Gossamer Bio Announces 2018 Annual Financial Results
March 22 2019 - 4:05PM
Business Wire
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 year ended December 31, 2018 and provided
an update on recent corporate developments.
“Since the launch of Gossamer just over a year ago, we have
built a robust and balanced pipeline of product candidates,
including three clinical-stage assets and multiple preclinical
programs, all with potential to meet high unmet medical needs
across multiple disease areas,” said Sheila Gujrathi, M.D.,
Gossamer’s Co-Founder and Chief Executive Officer. “With the recent
successful completion of our initial public offering, we added to
our already strong cash position, extending our runway and
providing additional resources to rapidly advance our product
candidates. I am extremely proud of all that the Gossamer team has
accomplished to date. Our objective is to leverage our deep
experience in immunology to enhance and extend the lives of
patients with inflammatory and immune-related diseases, including
cancer, and I look forward to sharing our progress as we work to
bring forth important new medicines to patients.”
Recent Highlights
Commenced Phase 2b trial for GB001. In October 2018,
Gossamer commenced a Phase 2b trial of the company’s lead
candidate, GB001, an oral antagonist of prostaglandin D2 receptor 2
(DP2), in patients with moderate-to-severe eosinophilic asthma.
Gossamer expects to conduct an interim analysis for this trial in
the first half of 2020 and to announce topline data from the trial
in the second half of 2020.
Completed initial public offering (IPO). In February
2019, Gossamer closed its IPO of 19,837,500 shares of its common
stock at a price to the public of $16.00 per share.
Gossamer raised aggregate gross proceeds of $317.4 million from the
offering, prior to deducting underwriting discounts and other
offering expenses.
Full-Year 2018 Financial Results
- Cash, Cash Equivalents and
Marketable Securities: Cash, cash equivalents and marketable
securities as of December 31, 2018 were $228.7 million. Subsequent
to year end, Gossamer raised approximately $295.2 million in its
IPO, net of underwriting discounts.
- Research and Development (R&D)
Expenses: For the year ended December 31, 2018, R&D
expenses were $55.3 million, which included $6.0 million of costs
related to personnel and external consultants.
- In-Process Research and Development
(IPR&D) Expenses: For the year ended December 31, 2018,
IPR&D expenses were $49.7 million, which was primarily
attributable to approximately $27.5 million of costs related to
up-front in-licensing and product acquisition payments related to
GB004 and GB1275, and $19.1 million of costs associated with the
issuance of stock in connection with the acquisition of GB001.
- General and Administrative (G&A)
Expenses: For the year ended December 31, 2018, G&A
expenses were $44.1 million, which was primarily attributable to
$30.3 million in stock-based compensation costs, $6.0 million in
personnel-related costs, $3.7 million in professional fees, $1.3
million in legal fees and $0.8 million in facility-related
costs.
- Net Loss: For the year ended
December 31, 2018, net loss was $147.0 million, or a loss of $22.59
per share.
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. More information can be found at
www.gossamerbio.com.
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 to conduct an interim analysis of and
release topline data from the Phase 2b clinical trial of GB001 in
moderate-to-severe eosinophilic asthma; and plans to rapidly
advance other product candidates. 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: potential delays in the commencement, enrollment and
completion of clinical trials; the company’s dependence on third
parties in connection with product manufacturing, research and
preclinical and clinical testing; the success of Gossamer’s
clinical trials and preclinical studies for its product candidates;
regulatory developments in the United States and foreign countries;
unexpected adverse side effects or inadequate efficacy of the
company’s 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
the agreements under which it licenses intellectual property rights
from third parties; 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.
Years Ended December 31,
STATEMENTS OF OPERATIONS DATA: 2018 2017
Operating expenses: Research and development $ 55,283 $ 891
In process research and development 49,659 5,500 General and
administrative 44,051 262 Total
operating expenses 148,993 6,653
Loss from operations (148,993 )
(6,653 ) Other income (expenses) Interest income
1,720 — Interest expense (12 ) (118 ) Other income (expense)
316 — Total other income (expense), net
2,024 (118 )
Net loss $ (146,969
) $ (6,771 ) Net loss per share, basic
and diluted $ (22.59 ) $ (0.74 ) Weighted average common shares
outstanding, basic and diluted 6,504,871
9,160,888
GOSSAMER BIO, INC.CONDENSED
CONSOLIDATED FINANCIAL STATEMENT DATA(UNAUDITED; IN THOUSANDS,
EXCEPT SHARE AND PER SHARE DATA)
December
31, BALANCE SHEET DATA: 2018 2017 Cash,
cash equivalents, and marketable securities $ 228,658 $ 315 Working
capital 211,550 (821 ) Total assets 239,419 445 Total liabilities
21,121 7,307 Accumulated deficit (153,863 ) (6,894 ) Total
stockholders deficit (120,069 ) (6,862 )
View source
version on businesswire.com: https://www.businesswire.com/news/home/20190322005378/en/
Gossamer Bio:For Investors:Argot PartnersKimberly
MinarovichTel 212.600.1902kimberly@argotpartners.comFor Media:Argot
PartnersDavid RosenTel
212.600.1902david.rosen@argotpartners.com
Gossamer Bio (NASDAQ:GOSS)
Historical Stock Chart
From Jun 2024 to Jul 2024
Gossamer Bio (NASDAQ:GOSS)
Historical Stock Chart
From Jul 2023 to Jul 2024