Overview

• US biopharma developer's Q1 revenue from collaborators rose yr/yr, driven by seralutinib program

• Net loss for Q1 widened, reflecting increased R&D and one-time G&A expenses

• Company launched exchange offer for convertible notes to reduce debt and strengthen balance sheet

Outlook

• Company expects to submit NDA for seralutinib in pulmonary arterial hypertension (PAH) in September 2026

• If NDA is accepted, seralutinib could be eligible for FDA approval in Q3 2027

• Gossamer expects current cash to fund operations into Q1 2027

Result Drivers

• SERALUTINIB PROGRAM - Increased Q1 revenue from collaborators was driven by activity in the seralutinib program

• CLINICAL TRIAL COSTS - Higher R&D expenses in Q1 were primarily due to costs associated with clinical trials for seralutinib

• ONE-TIME SEVERANCE CHARGES - Increased G&A expenses were mainly due to one-time severance and related charges from a reduction in force

Company press release: ID:nBw3YQj50a

Key Details

Metric	Beat/Miss	Actual	Consensus Estimate
Q1 EPS		-$0.20
Q1 Net Income		-$46.66 mln
Q1 Basic EPS		-$0.20
Q1 Operating Expenses		$61.82 mln
Q1 Operating Income		-$44.87 mln

Analyst Coverage

• The current average analyst rating on the shares is "hold" and the breakdown of recommendations is 3 "strong buy" or "buy", 5 "hold" and 1 "sell" or "strong sell"

• The average consensus recommendation for the biotechnology & medical research peer group is "buy."

• Wall Street's median 12-month price target for Gossamer Bio Inc is $1.00, about 194.1% above its May 15 closing price of $0.34

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