Gossamer Bio, Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Gossamer Bio, Inc. has filed its 2023 10-K report detailing its financial performance and business operations for the fiscal year ending December 31, 2023.</b>

AI Summary

Gossamer Bio, Inc. (GOSS) filed a Annual Report (10-K) with the SEC on March 5, 2024. Gossamer Bio, Inc. filed its 2023 Form 10-K on March 5, 2024, reporting on the fiscal year ending December 31, 2023. The company's principal business address is 3013 Science Park, San Diego, CA 92121. The filing covers the fiscal year from January 1, 2023, to December 31, 2023. Key financial periods reported include 2023, 2022, and 2021. The SIC code for the company is 2834 (Pharmaceutical Preparations).

Why It Matters

For investors and stakeholders tracking Gossamer Bio, Inc., this filing contains several important signals. This 10-K filing provides a comprehensive overview of Gossamer Bio's financial health, operational activities, and strategic direction for the past fiscal year, which is crucial for investors to assess the company's performance and future prospects. The detailed financial data and risk factors disclosed in the 10-K are essential for investors and stakeholders to understand the company's financial position, potential risks, and compliance with regulatory requirements.

Risk Assessment

Risk Level: medium — Gossamer Bio, Inc. shows moderate risk based on this filing. The company is in the pharmaceutical preparations industry (SIC 2834), which is subject to significant regulatory oversight and market competition, posing inherent risks to its financial performance and growth prospects.

Analyst Insight

Investors should review the detailed financial statements and risk factors in the 10-K to understand Gossamer Bio's current financial standing and potential challenges.

Key Numbers

• 2023-12-31 — Fiscal Year End (Conformed period of report)
• 2024-03-05 — Filing Date (Filed as of date)
• 2023-01-01 — Fiscal Year Start (Reporting period start date)

Key Players & Entities

• Gossamer Bio, Inc. (company) — Filer name
• 3013 Science Park, San Diego, CA 92121 (address) — Business and mailing address
• 2834 (industry_code) — Standard Industrial Classification

FAQ

Risk Factors

• Regulatory Environment [medium — regulatory]: The pharmaceutical industry is subject to extensive government regulation, which can impact the development, manufacturing, and marketing of products.
• Market Competition [medium — market]: The company faces intense competition from other pharmaceutical and biotechnology companies, which could affect its ability to gain market share.
• Funding and Liquidity [high — financial]: As a clinical-stage biopharmaceutical company, Gossamer Bio may require significant capital to fund its operations and product development, posing liquidity risks.

Industry Context

Gossamer Bio operates in the biopharmaceutical sector, focusing on the discovery and development of novel therapeutics. This industry is characterized by long development cycles, high R&D costs, and significant regulatory hurdles.

Regulatory Implications

The pharmaceutical industry is heavily regulated by bodies like the FDA, requiring rigorous testing and approval processes for new drugs. Compliance with these regulations is critical for market access and commercialization.

What Investors Should Do

1. Analyze the company's financial statements for revenue, net income, and cash flow trends.
2. Review the risk factors section for specific details on operational, financial, and regulatory challenges.
3. Assess the company's R&D pipeline and any disclosed progress or setbacks in clinical trials.

Key Dates

• 2024-03-05: 10-K Filing — Annual report filing date for fiscal year 2023
• 2023-12-31: Fiscal Year End — End date of the reporting period

Year-Over-Year Comparison

This filing is the annual 10-K report for the fiscal year 2023, providing a comprehensive update compared to previous filings.

Key Financial Figures

• $0.0001 — ange on which registered Common Stock, $0.0001 par value per share GOSS Nasdaq Global
• $1.20 — k on the Nasdaq Global Select Market of $1.20 per share. As of February 27, 2024, th
• $5.9 billion — es worldwide in 2022 were approximately $5.9 billion. Treatment Paradigm in PAH Currently

Filing Documents

• goss-20231231.htm (10-K) — 1785KB
• goss-20231231xexx107xdirec.htm (EX-10.7) — 138KB
• goss-20231231xexx1015xempl.htm (EX-10.15) — 128KB
• goss-20231231xexx211xlisto.htm (EX-21.1) — 3KB
• goss-20231231xexx231xeycon.htm (EX-23.1) — 3KB
• goss-20231231x10kexx311.htm (EX-31.1) — 8KB
• goss-20231231x10kexx312.htm (EX-31.2) — 8KB
• goss-20231231x10kexx321.htm (EX-32.1) — 4KB
• goss-20231231x10kexx322.htm (EX-32.2) — 4KB
• goss-20231231xexx97xclawba.htm (EX-97) — 28KB
• goss-20231231_g1.jpg (GRAPHIC) — 35KB
• goss-20231231_g2.jpg (GRAPHIC) — 310KB
• 0001728117-24-000019.txt (&nbsp;) — 9497KB
• goss-20231231.xsd (EX-101.SCH) — 56KB
• goss-20231231_cal.xml (EX-101.CAL) — 86KB
• goss-20231231_def.xml (EX-101.DEF) — 277KB
• goss-20231231_lab.xml (EX-101.LAB) — 807KB
• goss-20231231_pre.xml (EX-101.PRE) — 515KB
• goss-20231231_htm.xml (XML) — 1020KB

Business

Business 3 Item 1A

Risk Factors

Risk Factors 27 Item 1B Unresolved Staff Comments 73 Item 1C Cybersecurity 73 Item 2

Properties

Properties 75 Item 3

Legal Proceedings

Legal Proceedings 75 Item 4 Mine Safety Disclosures 75 PART II Item 5 Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 76 Item 6 Reserved 77 Item 7

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 77 Item 7A

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 85 Item 8

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 85 Item 9 Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 85 Item 9A

Controls and Procedures

Controls and Procedures 85 Item 9B Other Information 86 Item 9C Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 86 PART III Item 10 Directors, Executive Officers and Corporate Governance 88 Item 11

Executive Compensation

Executive Compensation 88 Item 12

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 88 Item 13 Certain Relationships and Related Transactions, and Director Independence 88 Item 14 Principal Accounting Fees and Services 88 PART IV Item 15 Exhibits, Financial Statement Schedules 89 Item 16 Form 10-K Summary 89

Signatures

Signatures 2 Table of Contents PART I

FORWARD-LOOKING STATEMENTS AND MARKET DATA

FORWARD-LOOKING STATEMENTS AND MARKET DATA This annual report on Form 10-K contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, or the Exchange Act, and Section 27A of the Securities Act of 1933, as amended, or the Securities Act. All statements other than statements of historical facts contained in this annual report, including statements regarding our future results of operations and financial position, business strategies and plans, research and development plans, the anticipated timing, costs, design and conduct of our ongoing and planned preclinical studies and planned clinical trials for seralutinib, the timing and likelihood of regulatory filings and approvals for seralutinib, timing and likelihood of success, plans and objectives of management for future operations and future results of seralutinib, are forward-looking statements. These statements involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. This annual report on Form 10-K also contains estimates and other statistical data made by independent parties and by us relating to market size and growth and other data about our industry. This data involves a number of assumptions and limitations, and you are cautioned not to give undue weight to such estimates. In addition, projections, assumptions and estimates of our future performance and the future performance of the markets in which we operate are necessarily subject to a high degree of uncertainty and risk. In some cases, you can identify forward-looking statements by terms such as "may," "will," "should," "expect," "plan," "anticipate," "could," "intend," "target," "project," "contemplates," "believes," "estimates," "predicts," "potential" or "continue" or the negat

Business

Item 1. Business. Overview We are a clinical-stage biopharmaceutical company focused on the development and commercialization of seralutinib for the treatment of pulmonary arterial hypertension, or PAH. Our goal is to be an industry leader in, and to enhance the lives of patients living with, pulmonary hypertension, or PH. To accomplish this goal, we have assembled a deeply 3 Table of Contents experienced and highly skilled group of industry veterans, scientists, clinicians and key opinion leaders from leading biotechnology and pharmaceutical companies, as well as leading academic centers from around the world. We intend to maintain a scientifically rigorous and inclusive corporate culture where employees strive to bring improved therapeutic options to patients. Our Team Our founders and management team have held senior positions at leading biopharmaceutical companies and possess substantial experience and expertise across the spectrum of drug discovery, development and commercialization. Faheem Hasnain is our Co-Founder and has served as our Chief Executive Officer since November 2020 and as our Chairman since our inception. Mr. Hasnain also served as our Chief Executive Officer from our inception through July 2018 and our Executive Chairman from July 2018 through June 2019. Prior to co-founding Gossamer Bio, Mr. Hasnain served as President, CEO and as a Director of Receptos, Inc. from November 2010 to August 2015. Receptos was a public company formed in 2009 focused on developing treatments in immunology and metabolic disorders and was purchased by Celgene Corporation in August 2015. Previously, Mr. Hasnain was the President and Chief Executive Officer and a director of Facet Biotech Corporation, a biology-driven antibody company with a focus in multiple sclerosis and oncology. He held that position from December 2008 until the company's acquisition by Abbott Laboratories in April 2010. Bryan Giraudo, our Chief Financial Officer and Chief Operating Offi