Passage Bio announces CFO/CTO departures, 26% workforce reduction, extends cash runway into Q4 2025

Passage BIO, Inc.

CFO Simona King and CTO Alex Fotopoulos to depart July 28, 2023; Fotopoulos may consult through July 2024.
Kathleen Borthwick appointed Interim CFO; base salary $382k, monthly stipend $2k, 35% bonus target, 20k stock options.
Workforce reduced by ~26% primarily in CMC group to cut operating expenses.
Cash, equivalents, and marketable securities now expected to fund operations into Q4 2025, beyond multiple clinical milestones.

item 5.02 item 8.01

Executive movements

Machine-extracted from this filing. Every card cites the SEC source. See all recent executive movements.

Departed

Simona King

Chief Financial Officer

PASG · Passage BIO, Inc.

Effective: 2023-07-28
Successor: Kathleen Borthwick
Filed: July 20, 2023, 7:59 PM ET

Simona King, the Company’s Chief Financial Officer, and Alex Fotopoulos, the Company’s Chief Technical Officer, will separate from the Company, effective on or about July 28, 2023.

Departed

Alex Fotopoulos

Chief Technical Officer

PASG · Passage BIO, Inc.

Effective: 2023-07-28
Filed: July 20, 2023, 7:59 PM ET

Simona King, the Company’s Chief Financial Officer, and Alex Fotopoulos, the Company’s Chief Technical Officer, will separate from the Company, effective on or about July 28, 2023.

Appointed (interim)

Kathleen Borthwick

Senior Vice President and Interim Chief Financial Officer

PASG · Passage BIO, Inc.

Effective: 2023-07-28
Filed: July 20, 2023, 7:59 PM ET

On July 15, 2023, Kathleen Borthwick, the current Vice President, Finance of the Company was appointed to serve as Senior Vice President and Interim Chief Financial Officer, effective on or about July 28, 2023.

Key facts

Extracted from this filing and checked against the source text.

Executive change SEC 8-K Item 5.02 confidence 0.95

Simona King departed as Chief Financial Officer at Passage BIO, Inc..

Action: separated
Role: Chief Financial Officer

Exact text from the filing

Simona King, the Company’s Chief Financial Officer, and Alex Fotopoulos, the Company’s Chief Technical Officer, will separate from the Company, effective on or about July 28, 2023.

View on SEC.gov

Executive change SEC 8-K Item 5.02 confidence 0.95

Alex Fotopoulos departed as Chief Technical Officer at Passage BIO, Inc..

Action: separated
Role: Chief Technical Officer

Exact text from the filing

Simona King, the Company’s Chief Financial Officer, and Alex Fotopoulos, the Company’s Chief Technical Officer, will separate from the Company, effective on or about July 28, 2023.

View on SEC.gov

Executive change SEC 8-K Item 5.02 confidence 0.95

Kathleen Borthwick was appointed as Senior Vice President and Interim Chief Financial Officer at Passage BIO, Inc..

Action: appointed
Role: Senior Vice President and Interim Chief Financial Officer

Exact text from the filing

On July 15, 2023, Kathleen Borthwick, the current Vice President, Finance of the Company was appointed to serve as Senior Vice President and Interim Chief Financial Officer, effective on or about July 28, 2023.

View on SEC.gov

Passage BIO, Inc. filing history →

Source: SEC EDGAR

accession 0001104659-23-082546

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