Gossamer Bio (GOSS) Q2 2026 earnings summary

Executive summary

• Reacquired worldwide rights to seralutinib after terminating the Chiesi collaboration in July 2026, consolidating global control and economics for PAH and PH-ILD indications.

• Announced positive topline results from the Phase 2 TORREY Study and topline results from the Phase 3 PROSERA Study in PAH; NDA submission for seralutinib planned for September 2026, following a productive Pre-NDA Type B meeting with the FDA.

• Completed a major debt restructuring in June 2026, exchanging 90.5% of 2027 Notes for new 2030 Notes, equity, and warrants, resulting in a $43.8 million gain on debt extinguishment and reducing debt by $115.9 million.

• Stockholders approved proposals related to a convertible note exchange, a reverse stock split, and an increase in authorized shares to 4 billion, supporting a strengthened capital structure.

Financial highlights

• Revenue for Q2 2026 was $9.2 million, down from $11.5 million in Q2 2025, due to lower reimbursed R&D services.

• Net income for Q2 2026 was $16.9 million, compared to a net loss of $38.3 million in Q2 2025, driven by the gain on debt extinguishment.

• R&D expenses decreased to $26.4 million in Q2 2026 from $41.6 million in Q2 2025, primarily due to lower clinical trial costs.

• Cash, cash equivalents, and marketable securities totaled $57.0 million as of June 30, 2026.

Outlook and guidance

• NDA submission for seralutinib in PAH planned for September 2026, with a potential FDA decision in Q3 2027 if accepted.

• Existing cash resources are expected to fund operations into Q1 2027; substantial doubt remains about the ability to continue as a going concern without additional capital.

• Ongoing focus on advancing seralutinib for PH-ILD and exploring additional indications.