Gossamer Bio (GOSS) Q4 2025 earnings summary

Executive summary

• Focus shifted to evaluating PROSERA Phase 3 topline results, engaging with the FDA, and reassessing strategic options and capital allocation.

• Enrollment in the Phase 3 SERANATA Study in PH-ILD paused pending review of PROSERA implications.

• Workforce reduction and cost-containment measures implemented to align with near-term priorities.

Financial highlights

• Cash, cash equivalents, and marketable securities totaled $136.9 million at year-end 2025, expected to fund operations into Q1 2027.

• Q4 2025 R&D expenses were $48.9 million, up from $36.1 million in Q4 2024; full-year R&D expenses rose to $174.1 million from $138.5 million.

• Q4 2025 G&A expenses were $10.9 million, up from $9.4 million in Q4 2024; full-year G&A expenses were $37.6 million, up from $36.1 million.

• Q4 2025 net loss was $47.2 million ($0.21/share) vs. $33.0 million ($0.15/share) in Q4 2024; full-year net loss was $170.4 million ($0.75/share) vs. $56.5 million ($0.25/share) in 2024.

• Total revenue for 2025 was $48.5 million, down from $114.7 million in 2024.

Outlook and guidance

• Additional analyses of the PROSERA dataset ongoing; Type C FDA meeting planned for June 2026 to discuss regulatory paths.

• Current cash position expected to fund operations into the first quarter of 2027.