Gossamer Bio, Inc. (GOSS), a clinical-stage biopharmaceutical company, on Monday announced its financial results for the first quarter ended March 31, 2026, reflecting a wider net loss and provided a near-term milestone update for its lead investigational candidate, Seralutinib. Company Profile
Gossamer Bio focuses on the development and commercialisation of its lead investigational candidate, Seralutinib, for the treatment of pulmonary arterial hypertension and pulmonary hypertension associated with interstitial lung disease.
First Quarter Results
Net loss for the quarter expanded to $46.7 million, or $0.20 per share, from $36.6 million, or $0.16 per share, in the prior year.
Revenue from contracts with collaborators improved to $17.0 million from $9.9 million in the year-ago period.
As of March 31, cash, cash equivalents and marketable securities totaled $99.2 million. The firm expects this to be sufficient to fund their operating and capital expenditures into the first quarter of 2027.
Convertible Notes Exchange Offer
In parallel, with the intention of extending the firm's debt maturity profile and strengthening its balance sheet, the firm announced the commencement of an exchange offer to exchange any and all of its outstanding 5.00% convertible Senior Notes due 2027. If fully subscribed, the transaction would reduce the company's outstanding convertible indebtedness from $200 million to $72 million in aggregate principal amount, a reduction of $128 million.
Cantor Fitzgerald & Co. is serving as dealer manager, and Latham & Watkins LLP is serving as legal counsel to the company in connection with the Exchange Offer.
Near-Term Milestones
Gossamer is pursuing a New Drug Application (NDA) for Seralutinib for the treatment of PAH. The firm noted that the FDA has confirmed a Pre-NDA Type B meeting in Mid-June.
Subject to the outcomes of the Pre-NDA meeting with the FDA, the Company expects to submit an NDA for seralutinib for the treatment of PAH in September 2026.
If the NDA is accepted for filing, Seralutinib could be eligible for potential FDA approval in the third quarter of 2027.
"The PROSERA CT FRI substudy results further strengthen our confidence in seralutinib," said Faheem Hasnain, Chairman, Co-Founder, and CEO of Gossamer Bio.
GOSS has traded between $0.16 and $3.87 over the last year. The stock closed Monday's trade at $0.19, down 43.32%.
In the overnight market, GOSS is up 0.16% at $0.19.
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