secwatch.observer — SEC 8-K summary
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Issuer:     Passage BIO, Inc. (PASG)
CIK:        0001787297
Form:       8-K
Filed at:   2022-11-10T23:59:59+00:00
Accession:  0001558370-22-017280
Event type: other_material
Sentiment:  negative
Materiality: 0.75
Item codes: 2.02, 5.02, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1787297/000155837022017280/0001558370-22-017280-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1787297/000155837022017280/pasg-20221108x8k.htm
  HTML page:      https://secwatch.observer/filing/0001558370-22-017280

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