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SAN DIEGO--(BUSINESS WIRE)--Nov 3, 2022--
Gossamer Bio, Inc. (Nasdaq: GOSS), a clinical-stage biopharmaceutical company focused on discovering, acquiring, developing and commercializing therapeutics in the disease areas of immunology, inflammation and oncology, today announced its financial results for the third quarter ended September 30, 2022 and provided a business update.
“It has been a productive quarter as we eagerly await topline results from the Phase 2 TORREY Study,” said Faheem Hasnain, Chairman, Co-Founder and CEO of Gossamer Bio. “Additionally, our team continues to enroll the dose escalation portion of the STAR CNS Study of GB5121, our CNS-penetrant BTK inhibitor for the treatment of CNS lymphomas.”
Product Candidate Updates
Seralutinib (GB002): Inhaled PDGFR, CSF1R and c-KIT Inhibitor for Pulmonary Arterial Hypertension (PAH)
GB5121: Oral, CNS-Penetrant BTK Inhibitor for Primary CNS Lymphoma (PCNSL) and other Rare CNS Malignancies
GB7208: Oral, CNS-Penetrant BTK Inhibitor for Multiple Sclerosis
Preclinical Pipeline Updates
Financial Results for Quarter Ended September 30, 2022
About Gossamer Bio
Gossamer Bio is a clinical-stage biopharmaceutical company focused on discovering, acquiring, developing and commercializing therapeutics in the disease areas of immunology, inflammation and oncology. Its goal is to be an industry leader in each of these therapeutic areas and to enhance and extend the lives of patients suffering from such diseases.
Forward-Looking Statements
Gossamer cautions you that statements contained in this press release regarding matters that are not historical facts are forward-looking statements. These statements are based on the Company’s current beliefs and expectations. Such forward-looking statements include, but are not limited to, statements regarding: the anticipated timing of initiation and enrollment of clinical trials for our product candidates; including the expected initiation of a Phase 3 clinical program for seralutinib; plans to advance our product candidates; expectations on the timing of data readouts from our clinical studies, including the timing of topline results for the Phase 2 TORREY study for seralutinib; and the expected timeframe for funding our operating plan with current cash, cash equivalents and marketable securities, and access to our debt facility. The inclusion of forward-looking statements should not be regarded as a representation by Gossamer that any of its plans will be achieved. Actual results may differ from those set forth in this press release due to the risks and uncertainties inherent in Gossamer’s business, including, without limitation: seralutinib may not advance into a Phase 3 clinical program in PAH whether due to the topline results from the Phase 2 TORREY Study or otherwise, potential delays in the commencement, enrollment and completion of clinical trials; disruption to our operations from the ongoing COVID-19 pandemic, including clinical trial delays and clinical site staff shortages; the Company’s dependence on third parties in connection with product manufacturing, research and preclinical and clinical testing; the results of preclinical studies and early clinical trials are not necessarily predictive of future results; the success of Gossamer’s clinical trials and preclinical studies for its product candidates; interim results do not necessarily predict final results and one or more of the outcomes may materially change as the trial continues and more patient data become available and following more comprehensive audit and verification procedures; regulatory developments in the United States and foreign countries; unexpected adverse side effects or inadequate efficacy of our product candidates that may limit their development, regulatory approval and/or commercialization, or may result in recalls or product liability claims; Gossamer’s ability to obtain and maintain intellectual property protection for its product candidates; Gossamer’s ability to comply with its obligations in collaboration agreements with third parties or the agreements under which it licenses intellectual property rights from third parties; Gossamer may use its capital resources sooner than it expects; and other risks described in the Company’s prior press releases and the Company’s filings with the Securities and Exchange Commission (SEC), including under the heading “Risk Factors” in the Company’s annual report on Form 10-K and any subsequent filings with the SEC. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof, and Gossamer undertakes no obligation to update such statements to reflect events that occur or circumstances that exist after the date hereof. All forward-looking statements are qualified in their entirety by this cautionary statement, which is made under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.
Gossamer Bio Statement of Operations Condensed Consolidated Statement of Operations (in thousands, except share and per share amounts) (unaudited) | |||||||||||||||
| Three months ended September 30, |
| Nine months ended September 30, | ||||||||||||
|
| 2022 |
|
|
| 2021 |
|
|
| 2022 |
|
|
| 2021 |
|
Operating expenses: |
|
|
|
|
|
|
| ||||||||
Research and development | $ | 44,509 |
|
| $ | 43,190 |
|
| $ | 129,411 |
|
| $ | 129,335 |
|
In process research and development |
| 15 |
|
|
| 15 |
|
|
| 50 |
|
|
| 60 |
|
General and administrative |
| 11,497 |
|
|
| 12,459 |
|
|
| 34,775 |
|
|
| 35,068 |
|
Total operating expenses |
| 56,021 |
|
|
| 55,664 |
|
|
| 164,236 |
|
|
| 164,463 |
|
Loss from operations |
| (56,021 | ) |
|
| (55,664 | ) |
|
| (164,236 | ) |
|
| (164,463 | ) |
Other income (expense), net |
|
|
|
|
|
|
| ||||||||
Interest income |
| 465 |
|
|
| 191 |
|
|
| 989 |
|
|
| 525 |
|
Interest expense |
| (3,475 | ) |
|
| (4,889 | ) |
|
| (10,423 | ) |
|
| (14,503 | ) |
Other income (expense) |
| (332 | ) |
|
| 115 |
|
|
| 56 |
|
|
| 721 |
|
Total other income (expense), net |
| (3,342 | ) |
|
| (4,583 | ) |
|
| (9,378 | ) |
|
| (13,257 | ) |
Net loss | $ | (59,363 | ) |
| $ | (60,247 | ) |
| $ | (173,614 | ) |
| $ | (177,720 | ) |
Net loss per share, basic and diluted | $ | (0.65 | ) |
| $ | (0.80 | ) |
| $ | (2.14 | ) |
| $ | (2.38 | ) |
Weighted average common shares outstanding, basic and diluted |
| 91,181,427 |
|
|
| 75,001,510 |
|
|
| 81,304,089 |
|
|
| 74,592,632 |
|
Condensed Consolidated Balance Sheet (in thousands) (unaudited) | |||||||
BALANCE SHEET DATA: | September 30, 2022 |
| December 31, 2021 | ||||
Cash, cash equivalents, and marketable securities | $ | 304,383 |
|
| $ | 325,218 |
|
Working capital |
| 259,387 |
|
|
| 291,921 |
|
Total assets |
| 323,538 |
|
|
| 343,657 |
|
Total liabilities |
| 267,187 |
|
|
| 222,194 |
|
Accumulated deficit |
| (976,459 | ) |
|
| (811,534 | ) |
Total stockholders' equity |
| 56,351 |
|
|
| 121,463 |
|
View source version on businesswire.com:https://www.businesswire.com/news/home/20221103006082/en/
CONTACT: For Investors and Media:
Bryan Giraudo, Chief Operating Officer and Chief Financial Officer
Gossamer Bio Investor Relations
ir@gossamerbio.com
KEYWORD: UNITED STATES NORTH AMERICA CALIFORNIA
INDUSTRY KEYWORD: ONCOLOGY HEALTH CLINICAL TRIALS RESEARCH SCIENCE PHARMACEUTICAL BIOTECHNOLOGY
SOURCE: Gossamer Bio, Inc.
Copyright Business Wire 2022.
PUB: 11/03/2022 04:01 PM/DISC: 11/03/2022 04:02 PM
http://www.businesswire.com/news/home/20221103006082/en