Passage Bio Reports Q2 GAAP EPS of -$2.96, Exceeding Expectations and Withdrawing $91.8 Million in Cash.

Passage Bio reported Q2 GAAP EPS of -$2.96, beating expectations by $1.08. The company had $57.6 million in cash, cash equivalents and marketable securities as of June 30, 2025, compared to $91.8 million in 2024. Passage expects its current cash to fund operations into 1Q 2027.

Passage Bio, Inc. (Nasdaq: PASG), a clinical-stage genetic medicines company, reported its Q2 GAAP EPS of -$2.96, beating expectations by $1.08. The company's financial results for the second quarter ended June 30, 2025, showed a net loss of $9.4 million, or $2.96 per basic and diluted share, compared to a net loss of $16.0 million, or $5.09 per basic and diluted share, for the same period in 2024. This performance marks a significant improvement over the previous quarter, driven by reduced R&D and G&A expenses.

Cash, cash equivalents, and marketable securities stood at $57.6 million as of June 30, 2025, compared to $91.8 million as of June 30, 2024. The company expects its current cash position to fund operations into the first quarter of 2027. Passage Bio's financial position is supported by the successful completion of dosing for Cohort 2 in its upliFT-D clinical trial, which demonstrated robust and durable elevation in cerebrospinal fluid (CSF) progranulin (PGRN) levels and improvement in plasma neurofilament light chain (NfL) levels, a disease progression biomarker.

The company's R&D expenses for the quarter ended June 30, 2025, were $5.8 million, down from $10.4 million in the same period in 2024. G&A expenses also decreased, from $6.5 million to $4.5 million. These reductions in expenses contribute to the improved financial performance.

Passage Bio's lead product candidate, PBFT02, continues to show promise in treating neurodegenerative conditions, including frontotemporal dementia (FTD). The company has submitted an amended protocol for the upliFT-D clinical trial to global trial sites and health authorities, aiming to expand enrollment to include patients who are prodromal or have mild cognitive impairment. The amended protocol also introduces a short course of low-dose prophylactic anticoagulation.

Looking ahead, Passage Bio expects to receive regulatory feedback on its suspension-based manufacturing process comparability in the second half of 2025 and plans to initiate dosing of its third FTD-GRN and first FTD-C9orf72 patient cohorts once the protocol amendment is approved. The company remains focused on advancing its clinical trials and obtaining regulatory approval for its product candidates.

References:
[1] https://seekingalpha.com/news/4483807-passage-bio-gaap-eps-of-2_96-beats-by-1_08
[2] https://www.globenewswire.com/news-release/2025/08/12/3131555/0/en/Passage-Bio-Reports-Second-Quarter-2025-Financial-Results-and-Provides-Recent-Business-Highlights.html