$GOSS
Gossamer Bio, Inc.

2020 Q1 Form 10-Q Financial Statement

#000156459020024690 Filed on May 12, 2020

View on sec.gov

Income Statement

Concept 2020 Q1 2019 Q1
Revenue $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $10.75M $8.030M
YoY Change 33.87% 208.85%
% of Gross Profit
Research & Development $41.41M $24.98M
YoY Change 65.77% 852.1%
% of Gross Profit
Depreciation & Amortization $329.0K $169.0K
YoY Change 94.67% 2716.67%
% of Gross Profit
Operating Expenses $54.97M $34.02M
YoY Change 61.59% 30.2%
Operating Profit -$54.97M -$34.02M
YoY Change 61.59% 30.2%
Interest Expense $707.0K $19.00K
YoY Change 3621.05% -78.89%
% of Operating Profit
Other Income/Expense, Net $893.0K $1.406M
YoY Change -36.49% 1479.78%
Pretax Income -$54.07M -$32.61M
YoY Change 65.81% 25.23%
Income Tax
% Of Pretax Income
Net Earnings -$54.07M -$32.61M
YoY Change 65.82% 25.25%
Net Earnings / Revenue
Basic Earnings Per Share -$0.87
Diluted Earnings Per Share -$0.87 -$495.0K
COMMON SHARES
Basic Shares Outstanding 61.89M shares
Diluted Shares Outstanding 61.89M shares

Balance Sheet

Concept 2020 Q1 2019 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $346.2M $481.2M
YoY Change -28.05%
Cash & Equivalents $111.4M $170.8M
Short-Term Investments $234.8M $310.4M
Other Short-Term Assets $9.300M $16.60M
YoY Change -43.98%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $355.4M $497.8M
YoY Change -28.6%
LONG-TERM ASSETS
Property, Plant & Equipment $15.40M $4.110M
YoY Change 274.7%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $600.0K $2.129M
YoY Change -71.82%
Total Long-Term Assets $16.10M $18.16M
YoY Change -11.35%
TOTAL ASSETS
Total Short-Term Assets $355.4M $497.8M
Total Long-Term Assets $16.10M $18.16M
Total Assets $371.5M $515.9M
YoY Change -28.0%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.600M $4.548M
YoY Change -42.83%
Accrued Expenses $25.80M $7.879M
YoY Change 227.45%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $28.40M $25.15M
YoY Change 12.91%
LONG-TERM LIABILITIES
Long-Term Debt $28.50M $0.00
YoY Change
Other Long-Term Liabilities $8.100M $10.50M
YoY Change -22.86%
Total Long-Term Liabilities $36.60M $10.50M
YoY Change 248.57%
TOTAL LIABILITIES
Total Short-Term Liabilities $28.40M $25.15M
Total Long-Term Liabilities $36.60M $10.50M
Total Liabilities $65.00M $35.69M
YoY Change 82.13%
SHAREHOLDERS EQUITY
Retained Earnings -$388.2M -$186.5M
YoY Change 108.2%
Common Stock $695.2M $666.7M
YoY Change 4.28%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $306.5M $480.3M
YoY Change
Total Liabilities & Shareholders Equity $371.5M $515.9M
YoY Change -28.0%

Cashflow Statement

Concept 2020 Q1 2019 Q1
OPERATING ACTIVITIES
Net Income -$54.07M -$32.61M
YoY Change 65.82% 25.25%
Depreciation, Depletion And Amortization $329.0K $169.0K
YoY Change 94.67% 2716.67%
Cash From Operating Activities -$52.30M -$27.77M
YoY Change 88.29% 649.03%
INVESTING ACTIVITIES
Capital Expenditures $513.0K $347.0K
YoY Change 47.84% -32.09%
Acquisitions
YoY Change
Other Investing Activities $28.55M -$197.8M
YoY Change -114.43% -1869.23%
Cash From Investing Activities $28.04M -$198.1M
YoY Change -114.15% -1957.87%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $291.3M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $571.0K 291.3M
YoY Change -99.8% 305.18%
NET CHANGE
Cash From Operating Activities -$52.30M -27.77M
Cash From Investing Activities $28.04M -198.1M
Cash From Financing Activities $571.0K 291.3M
Net Change In Cash -$23.69M 65.43M
YoY Change -136.2% -17.03%
FREE CASH FLOW
Cash From Operating Activities -$52.30M -$27.77M
Capital Expenditures $513.0K $347.0K
Free Cash Flow -$52.81M -$28.12M
YoY Change 87.79% 566.53%

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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15.50
CY2020Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
13.81
CY2019Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
35385000
CY2020Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
12052000
CY2020Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableWeightedAverageExercisePrice
11.38
CY2019 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P9Y
CY2020Q1 goss Non Cancelable Operating Sublease Expiration Date For Initial Lease Space
NonCancelableOperatingSubleaseExpirationDateForInitialLeaseSpace
2025-01
CY2020Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableAggregateIntrinsicValue
4843000
CY2020Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
8244000
CY2019Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
3089000
CY2020Q1 goss Non Cancelable Operating Sublease Expiration Date For Expansion Space Leased
NonCancelableOperatingSubleaseExpirationDateForExpansionSpaceLeased
2022-12
CY2020Q1 us-gaap Lessee Operating Sublease Existence Of Option To Extend
LesseeOperatingSubleaseExistenceOfOptionToExtend
true
CY2020Q1 us-gaap Lessee Operating Sublease Option To Extend
LesseeOperatingSubleaseOptionToExtend
options to extend for the entire premises through October 2028
CY2020Q1 goss Operating Sublease Annual Increase Percentage For Base Rent
OperatingSubleaseAnnualIncreasePercentageForBaseRent
0.03
CY2019Q4 goss Permanent Monthly Base Rent
PermanentMonthlyBaseRent
63425
CY2019Q4 goss Temporary Monthly Base Rent
TemporaryMonthlyBaseRent
28745
CY2019Q4 goss Period For Which Lease Of Permanent Space Can Be Extended
PeriodForWhichLeaseOfPermanentSpaceCanBeExtended
P12M
CY2019Q4 goss Annual Increase Percentage For Lease Charges
AnnualIncreasePercentageForLeaseCharges
0.03
CY2020Q1 us-gaap Lessee Operating Lease Discount Rate
LesseeOperatingLeaseDiscountRate
0.07
CY2020Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P4Y
CY2020Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
753000
CY2020Q1 us-gaap Short Term Lease Cost
ShortTermLeaseCost
22000
CY2020Q1 us-gaap Lease Cost
LeaseCost
775000
CY2020Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
800000
CY2020Q1 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
2285000
CY2020Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
3127000
CY2020Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
3220000
CY2020Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
1694000
CY2020Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
1745000
CY2020Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
12071000
CY2020Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
1548000
CY2020Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
10523000
CY2020Q1 us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
800000

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