Debt Restructuring Plan, FRI Data Unveiled; Pre-NDA Meeting Arrives By Mid-June

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Debt Restructuring Plan, FRI Data Unveiled; Pre-NDA Meeting Arrives By Mid-June

Company Report

May 18, 2026 Gossamer Bio (GOSS)

Rating: Debt Restructuring Plan, FRI Data Unveiled; Pre-NDANEUTRAL Meeting Arrives By Mid-JunePrice:

$0.22

12-Month Price Target: The Wedbush View

$1.00

Remain Neutral rated on GOSS. Multiple moving parts to the 1Q26 update which

Analysts included 1) a proposed debt restructuring plan, 2) results from the PROSERA

Laura Chico, Ph.D. FRI substudy, and 3) a scheduled FDA pre-NDA meeting. The debt restructuring

(212) 668-9868 agreement requires 98% of existing note holders to tender their notes (~75%Laura.Chico@wedbush.com have entered into the agreement). We see this as a necessary step to keep GOSSThomas Yip

(707) 521-2281 advancing as cash runway remains 1Q27. While FRI data appear interesting, the

thomas.yip@wedbush.com pre-NDA meeting outcomes represents the most important near-term catalyst as

this dictates whether a filing can occur by ~September. We are updating our GOSS

estimates to incorporate the proposed debt restructuring and continue to assume

Company Information earliest potential seralutinib launch in FY28. Net net, our target remains at $1, and

Market Cap (M) $80 we are sticking with the sidelines until we gain clarity on seralutinib's path forward.Enterprise Value (M) $141

Shares Outst (M) 234.7 ● 1Q26 report. GOSS reported 1Q26 results which included total revenue $17M.

52-Week Range $0.31 - $3.87 This compared to consensus $6M, WS $5M. For 1Q26 GAAP EPS, the companyTangible Book Value/sh $(0.53)

Yield 0.00% reported $(0.20). This was essentially in-line versus consensus $(0.16), WS

$(0.17). GOSS reported cash/equivalents of $99M exiting the 1Q26 period. No

REV (M) in $ change to management guidance of cash runway into 1Q27.