1.The Employee shall continue to perform his job as Chief Scientific Officer to the best of his ability and in accordance with the norms and procedures of the Employer's group as amended from time to time.

2.2.The Employee's duties include all work normally associated with his job title and any specific duties which are assigned to him from time to time or contained in the job description. Furthermore, the Employee shall also carry out other activities if, in the opinion of the Employer, the Employer's business so requires.

2.3.The Employee shall perform his activities at the Employer's offices or such other place as the Employer may instruct.

2.4.The Employee's regular working hours shall be forty (40) hours per week. If the Employer deems this necessary, the Employee shall be required to work overtime.

2.5.There will be no separate remuneration for overtime work.

2.6.If the Employee carries out activities on behalf of enterprises affiliated with the Employer, payment for these activities shall be considered to be included in the Employee's salary as set out in article 3.

2.7.The Employee agrees to go on business trips (both within the Netherlands as abroad) when the Employer deems this required for the proper performance of the Employee's duties.

**3.** **Salary and holiday allowance**

3.1.As of 1 January 2025, the Employee shall be entitled to a gross annual salary of EUR 475,988. Payment will be made by bank transfer to the Employee's bank account as specified by the Employee to the Employer.

3.2.The Employee's holiday allowance is included in the salary as provided for

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3<br>

in article 3.1.

**4.** **Short term incentive (STI) and Long term incentive (LTI)**

4.1.Each year the Employee may be granted an annual short-term incentive (such as a year-end cash bonus) ("**STI**"). The Employer shall have the discretion to decide whether to grant the STI, depending on the financial results of the Employer's business and the Employee's performance of his work in accordance with the parameters as agreed upon between the Employee and the Employer at the beginning of each financial year. The granting of an STI in one or more years shall not entitle the Employee to an STI in a subsequent year. As of 1 January 2023, the bonus target is set at 40% of the Employee's gross annual base salary.

4.2.Taking into account the Employee's position and level within the Employer's business, the Employee is eligible to participate in the Employer's long-term incentive plan ("**LTI**"). Participation is subject to the terms, conditions and any eligibility requirements set out in the LTI scheme as amended from time to time.

**5.** **Expenses and cell phone**

5.1.All reasonable and necessary expenses incurred by the Employee in the course of performing his work shall be reimbursed by the Employer upon submission of an itemised expense claim with receipts.

5.2.The Employer shall provide the Employee with a monthly fixed compensation of EUR 100 net for mobile phone and Wi-Fi expenses.

**6.** **Holiday entitlement**

6.1.The Employee shall be entitled to twenty-five (25) days' holiday per year, consisting of 20 statutory holidays and 5 additional holidays.

6.2.The Employer considers it important that the Employee fully uses his statutory holidays in order to recuperate. In principle, the Employee will take his statutory holidays prior to 1 July of the subsequent year in which the holidays were accrued. If the Employee fails to do so, those holidays will expire. There will be no payment in lieu of expired days in any circumstances.

6.3.The Employee's additional holidays should be taken before the end of the calendar year in which they have been accrued. If the Employee fails to do so, these additional holidays will be paid out together with the first salary payment in the subsequent calendar year. As a result hereof, the Employee

------

4<br>

first uses the additional holidays and subsequently the statutory holidays.

**7.** **Illness**

7.1.If the Employee is prevented from carrying out the Employee's work as a result of illness, save to the extent provided otherwise in the Dutch Civil Code, the Employee remains entitled to 100% of salary as provided in article 3.1 in the first 52 weeks (first year) of illness and 70% in the subsequent 52 weeks (second year) of illness, as long as the Employment Agreement remains in effect.

7.2.With regard to reporting illness and the illness itself, the Employee shall follow the instructions given, and which, in the future, may be given, in writing by the Employer.

**8.** **Pension**

The Employer does operate a pension scheme.

**9.** **Tax / Social Security Liability for Benefits**

If any remuneration, salary, entitlement or other benefit of the Employee under or in connection with this Employment Agreement, is subject to the levy of wage tax, income tax and/or social security premiums under the Dutch Payroll Tax Act 1964 (*Wet op de loonbelasting 1964*), Dutch Income Tax Act 2001 (*Wet inkomstenbelasting 2001*) or any other applicable tax law in any jurisdiction and/or the social security laws, the relevant tax and social security premiums shall be borne by the Employee. The Employee shall permit the Employer, its affiliates or agents (as the case may be) to withhold or deduct from any payment of any kind due to the Employee under or in connection with this Employment Agreement, an amount equal to such taxes or social security premiums due and for which the Employer or its affiliate has an obligation to withhold and account.

**10.** **Ancillary Activities**

10.1.The Employee may not perform any ancillary activities, paid or unpaid, in whatever form or manner, without the Employer's prior written permission. In principle, the Employer will grant such permission unless the Employer has an objective reason to refuse it, such as the health and safety of the Employee, the protection of confidentiality of business information, the prevention of conflicts of interest, the protection of the Employer's good name and reputation or other objective reasons.

10.2.Before commencing any ancillary activities, the Employee is obliged to

------

5<br>

inform the Employer in writing of the scope (working hours), duration and nature of such envisaged activities and further details (e.g. the name of the employer). The envisaged commencement date of the planned other work must be promptly and timely notified to the Employer in advance so that the Employer can decide whether it will grant its consent.

10.3.Even once the Employer has consented to the ancillary activities, the Employee is obliged to inform the Employer of the content and of the ancillary activities at any time on the Employer's request.

**11.** **Employer's Property**

11.1.All items, including written documents, computer files and data carriers, obtained by the Employee from or on behalf of the Employer or an enterprise affiliated with the Employer during the period that the Employment Agreement is in effect, are and shall remain the property of the Employer or the affiliated enterprise, respectively.

11.2.The Employee shall return such items to the Employer at first request or, in the absence of such a request, no later than the day on which the Employment Agreement terminates, and the Employee shall not withhold any copy thereof or therefrom.

**12.** **Other restrictive covenants (Confidentiality and Assignment of Inventions Agreement)**

Effective as per 1 November 2022, the Employee and Employer have executed a Confidentiality and Assignment of Inventions Agreement (the "**CAIA**"), which CAIA contains certain non-competition, non-solicitation, non-disclosure and assignment of inventions provisions in favour of the Employer. The Employee agrees to continue to abide by the terms of the CAIA, which are hereby incorporated by reference into this Employment Agreement. The Employee acknowledges that the provisions of the CAIA will survive the termination of Employee's employment and the termination of the term for the periods set forth in the CAIA.

**13.** **Severance fee**

Upon termination of the Employment Agreement by the Employer without Cause (as defined below), the Employee will be entitled to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i.receive a termination fee equal to twelve (12) gross monthly salaries based on the gross annual salary stated in clause 3.1, or such greater termination fee as is required by Dutch law.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii.any STI earned or otherwise payable (but for the termination of Employee's employment) with respect to a calendar year ended prior to the termination of this Employment Agreement and a prorated STI for the calendar year of the termination of this Employment Agreement (the "**Date of Termination**"), calculated as the STI the Employee would have received in such year based on actual performance (as determined by the Employer in good faith) multiplied by a fraction, the numerator of which is the number of days during the calendar year up to the Date of Termination and the denominator of which is the total number of days during the calendar year of the Date of Termination, each paid at the time such, or similar, STIs are paid to other employees of the Company, or if earlier, by March 15 of the year following the year of the Date of Termination.

For purposes of this Employment Agreement, "**Cause**" shall mean any reasonable and good faith basis for the Employer to be dissatisfied due to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.the Employee's indictment for any crime which (i) has, or could reasonably be expected to have, an adverse impact on the performance of the Employee's services to the Employer or (ii) has, or could reasonably be expected to have, an adverse impact on the business and/or reputation of the Employer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.the Employee having been the subject of any order, judicial or administrative, obtained or issued by any governmental or regulatory body for any violation of securities law involving fraud, market manipulation, insider trading and/or unlawful dissemination of non-public price-sensitive information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.the Employee's wilful violation of the Employer's code of business conduct and ethics, insider trading policy or other internal policies and regulations established by the Employer and/or any subsidiary, in each case to the extent applicable to the Employee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.an urgent cause (in Dutch: *dringende reden*) within the meaning of section 7:677 jo. 7:678 Dutch Civil Code; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e.a reasonable ground within the meaning of section 7:669, subsections 3 e Dutch Civil Code relating to culpable conduct of the Employee.

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For the avoidance of doubt, termination in relation to a merger, consolidation or sale of the Employer's business or the sale of shares or assets by the Employer, whether such termination is initiated by Employer or its successor or acquiror, shall not in itself be considered a termination for Cause.

**14.** **Qualifying change in control termination**

In the event of a Qualifying Change in Control Termination, Employee will receive the severance payments and benefits described in article 13 above and, notwithstanding anything to the contrary in any applicable option agreement or stock-based award agreement or equity plan (including the LTI), (A) all time-based stock options and other time-based equity awards of Employee shall accelerate and become fully exercisable or nonforfeitable as of the Date of Termination, and (B) the exercise period with respect to the Employee's vested stock options shall extend until the earlier of (i) the original final expiration date for such vested stock options as provided in the applicable equity award documents, or (ii) the 24-month anniversary of the Date of Termination (or, if later, the date specified in the applicable equity award documents) (the "**<u>Extended Exercise Period</u>**"). The Employee is advised to consult the Employee's tax advisor with respect to the tax implications of the Qualifying Change in Control Termination.

For purposes of this Employment Agreement, "**<u>Qualifying Change in Control Termination</u>**" shall mean, either (i) termination of Employee's employment by the Employer without Cause, at the request of a party (other than the Employer) involved in a Change in Control, within three (3) months prior to the Change in Control (or, if longer, during the period from the date of the signing of the applicable transaction agreement(s) through the Change in Control), or (ii) Employee's employment by the Employer ceases due to a termination by the Employer without Cause or a resignation by Employee for Good Reason during the twelve (12) month period following a Change in Control. In the event of a Qualifying Change in Control Termination under clause (i), the changes to Employee's equity awards shall be effective as of the Change in Control, subject to the other terms and conditions herein.

For purposes of this Employment Agreement, "**<u>Change in Control</u>**" shall mean an event that constitutes a change in ownership or effective control of Employer or a change in the ownership of a substantial portion of the assets of Employer, in each case as determined by the Employer acting reasonably and in good faith.

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For purposes of this Employment Agreement, "**<u>Good Reason</u>**" shall mean that the Employee has complied with the Good Reason Process (hereinafter defined) following the occurrence of any of the following events without the Employee's prior written consent: (i) any material adverse change in the Employee's title or any material diminution in the Employee's authority or responsibilities taken as a whole; (ii) any material reduction of the Employee's base salary, other than pursuant to an across-the-board reduction in the compensation of all senior management of the Employer, provided that such reduction is proportionately equal among all such members of senior management; or (iii) any material breach by the Employer of its obligations under this Employment Agreement.

"**<u>Good Reason Process</u>**" shall mean that (i) the Employee reasonably determines in good faith that a "Good Reason" condition has occurred; (ii) the Employee notifies the Employer in writing of the first occurrence of the Good Reason condition within 60 days of the first occurrence of such condition; (iii) the Employee cooperates in good faith with the Employer's efforts, for a period not less than 30 days following such notice (the "**<u>Good Reason Cure Period</u>**"), to remedy the condition; (iv) notwithstanding such efforts, the Good Reason condition continues to exist; and (v) the Employee terminates her employment within 60 days after the end of the Good Reason Cure Period. If the Employer cures the Good Reason condition during the Good Reason Cure Period, Good Reason shall be deemed not to have occurred.

**15.** **Amendments**

In accordance with article 7:613 of the Dutch Civil Code, the Employer has the right to amend or supplement this Employment Agreement and everything that applies between the parties in its context, if the Employer has such a compelling interest that the Employee's interest must yield thereto on the basis of standards of reasonableness and fairness.

**16.** **Governing law**

16.1.This Employment Agreement is governed by and construed in accordance with the laws of the Netherlands, without giving effect to conflicts of law principles.

16.2.Any dispute in connection with this Agreement shall finally be settled before the competent court of Amsterdam, the Netherlands.

**17.** **Final provisions**

17.1.Subject to article 15 of this Employment Agreement, no amendment and/or

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addition to this Employment Agreement shall have any force or effect unless it is in writing and signed by both Parties.

17.2.There is no collective labour agreement applicable to this Employment Agreement.

17.3.The applicable policies and schemes of the Employer, (including but not limited to the employee handbook which shall apply to the extent possible under Dutch law or if a Dutch employee handbook shall be declared applicable instead), form an integral part of this Employment Agreement, with the exception of those items and/or terms that the Parties have expressly agreed otherwise or deviated from in this Employment Agreement.

17.4.This Employment Agreement embodies the entire agreement and understanding of the Parties with respect to the subject matter hereof and supersedes all prior agreements and understandings, oral or written, relative to said subject matter. For the avoidance of doubt, this Employment Agreement entails the applicable terms applicable as per 1 January 2023 and shall not be deemed a termination of the Original Employment Agreement.

*[Signature page follows]*

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Agreed on July 1, 2025.

on behalf of

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| |
|:---|
| &nbsp;&nbsp;**NewAmsterdam Pharma B.V.**<br>represented by, |
| &nbsp;&nbsp; <br><u>/s/ Maryellen McQuade</u> |
| &nbsp;&nbsp;Name: Maryellen McQuade<br>Position: Chief People Officer<br>|

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| |
|:---|
| &nbsp;&nbsp;**Prof. J.J.P. (John) Kastelein** |
| &nbsp;&nbsp; <br><u>/s/ John Kastelein</u> |

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## Exhibit 31.1

**Exhibit 31.1**

**CERTIFICATION PURSUANT TO**

**RULES 13a-14(a) AND 15d-14(a) UNDER THE SECURITIES EXCHANGE ACT OF 1934, AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002**

I, Michael Davidson, M.D., certify that:

1. I have reviewed this quarterly report on Form 10-Q of NewAmsterdam Pharma Company N.V.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

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| | | |
|:---|:---|:---|
| Date: August 6, 2025 | By: | /s/ Michael Davidson |
|  |  | **Michael Davidson, M.D.** |
|  |  | **Chief Executive Officer and Director** |

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## Exhibit 31.2

**Exhibit 31.2**

**CERTIFICATION PURSUANT TO**

**RULES 13a-14(a) AND 15d-14(a) UNDER THE SECURITIES EXCHANGE ACT OF 1934, AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002**

I, Ian Somaiya, certify that:

1. I have reviewed this quarterly report on Form 10-Q of NewAmsterdam Pharma Company N.V.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: August 6, 2025 | By: | /s/ Ian Somaiya |
|  |  | **Ian Somaiya** |
|  |  | **Chief Financial Officer** |

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## Exhibit 32.1

**Exhibit 32.1**

**CERTIFICATION PURSUANT TO**

**18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO**

**SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002**

In connection with the Quarterly Report of NewAmsterdam Pharma Company N.V. (the "Company") on Form 10-Q for the period ended June 30, 2025 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

---

| | | |
|:---|:---|:---|
| Date: August 6, 2025 | By: | /s/ Michael Davidson |
|  |  | **Michael Davidson, M.D.** |
|  |  | **Chief Executive Officer and Director** |

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## Exhibit 32.2

**Exhibit 32.2**

**CERTIFICATION PURSUANT TO**

**18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO**

**SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002**

In connection with the Quarterly Report of NewAmsterdam Pharma Company N.V. (the "Company") on Form 10-Q for the period ended June 30, 2025 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

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| | | |
|:---|:---|:---|
| Date: August 6, 2025 | By: | /s/ Ian Somaiya |
|  |  | **Ian Somaiya** |
|  |  | **Chief Financial Officer** |

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------