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Passage BIO(PASG) - 2024 Q2 - Quarterly Results
PASGPassage BIO(PASG)2024-08-08 11:00

Clinical Trials and Research - The company enrolled the first patient in Cohort 2 of the upliFT-D trial for FTD-GRN, with plans to treat three to five patients using Dose 1 of PBFT02, which has been well-tolerated in previous cohorts[1] - The company plans to present updated safety and biomarker data from Cohort 1 patients at the 14th International Conference on Frontotemporal Dementias (ISFTD2024) in September 2024[3] - The FDA has agreed to the company's proposed expansion of the ongoing upliFT-D trial to include FTD-C9orf72 patients, with dosing expected to begin in the first half of 2025[4] Financial Performance - As of June 30, 2024, the company's cash, cash equivalents, and marketable securities totaled 91.8million,downfrom91.8 million, down from 151.5 million a year earlier, with a cash runway expected to last until the end of Q2 2026[4] - Research and Development (R&D) expenses for Q2 2024 were 10.4million,adecreasefrom10.4 million, a decrease from 17.3 million in Q2 2023[4] - General and Administrative (G&A) expenses for Q2 2024 were 6.5million,downfrom6.5 million, down from 8.1 million in the same quarter of the previous year[4] - The net loss for Q2 2024 was 16.0million,or16.0 million, or 0.26 per share, compared to a net loss of 23.9million,or23.9 million, or 0.44 per share, for Q2 2023[4] - Total assets as of June 30, 2024, were 125.4million,adecreasefrom125.4 million, a decrease from 150.5 million at the end of 2023[8] - Total liabilities decreased to 34.8millionasofJune30,2024,from34.8 million as of June 30, 2024, from 39.3 million at the end of 2023[8] - Research and development expenses for Q2 2024 were 10,430,000,comparedto10,430,000, compared to 17,324,000 in Q2 2023, representing a decrease of 39.5%[10] - General and administrative expenses for Q2 2024 were 6,510,000,downfrom6,510,000, down from 8,064,000 in Q2 2023, a reduction of 19.3%[10] - The net loss for Q2 2024 was 15,991,000,comparedtoanetlossof15,991,000, compared to a net loss of 23,856,000 in Q2 2023, indicating an improvement of 32.9%[10] - The net loss per share for Q2 2024 was (0.26),animprovementfrom(0.26), an improvement from (0.44) in Q2 2023[10] - The comprehensive loss for Q2 2024 was 15,989,000,comparedto15,989,000, compared to 23,769,000 in Q2 2023, showing a decrease of 32.8%[10] - Total operating loss for the first six months of 2024 was (35,428,000),comparedto(35,428,000), compared to (61,271,000) for the same period in 2023, a reduction of 42.3%[10] - Other income for Q2 2024 was 1,387,000,slightlydownfrom1,387,000, slightly down from 1,532,000 in Q2 2023, a decrease of 9.5%[10] - The company reported an impairment of long-lived assets of 438,000inQ22024,withnoimpairmentreportedinQ22023[10]−UnrealizedgainonmarketablesecuritiesforQ22024was438,000 in Q2 2024, with no impairment reported in Q2 2023[10] - Unrealized gain on marketable securities for Q2 2024 was 2,000, compared to an unrealized gain of 87,000inQ22023[10]LicensingandPartnerships−Thecompanycompletedtheout−licensingofpediatriclysosomalstoragediseaseprogramstoGEMMABiotherapeutics,receivinginitialpaymentsof87,000 in Q2 2023[10] Licensing and Partnerships - The company completed the out-licensing of pediatric lysosomal storage disease programs to GEMMA Biotherapeutics, receiving initial payments of 10 million and potential additional payments of up to $114 million[4]