Passage Bio (PASG) Q2 2026 earnings summary

Executive summary

• Entered into a merger agreement with Remix Therapeutics, expected to close in Q4 2026, with significant changes to business focus and management post-merger.

• Wound down gene therapy programs, terminated key collaborations, and initiated a major workforce reduction (75%).

• Substantial doubt exists about ability to continue as a going concern without additional funding or completion of the merger.

Financial highlights

• Net loss for Q2 2026 was $7.8 million, improved from $9.4 million in Q2 2025; net loss for the first half of 2026 was $15.4 million, down from $24.8 million year-over-year.

• Cash and cash equivalents were $24.2 million as of June 30, 2026, compared to $46.3 million at year-end 2025.

• Research and development expenses decreased to $3.3 million in Q2 2026 from $5.8 million in Q2 2025; general and administrative expenses increased to $6.9 million from $4.5 million.

• Recorded a $1.9 million net gain on lease termination in Q2 2026.

Outlook and guidance

• Completion of the merger with Remix is critical for ongoing operations; failure to close may result in inability to continue as a going concern.

• No guidance provided for future revenue due to wind-down of legacy programs and pending merger.