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Sep 30, 2023
Gossamer Bio Q3 2023 Earnings Report
Gossamer Bio reported results for Q3 2023 and provided a business update.
Key Takeaways
Gossamer Bio announced its Q3 2023 financial results, highlighting the progress of the seralutinib Phase 3 PROSERA Study and the presentation of data from the Phase 2 TORREY lung imaging sub-study. The company reported cash, cash equivalents, and marketable securities of $328.9 million as of September 30, 2023, which are expected to fund operations into the first half of 2026.
Phase 3 PROSERA study site activations are proceeding ahead of schedule, with first dosing expected in Q4 2023.
Additional data from the TORREY open-label extension is expected in Q4 2023.
Presented results from the Phase 2 TORREY lung imaging sub-study at the European Respiratory Society International Congress 2023.
Cash, cash equivalents, and marketable securities totaled $328.9 million as of September 30, 2023.
Forward Guidance
Gossamer Bio anticipates the timing of initiation and enrollment of clinical trials for seralutinib. They expect to release further TORREY OLE data from the ongoing extension study in PAH patients in the fourth quarter of 2023. The company expects current cash, cash equivalents and marketable securities will be sufficient to fund its operating and capital expenditures into the first half of 2026.
Positive Outlook
- Anticipated timing of initiation and enrollment of clinical trials for seralutinib
- Expected initiation of a Phase 3 clinical program for seralutinib and expected activation timeline for clinical sites
- Expectations on the timing of data readouts from our clinical studies, including our Phase 2 open-label extension trial of for seralutinib
- The expected timeframe for funding our operating plan with current cash, cash equivalents and marketable securities
Challenges Ahead
- Potential delays in the commencement, enrollment and completion of clinical trials
- Disruption to our operations from the COVID-19 pandemic, including clinical trial delays
- The Company’s dependence on third parties in connection with product manufacturing, research and preclinical and clinical testing
Historical Earnings Impact
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