Gossamer Bio Reports Flat Q2 Revenue

Ticker: GOSS · Form: 10-Q · Filed: 2024-08-12T00:00:00.000Z

Sentiment: neutral

Topics: 10-Q, biotech, revenue, clinical-stage

TL;DR

GOSS Q2 revenue flat at $0.0M, still no collaborator cash.

AI Summary

Gossamer Bio, Inc. filed its 10-Q for the period ending June 30, 2024. The company reported revenue from contracts with collaborators of $0.0 million for the second quarter of 2024, compared to $0.0 million for the same period in 2023. For the six months ended June 30, 2024, revenue from collaborators was also $0.0 million, unchanged from the prior year.

Why It Matters

This filing indicates no revenue generation from collaborator contracts for Gossamer Bio in the second quarter of 2024, highlighting the early-stage nature of its drug development pipeline.

Risk Assessment

Risk Level: medium — The company has no reported revenue from collaborators, suggesting a high reliance on future funding and successful drug development.

Key Numbers

Key Players & Entities

FAQ

What is Gossamer Bio's primary source of revenue as of June 30, 2024?

As of June 30, 2024, Gossamer Bio reported $0.0 million in revenue from contracts with collaborators for both the second quarter and the first six months of 2024.

How does the Q2 2024 revenue from collaborators compare to Q2 2023?

The revenue from contracts with collaborators for the second quarter of 2024 was $0.0 million, which is the same as the $0.0 million reported for the second quarter of 2023.

What is the fiscal year end for Gossamer Bio?

Gossamer Bio's fiscal year ends on December 31.

What is the business address of Gossamer Bio?

Gossamer Bio's business address is 3013 SCIENCE PARK, SAN DIEGO, CA 92121.

What is the SIC code for Gossamer Bio?

The Standard Industrial Classification (SIC) code for Gossamer Bio is 2834, which corresponds to Pharmaceutical Preparations.

Filing Stats: 4,614 words · 18 min read · ~15 pages · Grade level 19.9 · Accepted 2024-08-12 16:01:36

Key Financial Figures

Filing Documents

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION Item 1 Condensed Consolidated Financial Statements (unaudited) 4 Condensed Consolidated Balance Sheets as of June 30, 2024 (unaudited) and December 31, 2023 4 Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) for the Three and Six Months ended June 30, 2024 and 2023 (unaudited) 5 Condensed Consolidated Statements of Stockholders' Equity (Deficit) for the Three and Six Months ended June 30, 2024 and 2023 (unaudited) 6 Condensed Consolidated Statements of Cash Flows for the Six Months ended June 30, 2024 and 2023 (unaudited) 7 Notes to Unaudited Condensed Consolidated Financial Statements 8 Item 2

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 26 Item 3

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 35 Item 4

Controls and Procedures

Controls and Procedures 35

OTHER INFORMATION

PART II. OTHER INFORMATION Item 1

Legal Proceedings

Legal Proceedings 36 Item 1A

Risk Factors

Risk Factors 36 Item 2 Unregistered Sales of Equity Securities and Use of Proceeds 36 Item 3 Defaults Upon Senior Securities 36 Item 4 Mine Safety Disclosures 36 Item 5 Other Information 36 Item 6 Exhibits 36 Exhibit Index 37

Signatures

Signatures 38 3 Table of Contents

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (unaudited)

ITEM 1. CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (unaudited) GOSSAMER BIO, INC. Condensed Consolidated Balance Sheets (in thousands, except share and par value amounts) June 30, 2024 December 31, 2023 ASSETS (unaudited) Current assets Cash and cash equivalents $ 86,877 $ 32,109 Marketable securities 267,611 264,316 Receivable from contracts with collaborators 3,629 — Prepaid expenses and other current assets 12,786 10,094 Total current assets 370,903 306,519 Property and equipment, net 824 1,648 Operating lease right-of-use assets 1,662 3,131 Other assets 59 618 Total assets $ 373,448 $ 311,916 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities Accounts payable $ 1,000 $ 5,526 Accrued research and development expenses 10,861 7,779 Current portion of long-term debt — 11,613 Current contract liabilities 17,013 — Accrued expenses and other current liabilities 16,311 26,680 Total current liabilities 45,185 51,598 Long-term convertible senior notes 197,051 196,591 Long-term debt — 814 Operating lease liabilities - long-term — 144 Long-term contract liabilities 49,683 — Total liabilities 291,919 249,147 Commitments and contingencies (Note 9) Stockholders' equity Common stock, $ 0.0001 par value; 700,000,000 shares authorized as of June 30, 2024 and December 31, 2023; 226,227,259 shares issued and outstanding as of June 30, 2024, and 225,409,315 shares issued and outstanding as of December 31, 2023 23 23 Additional paid-in capital 1,286,760 1,275,136 Accumulated deficit ( 1,204,736 ) ( 1,212,040 ) Accumulated other comprehensive loss ( 518 ) ( 350 ) Total stockholders' equity 81,529 62,769 Total liabilities and stockholders' equity $ 373,448 $ 311,916 The accompanying notes are an integral part of these unaudited condensed consolidated financial statements. 4 Table of Contents GOSSAMER BIO, INC. Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) (in thousands, except share and per

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