Gossamer Bio Reports $56.5 Million Net Loss for 2024, Revenue Driven by Collaboration with Chiesi

Gossamer Bio, Inc. reported a net loss of $56.5 million for the year ended December 31, 2024, compared to a net loss of $179.8 million in 2023. Revenue for 2024 totaled $114.7 million, primarily driven by a $90.7 million one-time development cost reimbursement payment and $24 million in ongoing cost-sharing payments from Chiesi Farmaceutici S.p.A and Chiesi USA, Inc. (collectively, Chiesi) under a May 2024 collaboration agreement. Research and development expenses increased by $3.2 million to $138.5 million in 2024, while general and administrative expenses decreased by $2.3 million to $36.1 million.

Significant changes compared to the previous year include a substantial decrease in the net loss, primarily due to the $160 million upfront payment from Chiesi. The company also reported a decrease in general and administrative expenses, offset by an increase in research and development costs associated with the Phase 3 PROSERA study of seralutinib in PAH, which commenced in the fourth quarter of 2023. The company expects to report topline data from this study in the fourth quarter of 2025. In process research and development expenses were $10 million in 2023, related to a milestone payment to Pulmokine, but were zero in 2024.

Strategic developments included the aforementioned collaboration agreement with Chiesi, which granted Chiesi exclusive licenses for the worldwide development, manufacture, and commercialization of seralutinib. This agreement also includes an equity option for Chiesi to purchase up to 9.9% of Gossamer Bio's outstanding common stock. The company also in-licensed seralutinib from Pulmokine, Inc. in 2017. As of March 6, 2025, Gossamer Bio had 144 full-time employees, 21% of whom hold a Ph.D. or M.D., and 58% of whom are women.

Key operational developments include the initiation of the Phase 3 PROSERA study for seralutinib in PAH and plans to activate clinical sites for a global Phase 3 study in PH-ILD in the second half of 2025. Positive topline results from the Phase 2 TORREY trial in PAH patients were reported in December 2022, showing a statistically significant improvement in pulmonary vascular resistance. The company also highlighted its strategy to leverage its experienced team's expertise in clinical development and commercialization to successfully bring seralutinib to market, if approved.

Gossamer Bio stated that its existing cash, cash equivalents, and marketable securities are expected to fund operations for at least the next 12 months. The company anticipates continued losses for the foreseeable future, with expenses expected to increase as seralutinib advances through development and potential commercialization. The company also noted several risk factors, including the inherent uncertainties of clinical trials, regulatory approvals, competition, and market acceptance of seralutinib.