Passage Bio, Inc.(PASG), a biotechnology company s pecializing in developing transformative therapies for rare and life-threatening neurological disorders, has released its unaudited interim financial statements for the second quarter of 2023. The financial results indicate a net loss of $23.9 million for the three months ended June 30, 2023, while the company's revenue for the same period stood at $Nil.
Interim Financial Statements
The unaudited balance sheets of Passage Bio, Inc. reveal a decrease in total assets from $243.5 million as of December 31, 2022, to $193.7 million as of June 30, 2023. Notably, current assets decreased from $197.0 million to $153.6 million during this period. The company's marketable securities also witnessed a decline, decreasing from $155.0 million to $121.2 million.
Liabilities and Stockholders' Equity
Passage Bio's liabilities and stockholders' equity remained relatively stable during the same period. The company's current liabilities increased slightly from $18.4 million to $19.9 million. Stockholders' equity decreased from $201.4 million to $150.4 million due to the net loss incurred during the second quarter.
Statements of Operations and Comprehensive Loss
Research and Development Expenditures
The statements of operations for the second quarter of 2023 indicate research and development expenses of $17.3 million, compared to $26.8 million for the same period in 2022. This reduction in expenses reflects Passage Bio's ongoing efforts to optimize its research and development processes.
Net Loss
The net loss for the second quarter of 2023 was $23.9 million, showing a decrease from the net loss of $39.5 million reported for the same period in 2022. This reduction can be attributed to cost-saving measures and adjustments in the company's operations.
Statements of Cash Flows
Operating Activities and Financing
During the first half of 2023, Passage Bio reported a net cash used in operating activities of $39.6 million, demonstrating improved cash management compared to the net cash used of $70.8 million in the same period of the previous year. The company reported cash provided by financing activities amounting to $89,000, mainly from the issuance of common stock under the employee stock purchase plan.
Investing Activities
Passage Bio's investing activities primarily revolved around marketable securities. The company invested $73.5 million in the purchase of marketable securities and realized $108.8 million from sales or maturities of these securities.
Passage Bio, Inc. has faced a challenging second quarter of 2023 with a net loss of $23.9 million and a revenue of $Nil. The company is actively managing its resources and expenditures while focusing on advancing its research and development initiatives in the pursuit of groundbreaking therapies for neurological disorders.