Passage Bio (PASG) Q4 2025 earnings summary

Executive summary

• Enrolled first three FTD-GRN patients in Cohort 3 and treated first FTD-C9orf72 patient in Cohort 4 of the ongoing upliFT-D study.

• Updated interim safety and biomarker data from upliFT-D and regulatory feedback on FTD-GRN registrational trial design expected in 1H 2026.

• Advancing a preclinical Huntington's disease program with clinical candidate selection anticipated in 2H 2026.

• Cash runway projected through 1Q 2027.

Financial highlights

• Cash and cash equivalents were $46.3 million as of December 31, 2025, down from $76.8 million at the end of 2024.

• R&D expenses for Q4 2025 were $5.4 million, and $23.3 million for the year, both lower than the prior year.

• G&A expenses for Q4 2025 were $4.9 million, and $19.9 million for the year, also down year-over-year.

• Net loss for Q4 2025 was $13.0 million ($4.09 per share); full-year net loss was $45.5 million ($14.35 per share), both improved from 2024.

Outlook and guidance

• Updated interim safety and biomarker data from Dose 2 in upliFT-D and regulatory feedback on FTD-GRN trial design expected in 1H 2026.

• Clinical candidate for Huntington's disease program to be declared in 2H 2026.

• Cash expected to fund operations through 1Q 2027.