NewAmsterdam Pharma Company NV (NASDAQ:NAMS) Eyes Regulatory Catalysts That Could Reprice Shares

Obicetrapib program momentum and regulatory sequencing set the near-term narrative; current technicals point to constrained upside while fundamentals show a cash-rich but loss-making profile that supports continued development spend.

Recent News

On Feb 18, 2026 the company released full-year 2025 financial results and a corporate update outlining progress across Phase 3 programs and plans for an early Alzheimer’s trial in 2026. The company reported operational advances in late 2025, including initiation of the RUBENS trial in December 2025 and ongoing PREVAIL enrollment, while regulatory activity includes EMA validation and an approval decision expected in the second half of 2026.

Technical Analysis

ADX at 12.86 indicates no established trend; directional movement readings add nuance: DI+ shows a peak-and-reversal (bearish), while DI- shows a dip-and-reversal (bearish), together signaling recent loss of directional conviction and a bias toward sellers in the short run.

MACD sits at 0.39 with a signal line at 0.25, placing MACD above the signal line (bullish crossover), but the MACD trend reads peak-and-reversal, which signals fading bullish momentum despite the recent crossover.

MRO equals 28.62 and shows a dip-and-reversal; because MRO stands positive, price sits above target and faces downward pressure, implying a higher probability of mean reversion toward fair-value levels.

RSI at 51.4 with a peak-and-reversal indicates momentum turning lower from a neutral midpoint, reducing the scope for immediate momentum-driven upside.

Price behavior versus averages: the close at $35.46 stands approximately 22.2% above the 200-day average ($29.02) and roughly 0.9% above the 20-day average ($35.13), with the 12-day EMA showing a peak-and-reversal—short-term strength near the upper Bollinger band (upper 1σ $35.80) but signs of an inflection point.

Support and resistance context: SuperTrend lower support sits at $32.65 while consensus price target mean rests at $39.04; subdued ADX and mixed momentum suggest a range-bound, volatility-compressed setup unless a clear catalyst arrives.

 


Fundamental Analysis

Revenue measures remain minimal: total revenue equals $32,000 with YoY revenue growth of 61.785% but QoQ revenue change of -7.514%, reflecting very low reported sales against an R&D-heavy development profile (R&D $38,594,000). Operating income (EBIT) registers at -$65,980,000; net income equals -$74,923,000 for the period.

Margins show deep negatives: EBIT margin at -2,061.875% versus an industry peer mean of 0.158% and an industry peer median of 0.27184%, driven by near-zero revenues and sizable R&D spend; operating margin mirrors EBIT margin at -2,061.875% with strong QoQ improvement of 12.012% and YoY improvement of 234.666% but remains deeply negative in absolute terms.

Per-share and valuation ratios present mixed signals: EPS actual at -$0.53 missed the estimate of -$0.37 by -$0.16 (an EPS surprise of -43.24%). Price-to-book at 5.68 sits above the industry peer mean of 4.85 and slightly below the industry peer median of 6.16. Price-to-earnings shows a negative PE of -64.06 and forward PE of -103.60, reflecting negative earnings and expected continued losses.

Liquidity and balance-sheet strength stand out: cash equals $490,002,000 and cash and short-term investments total $636,241,000; current ratio equals 7.876 and cash ratio equals 7.417, providing substantial runway relative to present burn (operating cash flow -$69,525,000; free cash flow -$40,975,000). Debt remains negligible with total debt of $202,000 and debt-to-assets of 0.00026.

Market pricing implies expectations for future revenue: market capitalization $3,883,837,670 versus forward revenue of $4,102 produces an outsized PS ratio (current PS ~121,369), reflecting near-term revenue immateriality relative to market valuation and investor anticipation of successful commercialization of obicetrapib.

Valuation view: WMDST values the stock as over-valued, driven by large market capitalization against minimal current revenue and ongoing losses; the strong cash position supports clinical execution but does not, by itself, justify current market pricing without positive regulatory or outcomes readouts.

MOST-RECENT QUARTERLY REPORT
REPORT PERIOD ENDING: 2025-12-31
REPORT DATE: 2026-02-18
NEXT REPORT DATE: 2026-05-20
CASH FLOW  Begin Period Cash Flow $ 539.7 M
 Operating Cash Flow $ -69.53 M
 Capital Expenditures $ -100.00 K
 Change In Working Capital $ 4.6 M
 Dividends Paid —
 Cash Flow Delta $ -48.39 M
 End Period Cash Flow $ 491.3 M
 
INCOME STATEMENT REVENUE
 Total Revenue $ 32.0 K
 Forward Revenue $ 4.1 K
COSTS
 Cost Of Revenue —
 Depreciation $ 59.0 K
 Depreciation and Amortization $ 59.0 K
 Research and Development $ 38.6 M
 Total Operating Expenses $ 66.0 M
PROFITABILITY
 Gross Profit —
 EBITDA $ -65.92 M
 EBIT $ -65.98 M
 Operating Income $ -65.98 M
 Interest Income $ 6.5 M
 Interest Expense —
 Net Interest Income $ 6.5 M
 Income Before Tax $ -74.92 M
 Tax Provision —
 Tax Rate —
 Net Income $ -74.92 M
 Net Income From Continuing Operations $ -74.92 M
EARNINGS
 EPS Estimate $ -0.37
 EPS Actual $ -0.53
 EPS Difference $ -0.16
 EPS Surprise -43.243 %
 Forward EPS $ -0.34
 
BALANCE SHEET ASSETS
 Total Assets $ 769.3 M
 Intangible Assets $ 407.0 K
 Net Tangible Assets $ 683.0 M
 Total Current Assets $ 675.7 M
 Cash and Short-Term Investments $ 636.2 M
 Cash $ 490.0 M
 Net Receivables —
 Inventory —
 Long-Term Investments —
LIABILITIES
 Accounts Payable $ 9.0 M
 Short-Term Debt —
 Total Current Liabilities $ 85.8 M
 Net Debt —
 Total Debt $ 202.0 K
 Total Liabilities $ 85.9 M
EQUITY
 Total Equity $ 683.4 M
 Retained Earnings $ -762.39 M
VALUATION & PER-SHARE METRICS EQUITY & PER-SHARE METRICS
 Book Value Per-Share $ 5.97
 Shares Outstanding 114.399 M
 Revenue Per-Share $ 0.00
VALUATION
 Market Capitalization $ 3.9 B
 Enterprise Value $ 3.2 B
 Enterprise Multiple -49.268
Enterprise Multiple QoQ -1.725 %
Enterprise Multiple YoY 272.316 %
Enterprise Multiple IPRWA high: 162.224
median: 67.346
mean: 61.526
NAMS: -49.268
low: -151.104
 EV/R 101493.708
CAPITAL STRUCTURE
 Asset To Equity 1.126
 Asset To Liability 8.96
 Debt To Capital 0.0
 Debt To Assets 0.0
Debt To Assets QoQ -23.529 %
Debt To Assets YoY -50.0 %
Debt To Assets IPRWA high: 0.848
median: 0.422
mean: 0.327
NAMS: 0.0
low: 0.0
 Debt To Equity 0.0
Debt To Equity QoQ -18.919 %
Debt To Equity YoY -49.153 %
Debt To Equity IPRWA high: 1.62
mean: 0.578
median: 0.211
NAMS: 0.0
low: -0.893
PRICE-BASED VALUATION
 Price To Book (P/B) 5.683
Price To Book QoQ 19.445 %
Price To Book YoY 86.211 %
Price To Book IPRWA high: 10.898
median: 6.164
NAMS: 5.683
mean: 4.852
low: -6.726
 Price To Earnings (P/E) -64.056
Price To Earnings QoQ 10.92 %
Price To Earnings YoY 178.474 %
Price To Earnings IPRWA high: 150.686
mean: 78.327
median: -3.648
NAMS: -64.056
low: -196.849
 PE/G Ratio —
 Price To Sales (P/S) 121369.927
Price To Sales QoQ 1119.326 %
Price To Sales YoY 66954.46 %
Price To Sales IPRWA NAMS: 121369.927
high: 292.611
mean: 27.89
median: 20.207
low: 1.382
FORWARD MULTIPLES
Forward P/E -103.597
Forward PE/G —
Forward P/S 946815.619
EFFICIENCY OPERATIONAL
 Operating Leverage -0.216
ASSET & SALES
 Asset Turnover Ratio 0.0
Asset Turnover Ratio QoQ -100.0 %
Asset Turnover Ratio YoY -100.0 %
Asset Turnover Ratio IPRWA high: 0.317
median: 0.126
mean: 0.126
low: 0.0
NAMS: 0.0
 Receivables Turnover —
Receivables Turnover Ratio QoQ —
Receivables Turnover Ratio YoY —
Receivables Turnover Ratio IPRWA —
 Inventory Turnover —
Inventory Turnover Ratio QoQ —
Inventory Turnover Ratio YoY —
Inventory Turnover Ratio IPRWA —
 Days Sales Outstanding (DSO) —
CASH CYCLE
 Cash Conversion Cycle Days (CCC) 0.0
Cash Conversion Cycle Days QoQ —
Cash Conversion Cycle Days YoY —
Cash Conversion Cycle Days IPRWA high: 937.301
mean: 237.323
median: 192.562
NAMS: 0.0
low: -463.897
CAPITAL DEPLOYMENT
 Cash Conversion Ratio 0.0
 CapEx To Revenue -3.125
 CapEx To Depreciation -1.695
 
CAPITAL, LIQUIDITY & COVERAGE CAPITAL STRUCTURE
 Total Capital $ 683.4 M
 Net Invested Capital $ 683.4 M
 Invested Capital $ 683.4 M
 Net Tangible Assets $ 683.0 M
 Net Working Capital $ 589.9 M
LIQUIDITY
 Cash Ratio 7.417
 Current Ratio 7.876
Current Ratio QoQ -37.326 %
Current Ratio YoY -2.464 %
Current Ratio IPRWA high: 30.664
NAMS: 7.876
mean: 3.358
median: 2.477
low: 0.427
 Quick Ratio —
Quick Ratio QoQ —
Quick Ratio YoY —
Quick Ratio IPRWA —
COVERAGE & LEVERAGE
 Debt To EBITDA -0.003
 Cost Of Debt 485.043 %
 Interest Coverage Ratio -58.132
Interest Coverage Ratio QoQ 19.653 %
Interest Coverage Ratio YoY -40.954 %
Interest Coverage Ratio IPRWA high: 404.333
mean: 73.297
median: 4.779
NAMS: -58.132
low: -376.787
 Operating Cash Flow Ratio -0.81
TIMING / LIQUIDITY
 Days Payables Outstanding (DPO) —
DIVIDENDS
 Dividend Coverage Ratio —
 Dividend Payout Ratio —
 Dividend Rate —
 Dividend Yield —
PERFORMANCE GROWTH
 Asset Growth Rate -2.18 %
 Revenue Growth -90.805 %
Revenue Growth QoQ -7.514 %
Revenue Growth YoY 61.785 %
Revenue Growth IPRWA high: 71.991 %
mean: 2.994 %
median: 2.084 %
NAMS: -90.805 %
low: -100.0 %
 Earnings Growth 0.0 %
Earnings Growth QoQ -100.0 %
Earnings Growth YoY -100.0 %
Earnings Growth IPRWA high: 70.37 %
NAMS: 0.0 %
median: -30.806 %
mean: -32.461 %
low: -170.677 %
MARGINS
 Gross Margin —
Gross Margin QoQ —
Gross Margin YoY —
Gross Margin IPRWA —
 EBIT Margin -206187.5 %
EBIT Margin QoQ 1201.221 %
EBIT Margin YoY 23466.602 %
EBIT Margin IPRWA high: 72.362 %
median: 27.184 %
mean: 15.808 %
low: -1117.39 %
NAMS: -206187.5 %
 Return On Sales (ROS) -206187.5 %
Return On Sales QoQ 1201.221 %
Return On Sales YoY 23466.602 %
Return On Sales IPRWA high: 62.442 %
median: 27.569 %
mean: 17.85 %
low: -1121.296 %
NAMS: -206187.5 %
CASH FLOW
 Free Cash Flow (FCF) $ -40.98 M
 Free Cash Flow Yield -1.055 %
Free Cash Flow Yield QoQ 11.404 %
Free Cash Flow Yield YoY -34.917 %
Free Cash Flow Yield IPRWA high: 14.775 %
mean: 0.853 %
median: 0.544 %
NAMS: -1.055 %
low: -27.145 %
 Free Cash Growth 24.882 %
Free Cash Growth QoQ -289.881 %
Free Cash Growth YoY -87.436 %
Free Cash Growth IPRWA high: 124.18 %
NAMS: 24.882 %
mean: -45.819 %
median: -55.183 %
low: -163.887 %
 Free Cash To Net Income 0.547
 Cash Flow Margin -217268.75 %
 Cash Flow To Earnings 0.928
VALUE & RETURNS
 Economic Value Added —
 Return On Assets (ROA) -9.632 %
Return On Assets QoQ 7.117 %
Return On Assets YoY -31.881 %
Return On Assets IPRWA high: 4.717 %
median: 2.092 %
mean: 1.284 %
NAMS: -9.632 %
low: -41.648 %
 Return On Capital Employed (ROCE) -9.653 %
 Return On Equity (ROE) -0.11
Return On Equity QoQ 10.849 %
Return On Equity YoY -9.91 %
Return On Equity IPRWA high: 0.448
median: 0.096
mean: 0.085
NAMS: -0.11
low: -0.822
 DuPont ROE 0.0 %
 Return On Invested Capital (ROIC) —
Return On Invested Capital QoQ —
Return On Invested Capital YoY —
Return On Invested Capital IPRWA —

Six-Week Outlook

Near-term technical bias leans toward limited upside and potential mean reversion. Low ADX and mixed directional indicators point to a non-trending, choppy range with downside pressure possible as MRO and MACD trends show weakening momentum; short-term support clusters near $32.65 and the 50-day average ($34.06). Low-to-moderate volume relative to longer-term averages and subdued 42-day beta (0.27) suggest muted directional moves absent a clinical or regulatory catalyst. Catalysts to monitor beyond six weeks include regulatory timelines and trial readouts; absent new news, expect consolidation with downside skew until momentum reaccelerates or a favorable catalyst surfaces.

About NewAmsterdam Pharma Company NV

NewAmsterdam Pharma Company N.V. (NASDAQ:NAMS) develops innovative therapies aimed at improving patient care for those with metabolic diseases. Headquartered in Naarden, the Netherlands, the company advances its pipeline with obicetrapib, an oral low-dose cholesteryl ester transfer protein (CETP) inhibitor. Obicetrapib undergoes various clinical trials as both a monotherapy and in combination with ezetimibe, targeting the reduction of LDL-C levels to address cardiovascular diseases. Additionally, NewAmsterdam Pharma explores the potential of obicetrapib in treating Alzheimer’s disease, currently in a Phase 2a clinical trial. By focusing on these critical areas, NewAmsterdam Pharma seeks to deliver impactful solutions for complex health challenges.



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