Tue, May 13, 11:16 AM (36 days ago)
**Summary of Passage Bio, Inc. (Ticker: PASG) Q1 2025 Financial Performance** **Revenue and Profit Margins:** - **Revenue:** $0 (no revenue generated as the company is in the clinical stage). - **Net Loss:** $15.4 million for Q1 2025, slightly improved from $16.7 million in Q1 2024. - **Gross Margin:** Not applicable due to no revenue. - **Operating Margin:** -100% (operating loss of $16.4 million on zero revenue). **Cash Flow:** - **Operating Cash Flow:** -$13.8 million for Q1 2025, an improvement from -$18.9 million in Q1 2024. - **Investing Cash Flow:** +$39.6 million for Q1 2025, primarily from sales of marketable securities. - **Financing Cash Flow:** $0 for Q1 2025 (no new financing activities). **Earnings Changes:** - **Earnings per Share (EPS):** -$0.25 for Q1 2025, improved from -$0.30 in Q1 2024. - **Weighted Average Shares Outstanding:** 62.1 million for Q1 2025. **Quarterly Performance Discussion:** - **Research and Development (R&D) Expenses:** $7.7 million for Q1 2025, down from $11.5 million in Q1 2024 due to reduced headcount and lab operations. - **General and Administrative (G&A) Expenses:** $6.1 million for Q1 2025, slightly down from $6.5 million in Q1 2024. - **Impairment of Long-Lived Assets:** $2.6 million for Q1 2025 due to lab equipment impairment. - **Other Income (Expense), Net:** $1.1 million for Q1 2025, down from $1.3 million in Q1 2024. **Trends and Uncertainties:** - **Cash Position:** $63.4 million as of Q1 2025, expected to last into Q1 2027. - **Funding Requirements:** Significant additional capital needed for operations and clinical trials. - **Future Operations Impact:** Dependence on successful development and commercialization of product candidates, particularly PBFT02 for FTD-GRN. **Future Operations Impact:** - **Clinical Trials:** Ongoing upliFT-D trial for PBFT02, with plans to report 12-month follow-up data and seek regulatory feedback. - **Regulatory Feedback:** Positive feedback received for PBFT02 in FTD-C9orf72 and ALS. - **Manufacturing:** Reliance on third-party manufacturers, with potential risks related to supply and regulatory compliance. **Conclusion:** Passage Bio, Inc. continues to operate at a loss, focusing on clinical development with no revenue generated. The company has improved its cash burn rate and has sufficient cash to fund operations into Q1 2027. Future success depends on the successful development and commercialization of its product candidates, particularly PBFT02, and securing additional funding.