Gossamer Bio Reports Q3 2024 Financials and Business Update

Gossamer Bio, Inc., a clinical-stage biopharmaceutical company listed on Nasdaq under the ticker symbol GOSS, has announced its financial results for the third quarter that ended on September 30, 2024, along with an update on its business activities. The company is focused on the development and commercialization of seralutinib, a treatment aimed at addressing pulmonary arterial hypertension (PAH) and pulmonary hypertension associated with interstitial lung disease (PH-ILD).

The company's CEO, Faheem Hasnain, emphasized the importance of the upcoming year for Gossamer Bio. He stated that they expect significant progress in 2025 with the anticipated results from the Phase 3 PROSERA Study for PAH and the commencement of the Phase 3 study for PH-ILD. Hasnain highlighted that executing these clinical trials effectively, especially with regards to patient enrollment, is crucial for the potential success of the trials and the establishment of a strong pulmonary hypertension treatment portfolio.

The PROSERA Study, a global Phase 3 clinical trial, is currently enrolling patients with WHO Functional Class II and III PAH. The primary goal of this study is to measure the change in six-minute walk distance (6MWD) from the baseline after 24 weeks. Results from this trial are expected to be available in the fourth quarter of 2025. Furthermore, discussions with global regulatory authorities are anticipated to lead to the start of a Phase 3 clinical trial for seralutinib targeting PH-ILD in mid-2025.

Financially, Gossamer Bio reported having $327.0 million in cash, cash equivalents, and marketable securities as of September 30, 2024. The company believes this financial reserve will cover its operating and capital expenditure needs until the first half of 2027.

In terms of revenue, Gossamer Bio reported $9.5 million for the third quarter of 2024 from contracts with collaborators, largely attributed to ongoing research and development services in collaboration with Chiesi. This represents a new revenue stream compared to no reported revenue in the same quarter of the previous year.

Research and development (R&D) expenses for the third quarter of 2024 were $34.9 million, up from $31.2 million in the same period of 2023. General and administrative (G&A) expenses decreased slightly to $8.5 million from $9.3 million in the previous year's third quarter. The net loss for the quarter was $30.8 million, translating to a basic net loss per share of $0.14. This is an improvement from the net loss of $40.0 million or $0.21 per share reported for the same period in 2023.

Gossamer Bio’s total assets as of September 30, 2024, stood at $350.9 million, up from $311.9 million at the end of 2023. The company's total liabilities increased to $296.7 million from $249.1 million during the same period. The accumulated deficit also grew, reaching $1.24 billion by the end of the third quarter of 2024, compared to $1.21 billion at the end of 2023.

Gossamer Bio remains committed to its mission of advancing seralutinib through clinical trials to provide new treatment options for patients suffering from pulmonary hypertension. With significant financial resources and a clear focus on clinical trial execution, the company is poised for key developments in the upcoming years.