Gossamer Bio, Inc. (GOSS): Business Model Canvas [Dec-2025 Updated]

You're looking at Gossamer Bio, Inc. (GOSS) right now, and honestly, it's a classic late-stage pivot story: moving from a pure clinical-stage bet to a late-stage commercial reality, all hinging on the seralutinib Phase 3 data coming in early 2026. As an analyst, I see a model built on managing that binary risk, funded by a $180.2 million cash pile (Q3 2025) while they burn through about $45.5 million in Research and Development (R&D) that same quarter to execute studies like PROSERA. The key to understanding their near-term survival and long-term upside-like that 50/50 US profit split with Chiesi Group-is right here in the nine building blocks we've mapped out below, so check out the full structure to see how they plan to capture value from their potential first-in-class inhaled therapy.

Gossamer Bio, Inc. (GOSS) - Canvas Business Model: Key Partnerships

You're looking at the critical alliances Gossamer Bio, Inc. has locked in to drive seralutinib and expand its pulmonary hypertension franchise. These aren't just handshake deals; they involve significant financial commitments and clear operational splits.

Global Development and Commercialization with Chiesi Group

The partnership with Chiesi Group is central to Gossamer Bio, Inc.'s strategy for seralutinib, covering global development and commercialization across indications like Pulmonary Arterial Hypertension (PAH) and Pulmonary Hypertension associated with Interstitial Lung Disease (PH-ILD). This collaboration leverages Chiesi's global respiratory expertise with Gossamer Bio, Inc.'s specialized PAH/PH-ILD development teams.

The financial structure of this global agreement is detailed below, showing upfront payments and potential future value:

US Commercial Profit/Loss Split and Development Cost Sharing

For the US market, the arrangement is a straightforward split, but development cost-sharing has a key exception. Gossamer Bio, Inc. remains the global development lead for seralutinib in PAH and PH-ILD.

Here's how the costs and profits break down:

• Global development costs are split 50/50, except for the PROSERA Study.
• Gossamer Bio, Inc. remains financially responsible for 100 percent of the PROSERA Study costs.
• US commercial profits and losses for PAH and PH-ILD are split 50/50.
• Gossamer Bio, Inc. leads US commercialization for PAH and PH-ILD.
• Both companies contribute 50 percent of commercial efforts in the US for PAH and PH-ILD.

Strategic Option to Acquire Respira Therapeutics Inc.

To expand its pulmonary hypertension franchise, Gossamer Bio, Inc. entered an option agreement in September 2025 to acquire Respira Therapeutics Inc. and its lead candidate, RT234, an investigational inhaled, on-demand vardenafil therapy for PH.

The structure of this transaction prioritizes capital efficiency for Gossamer Bio, Inc. during the option period:

The initial consideration and potential future equity issuance are:

The option agreement includes several non-dilutive and contingent financial terms for Respira's shareholders:

• Upfront Cash: Zero.
• Cash Upon Exercise: Zero.
• Development Funding: Gossamer Bio, Inc. will fund pre-agreed development expenses (CMC and device readiness) for up to approximately 2 years.
• Milestone Payments: Certain success-based clinical, regulatory, and commercial milestone payments.
• Royalty: A high single-digit royalty on potential net sales of RT234.
• Option Period End Date: The earlier of December 31, 2027, or completion of certain development activities.

Finance: draft 13-week cash view by Friday.

Gossamer Bio, Inc. (GOSS) - Canvas Business Model: Key Activities

You're hiring before product-market fit, so the key activities right now are all about clinical execution and preparing the commercial launch pad. Here's the quick math on what Gossamer Bio, Inc. is focused on as of late 2025.

Executing the registrational Phase 3 PROSERA Study for PAH

The main activity here is driving the global registrational Phase 3 PROSERA Study to completion for seralutinib in patients with WHO Functional Class II and III Pulmonary Arterial Hypertension (PAH). Enrollment for this study is now closed, which is a major operational milestone.

Gossamer Bio, Inc. completed enrollment for the PROSERA Study on June 11, 2025. The study evaluated seralutinib in PAH patients on top of background PAH therapy. Topline results are anticipated in February 2026. Gossamer Bio, Inc. remains solely responsible for the development costs of the PROSERA Study.

Key metrics and design elements of the PROSERA Study include:

• The study enrolled 390 Functional Class II and III PAH patients.
• The primary endpoint is change in six-minute walk distance (6MWD) from baseline at week 24.
• Patients receive blinded treatment for up to 48 weeks.
• The study design allows for a limited number of patients on stable background sotatercept, with others able to add sotatercept after week 24.

Initiating and enrolling the Phase 3 SERANATA Study for PH-ILD

This activity involves starting the second registrational trial for seralutinib, targeting Pulmonary Hypertension associated with Interstitial Lung Disease (PH-ILD). The company expected to activate the first clinical sites in the fourth quarter of 2025.

The planned SERANATA Study is a global, 24-week, randomized, double-blind, placebo-controlled clinical trial. Gossamer Bio, Inc. and the Chiesi Group will evenly split the development costs for this indication.

Here are the specifics for the SERANATA Study design:

Research and development (R&D) of inhaled pulmonary hypertension therapies

R&D activities center on advancing seralutinib through late-stage trials and expanding the inhaled pipeline. You're seeing R&D expenses climb as the company manages two Phase 3 programs simultaneously.

Financial data shows the increased investment in R&D:

• R&D Expenses for the quarter ended June 30, 2025, were $41.6 million.
• R&D Expenses for the quarter ended September 30, 2025, rose to $45.5 million.

Furthermore, Gossamer Bio, Inc. is actively managing a potential second inhaled asset. The company entered an option agreement to acquire Respira Therapeutics and its inhaled vardenafil (RT234) for as-needed use in pulmonary hypertension. Under this structure, Gossamer Bio, Inc. will fund pre-agreed development expenses for up to approximately 2 years, focusing on CMC (Chemistry, Manufacturing, and Controls) and device readiness. If the option is exercised, clinical trials for RT234 are not expected to start until at least 2027.

Building US commercial infrastructure and sales force for seralutinib

Preparing for a potential seralutinib launch means evolving from a clinical-stage biotech into a commercial organization, which is well underway with the Chiesi Group partnership. Gossamer Bio, Inc. will lead US commercialization efforts for PAH and PH-ILD.

The financial structure for US commercialization is set:

• Gossamer Bio, Inc. and Chiesi Group will evenly share commercial profits and losses in the US, a 50 / 50 split, for PAH and PH-ILD.
• Both companies contribute 50 percent of commercial efforts in the US for these indications.

General and Administrative (G&A) Expenses, which cover much of the non-R&D overhead, including commercial planning, were $8.7 million for the quarter ended June 30, 2025, and increased to $9.4 million for the quarter ended September 30, 2025.

Finance: draft 13-week cash view by Friday.

Gossamer Bio, Inc. (GOSS) - Canvas Business Model: Key Resources

The Key Resources for Gossamer Bio, Inc. as of late 2025 center on its proprietary science, financial stability to support late-stage development, and the human capital driving regulatory execution.

The most immediate tangible asset is the company's liquidity position. Cash, cash equivalents, and marketable securities totaled $180.2 million as of September 30, 2025. Management has stated this cash position is expected to fund operating and capital expenditures into 2027. This runway is critical given the high burn rate associated with late-stage clinical programs.

The lead asset, Seralutinib (GB002), is the core resource. It is an inhaled small molecule inhibitor targeting PDGFRα/β, CSF1R, and c-KIT. This mechanism is believed to have the potential to reverse pathological remodeling in pulmonary hypertension, unlike some marketed vasodilatory therapies.

The intellectual property protecting Seralutinib is a foundational resource. Gossamer Bio, Inc. generally seeks to protect its proprietary position by filing patent applications in the United States and abroad related to its product candidates and technologies.

The specialized clinical development and regulatory expertise is demonstrated by the execution of the ongoing Phase 3 programs in partnership with the Chiesi Group.

Here is a look at the key clinical development metrics tied to this resource:

The company's operational focus, supported by its expertise, includes specific near-term milestones:

• Topline results from the PROSERA Phase 3 Study expected in February 2026.
• First site activation for the registrational SERANATA Phase 3 Study in PH-ILD occurred in Q4 2025.
• Revenue from contracts with collaborators for Q3 2025 was $13.3 million.

The collaboration structure itself is a key resource, as the agreement with the Chiesi Group splits global development costs for Seralutinib, except for the PROSERA Study where Gossamer Bio, Inc. bears the sole financial responsibility.

Gossamer Bio, Inc. (GOSS) - Canvas Business Model: Value Propositions

You're looking at the core reasons why a physician or patient would choose Gossamer Bio, Inc.'s (GOSS) lead asset, seralutinib, over the existing options for Pulmonary Hypertension (PH). The value is built on innovation in delivery and mechanism, especially as the company pushes toward key data readouts.

Potential first-in-class inhaled therapy for PAH and PH-ILD.

Seralutinib is positioned as a potential first-in-class therapy for Pulmonary Hypertension associated with Interstitial Lung Disease (PH-ILD), where the market is currently described as wide open. For Pulmonary Arterial Hypertension (PAH), the company is progressing through the final stages of a pivotal trial, the PROSERA Phase 3 Study, which completed enrollment on June 11th with 390 WHO Functional Class II and III PAH patients. Topline results from this study are expected in February 2026. Furthermore, Gossamer Bio, Inc. is advancing the registrational Phase 3 SERANATA Study in PH-ILD, with the first site activations expected in the Fourth Quarter of 2025.

Addresses high unmet need in Pulmonary Hypertension (PH) patient populations.

The high unmet need is stark: despite existing treatment options, the majority of PH patients continue to struggle with debilitating symptoms because there are no approved PRN therapies (as needed therapies) in PAH or PH-ILD. Gossamer Bio, Inc. is addressing this gap with two distinct approaches:

• Seralutinib for chronic treatment, aiming to reverse vascular remodeling.
• The option agreement to acquire Respira Therapeutics and its candidate RT234, an inhaled vardenafil dry-powder therapy designed for as needed (PRN) use.

Differentiated mechanism of action targeting multiple disease pathways.

Seralutinib's mechanism is designed to go beyond the primary action of approved PAH treatments, which act mainly as vasodilators. Seralutinib is an inhaled tyrosine kinase inhibitor that specifically targets the CSF1R, c-Kit, and PDGF receptors, and it also increases BMPR2 signaling activity in the pulmonary circulation. Compared to imatinib mesylate, inhaled seralutinib has shown 10-fold greater potency for PDGFα/β receptor inhibition while achieving sustained lung concentrations with minimal systemic exposure.

The following table summarizes the key clinical milestones and financial positioning as of late 2025, which underpins the value proposition's credibility:

Convenient twice-daily inhaled dry powder formulation.

The delivery method is central to the value proposition, designed for targeted action in the lungs. Seralutinib is designed and formulated as a dry powder for inhalation drug delivery, administered using a small hand-held device to reach deep into the lungs. While earlier Phase 1 studies were designed to determine the optimal dosing interval, including once daily or twice daily, the formulation is intended to provide a convenient chronic treatment option.

Gossamer Bio, Inc. (GOSS) - Canvas Business Model: Customer Relationships

You're preparing for the transition from a clinical-stage company to a commercial one, so understanding how Gossamer Bio, Inc. manages its key relationships is crucial for assessing future execution risk and revenue potential.

High-touch engagement with global clinical investigators and sites defines the foundation for bringing seralutinib to market. This relationship management is currently focused on two major global registrational trials.

• Enrollment for the Phase 3 PROSERA Study in Pulmonary Arterial Hypertension (PAH) was completed on June 11th.
• The PROSERA Study enrolled 390 WHO Functional Class II and III PAH patients.
• Gossamer Bio expects to activate the first clinical sites for the global, registrational Phase 3 SERANATA Study in Pulmonary Hypertension associated with Interstitial Lung Disease (PH-ILD) in the fourth quarter of 2025.
• The SERANATA Study is planned to randomize approximately 480 patients.

The co-commercialization model requiring close strategic alignment with Chiesi dictates how US market engagement will function post-approval. This is a true partnership, not just a licensing deal, involving shared costs and shared rewards in the US.

The financial structure of this relationship is already generating revenue; for the quarter ended September 30, 2025, revenue associated with the collaboration was $13.3 million, which included $9.2 million of cost reimbursement revenue. This is up from $11.5 million in revenue for the quarter ended June 30, 2025.

The direct relationship with specialist physicians and pulmonary centers in the US is being built now, ahead of potential launch, leveraging the joint effort with Chiesi. Gossamer Bio stated they are 'currently well underway with commercial planning for seralutinib, in partnership with Chiesi Group, as we prepare to evolve from a clinical-stage biotech into a commercial organization'. The focus is on the PAH and PH-ILD communities, which have a high unmet need.

• The CEO expressed gratitude for the engagement from the PH-ILD community as they activate SERANATA sites.
• The PAH patient population affected by the PROSERA Study is estimated to be between 30,000 to 50,000 people in the US.

Investor relations focused on clear communication of clinical milestones is a critical external relationship management function, especially given the company's cash position and near-term data catalysts. You need to track these dates closely.

The key near-term milestone is the readout for the PROSERA PAH trial.

• Topline results from the Phase 3 PROSERA Study are expected to be announced in February 2026.
• The company's cash, cash equivalents, and marketable securities totaled $180.2 million as of September 30, 2025.
• Management expects this cash position to fund operating and capital expenditures into 2027.
• For the third quarter ended September 30, 2025, the Net Loss was $48.2 million, or $0.21 basic net loss per share.
• For comparison, the Net Loss for the second quarter ended June 30, 2025, was $38.3 million, or $0.17 basic net loss per share.

Gossamer Bio is actively engaging with the investment community, with participation scheduled for conferences in December 2025. Finance: draft 13-week cash view by Friday.

Gossamer Bio, Inc. (GOSS) - Canvas Business Model: Channels

You're preparing to transition Gossamer Bio, Inc. from a clinical-stage company to a commercial organization, and the channels you use to get seralutinib to patients are a direct reflection of the global collaboration with the Chiesi Group.

For clinical development, the channel involves a broad, global footprint. While the specific number of 190+ clinical trial sites isn't explicitly stated in the latest filings, the scale of registrational studies indicates a significant network. For instance, the global, registrational Phase 3 SERANATA Study in PH-ILD began activating its first clinical sites in the fourth quarter of 2025, aiming to enroll approximately 480 patients. Separately, the PROSERA Phase 3 Study in PAH completed enrollment with 343 patients enrolled or scheduled to randomize as of May 14th, 2025.

The ex-US commercial channel is entirely managed by the Chiesi Group, leveraging their established infrastructure. Chiesi holds the exclusive right to commercialize seralutinib outside of the US for the PAH and PH-ILD indications. Gossamer Bio's revenue from this channel is structured as an escalating mid-to-high teens royalty on net sales generated by Chiesi.

For the US market, Gossamer Bio maintains a direct channel for PAH and PH-ILD indications. Gossamer will lead commercialization and book sales in the US for these indications, with both companies contributing 50 percent of commercial efforts. To support this, the company is actively engaged in commercial planning as it prepares for launch. As of late 2025, Gossamer Bio had a total employee count of 196, a team that is scaling up to support this direct commercial function.

Data dissemination, a key channel for scientific credibility, relies heavily on peer review and presentation. Gossamer Bio presented a poster at the American Thoracic Society (ATS) 2025 International Conference in May 2025. This is part of their ongoing effort to share data from their ongoing trials, like the PROSERA study, which is expected to yield topline results in February 2026.

Here's a quick look at the financial context supporting these channel activities as of September 30, 2025:

The collaboration structure dictates clear roles for channel execution:

• Lead global development for PAH and PH-ILD: Gossamer Bio.
• Exclusive ex-US commercialization: Chiesi Group.
• US commercialization leadership (PAH/PH-ILD): Gossamer Bio.
• US commercial efforts contribution split: 50 percent each for Gossamer and Chiesi.

Finance: review the Q4 2025 budget allocation for US commercial planning activities by end of year.

Gossamer Bio, Inc. (GOSS) - Canvas Business Model: Customer Segments

You're looking at the core groups Gossamer Bio, Inc. (GOSS) is targeting with its late-stage asset, seralutinib. This is where the rubber meets the road for their commercial strategy, which is heavily reliant on successful Phase 3 trial readouts.

Patients with Pulmonary Arterial Hypertension (PAH), WHO Functional Class II/III

This group is the primary focus for the PROSERA Phase 3 study. The patient pool size is substantial, though geographically varied. Gossamer Bio completed enrollment for this specific cohort.

The company's financial status as of the last reporting period reflects the investment needed to serve this segment.

• Cash, cash equivalents, and marketable securities: $180 million as of September 30, 2025.
• Research and Development Expenses (Q3 2025): $45.5 million.
• Net Loss (Q3 2025): $48.2 million.

Patients with Pulmonary Hypertension associated with Interstitial Lung Disease (PH-ILD)

This is the secondary, but growing, opportunity for Gossamer Bio, Inc. The SERANATA Phase 3 trial is designed to address this population, with site activation starting in Q4 2025.

The SERANATA study design involves randomization across three arms:

• 90mg seralutinib twice-daily
• 120mg seralutinib twice-daily
• Placebo

The PH-ILD patient segment is characterized by high unmet need, with the first clinical sites for the registrational trial activated in the fourth quarter of 2025.

Specialist pulmonologists and cardiologists who treat PH

These professionals are the prescribers and key influencers for both PAH and PH-ILD. Their engagement is critical for trial recruitment and future commercial uptake. The PROSERA study enrolled patients on top of background PAH therapy, meaning these specialists are already managing the condition.

• PROSERA Study: Patients randomized 1:1 to seralutinib or placebo arms.
• SERANATA Study: Patients randomized 1:1:1 across three treatment arms.

Global regulatory bodies (FDA, EMA) for drug approval

Alignment with these bodies dictates the path to market access for both indications. Gossamer Bio, Inc. has already engaged them on trial design.

• Achieved alignment on study design and endpoints with the U.S. Food and Drug Administration (FDA) and the European Medicines Agency (EMA) for the Phase 3 SERANATA Study.
• Topline results from the Phase 3 PROSERA Study are expected in February 2026.

Gossamer Bio, Inc. (GOSS) - Canvas Business Model: Cost Structure

You're looking at the major cash outlays for Gossamer Bio, Inc. as of late 2025. For a late-stage clinical company, the cost structure is heavily weighted toward getting those late-stage trials done. It's all about the science spend right now.

The dominant cost you'll see is definitely Research and Development (R&D). For the third quarter ending September 30, 2025, R&D expenses hit $45.5 million. This spending reflects the intensive nature of advancing seralutinib through its final development stages. Honestly, this number is the engine driving the company's near-term value proposition.

That R&D spend is directly tied to significant activity in the Phase 3 programs. You have the PROSERA Study, which Gossamer Bio remains financially responsible for entirely, even with the Chiesi partnership in place. Then there's the SERANATA Study, which is a global Phase 3 registrational trial in PH-ILD patients. While the general agreement with Chiesi Group is to evenly split development costs for new studies, the PROSERA study is a key exception where Gossamer Bio carries the full financial burden.

Beyond the lab and the clinic, General and Administrative (G&A) expenses are the next largest bucket. For Q3 2025, G&A was $9.4 million. This covers the overhead-the executive team, finance, legal, and general operational support needed to run a public company while managing these complex late-stage programs. It's a necessary cost of doing business at this scale.

Here's a quick look at the key operating expense components from that Q3 2025 report:

The collaboration structure with Chiesi significantly impacts the net cost structure, even if it doesn't directly reduce the top-line R&D number reported. You need to keep the cost-sharing terms in mind:

• Development costs for new studies are generally split 50/50 with Chiesi.
• Gossamer Bio is solely financially responsible for the Phase 3 PROSERA Study.
• The SERANATA global Phase 3 study in PH-ILD is a new study where costs are expected to be split evenly.
• Revenue from the Chiesi collaboration, including cost reimbursement, was $13.3 million in Q3 2025.

Finance: draft 13-week cash view by Friday.

Gossamer Bio, Inc. (GOSS) - Canvas Business Model: Revenue Streams

You're looking at the current income sources for Gossamer Bio, Inc. (GOSS) as of late 2025, which are heavily weighted toward their collaboration with the Chiesi Group on seralutinib. For the third quarter ended September 30, 2025, the revenue from this partnership was quite clear, showing the immediate financial impact of their joint development efforts.

Here's a quick look at the reported revenue for Q3 2025 and the structure of the potential future payments tied to seralutinib's success. This structure is defintely key to understanding the company's near-term financial runway.

Beyond the current recognized revenue, the agreement sets up several significant future revenue streams contingent upon the clinical and commercial success of seralutinib, particularly as they move toward potential regulatory readouts in early 2026.

• Future 50/50 profit sharing on US net sales of seralutinib for PAH and PH-ILD indications.
• Future escalating mid-to-high teens royalties on ex-US net sales by Chiesi.
• Potential regulatory milestone payments up to $146 million.
• Potential sales milestone payments up to $180 million.