Passage BIO, Inc. (PASG): restructuring charge — Passage Bio cuts workforce 55%, extends cash runway into Q1 2027; updates PBFT02 data

Passage BIO, Inc.

Preliminary cash $76.8M as of Dec 31, 2024; expected runway into Q1 2027 after restructuring.
Workforce reduced ~55%; lab operations in Hopewell, NJ ceased; annual cost savings $9-11M; severance $2M.
Expects $1-3M impairment on lab equipment in Q1 2025; non-cash, no impact on cash runway.
PBFT02 (FTD-GRN) interim data: CSF PGRN increased from <3 to 13-27 ng/mL at 6 months (n=4), durable to 18 months.
Plasma NfL decreased 13% vs baseline at 12 months (n=2); vs 29% annual increase in untreated per literature.

item 2.02 item 2.05 item 2.06 item 7.01 item 8.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Restructurings & Charges SEC 8-K Item 2.05/2.06 confidence 0.9

Passage BIO, Inc. announced a restructuring with charges of approximately $2.0 million affecting approximately 62,000 feet of leased laboratory space in Hopewell, New Jersey (approximately 5 5 %).

Type: restructuring
Charge: approximately $2.0 million
Affected area: approximately 62,000 feet of leased laboratory space in Hopewell, New Jersey
Headcount: approximately 5 5 %

Exact text from the filing

operating costs by approximately $9.0 million to $11.0 million, excluding the Company’s estimates of aggregate severance and exit costs that it will incur of approximately $2.0 million, which will be recorded primarily in the first quarter of 2025. The cost that the Company expects to incur in connection with the Restructuring Plan is subject to a number of

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Restructurings & Charges SEC 8-K Item 2.05/2.06 confidence 0.9

Passage BIO, Inc. announced a impairment with charges of approximately $1.0 million to $3.0 million affecting laboratory equipment at the Laboratory Lease.

Type: impairment
Charge: approximately $1.0 million to $3.0 million
Affected area: laboratory equipment at the Laboratory Lease

Exact text from the filing

the Company expects to recognize impairment expenses for its laboratory equipment of approximately $1.0 million to $3.0 million in the three-month period ending March 31, 2025.

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Passage BIO, Inc. filing history →

Source: SEC EDGAR

accession 0001104659-25-002278

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