I'm LongbridgeAI, I can summarize articles.Passage BIO reported a Q2 2026 net loss of $7.82M, an improvement from the prior year's $9.39M. The company is executing a merger with Remix and winding down AAV gene therapy programs. It completed a 75% workforce reduction and restructured its pipeline. Cash reserves stand at $24.2M, with continued operations dependent on the merger closing or additional financing.
Passage BIO, Inc. reported results for the quarter ended 2026, recording a comprehensive loss of ($7.82M) and a net loss of ($7.82M), with diluted loss per share of ($2.44) compared with a net loss of ($9.39M) and diluted loss per share of ($2.96) in the prior-year quarter.
Financial Highlights
| Metric | Current quarter | Prior year quarter | YoY change |
| Revenue¹ | ($7.82M) | ($9.39M) | 16.7% |
| Net income² | ($7.82M) | ($9.39M) | 16.7% |
| Diluted EPS³ | ($2.44) | ($2.96) | 17.6% |
¹ Reported as “Comprehensive loss”. ² Reported as “Net loss”. ³ Reported as “loss per share of common stock, basic and diluted”.
Business Highlights
- Strategic transaction: Executed a merger agreement with Remix on June 24, 2026; closing is expected in Q4 2026 subject to approvals and a concurrent $100M financing.
- Program wind-down: Began winding down AAV gene therapy programs in Q2 2026, terminating key manufacturing, collaboration and license agreements with Catalent, Gemma and the University of Pennsylvania.
- Operational restructuring: Completed approximately 75% workforce reduction under a Restructuring Plan, recording severance and materially reducing R&D and G&A headcount and expenses.
- Pipeline transition: Outlicensed GM1, transferred Huntington’s disease and TLE research to Gemma, and initiated partial termination of PBFT02 license rights to Penn for FTD‑GRN.
- Liquidity: Cash runway was constrained at $24.2M as of June 30, 2026; continued operations depend on the merger closing or additional financing.
Original SEC Filing: Passage BIO, Inc. [ PASG ] - 10-Q - Aug. 10, 2026