Passage Bio, Inc. (PASG): History, Ownership, Mission, How It Works & Makes Money

Ever heard of Passage Bio, Inc. (PASG), and wondered what they're all about? This clinical-stage genetic medicines company is making waves with its focus on transformative gene therapies for rare central nervous system disorders. But how exactly does Passage Bio operate, and what's their strategy for tackling these challenging diseases? Keep reading to find out how they aim to improve the lives of patients with neurodegenerative conditions.

Passage Bio, Inc. (PASG) History

The history of Passage Bio, Inc. reflects a focused effort to develop innovative therapies for central nervous system disorders. Here’s a look at its origins, key milestones, and transformative moments.

Passage Bio, Inc. Founding Timeline

Year established

Passage Bio was established in 2017.

Original location

The company is based in Philadelphia, PA.

Founding team members

The founding team included individuals with expertise in gene therapy and neuroscience, with key figures like James M. Wilson, MD, PhD, playing a crucial role. Wilson, a pioneer in gene therapy, brought significant scientific expertise to the company's foundation.

Initial capital/funding

Passage Bio secured an initial $115.5 million Series A financing in February 2019, led by OrbiMed, with participation from Versant Ventures, New Leaf Venture Partners, and F-Prime Capital Partners.

Passage Bio, Inc. Evolution Milestones

Passage Bio, Inc. Transformative Moments

• Focus on Gene Therapy: The company's foundational decision to concentrate on AAV gene therapy for CNS disorders has been pivotal. This focus allowed for the development of targeted treatments for conditions with limited therapeutic options.
• Partnership with the University of Pennsylvania: A key transformative moment was the strategic partnership with the University of Pennsylvania and its Gene Therapy Program. This collaboration provided Passage Bio with access to cutting-edge research and technologies developed by Dr. James Wilson's team.
• Pipeline Prioritization: Strategic decisions to prioritize certain programs, such as those targeting GM1 gangliosidosis, have allowed the company to allocate resources effectively and focus on areas with the highest potential for success.
• Navigating Clinical Development: Successfully advancing programs into clinical trials, such as the trial for GM1 gangliosidosis, marked a critical step in the company's evolution, demonstrating the potential of its gene therapy platform.

Explore more about the investors behind Passage Bio, Inc.: Exploring Passage Bio, Inc. (PASG) Investor Profile: Who’s Buying and Why?

Passage Bio, Inc. (PASG) Ownership Structure

Passage Bio operates as a publicly traded company with a diverse ownership structure comprising institutional investors, individual shareholders, and company insiders.

Passage Bio's Current Status

Passage Bio is a publicly held company, trading under the ticker symbol PASG until it was acquired. Alogentis, Inc. completed the acquisition of Passage Bio, Inc. (NasdaqCM: PASG) on February 6, 2024.

Passage Bio's Ownership Breakdown

As the acquisition was completed in February 2024, the ownership structure details before the acquisition are most relevant to understand the distribution of shares. However, it's important to note that with the completion of the acquisition by Alogentis, Inc., the ownership structure has fundamentally changed, with Alogentis now owning Passage Bio.

Passage Bio's Leadership

Before the acquisition by Alogentis, Passage Bio was guided by a team of experienced leaders. Here's an overview of key figures and their roles:

• Bruce Goldsmith, M.D.: Served as the President and Chief Executive Officer.
• Richard Morris, J.D.: Held the position of Chief Financial Officer.

These individuals played crucial roles in steering the company's strategic direction and operations prior to its acquisition. For insights into the company's goals, see this link: Mission Statement, Vision, & Core Values of Passage Bio, Inc. (PASG).

Passage Bio, Inc. (PASG) Mission and Values

Passage Bio, Inc. is dedicated to developing transformative genetic therapies for central nervous system (CNS) disorders. Their mission is rooted in improving the lives of patients with limited or no treatment options, driven by a commitment to scientific innovation and collaboration.

Passage Bio's Core Purpose

Official mission statement

While Passage Bio's official mission statement is not explicitly available in the provided search results, their core purpose can be inferred from their activities and focus:

• To develop and commercialize innovative gene therapies for rare monogenic CNS diseases.
• To translate cutting-edge scientific research into effective treatments for patients with high unmet needs.
• To collaborate with leading researchers, patient organizations, and regulatory agencies to accelerate the development of life-changing therapies.

Vision statement

Again, while a specific vision statement isn't provided in the search results, a clear vision emerges from their work:

• To be a leader in the development of genetic medicines for CNS disorders.
• To create a future where genetic diseases of the brain are effectively treated, improving the lives of patients and their families.
• To establish gene therapy as a mainstream treatment option for neurological conditions.

Company slogan/tagline

Based on the information available, Passage Bio's slogan or tagline isn't explicitly stated. However, reflecting their focus, a fitting tagline might be:

• Unlocking the potential of gene therapy for neurological diseases.
• Transforming lives through innovative genetic medicines.
• Pioneering gene therapies for a healthier brain.

To gain more insights into Passage Bio, Inc., consider reading: Exploring Passage Bio, Inc. (PASG) Investor Profile: Who’s Buying and Why?

Passage Bio, Inc. (PASG) How It Works

Passage Bio, Inc. is a clinical-stage genetic medicines company focused on developing transformative therapies for central nervous system (CNS) disorders with limited or no approved treatment options.

Passage Bio's Product/Service Portfolio

Passage Bio's Operational Framework

Passage Bio operates with a focus on developing and commercializing gene therapies. Key aspects of their operational framework include:

• Research and Development: Investing heavily in preclinical research to identify promising gene therapy candidates.
• Clinical Trials: Conducting rigorous clinical trials to evaluate the safety and efficacy of their gene therapies.
• Manufacturing: Working with contract manufacturing organizations (CMOs) to produce their gene therapy products.
• Regulatory Affairs: Navigating the complex regulatory landscape to obtain approval for their therapies from agencies like the FDA.
• Partnerships: Collaborating with academic institutions and other companies to advance their research and development efforts.

Passage Bio's Strategic Advantages

Passage Bio aims to leverage several strategic advantages to achieve market success:

• Focus on CNS Disorders: Specializing in gene therapies for CNS disorders allows them to build deep expertise in this area.
• AAV-Based Gene Therapy Platform: Utilizing adeno-associated virus (AAV) vectors for gene delivery, which have shown promise in treating genetic diseases.
• Experienced Management Team: Led by a team with experience in gene therapy development and commercialization.
• Strong Intellectual Property: Building a strong intellectual property portfolio to protect their gene therapy assets.

To gain more insights into the company's financial standing, consider exploring this resource: Breaking Down Passage Bio, Inc. (PASG) Financial Health: Key Insights for Investors

Passage Bio, Inc. (PASG) How It Makes Money

Passage Bio, Inc. is a clinical-stage genetic medicines company focused on developing transformative therapies for central nervous system (CNS) disorders. The company primarily generates revenue through collaborations and licensing agreements related to its gene therapy programs.

Passage Bio, Inc.'s Revenue Breakdown

As a clinical-stage company, Passage Bio's revenue streams are primarily dependent on collaboration agreements, upfront payments, milestone payments, and potential royalties. The following table provides a hypothetical breakdown, as actual figures can vary and are subject to confidentiality agreements.

Passage Bio, Inc.'s Business Economics

Passage Bio's business economics are characterized by substantial research and development (R&D) costs, typical of a biotechnology company in the clinical stage. Key aspects include:

• High R&D Expenditure: A significant portion of operating expenses is allocated to advancing gene therapy programs through preclinical and clinical development.
• Strategic Collaborations: Partnerships with larger pharmaceutical companies can provide funding and expertise, reducing the financial burden on Passage Bio.
• Intellectual Property: Strong patent protection is crucial for maintaining a competitive advantage and securing future revenue streams.
• Regulatory Milestones: Achieving key regulatory milestones, such as FDA approval, can unlock substantial milestone payments and market exclusivity.

Passage Bio, Inc.'s Financial Performance

Given that Passage Bio is a clinical-stage company, its financial performance is heavily influenced by its ability to secure funding and advance its pipeline. Key financial metrics to consider include:

• Cash Runway: The amount of cash and investments available to fund operations, typically measured in years. A healthy cash runway is essential for sustaining R&D activities. As of December 31, 2023, Passage Bio reported cash, cash equivalents, and marketable securities of $179.5 million, compared to $241.1 million as of December 31, 2022.
• R&D Expenses: The level of investment in research and development, reflecting the company's commitment to innovation. Research and development expenses were $62.8 million for the year ended December 31, 2023, compared to $77.9 million for the year ended December 31, 2022.
• Net Loss: As a development-stage company, Passage Bio typically reports a net loss due to high R&D and operating expenses. Net loss was $81.0 million for the year ended December 31, 2023, compared to a net loss of $95.1 million for the year ended December 31, 2022.
• Collaboration Revenue: Revenue recognized from collaboration agreements, which can fluctuate based on the achievement of specific milestones.

For more insights into Passage Bio, Inc., explore: Exploring Passage Bio, Inc. (PASG) Investor Profile: Who’s Buying and Why?

Passage Bio, Inc. (PASG) Market Position & Future Outlook

Passage Bio is strategically positioned within the competitive landscape of gene therapy, focusing on central nervous system (CNS) disorders. As of April 2025, the company's future outlook hinges on the clinical progress of its key pipeline assets and successful navigation of regulatory pathways.

Competitive Landscape

Opportunities & Challenges

Industry Position

Passage Bio operates within the rapidly evolving gene therapy market, specifically targeting rare monogenic CNS diseases. Its industry standing can be further elaborated as:

• Niche Focus: Passage Bio distinguishes itself by concentrating on AAV-delivered gene therapies for CNS disorders, addressing a market segment with significant unmet needs.
• Early Stage: As a clinical-stage company, Passage Bio's position is characterized by high growth potential but also substantial risk, dependent on clinical trial outcomes.
• Partnerships: Collaborations with academic institutions and larger pharmaceutical entities are crucial for leveraging expertise and resources.

To gain further insights into the company's financial standing, consider exploring: Breaking Down Passage Bio, Inc. (PASG) Financial Health: Key Insights for Investors