NewAmsterdam Pharma Co N.V. Segments Disclosure
Note 11. Segment Information
The Company has one operating segment and, therefore, one reportable segment, which comprises the discovery, development and commercialization of transformative therapies for cardio-metabolic diseases.
To date the Menarini License and the Menarini Supply Agreement have been the only source of revenue to the Company and all such revenues derive from Italy. The nature of the revenues are described in detail in Note 4 - Revenue.
The chief operating decision maker assesses performance and decides how to allocate resources based on consolidated net loss and loss before tax, adjusted for certain non-cash and non-operating items such as share-based compensation, change in fair value of derivatives and foreign currency gains or losses. Adjusted loss before taxes is used to monitor budget versus actuals and evaluate the operations of the Company. The measure of segment assets is reported on the balance sheet as total consolidated assets. The future prospects of the Company are highly dependent upon the results of its ongoing clinical trials and interactions with regulatory agencies. Such results and interactions are utilized together with assessment of the comparison of budget versus actuals in order to make decisions regarding the allocation of resources.
The following table presents the adjusted loss before taxes for the Company's single segment for each of the years ended December 31, 2025, 2024 and 2023:
|
|
Year ended December 31, |
|
|||||||||
(In thousands of USD) |
|
2025 |
|
|
2024 |
|
|
2023 |
|
|||
Revenue |
|
|
22,503 |
|
|
|
45,563 |
|
|
|
14,090 |
|
Interest income |
|
|
27,592 |
|
|
|
16,881 |
|
|
|
11,283 |
|
Less: |
|
|
|
|
|
|
|
|
|
|||
Personnel expense |
|
|
40,788 |
|
|
|
33,391 |
|
|
|
14,475 |
|
External R&D expense |
|
|
85,845 |
|
|
|
108,012 |
|
|
|
109,820 |
|
Manufacturing expense |
|
|
23,301 |
|
|
|
17,188 |
|
|
|
27,430 |
|
Regulatory expense |
|
|
3,679 |
|
|
|
2,186 |
|
|
|
1,297 |
|
Commercial programs |
|
|
19,296 |
|
|
|
12,719 |
|
|
|
3,025 |
|
General and administrative expense |
|
|
15,374 |
|
|
|
14,438 |
|
|
|
16,323 |
|
Depreciation and amortization |
|
|
478 |
|
|
|
299 |
|
|
|
115 |
|
Interest expense |
|
|
— |
|
|
|
— |
|
|
|
— |
|
Segment adjusted loss before tax |
|
|
(138,666 |
) |
|
|
(125,789 |
) |
|
|
(147,112 |
) |
Reconciliation to consolidated net loss |
|
|
|
|
|
|
|
|
|
|||
Share-based compensation expense |
|
|
(59,425 |
) |
|
|
(33,619 |
) |
|
|
(24,572 |
) |
Change in fair value - derivatives |
|
|
(18,783 |
) |
|
|
(75,593 |
) |
|
|
(10,284 |
) |
Foreign exchange gains/(losses) |
|
|
13,055 |
|
|
|
(6,598 |
) |
|
|
5,058 |
|
Income tax expense (benefit) |
|
|
— |
|
|
|
1 |
|
|
|
(27 |
) |
Consolidated net loss for the period |
|
|
(203,819 |
) |
|
|
(241,598 |
) |
|
|
(176,937 |
) |
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 18, 2026 | Showing above |
| 2024 | Feb 26, 2025 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.