What Gossamer Bio, Inc. told the SEC could break it.

Gossamer has generated all of its revenue from the Chiesi Collaboration Agreement (license fees and cost-sharing), making it entirely dependent on that single collaborator.

“To date, we have generated all of our revenue from the Chiesi Collaboration Agreement. Our revenue consists of a one-time development cost reimbursement payment for licenses and ongoing cost-sharing payments for performance of research and development services classified as revenue from contracts with collaborators.”

Gossamer's San Diego corporate headquarters sits near major earthquake faults and fire zones, and disasters affecting it or its suppliers could disrupt clinical supply of seralutinib.

“our corporate headquarters is located in San Diego, California near major earthquake faults and fire zones, and the ultimate impact on us of being located near major earthquake faults and fire zones and being consolidated in a certain geographical area is unknown.”

Gossamer depends on a single asset, seralutinib, against a $1,438.9M accumulated deficit; in March 2026 it cut ~48% of its workforce to preserve cash while discussing the path forward with the FDA.

“Our net losses were $170.4 million and $56.5 million for the years ended December 31, 2025 and 2024 , respectively. As of December 31, 2025 , we had an accumulated deficit of $1,438.9 million .”

Seralutinib's path to FDA approval is uncertain (Gossamer is seeking a Type C meeting on PROSERA/TORREY data), and a safety signal — transaminase elevations in 13% of treated patients vs 1% on placebo — could restrict labeling or delay/deny approval.

“transaminase elevations of three times or greater of the upper limit of normal were observed in 13% of patients receiving seralutinib, as compared to 1% of patients receiving placebo in our PROSERA Phase 3 clin”