Gossamer Bio, Inc. (Nasdaq: GOSS), a clinical-stage biopharmaceutical company focused on seralutinib for pulmonary arterial hypertension (PAH) treatment, reported its financials for Q4 and full-year 2023 and updated on business progress.
Faheem Hasnain, Chairman, Co-Founder, and CEO, stated, “We initiated the registrational PROSERA Study last year, marking a milestone. We’re advancing well with site activations and enrollment.” Gossamer leverages new Japanese regulatory guidelines to include Japanese subjects in the study without a bridging study, potentially expediting seralutinib’s availability in Japan.
Seralutinib (GB002): Inhaled PDGFR, CSF1R, and c-KIT Inhibitor
The Phase 3 PROSERA Study dosed its first PAH patient in Q4 2023, aiming for Functional Class II and III PAH patients globally. Topline results are anticipated in Q4 2025. The Pharmaceuticals and Medical Devices Agency of Japan permitted Japanese trial site inclusion, potentially paving the way for a commercial application.
Financial Results for Quarter and Full Year Ended December 31, 2023
Cash, Cash Equivalents, and Marketable Securities: Gossamer had $296.4 million as of December 31, 2023, expected to fund operations into H1 2026. Research and Development (R&D) Expenses: Q4 2023 R&D expenses were $30.0 million compared to $41.5 million in Q4 2022. Full-year 2023 R&D expenses were $135.3 million versus $170.9 million in 2022. General and Administrative (G&A) Expenses: Q4 2023 G&A expenses were $9.1 million compared to $12.8 million in Q4 2022. Full-year 2023 G&A expenses were $38.5 million versus $47.6 million in 2022. Net Loss: Q4 2023 net loss was $48.1 million, or $0.21 per share, compared to $55.8 million, or $0.59 per share, in Q4 2022. Full-year 2023 net loss was $179.8 million, or $1.18 per share, versus $229.4 million, or $2.71 per share, in 2022.
