NewAmsterdam Pharma
NAMS on Nasdaq. NewAmsterdam Pharma sells an oral cholesterol-lowering drug to people with high cholesterol and heart risk. Market value $2.7bn.
Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to December 2025.
We can't read total debt from the filing, so debt is left out.
Should I look at this?
Look carefully before going further
Why it could be worth it
Read the warning sign in its own filings
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $-5.40 of spare cash in the past 12 months. A savings account pays about $4.
The filings do not give us enough to work this out.
The filings do not give us enough to work this out.
Quality score: 25 of 100. Price score: 0 of 100. Our list needs 70 on quality and 60 on price.
$22.27 a share, 6% above its 1-year low
Over the past year the price has ranged from $21.02 to $42.21.
Pays no dividend
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
| Revenue | ||||
| Revenue | $103m | $14m | $46m | $23m |
| Operating margin | ||||
| Operating margin | -3.5% | -1298.6% | -386.9% | -1002.9% |
| Debt to equity | ||||
| Debt to equity | n/a | n/a | n/a | n/a |
| Shares outstanding | ||||
| Shares outstanding | 0.08bn | 0.09bn | 0.11bn | 0.12bn |
Health checks
- Free cash flow positive1 of 4 years
- Accounting checksSkipped: company is not yet profitable
- DebtUnknown
- Revenue growth, five yearsShrinking, 39.7% a year
- Buying back its own sharesNo, 47% more shares since 2022
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $4 million last quarter, down 81% on a year ago.
- A loss of $64 million, compared with a loss of $17 million a year ago.
- It loses 3432 cents on each $1 of sales, compared with 270 cents a year earlier.
- Over the past 12 months it spent $144 million more cash than it brought in, compared with $124 million a year earlier.
- 4% more shares than a year ago. Each share owns a bit less of the company.
- Sales grew on a year ago in 1 of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| September 2024 | $29m |
| December 2024 | $13m |
| March 2025 | $3m |
| June 2025 | $19m |
| September 2025 | $348,000 |
| December 2025 | $32,000 |
| March 2026 | $3m |
| June 2026 | $4m |
| Quarter to | Amount |
|---|---|
| September 2024 | -$17m |
| December 2024 | -$92m |
| March 2025 | -$40m |
| June 2025 | -$17m |
| September 2025 | -$72m |
| December 2025 | -$75m |
| March 2026 | -$48m |
| June 2026 | -$64m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 18 February 2026
- Next quarterly (estimated, 10-Q)
- 4 November 2026
Who owns it
3 long-term investors we follow own it, up from 2 last quarter. 195 funds in all.
- Viking Global InvestorsAndreas Halvorsen
- Value
- $142m
- Share of fund
- 0.4%
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| Viking Global InvestorsAndreas Halvorsen | $142m | 0.4% | |
| Orbis Investment ManagementOrbis team (Allan Gray lineage) | $59m | 0.2% | New |
| Letko BrosseauLetko Brosseau team | $321,108 | <0.1% | Cut |
Largest holders overall
- Frazier Life Sciences Management, L.P.$613mAdded
- Capital World Investors$414mAdded
- FMR$350mAdded
- RA Capital Management, L.P.$324m
- Fcpm III Services B.V.$288mCut
- Deerfield Management Company, L.P.$145m
- Viking Global Investors$142m
- Bain Capital Life Sciences Investors$129mCut
- Maverick Capital$111mAdded
- Duquesne Family Office$104m
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
7 investors own more than 5%.
- Capital World InvestorsPassive investor10.4%+1.7 ptsSince 29 May 2026
- RA Capital Management, L.P.Passive investorat least 9.9%0.0 pts(filed with 3 related holders)Since 31 March 2025
- FMR LLCPassive investorat least 8.8%+1.2 pts(filed with 1 related holder)Since 30 June 2026
- Frazier Life Sciences Public Fund, L.P.Passive investorat least 8.7%+1.0 pts(filed with 14 related holders)Since 18 September 2026
- ForGrowth NAP B.V.Passive investorat least 8.3%−1.1 pts(filed with 4 related holders)Since 26 September 2025
- Viking Global InvestorsPassive investorat least 3.7%−2.8 pts(filed with 10 related holders)Since 31 December 2025
- Frazier Life Sciences Public Overage Fund, L.P.Passive investorat least 2.6%(filed with 5 related holders)Since 18 August 2025
- BCLS Fund III Investments, LPPassive investorSold down below 5%Since 12 May 2026
| Holder | Stake | Since | |
|---|---|---|---|
Capital World Investors Passive investor | 10.4%+1.7 pts | 29 May 2026 | |
RA Capital Management, L.P. Passive investor | at least 9.9%0.0 pts (filed with 3 related holders) | 31 March 2025 | |
FMR LLC Passive investor | at least 8.8%+1.2 pts (filed with 1 related holder) | 30 June 2026 | |
Frazier Life Sciences Public Fund, L.P. Passive investor | at least 8.7%+1.0 pts (filed with 14 related holders) | 18 September 2026 | |
ForGrowth NAP B.V. Passive investor | at least 8.3%−1.1 pts (filed with 4 related holders) | 26 September 2025 | |
Viking Global Investors Passive investor | at least 3.7%−2.8 pts (filed with 10 related holders) | 31 December 2025 | |
Frazier Life Sciences Public Overage Fund, L.P. Passive investor | at least 2.6% (filed with 5 related holders) | 18 August 2025 | |
BCLS Fund III Investments, LP Passive investor | Sold down below 5% | 12 May 2026 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
In the last 12 months, 1 insider bought $226,500 of shares on the open market. 6 sold $63m, $45m of it under preset trading plans.
- Kastelein Johannes Jacob PieterChief Scientific Officer, DirectorSoldunder a preset trading plan
- Date
- 30 September 2026
- Shares
- 50,246
- Price
- $25.03
- Value
- $1m
- Davidson Michael H.Chief Executive Officer, DirectorBought
- Date
- 14 September 2026
- Shares
- 10,000
- Price
- $22.65
- Value
- $226,500
- Smither John WDirectorSold
- Date
- 4 September 2026
- Shares
- 1,600
- Price
- $25.32
- Value
- $40,512
- Kastelein Johannes Jacob PieterChief Scientific Officer, DirectorSoldunder a preset trading plan
- Date
- 24 August 2026
- Shares
- 125,000
- Price
- $26.91
- Value
- $3m
- Kooij Louise FrederikaChief Accounting OfficerSoldunder a preset trading plan
- Date
- 20 July 2026
- Shares
- 105,000
- Price
- $30.34
- Value
- $3m
- Kooij Louise FrederikaChief Accounting OfficerSoldunder a preset trading plan
- Date
- 22 June 2026
- Shares
- 40,000
- Price
- $30.20
- Value
- $1m
- Kooij Louise FrederikaChief Accounting OfficerSoldunder a preset trading plan
- Date
- 26 May 2026
- Shares
- 65,000
- Price
- $35.69
- Value
- $2m
- LANGE LOUIS GDirectorSold
- Date
- 11 March 2026
- Shares
- 44,619
- Price
- $30.42
- Value
- $1m
- Kastelein Johannes Jacob PieterChief Scientific Officer, DirectorSoldunder a preset trading plan
- Date
- 9 March 2026
- Shares
- 101,409
- Price
- $30.29
- Value
- $3m
- LANGE LOUIS GDirectorSold
- Date
- 6 March 2026
- Shares
- 28,186
- Price
- $29.41
- Value
- $828,950
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 30 September 2026 | Kastelein Johannes Jacob Pieter Chief Scientific Officer, Director | Sold under a preset trading plan | 50,246 | $25.03 | $1m |
| 14 September 2026 | Davidson Michael H. Chief Executive Officer, Director | Bought | 10,000 | $22.65 | $226,500 |
| 4 September 2026 | Smither John W Director | Sold | 1,600 | $25.32 | $40,512 |
| 24 August 2026 | Kastelein Johannes Jacob Pieter Chief Scientific Officer, Director | Sold under a preset trading plan | 125,000 | $26.91 | $3m |
| 20 July 2026 | Kooij Louise Frederika Chief Accounting Officer | Sold under a preset trading plan | 105,000 | $30.34 | $3m |
| 22 June 2026 | Kooij Louise Frederika Chief Accounting Officer | Sold under a preset trading plan | 40,000 | $30.20 | $1m |
| 26 May 2026 | Kooij Louise Frederika Chief Accounting Officer | Sold under a preset trading plan | 65,000 | $35.69 | $2m |
| 11 March 2026 | LANGE LOUIS G Director | Sold | 44,619 | $30.42 | $1m |
| 9 March 2026 | Kastelein Johannes Jacob Pieter Chief Scientific Officer, Director | Sold under a preset trading plan | 101,409 | $30.29 | $3m |
| 6 March 2026 | LANGE LOUIS G Director | Sold | 28,186 | $29.41 | $828,950 |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
1 serious warning sign in NewAmsterdam Pharma’s filings.
We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.
We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 18 Feb 2026, plus the 10-Q filed 5 Aug 2026 and 10 later 8-Ks.
Its past accounts can't be relied on
SeriousIt told the SEC its earlier accounts should no longer be relied on, usually because they contained errors.
8-K Item 4.02 filed 18 Oct 2024: the company said its earlier financial statements should no longer be relied on.
From an 8-K filed 18 October 2024: Previously issued accounts should no longer be relied on. Open the filing
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
What could go wrong
- Sales have shrunk: 39.7% a year.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.