Gossamer Bio Inc. (NASDAQ: GOSS) reported Q1 EPS of ($0.87), $0.07 worse than the analyst estimate of ($0.80).

“We are very pleased today to share initial results of the Gossamer team’s great execution and hard work, including that we have successfully completed the interim analysis of the LEDA study of GB001,” said Sheila Gujrathi, M.D., Co-Founder and Chief Executive Officer of Gossamer. “We have begun initial Phase 3 planning and supportive activities, while awaiting final data from the study which will inform our decision to proceed to Phase 3.”

“We are also excited to share topline results from our four-week Phase 1b study of GB004 in patients with active mild-to-moderate ulcerative colitis,” said Dr. Gujrathi. “The safety and tolerability data, in addition to the promising efficacy data observed in the study, give us confidence as we move into Phase 2.”

“The trends observed in the clinical endpoints from a 28-day study with a limited number of patients, especially those endpoints that reflect GB004’s novel mechanism of action, such as histologic remission and mucosal healing, are very exciting,” said William Sandborn, M.D., Chief of the Division of Gastroenterology of University of California San Diego. “An oral, gut-targeted therapy with a non-immunosuppressive mechanism of action and a robust effect on mucosal healing would be a very meaningful addition to the treatment options for patients with ulcerative colitis. These early signals of activity, combined with the tolerability data generated to date, position GB004 as a promising and differentiated potential treatment for IBD.”

“I would like to thank our Chief Medical Officer, Jakob Dupont, for his contributions to Gossamer, especially with respect to our GB1275 program, which Jakob will continue to support as a consultant,” said Dr. Gujrathi. “I respect and support his personal decision to be closer to his family in the Bay Area in this unprecedented time,” she added.

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