Gossamer Bio (GOSS) Q1 2025 earnings summary

Executive summary

• Closed new patient screening for the pivotal phase III PROSERA study in PAH, with full enrollment expected by mid-June 2025 and topline results anticipated in February 2026.

• Seralutinib is positioned as a potential first-in-class therapy for PAH and PH-ILD, supported by a robust global clinical development plan and a collaboration with Chiesi Group.

• Baseline characteristics of enrolled patients align with targeted high-risk population, enhancing the likelihood of demonstrating significant treatment effect.

• No material legal proceedings or significant changes in risk factors, aside from potential impacts from U.S. trade policy.

Financial highlights

• Ended Q1 2025 with $257.9 million in cash, cash equivalents, and marketable securities, providing runway into the first half of 2027.

• Q1 2025 revenue was $9.9 million, including $6.6 million in cost reimbursements from the Chiesi collaboration.

• R&D expenses rose to $38 million (from $32.4 million in Q1 2024), while G&A expenses decreased to $8.7 million (from $9.6 million in Q1 2024).

• Net loss for Q1 2025 was $36.6 million ($0.16/share), improved from $41.9 million ($0.19/share) in Q1 2024.

• Working capital at $227.3 million as of March 31, 2025.

Outlook and guidance

• Financial resources are expected to fund operations through the first half of 2027.

• Topline PROSERA results expected in February 2026, with last patient out in Q4 2025.

• First site activations for the phase III SERANATA study in PH-ILD anticipated in Q4 2025.

• Anticipates continued operating losses as development and regulatory activities for seralutinib progress.