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SAN DIEGO - Gossamer Bio, Inc. (NASDAQ:GOSS) saw its shares climb 5.4% after the biopharmaceutical company reported better-than-expected fourth quarter results and provided updates on its pulmonary hypertension drug candidate seralutinib.
The company posted a Q4 loss of $0.15 per share, narrower than analysts’ estimates of a $0.17 per share loss. Revenue came in at $9.34 million, surpassing the consensus forecast of $7.02 million.
For the full year 2024, Gossamer Bio reported a net loss of $56.5 million, or $0.25 per share, compared to a net loss of $179.8 million, or $1.18 per share, in 2023. The company ended the year with $294.5 million in cash and marketable securities.
"As we close the book on 2024 and embrace the promise of 2025, I am both humbled and energized by the remarkable progress that Gossamer has made in its mission to improve the lives of pulmonary hypertension patients," said Faheem Hasnain, Chairman, Co-Founder and CEO of Gossamer Bio.
The company continues to advance its lead candidate seralutinib, with enrollment ongoing in the Phase 3 PROSERA study for pulmonary arterial hypertension (PAH). Topline results are expected in Q4 2025. Gossamer also plans to initiate a Phase 3 trial in pulmonary hypertension associated with interstitial lung disease (PH-ILD) in the second half of 2025.
Research and development expenses increased to $36.1 million in Q4 2024, up from $30 million in Q4 2023. For the full year, R&D expenses rose slightly to $138.5 million from $135.3 million in 2023.
Gossamer Bio expects its current cash position to fund operations into the first half of 2027.
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