Passage Bio, Inc. reported financial results for the fourth quarter and full year ended December 31, 2024, alongside recent business highlights. The company's net loss for the fourth quarter of 2024 was $16.2 million, an improvement from $20.1 million in the fourth quarter of 2023. For the full year 2024, the net loss was $76.7 million, down from $108.0 million in 2023.
Research and development expenses decreased by $10.0 million to $10.9 million for the fourth quarter of 2024, while general and administrative expenses decreased by $2.0 million to $5.3 million. These reductions contributed to the company's extended cash runway into the first quarter of 2027.
The company highlighted interim data from Dose 1 PBFT02, which demonstrated durable, elevated CSF progranulin and early evidence of reduction in plasma neurofilament light chain levels. Passage Bio also enrolled the first FTD-GRN patient to be treated with Dose 2 PBFT02, which is 50% lower than Dose 1, and plans to seek regulatory feedback on FTD-GRN pivotal trial design in the first half of 2026.
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