Passage Bio Reports $45.5 Million Net Loss for 2025, Decreases in R&D and Administrative Expenses

Passage Bio, Inc. (PASG) reported a net loss of $45.5 million for the year ended December 31, 2025, compared to a net loss of $64.8 million for the previous year. The company's operating loss was $49.3 million, a decrease from $70.4 million in 2024. Research and development expenses decreased to $23.3 million from $40.2 million, while general and administrative expenses also decreased to $19.9 million from $25.0 million. The company had no revenue from product sales in either fiscal year.

The decrease in research and development expenses was attributed to lower personnel costs due to a restructuring, reduced preclinical research expenses, decreased facility costs, and lower clinical operations expenses. The decrease in general and administrative expenses was primarily due to lower professional fees, reduced personnel costs, and decreased facility expenses, partially offset by an increase in accruals for a GM1 divestiture fee. Impairment of long-lived assets increased slightly to $6.1 million in 2025 from $5.2 million in 2024, related to the Hopewell laboratory space. Other income, net, decreased by $1.9 million, primarily due to lower interest income and the absence of tax credit sales, partially offset by increased sublease income.

Strategic developments included the restructuring of the research, collaboration, and licensing agreement with the University of Pennsylvania (Penn) following the out-licensing of three pediatric programs (GM1, Krabbe, and MLD) to Gemma Biotherapeutics, Inc. The company entered into a research, collaboration, and license agreement with Gemma, focusing on Huntington's disease and other CNS indications. Passage Bio is entitled to receive up to $15.0 million in initial payments from Gemma, with $7.5 million already received, and is eligible for additional milestone payments and royalties. The company also completed a Type D Chemistry, Manufacturing, and Controls (CMC) meeting with the FDA, aligning on key elements for PBFT02 manufacturing.

As of December 31, 2025, Passage Bio had 24 full-time employees, with 13 engaged in research, development, and technical operations. The company's cash and cash equivalents totaled $46.3 million, which is expected to fund operations through the first quarter of 2027. The company is currently enrolling patients in Cohort 3 of the upliFT-D trial for PBFT02 in FTD-GRN patients and has initiated dosing patients in Cohort 4 of upliFT-D for FTD-C9orf72 patients. The company expects to report updated interim safety and biomarker data from Dose 2 in FTD patients in the first half of 2026 and seek regulatory feedback on registrational trial design in FTD-GRN in the first half of 2026.