Passage BIO(PASG) - 2024 Q2 - Quarterly Results

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 $91.8 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 $10.4 million, a decrease from $17.3 million in Q2 2023[4] - General and Administrative (G&A) expenses for Q2 2024 were $6.5 million, down from $8.1 million in the same quarter of the previous year[4] - The net loss for Q2 2024 was $16.0 million, or $0.26 per share, compared to a net loss of $23.9 million, or $0.44 per share, for Q2 2023[4] - Total assets as of June 30, 2024, were $125.4 million, a decrease from $150.5 million at the end of 2023[8] - Total liabilities decreased to $34.8 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, 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, down from $8,064,000 in Q2 2023, a reduction of 19.3%[10] - The net loss for Q2 2024 was $15,991,000, 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), an improvement from $(0.44) in Q2 2023[10] - The comprehensive loss for Q2 2024 was $15,989,000, 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), 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, 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 $438,000 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 $87,000 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]