Passage Bio, Inc. Reports Earnings Results for the Third Quarter and Nine Months Ended September 30, 2023
November 13, 2023 at 07:00 am EST
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Passage Bio, Inc. reported earnings results for the third quarter and nine months ended September 30, 2023. For the third quarter, the company reported net loss was USD 27.11 million compared to USD 26.7 million a year ago. Basic loss per share from continuing operations was USD 0.49 compared to USD 0.49 a year ago.
For the nine months, net loss was USD 85.3 million compared to USD 109.05 million a year ago. Basic loss per share from continuing operations was USD 1.56 compared to USD 2.01 a year ago.
Passage Bio, Inc. is a clinical-stage genetic medicines company focused on improving the lives of patients with neurodegenerative diseases. Its clinical product candidate, PBFT02, seeks to elevate progranulin levels to restore lysosomal function and slow disease progression across a variety of neurodegenerative diseases. PBFT02 utilizes an adeno-associated virus capsid to deliver a functional granulin gene, or GRN, encoding progranulin to the brain via intra cisterna magna administration. The lead indication for PBFT02 is frontotemporal dementia, or FTD, caused by progranulin deficiency, or FTD-GRN. Its development programs consist of PBFT02 for the treatment of FTD-GRN, PBFT02 for the treatment of FTD-C9orf72 and amyotrophic lateral sclerosis, and PBFT02 for the treatment of Alzheimerâs disease. Its clinical product candidates include PBGM01, PBKR03 and PBML04. It has one unnamed preclinical research program that explores multiple potential treatment targets for Huntington's disease.