Passage Bio, Inc. (PASG) Bundle
A Brief History of Passage Bio, Inc. (PASG)
Foundation and Formation
Foundation and Formation
Passage Bio, Inc. was founded in 2019 as a biotechnology company focused on developing genetic therapies for central nervous system (CNS) disorders. The company was established in Philadelphia, Pennsylvania, and has since positioned itself as a leader in the field of AAV (adeno-associated virus) gene therapy.
Funding and Financial Growth
In 2020, Passage Bio completed a Series A financing round, raising approximately $115 million. The financing was led by prominent investors including the venture capital firm, OrbiMed Advisors and the University of Pennsylvania, which provided significant support in the company's early development phase.
Initial Public Offering (IPO)
Passage Bio went public on October 18, 2019, trading on the NASDAQ under the ticker symbol PASG. The IPO raised around $200 million, offering 12 million shares at a price of $17 per share. This public offering provided the necessary capital to advance clinical trials for their pipeline of gene therapies.
Clinical Development
The company’s lead product candidate, PB-201, is designed to treat GM2 gangliosidosis, a rare genetic disorder. As of 2021, Phase 1/2 clinical trials were initiated, focusing on safety and efficacy. The trial was projected to enroll up to 20 patients, with results expected in 2023.
Strategic Collaborations
In December 2020, Passage Bio announced a collaboration with the University of Pennsylvania's Gene Therapy Program to enhance its research capabilities. This partnership aimed to leverage Penn's expertise in gene therapy and provide access to advanced AAV vector development.
Financial Performance
As of December 31, 2022, Passage Bio reported total assets of approximately $135 million. The company reported a net loss of approximately $58 million for the year, primarily due to research and development expenses related to ongoing clinical trials.
| Year | Total Assets ($ million) | Net Loss ($ million) | IPO Amount ($ million) | Series A Funding ($ million) |
|---|---|---|---|---|
| 2020 | 115 | - | 200 | 115 |
| 2021 | 136 | -52 | - | - |
| 2022 | 135 | -58 | - | - |
Recent Developments
In 2023, Passage Bio announced advancements in its pipeline, including the initiation of a Phase 1 trial for PB-301, targeting a different CNS disorder. The company aims to expand its portfolio in the gene therapy space with a focus on addressing unmet medical needs.
Market Position and Future Outlook
As of mid-2023, Passage Bio has a market capitalization of approximately $250 million. Analysts predict robust growth in the sector, driven by increasing interest in gene therapy solutions for rare diseases, which could significantly benefit Passage Bio's strategic direction and financial performance.
A Who Owns Passage Bio, Inc. (PASG)
Institutional Ownership
As of the latest filings, institutional investors hold a significant portion of Passage Bio, Inc. (PASG). Here is the information regarding institutional ownership:
| Institution | Shares Held | Percentage of Total Shares | Market Value (USD) |
|---|---|---|---|
| The Vanguard Group, Inc. | 1,202,455 | 9.8% | $9,515,422 |
| BlackRock, Inc. | 1,050,000 | 8.6% | $8,363,500 |
| Wellington Management Group LLP | 785,000 | 6.4% | $6,177,500 |
| Invesco Ltd. | 500,000 | 4.1% | $3,975,000 |
| Janus Henderson Group plc | 400,000 | 3.3% | $3,180,000 |
Insider Ownership
Insider ownership is also a critical component of Passage Bio's stock structure. The company's executives and board members own a portion of the shares. Here are the latest insider ownership statistics:
| Name | Position | Shares Owned | Percentage of Total Shares |
|---|---|---|---|
| William M. McNally | CEO | 250,000 | 2.0% |
| James D. McArthur | President | 200,000 | 1.6% |
| Christine McSherry | Director | 150,000 | 1.2% |
| John R. Poisson | Director | 100,000 | 0.8% |
| Sarah A. McGee | CFO | 50,000 | 0.4% |
Major Shareholders
Major shareholders are a critical aspect of the ownership landscape of Passage Bio. Below are key details regarding major shareholders as of the latest reports:
| Shareholder | Shares Owned | Percentage of Total Shares | Type of Ownership |
|---|---|---|---|
| FMR LLC (Fidelity) | 1,500,000 | 12.3% | Institutional |
| State Street Corporation | 1,000,000 | 8.2% | Institutional |
| Park West Asset Management LLC | 800,000 | 6.6% | Institutional |
| Valiant Capital Management, L.P. | 600,000 | 4.9% | Institutional |
| Winton Group, Limited | 400,000 | 3.3% | Institutional |
Current Stock Performance
The stock performance of Passage Bio, Inc. is also monitored closely by various stakeholders. The following table provides the latest stock data:
| Metric | Value |
|---|---|
| Current Share Price (USD) | $7.54 |
| Market Capitalization (USD) | $92.00 million |
| 52-Week High (USD) | $15.75 |
| 52-Week Low (USD) | $6.05 |
| Volume (last trading day) | 150,000 shares |
Recent Developments
Recent dynamics in ownership and stock performance of Passage Bio can be observed in the context of strategic partnerships and funding rounds. Notably:
- In 2023, Passage Bio announced a partnership with a top-tier research institution aimed at advancing its gene therapy pipeline.
- The company successfully raised $50 million in a Series B financing round led by prominent venture capital firms.
- Ownership was recalibrated post-financing, affecting the percentage shares held by various stakeholders.
Conclusion of Ownership Landscape
Understanding the ownership structure of Passage Bio, Inc. provides insight into its governance and strategic direction. With substantial institutional and insider ownership, the company aims to leverage its financial backing to propel its research initiatives forward.
Passage Bio, Inc. (PASG) Mission Statement
Overview
Passage Bio, Inc. (NASDAQ: PASG) is a genetic medicine company focused on developing innovative therapies for severe neurological diseases. The company's mission is to provide transformative treatments for patients with life-altering conditions through the application of adeno-associated virus (AAV) gene therapy.
Core Objectives
- Develop safe and effective gene therapies for neurological diseases.
- Utilize a robust AAV platform to enhance gene delivery.
- Focus on diseases with significant unmet medical needs.
- Engage with patient communities and stakeholders to align research goals.
Target Diseases
Passage Bio aims to address several severe neurological disorders, including:
- Clonal Neurogenetic Disorders
- Frontotemporal Dementia
- Angelman Syndrome
- Other rare genetic conditions
Financial Overview
As of Q3 2023, Passage Bio reported the following financial statistics:
| Financial Metric | Amount (in $MM) |
|---|---|
| Revenue | $0 |
| Net Loss | $(30) |
| Total Assets | $45 |
| Cash and Cash Equivalents | $60 |
| Market Capitalization | $150 |
| Research and Development Expenses | $(22) |
| General and Administrative Expenses | $(8) |
Research and Development Focus
The company is engaged in multiple programs aimed at advancing its gene therapy pipeline:
- Preclinical Studies
- Clinical Trials (Phase 1/2)
- Collaboration with academic institutions
- Investment in AAV technology enhancements
Collaborations and Partnerships
Passage Bio has established strategic partnerships to further its mission:
- Collaboration with University of Pennsylvania for AAV technology
- Partnership with therapeutic development firms for operational support
- Engagement with patient advocacy groups for awareness and outreach
Regulatory and Clinical Milestones
The following milestones highlight the company's commitment to compliance and progress:
| Milestone | Date | Status |
|---|---|---|
| IND Filing for lead program | Q2 2023 | Completed |
| Phase 1 Clinical Trial Initiation | Q4 2023 | Upcoming |
| Presenting data at major conferences | Annually | Ongoing |
Conclusion of Mission Focus
The mission of Passage Bio is centered on addressing significant unmet medical needs through pioneering gene therapies. The company's operational strategies, along with a solid financial foundation, embody a commitment to improving the lives of patients suffering from debilitating neurological disorders.
How Passage Bio, Inc. (PASG) Works
Company Overview
Company Overview
Passage Bio, Inc. is a genetic medicine company focused on developing therapies for neurodegenerative diseases caused by genetic mutations. As of the end of Q3 2023, the company has reported a market capitalization of approximately $170 million.
Therapeutic Pipeline
Passage Bio operates a diverse pipeline of product candidates aimed primarily at rare monogenic disorders of the central nervous system. The lead product candidates include:
- PB-201: Targeting GM1 gangliosidosis, currently in Phase 1/2 clinical trials.
- PB-301: An AAV-based gene therapy for frontotemporal dementia (FTD), in preclinical stages.
- PB-401: Investigating a treatment for Alexander disease, Phase 1 scheduled to start in early 2024.
Financial Performance
In the financial year 2022, Passage Bio reported total revenue of $2 million, which primarily stemmed from collaborations and grants. The R&D expenses for the same year amounted to $43 million. As of Q3 2023, the company had cash and cash equivalents of $66 million, projected to fund operations into 2025.
Recent Developments
In April 2023, Passage Bio announced a partnership with the University of Pennsylvania to further evaluate PB-201. The agreement is aimed at enhancing clinical development and expanding patient trials.
| Financial Metric | Value (2022) | Value (Q3 2023) |
|---|---|---|
| Total Revenue | $2 million | N/A |
| Total R&D Expenses | $43 million | N/A |
| Cash and Cash Equivalents | $56 million | $66 million |
| Market Cap | N/A | $170 million |
Collaboration and Partnerships
Passage Bio has engaged in multiple collaborations, including:
- Collaboration with the University of Pennsylvania for gene therapy trials.
- Research partnership with the National Institutes of Health (NIH) for advancing gene therapy technologies.
- Licensing agreement with a biotech firm for advancements in vector technology.
Regulatory Pathways
Passage Bio actively engages with the FDA for its pipeline candidates. The company has received Orphan Drug Designation for PB-201 for GM1 gangliosidosis, expediting its development pathway.
Market Strategy
Passage Bio focuses on the rare disease market, which has significant unmet medical needs. The company’s strategy is to leverage its gene therapy expertise to target diseases with substantial patient populations but limited treatment options.
How Passage Bio, Inc. (PASG) Makes Money
Revenue Streams
Passage Bio, Inc. primarily generates revenue through the development and commercialization of gene therapies targeting rare neurological diseases. The company focuses on creating innovative treatments based on its proprietary gene therapy platform.
Key Products in Development
The company has several product candidates in its pipeline, with a focus on diseases such as:
- GM1 Gangliosidosis
- Gaucher Disease
- Frontotemporal Dementia
Partnerships and Collaborations
Passage Bio engages in strategic partnerships to bolster its research and development efforts, which can provide additional funding and resources.
| Partner | Partnership Type | Year Established |
|---|---|---|
| University of Pennsylvania | Research Collaboration | 2019 |
| Novartis | Commercialization Agreement | 2021 |
Funding and Grants
In addition to revenue from product sales, Passage Bio has received various forms of funding, including grants from governmental and non-governmental organizations, allowing the company to finance its research initiatives.
| Funding Source | Amount | Year |
|---|---|---|
| NIH Grant | $2.5 million | 2020 |
| CureDuchenne Grant | $1 million | 2021 |
Financial Data
As of September 30, 2023, Passage Bio reported the following key financial metrics:
| Metric | Value |
|---|---|
| Total Assets | $185 million |
| Total Liabilities | $40 million |
| Net Revenue | $0 (pre-revenue stage) |
| Cash and Cash Equivalents | $120 million |
Market Potential and Value Proposition
Passage Bio operates within a highly lucrative market, estimated to reach $20 billion by 2026 in gene therapy alone. The rising demand for innovative treatments for rare diseases presents significant opportunities for revenue generation.
Stock Performance and Investment
Passage Bio went public via an IPO in 2020, valued at approximately $200 million. The company's stock performance is closely tied to its clinical trial results and regulatory approvals.
| Date | Stock Price (USD) | Market Capitalization (USD) |
|---|---|---|
| September 2023 | $5.50 | $275 million |
| IPO Date (July 2020) | $16.00 | $200 million |
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