Gossamer Bio(GOSS) - 2025 Q3 - Quarterly Report

Financial Performance - For the three months ended September 30, 2025, the net loss was $48.2 million, compared to $30.8 million for the same period in 2024, representing a 56.5% increase in losses [122]. - For the nine months ended September 30, 2025, the net loss was $123.1 million, compared to $23.5 million for the same period in 2024, indicating a significant increase in losses [122]. - The net loss for the three months ended September 30, 2025, was $48.2 million, compared to a net loss of $30.8 million in 2024, reflecting a 57% increase in losses [140]. - As of September 30, 2025, the accumulated deficit was $1,391.7 million, indicating significant ongoing operating losses [150]. Revenue and Expenses - Total revenue for the three months ended September 30, 2025, was $13.3 million, an increase of 40.3% from $9.5 million in the same period of 2024 [140]. - For the nine months ended September 30, 2025, total revenue was $34.7 million, a decrease of 66.9% from $105.3 million in 2024, primarily due to the absence of license sales [140]. - Research and development expenses for the three months ended September 30, 2025, were $45.5 million, up 30.5% from $34.9 million in 2024, driven by increased costs for seralutinib clinical trials [141]. - For the nine months ended September 30, 2025, research and development expenses totaled $125.2 million, an increase of 22.3% from $102.4 million in 2024 [142]. - General and administrative expenses for the three months ended September 30, 2025, were $9.4 million, a 10.6% increase from $8.5 million in 2024 [145]. Cash and Liquidity - As of September 30, 2025, the company had $180.2 million in cash, cash equivalents, and marketable securities [121]. - The company incurred a net cash outflow of $123.0 million from operating activities during the nine months ended September 30, 2025, primarily due to the net loss [161]. - The company believes existing cash, cash equivalents, and marketable securities will be sufficient to fund operations for at least the next 12 months, although this is subject to risks and uncertainties [167]. Collaboration and Development - Under the Chiesi Collaboration Agreement, the total potential transaction value includes a one-time $160.0 million development cost reimbursement payment [123]. - The company has generated all revenue from the Chiesi Collaboration Agreement, which includes a one-time development cost reimbursement and ongoing cost-sharing payments [125]. - The company expects to incur significant commercialization expenses related to product sales, marketing, manufacturing, and distribution if seralutinib receives regulatory approval [124]. - The company anticipates ongoing research and development expenses as it continues the development of seralutinib, with costs varying significantly based on multiple factors [130][131]. - The company shares equally in the costs of ongoing global seralutinib clinical development with Chiesi, except for the PROSERA Phase 3 study, for which the company bears all costs [123]. Future Outlook and Risks - Future capital requirements will depend on various factors, including the ability to generate substantial product revenues and the costs associated with clinical trials for seralutinib [168]. - The company may face challenges in raising additional funds or entering favorable arrangements, which could dilute stockholder ownership and affect financial condition [169]. - The costs and timing of clinical trials for seralutinib, including manufacturing and regulatory review, will significantly impact future capital needs [170]. - As of September 30, 2025, there have been no material changes in market risk factors such as interest rate risk and foreign currency exchange risk [171].