Passage BIO, Inc. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Passage BIO, Inc. filed its Q1 2024 10-Q, detailing financial positions and equity-related information.</b>

AI Summary

Passage BIO, Inc. (PASG) filed a Quarterly Report (10-Q) with the SEC on May 14, 2024. Passage BIO, Inc. filed a 10-Q report for the period ending March 31, 2024. The filing includes data related to common stock, retained earnings, and additional paid-in capital as of March 31, 2024. Information on employee stock options and restricted stock units is also present for the period. Details on various fixed assets including computer equipment, office equipment, and laboratory equipment are provided as of March 31, 2024. The company has entered into agreements such as the At-the-Market Facility Agreement and sublease agreements.

Why It Matters

For investors and stakeholders tracking Passage BIO, Inc., this filing contains several important signals. This 10-Q filing provides a snapshot of Passage BIO's financial health and equity structure as of the first quarter of 2024, crucial for investors assessing the company's stability and potential. The inclusion of details on various agreements and fixed assets offers insight into the company's operational and financial commitments during the reporting period.

Risk Assessment

Risk Level: low — Passage BIO, Inc. shows low risk based on this filing. The filing is a standard 10-Q, providing routine financial disclosures without immediate indicators of significant new risks or positive developments.

Analyst Insight

Monitor future filings for updates on the company's financial performance, R&D progress, and any strategic shifts indicated by changes in asset or equity structures.

Key Numbers

• 2024-03-31 — Reporting Period End Date (10-Q filing)
• 2024-05-14 — Filing Date (10-Q filing)
• 2021-03-05 — Facility Agreement Date (At-the-Market Facility Agreement)
• 2024-02-20 — Sublease Agreement Date (Market Street Sublease Agreement)
• 2023-09-29 — Sublease Agreement Date (Sublease Agreement B)

Key Players & Entities

• Passage BIO, Inc. (company) — Filer name
• 2024-03-31 (date) — Period of report
• 2024-05-14 (date) — Filed as of date
• 0001787297 (company) — Central Index Key
• 2678660312 (phone) — Business phone
• Catalent Maryland Inc. (company) — Mentioned entity

FAQ

Key Dates

• 2024-03-31: Quarterly Period End — End of the reporting period for the 10-Q filing.
• 2024-05-14: Filing Date — Date the 10-Q was officially submitted to the SEC.

Glossary

10-Q

A quarterly report required by the U.S. Securities and Exchange Commission (SEC). (Provides a comprehensive update on the company's financial performance and position during the quarter.)

At-the-Market Facility Agreement

An agreement allowing a company to sell shares of its stock over time at prevailing market prices. (Indicates potential for equity financing and dilution, impacting share value.)

Retained Earnings

The cumulative amount of net income that has not been distributed to shareholders as dividends. (Reflects the company's historical profitability and reinvestment strategy.)

Additional Paid-In Capital

The amount shareholders have paid for stock above its par value. (Shows the total capital raised from stock issuance beyond the nominal value.)

Key Financial Figures

• $0.0001 — had 61,640,596 shares of common stock, $0.0001 par value per share, outstanding. Tabl

Filing Documents

• pasg-20240331x10q.htm (10-Q) — 1607KB
• pasg-20240331xex10d1.htm (EX-10.1) — 38KB
• pasg-20240331xex31d1.htm (EX-31.1) — 16KB
• pasg-20240331xex31d2.htm (EX-31.2) — 16KB
• pasg-20240331xex32d1.htm (EX-32.1) — 6KB
• pasg-20240331xex32d2.htm (EX-32.2) — 6KB
• pasg-20240331x10q001.jpg (GRAPHIC) — 72KB
• 0001558370-24-008058.txt (&nbsp;) — 6676KB
• pasg-20240331.xsd (EX-101.SCH) — 42KB
• pasg-20240331_cal.xml (EX-101.CAL) — 41KB
• pasg-20240331_def.xml (EX-101.DEF) — 140KB
• pasg-20240331_lab.xml (EX-101.LAB) — 387KB
• pasg-20240331_pre.xml (EX-101.PRE) — 273KB
• pasg-20240331x10q_htm.xml (XML) — 1123KB

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 24 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 36 Item 4.

Controls and Procedures

Controls and Procedures 36 PART II. OTHER INFORMATION 37 Item 1.

Legal Proceedings

Legal Proceedings 37 Item 1A.

Risk Factors

Risk Factors 37 Item 2. Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities 89 Item 3. Defaults Upon Senior Securities 89 Item 4. Mine Safety Disclosures 89 Item 5. Other Information 89 Item 6. Exhibits 90

Signatures

Signatures 92 3 Table of Contents

-FINANCIAL INFORMATION

PART I-FINANCIAL INFORMATION

Interim Financial Statements

Item 1. Interim Financial Statements. Passage Bio, Inc. Balance Sheets (Unaudited) (in thousands, except share and per share data) March 31, 2024 December 31, 2023 Assets Current assets: Cash and cash equivalents $ 36,773 $ 21,709 Marketable securities 67,752 92,585 Prepaid expenses and other current assets 1,784 923 Prepaid research and development 1,984 2,742 Total current assets 108,293 117,959 Property and equipment, net 14,489 15,295 Right of use assets - operating leases 17,087 16,858 Other assets 662 433 Total assets $ 140,531 $ 150,545 Liabilities and stockholders' equity Current liabilities: Accounts payable $ 1,687 $ 1,298 Accrued expenses and other current liabilities 7,483 11,670 Operating lease liabilities 3,671 3,373 Total current liabilities 12,841 16,341 Operating lease liabilities - noncurrent 22,807 22,921 Total liabilities 35,648 39,262 Commitments and contingencies (note 9) Stockholders' equity: Preferred stock, $ 0.0001 par value: 10,000,000 shares authorized; no shares issued and outstanding at both March 31, 2024 and December 31, 2023 — — Common stock, $ 0.0001 par value: 300,000,000 shares authorized; 61,611,796 shares issued and outstanding at March 31, 2024 and 54,944,130 shares issued and outstanding at December 31, 2023 6 5 Additional paidin capital 716,125 705,789 Accumulated other comprehensive income (loss) ( 69 ) ( 43 ) Accumulated deficit ( 611,179 ) ( 594,468 ) Total stockholders' equity 104,883 111,283 Total liabilities and stockholders' equity $ 140,531 $ 150,545 See accompanying notes to unaudited interim financial statements. 4 Table of Contents Passage Bio, Inc. (Unaudited) Three Months Ended March 31, (in thousands, except share and per share data) 2024 2023 Operating expenses: Research and development $ 11,535 $ 16,836

View Full Filing

View this 10-Q filing on SEC EDGAR