Passage Bio (PASG) investor relations material

Executive summary

• Focused on developing gene therapies for neurodegenerative diseases, with lead candidate PBFT02 targeting frontotemporal dementia (FTD) caused by progranulin deficiency.

• Initiated a review of strategic alternatives, including potential mergers, acquisitions, or asset sales, to maximize shareholder value.

• Announced a workforce restructuring to reduce operating expenses by approximately 75%.

Financial highlights

• Net loss for Q1 2026 was $7.6 million, compared to $15.4 million in Q1 2025.

• Research and development expenses decreased to $4.1 million from $7.7 million year-over-year.

• General and administrative expenses fell to $4.8 million from $6.1 million year-over-year.

• Cash and cash equivalents totaled $33.3 million as of March 31, 2026.

• No impairment expenses recorded in Q1 2026; prior year included $2.6 million impairment.

Outlook and guidance

• Current cash position is not expected to meet capital requirements for the next 12 months, raising substantial doubt about ability to continue as a going concern.

• Strategic review may result in merger, acquisition, asset sale, or other alternatives; no assurance of outcome.

• Research and development and general administrative expenses expected to decrease due to workforce reduction.