RestructuringApr 28, 2026, 07:02 AM
PASG Cuts 75% of Workforce; $3.3M Restructuring Costs
AI Summary
Passage Bio, Inc. announced a significant restructuring plan, reducing its workforce by approximately 75% as part of its strategic alternatives review. The company anticipates incurring approximately $3.3 million in aggregate severance and exit costs, primarily in the second quarter of 2026. The restructuring is expected to be substantially complete by the end of the third quarter of 2026.
Key Highlights
- Passage Bio announced a restructuring plan to reduce its workforce by approximately 75%.
- The company expects aggregate severance and exit costs of approximately $3.3 million.
- Costs will be recorded primarily in the second quarter of 2026.
- Implementation of the plan is expected to be substantially complete in Q2 and Q3 2026.
- Impacted employees are eligible for severance benefits contingent on a severance agreement.