Gossamer Bio reported second quarter 2026 financial results and announced it plans to submit a New Drug Application for seralutinib in pulmonary arterial hypertension in September 2026. The company held a Pre-NDA Type B meeting with the FDA in mid-June and received official minutes characterising statistical significance concerns as review issues rather than filing issues. The company reacquired worldwide rights to seralutinib from Chiesi, which paid Gossamer $5 million to settle all obligations. Gossamer exchanged approximately $181.1 million of convertible notes, reducing debt by roughly $115.9 million. Cash and marketable securities totalled $57.0 million as of 30 June 2026, expected to fund operations into the first quarter of 2027. Research and development expenses decreased to $26.4 million from $41.6 million year-over-year. The company reported net income of $16.9 million for the quarter.

Gossamer Bio has reduced its convertible debt from $200 million to under $72 million through a note exchange, extending maturity to 2030 with 7.5% semiannual cash interest. The company reported $99 million in cash and cash equivalents as of 31 March 2026, with runway extending into Q1 2027. The company's Phase III Procera study of seralutinib showed a placebo-adjusted improvement of 13.3 metres in six-minute walk distance, though it didn't meet the prespecified statistical significance threshold. Gossamer has advanced FDA discussions from a Type C to a Type B pre-NDA meeting. The company implemented a significant reduction in force affecting approximately half its workforce and expects lower operating expenses following the wind-down of the Procera study.

Cantor Fitzgerald downgraded Gossamer Bio to Neutral from Overweight on 23 March, removing its price target. The downgrade followed negative Phase 3 PROSERA trial results and uncertainty around the regulatory pathway for seralutinib in pulmonary arterial hypertension. Gossamer Bio reported fourth-quarter earnings per share of (21c) versus (20c) consensus, with revenue of $13.8 million beating the $7.52 million estimate. Chief executive Faheem Hasnain said the trial "narrowly missed" its primary endpoint but the data support seralutinib's efficacy, particularly in advanced patients. H.C. Wainwright previously cut its price target to $5 from $10, reducing its probability of success for seralutinib to 50% from 70% whilst maintaining a Buy rating.