Passage Bio narrows 2025 loss as gene therapy pipeline hits key clinical gates

Passage Bio (NASDAQ:PASG) reported its full-year 2025 financial results on Tuesday, detailing a leaner operational structure and significant enrollment momentum for its lead gene therapy candidate in frontotemporal dementia.

The Philadelphia-based genetic medicines company posted a net loss of $45.5 million for 2025, or $14.35 per share, a notable improvement from the $64.8 million loss recorded in 2024.

The narrowing deficit reflects a strategic 42% reduction in research and development spending following the out-licensing of non-core programs and a focus on high-priority clinical assets.

As of December 31, 2025, the company held $46.3 million in cash and equivalents, which management expects will fund operations through the first quarter of 2027.

The financial update was paired with critical operational updates for the upliFT-D Phase 1/2 study, which is evaluating PBFT02 in patients with frontotemporal dementia (FTD) caused by GRN or C9orf72 mutations.

The company has successfully enrolled the first three patients in Cohort 3 and dosed the first patient in Cohort 4, marking the first administration of PBFT02 to the FTD-C9orf72 population at Dose 2.

The first half of 2026 is poised to be a pivotal period for the firm.

Passage Bio expects to release interim safety and biomarker data from the upliFT-D study and, crucially, seek regulatory feedback on a registrational trial design for FTD-GRN.

Beyond its lead program, the company is advancing a preclinical project for Huntington’s disease.

This program uses a microRNA (miRNA) approach aimed at suppressing the MSH3 gene to reduce somatic instability.

A clinical candidate for this program is expected to be declared in the second half of 2026.