Gossamer Bio Inc (GOSS) Reports Q3 2023 Financial Results and Business Progress
Gossamer Bio Inc (NASDAQ:GOSS) announces a decrease in R&D expenses and a lower net loss in Q3 2023 compared to the same period in 2022.
The company reports $329 million in cash, cash equivalents, and marketable securities, with funding expected to last into the first half of 2026.
Progress in the Phase 3 PROSERA Study for seralutinib in PAH, with site activations ahead of schedule and first dosing anticipated in Q4 2023.
Additional data from the TORREY Open-Label Extension for seralutinib in PAH patients expected in Q4 2023.
On November 9, 2023, Gossamer Bio Inc (NASDAQ:GOSS) released its financial results for the third quarter ended September 30, 2023, and provided an update on its business activities. The company, which is focused on developing seralutinib for pulmonary arterial hypertension (PAH), reported a decrease in research and development (R&D) expenses and a reduced net loss compared to the same period last year.
Financial Highlights
Gossamer Bio Inc (NASDAQ:GOSS) ended the third quarter with $328.9 million in cash, cash equivalents, and marketable securities. This strong financial position is expected to fund the company's operations and capital expenditures well into the first half of 2026. R&D expenses for the quarter were $31.2 million, a significant decrease from the $44.5 million reported in the third quarter of 2022. This reduction was primarily due to decreased costs associated with preclinical studies and clinical trials for GB5121 and other programs. General and administrative (G&A) expenses also saw a decrease to $9.3 million from $11.5 million in the prior year's quarter. The net loss for the quarter was $40.0 million, or $0.21 per share, an improvement from a net loss of $59.4 million, or $0.65 per share, in Q3 2022.
Operational Progress
The company's Chairman, Co-Founder, and CEO, Faheem Hasnain, expressed satisfaction with the progress of the seralutinib Phase 3 PROSERA Study, noting the enthusiasm from investigators, patients, and advocates. The study's site and country activations are proceeding ahead of schedule, with the first patient dosing expected in the fourth quarter of 2023. The primary endpoint of the study is the change in six-minute walk distance (6MWD) from baseline at week 24.
Furthermore, Gossamer Bio Inc (NASDAQ:GOSS) is preparing to release additional data from the ongoing TORREY Open-Label Extension (OLE) study in PAH patients. The company also highlighted the presentation of a functional respiratory imaging (FRI) sub-study from the Phase 2 TORREY Study at the European Respiratory Society International Congress 2023, which provided encouraging evidence of seralutinib's potential benefits.
Financial Tables Summary
The condensed consolidated statement of operations and balance sheet data provide a snapshot of the company's financial health. The balance sheet shows a solid working capital position of $299.2 million and total assets of $347.9 million. The total liabilities stand at $243.3 million, with an accumulated deficit of $1.16 billion. The total stockholders' equity is reported at $104.6 million.
In summary, Gossamer Bio Inc (NASDAQ:GOSS) has reported a quarter of financial prudence and operational advancements. The company's reduced R&D expenses and net loss, coupled with a robust cash reserve, position it well for continued development of its lead candidate, seralutinib. With key clinical milestones on the horizon, Gossamer Bio Inc (NASDAQ:GOSS) remains a company to watch for investors interested in the biopharmaceutical sector.
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Explore the complete 8-K earnings release (here) from Gossamer Bio Inc for further details.
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