Gossamer Bio(US:GOSS)2025-05-15 20:01Financial Performance - Total revenue for the three months ended March 31, 2025, was $9.889 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 $36.638 million, an improvement of $5.290 million compared to a net loss of $41.928 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 $38.041 million, an increase of $5.649 million from $32.392 million in 2024 [127]. - Research and development expenses increased to $38.0 million for the three months ended March 31, 2025, up from $32.4 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 $1.305 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 $9.567 million in 2024, a reduction of $909,000 [127]. - General and administrative expenses decreased to $8.7 million for the three months ended March 31, 2025, down from $9.6 million in 2024, primarily due to a $1.6 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 $257.9 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 $52.3 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 $0.5 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].