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Gossamer Bio, Inc. (GOSS)·Q3 2025 Earnings Summary

Executive Summary

  • Q3 2025 revenue from contracts with collaborators was $13.3M, a significant beat versus S&P Global consensus of $6.4M; EPS was a loss of $0.21, modestly below consensus of a $0.19 loss, driven by higher R&D and an IPR&D charge . Values retrieved from S&P Global.*
  • Management highlighted key clinical milestones: PROSERA Phase 3 topline readout expected February 2026 and first site activation for registrational SERANATA Phase 3 in PH-ILD in Q4, reinforcing near-term clinical catalysts .
  • Cash, cash equivalents, and marketable securities were $180.2M at quarter-end; management reiterated runway into 2027, reflecting disciplined cash management amid late-stage development .
  • Strategic option to acquire Respira Therapeutics’ inhaled vardenafil (PRN therapy) was signed in late September, structured largely in equity to minimize near-term cash burn; Respira disclosed 2.5M GOSS shares issued at signing and 1.5M upon option exercise, adding optionality to the PH portfolio .

What Went Well and What Went Wrong

What Went Well

  • Revenue outperformed expectations, with collaborator revenue at $13.3M versus consensus of $6.4M; cost reimbursement was $9.2M, demonstrating steady program funding under the Chiesi collaboration . Values retrieved from S&P Global.*
  • Clinical execution advanced: PROSERA enrollment completed (390 patients), topline timing reaffirmed for February 2026; SERANATA Phase 3 first site activated in Q4, signaling regulatory and operational alignment .
  • Management tone was confident: “We are proud to be progressing through the final stages of the PROSERA Phase 3 Study… We look forward to sharing top-line results… in February of next year” — Faheem Hasnain, CEO .

What Went Wrong

  • EPS missed consensus by ~$0.02 (reported -$0.21 vs. -$0.19), as R&D rose to $45.5M and an In Process R&D expense of $7.5M elevated total OpEx; net loss widened year over year to $48.2M . Values retrieved from S&P Global.*
  • Cash declined sequentially to $180.2M from $212.9M in Q2, reflecting increased late-stage R&D investment and IPR&D charges; equity shifted to a deficit, highlighting balance sheet pressure as programs advance .
  • No earnings call transcript available for Q3 on our sources, limiting clarity on non-GAAP framing, detailed spend cadence, and commercialization preparation commentary beyond the press release .

Financial Results

P&L Snapshot vs Prior Year, Prior Quarter, and Consensus

MetricQ3 2024Q2 2025Q3 2025Q3 2025 Consensus
Total Revenue ($USD)$9.48M $11.49M $13.29M $6.38M*
Revenue from Contracts with Collaborators ($USD)$9.48M $11.49M $13.29M —
Revenue from Sale of Licenses ($USD)$0 $0 $0 —
R&D Expense ($USD)$34.90M $41.58M $45.54M —
In Process R&D ($USD)——$7.48M —
G&A Expense ($USD)$8.50M $8.68M $9.39M —
Total Operating Expenses ($USD)$43.40M $50.25M $62.41M —
Net Income (Loss) ($USD)$(30.80)M $(38.27)M $(48.22)M —
Diluted EPS ($)$(0.14) $(0.17) $(0.21) $(0.19)*

Values retrieved from S&P Global.*

Balance Sheet and Cash

MetricDec 31, 2024Q2 2025 (Jun 30)Q3 2025 (Sep 30)
Cash, Cash Equivalents & Marketable Securities ($USD)$294.52M $212.92M $180.22M
Working Capital ($USD)$264.88M $182.30M $141.87M
Total Assets ($USD)$315.29M $240.93M $208.82M
Total Liabilities ($USD)$285.80M $287.03M $291.15M
Stockholders’ Equity (Deficit) ($USD)$29.49M $(46.11)M $(82.33)M

KPIs and Profitability

KPIQ3 2024Q2 2025Q3 2025
Cost Reimbursement Revenue ($USD)—$7.6M $9.2M
Loss from Operations ($USD)$(33.92)M $(38.77)M $(49.11)M
Interest Income ($USD)$0.43M $0.54M $0.69M
Interest Expense ($USD)$(2.73)M $(2.74)M $(2.75)M
Other Income, Net ($USD)$4.29M $2.69M $2.95M

Guidance Changes

MetricPeriodPrevious GuidanceCurrent GuidanceChange
Cash RunwayMulti-year“Sufficient to fund operating and capital expenditures into first half of 2027” (Q1) “Sufficient to fund operating and capital expenditures into 2027” (Q2, Q3) Maintained (slightly narrowed timing window)
PROSERA Phase 3 Topline TimingPAH“February 2026” (Q1, Q2) “February 2026” (Q3) Maintained
SERANATA Phase 3 ActivationPH-ILD“First site activations expected Q4 2025” (Q1, Q2) “First site activated in Q4 2025” (Q3) Raised (milestone achieved)
Respira Therapeutics OptionPRN vardenafilOption agreement executed Sept 24; 2.5M shares issued at signing; 1.5M upon exercise (Respira) Q3 reiterated option structure to minimize cash burn; 1.5M shares upon exercise Clarified (company emphasizing exercise mechanics)

Earnings Call Themes & Trends

TopicPrevious Mentions (Q-2 and Q-1)Current Period (Q3)Trend
R&D Execution (PAH)PROSERA enrollment closing in early June; baseline aligns with target population; enrichment criteria detailed (Q1) ; PROSERA enrollment completed; topline Feb 2026 (Q2) PROSERA enrollment completed (390 patients); topline Feb 2026 reaffirmed Stable progress; execution milestones hit
Regulatory/Clinical (PH-ILD)Alignment on SERANATA design with FDA/EMA; first site activations expected Q4 (Q1) ; activation expected Q4 (Q2) First SERANATA site activated in Q4 Positive inflection (from expected to activated)
AI/Technology InitiativesNot highlightedPoster on AI‑driven CT imaging analysis of pulmonary vasculature (ERS 2025) Emerging tech emphasis
Geographic/Patient MixPreliminary PROSERA baseline: global distribution; majority FC III; lower 6MWD vs TORREY (Q2) Enrollment completion; no new baseline details beyond earlier preliminary Stable
Portfolio ExpansionNo mentionOption for PRN vardenafil (RT234) via Respira, equity‑heavy structure Strategic optionality added
Cash Runway/MacroRunway into 1H 2027 (Q1) ; into 2027 (Q2) Into 2027 reiterated Stable, disciplined burn

Management Commentary

  • “We are proud to be progressing through the final stages of the PROSERA Phase 3 Study… We look forward to sharing top-line results with the community in February of next year.” — Faheem Hasnain, Chairman, Co‑Founder, and CEO .
  • “We are encouraged by the engagement from the PH‑ILD community as we begin to activate the first clinical sites in the SERANATA Phase 3 study.” — Faheem Hasnain .
  • “Following the recent closing of new patient screening, we are just weeks away from fully enrolling the PROSERA Phase 3 Study in PAH… baseline characteristics… reinforce our optimism for meaningful results.” — Faheem Hasnain (Q1) .

Q&A Highlights

  • An earnings call transcript for Q3 2025 was not available via our sources; Gossamer issued a press release and business update but no transcript was found for Q3 .
  • Guidance clarifications and commercialization preparation commentary thus rely on the press release disclosures regarding PROSERA timing, SERANATA activation, and cash runway .

Estimates Context

  • Revenue: Reported $13.29M vs consensus $6.38M — bold beat; collaborator funding and cost reimbursements under Chiesi supported upside . Values retrieved from S&P Global.*
  • EPS: Reported $(0.21) vs consensus $(0.19) — slight miss; elevated R&D ($45.5M) and IPR&D ($7.5M) increased OpEx . Values retrieved from S&P Global.*
  • Estimate participation: 8 revenue estimates and 7 EPS estimates for Q3 2025, reflective of modest coverage breadth for a pre‑commercial biotech. Values retrieved from S&P Global.*

Actual vs Consensus Detail

MetricQ3 2025 ActualQ3 2025 ConsensusBeat/Miss
Revenue ($USD)$13.29M $6.38M*Beat
EPS ($)$(0.21) $(0.19)*Miss

Values retrieved from S&P Global.*

Key Takeaways for Investors

  • Revenue beat alongside reaffirmed Phase 3 timelines positions Gossamer with tangible near‑term catalysts (PROSERA topline February 2026; SERANATA activation) that can drive sentiment and stock reaction on clinical momentum .
  • EPS miss is modest and primarily tied to higher R&D and a discrete IPR&D charge; watch for OpEx cadence and any non‑recurring items impacting quarterly earnings optics .
  • Cash runway into 2027 remains intact despite sequential cash decline, reflecting disciplined financing structures (e.g., equity‑heavy Respira option) to minimize burn while expanding the portfolio .
  • The Respira deal adds optionality in PRN pulmonary hypertension; note share issuance mechanics (2.5M at signing per Respira; 1.5M upon exercise) and potential clinical timing (no further RT234 trials until at least 2027), suggesting limited near‑term spend .
  • ERS data/communications, including AI‑driven CT imaging poster, bolster seralutinib’s mechanistic narrative across PAH/PH‑ILD and support the scientific case ahead of PROSERA topline .
  • Trading: Near‑term drivers are clinical, not financial — the stock likely keys off any interim clinical/site activation updates and February 2026 topline readout; quarterly revenue variability is less central to the thesis .
  • Medium term: Focus on commercialization planning with Chiesi for seralutinib and regulatory pathway clarity in PH‑ILD; capital structure optionality and potential business development (Respira) can broaden the PH franchise .