Full Year 2023 Financial Results
- Cash Position: As of December 31, 2023, NewAmsterdam recorded cash of $340.5 million, compared to $467.7 million as of December 31, 2022. The decrease is primarily due to expenditures related to research and development activities and general and administrative expenses, slightly offset by a milestone payment received from Menarini and cash received from the exercise of warrants and options.
- Revenue: NewAmsterdam recognized $14.1 million in revenue for the year ended December 31, 2023, compared to $102.7 million in the year ended December 31, 2022. This decrease was primarily due to the receipt of the upfront payment from Menarini in 2022, the majority of which was recognized as revenue upon execution of the license agreement.
- Research and Development ("R&D") Expenses: R&D expenses were $159.4 million in the year ended December 31, 2023, compared to $86.7 million for the year ended December 31, 2022. This increase was primarily related to our ongoing Phase 3 clinical trials and an increase in personnel expenses due to expansion in headcount to support the clinical trials in addition to an increase in share-based compensation expenses.
- Selling, General and Administrative ("SG&A") Expenses: SG&A expenses were $37.6 million in the year ended December 31, 2023, compared to $19.5 million for the year ended December 31, 2022. This increase was primarily due to an increase in personnel costs due to expansion of headcount to support our growth and share-based compensation expenses. In addition, costs related to finance and administration and insurance increased due to increased compliance requirements related to operation as a Nasdaq-listed company for the full year.
- Net loss: Net loss for the year ended December 31, 2023 was $176.9 million, or $2.15 per share, compared to net loss of $11.5 million, or $1.19 per share, for the year ended December 31, 2022.