Passage BIO(PASG) - 2024 Q3 - Quarterly Results

Clinical Trials - Enrolled 4 patients in Cohort 2 of the upliFT-D trial for FTD-GRN, with patient dosing advancing as planned; 12-month data from Cohort 1 and interim Cohort 2 expected in 1H25[1] - Updated interim data from Cohort 1 showed PBFT02 was well-tolerated and elevated CSF progranulin levels for up to 12 months following treatment[4] - Presented preclinical data at ESGCT conference showing PBFT02 achieved superior human progranulin levels compared to other vectors[5] - Anticipated milestones include reporting 12-month data from Cohort 1 and interim data from Cohort 2 in 1H 2025, and initiating dosing of FTD-C9orf72 patients in 1H 2025[7] Financial Performance - Cash position as of September 30, 2024, was $84.8 million, down from$132.8 million as of September 30, 2023; cash runway expected to last until the end of Q2 2026[7] - Net loss for Q3 2024 was $19.3 million, or$0.31 per share, compared to a net loss of $27.1 million, or$0.49 per share, in Q3 2023[7] - The net loss for Q3 2024 was $19,340,000, compared to a net loss of$27,110,000 in Q3 2023, reflecting a 28.6% improvement[13] - The loss from operations for Q3 2024 was $(20,702,000), an improvement from$(28,672,000) in Q3 2023, indicating a 27.8% reduction[13] - The net loss per share for Q3 2024 was $(0.31), compared to$(0.49) in Q3 2023, showing a 36.7% improvement[13] - Comprehensive loss for Q3 2024 was $(19,241,000), compared to$(26,962,000) in Q3 2023, reflecting a 28.5% improvement[13] - Other income (expense), net for Q3 2024 was $1,362,000, compared to$1,562,000 in Q3 2023, a decrease of 12.8%[13] - Impairment of long-lived assets for Q3 2024 was $4,795,000, slightly down from$5,390,000 in Q3 2023, a decrease of 11.0%[13] - The total net loss for the nine months ended September 30, 2024, was $(52,042,000), compared to$(85,304,000) for the same period in 2023, indicating a 39.0% improvement[13] Expenses - Research and Development (R&D) expenses for Q3 2024 were $8.7 million, a decrease from$15.1 million in Q3 2023[7] - Research and development expenses for Q3 2024 were $8,656,000, a decrease from$15,098,000 in Q3 2023, representing a 42.3% reduction[13] - General and Administrative (G&A) expenses for Q3 2024 were $7.3 million, down from$8.2 million in Q3 2023[7] - General and administrative expenses for Q3 2024 were $7,251,000, down from$8,184,000 in Q3 2023, a decrease of 11.4%[13] Board and Management Changes - Appointed Tom Kassberg to the board of directors, bringing extensive experience in corporate development and strategic planning[6] Liabilities - Total liabilities as of September 30, 2024, were $39.036 million, slightly down from$39.262 million as of December 31, 2023[11] Share Information - The weighted average common shares outstanding for Q3 2024 increased to 61,763,346 from 54,789,410 in Q3 2023, a rise of 12.7%[13]