Passage Bio reported a net loss of $4.09 per share for the fourth quarter of 2025, and a net loss of $14.35 per share for the full year. The quarterly loss narrowed from $12.70 million ($4.00 per share) in Q4 2024, while the full‑year loss fell from $64.80 million ($21.04 per share) in 2024, indicating a steady reduction in operating expenses and a more efficient use of capital.
The company’s earnings missed the consensus estimate of $‑2.19 per share, a miss of $2.00 per share. The miss reflects the continued investment in research and development, the absence of any revenue streams, and the higher-than‑expected one‑time charges associated with restructuring and workforce reductions. The loss per share is therefore a direct consequence of the company’s focus on advancing its clinical pipeline rather than generating sales.
Progress in the PBFT02 frontotemporal dementia program remains a key highlight. Three patients have been enrolled in Cohort 3 of the upliFT‑D study, and the first FTD‑C9orf72 patient has received Dose 2. The company expects to report updated interim safety and biomarker data from upliFT‑D and to receive regulatory feedback on the FTD‑GRN registrational trial design in the first half of 2026, underscoring the company’s commitment to moving its lead candidate forward.
The Huntington’s disease program continues to advance, with a preclinical AAV‑miRNA approach targeting MSH3 to reduce HTT somatic instability. A clinical candidate is expected to enter development in the second half of 2026, expanding the company’s portfolio into another rare neurodegenerative disease with significant unmet need.
Cash and liquidity remain a priority. Passage Bio confirmed a cash runway that extends through the first quarter of 2027, a result of disciplined cost management and a 55% workforce reduction that has lowered operating expenses. The company’s focus on cost control is intended to preserve capital while it pursues critical clinical milestones.
"We are proud of the progress made in 2025 as we meaningfully advanced our PBFT02 clinical program for the treatment of genetic forms of frontotemporal dementia. As we enter 2026, we are excited by the strong enrollment momentum in our upliFT‑D clinical study and look forward to sharing important data and regulatory updates in the first half of the year. FTD is a devastating disease, and the clinical unmet need remains substantial. We remain committed to advancing our program in the hope that we might one day offer patients and their families a therapy to redefine the course of their disease," said President and CEO Will Chou.
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