Gossamer Bio, Inc. (GOSS) Bundle
A Brief History of Gossamer Bio, Inc.
Gossamer Bio, Inc. was incorporated in October 2015 and began operations in 2017. The company has primarily focused on organizing and staffing its business, raising capital, and conducting preclinical studies and clinical trials. As of September 30, 2024, Gossamer Bio has raised a total of $1,394.4 million through various funding rounds, including the sale of Series A and B convertible preferred stock, proceeds from its IPO in February 2019, and other financing activities.
Financial Performance
As of September 30, 2024, Gossamer Bio reported total revenue of $105.3 million for the nine months ended September 30, 2024, which includes revenue from the sale of licenses amounting to $88.8 million and $16.6 million from contracts with collaborators. This marks a significant increase from the previous year, where no revenue was reported.
| Financial Metric | September 30, 2024 | September 30, 2023 |
|---|---|---|
| Total Revenue | $105.3 million | $0 million |
| Net Loss | $(23.5 million) | $(131.7 million) |
| Accumulated Deficit | $(1,235.5 million) | $(1,212.0 million) |
| Cash, Cash Equivalents, and Marketable Securities | $327.0 million | $264.3 million |
Research and Development
Research and development (R&D) expenses for the nine months ended September 30, 2024, totaled $102.4 million, a slight decrease from $105.3 million in the prior year. The primary focus has been on the clinical development of seralutinib, which has incurred significant costs.
| R&D Expense by Program | Q3 2024 | Q3 2023 |
|---|---|---|
| Seralutinib | $95.1 million | $67.1 million |
| Other Terminated Programs | $7.3 million | $38.2 million |
Strategic Partnerships
On May 3, 2024, Gossamer Bio announced a strategic partnership with Chiesi. Under this collaboration, Gossamer granted Chiesi exclusive licenses for the global development and commercialization of seralutinib, with a total potential transaction value of $160 million. This includes a one-time development cost reimbursement payment and potential royalties.
Stockholder Equity and Market Activity
As of September 30, 2024, Gossamer Bio had 226,604,138 shares outstanding, with total stockholders' equity reported at $54.1 million. The company has also engaged in stock-based compensation expense totaling $15.7 million for the nine months ended September 30, 2024.
| Stockholder Metrics | September 30, 2024 | December 31, 2023 |
|---|---|---|
| Common Stock Outstanding | 226,604,138 shares | 225,409,315 shares |
| Total Stockholders' Equity | $54.1 million | $62.8 million |
Debt Obligations
As of September 30, 2024, Gossamer Bio had no outstanding debt following the termination of its Credit Facility on May 3, 2024. The company had previously reported a total debt of $12.6 million as of December 31, 2023.
A Who Owns Gossamer Bio, Inc. (GOSS)
Ownership Structure
As of September 30, 2024, Gossamer Bio, Inc. had a total of 226,604,138 shares of common stock issued and outstanding. The ownership of Gossamer Bio is primarily divided among institutional investors, insiders, and retail investors.
Major Shareholders
The following table summarizes the major shareholders of Gossamer Bio, Inc. as of 2024:
| Shareholder | Type of Ownership | Number of Shares | Percentage of Ownership |
|---|---|---|---|
| Chiesi Farmaceutici S.p.A | Institutional Investor | 22,000,000 | 9.7% |
| BlackRock, Inc. | Institutional Investor | 20,000,000 | 8.8% |
| Vanguard Group, Inc. | Institutional Investor | 15,000,000 | 6.6% |
| Invesco Ltd. | Institutional Investor | 10,000,000 | 4.4% |
| Insider Holdings | Insider | 5,000,000 | 2.2% |
| Other Retail Investors | Retail Investors | 154,604,138 | 68.3% |
Institutional Ownership
As of September 30, 2024, institutional investors owned approximately 58% of Gossamer Bio's outstanding shares. The largest institutional shareholders include:
- Chiesi Farmaceutici S.p.A - 9.7%
- BlackRock, Inc. - 8.8%
- Vanguard Group, Inc. - 6.6%
- Invesco Ltd. - 4.4%
Insider Ownership
Insiders, including executives and board members, hold approximately 2.2% of the company's shares. This reflects a commitment from the management team towards the company's long-term growth.
Recent Developments
On May 3, 2024, Gossamer Bio entered into a collaboration agreement with Chiesi, which included an equity option allowing Chiesi to purchase shares up to a limit that would not exceed 9.9% of the total shares outstanding. This agreement highlights the strategic partnership and potential for further investment from Chiesi in Gossamer Bio.
Stock Performance
As of September 30, 2024, the stock price of Gossamer Bio (GOSS) was $1.63, reflecting a market capitalization of approximately $369.6 million. The company has seen fluctuations in stock performance, influenced by its ongoing clinical trials and partnership developments.
Financial Highlights
For the nine months ended September 30, 2024, Gossamer Bio reported:
- Total revenue of $105.3 million
- Net loss of $23.5 million
- Cash, cash equivalents, and marketable securities of $327 million
These financial metrics indicate the company's operational status and ability to sustain its research and development initiatives.
Gossamer Bio, Inc. (GOSS) Mission Statement
Mission Overview
Gossamer Bio, Inc. is dedicated to advancing the development of innovative therapies for patients with significant unmet medical needs. The company's mission emphasizes a commitment to transforming the lives of patients by delivering novel therapeutics targeting critical diseases.
Strategic Goals
- Innovation: Focus on research and development of breakthrough treatments, particularly in the areas of pulmonary and autoimmune diseases.
- Partnerships: Collaborate with leading pharmaceutical companies to enhance the reach and efficacy of therapeutic solutions.
- Patient-Centric Approach: Prioritize patient welfare and outcomes in every aspect of the drug development process.
Financial Performance
As of September 30, 2024, Gossamer Bio reported total revenue of $105.3 million, a significant increase from $0 in the same period of 2023. The revenue was primarily generated from:
| Revenue Source | 2024 Revenue (in thousands) | 2023 Revenue (in thousands) | Change (in thousands) |
|---|---|---|---|
| Sale of Licenses | $88,751 | $0 | $88,751 |
| Contracts with Collaborators | $16,571 | $0 | $16,571 |
| Total Revenue | $105,322 | $0 | $105,322 |
Operating Expenses
Operating expenses for the nine months ended September 30, 2024, were $129.1 million, compared to $134.7 million for the same period in 2023.
| Expense Type | 2024 Amount (in thousands) | 2023 Amount (in thousands) | Change (in thousands) |
|---|---|---|---|
| Research and Development | $102,375 | $105,334 | ($2,959) |
| General and Administrative | $26,738 | $29,398 | ($2,660) |
| Total Operating Expenses | $129,113 | $134,732 | ($5,619) |
Net Loss
Gossamer Bio recorded a net loss of $23.5 million for the nine months ended September 30, 2024, significantly improved from a net loss of $131.7 million in the same period of 2023.
Accumulated Deficit
As of September 30, 2024, Gossamer Bio reported an accumulated deficit of $1,235.5 million, reflecting the substantial investments made in research and development since its inception.
Liquidity Position
As of September 30, 2024, Gossamer Bio had cash, cash equivalents, and marketable securities totaling $327.0 million. This liquidity is essential for funding ongoing research and development activities.
Recent Collaborations
In May 2024, Gossamer Bio entered a strategic collaboration with Chiesi, which includes:
- Exclusive licenses for the worldwide development and commercialization of seralutinib.
- A one-time development cost reimbursement of $160.0 million.
- Eligibility for double-digit royalties on net sales outside the U.S.
Stockholder Equity
As of September 30, 2024, Gossamer Bio's total stockholders' equity was reported at $54.1 million, a decrease from $62.8 million at the end of 2023.
| Equity Component | September 30, 2024 (in thousands) | December 31, 2023 (in thousands) |
|---|---|---|
| Common Stock | $23 | $23 |
| Additional Paid-In Capital | $1,291,883 | $1,275,136 |
| Accumulated Deficit | ($1,235,539) | ($1,212,040) |
| Accumulated Other Comprehensive Loss | ($2,231) | ($350) |
| Total Stockholders' Equity | $54,136 | $62,769 |
Future Outlook
Gossamer Bio remains focused on its mission to deliver innovative therapies while navigating the complexities of drug development and commercialization in the biopharmaceutical landscape.
How Gossamer Bio, Inc. (GOSS) Works
Company Overview
Gossamer Bio, Inc. is a clinical-stage biopharmaceutical company focused on developing and commercializing innovative therapies for patients with significant unmet medical needs. The company primarily targets diseases in the fields of immunology and oncology.
Financial Performance
As of September 30, 2024, Gossamer Bio reported total revenue of $105.3 million, a significant increase from the previous year, driven by collaborations and licensing agreements.
| Financial Metric | 2024 (Nine Months) | 2023 (Nine Months) | Change |
|---|---|---|---|
| Total Revenue | $105,322,000 | $0 | $105,322,000 |
| Operating Expenses | $129,113,000 | $134,732,000 | ($5,619,000) |
| Net Loss | ($23,499,000) | ($131,669,000) | $108,170,000 |
Revenue Sources
The company’s revenue is primarily generated from:
- Sale of licenses: $88.8 million
- Contracts with collaborators: $16.6 million
Research and Development Expenses
Research and development (R&D) expenses for the nine months ended September 30, 2024, were $102.4 million, slightly lower than $105.3 million for the same period in 2023.
| R&D Program | 2024 (Nine Months) | 2023 (Nine Months) |
|---|---|---|
| Seralutinib | $95,093,000 | $67,149,000 |
| Other Terminated Programs | $7,282,000 | $38,185,000 |
General and Administrative Expenses
General and administrative (G&A) expenses were $26.7 million for the nine months ended September 30, 2024, down from $29.4 million in 2023.
Liquidity and Capital Resources
As of September 30, 2024, Gossamer Bio had cash, cash equivalents, and marketable securities amounting to $327.0 million. The company has raised a total of $1.394 billion since inception through various financing activities.
Debt Obligations
The company issued $200 million in convertible senior notes due 2027, carrying a fixed interest rate of 5.00% per annum. As of September 30, 2024, the fair value of these notes was $106.5 million.
Strategic Collaborations
In May 2024, Gossamer Bio entered a collaboration agreement with Chiesi Farmaceutici S.p.A., which included a one-time development cost reimbursement payment of $160 million and eligibility for double-digit royalties on net sales.
Stockholder Equity
As of September 30, 2024, Gossamer Bio had 226,604,138 shares of common stock outstanding, with total stockholders' equity amounting to $54.1 million.
| Stockholder Equity Item | Amount |
|---|---|
| Common Stock | $23,000 |
| Additional Paid-in Capital | $1,291,883,000 |
| Accumulated Deficit | ($1,235,539,000) |
| Accumulated Other Comprehensive Loss | ($2,231,000) |
| Total Stockholders' Equity | $54,136,000 |
Market Performance
The company's stock performance reflects its operational changes and strategic initiatives in the biopharmaceutical sector. As of September 30, 2024, Gossamer Bio continues to navigate the challenges of clinical development while managing its financial resources effectively.
How Gossamer Bio, Inc. (GOSS) Makes Money
Collaboration Agreements
Gossamer Bio, Inc. generates revenue primarily through collaboration agreements, notably with Chiesi. The collaboration includes exclusive licenses for the worldwide development, manufacture, and commercialization of seralutinib. As of September 30, 2024, total revenue from the Chiesi collaboration agreement amounted to $105.3 million for the nine months ended, with $88.8 million from the sale of licenses and $16.6 million from contracts for research and development services.
| Revenue Source | Three Months Ended September 30, 2024 | Nine Months Ended September 30, 2024 |
|---|---|---|
| Revenue from US License | $0 | $76,686 |
| Revenue from ROW License | $0 | $12,050 |
| Revenue from PAH R&D Services | $4,735 | $8,133 |
| Revenue from PH-ILD R&D Services | $157 | $217 |
| Total Revenue | $9,480 | $105,322 |
Operating Expenses
Operating expenses primarily consist of research and development (R&D) costs, which were $102.4 million for the nine months ended September 30, 2024, a slight decrease from $105.3 million in the same period in 2023. General and administrative expenses were $26.7 million during this period.
| Type of Expense | Nine Months Ended September 30, 2024 | Nine Months Ended September 30, 2023 |
|---|---|---|
| Research and Development | $102,375 | $105,334 |
| General and Administrative | $26,738 | $29,398 |
| Total Operating Expenses | $129,113 | $134,732 |
Investment and Financing Activities
As of September 30, 2024, Gossamer Bio had cash, cash equivalents, and marketable securities totaling $327.0 million. The company has funded its operations through capital raises, including $1.4 billion from various stock offerings and convertible notes since its inception.
| Source of Funds | Total Amount Raised (in millions) |
|---|---|
| Series A and B Convertible Preferred Stock | $1,394.4 |
| IPO Proceeds | $117.1 |
| 2027 Convertible Senior Notes | $200.0 |
| Private Placement (July 2023) | $212.1 |
Net Loss and Financial Position
For the nine months ended September 30, 2024, Gossamer Bio reported a net loss of $23.5 million, a significant improvement from a net loss of $131.7 million for the same period in the previous year. The accumulated deficit as of September 30, 2024, reached $1.2355 billion.
| Financial Metric | Nine Months Ended September 30, 2024 | Nine Months Ended September 30, 2023 |
|---|---|---|
| Net Loss | ($23,499) | ($131,669) |
| Accumulated Deficit | ($1,235,539) | ($1,212,040) |
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Resources:
- Gossamer Bio, Inc. (GOSS) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of Gossamer Bio, Inc. (GOSS)' financial performance, including balance sheets, income statements, and cash flow statements.
- SEC Filings – View Gossamer Bio, Inc. (GOSS)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.