Gossamer Bio reported a net loss of $47.2 million for the quarter ended December 31, 2025, a decline from the $33.0 million loss in the same period a year earlier. Revenue for the quarter rose to $13.8 million, up 47% from $9.38 million in Q4 2024, largely driven by cost reimbursements under the partnership with Chiesi. The company’s full‑year 2025 loss widened to $170.4 million, compared with a $56.5 million loss in 2024, reflecting higher research and development expenses and the absence of a one‑time license sale that had been recorded in the prior year.
The revenue beat was largely attributable to the Chiesi collaboration, which provided $13.8 million in reimbursements for seralutinib development costs. In Q4 2025, R&D spending increased to $48.9 million from $36.1 million in Q4 2024, a 35% rise that contributed to the larger net loss. The company did not receive the $70.6 million reimbursement from Chiesi that was reported in the fact‑check, and the full‑year loss reflects the continued investment in clinical development without a corresponding offset.
Cash, cash equivalents, and marketable securities stood at $136.9 million at the end of 2025, down from $180.2 million at the end of September. Management indicated that this balance is expected to fund operations through the first quarter of 2027, contingent on the outcome of the PROSERA Phase 3 trial and any subsequent milestone payments. The company’s guidance for the first half of 2027 remains unchanged, with a focus on maintaining liquidity while pursuing regulatory milestones.
CEO Faheem Hasnain said, "Following our PROSERA topline results, we are focused on fully understanding the PROSERA dataset, engaging with the FDA, and evaluating strategic options and capital allocation to position the Company for the future." He added, "PROSERA narrowly missed the prespecified statistical threshold for its primary endpoint; however, we believe the totality of evidence supports that seralutinib is an active drug in PAH, with the most pronounced effects observed in patients with more advanced disease."
The company’s guidance signals cautious optimism: while revenue growth is expected to continue, the widening net loss and regulatory uncertainty underscore the need for additional capital and a clear path to regulatory approval. Investors will likely weigh the strong revenue performance against the deepening losses and the pending outcome of the PROSERA trial when assessing the company’s near‑term prospects.
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