--- title: "Passage Bio | 10-Q: FY2026 Q1 Revenue: USD 0" type: "News" locale: "en" url: "https://longbridge.com/en/news/286085454.md" datetime: "2026-05-12T11:03:42.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/286085454.md) - [en](https://longbridge.com/en/news/286085454.md) - [zh-HK](https://longbridge.com/zh-HK/news/286085454.md) --- # Passage Bio | 10-Q: FY2026 Q1 Revenue: USD 0 Revenue: As of FY2026 Q1, the actual value is USD 0. EPS: As of FY2026 Q1, the actual value is USD -2.36, beating the estimate of USD -2.7. EBIT: As of FY2026 Q1, the actual value is USD -8.547 M. Passage Bio, Inc. operates in a single reportable segment focused on developing genetic medicines for neurodegenerative diseases. #### Net Loss Passage Bio, Inc. reported a net loss of - $7.6 million for the three months ended March 31, 2026, an improvement from a net loss of - $15.4 million for the same period in 2025. The accumulated deficit as of March 31, 2026, was - $712.3 million. #### Operating Expenses - **Research and Development (R&D) Expenses**: R&D expenses decreased by - $3.6 million to $4.1 million for the three months ended March 31, 2026, from $7.7 million in the prior year period. This decrease was primarily due to a - $2.1 million reduction in wages and benefits, a - $1.0 million decrease in facility and other expenses, a - $0.6 million decrease in clinical operations expenses, and a - $0.1 million decrease in share-based compensation, partially offset by a $0.2 million increase in preclinical research expenses. - **General and Administrative (G&A) Expenses**: G&A expenses decreased by - $1.3 million to $4.8 million for the three months ended March 31, 2026, from $6.1 million in the prior year period. This reduction was mainly driven by a - $0.9 million decrease in wages and benefits, a - $0.2 million decrease in share-based compensation expense, and a - $0.3 million decrease in facility and other expenses, partially offset by a $0.1 million increase in professional fees. - **Impairment of Long-Lived Assets**: No impairment expense was recorded for the three months ended March 31, 2026, compared to $2.6 million in the prior year period. - **Net Gain on Lease Termination**: Passage Bio, Inc. recorded a $0.6 million net gain on the termination of the Hopewell Laboratory Lease Agreement for the three months ended March 31, 2026, comprising a $3.8 million gain on the write-off of operating lease assets and liabilities, offset by a - $3.2 million net loss on the disposal of property and equipment. - **Other Income (Expense), Net**: Other income (expense), net decreased by - $0.4 million to $0.7 million for the three months ended March 31, 2026, from $1.1 million in the prior year period, primarily due to a decrease in the amortization of premium and discount on marketable securities. #### Cash Flow - **Operating Activities**: Net cash used in operating activities was - $13.0 million for the three months ended March 31, 2026, compared to - $13.8 million for the same period in 2025. - **Investing Activities**: Net cash provided by investing activities was de minimis for the three months ended March 31, 2026, whereas the prior year period saw $39.6 million from sales and maturities of marketable securities and proceeds from the sale of property and equipment. - **Financing Activities**: There were no gross receipts or outflows of cash related to financing activities for both periods. #### Liquidity and Capital Resources As of March 31, 2026, Passage Bio, Inc. had $33.3 million in cash and cash equivalents. The company does not expect this to be sufficient to meet its capital requirements over the next 12 months, raising substantial doubt about its ability to continue as a going concern. As of March 31, 2026, $15.8 million of capacity remains available to be sold under the At-The-Market (ATM) Facility. #### Contractual Obligations Remaining undiscounted lease payments for the 2005 Market Street Lease Agreement total $7.4 million, and a payment of $0.9 million is accrued and due to Catalent as a divestiture fee related to the outlicensing of GM1. #### Future Outlook and Strategy Passage Bio, Inc. initiated a review of strategic alternatives on April 20, 2026, to maximize shareholder value, which may include merger or acquisition transactions, a reverse merger, asset sales, strategic partnerships, or licensing opportunities. The company announced a workforce restructuring on April 28, 2026, reducing its workforce by approximately 75% to decrease operating expenses, with estimated severance and related costs of approximately $3.3 million primarily to be recorded in the second quarter of 2026. As a result of these actions, the company expects its research and development and general and administrative expenses to decrease in the near future, though it acknowledges substantial doubt about its ability to continue as a going concern within one year after the financial statements are issued. ### Related Stocks - [PASG.US](https://longbridge.com/en/quote/PASG.US.md) ## Related News & Research - [VALION BIO BRIEFS SENIOR DEPARTMENT OF WAR AND BARDA OFFICIALS IN JOINT ENGAGEMENT ON ENTOLIMOD FOR ACUTE RADIATION SYNDROME | VBIO Stock News](https://longbridge.com/en/news/286964504.md) - [Yext to Announce First Quarter Fiscal Year 2027 Financial Results on June 2, 2026 | YEXT Stock News](https://longbridge.com/en/news/286970613.md) - [Activist Elliott Takes Major Stake in Bio-Rad — Can It Boost BIO Stock Price?](https://longbridge.com/en/news/286737807.md) - [LOWE'S REPORTS FIRST QUARTER 2026 SALES AND EARNINGS RESULTS | LOW Stock News](https://longbridge.com/en/news/287043063.md) - [Vulnerability Exploitation Top Breach Entry Point, 2026 Industry-Wide DBIR Finds | VZ Stock News](https://longbridge.com/en/news/286918426.md)