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Gossamer Bio Inc. (GOSS-4.93%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing includes financial statements for the year, reporting a net loss of $56.5 million compared to a net loss of $179.8 million in the previous year. The decrease in net loss is attributed to revenue generated from a collaboration agreement with Chiesi Farmaceutici S.p.A.
Gossamer Bio reported total revenue of $114.7 million for the year, primarily from the sale of licenses and contracts with collaborators. This marks a significant increase from no revenue reported in the previous year.
Research and development expenses were $138.5 million, up from $135.3 million in the prior year, driven by increased costs associated with the clinical trials for seralutinib.
General and administrative expenses decreased to $36.1 million from $38.5 million, mainly due to reductions in stock-based compensation and legal expenses.
The company ended the year with $294.5 million in cash, cash equivalents, and marketable securities, an increase from $296.4 million at the end of 2023.
Gossamer Bio's collaboration with Chiesi Farmaceutici S.p.A. contributed a one-time development cost reimbursement payment of $160.0 million, with ongoing cost-sharing payments for research and development services.
The company continues to focus on the development and commercialization of seralutinib for the treatment of pulmonary hypertension, with a Phase 3 clinical trial ongoing and plans to initiate a global registrational Phase 3 trial for PH-ILD in the second half of 2025.
Gossamer Bio acknowledges its dependence on additional financing to achieve its goals and anticipates continued operating losses for the foreseeable future.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Gossamer Bio Inc. annual 10-K report dated March 13, 2025. To report an error, please email earnings@qz.com.