Financial Performance - As of March 31, 2025, Passage Bio reported total assets of $86.0 million, down from $102.4 million as of December 31, 2024, representing a decrease of approximately 16%[13] - The company incurred a net loss of $15.4 million for the three months ended March 31, 2025, an improvement from a net loss of $16.7 million for the same period in 2024, reflecting a reduction of about 7.8%[14] - The accumulated deficit as of March 31, 2025, was $674.6 million, up from $659.2 million at the end of 2024, indicating an increase of approximately 2.2%[13] - The company reported a comprehensive loss of $15.4 million for Q1 2025, compared to a comprehensive loss of $16.7 million in Q1 2024, showing an improvement of about 7.8%[14] - The Company recorded a net loss per share for the three months ended March 31, 2025, with basic and diluted loss per share being the same due to the anti-dilutive effect of potential securities[62] - The Company recorded a loss from operations of $16.5 million for the three months ended March 31, 2025, compared to a loss of $18.1 million for the same period in 2024[190] - The company used $13.8 million in net cash for operating activities in Q1 2025, reflecting a net loss of $15.4 million[206] - Cash used in operating activities in Q1 2024 was $18.9 million, reflecting a net loss of $16.7 million[207] Cash and Liquidity - Cash and cash equivalents increased to $63.4 million as of March 31, 2025, compared to $37.6 million at the end of 2024, marking a growth of about 68.6%[13] - As of March 31, 2025, the company's total cash and cash equivalents amounted to $63.357 million, an increase from $37.573 million as of December 31, 2024, reflecting a significant growth of 68.6%[66] - The company had cash and cash equivalents of $63.4 million as of March 31, 2025, expected to fund operations into Q1 2027[166] - The company has $15.8 million remaining capacity to offer and sell shares under the ATM Facility as of March 31, 2025[203] - The company currently has no credit facility or committed sources of capital, indicating a need for additional funds for operational needs and clinical trials[201] Research and Development - Research and development expenses decreased to $7.7 million in Q1 2025 from $11.5 million in Q1 2024, indicating a reduction of approximately 33%[14] - Total research and development expenses for the three months ended March 31, 2025, were $7.737 million, down from $11.535 million in the same period of 2024, indicating a reduction of about 33.5%[133] - The Company’s research and development costs primarily consist of expenses related to contract research organizations and internal activities, with estimates made based on progress to completion[48] - The company expects research and development expenses to decrease in the near future due to a 55% reduction in workforce and cessation of lab operations in January 2025[183] - The lead clinical product candidate, PBFT02, aims to elevate progranulin levels to enhance lysosomal function and slow disease progression in neurodegenerative diseases, with a focus on frontotemporal dementia (FTD) caused by progranulin deficiency[137] - PBFT02 is currently in clinical development for FTD-GRN, with plans to expand its use to other adult neurodegenerative diseases, including FTD-C9orf72 and ALS, based on positive regulatory feedback[138] Impairment and Expenses - The Company recognized impairment expenses of $2.6 million for laboratory equipment and certain other assets for the three months ended March 31, 2025, compared to no impairment expenses for the same period in 2024[43] - The company recorded an impairment of $2.6 million related to the remeasurement of long-lived assets, which was included in the statement of operations for the three months ended March 31, 2025[70] - The Company recorded severance and termination-related costs of $1.7 million for the three months ended March 31, 2025, compared to no such costs in the same period of 2024[79] - The Company recorded share-based compensation expense of $858,000 for the three months ended March 31, 2025, compared to $1.595 million for the same period in 2024, reflecting a decrease of approximately 46.3%[120] - General and administrative expenses decreased by $0.4 million to $6.1 million for the three months ended March 31, 2025, from $6.5 million in the same period of 2024[192] Funding and Future Plans - The company plans to seek additional funding through public or private equity offerings, debt financings, and strategic alliances, with $15.8 million remaining available under its ATM Facility as of March 31, 2025[29][30] - Future funding requirements will depend on various factors, including the progress of clinical trials and collaborations with third parties[200] - The ongoing clinical trials and research programs are expected to incur significant expenses, with the need for additional capital to support operations and growth strategies[165] - The company anticipates an increase in general and administrative expenses if product candidates progress into later-stage clinical trials and require commercialization efforts[187] Lease and Sublease Agreements - The Company has classified all leases with terms greater than one year as operating leases as of March 31, 2025[45] - The Company has a total undiscounted lease liability of $25.116 million, with future minimum lease payments totaling $40.205 million[93] - The Company entered into a sublease agreement for approximately 29,000 square feet with a base rent of $0.9 million per year, effective from March 1, 2024, through August 2026[84] - The Company subleased approximately 16,000 square feet with a base rent of $0.3 million per year, starting March 26, 2024, and expiring September 30, 2025[86] - The company has a lease obligation of approximately $11.8 million for office space in Philadelphia, expiring in December 2031, with potential cash inflows from sublease agreements[211] Clinical Trials and Product Development - The estimated prevalence of FTD-GRN in the US and Europe is approximately 18,000, while FTD-C9orf72 is estimated at 21,000[145][155] - In the upliFT-D trial, Dose 1 of PBFT02 resulted in robust increases in cerebrospinal fluid (CSF) PGRN levels, from below 3.0 ng/mL at baseline to 22.3 to 34.0 ng/mL at 12 months post-treatment[146] - Plasma neurofilament light chain (NfL) levels decreased by an average of 13% at 12 months post-treatment with Dose 1 of PBFT02, contrasting with an expected 29% annual increase in untreated patients[148] - The company plans to report 12-month follow-up data from Dose 1 and interim safety and biomarker data from Dose 2 in the second half of 2025[153] Collaboration Agreements - The Company has entered into sublicense agreements with Gemma Biotherapeutics for multiple gene therapy programs, including treatments for GM1 gangliosidosis, Krabbe disease, and metachromatic leukodystrophy[139] - The Gemma Collaboration Agreement requires payments of up to $16.5 million per product candidate for Huntington's disease and $39.0 million for Temporal Lobe Epilepsy[102] - Under the Gemma Sublicenses, the company is entitled to receive initial payments of $10 million and up to an additional $114 million in development and commercial milestone payments[176] - The Amended Catalent Agreements establish a limited exclusive relationship for the manufacture of drug products for adeno-associated virus delivery therapeutic candidates until November 6, 2030[180]

Treated first FTD-GRN patient with Dose 2 PBFT02 and enrolled second patient; several additional patients being evaluated for trial eligibility Announced presentation of process development data of a high productivity, suspension-based manufacturing process for PBFT02 at American Society of Gene and Cell Therapy (ASGCT) 28th Annual Meeting Cash runway into 1Q 2027 PHILADELPHIA – May 13, 2025 – Passage Bio, Inc. (Nasdaq: PASG), a clinical stage genetic medicines company focused on improving the lives of pati ...

Core Viewpoint - Passage Bio, Inc. (PASG) has received an upgrade to a Zacks Rank 2 (Buy), indicating a positive outlook based on rising earnings estimates, which significantly influence stock prices [1][3]. Earnings Estimates and Stock Price Impact - The Zacks rating system tracks the Zacks Consensus Estimate, which reflects EPS estimates from sell-side analysts, and is crucial for understanding a company's earnings outlook [1][4]. - Changes in earnings estimates are strongly correlated with near-term stock price movements, as institutional investors adjust their valuations based on these estimates [4][6]. Recent Performance and Projections - For the fiscal year ending December 2025, Passage Bio is expected to earn -$0.69 per share, representing a 35.5% change from the previous year's reported number [8]. - Over the past three months, the Zacks Consensus Estimate for Passage Bio has increased by 6.1%, indicating a positive trend in earnings expectations [8]. Zacks Rank System - The Zacks Rank system classifies stocks into five groups based on earnings estimates, with Zacks Rank 1 (Strong Buy) stocks historically generating an average annual return of +25% since 1988 [7]. - The upgrade of Passage Bio to Zacks Rank 2 places it in the top 20% of Zacks-covered stocks, suggesting potential for market-beating returns in the near term [10].

Financial Performance - The net loss for the year ended December 31, 2024, was $64.767 million, compared to a net loss of $102.062 million in 2023, indicating an improvement in financial performance [650]. - The company reported a comprehensive loss of $64.716 million for 2024, compared to $101.139 million in 2023, reflecting a reduction in overall losses [650]. - The company reported a net loss of $64,767,000 for the year ended December 31, 2024, compared to a net loss of $102,062,000 for the previous year, representing a 36.5% improvement in losses [657]. - The loss from operations improved from $108.389 million in 2023 to $70.400 million in 2024, suggesting better operational efficiency [650]. - The company's accumulated deficit increased from $594.468 million in 2023 to $659.235 million in 2024, highlighting ongoing financial challenges [649]. Cash and Securities - As of December 31, 2024, the company held $76.8 million in cash, cash equivalents, and marketable securities, a decrease from $117.959 million in 2023 [636][649]. - Cash and cash equivalents at the end of 2024 were $37,573,000, an increase from $21,709,000 at the beginning of the year, indicating a net increase of $15,864,000 [657]. - The company's marketable securities totaled $39,183,000 as of December 31, 2024, compared to $92,585,000 as of December 31, 2023, indicating a decrease of about 58% [714]. - The fair value of the company's total financial assets was $73,229,000 as of December 31, 2024, down from $96,935,000 in the previous year, reflecting a decline of approximately 24% [721]. Research and Development - Research and development expenses decreased from $61.419 million in 2023 to $40.179 million in 2024, showing a reduction in operational costs [650]. - Total research and development expenses for the year ended December 31, 2024, were $40.2 million, down from $61.4 million in 2023, reflecting a decrease of approximately 34.5% [814]. - The Company plans to reduce its workforce by approximately 55% as part of a restructuring plan aimed at aligning its workforce with strategic research and development needs [817]. Funding and Future Outlook - The company anticipates continued operating losses for the foreseeable future and will need to raise additional funding to achieve profitability [17]. - The company plans to seek additional funding through public or private equity offerings, debt financings, and strategic alliances to support its operations and product development [663]. - The company anticipates incurring additional losses until it can generate significant sales from its product candidates currently in development [660]. Shareholder Impact - The weighted average common shares outstanding increased from 54,743,490 in 2023 to 60,405,036 in 2024, indicating potential dilution for existing shareholders [650]. - The total number of shares authorized under the Incentive Plan as of December 31, 2024, was 15,848,867, with 8,604,096 shares available for future grants [785]. - The weighted average number of stock options excluded from diluted shares increased from 9,290,308 in 2023 to 11,554,173 in 2024, indicating a rise of approximately 24.4% [707]. Impairment and Expenses - The Company recognized impairment expenses for property and equipment of $2.7 million in 2024 and $3.2 million in 2023, indicating a decrease of approximately 15.6% year-over-year [679]. - The Company recorded impairment losses of $5,233,000 for the year ended December 31, 2024, compared to $5,390,000 in 2023, showing a slight decrease of about 3% [724]. - The Company recognized an impairment expense of $4.8 million in 2024, including $2.5 million for ROU assets and $2.3 million for property and equipment, due to the carrying values exceeding estimated undiscounted cash flows [751]. Lease and Sublease Agreements - The Company subleased approximately 8,000 square feet under Sublease Agreement A for an annual base rent of $0.1 million, increasing by 2.75% annually, with the sublease term running from November 1, 2023, to March 31, 2029 [735]. - The Company subleased approximately 29,000 square feet under Sublease Agreement B for an annual base rent of $0.9 million, with the sublease term from March 1, 2024, to August 2026 [738]. - The total undiscounted lease payments for the Company's operating leases are projected to be $41.182 million, with total lease liabilities amounting to $25.476 million after imputed interest [752]. Tax and Deferred Assets - The Company had a net operating loss carryforward of $339.1 million for federal tax purposes as of December 31, 2024, an increase from $265.5 million in 2023 [804]. - The valuation allowance for deferred tax assets increased by $19.1 million during the year ended December 31, 2024 [802]. - The Company had no accrued interest or penalties related to uncertain tax positions as of December 31, 2024 [809].

Financial Position - As of December 31, 2024, the company's cash, cash equivalents, and marketable securities position is approximately $76.8 million, enabling funding of operating expenses and capital expenditures into Q1 2027[5]. Restructuring Plan - The company is implementing a restructuring plan that includes ceasing lab operations in New Jersey and reducing its workforce by approximately 55%, expected to decrease annual operating costs by $9.0 million to $11.0 million[7][9]. - The company anticipates incurring approximately $2.0 million in severance and exit costs primarily in Q1 2025 due to the restructuring plan[9]. - The restructuring plan is expected to be substantially complete by the end of Q1 2025[8]. Impairment and Costs - The company expects to recognize impairment expenses for laboratory equipment of approximately $1.0 million to $3.0 million in the three-month period ending March 31, 2025[10]. Clinical Trial Updates - Updated data from the ongoing Phase 1/2 upliFT-D clinical trial for PBFT02 shows a robust increase in PGRN expression, with cerebrospinal fluid levels rising from below 3 ng/mL at baseline to 13-27 ng/mL at six months[17]. - Plasma neurofilament light chain levels were 13% lower than baseline on average at 12 months post-treatment, contrasting with untreated patients whose levels are expected to increase by 29% per year[17]. - The company plans to initiate dosing of FTD-C9orf72 patients in the first half of 2025 and expects to report 12-month data from Dose 1 in the second half of 2025[21]. Manufacturing Process - The company is transitioning to an outsourced analytical testing model as part of its manufacturing process improvements for PBFT02[14]. Forward-Looking Statements - The company cautions that forward-looking statements regarding financial impacts and clinical trial progress involve risks and uncertainties that could materially affect actual results[20].

Core Insights - Passage Bio, Inc. reported strong performance in 2024, advancing its PBFT02 program with promising data in FTD-GRN patients, showing robust and durable progranulin expression and early evidence of improvement in a disease progression biomarker [3][6] - The company has extended its cash runway into Q1 2027 by implementing cost-reduction measures and moving to an outsourced analytical testing model [6][15] - Upcoming milestones include reporting 12-month data from Dose 1 and interim safety and biomarker data from Dose 2 in 2H 2025, and seeking regulatory feedback on the registrational trial design in 1H 2026 [6][5] Clinical Trial Updates - Interim data from the upliFT-D clinical trial demonstrated that Dose 1 PBFT02 increased cerebrospinal fluid (CSF) progranulin (PGRN) levels significantly, from below 3 ng/mL at baseline to 13-27 ng/mL at six months and 22-34 ng/mL at 12 months [6] - Plasma neurofilament light chain (NfL) levels were found to be 13% lower than baseline on average at 12 months post-treatment, contrasting with an expected increase of 29% per year based on natural history data [6] - The first FTD-GRN patient has been enrolled to receive Dose 2 PBFT02, which is 50% lower than Dose 1, to facilitate discussions with health authorities regarding a registrational study design [6][3] Financial Performance - As of December 31, 2024, the company reported cash, cash equivalents, and marketable securities totaling $76.8 million, down from $114.3 million as of December 31, 2023 [15] - Research and Development (R&D) expenses for Q4 2024 were $9.6 million, and for the full year, they totaled $40.2 million, compared to $12.1 million and $61.4 million for the same periods in 2023 [15] - The net loss for Q4 2024 was $12.7 million, or $0.20 per share, and for the full year, it was $64.8 million, or $1.07 per share, showing a decrease in losses compared to the previous year [15][21]

Core Insights - Passage Bio, Inc. reported updated data from the ongoing Phase 1/2 upliFT-D clinical trial for PBFT02, a gene replacement therapy targeting frontotemporal dementia (FTD) with granulin (GRN) mutations, showing promising results in increasing CSF PGRN levels and early signs of reduced plasma NfL levels, a biomarker for disease progression [1][2][4] Clinical Trial Updates - The company is evaluating Dose 2 of PBFT02, which is 50% lower than Dose 1, in FTD-GRN and FTD-C9orf72 patients to explore dosing options and support regulatory strategy [1][4] - Interim data from FTD-GRN patients treated with Dose 1 showed CSF PGRN levels increased from below 3 ng/mL at baseline to 13-27 ng/mL at six months and 22-34 ng/mL at 12 months, with plasma NfL levels averaging 13% lower than baseline at 12 months [4][8] - The company plans to report 12-month data from Dose 1 and interim safety and biomarker data from Dose 2 in the second half of 2025 and seek regulatory feedback on the pivotal trial design in the first half of 2026 [1][6] Manufacturing and Financial Strategy - Passage Bio completed the development and scale-up of a high-productivity, suspension-based manufacturing process for PBFT02, which is expected to improve yield and reduce costs [1][4] - The company extended its cash runway into the first quarter of 2027 by transitioning to an outsourced analytical testing model and reducing operating expenses, including a workforce reduction of approximately 55% [1][4][8] Future Plans - The company is on track to initiate dosing of FTD-C9orf72 patients in the first half of 2025, with an estimated 21,000 patients affected in the U.S. and Europe, and no approved disease-modifying therapies currently available [6][8] - The upliFT-D trial is a global, multi-center, open-label study evaluating the safety and efficacy of PBFT02, with a primary endpoint focused on safety and tolerability [9][10]

Financial Performance - The net loss for the three months ended September 30, 2023, was $19,340,000, compared to a net loss of $27,110,000 for the same period last year, representing a 28.5% improvement[12]. - The net loss per share for the three months ended September 30, 2023, was $(0.31), compared to $(0.49) for the same period last year[12]. - Comprehensive loss for the three months ended September 30, 2023, was $19,241,000, compared to $26,962,000 for the same period last year, indicating a 28.5% reduction[12]. - For the nine months ended September 30, 2024, the net loss was $52,042 thousand, a decrease from a net loss of $85,304 thousand for the same period in 2023, representing a 39% improvement[19]. - For the three months ended September 30, 2024, the net loss was $19.3 million, compared to a net loss of $27.1 million for the same period in 2023, representing a 29% improvement[155]. - For the nine months ended September 30, 2024, the net loss was $52.0 million, down from $85.3 million in the same period in 2023, indicating a 39% reduction in losses[155]. - As of September 30, 2024, the accumulated deficit stood at $646.5 million[155]. Research and Development - Research and development expenses for the three months ended September 30, 2023, were $8,656,000, while for the nine months ended, they totaled $30,621,000[12]. - Research and development expenses decreased by $6.4 million to $8.7 million for the three months ended September 30, 2024, from $15.1 million for the same period in 2023[186]. - Research and development expenses decreased by $18.6 million to $30.6 million for the nine months ended September 30, 2024, from $49.3 million for the same period in 2023[195]. - The company has paused development of certain research programs to reduce operating expenses, specifically a program for TLE[154]. - Research and development expenses are anticipated to remain consistent in the near future, with potential increases as product candidates progress into later-stage clinical trials[180]. Cash Flow and Liquidity - The total accumulated deficit as of September 30, 2023, was $(646,510,000)[15]. - Cash and cash equivalents at the end of the period were $32,292 thousand, slightly down from $33,579 thousand at the end of the previous period[19]. - The company had cash, cash equivalents, and marketable securities totaling $84.8 million as of September 30, 2024, expected to fund operations until the end of Q2 2026[158]. - The net cash used in operating activities for the nine months ended September 30, 2024, was $39,512 thousand, compared to $58,748 thousand for the same period in 2023, indicating a 33% reduction in cash outflow[19]. - The company expects existing cash and marketable securities will fund operating expenses and capital expenditures until the end of the second quarter of 2026[203]. Impairment and Expenses - The company reported an impairment of long-lived assets amounting to $4,795,000 for the three months ended September 30, 2023[12]. - The Company recognized impairment expenses for property and equipment of $2.3 million and $2.7 million for the three and nine months ended September 30, 2024, respectively, compared to $3.2 million for the same periods in 2023[39]. - The Company recognized an impairment expense of $4.8 million related to certain asset groups, including $2.5 million for ROU assets and $2.3 million for property and equipment, during the three and nine months ended September 30, 2024[88]. - Impairment expense of long-lived assets recorded was $4.8 million during the three months ended September 30, 2024, compared to $5.4 million for the same period in 2023[192][193]. - Impairment expense of long-lived assets recorded was $5.2 million during the nine months ended September 30, 2024, compared to $5.4 million for the same period in 2023[199][200]. Shareholder Equity and Stock Options - The weighted average common shares outstanding for the three months ended September 30, 2023, were 61,763,346, an increase from 54,789,410 shares in the prior year[12]. - The Company had 12,012,051 stock options outstanding as of September 30, 2024, with a weighted average exercise price of $3.89[118]. - The total unrecognized compensation expense related to unvested stock option awards was $6.9 million, expected to be recognized over 2.3 years[118]. - The Company has 1,379,590 shares available for future grants under the 2020 Employee Stock Purchase Plan as of September 30, 2024[122]. Collaborations and Agreements - The company entered into a new research collaboration and license agreement with GEMMA Biotherapeutics and amended its collaboration with the University of Pennsylvania[21]. - The Company entered into sublicense agreements with Gemma, receiving an initial payment of $5,000,000 for licenses and clinical product supply, with an additional $5,000,000 due in December 2024[73]. - The Gemma Collaboration Agreement includes payments of up to $16.5 million per product candidate for Huntington's disease and future CNS indications, with additional sales milestone payments of up to $55.0 million based on annual worldwide net sales[163]. - The Company is obligated to make payments of up to $16.5 million per product candidate upon achieving specific development milestones under the Penn License Agreement[96]. - The Company is required to pay tiered royalties in the mid-single digits percentage on annual worldwide net sales of licensed products upon successful commercialization[97]. Legal and Regulatory Matters - The Company recorded a $1.0 million loss contingency for a legal proceeding as of September 30, 2024[111]. - The Company is involved in litigation regarding a claim of breach of contract, with the plaintiff seeking a mid-single digit million dollar amount, and a jury awarded $1.0 million to the plaintiff on the breach of contract claim[125][126]. - The FDA has granted Orphan Drug Designation and Fast Track Designation for PBFT02 for the treatment of FTD and FTD-GRN[145]. Clinical Development - The lead clinical product candidate, PBFT02, aims to elevate progranulin levels to enhance lysosomal function and slow disease progression in neurodegenerative diseases, specifically targeting frontotemporal dementia caused by progranulin deficiency[130]. - PBFT02 has shown promising biomarker data, with cerebrospinal fluid (CSF) progranulin levels increasing from 10.7 to 27.3 ng/mL at 6 months post-treatment, significantly higher than the healthy control range of 3.3 to 8.2 ng/mL[142]. - The Company plans to initiate dosing for PBFT02 in treating FTD-C9orf72 patients in the first half of 2025 and expects regulatory feedback on the clinical pathway for ALS patients in the second half of 2024[149]. - The Company has completed dosing of Cohort 1 in the upliFT-D trial and is continuing to study Dose 1 in Cohort 2 based on robust PGRN expression observed[143]. - The Company anticipates reporting 12-month follow-up data from Cohort 1 and interim data from Cohort 2 in the first half of 2025[144].

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]

Core Points - Passage Bio, Inc. is a clinical stage genetic medicines company focused on neurodegenerative diseases [3] - The company will present at the Guggenheim Securities Healthcare Innovation Conference on November 13, 2024 [1] - The lead product candidate, PBFT02, aims to treat frontotemporal dementia by elevating progranulin levels [3] Company Overview - Passage Bio is dedicated to developing one-time therapies targeting the underlying pathology of neurodegenerative conditions [3] - The company emphasizes its commitment to improving the lives of patients and families affected by these diseases [3][4]