Obsidian Therapeutics, Inc.

What they do

Obsidian Therapeutics, Inc. is a Delaware corporation formerly named Gazelle Parent, Inc., which completed the Obsidian Merger and the Galera Merger on August 3, 2026, leaving Legacy Obsidian and Legacy Galera as its wholly owned subsidiaries. The filing excerpts identify the company as a registrant in the Pharmaceutical Preparations industry and describe the transactions only at the corporate level, so no specific products, programs or commercial operations are described in the material provided.

Revenue drivers

• No reported revenue — Annual revenue was $0.00 in both 2024 and 2025, and quarterly revenue was $0.00 in the quarters ended June 30, 2025 and June 30, 2026.
• Pre-commercial operations — The legacy entities that became wholly owned subsidiaries of the parent have not generated revenue in any period covered by the financial data provided.
• Post-merger entity — The August 3, 2026 closings combined Legacy Obsidian and Legacy Galera under Obsidian Therapeutics, Inc.; no revenue associated with the combined entity is reported in the excerpts.

Recent performance

The company reported no revenue in 2024, 2025 or either of the June 30, 2025 and June 30, 2026 quarters. Annual net loss was $83.1 million in 2024 and $100.6 million in 2025, with diluted EPS of $(6.47) and $(7.22), respectively. Operating cash flow was negative $75.0 million in 2024 and negative $90.4 million in 2025. At June 30, 2026, total assets were $51.4 million, total liabilities were $21.1 million, shareholder equity was negative $299.7 million, and cash and equivalents were $18.0 million. The latest 10-Q also presents the parent company only from April 10, 2026 (inception) to June 30, 2026, with no assets, liabilities, revenue, net earnings or cash flows recorded in that period.

Strategy

The primary event disclosed since the prior 10-K is the completion on August 3, 2026 of the mergers under the April 14, 2026 Merger Agreement, which made Legacy Obsidian and Legacy Galera wholly owned subsidiaries of the parent. The 8-K reports entry into a material agreement, the acquisition or disposition, an earnings release, an unregistered sale of equity, modification of rights of security holders, a change in accountants, a change in control, a director or officer change, amended charter or bylaws, and Regulation FD disclosure. The registration statement on Form S-4 for the transaction was declared effective by the SEC on July 2, 2026. The filings provided do not describe product programs, pipeline priorities or capital allocation plans beyond the transaction.

Risks

• No revenue and recurring losses — The company reported no revenue and net losses of $83.1 million in 2024 and $100.6 million in 2025, with negative operating cash flow of $75.0 million and $90.4 million, respectively.
• Negative shareholder equity — Shareholder equity was negative $299.7 million as of June 30, 2026, and total liabilities of $21.1 million exceeded total assets of $51.4 million on a balance-sheet basis when compared with the accumulated deficit.
• Integration risk from the mergers — The August 3, 2026 closings combined Legacy Obsidian and Legacy Galera, and the excerpts provide no post-closing operating or financial results for the combined company.
• Limited liquidity — Cash and equivalents were $18.0 million at June 30, 2026, against operating cash use of $90.4 million in 2025 and $75.0 million in 2024.

Outlook

The excerpts do not contain management guidance or forward-looking financial targets for the combined company. The only disclosed forward-looking context is the completion of the mergers and the related corporate actions reported on the August 3, 2026 Form 8-K. No expected revenue, product approvals or cash runway projections are provided in the source material.