Gossamer Bio, Inc. (GOSS)

Key figures

The last twelve months reported, with the latest price and balance sheet.

Revenue, last twelve months

$53.3M

Revenue growth

32.4%

Net income, last twelve months

-$125.2M

Earnings per share

-$0.70

Operating margin

-311.7%

Net margin

-235.0%

Free cash flow

-$162.6M

Market value

$5.2B

Cash

$41.1M

Debt

$36.1M

Shares outstanding

488.8M

Financial statements

Revenue, profit and cash flow by fiscal year, each year linked to its annual report.

By quarter

What the company said with its results

From the second quarter of 2026 results, filed 13 August 2026.

• Net income of $16.9 million. The company reported net income of $16.9 million for the second quarter of 2026, against a net loss of $38.3 million a year earlier. The release also states diluted net loss per share of $0.08 alongside basic net income per share of $0.05.
• Gain on debt extinguishment lifted other income. Loss from operations narrowed to $26.1 million from $38.8 million. Total other income, net was $43.0 million, including a $43.8 million gain on debt extinguishment.
• Collaboration revenue declined year over year. Revenue from contracts with collaborators was $9.2 million, including $6.1 million of cost reimbursement revenue. The same period of 2025 showed $11.5 million.
• R&D spending fell sharply. R&D expenses were $26.4 million, down from $41.6 million a year earlier. Management attributed the decrease primarily to lower costs for clinical trials of seralutinib.
• G&A roughly flat. G&A expenses were $8.9 million, compared with $8.7 million a year earlier. The release gives no driver for the G&A figure.
• FDA treated PROSERA gaps as review issues. After the mid-June 2026 Pre-NDA Type B meeting and receipt of the official minutes, the FDA treated the statistical significance and treatment effect size in PROSERA as review issues, not filing issues.
• NDA to rest on one study. The planned NDA would rely on one adequate and well-controlled study, Phase 3 PROSERA, plus confirmatory evidence from Phase 2 TORREY and supportive analyses. The FDA gave feedback on format and content.
• Approvability decided on full NDA. Management said the FDA's final approvability determination will be made on review of the complete NDA, with the minutes reflecting feedback only as of the meeting date.
• Full control of program returned. Gossamer now holds full operational control of development, manufacturing, commercialization, pricing and lifecycle strategy across all geographies. It made no upfront cash payment to reacquire the rights.
• Capped royalty and milestones to Chiesi. Chiesi is entitled to a royalty on worldwide net sales that ends once a cap is reached, plus payments on specified milestones. Management said Gossamer retains the substantial majority of seralutinib's global economics.
• Chiesi settlement payment. Chiesi is to make a one-time $5 million payment that settles all outstanding and future obligations under the prior collaboration, including second quarter 2026 costs.
• Most 2027 notes exchanged. About $181.1 million, or 90.5%, of the $200.0 million 2027 Notes was exchanged for about $65.2 million of new 7.50% Convertible Senior Secured First Lien Notes due 2030, plus equity and warrants.
• Debt principal reduced by $115.9 million. Aggregate debt principal fell by about $115.9 million, leaving about $18.9 million of 2027 Notes outstanding. Stockholders approved the related proposals at a special meeting on July 14, 2026.
• Reverse split timing still open. Stockholders authorized a reverse stock split, with timing and final ratio subject to Board approval. The July release had expected the split in or promptly after the third quarter of 2026.

Revenue by segment

As the company reports it in the segment note of its annual report.

By product, FY2025

Company events

The newest 8-K filings of 88 held.

Every filing

The newest filings with the SEC of 188 held.

Large holders

Schedule 13D and 13G filings by holders of more than 5% of the voting shares.

Short interest

Shares sold short and not yet bought back, on each FINRA settlement date.

Peers

Companies in the same industry.

• Eli Lilly & Co. (LLY): revenue $79.7B, market value $1.21T
• Johnson & Johnson (JNJ): revenue $99.3B, market value $652.9B
• AbbVie Inc. (ABBV): revenue $64.4B, market value $506.1B
• Merck & Co., Inc. (MRK): revenue $66.6B, market value $348.1B
• Novartis AG (NVS): revenue $54.5B, market value $297.8B
• AstraZeneca PLC (AZN): revenue $58.7B, market value $263.1B
• Abbott Laboratories (ABT): revenue $46.6B, market value $177.7B
• Novo Nordisk A/S (NVO): revenue $46.8B, market value $171.0B
• Pfizer Inc. (PFE): revenue $63.7B, market value $168.0B
• Vertex Pharmaceuticals Inc. (VRTX): revenue $12.6B, market value $134.2B

What the company does

Gossamer Bio is a clinical-stage biopharmaceutical company based in San Diego, California. It develops one main drug candidate, seralutinib, for pulmonary hypertension (PH), including pulmonary arterial hypertension (PAH) and PH associated with interstitial lung disease (PH-ILD). It has no approved product, and all of its revenue to date has come from its collaboration agreement with Chiesi. The company was incorporated in Delaware on 26 October 2015 and changed its name to Gossamer Bio, Inc. in 2017. As of 10 March 2026 it had 161 full-time employees and 1 part-time employee.

What it is developing

Seralutinib, also known as GB002, is an inhaled small molecule that inhibits PDGFR, CSF1R and c-KIT, three pathways involved in the abnormal cell growth that narrows small blood vessels in the lungs in PAH. It is designed to act on both the alpha and beta forms of PDGFR. The company describes it as built on the evidence from imatinib, an oral drug that met its primary endpoint in a Novartis Phase 3 trial (IMPRES) but caused bleeding and tolerability problems. Novartis withdrew its supplemental regulatory applications in PAH in 2013. The company designed seralutinib with no activity against c-ABL, which imatinib does act on. The FDA, the European Commission and the Pharmaceuticals and Medical Devices Agency of Japan have granted seralutinib orphan drug designation for PAH. The FDA regulates it as a combination product of drug and device, with the Center for Drug Evaluation and Research holding primary jurisdiction.

Where the trials stand

The Phase 2 TORREY study enrolled 86 PAH patients and treated them for 24 weeks. The Phase 3 PROSERA study enrolled 390 PAH patients, who were randomised 1:1 to seralutinib or placebo and treated for up to 48 weeks. Its primary endpoint was the change in six-minute walk distance at Week 24. Seralutinib showed an improvement over placebo of 13.3 meters (p = 0.0320), which did not meet the prespecified threshold of 0.025. In a prespecified subgroup of 234 intermediate- and high-risk patients, the improvement was 20.0 meters. In 87 patients with connective tissue disease-associated PAH, it was 37.0 meters. Transaminase elevations of three times the upper limit of normal or more occurred in 13% of seralutinib patients and 1% of placebo patients. Cough was the most frequent adverse event, reported in 37.0% of seralutinib patients.

Open-label extension studies continue. The company paused enrollment in SERANATA, a Phase 3 study in PH-ILD, after the PROSERA announcement. The company says it plans to request a Type C meeting with the FDA to discuss possible regulatory paths.

The Chiesi partnership

In May 2024 Gossamer entered a collaboration agreement with Chiesi for seralutinib. Gossamer leads global development in PAH and PH-ILD and leads United States commercialization for those two indications. Both companies contribute 50% of the commercial effort there. Chiesi leads development and United States commercialization in any additional indications and holds the exclusive right to commercialize outside the United States. Development costs are shared equally, except for PROSERA, which Gossamer bears alone. United States commercial profits and losses are shared equally. Outside the United States, Chiesi pays Gossamer an escalating royalty in the mid-to-high teens percentage on net sales. Chiesi may end the agreement for any reason on prior written notice.

Licence and a second candidate

Gossamer holds an exclusive worldwide licence to seralutinib from Pulmokine, Inc., signed in October 2017. Pulmokine became a wholly-owned subsidiary of XOMA Royalty Corporation in November 2024. The licence carries milestone payments and tiered royalties from the mid-single digits to the high single-digits.

In September 2025 Gossamer signed an option agreement with Respira Therapeutics to acquire RT234, an inhaled dry-powder form of vardenafil, a PDE5 inhibitor. It is meant for as-needed use in PAH and PH-ILD and has completed open-label Phase 2 trials. The company says RT234 could re-enter clinical development as early as 2027.

Who it competes with

The filing puts the PAH population at about 50,000 patients in the United States and over 70,000 in the European Union. Approved PAH treatments include PDE5 inhibitors, endothelin receptor antagonists, prostanoids and Merck's Winrevair, an activin ligand trap. For PH-ILD, Tyvaso from United Therapeutics and Yutrepia from Liquidia are the only approved therapies in the United States, and none are approved in the European Union. The filing also lists many investigational drugs from other companies. It says many competitors have substantially greater financial, technical and human resources.

Manufacturing, patents and people

The company has exclusively licensed two issued United States patents from Pulmokine, not due to expire before 2037. It has also licensed four issued United States patents co-owned by Pulmokine and Gilead Sciences, not due to expire before 2034. Of its 162 employees, 32, or 20%, hold a doctoral or medical degree, and 95, or 59%, are women. None are represented by labor unions.

*From Gossamer Bio's annual report on Form 10-K for the year ended 31 December 2025. [The filing](https://www.sec.gov/Archives/edgar/data/1728117/000172811726000017/goss-20251231.htm)*

From the company's 10-K.