Passage Bio Reports Third Quarter 2024 Financial Results and Provides Recent Business Highlights
Passage Bio (NASDAQ: PASG) reports Q3 2024 financial results and business updates. The company has enrolled 4 patients in Cohort 2 of the upliFT-D trial for FTD-GRN, with dosing progressing as planned. Updated interim data from Cohort 1 showed PBFT02 was well-tolerated with elevated CSF progranulin levels for up to 12 months. Financial highlights include cash position of $84.8 million, R&D expenses of $8.7 million (down from $15.1 million YoY), and net loss of $19.3 million ($0.31 per share). The company expects current cash to fund operations through Q2 2026.
Passage Bio (NASDAQ: PASG) riporta i risultati finanziari del terzo trimestre 2024 e aggiornamenti aziendali. L'azienda ha arruolato 4 pazienti nel Coorte 2 dello studio upliFT-D per FTD-GRN, con la somministrazione che procede come previsto. I dati provvisori aggiornati del Coorte 1 hanno mostrato che PBFT02 è stato ben tollerato, con livelli elevati di progranulina nel CSF per un massimo di 12 mesi. I principali risultati finanziari includono una posizione di cassa di 84,8 milioni di dollari, spese per R&S di 8,7 milioni di dollari (in diminuzione rispetto ai 15,1 milioni dell'anno precedente) e una perdita netta di 19,3 milioni di dollari (0,31 dollari per azione). L'azienda prevede che la liquidità attuale possa finanziare le operazioni fino al secondo trimestre del 2026.
Passage Bio (NASDAQ: PASG) informa sobre los resultados financieros del tercer trimestre de 2024 y actualizaciones empresariales. La compañía ha inscrito a 4 pacientes en el Cohorte 2 del ensayo upliFT-D para FTD-GRN, con la dosificación avanzando según lo planeado. Los datos interinos actualizados del Cohorte 1 mostraron que PBFT02 fue bien tolerado, con niveles elevados de progranulina en el LCR durante hasta 12 meses. Los aspectos destacados financieros incluyen una posición de efectivo de 84.8 millones de dólares, gastos en I+D de 8.7 millones de dólares (una disminución desde los 15.1 millones del año anterior) y una pérdida neta de 19.3 millones de dólares (0.31 dólares por acción). La compañía espera que el efectivo actual financie las operaciones hasta el segundo trimestre de 2026.
Passage Bio (NASDAQ: PASG)가 2024년 3분기 재무 결과 및 사업 업데이트를 보고합니다. 이 회사는 FTD-GRN에 대한 upliFT-D 시험의 Cohort 2에 4명의 환자를 등록했으며, 투여가 계획대로 진행되고 있습니다. Cohort 1의 업데이트된 중간 데이터에 따르면 PBFT02는 잘 견딜 수 있었고, 뇌척수액에서 progranulin 수치가 최대 12개월 동안 상승했습니다. 재무 하이라이트에는 8480만 달러의 현금 보유액, R&D 비용 870만 달러(전년 대비 1510만 달러에서 감소) 및 순손실 1930만 달러(주당 0.31 달러)가 포함됩니다. 회사는 현재의 현금이 2026년 2분기까지 운영을 지원할 것으로 기대하고 있습니다.
Passage Bio (NASDAQ: PASG) fait état des résultats financiers du troisième trimestre 2024 et des mises à jour commerciales. L'entreprise a inscrit 4 patients dans la cohorte 2 de l'essai upliFT-D pour FTD-GRN, la dose progressant comme prévu. Les données intermédiaires mises à jour de la cohorte 1 ont montré que PBFT02 a été bien toléré avec des niveaux élevés de progranuline dans le LCR pendant jusqu'à 12 mois. Les points saillants financiers comprennent une position de trésorerie de 84,8 millions de dollars, des dépenses de R&D de 8,7 millions de dollars (en baisse par rapport à 15,1 millions de dollars par rapport à l'année précédente) et une perte nette de 19,3 millions de dollars (0,31 dollar par action). L'entreprise s'attend à ce que sa trésorerie actuelle finance les opérations jusqu'au deuxième trimestre 2026.
Passage Bio (NASDAQ: PASG) berichtet über die finanziellen Ergebnisse für das 3. Quartal 2024 und Geschäftsupdates. Das Unternehmen hat 4 Patienten in Kohorte 2 der upliFT-D-Studie für FTD-GRN eingeschrieben, wobei die Dosierung planmäßig verläuft. Die aktualisierten Zwischenresultate aus Kohorte 1 zeigten, dass PBFT02 gut vertragen wurde, mit erhöhten Progranulinwerten im liquor cerebrospinalis für bis zu 12 Monate. Die finanziellen Höhepunkte umfassen eine Bargeldposition von 84,8 Millionen Dollar, F&E-Ausgaben von 8,7 Millionen Dollar (ein Rückgang von 15,1 Millionen Dollar im Vergleich zum Vorjahr) und einen Nettoverlust von 19,3 Millionen Dollar (0,31 Dollar pro Aktie). Das Unternehmen erwartet, dass die aktuellen Zahlungsmittel die betrieblichen Aktivitäten bis zum 2. Quartal 2026 finanzieren können.
- Reduced R&D expenses by 42% YoY from $15.1M to $8.7M
- Decreased net loss to $19.3M ($0.31/share) from $27.1M ($0.49/share) YoY
- Strong cash position of $84.8M with runway through Q2 2026
- Reduced G&A expenses to $7.3M from $8.2M YoY
- Cash position declined from $132.8M to $84.8M YoY
Insights
The Q3 results reveal a challenging financial position despite cost optimization efforts. Net loss improved to
The upliFT-D trial progression with 4 new patients in Cohort 2 and promising interim data could be pivotal for future value creation. However, with a market cap of only
The preclinical and interim clinical data for PBFT02 demonstrate encouraging progress in FTD-GRN treatment. Key findings include:
- Sustained CSF progranulin elevation up to 12 months post-treatment
- Superior performance of AAV1 vector compared to AAV5 and AAVhu68
- Positive effects on lysosomal histopathology and neuroinflammation in animal models
- Favorable safety profile with enhanced immunosuppression
Enrolled 4 patients in Cohort 2 of the upliFT-D trial for FTD-GRN, with patient dosing advancing as planned; 12-month Cohort 1 and interim Cohort 2 data expected in 1H25
Updated interim data from Cohort 1 FTD-GRN showed PBFT02 was generally well-tolerated and elevated CSF progranulin levels for up to 12 months following treatment
Highlighted robust preclinical data supporting PBFT02 as a potential best-in-class progranulin-raising therapy in an oral presentation at ESGCT
Execution backed by strong balance sheet, with cash runway to the end of Q2 2026
PHILADELPHIA, Nov. 13, 2024 (GLOBE NEWSWIRE) -- Passage Bio, Inc. (Nasdaq: PASG), a clinical stage genetic medicines company focused on improving the lives of patients with neurodegenerative diseases, today reported financial results for the third quarter ended September 30, 2024 and provided recent business highlights.
“This quarter, we’ve made important strides in advancing our PBFT02 gene therapy program,” said Will Chou, M.D., president and chief executive officer of Passage Bio. “Execution of our ongoing upliFT-D trial for FTD-GRN remains our core priority, and we are pleased to share that 4 patients in Cohort 2 have been enrolled, with patient dosing progressing as planned. We remain on track to share 12-month Cohort 1 and interim Cohort 2 data in the first half of 2025, which will strengthen our understanding of the therapeutic potential of PBFT02. Furthermore, our presentations of preclinical and positive interim safety and biomarker data at key scientific conferences underscore the potential of PBFT02 to be a market leading progranulin-raising therapy. Our commitment to disciplined execution and a strong balance sheet strategically position us to achieve several key milestones over the coming quarters.”
Recent Highlights
- Sustained enrollment progress in global Phase 1/2 upliFT-D trial of PBFT02 for the treatment of patients with FTD-GRN: The company has enrolled 4 patients in Cohort 2, which will continue to evaluate Dose 1 of PBFT02, and patient dosing is underway and advancing as planned. With this momentum, the company remains on track to report 12-month data from Cohort 1 and interim data from Cohort 2 in 1H25.
- Presented encouraging interim data from Cohort 1 patients in upliFT-D trial of PBFT02 for FTD-GRN at the ISFTD2024 and CTAD conferences: The company presented updated safety and biomarker data from Cohort 1 patients in the upliFT-D trial during an oral presentation at the International Conference on Frontotemporal Dementias (ISFTD2024) conference in September and a poster session at the Clinical Trials on Alzheimer’s Disease conference (CTAD) in October. The data showed that PBFT02 produced consistent and durable increases in CSF PRGN expression in all treated Cohort 1 patients, with elevated levels maintained for up to one-year post-treatment. Furthermore, PBFT02 continued to exhibit a favorable safety profile in all patients who received the enhanced immunosuppression regimen, with no serious adverse events or clinically significant immune responses observed.
- Presented preclinical and interim clinical data for PBFT02 in FTD-GRN at the ESGCT conference: In October, the company delivered an oral presentation highlighting preclinical data for PBFT02 at the European Society of Gene & Cell Therapy (ESGCT) conference. The presentation reviewed the robust preclinical findings informing vector and dose selection and demonstrated the positive effects of elevating progranulin levels in vivo. Preclinical non-human primate (NHP) data found the AAV1 vector achieved superior human progranulin levels in the CSF compared to AAV5 and AAVhu68 (an AAV9 variant). Additionally, a dose escalation study in Grn knockout mice showed that PBFT02 improved lysosomal histopathology and reduced neuroinflammation in brain regions impacted by FTD pathology with evidence suggesting that the greatest pathological benefit was associated with the highest PGRN levels in the CSF. An NHP biodistribution study also showed that intra-cisterna magna (ICM) administration of PBFT02 resulted in widespread vector distribution in the brain and spinal cord.
- Appointed Tom Kassberg to the company’s board of directors: In September, the company announced the appointment of Tom Kassberg, Chief Business Officer and Executive Vice President at Ultragenyx, to its board of directors and his appointment to the Audit Committee. Mr. Kassberg brings extensive experience in corporate development and strategic planning to the company, having successfully led multiple business development and alliance management initiatives that advanced late-stage gene therapies for rare diseases.
Anticipated Upcoming Milestones:
FTD-GRN
- Report 12-month Cohort 1 and interim Cohort 2 data in 1H 2025
- Seek regulatory feedback on pivotal trial design in 2H 2025
FTD-C9orf72
- Initiate dosing of FTD-C9orf72 patients in 1H 2025
ALS
- Obtain regulatory feedback on the pathway to treating amyotrophic lateral sclerosis (ALS) patients with PBFT02 in 2H 2024
Third Quarter 2024 Financial Results
- Cash Position: Cash, cash equivalents and marketable securities were
$84.8 million as of September 30, 2024, as compared to$132.8 million as of September 30, 2023. The company expects current cash, cash equivalents and marketable securities, together with the remaining initial payments from our out-licensing agreements with GEMMA Biotherapeutics, to fund operations to the end of Q2 2026. - Research and Development (R&D) Expenses: R&D expenses were
$8.7 million for the quarter ended September 30, 2024, as compared to$15.1 million for the quarter ended September 30, 2023. - General and Administrative (G&A) Expenses: G&A expenses were
$7.3 million for the quarter ended September 30, 2024, as compared to$8.2 million for the quarter ended September 30, 2023. - Net Loss: Net loss was
$19.3 million , or$0.31 per basic and diluted share, for the quarter ended September 30, 2024, as compared to a net loss of$27.1 million , or$0.49 per basic and diluted share, for the quarter ended September 30, 2023.
About Passage Bio
Passage Bio (Nasdaq: PASG) is a clinical stage genetic medicines company on a mission to improve the lives of patients with neurodegenerative diseases. Our primary focus is the development and advancement of cutting-edge, one-time therapies designed to target the underlying pathology of these conditions. Passage Bio’s lead product candidate, PBFT02, seeks to treat neurodegenerative conditions, including frontotemporal dementia, by elevating progranulin levels to restore lysosomal function and slow disease progression.
To learn more about Passage Bio and our steadfast commitment to protecting patients and families against loss in neurodegenerative conditions, please visit: passagebio.com.
Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of, and made pursuant to the safe harbor provisions of, the Private Securities Litigation Reform Act of 1995, including, but not limited to: our expectations about timing and execution of anticipated milestones, including the initiation of dosing of FTD-C9orf72 patients, feedback from regulatory authorities, the progress of clinical studies and the availability of clinical data from such trials; our expectations about our collaborators’ and partners’ ability to execute key initiatives; our ability to receive milestone and other payments from our partners; our expectations about cash runway; and the ability of our product candidates to treat their respective target CNS disorders. These forward-looking statements may be accompanied by such words as “aim,” “anticipate,” “believe,” “could,” “estimate,” “expect,” “forecast,” “goal,” “intend,” “may,” “might,” “plan,” “potential,” “possible,” “will,” “would,” and other words and terms of similar meaning. These statements involve risks and uncertainties that could cause actual results to differ materially from those reflected in such statements, including: our ability to develop and obtain regulatory approval for our product candidates; the timing and results of preclinical studies and clinical trials; risks associated with clinical trials, including our ability to adequately manage clinical activities, unexpected concerns that may arise from additional data or analysis obtained during clinical trials, regulatory authorities may require additional information or further studies, or may fail to approve or may delay approval of our drug candidates; the occurrence of adverse safety events; the risk that positive results in a preclinical study or clinical trial may not be replicated in subsequent trials or success in early stage clinical trials may not be predictive of results in later stage clinical trials; failure to protect and enforce our intellectual property, and other proprietary rights; our dependence on collaborators and other third parties for the development and manufacture of product candidates and other aspects of our business, which are outside of our full control; risks associated with current and potential delays, work stoppages, or supply chain disruptions; and the other risks and uncertainties that are described in the Risk Factors section in documents the company files from time to time with the Securities and Exchange Commission (SEC), and other reports as filed with the SEC. Passage Bio undertakes no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.
| Passage Bio, Inc. Balance Sheets | ||||||||
| (Unaudited) | ||||||||
| (in thousands, except share and per share data) | September 30, 2024 | December 31, 2023 | ||||||
| Assets | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 32,292 | $ | 21,709 | ||||
| Marketable securities | 52,534 | 92,585 | ||||||
| Prepaid expenses and other current assets | 1,210 | 923 | ||||||
| Prepaid research and development | 1,180 | 2,742 | ||||||
| Total current assets | 87,216 | 117,959 | ||||||
| Property and equipment, net | 10,036 | 15,295 | ||||||
| Right of use assets - operating leases | 14,037 | 16,858 | ||||||
| Other assets | 463 | 433 | ||||||
| Total assets | $ | 111,752 | $ | 150,545 | ||||
| Liabilities and stockholders’ equity | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ | 1,489 | $ | 1,298 | ||||
| Accrued expenses and other current liabilities | 6,729 | 11,670 | ||||||
| Non-refundable sublicense payments received | 5,000 | — | ||||||
| Operating lease liabilities | 3,733 | 3,373 | ||||||
| Total current liabilities | 16,951 | 16,341 | ||||||
| Operating lease liabilities - noncurrent | 22,085 | 22,921 | ||||||
| Total liabilities | 39,036 | 39,262 | ||||||
| Stockholders’ equity: | ||||||||
| Preferred stock, | — | — | ||||||
| Common stock, | 6 | 5 | ||||||
| Additional paid-in capital | 719,188 | 705,789 | ||||||
| Accumulated other comprehensive income (loss) | 32 | (43 | ) | |||||
| Accumulated deficit | (646,510 | ) | (594,468 | ) | ||||
| Total stockholders’ equity | 72,716 | 111,283 | ||||||
| Total liabilities and stockholders’ equity | $ | 111,752 | $ | 150,545 | ||||
| Passage Bio, Inc. Statements of Operations and Comprehensive Loss (Unaudited) | ||||||||||||||||||||
| Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||
| (in thousands, except share and per share data) | 2024 | 2023 | 2024 | 2023 | ||||||||||||||||
| Operating expenses: | ||||||||||||||||||||
| Research and development | $ | 8,656 | $ | 15,098 | $ | 30,621 | $ | 49,258 | ||||||||||||
| General and administrative | 7,251 | 8,184 | 20,276 | 35,295 | ||||||||||||||||
| Impairment of long-lived assets | 4,795 | 5,390 | 5,233 | 5,390 | ||||||||||||||||
| Loss from operations | (20,702 | ) | (28,672 | ) | (56,130 | ) | (89,943 | ) | ||||||||||||
| Other income (expense), net | 1,362 | 1,562 | 4,088 | 4,639 | ||||||||||||||||
| Net loss | $ | (19,340 | ) | $ | (27,110 | ) | $ | (52,042 | ) | $ | (85,304 | ) | ||||||||
| Per share information: | ||||||||||||||||||||
| Net loss per share of common stock, basic and diluted | $ | (0.31 | ) | $ | (0.49 | ) | $ | (0.87 | ) | $ | (1.56 | ) | ||||||||
| Weighted average common shares outstanding, basic and diluted | 61,763,346 | 54,789,410 | 59,920,537 | 54,697,967 | ||||||||||||||||
| Comprehensive loss: | ||||||||||||||||||||
| Net loss | $ | (19,340 | ) | $ | (27,110 | ) | $ | (52,042 | ) | $ | (85,304 | ) | ||||||||
| Unrealized gain (loss) on marketable securities | 99 | 148 | 75 | 774 | ||||||||||||||||
| Comprehensive loss | $ | (19,241 | ) | $ | (26,962 | ) | $ | (51,967 | ) | $ | (84,530 | ) | ||||||||
For further information, please contact:
Investors:
Stuart Henderson
Passage Bio
267.866.0114
shenderson@passagebio.com
Media:
Mike Beyer
Sam Brown Inc. Healthcare Communications
312.961.2502
MikeBeyer@sambrown.com
FAQ
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