Gossamer Bio, Inc. (GOSS)·Q2 2025 Earnings Summary

Executive Summary

• Q2 2025 revenue was $11.49M and diluted EPS was -$0.17; revenue and EPS both beat Wall Street consensus by $7.38M and $0.01 respectively, driven by higher collaboration revenue, including cost reimbursement from Chiesi . Consensus figures: Revenue $5.41M*, EPS -$0.175*, based on 10 and 9 estimates respectively*.
• Year-over-year comparisons reflect the absence of a Q2 2024 one-time license sale: Q2 2025 revenue declined from $95.84M and net swung to a -$38.27M loss versus +$49.23M profit in Q2 2024, with operating income shifting from +$52.09M to -$38.77M .
• Operationally, PROSERA Phase 3 enrollment completed on June 11 and topline timing is set for February 2026; SERANATA Phase 3 (PH-ILD) first site activations are expected in Q4 2025 .
• Liquidity remained solid with cash, cash equivalents, and marketable securities of $212.9M at 6/30/25; management guides runway into 2027 .

What Went Well and What Went Wrong

What Went Well

• Completed enrollment in the global registrational PROSERA Phase 3 (n=390); management emphasized disciplined execution and commercial planning with Chiesi ahead of anticipated topline in February 2026 .
• Collaboration revenue strength: Q2 2025 contracts with collaborators totaled $11.49M, including $7.6M cost reimbursement, supporting an estimate beat on revenue .
• Strategic clarity: SERANATA Phase 3 (PH-ILD) design and Q4 2025 first site activation timing reaffirmed; baseline characteristics presented publicly (PROSERA vs TORREY) show alignment with intended study population .

Management quotes:

• “We are currently well underway with commercial planning for seralutinib, in partnership with Chiesi Group, as we prepare to evolve from a clinical-stage biotech into a commercial organization.” — Faheem Hasnain, CEO .
• “Our team remains duly focused on executing the PROSERA Study with discipline and operational excellence... We look forward to sharing topline results in February.” — Faheem Hasnain, CEO .

What Went Wrong

• YoY comparison distorted by one-time license revenue in Q2 2024: total revenue fell to $11.49M from $95.84M; net swung to a -$38.27M loss vs +$49.23M in prior year driven by absence of $88.75M license sale .
• Operating loss widened vs normal collaboration revenue mix: Q2 2025 operating loss -$38.77M vs +$52.09M in Q2 2024 as R&D increased to $41.58M .
• Timeline push vs Q4 2024 guidance: PROSERA topline moved from “Q4 2025” to “February 2026,” extending the pivotal readout window .

Financial Results

Key P&L vs Prior Year and Prior Quarter

Revenue Breakdown

Balance Sheet Snapshot

Note: No non-GAAP adjustments were disclosed in the Q2 2025 press release; results presented are GAAP .

Guidance Changes

Earnings Call Themes & Trends

Note: A Q2 2025 earnings call transcript was not available via our tools; themes reflect management disclosures across recent quarters.

Management Commentary

• “We are currently well underway with commercial planning for seralutinib, in partnership with Chiesi Group, as we prepare to evolve from a clinical-stage biotech into a commercial organization.” — Faheem Hasnain, CEO .
• “Our team remains duly focused on executing the PROSERA Study with discipline and operational excellence... We look forward to sharing topline results in February.” — Faheem Hasnain, CEO .
• “Completing enrollment for the Phase 3 PROSERA Study represents an important step forward in our mission to develop seralutinib as a potential first-in-class treatment option for PAH.” — Faheem Hasnain, CEO .

Q&A Highlights

A Q2 2025 earnings call transcript was not available via our tools; we will update Q&A highlights when a transcript is accessible. For reference, the company hosted a Q1 2025 call on May 15 with prepared remarks aligning to the PROSERA timeline and collaboration updates .

Estimates Context

Values marked with * were retrieved from S&P Global.

KPIs (Clinical Baseline Characteristics – PROSERA vs TORREY)

Key Takeaways for Investors

• The quarter delivered a clear beat versus consensus on both revenue and EPS, driven by collaboration revenues with Chiesi; absolute results reflect normalization versus the non-recurring license sale in Q2 2024 .
• Execution milestones de-risk the pivotal path: PROSERA enrollment completion and a firm topline window in February 2026 are tangible catalysts; SERANATA Phase 3 is on track for Q4 2025 site activation .
• Operating intensity consistent with late-stage development: R&D expenses rose to $41.58M; expect continued spend through pivotal readout and commercial build .
• Liquidity of $212.9M with runway guided into 2027 underpins near- to mid-term operations; monitor working capital and equity deficit swing linked to liabilities growth .
• Near-term trading: Expect stock sensitivity to clinical news flow (PROSERA operational updates, SERANATA activation) over quarterly P&L; the February 2026 topline is the primary valuation inflection .
• Medium-term thesis: Seralutinib franchise optionality (PAH, PH-ILD, potential geographies including Japan ODD context) and partner leverage with Chiesi support commercialization prospects post-positive data .
• Risk management: The delay in topline timing vs earlier guidance underscores timeline risk typical in registrational programs; maintain focus on safety/tolerability and clinical worsening endpoints noted as key secondary outcomes .

References:

• Q2 2025 Form 8-K and press release (Exhibit 99.1) .
• PROSERA enrollment completion press release (June 16, 2025) .
• Q1 2025 8-K and press release .
• Q4 2024 8-K and press release .