NewAmsterdam Pharma Company N.V. (NASDAQ: NAMS), headquartered in Naarden-Netherlands, is a Cardiovascular-CETP-Inhibitor-Obicetrapib-Heart-Disease + emerging-multi-cycle-Obicetrapib-Phase-3-Cardiovascular leader providing distinctive multi-cycle Obicetrapib-CETP-Inhibitor-Cardiovascular + emerging-Heterozygous-Familial-Hypercholesterolemia-HeFH + emerging-Cardiovascular-Atherosclerotic-Cardiovascular-Disease-ASCVD-Prevention services to substantial multi-cycle Atherosclerotic-Cardiovascular-Disease-ASCVD-Patient-Population (~30M+ Statin-Intolerant-and-LDL-C-Above-Goal-Patient-Population-US) + multi-cycle-emerging-Heterozygous-Familial-Hypercholesterolemia-HeFH-Patient-Population (~500,000+ HeFH-Patient-Population-US) + multi-cycle-emerging-Cardiovascular-Outcomes-Prevention-Patient-Population + multi-cycle-emerging-Menarini-Europe-and-International-Commercial-Partnership customer base. The company has distinctive multi-cycle NewAmsterdam-Pharma-and-Naarden-Netherlands-and-Cardiovascular-CETP-Inhibitor heritage: founded 2019 as NewAmsterdam-Pharma-Co-Founder-Michael-Davidson-and-Co-Founder-John-Kastelein-Founder-Family-Academic-Cardiovascular-veteran + 2020-Obicetrapib-CETP-Inhibitor-Licensed-from-Amgen ($150M+); 2022-NASDAQ-NewAmsterdam-Pharma-SPAC-IPO-via-Frazier-Lifesciences-Acquisition ($310M+ proceeds); 2022-Menarini-Europe-and-International-Commercial-Partnership-Obicetrapib-Licensed; 2024-BROADWAY-Phase-3-LDL-C-Lowering-Pivotal-Readout-Positive; 2024-Follow-On-Financing-and-Cash-Runway-Extension (~$700M+ Cash-Runway-into-2028); multi-cycle-disciplined-Pre-Commercial-Biotech-Cardiovascular-CETP-Inhibitor-Phase-3-Cardiovascular-Investment; Michael-Davidson-Co-Founder-CEO + Co-Founder-John-Kastelein-Founder-Family-Academic-Cardiovascular-veteran + multi-cycle-Founder-Family-leadership-continuity. FY2025 closes with selected various aggregate revenue ~$0M (Pre-Commercial-Cardiovascular-Phase-3-Clinical-Development), adjusted EBITDA ~$-180 to -135M (Pre-Commercial-Cardiovascular-Clinical-Development-Burn), adjusted EPS ~$-2.10 to -1.55, net cash ~$485-625M (Cash-Runway-into-2028), and ~85-90M shares outstanding under President & CEO Michael Davidson (since-Founder-2019). The Obicetrapib-CETP-Inhibitor-Phase-3-Cardiovascular-and-PREVAIL-2026-Anticipated-Readout franchise deep-dive covers distinctive multi-cycle ~100-150 employees + ~Naarden-Netherlands-HQ + ~Globally-Positioned-Cardiovascular-Clinical-Development-Trial-Site, Obicetrapib-CETP-Inhibitor-Cardiovascular ~100% pipeline (BROADWAY-Phase-3-LDL-C-Lowering-Pivotal-Readout-2024-Positive + PREVAIL-Phase-3-Cardiovascular-Outcomes-2026-Anticipated-Readout + emerging-multi-cycle-Heterozygous-Familial-Hypercholesterolemia-HeFH-Phase-3 + emerging-Menarini-Europe-and-International-Commercial-Partnership), substantial multi-cycle Atherosclerotic-Cardiovascular-Disease-ASCVD-Patient-Population ~30M+ + Heterozygous-Familial-Hypercholesterolemia-HeFH-Patient-Population ~500,000+ + Cardiovascular-Outcomes-Prevention-Patient-Population + Menarini-Europe-and-International-Commercial-Partnership-and-Royalty customer base, 2019-NewAmsterdam-Pharma-founded + 2020-Obicetrapib-CETP-Inhibitor-Licensed-from-Amgen + 2022-NASDAQ-SPAC-IPO + 2022-Menarini-Commercial-Partnership + 2024-BROADWAY-Positive transformational-platform, emerging-multi-cycle PREVAIL-Phase-3-Cardiovascular-Outcomes-2026-Anticipated-Readout + emerging-Obicetrapib-LDL-C-Lowering-Mass-Market + emerging-HeFH-Phase-3 + emerging-Menarini-Europe-and-International-Commercial-Partnership + emerging-Cardiovascular-Lipid-Multi-Modal-Therapy-Adjacency + emerging-Cardiovascular-Outcomes-Prevention-Demand structural-tailwinds, competing in Cardiovascular-Lipid-Therapy space with Esperion Therapeutics, Amgen (Repatha-PCSK9 + Olpasiran), Regeneron/Sanofi (Praluent-PCSK9 + Inclisiran-Novartis), Eli Lilly (Muvalaplin-Lp-a), Pfizer, AstraZeneca, Novartis (Leqvio-PCSK9 + Pelacarsen-Lp-a), Ionis Pharmaceuticals (Pelacarsen-Lp-a + RNA-Pipeline), Cytokinetics (Aficamten), BridgeBio (Acoramidis-TTR-Approved-2024); and private-equity-Frazier-Healthcare-Partners-OrbiMed-Advisors-Atlas-Venture-Polaris-Partners-Versant-Ventures-RA-Capital-Baker-Bros-Perceptive-Advisors-Avoro-Capital-TPG-Wildcat-Capital. The Michael-Davidson + Co-Founder-CEO + 2019-NewAmsterdam-Pharma-Founded-and-2022-NASDAQ-SPAC-IPO-and-2024-BROADWAY-Positive deep-dive covers Michael-Davidson-Co-Founder-CEO (since-Founder-2019 + Former-Amgen-Cardiovascular-and-Esperion-Therapeutics) + Co-Founder-John-Kastelein-Founder-Family-Academic-Cardiovascular-veteran-Co-Founder + multi-cycle-Founder-Family-leadership-continuity expertise, multi-cycle-disciplined-Pre-Commercial-Biotech-Cardiovascular-CETP-Inhibitor-Phase-3-Cardiovascular-Investment discipline, no-dividend (Pre-Commercial-Biotech-Cardiovascular-Phase-3-Clinical-Development-Burn). Capital position is Pre-Commercial-Biotech-Cash-Rich (Not-Rated ~Net-Cash-Runway-into-2028). At ~$22-32 per share, equity value ~$1.95-2.85B, providing Pre-Commercial-Biotech-Cardiovascular-CETP-Inhibitor-Phase-3-Cardiovascular-Option-Value.

[NAMS] NewAmsterdam Pharma Thesis 2026: CETP Inhibitor Obicetrapib Cardiovascular Compounder

Key Takeaways

NewAmsterdam Pharma (NASDAQ: NAMS), the Naarden-Netherlands-headquartered Cardiovascular-CETP-Inhibitor-Obicetrapib-Heart-Disease + emerging-multi-cycle-Obicetrapib-Phase-3-Cardiovascular leader, closes FY2025 with selected various aggregate revenue ~$0M (Pre-Commercial-Cardiovascular-Phase-3), adjusted EBITDA ~$-180 to -135M (Pre-Commercial-Cardiovascular-Clinical-Development-Burn), adjusted EPS ~$-2.10 to -1.55, net cash ~$485-625M (Cash-Runway-into-2028).
President & CEO Michael Davidson (since-Founder-2019, ~6+ year longtime-NewAmsterdam-Pharma-Co-Founder + Former-Amgen-Cardiovascular-and-Esperion-Therapeutics + Co-Founder-John-Kastelein-Founder-Family-Academic-Cardiovascular-veteran + multi-cycle-Cardiovascular-Lipid-veteran) leads FY2026 turning on Obicetrapib-CETP-Inhibitor-Phase-3-Cardiovascular + emerging-multi-cycle-PREVAIL-Phase-3-Cardiovascular-Outcomes-2026-Anticipated-Readout + emerging-BROADWAY-Phase-3-LDL-C-Lowering-Pivotal-Readout-2024-Positive + emerging-Heterozygous-Familial-Hypercholesterolemia-HeFH + emerging-Menarini-Europe-and-International-Commercial-Partnership + Michael-Davidson-Co-Founder-CEO-strategic-execution.
Sector context: Health-Care + Cardiovascular-CETP-Inhibitor-Pre-Commercial-Biotech + emerging-multi-cycle-Obicetrapib-Phase-3-Cardiovascular-Outcomes-PREVAIL-2026.

Company Background

The company has distinctive multi-cycle NewAmsterdam-Pharma-and-Naarden-Netherlands-and-Cardiovascular-CETP-Inhibitor heritage: founded 2019 as NewAmsterdam-Pharma-Co-Founder-Michael-Davidson-and-Co-Founder-John-Kastelein-Founder-Family-Academic-Cardiovascular-veteran + 2020 substantial Obicetrapib-CETP-Inhibitor-Licensed-from-Amgen ($150M+ providing emerging-multi-cycle-Cardiovascular-CETP-Inhibitor-Phase-3-Cardiovascular); 2022 substantial NASDAQ NewAmsterdam-Pharma-SPAC-IPO-via-Frazier-Lifesciences-Acquisition ($310M+ proceeds providing emerging-multi-cycle-Obicetrapib-CETP-Inhibitor-Phase-3-Cardiovascular-Investment); 2022 substantial Menarini-Europe-and-International-Commercial-Partnership-Obicetrapib-Licensed (providing emerging-multi-cycle-Menarini-Europe-and-International-Commercial-Partnership); 2024 substantial BROADWAY-Phase-3-LDL-C-Lowering-Pivotal-Readout-Positive (providing emerging-multi-cycle-Obicetrapib-Phase-3-Cardiovascular-Outcomes-PREVAIL-2026-Anticipated-Readout); 2024 substantial Follow-On-Financing-and-Cash-Runway-Extension (~$700M+ Cash-Runway-into-2028); multi-cycle-disciplined-Pre-Commercial-Biotech-Cardiovascular-CETP-Inhibitor-Phase-3-Cardiovascular-Investment; Michael-Davidson-Co-Founder-CEO + Co-Founder-John-Kastelein-Founder-Family-Academic-Cardiovascular-veteran + multi-cycle-Founder-Family-leadership-continuity.

FY2025 closes with selected various aggregate revenue ~$0M (Pre-Commercial-Cardiovascular-Phase-3-Clinical-Development), adjusted EBITDA ~$-180 to -135M (Pre-Commercial-Cardiovascular-Clinical-Development-Burn), adjusted EPS ~$-2.10 to -1.55, net cash ~$485-625M (Cash-Runway-into-2028 + multi-cycle-emerging-Obicetrapib-Phase-3-Cardiovascular-Investment), and ~85-90M shares outstanding under President & CEO Michael Davidson (since-Founder-2019).

Deep-Dive 1 — Obicetrapib-CETP-Inhibitor-Phase-3-Cardiovascular-and-PREVAIL-2026-Anticipated-Readout

The Obicetrapib-CETP-Inhibitor franchise deep-dive covers distinctive multi-cycle ~100-150 employees + ~Naarden-Netherlands-HQ + ~Globally-Positioned-Cardiovascular-Clinical-Development-Trial-Site across US-and-Europe-and-Asia-Pacific. Pipeline: Obicetrapib-CETP-Inhibitor-Cardiovascular ~100% (BROADWAY-Phase-3-LDL-C-Lowering-Pivotal-Readout-2024-Positive + PREVAIL-Phase-3-Cardiovascular-Outcomes-2026-Anticipated-Readout + emerging-multi-cycle-Heterozygous-Familial-Hypercholesterolemia-HeFH-Phase-3 + emerging-Menarini-Europe-and-International-Commercial-Partnership).

Substantial multi-cycle Atherosclerotic-Cardiovascular-Disease-ASCVD-Patient-Population (~30M+ Statin-Intolerant-and-LDL-C-Above-Goal-Patient-Population-US + multi-cycle-emerging-Cardiovascular-Outcomes-Prevention) + multi-cycle-emerging-Heterozygous-Familial-Hypercholesterolemia-HeFH-Patient-Population (~500,000+ HeFH-Patient-Population-US) + multi-cycle-emerging-Cardiovascular-Outcomes-Prevention-Patient-Population + multi-cycle-emerging-Menarini-Europe-and-International-Commercial-Partnership-and-Royalty + multi-cycle-emerging-Cardiovascular-Lipid-Multi-Modal-Therapy-Statin-and-Ezetimibe-and-PCSK9-and-Bempedoic-Acid-Adjacency. 2019-NewAmsterdam-Pharma-Co-Founder-Michael-Davidson-and-Co-Founder-John-Kastelein-founded + 2020-Obicetrapib-CETP-Inhibitor-Licensed-from-Amgen ($150M+) + 2022-NASDAQ-NewAmsterdam-Pharma-SPAC-IPO + 2022-Menarini-Europe-and-International-Commercial-Partnership + 2024-BROADWAY-Phase-3-LDL-C-Lowering-Pivotal-Readout-Positive + 2024-Follow-On-Financing-and-Cash-Runway-Extension transformational-platform, emerging-multi-cycle PREVAIL-Phase-3-Cardiovascular-Outcomes-2026-Anticipated-Readout + emerging-Obicetrapib-LDL-C-Lowering-Mass-Market-ASCVD-Statin-Intolerant-and-LDL-C-Above-Goal + emerging-Heterozygous-Familial-Hypercholesterolemia-HeFH-Phase-3 + emerging-Menarini-Europe-and-International-Commercial-Partnership-and-Royalty + emerging-Cardiovascular-Lipid-Multi-Modal-Therapy-Adjacency + emerging-Cardiovascular-Outcomes-Prevention-Demand structural-tailwinds. Competing in Cardiovascular-Lipid-Therapy space with Esperion Therapeutics (ESPR Bempedoic-Acid-Cardiovascular-Outcomes + Co-Founder-Roger-Newton-related-history), Amgen (AMGN Repatha-PCSK9-and-Olpasiran-and-Lipid-Pipeline), Regeneron Pharmaceuticals/Sanofi (REGN/SNY Praluent-PCSK9 + Inclisiran-Cardiovascular-Outcomes-Novartis-acquired), Eli Lilly (LLY Lilly-Cardiovascular-Pipeline + Muvalaplin-Lp-a-Phase-2), Pfizer (PFE Cardiovascular-Pipeline), AstraZeneca (AZN Crestor-Statin-and-Cardiovascular-Pipeline), Novartis (NVS Inclisiran-Leqvio-PCSK9-acquired-Medicines-Co + Pelacarsen-Lp-a-Phase-3), Ionis Pharmaceuticals (IONS Pelacarsen-Lp-a-Phase-3-and-Cardiovascular-RNA-Pipeline), Cytokinetics (CYTK Cardiac-Myosin-Inhibitor-Aficamten-Phase-3), BridgeBio (BBIO Cardiovascular-Pipeline-TTR-Acoramidis-Approved-2024), Tenax Therapeutics (TENX Cardiovascular-Pipeline); and private-equity-Frazier-Healthcare-Partners-OrbiMed-Advisors-Atlas-Venture-Polaris-Partners-Versant-Ventures-RA-Capital-Baker-Bros-Perceptive-Advisors-Avoro-Capital-TPG-Wildcat-Capital-Alger-Casdin-Capital.

Deep-Dive 2 — Michael-Davidson-Co-Founder-CEO-and-John-Kastelein-Co-Founder-Capital-Allocation

The Michael-Davidson + Co-Founder-CEO + multi-decade compounder thesis + 2019-NewAmsterdam-Pharma-Founded-and-2022-NASDAQ-SPAC-IPO-and-2024-BROADWAY-Positive deep-dive covers Michael-Davidson-Co-Founder-CEO (since-Founder-2019, 6+ year longtime-NewAmsterdam-Pharma-Co-Founder + Former-Amgen-Cardiovascular-and-Esperion-Therapeutics + Co-Founder-John-Kastelein-Founder-Family-Academic-Cardiovascular-veteran + multi-cycle-Cardiovascular-Lipid-veteran) expertise + Co-Founder-John-Kastelein-Founder-Family-Academic-Cardiovascular-veteran-Co-Founder + multi-cycle-Founder-Family-leadership-continuity, 2019-NewAmsterdam-Pharma-Co-Founder-Michael-Davidson-and-Co-Founder-John-Kastelein-founded + 2020-substantial-Obicetrapib-CETP-Inhibitor-Licensed-from-Amgen ($150M+) + 2022-substantial-NASDAQ-NewAmsterdam-Pharma-SPAC-IPO-via-Frazier-Lifesciences-Acquisition ($310M+ proceeds) + 2022-substantial-Menarini-Europe-and-International-Commercial-Partnership-Obicetrapib-Licensed + 2024-substantial-BROADWAY-Phase-3-LDL-C-Lowering-Pivotal-Readout-Positive + 2024-substantial-Follow-On-Financing-and-Cash-Runway-Extension ($700M+) transformational-platform, multi-cycle-disciplined-Pre-Commercial-Biotech-Cardiovascular-CETP-Inhibitor-Phase-3-Cardiovascular-Investment discipline, and no-dividend (Pre-Commercial-Biotech-Cardiovascular-Phase-3-Clinical-Development-Burn) + multi-cycle-emerging-share-buyback-only (~$0/yr Pre-Commercial-Biotech).

Track Pre-Commercial-Biotech-Cash-Rich balance sheet (Not-Rated-Pre-Commercial-Biotech ~Net-Cash-Runway-into-2028 + multi-cycle-emerging-Obicetrapib-Phase-3-Cardiovascular-PREVAIL-2026-Anticipated-Readout-Cash-Burn), multi-cycle-NewAmsterdam-Pharma-Co-Founder-Capital-Management leadership-continuity, and emerging-strategic-acquisition-target optionality (Cardiovascular-Lipid-Therapy-M&A-Activity Esperion Therapeutics, Amgen, Regeneron/Sanofi, Eli Lilly, Pfizer, AstraZeneca, Novartis, Ionis Pharmaceuticals, BridgeBio).

Capital Position + Balance Sheet

Capital position is Pre-Commercial-Biotech-Cash-Rich (Not-Rated-Pre-Commercial-Biotech ~Net-Cash-Runway-into-2028 + multi-cycle-emerging-Obicetrapib-Phase-3-Cardiovascular-PREVAIL-2026-Anticipated-Readout-Cash-Burn). Capital allocation reflects no-dividend (Pre-Commercial-Biotech-Cardiovascular-Phase-3-Clinical-Development-Burn), no-share-buyback (Pre-Commercial-Biotech-Cash-Conservation), and multi-cycle-disciplined-Pre-Commercial-Biotech-Cardiovascular-CETP-Inhibitor-Phase-3-Cardiovascular-Investment ($180-300M/yr Pre-Commercial-Biotech-Clinical-Development-Burn).

Net-cash position $485-625M provides multi-cycle-emerging-Pre-Commercial-Biotech-Cardiovascular-CETP-Inhibitor-Phase-3-Cardiovascular-PREVAIL-2026-Anticipated-Readout-Cash-Runway-into-2028. 2024-Follow-On-Financing-and-Cash-Runway-Extension ($700M+) provides emerging-multi-cycle-Obicetrapib-Phase-3-Cardiovascular-PREVAIL-2026-Anticipated-Readout-and-Commercial-Launch-Capital.

Key Core Metrics

Revenue: ~$0M (Pre-Commercial-Cardiovascular-Phase-3)
Adjusted EBITDA: ~$-180 to -135M (Pre-Commercial-Cardiovascular-Clinical-Development-Burn)
Adjusted EPS: ~$-2.10 to -1.55
Net cash: ~$485-625M (Cash-Runway-into-2028)
Shares outstanding: ~85-90M
Dividend: None (Pre-Commercial-Biotech)
Pipeline: Obicetrapib-CETP-Inhibitor-Cardiovascular ~100% (BROADWAY-Phase-3-LDL-C-Lowering-2024-Positive + PREVAIL-Phase-3-Cardiovascular-Outcomes-2026-Anticipated-Readout + emerging-HeFH-Phase-3)
Total-Addressable-Market: ~30M+ Statin-Intolerant-and-LDL-C-Above-Goal-Patient-Population-US + ~500,000+ HeFH-Patient-Population-US

Market Evaluation

At ~$22-32 per share, equity value ~$1.95-2.85B, providing Pre-Commercial-Biotech-Cardiovascular-CETP-Inhibitor-Phase-3-Cardiovascular-Option-Value. The market evaluation reflects emerging-multi-cycle PREVAIL-Phase-3-Cardiovascular-Outcomes-2026-Anticipated-Readout + emerging-Obicetrapib-LDL-C-Lowering-Mass-Market-ASCVD-Statin-Intolerant-and-LDL-C-Above-Goal + emerging-Heterozygous-Familial-Hypercholesterolemia-HeFH-Phase-3 + emerging-Menarini-Europe-and-International-Commercial-Partnership-and-Royalty + emerging-Cardiovascular-Lipid-Multi-Modal-Therapy-Adjacency + emerging-Cardiovascular-Outcomes-Prevention-Demand structural-tailwinds against Cardiovascular-Lipid-Therapy-Competitive-Pressure (Esperion-Therapeutics + Amgen-Repatha-PCSK9 + Regeneron-Sanofi-Praluent-PCSK9 + Inclisiran-Novartis-Leqvio + Eli-Lilly-Muvalaplin-Lp-a + Pelacarsen-Ionis-Novartis-Lp-a + Cytokinetics-Aficamten + BridgeBio-Acoramidis) + emerging-PREVAIL-Phase-3-Cardiovascular-Outcomes-2026-Binary-Readout-Risk + emerging-CETP-Inhibitor-Class-Historical-Failure-Anacetrapib-Evacetrapib-Failure-Variability + emerging-Cardiovascular-Lipid-Reimbursement-and-Payor-Access-Variability structural-headwinds. Michael-Davidson-Co-Founder-CEO + multi-cycle-disciplined-Pre-Commercial-Biotech-Cardiovascular-CETP-Inhibitor-Phase-3-Cardiovascular-Investment execution remains primary FY2026 multi-cycle-emerging value-creation lever.