Healthcare · Biotechnology
Price
$4.70
Market Cap
$15.1M
Employees
60
Beta
1.41
Avg Volume
79,637
CEO
William Chou
Business Description
Passage Bio, Inc. is a biopharmaceutical company dedicated to pioneering genetic therapies for conditions affecting the central nervous system. Their advanced pipeline includes PBGM01, designed to treat infantile GM1 gangliosidosis by utilizing a proprietary AAVhu68 capsid to deliver a functional GLB1 gene, which codes for the lysosomal acid beta-galactosidase enzyme, to both the brain and peripheral tissues. Another key program, PBFT02, employs an AAV1 capsid to introduce a functional granulin (GRN) gene, encoding progranulin (PGRN), to the brain as a treatment for FTD-GRN. Additionally, PBKR03 is under development for infantile Krabbe disease, leveraging a proprietary AAVhu68 capsid to deliver a functional GALC gene, responsible for producing the hydrolytic enzyme galactosylceramidase, to the brain and surrounding tissues. The company's portfolio also features PBML04 for metachromatic leukodystrophy, PBAL05 for amyotrophic lateral sclerosis, and PBCM06 for Charcot-Marie-Tooth Type 2A. Passage Bio maintains a significant research collaboration with the Trustees of the University of Pennsylvania's Gene Therapy Program, alongside a development services and clinical supply agreement with Catalent Maryland, Inc. Established in 2017, the company's headquarters are located in Philadelphia, Pennsylvania.
Business History
Revenue & Net Income Trend
The directional story — useful even when net income is negative.
Revenue
The top line — total sales before any costs or taxes are subtracted. A measure of how much business the company is doing.
Net Income
The bottom line — profit left after subtracting all expenses, interest, and taxes from revenue. Reflects accounting profitability, but includes non-cash items like depreciation, so it isn't the same as cash earned.
Operating Cash Flow
The real cash generated by the day-to-day business — selling products, paying suppliers, collecting from customers. Calculated from net income by adding back non-cash items and adjusting for timing (unpaid bills, unsold inventory). When OCF consistently lags net income, the reported profit may not be converting to real money.
| Period | Revenue | Net Income | Net Margin | YoY/QoQ |
|---|
Key Metrics
API Direct from provider
CALC Derived from statements
P/E Ratio (Price per dollar of earnings)
CALCStock Price / EPS (Diluted)
-0.33
Stock Price: $4.70
EPS (Diluted): -14.35
EPS (Diluted): -14.35
P/B Ratio (Price vs net asset value)
APIStock Price / Book Value Per Share
2.00
Stock Price: $4.70
Total Equity: $18.76M
Shares: 3,172,870
Total Equity: $18.76M
Shares: 3,172,870
EV/EBITDA (Total value vs operating profit)
APIEnterprise Value / EBITDA
-0.34
Market Cap: $15.08M
Total Debt: $20.44M
Cash: $46.30M
EBITDA: -$44.79M
Total Debt: $20.44M
Cash: $46.30M
EBITDA: -$44.79M
Enterprise Value (Takeover price (cap + debt - cash))
APIMarket Cap + Total Debt - Cash
$15.1M
Market Cap: $15.08M
Total Debt: $20.44M
Cash: $46.30M
Total Debt: $20.44M
Cash: $46.30M
P/S Ratio (Price per dollar of revenue)
APIStock Price / Revenue Per Share
0.00
Stock Price: $4.70
Revenue: $0.00
Shares: 3,172,870
Revenue: $0.00
Shares: 3,172,870
EV/Sales (Total value vs revenue — works when P/E can't)
API0.00
Gross Margin (Revenue left after direct costs)
APIGross Profit / Revenue
0.0%
Gross Profit: -$728,000
Revenue: $0.00
Revenue: $0.00
Operating Margin (Revenue left after all operations)
APIOperating Income / Revenue
0.0%
Operating Income: -$43.15M
Revenue: $0.00
Revenue: $0.00
Net Margin (Revenue left as actual profit)
APINet Income / Revenue
0.0%
Net Income: -$45.52M
Revenue: $0.00
Revenue: $0.00
ROE (Profit from shareholder equity)
CALCNet Income / Total Equity
-242.7%
Net Income: -$45.52M
Total Equity: $18.76M
Total Equity: $18.76M
ROIC (Profit from all invested capital)
CALCNOPAT / Invested Capital
607.3%
Operating Income: -$43.15M
Tax Rate: 0.0%
Equity: $18.76M
Total Debt: $20.44M
Cash: $46.30M
Tax Rate: 0.0%
Equity: $18.76M
Total Debt: $20.44M
Cash: $46.30M
Current Ratio (Can it pay short-term bills)
APICurrent Assets / Current Liabilities
2.07
Current Assets: $47.76M
Current Liabilities: $23.08M
Current Liabilities: $23.08M
Debt/Equity (Leverage — debt vs equity)
CALCTotal Debt / Total Equity
1.09
Short-Term Debt: $0.00
Long-Term Debt: $20.44M
Total Debt: $20.44M
Total Equity: $18.76M
Long-Term Debt: $20.44M
Total Debt: $20.44M
Total Equity: $18.76M
Rev/Share (Top-line per share)
Revenue / Shares Outstanding
—
Revenue: $0.00
Shares: 3,172,870
Shares: 3,172,870
Book Value/Share (Net assets per share)
CALC(Total Assets - Total Liabilities) / Shares
$5.91
Total Equity: $18.76M
Shares: 3,172,870
Shares: 3,172,870
FCF/Share (Real cash generated per share)
CALC(Operating Cash Flow + CapEx) / Shares
$-9.93
Operating CF: -$31.51M
CapEx: $0.00
Shares: 3,172,870
CapEx: $0.00
Shares: 3,172,870
Div Yield (Annual income from holding)
APILast Annual Dividend / Stock Price
0.0%
Last Dividend: N/A
Stock Price: $4.70
Stock Price: $4.70
Payout Ratio (Earnings paid out as dividends)
Dividends Paid / Net Income
—
Dividends Paid: N/A
Net Income: -$45.52M
Net Income: -$45.52M
Dividends paid not available in cash flow statement
Industry Benchmarks
Compares PASG against LLM-researched typical ranges for its
industry. One research call per industry, cached indefinitely — every stock in the same industry
reuses the same baseline.
Deep Analysis
Pre-flight intelligence scans the company first, then routes to the right analytical methods.
0
Company Classification
— What type of company is this?
1
Industry Landscape
— Where is the industry headed?
2
Company Momentum
— Where is this company trending?
3
Forward Projection
— 1Y & 2Y projected metrics (requires Layer 1 + 2)
4a
DCF Valuation
— Present value of future cash flows
4b
Earnings Power Value
— Floor value — worth with zero growth
4c
Anchored PE
— Industry PE adjusted for growth differential
4d
Reverse DCF
— What growth is the market pricing in?
4e
Revenue-Based DCF
— For growth/narrative companies (skip if mature earner)
4f
Anchored P/S
— Price-to-Sales peer comparison (skip if mature earner)
4g
Scenario Analysis
— Bull / Base / Bear (skip if mature earner)
4h
Dividend Discount Model
— For dividend/income stocks only
4i
Book Value Analysis
— For deep value / turnaround stocks only
4j
Insider Activity
— Are insiders buying or selling?
4f
Cash Flow Quality
— How trustworthy is the FCF?
4g
Debt Maturity Risk
— Can it handle its debt?
4h
Macro Environment
— Rates, market valuation, volatility
4i
Sector Intelligence
— How does this company compare within its sector?
4j
Revenue Confidence
— How reliable is the growth projection?
4k
Sensitivity Analysis
— How fragile is the fair value estimate?
4l
Sector Demand Cycle
— Is the sector in a boom, steady state, or contraction?
5
AI Investigation
— Adaptive research engine (Claude)
5b
Thesis Evaluation
— What does the market believe? (narrative/platform stocks only)
6
Valuation Synthesis
— Weighted verdict from all methods (requires Layer 4)
Income Statement (Annual)
Last updated: Jun 26, 2026 4:47pm (16h ago)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $0 | $0 | $0 | $0 | $0 |
| Cost of Revenue | $0 | $0 | $3.7M | $0 | $728,000 |
| Gross Profit | $0 | $0 | -$3.7M | $0 | $-728,000 |
| Operating Expenses | $185.7M | $138.4M | $96.4M | $70.4M | $42.4M |
| Operating Income | -$185.7M | -$138.4M | -$100.1M | -$70.4M | -$43.2M |
| Net Income | -$185.4M | -$136.1M | -$102.1M | -$64.8M | -$45.5M |
| EBITDA | -$176.2M | -$131.7M | -$98.3M | -$62.1M | -$44.8M |
| EPS | $-69.51 | $-50.00 | $-37.29 | $-21.44 | $-14.35 |
| EPS (Diluted) | — | — | — | — | — |
Balance Sheet (Annual)
Last updated: Jun 26, 2026 4:47pm (16h ago)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Cash & Equivalents | $129.0M | $34.6M | $21.7M | $37.6M | $46.3M |
| Total Current Assets | $325.1M | $197.0M | $118.0M | $78.8M | $47.8M |
| Total Assets | $355.1M | $243.5M | $150.5M | $102.4M | $62.3M |
| Current Liabilities | $29.5M | $18.4M | $16.3M | $19.4M | $23.1M |
| Long-Term Debt | $0 | $0 | $0 | $0 | $20.4M |
| Total Liabilities | $36.4M | $42.2M | $39.3M | $41.2M | $43.5M |
| Total Equity | $318.7M | $201.4M | $111.3M | $61.3M | $18.8M |
| Retained Earnings | -$356.3M | -$492.4M | -$594.5M | -$659.2M | -$704.8M |
Cash Flow (Annual)
Last updated: Jun 26, 2026 4:47pm (16h ago)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Operating Cash Flow | -$126.9M | -$118.2M | -$78.3M | -$48.0M | -$31.5M |
| Capital Expenditure | -$25.6M | -$5.3M | $-146,000 | $-34,000 | $0 |
| Free Cash Flow | -$152.5M | -$123.5M | -$78.4M | -$48.0M | -$31.5M |
| Acquisitions (net) | $8.0M | $0 | $0 | $0 | $1.2M |
| Debt Repayment | — | — | — | — | — |
| Dividends Paid | — | — | — | — | — |
| Stock Buybacks | $0 | $0 | $0 | $0 | $0 |
| Net Change in Cash | -$6.0M | -$94.4M | -$12.9M | $15.9M | $8.7M |
Analyst Estimates (Annual)
Last updated: Jun 26, 2026 4:47pm (16h ago)| Metric | 2027 | 2028 | 2029 | 2030 |
|---|---|---|---|---|
| Revenue |
$45.0M $45.0M – $45.0M
|
$31.5M $31.5M – $31.5M
|
$15.0M $15.0M – $15.0M
|
$42.7M $42.7M – $42.7M
|
| EBITDA | $0 | $0 | $0 | $0 |
| Net Income |
-$30.8M -$32.4M – -$29.2M
|
-$28.1M -$28.9M – -$27.4M
|
-$32.3M -$32.3M – -$32.3M
|
-$31.1M -$31.1M – -$31.1M
|
| EPS | — | — | — | — |
Growth Trends (YoY %)
Last updated: Jun 26, 2026 4:47pm (16h ago)| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue Growth | — | — | — | — |
| Gross Profit Growth | — | — | +100.0% | — |
| Operating Income Growth | +25.5% | +27.6% | +29.7% | +38.7% |
| Net Income Growth | +26.6% | +25.0% | +36.5% | +29.7% |
| EBITDA Growth | +25.2% | +25.3% | +36.9% | +27.9% |
Narrative Economics
The story the market is telling about this stock — the intangible X-factor
(founder mythology, cult dynamics, TAM-of-imagination) that moves price beyond
what cash flows alone explain. After Shiller, Narrative Economics.
No narrative profile yet for PASG — it's generated by the pipeline (
market-narrative step).
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My Notes
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Data via Financial Modeling Prep · Cached for performance · fmp
v1.1.352 · d1100787 · 2026-06-26 11:39:30