Passage BIO, Inc. Files Q3 2024 10-Q
Ticker: PASG · Form: 10-Q · Filed: Nov 13, 2024 · CIK: 1787297
Sentiment: neutral
Topics: 10-Q, financials, biotech
TL;DR
Passage BIO Q3 10-Q filed. Financials and operations details out.
AI Summary
Passage BIO, Inc. filed its 10-Q for the period ending September 30, 2024. The company, incorporated in Delaware, operates in the biological products sector. Key financial data and reporting information are included in this filing.
Why It Matters
This filing provides investors and analysts with the latest financial performance and operational details for Passage BIO, Inc. during the third quarter of 2024.
Risk Assessment
Risk Level: low — This is a standard quarterly financial filing with no immediate red flags.
Key Numbers
- 2024-09-30 — Reporting Period End Date (Indicates the end of the fiscal quarter covered by the report.)
- 2024-11-13 — Filing Date (The date the report was officially submitted to the SEC.)
Key Players & Entities
- Passage BIO, Inc. (company) — Filer of the 10-Q
- 20240930 (date) — Conformed period of report
- 20241113 (date) — Filed as of date
- 0001787297 (company) — Central Index Key for Passage BIO, Inc.
FAQ
What is the primary business of Passage BIO, Inc.?
Passage BIO, Inc. is involved in Biological Products (No Diagnostic Substances), as indicated by its Standard Industrial Classification code [2836].
What fiscal period does this 10-Q filing cover?
This 10-Q filing covers the period ending September 30, 2024.
When was this 10-Q filing submitted to the SEC?
This filing was submitted on November 13, 2024.
What is the state of incorporation for Passage BIO, Inc.?
Passage BIO, Inc. is incorporated in Delaware (DE).
What is the SEC file number for Passage BIO, Inc.?
The SEC file number for Passage BIO, Inc. is 001-39231.
Filing Stats: 4,457 words · 18 min read · ~15 pages · Grade level 17 · Accepted 2024-11-13 07:15:30
Key Financial Figures
- $0.0001 — had 61,767,286 shares of common stock, $0.0001 par value per share, outstanding. Tabl
Filing Documents
- pasg-20240930x10q.htm (10-Q) — 1986KB
- pasg-20240930xex10d1.htm (EX-10.1) — 603KB
- pasg-20240930xex10d2.htm (EX-10.2) — 543KB
- pasg-20240930xex10d3.htm (EX-10.3) — 578KB
- pasg-20240930xex10d4.htm (EX-10.4) — 115KB
- pasg-20240930xex10d5.htm (EX-10.5) — 769KB
- pasg-20240930xex10d6.htm (EX-10.6) — 613KB
- pasg-20240930xex31d1.htm (EX-31.1) — 16KB
- pasg-20240930xex31d2.htm (EX-31.2) — 15KB
- pasg-20240930xex32d1.htm (EX-32.1) — 6KB
- pasg-20240930xex32d2.htm (EX-32.2) — 6KB
- pasg-20240930x10q001.jpg (GRAPHIC) — 53KB
- 0001558370-24-015431.txt ( ) — 11399KB
- pasg-20240930.xsd (EX-101.SCH) — 46KB
- pasg-20240930_cal.xml (EX-101.CAL) — 50KB
- pasg-20240930_def.xml (EX-101.DEF) — 166KB
- pasg-20240930_lab.xml (EX-101.LAB) — 434KB
- pasg-20240930_pre.xml (EX-101.PRE) — 317KB
- pasg-20240930x10q_htm.xml (XML) — 1316KB
Management's Discussion and Analysis of Financial Condition and Results of Operations
Management's Discussion and Analysis of Financial Condition and Results of Operations 29 Item 3.
Quantitative and Qualitative Disclosures About Market Risk
Quantitative and Qualitative Disclosures About Market Risk 45 Item 4.
Controls and Procedures
Controls and Procedures 45 PART II. OTHER INFORMATION 46 Item 1.
Legal Proceedings
Legal Proceedings 46 Item 1A.
Risk Factors
Risk Factors 46 Item 2. Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities 99 Item 3. Defaults Upon Senior Securities 99 Item 4. Mine Safety Disclosures 99 Item 5. Other Information 99 Item 6. Exhibits 100
Signatures
Signatures 102 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) September 30, 2024 December 31, 2023 Assets Current assets: Cash and cash equivalents $ 32,292 $ 21,709 Marketable securities 52,534 92,585 Prepaid expenses and other current assets 1,210 923 Prepaid research and development 1,180 2,742 Total current assets 87,216 117,959 Property and equipment, net 10,036 15,295 Right of use assets - operating leases 14,037 16,858 Other assets 463 433 Total assets $ 111,752 $ 150,545 Liabilities and stockholders' equity Current liabilities: Accounts payable $ 1,489 $ 1,298 Accrued expenses and other current liabilities 6,729 11,670 Non-refundable sublicense payments received 5,000 — Operating lease liabilities 3,733 3,373 Total current liabilities 16,951 16,341 Operating lease liabilities - noncurrent 22,085 22,921 Total liabilities 39,036 39,262 Commitments and contingencies (note 10) Stockholders' equity: Preferred stock, $ 0.0001 par value: 10,000,000 shares authorized; no shares issued and outstanding at both September 30, 2024 and December 31, 2023 — — Common stock, $ 0.0001 par value: 300,000,000 shares authorized; 61,767,286 shares issued and outstanding at September 30, 2024 and 54,944,130 shares issued and outstanding at December 31, 2023 6 5 Additional paidin capital 719,188 705,789 Accumulated other comprehensive income (loss) 32 ( 43 ) Accumulated deficit ( 646,510 ) ( 594,468 ) Total stockholders' equity 72,716 111,283 Total liabilities and stockholders' equity $ 111,752 $ 150,545 See accompanying notes to unaudited interim financial statements. 4 Table of Contents Passage Bio, Inc. (Unaudited) Three Months Ended September 30, Nine Months Ended September 30, (in thousands, except share and p