$GOSS
Gossamer Bio, Inc.

2019 Q3 Form 10-Q Financial Statement

#000156459019030814 Filed on August 08, 2019

View on sec.gov

Income Statement

Concept 2019 Q3 2019 Q2 2018 Q2
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $9.840M $9.670M $4.610M
YoY Change -56.8% 109.76%
% of Gross Profit
Research & Development $40.15M $35.68M $7.930M
YoY Change 112.91% 349.89%
% of Gross Profit
Depreciation & Amortization $260.0K $200.0K $30.00K
YoY Change 116.67% 566.67%
% of Gross Profit
Operating Expenses $49.99M $46.35M $33.04M
YoY Change -0.08% 40.3%
Operating Profit -$49.99M -$46.35M -$33.04M
YoY Change -0.08% 40.3%
Interest Expense $300.0K
YoY Change
% of Operating Profit
Other Income/Expense, Net $1.486M $1.851M $300.0K
YoY Change 517.0%
Pretax Income -$48.50M -$44.50M -$32.74M
YoY Change -1.82% 35.92%
Income Tax
% Of Pretax Income
Net Earnings -$48.50M -$44.50M -$32.73M
YoY Change -1.84% 35.96%
Net Earnings / Revenue
Basic Earnings Per Share
Diluted Earnings Per Share -$798.2K -$738.3K -$517.4K
COMMON SHARES
Basic Shares Outstanding 65.93M 65.89M
Diluted Shares Outstanding

Balance Sheet

Concept 2019 Q3 2019 Q2 2018 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $446.5M $464.0M $52.20M
YoY Change 74.14% 788.89%
Cash & Equivalents $130.7M $148.5M $32.10M
Short-Term Investments $315.8M $315.5M $20.00M
Other Short-Term Assets $5.900M $25.60M $800.0K
YoY Change 210.53% 3100.0%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $452.4M $489.6M $52.90M
YoY Change 75.07% 825.49%
LONG-TERM ASSETS
Property, Plant & Equipment $5.133M $4.814M $1.400M
YoY Change 71.1% 243.86%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $1.387M $1.367M $400.0K
YoY Change 73.38% 241.75%
Total Long-Term Assets $17.38M $17.59M $1.800M
YoY Change 357.37% 877.11%
TOTAL ASSETS
Total Short-Term Assets $452.4M $489.6M $52.90M
Total Long-Term Assets $17.38M $17.59M $1.800M
Total Assets $469.8M $507.2M $54.70M
YoY Change 79.16% 827.19%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.555M $3.030M $900.0K
YoY Change -29.03% 236.67%
Accrued Expenses $11.44M $9.204M $5.400M
YoY Change 1.27% 70.44%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $33.17M $27.51M $6.200M
YoY Change 122.61% 343.73%
LONG-TERM LIABILITIES
Long-Term Debt $28.37M $28.28M $0.00
YoY Change
Other Long-Term Liabilities $9.300M $9.900M $500.0K
YoY Change 1228.57% 1880.0%
Total Long-Term Liabilities $28.37M $28.28M $500.0K
YoY Change 3952.86% 5556.2%
TOTAL LIABILITIES
Total Short-Term Liabilities $33.17M $27.51M $6.200M
Total Long-Term Liabilities $28.37M $28.28M $500.0K
Total Liabilities $70.88M $65.73M $6.700M
YoY Change 354.37% 881.04%
SHAREHOLDERS EQUITY
Retained Earnings -$279.5M -$231.0M
YoY Change
Common Stock $678.0M $671.9M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $398.9M $441.4M -$60.78M
YoY Change
Total Liabilities & Shareholders Equity $469.8M $507.2M $54.70M
YoY Change 79.16% 827.19%

Cashflow Statement

Concept 2019 Q3 2019 Q2 2018 Q2
OPERATING ACTIVITIES
Net Income -$48.50M -$44.50M -$32.73M
YoY Change -1.84% 35.96%
Depreciation, Depletion And Amortization $260.0K $200.0K $30.00K
YoY Change 116.67% 566.67%
Cash From Operating Activities -$36.11M -$36.81M -$6.800M
YoY Change 132.82% 441.32%
INVESTING ACTIVITIES
Capital Expenditures -$710.0K -$1.380M -$940.0K
YoY Change -58.72% 46.81%
Acquisitions
YoY Change
Other Investing Activities $18.66M -$12.50M -$40.64M
YoY Change -118.05% -69.24%
Cash From Investing Activities $17.95M -$13.89M -$41.58M
YoY Change -117.08% -66.59%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 370.0K 28.35M 1.550M
YoY Change -99.84% 1729.03%
NET CHANGE
Cash From Operating Activities -36.11M -36.81M -6.800M
Cash From Investing Activities 17.95M -13.89M -41.58M
Cash From Financing Activities 370.0K 28.35M 1.550M
Net Change In Cash -17.79M -22.35M -46.83M
YoY Change -116.33% -52.27%
FREE CASH FLOW
Cash From Operating Activities -$36.11M -$36.81M -$6.800M
Capital Expenditures -$710.0K -$1.380M -$940.0K
Free Cash Flow -$35.40M -$35.43M -$5.860M
YoY Change 156.71% 504.61%

Facts In Submission

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<p style="margin-bottom:0pt;margin-top:10pt;text-indent:0%;font-weight:bold;font-style:italic;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;">Use of Estimates </p> <p style="text-align:justify;margin-bottom:0pt;margin-top:10pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of expenses during the reporting period. The most significant estimates in the Company&#8217;s condensed consolidated financial statements relate to accrued research and development expenses, the valuation of preferred and common stock, the valuation of stock options and the valuation allowance of deferred tax assets resulting from net operating losses. These estimates and assumptions are based on current facts, historical experience and various other factors believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the recording of expenses that are not readily apparent from other sources. Actual results could differ from those estimates. </p>
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ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableAggregateIntrinsicValue
9522000
CY2018Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1374000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
8229000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice
10.75
CY2019Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
12.51
goss Funds Raised Through Preferred Equity Financing Convertible Note Financings And Completed Initial Public Offering
FundsRaisedThroughPreferredEquityFinancingConvertibleNoteFinancingsAndCompletedInitialPublicOffering
601300000
CY2019Q2 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
5485000
CY2018Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
3490000
CY2019Q2 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
671000
CY2018Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
297000
CY2019Q2 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
4290000
CY2018Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
4102000
CY2019Q2 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
2229000
CY2019Q2 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
1908000
CY2018Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
2697000
CY2019Q2 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
777000
CY2018Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
769000
CY2018Q4 us-gaap Fair Value Equity Level1 To Level2 Transfers Amount
FairValueEquityLevel1ToLevel2TransfersAmount
0
CY2018Q4 us-gaap Fair Value Equity Level2 To Level1 Transfers Amount
FairValueEquityLevel2ToLevel1TransfersAmount
0
CY2019Q2 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
511000
CY2019Q2 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
1000
CY2019Q2 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
315495000
CY2019Q2 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
7700000
CY2019Q2 us-gaap Available For Sale Securities Debt Maturities Remainder Of Fiscal Year Fair Value
AvailableForSaleSecuritiesDebtMaturitiesRemainderOfFiscalYearFairValue
287765000
CY2019Q2 goss Available For Sale Securities Debt Maturities After One Through Two Years Fair Value
AvailableForSaleSecuritiesDebtMaturitiesAfterOneThroughTwoYearsFairValue
27730000
CY2019Q2 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
30000000
CY2019Q2 us-gaap Debt Instrument Unamortized Discount Premium And Debt Issuance Costs Net
DebtInstrumentUnamortizedDiscountPremiumAndDebtIssuanceCostsNet
1719000
CY2019Q2 us-gaap Long Term Debt
LongTermDebt
28281000
CY2019Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
5833000
CY2019Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour
10000000
CY2019Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Five
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive
10000000
CY2019Q2 us-gaap Long Term Debt Maturities Repayments Of Principal After Year Five
LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFive
4167000
us-gaap Common Stock Voting Rights
CommonStockVotingRights
one
us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
5457806
CY2018 us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
7482032
CY2018Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
5107329
CY2019Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
5140000
CY2019Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableWeightedAverageExercisePrice
3.03
CY2018 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P9Y8M12D
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P9Y4M24D
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestExercisableWeightedAverageRemainingContractualTerm1
P8Y9M18D
CY2018Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
16343000
CY2019Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableNumber
497225
CY2018Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
7.51
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1979000
goss Non Cancelable Operating Sublease Expiration Date For Initial Lease Space
NonCancelableOperatingSubleaseExpirationDateForInitialLeaseSpace
2024-12
goss Non Cancelable Operating Sublease Expiration Date For Expansion Space Leased
NonCancelableOperatingSubleaseExpirationDateForExpansionSpaceLeased
2022-12
us-gaap Lessee Operating Sublease Existence Of Option To Extend
LesseeOperatingSubleaseExistenceOfOptionToExtend
true
us-gaap Lessee Operating Sublease Option To Extend
LesseeOperatingSubleaseOptionToExtend
options to extend for the entire premises through October 2028
goss Operating Sublease Annual Increase Percentage For Base Rent
OperatingSubleaseAnnualIncreasePercentageForBaseRent
0.03
CY2019Q2 us-gaap Lessee Operating Lease Discount Rate
LesseeOperatingLeaseDiscountRate
0.07
CY2019Q2 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P4Y8M12D
CY2019Q2 us-gaap Operating Lease Cost
OperatingLeaseCost
752000
us-gaap Operating Lease Cost
OperatingLeaseCost
1505000
CY2019Q2 us-gaap Variable Lease Cost
VariableLeaseCost
357000
us-gaap Variable Lease Cost
VariableLeaseCost
752000
CY2019Q2 us-gaap Short Term Lease Cost
ShortTermLeaseCost
15000
us-gaap Short Term Lease Cost
ShortTermLeaseCost
29000
CY2019Q2 us-gaap Lease Cost
LeaseCost
1124000
us-gaap Lease Cost
LeaseCost
2286000
CY2019Q2 us-gaap Operating Lease Payments
OperatingLeasePayments
700000
us-gaap Operating Lease Payments
OperatingLeasePayments
1400000
CY2019Q2 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
1478000
CY2019Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
3038000
CY2019Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
3127000
CY2019Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
3220000
CY2019Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
1694000
CY2019Q2 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
1745000
CY2019Q2 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
14302000
CY2019Q2 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
2135000
CY2019Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
12167000
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due Current
OperatingLeasesFutureMinimumPaymentsDueCurrent
2944000
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due In Two Years
OperatingLeasesFutureMinimumPaymentsDueInTwoYears
3035000
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due In Three Years
OperatingLeasesFutureMinimumPaymentsDueInThreeYears
3123000
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due In Four Years
OperatingLeasesFutureMinimumPaymentsDueInFourYears
3216000
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due In Five Years
OperatingLeasesFutureMinimumPaymentsDueInFiveYears
1690000
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due Thereafter
OperatingLeasesFutureMinimumPaymentsDueThereafter
1741000
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due
OperatingLeasesFutureMinimumPaymentsDue
15749000
CY2018Q2 us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
500000
us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
1000000

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