Gossamer Bio Announces 2018 Annual Financial Results
“Since the launch of Gossamer just over a year ago, we have built a robust and balanced pipeline of product candidates, including three clinical-stage assets and multiple preclinical programs, all with potential to meet high unmet medical needs across multiple disease areas,” said
Commenced Phase 2b trial for GB001. In
Completed initial public offering (IPO). In
Full-Year 2018 Financial Results
Cash Equivalents and Marketable Securities: Cash, cash equivalents and marketable securities as of December 31, 2018were $228.7 million. Subsequent to year end, Gossamer raised approximately $295.2 millionin its IPO, net of underwriting discounts.
- Research and Development (R&D) Expenses: For the year ended
December 31, 2018, R&D expenses were $55.3 million, which included $6.0 millionof costs related to personnel and external consultants. In-Process Researchand Development (IPR&D) Expenses: For the year ended December 31, 2018, IPR&D expenses were $49.7 million, which was primarily attributable to approximately $27.5 millionof costs related to up-front in-licensing and product acquisition payments related to GB004 and GB1275, and $19.1 millionof costs associated with the issuance of stock in connection with the acquisition of GB001.
- General and Administrative (G&A) Expenses: For the year ended
December 31, 2018, G&A expenses were $44.1 million, which was primarily attributable to $30.3 millionin stock-based compensation costs, $6.0 millionin personnel-related costs, $3.7 millionin professional fees, $1.3 millionin legal fees and $0.8 millionin facility-related costs.
- Net Loss: For the year ended
December 31, 2018, net loss was $147.0 million, or a loss of $22.59per share.
About Gossamer Bio
Gossamer cautions you that statements contained in this press release regarding matters that are not historical facts are forward-looking statements. These statements are based on the company’s current beliefs and expectations. Such forward-looking statements include, but are not limited to, statements regarding the anticipated timing to conduct an interim analysis of and release topline data from the Phase 2b clinical trial of GB001 in moderate-to-severe eosinophilic asthma; and plans to rapidly advance other product candidates. The inclusion of forward-looking statements should not be regarded as a representation by Gossamer that any of its plans will be achieved. Actual results may differ from those set forth in this press release due to the risks and uncertainties inherent in Gossamer’s business, including, without limitation: potential delays in the commencement, enrollment and completion of clinical trials; the company’s dependence on third parties in connection with product manufacturing, research and preclinical and clinical testing; the success of Gossamer’s clinical trials and preclinical studies for its product candidates; regulatory developments in
GOSSAMER BIO, INC.
|Years Ended December 31,|
|STATEMENTS OF OPERATIONS DATA:||2018||2017|
|Research and development||$||55,283||$||891|
|In process research and development||49,659||5,500|
|General and administrative||44,051||262|
|Total operating expenses||148,993||6,653|
|Loss from operations||(148,993||)||(6,653||)|
|Other income (expenses)|
|Other income (expense)||316||—|
|Total other income (expense), net||2,024||(118||)|
|Net loss per share, basic and diluted||$||(22.59||)||$||(0.74||)|
|Weighted average common shares outstanding, basic and diluted||6,504,871||9,160,888|
|BALANCE SHEET DATA:||2018||2017|
|Cash, cash equivalents, and marketable securities||$||228,658||$||315|
|Total stockholders deficit||(120,069||)||(6,862||)|