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PASG

Passage Bio, Inc.

PASG

Passage Bio, Inc. • NASDAQ
$8.83 ▼ -1.78% (-0.16)
Market Cap $28.07 M
52w High $23.00
52w Low $5.12
Dividend Yield 0%
P/E -0.6
Volume 14.45K
Outstanding Shares 3.18M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $0 $8.655M ▼ $-7.749M ▲ 0% $-2.45 ▲ $-7.439M ▲
Q2-2025 $0 $10.134M ▼ $-9.385M ▲ 0% $-2.96 ▲ $-9.185M ▲
Q1-2025 $0 $16.459M ▲ $-15.405M ▼ 0% $-4.96 ▼ $-13.621M ▼
Q4-2024 $0 $13.551M ▼ $-12.725M ▲ 0% $-4.1 ▲ $-12.306M ▲
Q3-2024 $0 $20.702M $-19.34M 0% $-6.26 $-15.148M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $52.773M ▼ $74.16M ▼ $43.04M ▲ $31.12M ▼
Q2-2025 $57.626M ▼ $79.198M ▼ $40.94M ▲ $38.258M ▼
Q1-2025 $63.357M ▼ $86.006M ▼ $39.3M ▼ $46.706M ▼
Q4-2024 $76.756M ▼ $102.412M ▼ $41.151M ▲ $61.261M ▼
Q3-2024 $84.826M $111.752M $39.036M $72.716M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-7.749M ▲ $-4.853M ▲ $0 ▼ $0 ▼ $-4.853M ▲ $-4.853M ▲
Q2-2025 $-9.385M ▲ $-6.33M ▲ $585K ▼ $14K ▲ $-5.731M ▼ $-6.33M ▲
Q1-2025 $-15.405M ▼ $-13.847M ▼ $39.631M ▲ $0 ▼ $25.784M ▲ $-13.847M ▼
Q4-2024 $-12.725M ▲ $-8.444M ▼ $13.678M ▼ $47K ▲ $5.281M ▼ $-8.458M ▼
Q3-2024 $-19.34M $-7.447M $14.969M $0 $7.522M $-7.467M

Five-Year Company Overview

Income Statement

Income Statement Passage Bio is still a pure research company with no product sales yet, so all activity runs through expenses rather than revenue. The income statement shows recurring losses each year, which is normal for a clinical‑stage biotech. The size of those losses has been edging down over time, suggesting tighter spending and some cost discipline. Reported loss per share looks very large mainly because of the small share count and the later reverse stock split, not because the underlying business suddenly worsened. Overall, this is a classic pre‑commercial biotech profile: high R&D and operating costs, no revenues yet, and dependence on outside capital or partnerships to fund development.

Balance Sheet

Balance Sheet The balance sheet is lean but relatively straightforward. Total assets are modest, with cash being the most important component, and physical assets or equipment playing a minor role. Equity remains positive, meaning the company still has a cushion to absorb ongoing losses, but that cushion has been shrinking as the company spends on trials and operations. Debt is present but small, so the capital structure is still mostly equity‑funded rather than reliant on borrowing. The out‑licensing deal and strategic refocus have helped extend the company’s financial runway, but the balance sheet still reflects an early‑stage, cash‑consuming biotech rather than a self‑funding business.

Cash Flow

Cash Flow Cash is consistently flowing out of the business, mostly driven by R&D and operating expenses, with very little invested in long‑term assets. Operating cash outflows have been significant but appear to be gradually improving as the company narrows its spending and focuses on fewer core programs. Free cash flow is negative, which means Passage Bio must support itself through equity raises, partnerships, or milestone payments. The GEMMA transaction and portfolio pruning were clearly aimed at stretching the existing cash as far as possible, giving the company more time to generate meaningful clinical data without immediately needing another major capital raise.

Competitive Edge

Competitive Edge Passage Bio competes in a crowded and technically demanding gene therapy field, but it is carving out a focused niche in neurodegenerative diseases, especially certain forms of frontotemporal dementia. Its use of targeted delivery into the central nervous system, combined with an optimized viral vector and a clear genetic target, gives it a differentiated scientific story. The long‑standing link to the University of Pennsylvania’s gene therapy program and Dr. James Wilson adds credibility and access to deep expertise. At the same time, the company is small relative to larger pharma players and faces intense scientific and clinical uncertainty, so its position depends heavily on the success of a limited number of programs, especially PBFT02.

Innovation and R&D

Innovation and R&D Innovation is the core of Passage Bio’s value. The company is advancing a specialized delivery method into the spinal fluid, a tailored gene therapy vector, and a focused approach to raising progranulin levels as a way to tackle genetically driven dementia. Early clinical signals show that the lead therapy can meaningfully raise the target protein in patients, which is encouraging, though clinical benefit and long‑term safety still need to be proven. The company has also invested in a high‑yield manufacturing process, which, if successful, could support commercial‑scale production from relatively few batches. R&D strategy has become more concentrated after out‑licensing pediatric programs, with efforts now centered on adult neurodegenerative diseases, including future potential in Huntington’s disease. Safety management, trial design, and regulatory engagement will be key tests of the strength of this innovation engine.

Summary

Passage Bio is a pre‑revenue, clinical‑stage gene therapy company with a narrow but potentially impactful focus on neurodegenerative diseases. Financially, it shows the typical pattern of a young biotech: no sales, ongoing losses, negative cash flow, but a still‑positive equity base and an extended cash runway thanks to recent strategic deals and cost focus. Strategically, the company has sharpened its scope around its most promising assets and offloaded some development and cost burdens to a partner, trading breadth for depth. Scientifically, it has credible technology, a strong academic partnership, and early biomarker data that supports its lead program, but it remains highly exposed to clinical, safety, and regulatory outcomes. The next few years will largely be defined by whether PBFT02 can translate promising biological signals into clear patient benefit and a viable regulatory path, all while the company maintains enough financial flexibility to reach those milestones.

NEWS

November 10, 2025 · 4:15 PM UTC

Passage Bio Reports Third Quarter 2025 Financial Results and Provides Recent Business Highlights

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November 5, 2025 · 7:00 AM UTC

Passage Bio to Present at Guggenheim Securities 2nd Annual Healthcare Innovation Conference

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October 14, 2025 · 7:00 AM UTC

Passage Bio to Participate in Chardan's 9th Annual Genetic Medicines Conference

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