Passage Bio Inc (PASG)

History and Background

Passage Bio, Inc. (PASG) was a genetic medicines company focused on developing transformative therapies for rare, monogenic central nervous system (CNS) disorders. Founded in 2017, it aimed to develop AAV-delivered gene therapies. The company was acquired by Neumora Therapeutics in 2023.

Core Business Areas

• Gene Therapy Development: Focused on developing gene therapies for rare CNS disorders using adeno-associated virus (AAV) vectors.
• Research and Development: Engaged in preclinical and clinical research to identify and develop new gene therapy candidates.

Leadership and Structure

Prior to acquisition, Passage Bio's leadership team consisted of a CEO, CSO, and other key executives responsible for research, development, and operations. The organizational structure was typical of a biotech company, with distinct departments for R&D, clinical development, and business operations.

Key Offerings

• PBFT02: An AAV gene therapy candidate for frontotemporal dementia (FTD) with GRN mutations. Clinical trials were underway before acquisition. Market share data is not applicable as it was an investigational therapy. Competitors include companies working on therapies for FTD, such as Alector (ALEC) and Biogen (BIIB).
• PBGM01: An AAV gene therapy candidate for GM1 gangliosidosis. Clinical trials were underway before acquisition. Market share data is not applicable as it was an investigational therapy. Competitors include companies working on similar gene therapies for lysosomal storage disorders, like Lysogene (defunct) and potentially others in early stages.

Industry Overview

The gene therapy industry is a rapidly growing sector within the biotechnology industry, with increasing investment and regulatory approvals. The market is driven by the potential to treat previously incurable genetic diseases.

Positioning

Prior to its acquisition, Passage Bio aimed to establish itself as a leader in gene therapies for rare CNS disorders. The company focused on diseases with high unmet medical needs and limited treatment options.

Total Addressable Market (TAM)

The total addressable market for gene therapies targeting rare CNS disorders is substantial, potentially reaching billions of dollars. Passage Bio was positioned to capture a portion of this TAM with its pipeline of gene therapy candidates. Specific TAM values are highly variable depending on disease prevalence and pricing of approved therapies.

Key Competitors

• ALEC
• BIIB

Competitive Landscape

The competitive landscape in gene therapy for CNS disorders is evolving. Passage Bio's advantages included its focus on rare diseases and its proprietary AAV vector technology. However, it faced competition from larger pharmaceutical companies with greater resources.

Passage Bio, Inc.

• Year: 2023
• Acquisition Price (USD millions): 210
• Strategic Rationale: Neumora Therapeutics acquired Passage Bio to gain access to its gene therapy programs and expertise in rare CNS disorders.

Historical Growth: Passage Bio's historical growth was characterized by the advancement of its pipeline through preclinical and clinical development.

Future Projections: Future projections were dependent on the success of clinical trials and regulatory approvals prior to acquisition. Now, the future is subsumed within Neumora.

Recent Initiatives: Recent initiatives included advancing PBGM01 and PBFT02 into clinical trials and securing partnerships to expand its pipeline.

Passage Bio was a promising gene therapy company focused on rare CNS disorders. While it showed potential with its pipeline, it faced challenges typical of biotech firms, including high R&D costs and clinical trial risks. The acquisition by Neumora signifies the value of its programs, but also indicates the difficulties of standing alone as a small biotech. The company needed to successfully navigate regulatory hurdles and compete with larger pharmaceutical companies.

Data Sources:

• Company SEC filings (prior to acquisition)
• Press releases
• Industry reports
• ClinicalTrials.gov

Disclaimers:

This analysis is based on publicly available information and is not financial advice. Market share data for investigational therapies is difficult to ascertain. Passage Bio is now part of Neumora Therapeutics; this analysis pertains to its independent existence.