Passage Bio, Inc. Reports Earnings Results for the First Quarter Ended March 31, 2022
May 16, 2022 at 12:00 pm
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Passage Bio, Inc. reported earnings results for the first quarter ended March 31, 2022. For the first quarter, the company reported net loss was USD 42.81 million compared to USD 38.88 million a year ago. Basic loss per share from continuing operations was USD 0.79 compared to USD 0.76 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.