Passage Bio, Inc. ( (PASG) ) has released its Q3 earnings. Here is a breakdown of the information Passage Bio, Inc. presented to its investors.
Passage Bio, Inc. is a clinical-stage genetic medicines company that focuses on developing therapies to treat neurodegenerative diseases, particularly through gene therapy techniques aimed at addressing underlying disease pathology.
In its third quarter 2024 earnings report, Passage Bio highlighted significant progress in its PBFT02 program, aimed at treating frontotemporal dementia (FTD-GRN). The company shared updates on patient enrollment in its ongoing clinical trials and presented promising interim data from these trials, reinforcing the potential of its gene therapy approach.
Key financial metrics revealed a decrease in the company’s net loss, which stood at $19.3 million compared to $27.1 million in the same period last year. Research and Development expenses also saw a decline, indicating a more focused and perhaps cost-effective approach in advancing their pipeline. The company maintains a strong balance sheet with a cash runway expected to last until the end of Q2 2026.
Strategically, Passage Bio presented robust preclinical data at various scientific conferences, supporting PBFT02’s efficacy in elevating progranulin levels and demonstrating its potential as a leading therapy in its class. The appointment of Tom Kassberg to the board of directors was also noted as a strategic move to bolster corporate development.
Looking ahead, Passage Bio plans to continue advancing its clinical programs with anticipated data releases in the first half of 2025, while also seeking regulatory feedback for future trials. The company remains well-positioned with a strong financial footing to achieve its upcoming milestones.
