PASG

#4674
Passage Bio, Inc. - Common Stock
4.5 2 USD
+0.04%
Market Price
Settore: Salute
Base: USD
Valuta di Profitto: USD
Intervallo Giornaliero
4.52
4.52
Intervallo Annuale
3.30
12.00
Variazione giornaliera
+4.39%
Variazione Mensile
-0.22%
Variazione di 6 mesi
-47.75%
Variazione Annuale
-48.87%
Chiusura Precedente
4.3 3
Open
4.5 2
Minimo
4.5 2
Massimo
4.5 2
Volume
4
Apri il grafico completo

Financials

Panoramica Estratto Conto Statistiche Documents

2026

Quarterly report, Q2 FY2026
Passage BIO, Inc. quarterly report, Q2 FY2026
10-Q
Current report, Q2 FY2026
Passage BIO, Inc. current report, Q2 FY2026
8-K
Current report, Q2 FY2026
Passage BIO, Inc. current report, Q2 FY2026
8-K
Current report, Q2 FY2026
Passage BIO, Inc. current report, Q2 FY2026
8-K
Current report, Q2 FY2026
Passage BIO, Inc. current report, Q2 FY2026
8-K
Current report, Q2 FY2026
Passage BIO, Inc. current report, Q2 FY2026
8-K
Quarterly report, Q1 FY2026
Passage BIO, Inc. quarterly report, Q1 FY2026
10-Q
Current report, Q1 FY2026
Passage BIO, Inc. current report, Q1 FY2026
8-K
Current report, Q1 FY2026
Passage BIO, Inc. current report, Q1 FY2026
8-K
Current report, Q1 FY2026
Passage BIO, Inc. current report, Q1 FY2026
8-K

Passage BIO, Inc. current report, Q3 FY2024

Full document

Business Context and Reporting Period

Company: Passage BIO, Inc. (PASG)
Filing Type: Form 8-K (Current Report)
Date of Report: July 26, 2024 (Earliest event reported)
Reporting Period: Events occurring between July 26, 2024, and August 1, 2024.

Passage BIO, a genetic medicines company, reported a strategic pivot involving the out-licensing of specific programs to a new entity, Gemma Biotherapeutics, Inc., alongside significant executive leadership changes.

Key Financial Metrics and Liquidity

  • Cash Position: As of June 30, 2024, the Company held approximately $91.8 million in cash, cash equivalents, and marketable securities (preliminary, unaudited).
  • Liquidity Outlook: Management expects the current cash position, combined with initial payments from new agreements, to fund operating expenses and capital expenditures through the end of the second quarter of 2026.
  • Revenue/Profit: The filing does not provide specific revenue, profit, or margin figures for the period. The Company is an emerging growth company focused on preclinical and clinical development.
  • Debt: No specific debt figures are disclosed in this filing.

Material Changes and Agreements

Out-Licensing to Gemma Biotherapeutics

On July 31, 2024, Passage BIO entered into sublicense agreements with Gemma Biotherapeutics for three programs:

  • PBGM01: Treatment of GM1 gangliosidosis.
  • PBKR03: Treatment of Krabbe disease.
  • PBML04: Treatment of metachromatic leukodystrophy.

Financial Terms:

  • Initial Payment: $10 million for clinical product supply.
  • Business Milestones: Up to $10 million contingent on completion of certain milestones.
  • Development/Commercial Milestones: Up to $114 million.
  • Royalties: Single-digit percentage of annual worldwide net sales.

Gemma will assume responsibility for payments due to the University of Pennsylvania (Penn) related to these programs. A transition services agreement was also signed, with Passage BIO providing services at cost for up to six months, including retroactive reimbursement from March 1, 2024.

Collaboration and Research Pivot

Passage BIO entered a collaboration agreement with Gemma to conduct preclinical and IND-enabling work for:

  • Huntington's disease (active program).
  • Temporal Lobe Epilepsy (previously paused).

Gemma will grant Passage BIO options to conduct new research in four new central nervous system (CNS) indications. Consequently, the Company amended its agreement with Penn to terminate funding for discovery research and terminate remaining options for new CNS programs.

Executive Leadership Changes

  • Resignation: Mark Forman, M.D., Ph.D., resigned as Chief Medical Officer, effective August 2, 2024. The departure was not due to any disagreement with the Company.
  • Appointments:
    • Susan Browne, Ph.D.: Appointed Chief Scientific Officer (effective August 1, 2024). Previously Senior Vice President, R&D.
    • Stuart Henderson: Appointed Chief Business Officer (effective August 1, 2024). Previously Senior Vice President, Investor Relations and Corporate Development.

Guidance, Outlook, and Risks

Strategic Outlook: The Company has executed a strategic pivot to focus on exploring the benefits of elevated progranulin in multiple adult neurodegenerative disorders.

Financial Guidance: The Company projects its cash runway to extend to the end of Q2 2026, assuming the receipt of the $10 million initial payment from Gemma.

Risks and Contingencies:

  • Unaudited Data: The cash position of $91.8 million is preliminary and unaudited; final figures may change upon completion of the Q2 2024 financial statements.
  • Leadership Transition: The Company is currently searching for a new Chief Medical Officer following Dr. Forman's resignation.
  • Dependency on Milestones: Future revenue is contingent upon Gemma achieving specific business, development, and commercial milestones.

Investor Verification Checklist

  • Verify the final audited cash, cash equivalents, and marketable securities balance for the period ended June 30, 2024, in the upcoming Form 10-Q.
  • Confirm the execution of the $10 million initial payment from Gemma Biotherapeutics and its impact on the cash runway.
  • Monitor the timeline and qualifications of the new Chief Medical Officer appointment.
  • Review the specific terms of the "single-digit royalties" and the definition of "net sales" in the Gemma Sublicenses when filed as exhibits to the 10-Q.
  • Assess the progress of the new research programs in Huntington's disease and the four new CNS indications under the Gemma Collaboration Agreement.

Notizie