Cash Position: As of December 31, 2024, NewAmsterdam recorded cash and cash equivalents of $771.7 million and $62.5 million of marketable securities, compared to $340.5 million as of December 31, 2023. The increase in cash is primarily driven by the proceeds of the follow-on public equity offerings completed during the year, the achievement of a clinical development milestone, warrant exercises and option exercises, partially offset by cash outflows related to research and development costs as the Company continues development of obicetrapib and increased spending on selling, general and administrative expenses to support the Company's growing organization.
Revenue: NewAmsterdam recognized $45.6 million in revenue for the year ended December 31, 2024, compared to $14.1 million in the year ended December 31, 2023. This increase is primarily due to an increase in the revenue recognized related to the achievement of a clinical success milestone and the recognition of revenue related to a general development cost reimbursement.
Research and Development ("R&D") Expenses: R&D expenses were of $151.4 million for year ended December 31, 2024, compared to $159.4 million in the year ended December 31, 2023. This decrease is primarily due to a decrease in manufacturing and clinical costs due to clinical trials which are complete or nearing completion, partially offset by an increase in personnel and regulatory expenses.
Selling, General and Administrative ("SG&A") Expenses: SG&A expenses were $70.4 million for the year ended December 31, 2024, compared to $37.6 million in the year ended December 31, 2023. This increase is primarily due to increased personnel and marketing and communication costs as we begin to expand and build capabilities to support our planned commercial launch of obicetrapib, if approved.
Net loss: Net loss for the year ended December 31, 2024 was $241.6 million, compared to net loss of $176.9 million in the year ended December 31, 2023. The individual components of the change are described above in addition to non-cash losses related to changes in the fair value of our derivative liabilities.