Gossamer Bio (GOSS) is proceeding toward a September new drug application submission for seralutinib as a potential treatment for patients with pulmonary arterial hypertension, the company said Monday.

The plans follow a "productive" pre-application meeting with the U.S. Food and Drug Administration, the company said.

Gossamer has also reacquired worldwide development and commercial rights to seralutinib from Chiesi, eliminating a previous 50/50 profit share deal and requiring Chiesi to make a one-time $5 million payment, it said.

Its shareholders have also approved proposals related to a convertible note exchange and authorized it to effect a reverse stock split, to take effect after Q3 2026, the company said.

The company also reported that cash, cash equivalents and marketable securities totaled approximately $57 million as of June 30.

Shares of the company were up more than 20% in recent premarket trading.