---
schema_version: "secwatch.filing_event.v1"
accession: "0001558370-22-017280"
form_type: "8-K"
ticker: "PASG"
cik: "0001787297"
company_name: "Passage BIO, Inc."
filed_at: "2022-11-10T23:59:59+00:00"
generated_at: "2026-06-21T23:26:35.981080+00:00"
event_type: "other_material"
sentiment: "negative"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

# Passage Bio reports Q3 net loss $26.7M; cuts workforce 23%, halts Krabbe program

## Summary
- Net loss of $26.7M ($0.49 per share) vs $46.9M in Q3 2021; R&D expenses fell to $15.4M.
- Cash $213.8M as of Sept 30, 2022; runway extended into first half 2025 via restructuring.
- Workforce reduced ~23%; stop development of PBKR03 for Krabbe disease, explore strategic alternatives.
- First patient dosed in Cohort 4 (high dose, early infantile) of Imagine-1 GM1 trial; data from Cohorts 2&3 expected Dec 2022.
- First patient dosed in upliFT-D trial for frontotemporal dementia; William Chou appointed CEO in October.

## SEC filing metadata
- accession: 0001558370-22-017280
- form_type: 8-K
- ticker: PASG
- cik: 0001787297
- company_name: Passage BIO, Inc.
- filed_at: 2022-11-10T23:59:59+00:00
- event_type: other_material
- sentiment: negative
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 2.02, 5.02, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1787297/000155837022017280/0001558370-22-017280-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1787297/000155837022017280/pasg-20221108x8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001558370-22-017280
- JSON: https://secwatch.observer/filing/0001558370-22-017280.json
- Plain text: https://secwatch.observer/filing/0001558370-22-017280.txt

## Key facts
- Earnings Releases
  Passage BIO, Inc. reported the third quarter ended September 30, 2022 results: net income Net loss was $26.7 million, or a net loss of $0.49 per basic and diluted share, EPS a net loss of $0.49 per basic and diluted share.
  - Period: the third quarter ended September 30, 2022
  - Net income: Net loss was $26.7 million, or a net loss of $0.49 per basic and diluted share
  - EPS: a net loss of $0.49 per basic and diluted share
  - Result: reported results
  source text: Passage Bio Reports Third Quarter 2022 Financial Results And Provides Business Updates
  evidence_url: https://www.sec.gov/Archives/edgar/data/1787297/000155837022017280/0001558370-22-017280-index.htm
- Executive change
  Maxine Gowen resigned as Interim Executive Chairwoman at Passage BIO, Inc..
  - Action: resigned
  - Role: Interim Executive Chairwoman
  source text: On November 8, 2022, the Company received the resignation of Maxine Gowen from her role as Interim Executive Chairwoman of the Board of Directors of the Company (the “Board”), effective as of November 10, 2022 (the “Effective Date”).
  evidence_url: https://www.sec.gov/Archives/edgar/data/1787297/000155837022017280/0001558370-22-017280-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.