The firm exhibits a persistent free cash flow burn, with quarterly outflows frequently exceeding $30 million, while stock-based compensation as high as $15.2 million per quarter masks the true economic cost of operations.
| Cash from Operations | -141.92M | -147.78M | -158.56M | -141.22M | 10.66M | -29.51M | -7.34M |
| Operating CF Margin % | - | -656.73% | -348.01% | -1002.26% | 10.39% | - | - |
| Operating CF Growth % | -124.87% | 6.8% | -12.28% | -1424.13% | 136.14% | -301.92% | - |
| Net Income | -212.73M | 0 | -241.6M | -176.94M | -22.63M | -41.78M | -7.07M |
| Depreciation & Amortization | 230K | 220K | 113K | 49K | 9K | 5K | 1.23K |
| Stock-Based Compensation | 30.19M | 59.42M | 33.62M | 24.57M | 4.12M | 1.24M | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | -62.97M | -199.48M | 81.98M | 5.23M | 18.8M | 6.55M | 376.37K |
| Working Capital Changes | -25.53M | -7.94M | -32.67M | 5.87M | 10.37M | 4.47M | -649.41K |
| Change in Receivables | 5.16M | -13.28M | 0 | 4.03M | -4.18M | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 1.86M | 4.91M | -12.95M | 5.07M | 4.81M | 6.56M | 0 |
| Cash from Investing | -189.28M | -174.92M | -62.85M | -24K | -221K | -24K | -15.99K |
| Capital Expenditures | -268K | -246K | -672K | -24K | -221K | -24K | -15.99K |
| CapEx % of Revenue | 1.19% | 1.09% | 1.47% | 0.17% | 0.22% | - | - |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Financing | 34.07M | 29.52M | 659.51M | 8.91M | 391.9M | 84.7M | 13.92M |
| Debt Issued (Net) | 0 | 0 | 0 | 0 | 747K | 0 | 13.92M |
| Equity Issued (Net) | 34.07M | 29.52M | 645.51M | 8.91M | 396.95M | 84.7M | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 0 | 0 | 14M | 0 | -5.79M | 0 | 0 |
| Net Change in Cash | -289.48M | -280.42M | 431.29M | -127.28M | 407.6M | 50.48M | 6.59M |
| Free Cash Flow | -142.19M | -148.03M | -159.24M | -141.24M | 10.44M | -29.54M | -7.36M |
| FCF Margin % | -630.12% | -657.82% | -349.49% | -1002.43% | 10.17% | - | - |
| FCF Growth % | -1.03% | 7.04% | -12.74% | -1452.37% | 135.36% | -301.37% | - |
| FCF per Share | -1.17 | -1.29 | -1.69 | -1.72 | 0.55 | -1.66 | -0.41 |
| FCF Conversion (FCF/Net Income) | 0.67x | 0.73x | 0.66x | 0.80x | -0.47x | 0.71x | 1.05x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 1K | 0 | 0 | 0 | 0 |
Binary clinical trial outcomes
As reported in financial statements, NAMS exhibits a persistent gap between net income and operating cash flow, with OCF/NI ratios frequently deviating from unity, which suggests that non-cash items and milestone-based accounting adjustments significantly distort the company's true underlying cash burn profile during this development phase.
The volatility in the OCF/NI ratio, ranging from 0.41 to 2.17, indicates that cash outflows are largely decoupled from accounting net income due to the timing of clinical trial expenses and milestone revenue recognition. Investors should monitor this divergence as it confirms that net income is currently an unreliable proxy for the actual liquidity requirements of the business.
Based on recent quarterly data, NAMS continues to experience a consistent free cash flow burn, with quarterly outflows frequently exceeding $30 million, underscoring the company's reliance on its existing cash reserves to fund the ongoing Phase 3 clinical trials without any offsetting commercial product revenue.
The trajectory of free cash flow remains firmly negative, reflecting the heavy capital intensity required to sustain the PREVAIL, BROADWAY, and BROOKLYN trials. This trend appears sustainable only as long as the current cash position remains intact, highlighting the critical nature of upcoming clinical data readouts.
According to historical cash flow data, NAMS maintains negligible capital expenditures, with quarterly outlays often falling below $100,000, which indicates that the company's current business model is focused on R&D and clinical execution rather than the development of internal manufacturing or physical infrastructure assets.
The low capital intensity relative to revenue suggests that the company is avoiding the burden of fixed asset investment while it remains in the clinical development stage. This strategy appears prudent, as it preserves liquidity for the primary objective of achieving regulatory approval for obicetrapib.
As indicated by quarterly cash flow statements, NAMS experiences significant fluctuations in working capital, with changes ranging from a $23.8 million outflow to a $10.4 million inflow, reflecting the irregular timing of milestone payments and the management of clinical trial-related accruals and payables.
These swings in working capital suggest that the company's cash position is sensitive to the timing of contractual obligations and partnership-related cash flows. Analysts should interpret these movements as operational noise rather than a fundamental shift in the company's underlying cash management efficiency.
Based on reported figures, NAMS utilizes stock-based compensation, reaching as high as $15.2 million in a single quarter, which effectively obscures the true economic cost of talent acquisition and retention by excluding these non-cash expenses from the reported operating cash flow metrics.
While SBC is a standard practice in the biotechnology sector, it warrants further investigation as it represents a form of dilution that is not captured in the cash flow statement. Investors should adjust their burn rate models to account for this equity-based compensation to better understand the true cost of operations.
Quick answers to the most common questions about buying NAMS stock.
NewAmsterdam Pharma Company N.V. (NAMS) generated $-147.8M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
NewAmsterdam Pharma Company N.V. (NAMS) reported negative free cash flow of $148.0M in 2025, indicating capital requirements exceeded cash from operations.
NewAmsterdam Pharma Company N.V. (NAMS) spent $0.2M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.