$PASG

Passage BIO, Inc.

CIK:0001787297|SEC Filings

Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Operating expenses:
Research and development	$ 3,343	$ 5,814	$ 7,436	$ 13,551
General and administrative	6,873	4,520	11,660	10,605
Impairment of long-lived assets				2,637
Net gain on lease terminations	(1,944)		(2,577)
Loss from operations	(8,272)	(10,334)	(16,519)	(26,793)
Other income (expense), net	451	949	1,139	2,003
Net loss	$ (7,821)	$ (9,385)	$ (15,380)	$ (24,790)
Per share information:
Net loss per share of common stock, basic	$ (2.44)	$ (2.96)	$ (4.8)	$ (7.83)
Net loss per share of common stock, diluted	$ (2.44)	$ (2.96)	$ (4.8)	$ (7.83)
Weighted average common shares outstanding, basic	3,208,744	3,168,933	3,207,313	3,166,437
Weighted average common shares outstanding, diluted	3,208,744	3,168,933	3,207,313	3,166,437
Comprehensive loss:
Net loss	$ (7,821)	$ (9,385)	$ (15,380)	$ (24,790)
Unrealized gain (loss) on marketable securities				(8)
Comprehensive loss	$ (7,821)	$ (9,385)	$ (15,380)	$ (24,798)

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows used in operating activities:
Net loss	$ (15,380)	$ (24,790)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization	154	370
Share-based compensation	1,081	1,781
Amortization of premium and discount on marketable securities, net		129
Net gain on lease terminations	(2,577)
Impairment of long-lived assets		2,637
Other non-cash items		14
Changes in operating assets and liabilities:
Prepaid expenses and other current assets, and other assets	105	(571)
Prepaid research and development	578	(66)
Non-refundable sublicense and transition services payments received	2,500	1,515
Right of use assets and operating lease liabilities	(7,332)	(215)
Accounts payable	(211)	1,653
Accrued expenses and other current liabilities	(1,086)	(2,634)
Net cash provided by (used in) operating activities	(22,168)	(20,177)
Cash flows provided by (used in) investing activities:
Sales or maturities of marketable securities		39,046
Sales of property and equipment and other assets	20	1,170
Net cash provided by (used in) investing activities	20	40,216
Cash flows provided by (used in) financing activities:
Proceeds from the issuance of common stock under employee stock purchase plan		14
Net cash provided by (used in) financing activities		14
Net increase (decrease) in cash and cash equivalents	(22,148)	20,053
Cash and cash equivalents at beginning of period	46,303	37,573
Cash and cash equivalents at end of period	$ 24,155	57,626
Supplemental disclosure of non-cash activities:
Unrealized gain (loss) on marketable securities		$ (8)

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 24,155	$ 46,303
Prepaid expenses and other current assets	768	629
Prepaid research and development	252	830
Total current assets	25,175	47,762
Property and equipment, net		4,107
Right of use assets - operating leases		10,168
Other assets		244
Total assets	25,175	62,281
Current liabilities:
Accounts payable	902	1,113
Accrued expenses and other current liabilities	3,567	4,653
Non-refundable sublicense and transition services payments	16,250	13,750
Operating lease liabilities		3,567
Total current liabilities	20,719	23,083
Operating lease liabilities - noncurrent		20,443
Total liabilities	20,719	43,526
Commitments and contingencies (note 10)
Stockholders' equity:
Preferred stock, $0.0001 par value: 10,000,000 shares authorized; no shares issued and outstanding at both June 30, 2026 and December 31, 2025
Additional paid-in capital	724,593	723,512
Accumulated deficit	(720,137)	(704,757)
Total stockholders' equity	4,456	18,755
Total liabilities and stockholders' equity	$ 25,175	$ 62,281