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Gossamer Bio(GOSS) - 2025 Q1 - Quarterly Report
GOSSGossamer Bio(GOSS)2025-05-15 20:01
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Financial Performance - Total revenue for the three months ended March 31, 2025, was 9.889million,comparedto9.889 million, compared to 0 in the same period in 2024, representing a significant increase [127]. - The net loss for the three months ended March 31, 2025, was 36.638million,animprovementof36.638 million, an improvement of 5.290 million compared to a net loss of 41.928millionin2024[127].−RevenueforthethreemonthsendedMarch31,2025,was41.928 million in 2024 [127]. - Revenue for the three months ended March 31, 2025, was 9.9 million, primarily from collaboration with Chiesi, including a one-time development cost reimbursement [128]. Research and Development - Research and development expenses for the three months ended March 31, 2025, were 38.041million,anincreaseof38.041 million, an increase of 5.649 million from 32.392millionin2024[127].−Researchanddevelopmentexpensesincreasedto32.392 million in 2024 [127]. - Research and development expenses increased to 38.0 million for the three months ended March 31, 2025, up from 32.4millioninthesameperiodof2024,reflectinga32.4 million in the same period of 2024, reflecting a 5.6 million increase mainly due to costs for seralutinib [129]. - The company has an accumulated deficit of 1.305billionasofMarch31,2025,reflectingtheongoinginvestmentinresearchanddevelopment[111].Expenses−Generalandadministrativeexpensesdecreasedto1.305 billion as of March 31, 2025, reflecting the ongoing investment in research and development [111]. Expenses - General and administrative expenses decreased to 8.658 million in the first quarter of 2025 from 9.567millionin2024,areductionof9.567 million in 2024, a reduction of 909,000 [127]. - General and administrative expenses decreased to 8.7millionforthethreemonthsendedMarch31,2025,downfrom8.7 million for the three months ended March 31, 2025, down from 9.6 million in 2024, primarily due to a 1.6milliondecreaseinstock−basedcompensation[131].CashandLiquidity−AsofMarch31,2025,thecompanyhad1.6 million decrease in stock-based compensation [131]. Cash and Liquidity - As of March 31, 2025, the company had 257.9 million in cash, cash equivalents, and marketable securities, providing a solid financial foundation for ongoing operations [110]. - Cash, cash equivalents, and marketable securities totaled 257.9millionasofMarch31,2025,providingliquidityforongoingoperations[136].−NetcashusedinoperatingactivitiesforthethreemonthsendedMarch31,2025,was257.9 million as of March 31, 2025, providing liquidity for ongoing operations [136]. - Net cash used in operating activities for the three months ended March 31, 2025, was 39.7 million, compared to 52.3millioninthesameperiodof2024[143].−Investingactivitiesprovidedapproximately52.3 million in the same period of 2024 [143]. - Investing activities provided approximately 22.1 million of cash during the three months ended March 31, 2025, primarily from maturities of marketable securities [146]. - Financing activities generated 0.5millionofcashforthethreemonthsendedMarch31,2025,mainlyfromtheissuanceofcommonstock[148].FutureOutlook−Thecompanyexpectstoincursignificantoperatinglossesfortheforeseeablefutureasitcontinuesthedevelopmentofseralutinibandseeksregulatoryapprovals[111].−Futurecapitalrequirementswilldependonvariousfactors,includingthecostsofclinicaltrialsforseralutinibandtheabilitytogenerateproductrevenues[152].−Thecompanyexpectstofinanceitscashneedsthroughequityofferings,debtfinancings,orothercapitalsourcesuntilitcangeneratesubstantialproductrevenues[113].−Thecompanyexpectstofinancecashneedsthroughequityofferings,debtfinancings,orcollaborations,butmayfacechallengesinraisingadditionalfunds[153].ClinicalDevelopment−ThecompanyanticipatesactivatingthefirstclinicalsitesfortheglobalregistrationalPhase3SERANATAStudyforPH−ILDinthefourthquarterof2025[108].−UndertheChiesiCollaborationAgreement,thetotalpotentialtransactionvalueincludesaone−time0.5 million of cash for the three months ended March 31, 2025, mainly from the issuance of common stock [148]. Future Outlook - The company expects to incur significant operating losses for the foreseeable future as it continues the development of seralutinib and seeks regulatory approvals [111]. - Future capital requirements will depend on various factors, including the costs of clinical trials for seralutinib and the ability to generate product revenues [152]. - The company expects to finance its cash needs through equity offerings, debt financings, or other capital sources until it can generate substantial product revenues [113]. - The company expects to finance cash needs through equity offerings, debt financings, or collaborations, but may face challenges in raising additional funds [153]. Clinical Development - The company anticipates activating the first clinical sites for the global registrational Phase 3 SERANATA Study for PH-ILD in the fourth quarter of 2025 [108]. - Under the Chiesi Collaboration Agreement, the total potential transaction value includes a one-time 160 million development cost reimbursement payment [112].