Passage BIO, Inc. (PASG): restructuring charge — Passage Bio expects $3.5M-$5.5M impairment charge on sublease of lab space

Passage BIO, Inc.

Subleased 3,200 sq ft (5% of 62,000 sq ft lab) in Hopewell, NJ; term Sept 2024 to Sept 2029, option to extend to 2032.
Expects pre-tax impairment of $3.5M-$5.5M in Q3 2024 for ROU assets, leasehold improvements, and lab equipment.
Impairment is non-cash; cash runway to fund operations through Q2 2026 unchanged.
Annual sublease rent ~$0.1M (escalates 2.5%/yr); expected to reduce GAAP net loss by $0.1-$0.2M annually.
Company pursuing additional subleases to further offset lease obligations from prior corporate developments.

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 impairment with charges of approximately $3.5 million to $5.5 million affecting leased laboratory space in Hopewell, New Jersey.

Type: impairment
Charge: approximately $3.5 million to $5.5 million
Affected area: leased laboratory space in Hopewell, New Jersey

Exact text from the filing

the Company expects to recognize impairment expenses of approximately $3.5 million to $5.5 million in the period ending September 30, 2024

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Passage BIO, Inc. filing history →

Source: SEC EDGAR

accession 0001558370-24-012654

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