Passage Bio (PASG) AI Stock Analysis

• Market Cap: $24.51M
• Dividend Yield: N/A
• Average Volume (3M): 41.18K
• Price to Earnings (P/E): ―
• Beta (1Y): 2.00
• Revenue Growth: N/A
• EPS Growth: 38.42%
• Country: US
• Employees: 60
• Sector: Healthcare
• Sector Strength: 45
• Industry: Biotechnology
• EPS (TTM): -4.09
• Shares Outstanding: 3,207,810
• 10 Day Avg. Volume: 55,130
• 30 Day Avg. Volume: 41,182
• PEG Ratio: 0.02
• Price to Book (P/B): 2.00
• Price to Sales (P/S): 0.00
• P/FCF Ratio: -1.19
• Enterprise Value/Market Cap: 0.09
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: -5.87
• Enterprise Value/Ebitda: -0.05
• 1Y Price Target: $25.33
• Price Target Upside: 240.00% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 4
• EPS Forecast (FY): -8.56
• Revenue Forecast (FY): N/A

• Rating: 46 Neutral
• Price Target: $8.50 ▲(14.09% Upside)
• Action: Reiterated Date: 03/03/26
• Date: Action: Reiterated 03/03/26

The score is held down primarily by weak financial fundamentals (no revenue, ongoing losses, and a sharply deteriorated equity position vs. debt) and bearish technical signals (price below key moving averages with negative MACD). Positive corporate milestones and an extended stated cash runway provide some support, but valuation is not attractive on earnings metrics given continued losses.

Positive Factors

Clinical progress & enrollment momentum

Advancing a Phase 1/2 CNS gene therapy with active dosing and planned interim safety and biomarker readouts in H1 2026 materially de-risks development milestones. Consistent enrollment and scheduled data releases support regulatory interactions and enable clear decision points for program continuation.

Narrowing losses and lower cash burn

Meaningful reduction in operating outflows and narrower EBIT/net losses signal improving operational efficiency and tighter cost control. A sustained downward trend in cash burn enhances runway extension prospects and reduces near-term financing pressure, improving odds of reaching clinical inflection points.

Differentiated pipeline & regulatory designations

A one-time cerebrospinal fluid–delivered AAV1 candidate with preclinical durability data plus fast track and orphan designations strengthens clinical and regulatory positioning. An additional preclinical Huntington’s program broadens the addressable CNS opportunity, supporting long-term strategic optionality.

Negative Factors

Pre-revenue, development-stage model

No recurring commercial revenue means the business economics hinge entirely on successful clinical outcomes and external financing. Over the medium term, value creation depends on trials, regulatory approvals, or partnerships; failure or delays directly threaten sustainability and raise dilution risk.

Weakened balance sheet & elevated leverage

A materially eroded capital base with debt exceeding equity reduces financial flexibility and increases vulnerability to adverse financing conditions. Elevated leverage constrains the company’s ability to fund multiple programs concurrently and raises the likelihood of dilutive or costly capital raises if milestones slip.

Negative free cash flow & financing reliance

Sustained negative free cash flow requires ongoing external funding to advance trials; runway is finite (cash declined to $46.3M year-end). Dependence on capital markets or partnerships within the next 12–18 months creates execution risk and potential dilution if clinical timelines extend or costs rise.

Passage Bio Business Overview & Revenue Model

Company Description

Passage Bio, Inc., a genetic medicines company, develops transformative therapies for central nervous system diseases. It develops PBGM01, which utilizes a proprietary, AAVhu68 capsid to deliver to the brain and peripheral tissues a functional GLB1 gene encoding lysosomal acid beta-galactosidase for infantile GM1; PBFT02, which utilizes an AAV1 capsid to deliver to the brain a functional granulin (GRN) and gene encoding progranulin (PGRN) for the treatment of FTD-GRN; and PBKR03, which utilizes a proprietary, AAVhu68 capsid to deliver to the brain and peripheral tissues a functional GALC gene encoding the hydrolytic enzyme galactosylceramidase for infantile Krabbe disease. The company also develops PBML04 for the treatment of metachromatic leukodystrophy; PBAL05 for the treatment of amyotrophic lateral sclerosis; and PBCM06 for the treatment of Charcot-Marie-Tooth Type 2A. Passage Bio, Inc. has a strategic research collaboration with the Trustees of the University of Pennsylvania's Gene Therapy Program; and collaboration agreement, and a development services and clinical supply agreement with Catalent Maryland, Inc. The company was incorporated in 2017 and is headquartered in Philadelphia, Pennsylvania.

How the Company Makes Money

Passage Bio primarily generates revenue through partnerships, collaborations, and licensing agreements with other pharmaceutical and biotechnology companies. These collaborations often involve upfront payments, milestone payments based on the achievement of clinical and regulatory milestones, and royalties on future product sales. The company may also receive government grants and research funding to support its R&D initiatives. Passage Bio's focus on developing gene therapies for rare CNS disorders allows it to target markets with high unmet medical needs, potentially leading to premium pricing for successful therapies. As its products progress through clinical trials and potentially reach commercialization, the company aims to generate revenue from sales of its approved therapies.

Passage Bio Financial Statement Overview

Summary

Pre-revenue profile with continued sizable losses, though profitability is improving (EBIT and net loss narrowed in 2025). Cash burn has moderated meaningfully, but free cash flow remains negative and the balance sheet has weakened sharply as equity declined to $18.8M while debt stayed ~ $24.0M, raising financing risk.

Income Statement

The company has generated no revenue across the provided annual periods, consistent with a development-stage biotech profile. Losses remain substantial but have narrowed meaningfully in the most recent year: EBIT improved from -$70.4M (2024) to -$49.3M (2025), and net loss improved from -$64.8M to -$45.5M. While the direction is positive, the business is still fully loss-making with no evident commercial traction in the income statement.

Balance Sheet

The balance sheet shows a shrinking capital base and rising leverage pressure. Stockholders’ equity declined sharply from $111.3M (2023) to $61.3M (2024) and further to $18.8M (2025), while total debt remained elevated at ~$24.0M (2025). As a result, debt is now greater than equity in 2025, increasing financial risk and reducing flexibility compared with prior years when equity was much larger and leverage was modest.

Cash Flow

Cash burn remains material, but operating cash outflow has improved versus prior years: operating cash flow was -$31.5M (2025) compared with -$48.0M (2024) and -$78.3M (2023). Free cash flow is similarly negative (-$31.5M in 2025), indicating continued reliance on external funding. The improving burn rate is a clear positive, but sustained negative free cash flow keeps financing and runway risk front-and-center.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	0.00	0.00	0.00	0.00	0.00
Gross Profit	-728.00K	0.00	-3.72M	0.00	0.00
EBITDA	-42.42M	-62.09M	-98.34M	-131.72M	-176.19M
Net Income	-45.52M	-64.77M	-102.06M	-136.13M	-185.39M
Balance Sheet
Total Assets	62.28M	102.41M	150.54M	243.55M	355.08M
Cash, Cash Equivalents and Short-Term Investments	46.30M	76.76M	114.29M	189.61M	315.77M
Total Debt	24.01M	25.48M	26.29M	27.11M	0.00
Total Liabilities	43.53M	41.15M	39.26M	42.18M	36.42M
Stockholders Equity	18.75M	61.26M	111.28M	201.37M	318.66M
Cash Flow
Free Cash Flow	-31.51M	-47.99M	-78.41M	-123.48M	-152.52M
Operating Cash Flow	-31.51M	-47.96M	-78.26M	-118.21M	-126.88M
Investing Cash Flow	40.22M	54.95M	65.24M	25.20M	-45.81M
Financing Cash Flow	23.00K	8.87M	135.00K	-1.35M	166.66M

Passage Bio Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 7.45
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For PASG, the sentiment is Negative. The current price of 7.45 is below the 20-day moving average (MA) of 8.62, below the 50-day MA of 11.16, and below the 200-day MA of 8.66, indicating a bearish trend. The MACD of -0.66 indicates Negative momentum. The RSI at 35.27 is Neutral, neither overbought nor oversold. The STOCH value of 30.24 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for PASG.

Passage Bio Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
CGTX	47 Neutral	$95.34M	-5.34	-109.73%	―	―	50.39%
PASG	46 Neutral	$24.51M	-0.82	-87.18%	―	―	38.42%
ANVS	45 Neutral	$80.25M	>-0.01	-0.68%	―	―	62.84%
TPST	44 Neutral	$29.79M	-3.25	-405.03%	―	―	49.43%
CMMB	39 Underperform	$13.17M	-2.33	-89.92%	―	―	53.19%

Passage Bio Corporate Events

Passage Bio Reports 2025 Results, Advances FTD Program

On March 3, 2026, Passage Bio reported its fourth quarter and full-year 2025 results and detailed progress in its PBFT02 program for frontotemporal dementia. During 2025, the company enrolled the first three FTD-GRN patients into Cohort 3 of its global Phase 1/2 upliFT-D trial and, under an amended protocol targeting earlier-stage patients, moved toward dosing a total of 10 participants across five countries.

The company also treated the first FTD-C9orf72 patient with Dose 2 PBFT02 in Cohort 4, with safety oversight by an independent data monitoring committee before enrolling additional patients. Passage Bio highlighted a differentiated preclinical Huntington’s disease program using an AAV-delivered miRNA against MSH3, and it maintained a $46.3 million cash position at year-end 2025, guiding a runway through the first quarter of 2027 as R&D and net losses declined versus 2024.

Management indicated it was on track in the first half of 2026 to deliver updated interim safety and biomarker data from upliFT-D and to seek regulatory feedback on a registrational trial design for FTD-GRN. These operational milestones and extended cash runway support Passage Bio’s positioning as a focused CNS gene therapy player, with near-term clinical readouts and regulatory interactions likely to be key for investors and other stakeholders monitoring its path toward late-stage development.

The most recent analyst rating on (PASG) stock is a Buy with a $21.00 price target. To see the full list of analyst forecasts on Passage Bio stock, see the PASG Stock Forecast page.

Passage Bio Highlights PBFT02 Progress and Extended Cash Runway

On January 12, 2026, Passage Bio updated its corporate presentation to highlight progress on PBFT02, its lead gene therapy candidate for frontotemporal dementia caused by GRN mutations (FTD-GRN), and to outline its broader strategy in neurodegenerative diseases. The materials emphasized PBFT02’s potential best-in-class profile as a one-time, cerebrospinal fluid–delivered AAV1 gene replacement therapy that raises progranulin levels, backed by nonhuman primate and mouse data showing broad CNS biodistribution, durable increases in CSF progranulin and improvements in markers of lysosomal dysfunction and neuroinflammation, as well as fast track and orphan drug designations and ongoing enrollment in the global Phase 1/2 upliFT-D trial. Passage Bio also underscored the sizable addressable market in FTD and Huntington’s disease and reported a cash runway expected to extend into the first quarter of 2027, positioning the company to advance its clinical and preclinical pipeline during a period of significant unmet need in adult-onset neurodegenerative conditions.

The most recent analyst rating on (PASG) stock is a Hold with a $19.00 price target. To see the full list of analyst forecasts on Passage Bio stock, see the PASG Stock Forecast page.