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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Passage Bio Inc | NASDAQ:PASG | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 1.41 | 0.564 | 1.62 | 0 | 09:05:39 |
“We remain focused on execution across our ongoing clinical programs and are excited to have dosed additional patients in our Imagine-1 trial for GM1 gangliosidosis as well as the first patient in our GALax-C trial for infantile Krabbe disease,” said Bruce Goldsmith, Ph.D., president and chief executive officer of Passage Bio. “We look forward to reporting data as these programs advance throughout 2022, including additional clinical and biomarker data from Cohort 1 in Imagine-1 at the ASGCT conference this week. We continue to open additional clinical sites for our FTD program and expect to dose the first patient in mid-2022.”
“We are thrilled to have recently submitted an IND for PBML04 in metachromatic leukodystrophy, our third rare, pediatric, lysosomal storage disorder program,” Dr. Goldsmith added. “We also recently completed prioritization of our additional pipeline programs as part of our strategic initiatives to extend our cash runway into the second quarter of 2024 and look forward to continuing to advance our programs in amyotrophic lateral sclerosis and Huntington’s Disease and our ongoing exploratory research programs in Alzheimer’s Disease and temporal lobe epilepsy. Rights to our programs for Canavan disease, Charcot-Marie-Tooth Type 2A and Parkinson’s disease have been returned to the University of Pennsylvania allowing for the future development of these programs. We remain deeply committed to our mission of developing transformative therapies for people with devastating CNS disorders.”
Recent Highlights
Anticipated Upcoming Milestones
First Quarter 2022 Financial Results
Conference Call DetailsPassage Bio will host a conference call and webcast today at 8:30 a.m. ET. To access the live conference call, please dial 833-528-0605 (domestic) or 830-221-9711 (international) and reference conference ID number 6960234. A live audio webcast of the event will be available on the Investors & News section of Passage Bio’s website at investors.passagebio.com. The archived webcast will be available on Passage Bio's website approximately two hours after the completion of the event and for 30 days following the call.
About Passage BioPassage Bio (Nasdaq: PASG) is a clinical-stage genetic medicines company on a mission to provide life-transforming therapies for patients with CNS diseases with limited or no approved treatment options. Our portfolio spans pediatric and adult CNS indications, and we are currently advancing three clinical programs in GM1 gangliosidosis, Krabbe disease and frontotemporal dementia with several additional programs in preclinical development. Based in Philadelphia, PA, our company has established a strategic collaboration and licensing agreement with the renowned University of Pennsylvania’s Gene Therapy Program to conduct our discovery and IND-enabling preclinical work. Through this collaboration, we have enhanced access to a broad portfolio of gene therapy candidates and future gene therapy innovations that we then pair with our deep clinical, regulatory, manufacturing and commercial expertise to rapidly advance our robust pipeline of optimized gene therapies. As we work with speed and tenacity, we are always mindful of patients who may be able to benefit from our therapies. More information is available at www.passagebio.com.
Forward-Looking StatementsThis 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 initiation of clinical trials and the availability of clinical data from such trials; our expectations about our collaborators’ and partners’ ability to execute key initiatives; our expectations about manufacturing plans and strategies; our expectations about cash runway; and the ability of our lead product candidates to treat their respective target monogenic 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 caused by the coronavirus pandemic; 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.
For further information, please contact:
Passage Bio Investors:Stuart HendersonPassage Bio267.866.0114shenderson@passagebio.com
Passage Bio Media:Mike BeyerSam Brown Inc. Healthcare Communications312-961-2502MikeBeyer@sambrown.com
Passage Bio, Inc.Balance Sheets | ||||||||
(Unaudited) | ||||||||
(in thousands, except share data) | March 31, 2022 | December 31, 2021 | ||||||
Assets | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 101,614 | $ | 128,965 | ||||
Marketable securities | 165,476 | 186,808 | ||||||
Prepaid expenses and other current assets | 2,835 | 1,726 | ||||||
Prepaid research and development | 13,076 | 7,567 | ||||||
Total current assets | 283,001 | 325,066 | ||||||
Property and equipment, net | 24,292 | 23,806 | ||||||
Right of use assets - operating leases | 20,212 | - | ||||||
Other assets | 5,719 | 6,204 | ||||||
Total assets | $ | 333,224 | $ | 355,076 | ||||
Liabilities and stockholders’ equity | ||||||||
Current liabilities: | ||||||||
Accounts payable | $ | 9,135 | $ | 9,448 | ||||
Accrued expenses and other current liabilities | 15,227 | 20,050 | ||||||
Operating lease liabilities | 3,119 | - | ||||||
Total current liabilities | 27,481 | 29,498 | ||||||
Operating lease liabilities - noncurrent | 24,432 | - | ||||||
Deferred rent | - | 6,921 | ||||||
Total liabilities | 51,913 | 36,419 | ||||||
Commitments and Contingencies | ||||||||
Stockholders’ equity: | ||||||||
Common stock, $0.0001 par value: 300,000,000 shares authorized; 54,307,691 shares issued and outstanding at March 31, 2022 and 54,244,996 shares issued and outstanding at December 31, 2021 | 5 | 5 | ||||||
Additional paid-in capital | 681,732 | 675,346 | ||||||
Accumulated other comprehensive income (loss) | (1,334 | ) | (413 | ) | ||||
Accumulated deficit | (399,092 | ) | (356,281 | ) | ||||
Total stockholders’ equity | 281,311 | 318,657 | ||||||
Total liabilities and stockholders’ equity | $ | 333,224 | $ | 355,076 |
Passage Bio, Inc.Statements of Operations and Comprehensive Loss(Unaudited) | ||||||||
Three Months Ended March 31, | ||||||||
(in thousands, except share and per share data) | 2022 | 2021 | ||||||
Operating expenses: | ||||||||
Research and development | $ | 26,213 | $ | 24,970 | ||||
Acquired in-process research and development | 1,500 | 1,500 | ||||||
General and administrative | 15,099 | 12,464 | ||||||
Loss from operations | (42,812 | ) | (38,934 | ) | ||||
Interest income, net | 1 | 52 | ||||||
Net loss | $ | (42,811 | ) | $ | (38,882 | ) | ||
Per share information: | ||||||||
Net loss per share of common stock, basic and diluted | $ | (0.79 | ) | $ | (0.76 | ) | ||
Weighted average common shares outstanding, basic and diluted | 54,275,751 | 51,331,449 | ||||||
Comprehensive loss: | ||||||||
Net loss | $ | (42,811 | ) | $ | (38,882 | ) | ||
Unrealized gain (loss) on marketable securities | (921 | ) | 5 | |||||
Comprehensive loss | $ | (43,732 | ) | $ | (38,877 | ) |
1 Year Passage Bio Chart |
1 Month Passage Bio Chart |
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