$GOSS
Gossamer Bio, Inc.

2020 Q2 Form 10-Q Financial Statement

#000156459020039341 Filed on August 11, 2020

View on sec.gov

Income Statement

Concept 2020 Q2 2019 Q2
Revenue $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $11.66M $9.670M
YoY Change 20.58% 109.76%
% of Gross Profit
Research & Development $38.68M $35.68M
YoY Change 8.43% 349.89%
% of Gross Profit
Depreciation & Amortization $350.0K $200.0K
YoY Change 75.0% 566.67%
% of Gross Profit
Operating Expenses $65.34M $46.35M
YoY Change 40.97% 40.3%
Operating Profit -$65.34M -$46.35M
YoY Change 40.97% 40.3%
Interest Expense $2.491M
YoY Change
% of Operating Profit
Other Income/Expense, Net -$1.531M $1.851M
YoY Change -182.71% 517.0%
Pretax Income -$66.87M -$44.50M
YoY Change 50.27% 35.92%
Income Tax
% Of Pretax Income
Net Earnings -$66.87M -$44.50M
YoY Change 50.28% 35.96%
Net Earnings / Revenue
Basic Earnings Per Share -$1.00
Diluted Earnings Per Share -$1.00 -$738.3K
COMMON SHARES
Basic Shares Outstanding 66.60M shares 65.89M
Diluted Shares Outstanding 66.60M shares

Balance Sheet

Concept 2020 Q2 2019 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $600.4M $464.0M
YoY Change 29.4% 788.89%
Cash & Equivalents $486.1M $148.5M
Short-Term Investments $114.3M $315.5M
Other Short-Term Assets $8.000M $25.60M
YoY Change -68.75% 3100.0%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $608.4M $489.6M
YoY Change 24.27% 825.49%
LONG-TERM ASSETS
Property, Plant & Equipment $5.757M $4.814M
YoY Change 19.59% 243.86%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $600.0K $1.367M
YoY Change -56.11% 241.75%
Total Long-Term Assets $16.70M $17.59M
YoY Change -5.05% 877.11%
TOTAL ASSETS
Total Short-Term Assets $608.4M $489.6M
Total Long-Term Assets $16.70M $17.59M
Total Assets $625.1M $507.2M
YoY Change 23.25% 827.19%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $200.0K $3.030M
YoY Change -93.4% 236.67%
Accrued Expenses $27.30M $9.204M
YoY Change 196.61% 70.44%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $27.50M $27.51M
YoY Change -0.04% 343.73%
LONG-TERM LIABILITIES
Long-Term Debt $28.64M $28.28M
YoY Change 1.26%
Other Long-Term Liabilities $7.900M $9.900M
YoY Change -20.2% 1880.0%
Total Long-Term Liabilities $28.64M $28.28M
YoY Change 1.26% 5556.2%
TOTAL LIABILITIES
Total Short-Term Liabilities $27.50M $27.51M
Total Long-Term Liabilities $28.64M $28.28M
Total Liabilities $204.8M $65.73M
YoY Change 211.5% 881.04%
SHAREHOLDERS EQUITY
Retained Earnings -$231.0M
YoY Change
Common Stock $671.9M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $420.3M $441.4M
YoY Change
Total Liabilities & Shareholders Equity $625.1M $507.2M
YoY Change 23.25% 827.19%

Cashflow Statement

Concept 2020 Q2 2019 Q2
OPERATING ACTIVITIES
Net Income -$66.87M -$44.50M
YoY Change 50.28% 35.96%
Depreciation, Depletion And Amortization $350.0K $200.0K
YoY Change 75.0% 566.67%
Cash From Operating Activities -$42.39M -$36.81M
YoY Change 15.16% 441.32%
INVESTING ACTIVITIES
Capital Expenditures -$440.0K -$1.380M
YoY Change -68.12% 46.81%
Acquisitions
YoY Change
Other Investing Activities $106.7M -$12.50M
YoY Change -953.52% -69.24%
Cash From Investing Activities $106.2M -$13.89M
YoY Change -864.87% -66.59%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $117.1M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 310.8M 28.35M
YoY Change 996.4% 1729.03%
NET CHANGE
Cash From Operating Activities -42.39M -36.81M
Cash From Investing Activities 106.2M -13.89M
Cash From Financing Activities 310.8M 28.35M
Net Change In Cash 374.7M -22.35M
YoY Change -1776.42% -52.27%
FREE CASH FLOW
Cash From Operating Activities -$42.39M -$36.81M
Capital Expenditures -$440.0K -$1.380M
Free Cash Flow -$41.95M -$35.43M
YoY Change 18.4% 504.61%

Facts In Submission

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us-gaap Use Of Estimates
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<p style="text-align:justify;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 the allocation of the 2027 Notes into liability and equity components, 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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1600000
CY2020Q2 us-gaap Fair Value Equity Level1 To Level2 Transfers Amount
FairValueEquityLevel1ToLevel2TransfersAmount
0
CY2019Q4 us-gaap Fair Value Equity Level1 To Level2 Transfers Amount
FairValueEquityLevel1ToLevel2TransfersAmount
0
CY2020Q2 us-gaap Fair Value Equity Level2 To Level1 Transfers Amount
FairValueEquityLevel2ToLevel1TransfersAmount
0
CY2020Q2 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
594000
CY2020Q2 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
114302000
CY2020Q2 us-gaap Available For Sale Securities Debt Maturities Remainder Of Fiscal Year Fair Value
AvailableForSaleSecuritiesDebtMaturitiesRemainderOfFiscalYearFairValue
100376000
CY2020Q2 us-gaap Sale Of Stock Price Per Share
SaleOfStockPricePerShare
13.25
CY2020Q2 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
117100000
us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
3839251
CY2019 us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
4648526
CY2020Q2 goss Available For Sale Securities Debt Maturities After One Through Two Years Fair Value
AvailableForSaleSecuritiesDebtMaturitiesAfterOneThroughTwoYearsFairValue
13926000
us-gaap Common Stock Voting Rights
CommonStockVotingRights
one
CY2020Q2 us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
9433963
CY2019Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
8538060
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
1911222
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
44007
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod
541572
CY2020Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
9863703
CY2020Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableNumber
2791102
CY2019Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
13.67
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
14.30
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
3.49
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice
12.96
CY2020Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
13.88
CY2020Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableWeightedAverageExercisePrice
12.31
CY2019 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P9Y
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P8Y7M6D
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestExercisableWeightedAverageRemainingContractualTerm1
P8Y
CY2019Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
35385000
CY2020Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
22225000
CY2020Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableAggregateIntrinsicValue
9989000
CY2020Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
8900000
CY2019Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
5140000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
17144000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
8229000
goss Non Cancelable Operating Sublease Expiration Date For Initial Lease Space
NonCancelableOperatingSubleaseExpirationDateForInitialLeaseSpace
2025-01
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
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
CY2020Q2 goss Sublease Temporary Monthly Base Rent
SubleaseTemporaryMonthlyBaseRent
63425
CY2020Q2 goss Sublease Annual Increase Percentage For Lease Charges
SubleaseAnnualIncreasePercentageForLeaseCharges
0.03
CY2020Q2 goss Sublease Period Of Base Rent Abatement
SubleasePeriodOfBaseRentAbatement
P6M
CY2020Q2 goss Sublease Commencement Date
SubleaseCommencementDate
2020-07-01
CY2020Q2 goss Sublease Expiration Date
SubleaseExpirationDate
2021-12-31
CY2020Q2 us-gaap Lessee Operating Lease Discount Rate
LesseeOperatingLeaseDiscountRate
0.07
CY2020Q2 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P3Y7M6D
CY2020Q2 us-gaap Operating Lease Cost
OperatingLeaseCost
817000
us-gaap Operating Lease Cost
OperatingLeaseCost
1570000
CY2020Q2 us-gaap Short Term Lease Cost
ShortTermLeaseCost
16000
us-gaap Short Term Lease Cost
ShortTermLeaseCost
38000
CY2020Q2 us-gaap Lease Cost
LeaseCost
833000
us-gaap Lease Cost
LeaseCost
1608000
CY2020Q2 us-gaap Operating Lease Payments
OperatingLeasePayments
800000
us-gaap Operating Lease Payments
OperatingLeasePayments
1500000
CY2020Q2 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
1915000
CY2020Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
3923000
CY2020Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
1694000
CY2020Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
1746000
CY2020Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
11101000
CY2020Q2 us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
800000
us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
1800000
CY2020Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
3220000
CY2020Q2 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
12498000
CY2020Q2 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
1397000

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