secwatch.observer — SEC 8-K summary
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Issuer:     Passage BIO, Inc. (PASG)
CIK:        0001787297
Form:       8-K
Filed at:   2023-07-20T23:59:59+00:00
Accession:  0001104659-23-082546
Event type: leadership
Sentiment:  negative
Materiality: 0.75
Item codes: 5.02, 8.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1787297/000110465923082546/0001104659-23-082546-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1787297/000110465923082546/tm2321606d1_8k.htm
  HTML page:      https://secwatch.observer/filing/0001104659-23-082546

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer