Gossamer Bio Announces First Quarter 2021 Financial Results and Provides Corporate Update
May 06 2021 - 7:31AM
Business Wire
– Seralutinib and GB004 continue to progress
through ongoing Phase 2 TORREY and SHIFT-UC clinical trials for
Pulmonary Arterial Hypertension (PAH) and Ulcerative Colitis (UC),
respectively –
– Cash, cash equivalents and marketable
securities totaled $453 million as of March 31, 2021 –
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 first quarter of 2021 and provided a
corporate update.
Clinical-Stage Product Candidate Updates
Seralutinib (GB002): Inhaled PDGFR, CSF1R and C-KIT Inhibitor
for PAH
- Enrollment ongoing in the TORREY Study, a Phase 2 clinical
trial in patients with PAH whose disease has progressed despite
standard-of-care therapy. The primary endpoint is change in
pulmonary vascular resistance (PVR) from baseline at week 24.
Topline data from the TORREY study are expected in the first half
of 2022, subject to developments in the ongoing COVID-19
pandemic.
- Key opinion leader-led webcast and presentation regarding PAH
and seralutinib held on December 15, 2020 available through the
“Events / Presentations” page in the “Investors” section of the
Company's website at www.gossamerbio.com.
GB004: Oral, Gut-Targeted HIF-1α Stabilizer for Inflammatory
Bowel Disease (IBD)
- Enrollment ongoing in the SHIFT-UC Study, a Phase 2 clinical
trial in patients with active UC despite treatment with 5-ASAs. The
primary endpoint is proportion of patients with clinical remission
at week 12. Topline data from the SHIFT-UC study are expected in
the first half of 2022, subject to developments in the ongoing
COVID-19 pandemic.
- Key opinion leader-led webcast and presentation regarding IBD
and GB004 held on February 18, 2021 available through the “Events /
Presentations” page in the “Investors” section of the Company's
website at www.gossamerbio.com.
GB1275: Oral CD11b Modulator for Solid Tumor Oncology
Indications
- Enrollment ongoing in a Phase 1 expansion cohort studying the
recommended Phase 2 dose in KEYNOTE-A36, a Phase 1/2 clinical
trial, including patients with gastric or esophageal cancer who
have progressed after initial response to anti-PD-1 therapy and
patients with advanced MSS colorectal cancer.
- Additional clinical data from the ongoing GB1275 Phase 1/2 will
be presented at the American Society of Clinical Oncology (ASCO)
2021 Annual Meeting being held virtually from June 4 – 8, 2021.
Oral presentation details:
- Abstract Number: 2505
- Abstract Title: Preliminary clinical and biologic
results of GB1275, a first-in-class oral CD11b modulator, alone and
with pembrolizumab, in advanced solid tumors (KEYNOTE-A36)
- Session Title: Developmental Therapeutics –
Immunotherapy
- Session Date and Time: Monday, June 7, 2021 from 3:00 pm
– 6:00 pm ET
Corporate Updates
- Gossamer announced the promotion of Laura Carter, Ph.D. and
Caryn Peterson to Chief Scientific Officer and Executive Vice
President, Regulatory Affairs, respectively.
Financial Results for the Quarter Ended March 31,
2021
- Cash, Cash Equivalents and Marketable Securities:
Cash, cash equivalents and marketable securities as of March 31,
2021, were $453.3 million. The Company expects the combination of
current cash, cash equivalents and marketable securities, and
access to its debt facility will be sufficient to fund its
operating and capital expenditures into the second half of
2023.
- Research and Development (R&D) Expenses: For
the quarter ended March 31, 2021, R&D expenses were $41.8
million, compared to R&D expenses of $41.4 million for the same
period in 2020.
- General and Administrative (G&A) Expenses:
For the quarter ended March 31, 2021, G&A expenses were $11.3
million, compared to $10.7 million for the same period in
2020.
- Net Loss: Net loss for the quarter ended March
31, 2021, was $57.6 million, or $0.78 per share, compared to a net
loss of $54.1 million, or $0.87 per share, for the same period in
2020.
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.
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 of enrollment of clinical trials for our
product candidates; plans to advance our product candidates;
expectations on the timing of data readouts from our clinical
studies; the expected impact of COVID-19; and the expected
timeframe for funding our operating plan with current cash, cash
equivalents and marketable securities. 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;
disruption to our operations from the ongoing global outbreak of
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; the
results of preclinical studies and early clinical trials are not
necessarily predictive of future results; the success of Gossamer’s
clinical trials and preclinical studies for its product candidates;
interim results do not necessarily predict final results and one or
more of the outcomes may materially change as the trial continues
and more patient data become available and following more
comprehensive audit and verification procedures; regulatory
developments in the United States and foreign countries; unexpected
adverse side effects or inadequate efficacy of our 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 collaboration
agreements with third parties or the agreements under which it
licenses intellectual property rights from third parties; Gossamer
may use its capital resources sooner than it expects; 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.
Gossamer Bio Statement of
Operations
Condensed Consolidated
Statement of Operations
(in thousands, except share
and per share amounts)
(unaudited)
Three months ended March
31,
2021
2020
Operating expenses:
Research and development
$
41,827
$
41,414
In process research and development
30
2,805
General and administrative
11,346
10,748
Total operating expenses
53,203
54,967
Loss from operations
(53,203
)
(54,967
)
Other income (expense), net
Interest income
193
1,598
Interest expense
(4,780
)
(707
)
Other income
149
2
Total other income (expense), net
(4,438
)
893
Net loss
$
(57,641
)
$
(54,074
)
Net loss per share, basic and diluted
$
(0.78
)
$
(0.87
)
Weighted average common shares
outstanding, basic and diluted
74,093,526
61,890,323
Condensed Consolidated Balance
Sheet
(in thousands)
(unaudited)
BALANCE SHEET DATA:
March 31, 2021
December 31, 2020
Cash, cash equivalents, and marketable
securities
$
453,297
$
512,628
Working capital
436,403
483,672
Total assets
482,469
539,433
Total liabilities
210,385
218,749
Accumulated deficit
(635,171
)
(577,530
)
Total stockholders' equity
272,084
320,684
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version on businesswire.com: https://www.businesswire.com/news/home/20210506005263/en/
For Investors and Media: Bryan Giraudo, Chief Financial
Officer Gossamer Bio Investor Relations ir@gossamerbio.com
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