Passage Bio, Inc. filed its quarterly report on Form 10-Q with the SEC on November 10, 2026, covering the period ended September 30, 2026, and reporting significant changes to its balance sheet compared to December 31, 2025.

Key Highlights

  • Cash position: Cash and cash equivalents stood at $20,160 thousand as of September 30, 2026, compared to $46,303 thousand at December 31, 2025, according to the filing.
  • Total assets: Total assets were $20,793 thousand at September 30, 2026, down from $62,281 thousand at December 31, 2025, the filing disclosed.
  • Operating leases eliminated: Both current and noncurrent operating lease right-of-use assets and lease liabilities were reported at zero as of September 30, 2026, compared to combined balances carried at year-end 2025.
  • Non-refundable sublicense payments: Current liabilities included $17,027 thousand in non-refundable sublicense and transition services payments at September 30, 2026, up from $13,750 thousand at December 31, 2025.
  • Shares outstanding: As of November 6, 2026, the registrant reported 3,217,810 shares of common stock, $0.0001 par value per share, outstanding.
  • Pending merger: The filing references a pending merger with Remix Therapeutics, Inc., including a concurrent financing and proposed reverse stock split, as described in the company's forward-looking statements.

Passage Bio Balance Sheet Changes Through September 30, 2026

According to the quarterly report, Passage Bio, Inc. (NASDAQ:PASG), a Delaware-incorporated clinical-stage company operating as a remote-only organization, reported total current assets of $20,793 thousand at September 30, 2026. This compares to $47,762 thousand in total current assets at December 31, 2025. The decline was driven primarily by a reduction in cash and cash equivalents, which the filing shows fell from $46,303 thousand to $20,160 thousand over the same period. Prepaid research and development also decreased from $830 thousand to $116 thousand.

On the assets side, the filing shows that property and equipment, net, right-of-use assets for operating leases, and other assets each carried a balance of zero as of September 30, 2026, compared to $4,107 thousand, $10,168 thousand, and $244 thousand, respectively, at December 31, 2025. As a result, total assets declined to $20,793 thousand from $62,281 thousand over the nine-month period, as reported in the consolidated balance sheets.

Regarding liabilities, the filing shows total current liabilities of $20,743 thousand at September 30, 2026, compared to $23,083 thousand at December 31, 2025. A notable component is the non-refundable sublicense and transition services payments line, which increased to $17,027 thousand from $13,750 thousand. Noncurrent operating lease liabilities, which stood at $20,443 thousand at December 31, 2025, were reported at zero as of September 30, 2026. Total liabilities were $20,743 thousand at the end of the reported quarter, compared to $43,526 thousand at year-end 2025. The filing also references the company's exploration of strategic alternatives and a pending merger with Remix Therapeutics, Inc., noting that all such statements are forward-looking and subject to the cautionary language included in the report.

What Was Disclosed

Passage Bio filed its Form 10-Q for the quarter ended September 30, 2026, disclosing material changes to its balance sheet, including reductions in cash, assets, and lease-related liabilities, alongside an increase in non-refundable sublicense payments and a pending merger with Remix Therapeutics, Inc.