Gossamer Bio, Inc., a clinical-stage biopharmaceutical company, focuses on developing and commercializing seralutinib for the treatment of pulmonary hypertension and pulmonary arterial ...
Gossamer Bio, Inc. is a clinical-stage biopharmaceutical company headquartered in San Diego, California. The company is primarily focused on the development and commercialization of seralutinib, an investigational drug for the treatment of pulmonary hypertension (PH) and pulmonary arterial hypertension (PAH). Seralutinib is an inhaled, small molecule inhibitor targeting platelet-derived growth ...Gossamer Bio, Inc. is a clinical-stage biopharmaceutical company headquartered in San Diego, California. The company is primarily focused on the development and commercialization of seralutinib, an investigational drug for the treatment of pulmonary hypertension (PH) and pulmonary arterial hypertension (PAH). Seralutinib is an inhaled, small molecule inhibitor targeting platelet-derived growth factor receptor (PDGFR), colony-stimulating factor 1 receptor, and c-KIT. It is currently in Phase 3 clinical trials for PAH. The company was incorporated in 2015 and was formerly known as FSG Bio, Inc., changing its name to Gossamer Bio in 2017. It went public on NASDAQ in February 2019 (IPO date: 2019-02-08) under the ticker GOSS. The CEO and co-founder is Faheem Hasnain, who has a strong background in biotech leadership. The company employs approximately 161 full-time staff. Gossamer Bio's business model is centered around its proprietary seralutinib program, with key partnerships such as a license agreement with Pulmokine, Inc. for GB002 and related backup compounds. Financially, the company has yet to generate significant revenue (TTM revenue per share is $0.237), operating at a loss with negative EBITDA margin (-3.04) and negative net profit margin (-3.248). Its market capitalization is about $88.9 million, with a stock price around $0.18. Key financial ratios indicate a high burn rate typical of clinical-stage biopharma: negative operating cash flow, negative free cash flow, and a debt-to-equity ratio of -1.257 (negative equity). The company's R&D expenses are substantial (3.36 times revenue). Despite financial challenges, Gossamer remains focused on advancing its clinical pipeline, with the hope of addressing significant unmet medical needs in pulmonary hypertension. The leadership team, including CEO Faheem Hasnain, has prior experience in building successful biotech companies (e.g., Receptos). Gossamer's long-term vision is to deliver innovative therapies for patients suffering from pulmonary vascular diseases.
YoYYoY means Year-over-Year. It compares the latest annual value with the previous annual value to show long-term trend strength.
QoQQoQ means Quarter-over-Quarter. It compares the latest quarter with the immediately previous quarter to show short-term momentum changes.
RevenueThe total money that came through the front door from selling things, before paying a single bill. Think of it as the grand total of every credit card swipe from customers. (YoY compares this year to last year's performance, while QoQ compares the current three months to the previous three).
$48.5M
-57.7%
-45.5%
Net IncomeThe absolute bottom line. If the company paid every single supplier, employee, banker, and tax collector, this is the actual money left in their pocket at the end of the day.
$-170.4M
-201.4%
+136.2%
Gross MarginThe basic markup. If they sell a $100 pair of sneakers, this percentage tells you how much of that price tag is profit right after paying for the rubber and shoelaces, but before paying for things like store rent or TV commercials.
+97.9%
-2.1%
+1.4%
Operating MarginThe 'day job' efficiency score. Out of every dollar a customer spends, this shows how many cents the company keeps after making the product AND paying for all the everyday corporate overhead (like salaries, marketing, and keeping the lights on).
-336.8%
-544.7%
-6.7%
Net MarginThe final take-home percentage. When you strip away every conceivable cost, tax, and interest payment, this is the exact number of cents the company truly gets to keep from every dollar in sales.
-351.5%
-613.2%
+166.5%
Free Cash FlowThe holy grail of corporate cash. It's the spendable, physical money left over after the business pays for its daily operations AND buys the big, expensive upgrades (like new factories or servers) it needs to survive. This is the 'free' money they can use to pay dividends or buy back stock.
$-171.3M
-4840.7%
-1.8%
FCF MarginThe ultimate cash conversion rate. It shows how good the company is at turning regular sales directly into cold, hard, spendable cash. A high percentage means the business is an absolute cash-printing machine.
-353.5%
-11591.7%
-86.9%
Debt / EquityThe financial risk gauge. It compares how much of the company's empire was built using borrowed money (loans) versus the owners' own money (shareholders). A high number means they are heavily leveraged and playing a riskier game; a low number means they are playing it safe.
-165.3%
-124.0%
+66.9%
Current RatioThe 12-month survival check. It simply compares the cash they have right now (plus things they can quickly turn into cash) against the immediate bills they absolutely must pay this year. A score above 1 means they have enough in the wallet to cover the upcoming bills without panicking.
2.64x
-61.6%
-76.1%
Total AssetsThe absolute size of the company's empire. It bundles together absolutely everything of value they own—from the cash in the register and the inventory in the warehouse, to the software patents in the vault and the factories on the ground.
Operator: Thank you for standing by. My name is Tina, and I will be your conference operator today. At this time, I would like to welcome everyone to the Gossamer Bio Q1 2026 Earnings Call. [Operator Instructions] It is now my pleasure to turn the call over to Bryan Giraudo, Chief Operating Officer and Chief Financial Officer. Please go ahead.
Bryan Giraudo: Good morning, and thank you for joining us. Before we begin, I'd like to remind listeners that today's discussion includes forward-looking statements, including statements regarding our regulatory plans, potential NDA submission and approval timing, commercialization, expectations, cash runway, capital structure and the potential therapeutic benefit and future developments of seralutinib. These statements are subject to risks and uncertainties that could cause actual results to differ materially. Please refer to our SEC filings and today's press release for discussions of these risks. We undertake no obligation to update these forward-looking statements, except as required by law. We are very excited this morning to have on our call today, Faheem Hasnain, Caryn Peterson, Dr. Rob Roscigno. Additionally, we have Dr. Jean-Marie Bruey, Dr. Rainer Zimmermann, Dr. Megan Flynn, Dr. Robin Osterhout; and Bob Smith, our Chief Commercial Officer, to speak about our exciting results this morning. Today, we plan to cover 3 topics: First, a regulatory update, including our Type B pre-NDA meeting; Secondly, we will discuss results from our PROSERA CT FRI substudy; and third, an update on our capital structure, including the convertible note exchange. Our financial results for the first quarter of 2026 are included in this press release, and I will come back to briefly discuss these at the end of the call. With that overview, let me hand it over to Faheem to discuss our recent progress. Faheem?
Faheem Hasnain: Yes. Thanks, Bryan, and good morning, everybody. In February, we reported top line results from PROSERA, our Phase III study of seralutinib in patients with PAH. At a high level, PROSERA showed a clinically meaningful placebo-adjusted improvement of 13.3 meters in 6-minute walk distance at week 24, with patients on seralutinib improving 28.2 meters from baseline versus 13.5 meters on placebo and a p-value of 0.032. That p-value met the traditional 0.05 threshold for statistical significance, but it did not meet the prespecified 0.025 alpha threshold. At the same time, all 4 key secondary endpoints favored seralutinib over placebo, and we saw a stronger effect in the prespecified risk-enriched subgroup. Taken together, we believe the totality of the PROSERA data supports a real and clinically meaningful treatment signal. Now since the PROSERA top line readout, we've been focused on 3 work streams in parallel. First, we engaged with the FDA on the path forward for seralutinib. That process advanced from the previously disclosed Type C meeting to a Type B pre-NDA meeting, which is the most formal …