secwatch.observer — SEC 8-K summary
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Issuer:     Passage BIO, Inc. (PASG)
CIK:        0001787297
Form:       8-K
Filed at:   2025-01-10T23:59:59+00:00
Accession:  0001104659-25-002278
Event type: other_material
Sentiment:  negative
Materiality: 0.85
Item codes: 2.02, 2.05, 2.06, 7.01, 8.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Passage Bio cuts workforce 55%, extends cash runway into Q1 2027; updates PBFT02 data
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- 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.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1787297/000110465925002278/0001104659-25-002278-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1787297/000110465925002278/tm252728d1_8k.htm
  HTML page:      https://secwatch.observer/filing/0001104659-25-002278

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