Stock Slips Following Quarterly Results
Gossamer Bio (NASDAQ:GOSS) shares fell 5.09% in premarket trading on Monday after the company reported a first-quarter loss that came in worse than analyst expectations, even as revenue significantly exceeded forecasts.
The company posted an adjusted quarterly loss of -$0.20 per share for the period ended March 31, compared with Wall Street expectations for a loss of -$0.17 per share.
Revenue reached $17.0 million, well above the consensus estimate of $4.71 million and up 71% from $9.9 million recorded in the same quarter last year.
Collaboration Revenue Drives Top-Line Growth
Gossamer said the increase in revenue was largely tied to collaboration income generated through its partnership with Chiesi Group, including $9.3 million in reimbursed costs.
FDA Meeting Scheduled Ahead of Planned NDA Filing
The company also announced that it has secured an in-person Pre-NDA Type B meeting with the U.S. Food and Drug Administration scheduled for mid-June.
Gossamer expects to submit a New Drug Application for seralutinib in pulmonary arterial hypertension in September 2026, depending on the outcome of the FDA meeting.
If the application is accepted for review, the company said seralutinib could potentially receive FDA approval during the third quarter of 2027.
“We have secured an in-person Pre-NDA Type B meeting with the FDA, reflecting our conviction in both the breadth of the PROSERA dataset and in the totality of evidence supporting seralutinib,” said Faheem Hasnain, Chairman, Co-Founder, and CEO.
Expenses Rise as Clinical Development Continues
Research and development expenses increased to $43.1 million from $38.0 million a year earlier, primarily due to ongoing clinical trial spending related to seralutinib.
General and administrative expenses climbed to $18.7 million from $8.7 million, mainly reflecting one-time severance costs associated with a previously announced workforce reduction.
Debt Exchange Offer Announced
Gossamer also unveiled an exchange offer involving its outstanding 5.00% Convertible Senior Notes due 2027.
The company said holders representing around 75.2% of the notes have already agreed to participate.
If fully completed, the transaction would reduce the company’s convertible debt burden from $200 million to $72 million.
Cash Runway Extends Into 2027
As of March 31, 2026, Gossamer reported cash, cash equivalents and marketable securities totaling $99.2 million.
The company said its current resources are expected to support operations into the first quarter of 2027.