Gossamer Bio Announces Third Quarter 2024 Financial Results and Provides Business Update

Business Wire11-08

- $327 Million in Cash, Cash Equivalents & Marketable Securities, as of September 30, 2024 - SAN DIEGO, November 07, 2024--(BUSINESS WIRE)--Gossamer Bio, Inc. (Nasdaq: GOSS), a clinical-stage ...

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(Nasdaq: GOSS), a clinical-stage ...</p>\n\n<a href=\"https://finance.yahoo.com/news/gossamer-bio-announces-third-quarter-210300964.html\">Source Link</a>\n\n</div>\n","source":"yahoofinance","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Gossamer Bio Announces Third Quarter 2024 Financial Results and Provides Business Update</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nGossamer Bio Announces Third Quarter 2024 Financial Results and Provides Business Update\n</h2>\n\n<h4 class=\"meta\">\n\n\n2024-11-08 05:03 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://finance.yahoo.com/news/gossamer-bio-announces-third-quarter-210300964.html><strong>Business Wire</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>- $327 Million in Cash, Cash Equivalents & Marketable Securities, as of September 30, 2024 -\nSAN DIEGO, November 07, 2024--(BUSINESS WIRE)--Gossamer Bio, Inc. (Nasdaq: GOSS), a clinical-stage ...</p>\n\n<a href=\"https://finance.yahoo.com/news/gossamer-bio-announces-third-quarter-210300964.html\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"GOSS","symbol_name":"Gossamer Bio Inc.","start_time":0,"source_url":"https://finance.yahoo.com/news/gossamer-bio-announces-third-quarter-210300964.html","article_id":"2481316023","we_media_id":null,"thumbnails":["https://s.yimg.com/uu/api/res/1.2/ThQncV5qtYHcn4140.7iIA--~B/aD0yMzk7dz00ODA7YXBwaWQ9eXRhY2h5b24-/https://media.zenfs.com/en/business-wire.com/20d8c46341e161b5b4ce2374c10ddc68"],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2481316023","pubTimestamp":1731013380,"columns":[],"sourceInfo":{"source_id":"yahoofinance","name":"雅虎金融"},"weMediaInfo":null,"summary":"- $327 Million in Cash, Cash Equivalents & Marketable Securities, as of September 30, 2024 -. SAN DIEGO, November 07, 2024----Gossamer Bio, Inc. , a clinical-stage biopharmaceutical company focused on the development and commercialization of seralutinib for the treatment of pulmonary arterial hypertension  and pulmonary hypertension associated with interstitial lung disease , today announced its financial results for the third quarter ended September 30, 2024 and provided a business update.\"Looking forward, we expect 2025 to be an exceptionally important year for Gossamer, as we both anticipate Phase 3 PROSERA Study results in PAH and commence our PH-ILD Phase 3 study,\" said Faheem Hasnain, Co-Founder, CEO, and Chairman of Gossamer Bio.Revenue from Sale of Licenses and from Contracts with Collaborators: For the quarter ended September 30, 2024, revenue from contracts with collaborators was $9.5 million. Our revenue consists of ongoing payments for research and development services rela","collect":0,"end_time":0,"defaultTopTitle":"yahoo.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"GOSS":"Gossamer Bio Inc.","BK4139":"生物科技","BK4505":"高瓴资本持仓"},"translate_title":"Gossamer Bio公布2024年第三季度财务业绩并提供业务更新","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"GOSS":0.9},"content_text":"- $327 Million in Cash, Cash Equivalents & Marketable Securities, as of September 30, 2024 -\nSAN DIEGO, November 07, 2024--(BUSINESS WIRE)--Gossamer Bio, Inc. (Nasdaq: GOSS), a clinical-stage biopharmaceutical company focused on the development and commercialization of seralutinib for the treatment of pulmonary arterial hypertension (PAH) and pulmonary hypertension associated with interstitial lung disease (PH-ILD), today announced its financial results for the third quarter ended September 30, 2024 and provided a business update.\n\"Looking forward, we expect 2025 to be an exceptionally important year for Gossamer, as we both anticipate Phase 3 PROSERA Study results in PAH and commence our PH-ILD Phase 3 study,\" said Faheem Hasnain, Co-Founder, CEO, and Chairman of Gossamer Bio.\n\"Proper clinical trial execution right now, including enrolling the targeted PAH patients, not only greatly increases the probability of a successful trial, but it also lays the groundwork for what we see as a potential blockbuster pulmonary hypertension franchise. To that end, as we come into the home stretch for 2024, our team remains hard at work, diligently focused on completing PROSERA Study enrollment and designing the registrational Phase 3 PH-ILD clinical trial.\"\nSeralutinib (GB002): Inhaled PDGFR, CSF1R and c-KIT Inhibitor for PAH and PH-ILD\n\nEnrollment is ongoing in the PROSERA Study, a global registrational Phase 3 clinical trial in patients with WHO Functional Class II and III PAH. The primary endpoint is change in six-minute walk distance (6MWD) from baseline at week 24. Topline results from the PROSERA Study are expected in the fourth quarter of 2025.\nIn mid-2025, after engaging and discussing with global regulatory authorities, we expect to commence a global registrational Phase 3 clinical trial of seralutinib for the treatment of patients with PH-ILD.\n\nFinancial Results for Quarter Ended September 30, 2024\n\nCash, Cash Equivalents and Marketable Securities: Cash, cash equivalents and marketable securities as of September 30, 2024, were $327.0 million. The Company expects the combination of current cash, cash equivalents and marketable securities will be sufficient to fund its operating and capital expenditures into the first half of 2027.\nRevenue from Sale of Licenses and from Contracts with Collaborators: For the quarter ended September 30, 2024, revenue from contracts with collaborators was $9.5 million. Our revenue consists of ongoing payments for research and development services related to the collaboration with Chiesi.\nResearch and Development (R&D) Expenses: For the quarter ended September 30, 2024, R&D expenses were $34.9 million, compared to $31.2 million for the same period in 2023.\nGeneral and Administrative (G&A) Expenses: For the quarter ended September 30, 2024, G&A expenses were $8.5 million, compared to $9.3 million for the same period in 2023.\nNet Loss: Net loss for the quarter ended September 30, 2024, was $30.8 million, or $0.14 basic net loss per share, compared to a net loss of $40.0 million, or $0.21 basic net loss per share, for the same period in 2023.\n\nAbout Gossamer Bio\nGossamer Bio is a clinical-stage biopharmaceutical company focused on the development and commercialization of seralutinib for the treatment of pulmonary hypertension. Its goal is to be an industry leader in, and to enhance the lives of patients living with, pulmonary hypertension.\nForward-Looking Statements\nGossamer cautions you that statements contained in this press release regarding matters that are not historical facts are forward-looking statements. These statements are based on the Company’s current beliefs and expectations. Such forward-looking statements include, but are not limited to, statements regarding: the development and market potential of seralutinib; the anticipated timing of commencing a Phase 3 registrational study in PH-ILD; the anticipated timing of a data readout from our Phase 3 PROSERA Study; and the expected timeframe for funding our operating plan with current cash, cash equivalents and marketable securities. The inclusion of forward-looking statements should not be regarded as a representation by Gossamer that any of its plans will be achieved. Actual results may differ from those set forth in this press release due to the risks and uncertainties inherent in Gossamer’s business, including, without limitation: potential delays in the commencement, enrollment and completion of clinical trials; disruption to our operations from the COVID-19 pandemic, including clinical trial delays; the Company’s dependence on third parties in connection with product manufacturing, research and preclinical and clinical testing; the results of preclinical studies and early clinical trials are not necessarily predictive of future results; the success of Gossamer’s clinical trials and preclinical studies for seralutinib; regulatory developments in the United States and foreign countries; unexpected adverse side effects or inadequate efficacy of seralutinib that may limit their development, regulatory approval and/or commercialization, or may result in clinical holds, recalls or product liability claims; Gossamer’s ability to obtain and maintain intellectual property protection for seralutinib; Gossamer’s ability to comply with its obligations in collaboration agreements with third parties, including Chiesi, or the agreements under which it licenses intellectual property rights from third parties; unstable market and economic conditions and adverse developments with respect to financial institutions and associated liquidity risk may adversely affect our business and financial condition and the broader economy and biotechnology industry; Gossamer may use its capital resources sooner than it expects; and other risks described in the Company’s prior press releases and the Company’s filings with the Securities and Exchange Commission (SEC), including under the heading \"Risk Factors\" in the Company’s annual report on Form 10-K and any subsequent filings with the SEC. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof, and Gossamer undertakes no obligation to update such statements to reflect events that occur or circumstances that exist after the date hereof. All forward-looking statements are qualified in their entirety by this cautionary statement, which is made under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.\n\n\n\nGossamer Bio Statement of Operations\n\n\nCondensed Consolidated Statement of Operations\n\n\n(in thousands, except share and per share amounts)\n\n\n(unaudited)\n\n\n \n\n\n\nThree months ended September 30,\n\nNine months ended September 30,\n\n\n\n2024\n\n2023\n\n2024\n\n2023\n\n\nRevenue:\n\n\n\n\n\n\n\n\n\nRevenue from sale of licenses\n$\n—\n\n\n$\n—\n\n\n$\n88,751\n\n\n$\n—\n\n\n\nRevenue from contracts with collaborators\n\n9,480\n\n\n\n—\n\n\n\n16,571\n\n\n\n—\n\n\n\nTotal revenue\n\n9,480\n\n\n\n—\n\n\n\n105,322\n\n\n\n—\n\n\n\nOperating expenses:\n\n\n\n\n\n\n\n\n\nResearch and development\n\n34,897\n\n\n\n31,200\n\n\n\n102,375\n\n\n\n105,334\n\n\n\nGeneral and administrative\n\n8,502\n\n\n\n9,290\n\n\n\n26,738\n\n\n\n29,398\n\n\n\nTotal operating expenses\n\n43,399\n\n\n\n40,490\n\n\n\n129,113\n\n\n\n134,732\n\n\n\nLoss from operations\n\n(33,919\n)\n\n\n(40,490\n)\n\n\n(23,791\n)\n\n\n(134,732\n)\n\n\nOther income (expense)\n\n\n\n\n\n\n\n\n\nInterest income\n\n430\n\n\n\n405\n\n\n\n2,523\n\n\n\n1,687\n\n\n\nInterest expense\n\n(2,734\n)\n\n\n(3,343\n)\n\n\n(8,779\n)\n\n\n(10,272\n)\n\n\nOther income, net\n\n4,288\n\n\n\n3,420\n\n\n\n9,851\n\n\n\n11,648\n\n\n\nTotal other income, net\n\n1,984\n\n\n\n482\n\n\n\n3,595\n\n\n\n3,063\n\n\n\nLoss before provision (benefit) for income taxes\n\n(31,935\n)\n\n\n(40,008\n)\n\n\n(20,196\n)\n\n\n(131,669\n)\n\n\nProvision (benefit) for income taxes\n\n(1,132\n)\n\n\n—\n\n\n\n3,303\n\n\n\n—\n\n\n\nNet loss\n$\n(30,803\n)\n\n$\n(40,008\n)\n\n$\n(23,499\n)\n\n$\n(131,669\n)\n\n\nNet loss per share, basic and diluted\n$\n(0.14\n)\n\n$\n(0.21\n)\n\n$\n(0.10\n)\n\n$\n(1.03\n)\n\n\nWeighted average common shares outstanding, basic and diluted\n\n226,346,058\n\n\n\n192,883,209\n\n\n\n226,101,727\n\n\n\n128,092,499\n\n\n\n\n\n\n\nCondensed Consolidated Balance Sheet\n\n\n(in thousands)\n\n\n \n\n\nBALANCE SHEET DATA:\nSeptember 30, 2024\n\nDecember 31, 2023\n\n\n\n(unaudited)\n\n\n\n\nCash, cash equivalents, and marketable securities\n$\n327,034\n\n\n$\n296,425\n\n\n\nWorking capital\n\n293,183\n\n\n\n254,921\n\n\n\nTotal assets\n\n350,879\n\n\n\n311,916\n\n\n\nTotal liabilities\n\n296,743\n\n\n\n249,147\n\n\n\nAccumulated deficit\n\n(1,235,539\n)\n\n\n(1,212,040\n)\n\n\nTotal stockholders' equity\n\n54,136\n\n\n\n62,769\n\n\n\n\nView source version on businesswire.com: https://www.businesswire.com/news/home/20241107455321/en/\nContacts\nFor Investors and Media: Bryan Giraudo, Chief Operating Officer and Chief Financial OfficerGossamer Bio Investor Relationsir@gossamerbio.com","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.3","shortVersion":"4.29.3","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2481316023"}