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Passage Bio
(NASDAQ:PASG)
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Rating:42Neutral
Price Target:
$4.00
▼(-19.03% Downside)
Action:Reiterated
Date:08/10/26
The score is primarily constrained by weak financial performance (no revenue, continued losses/cash burn, and a very thin equity cushion), with technicals also bearish (price below key moving averages and negative MACD). Valuation provides limited offset due to a negative P/E and no dividend support.
Positive Factors
Merger provides capital and governance change
The all-stock merger shifts strategic control to Remix, which secured an oversubscribed $100M financing intended to fund operations into 2028. This materially improves combined access to development capital and clinical-readout funding, reducing near-term financing pressure and enabling multi-year program execution.
Negative Factors
Pre-revenue business model
Passage remains pre-revenue, relying entirely on collaborations, licensing, or financing to fund operations. The absence of product sales creates persistent funding dependency and execution risk: successful clinical development and regulatory approval are required before sustainable revenues emerge.
Read all positive and negative factors
Positive Factors
Negative Factors
Merger provides capital and governance change
The all-stock merger shifts strategic control to Remix, which secured an oversubscribed $100M financing intended to fund operations into 2028. This materially improves combined access to development capital and clinical-readout funding, reducing near-term financing pressure and enabling multi-year program execution.
Read all positive factors
Passage Bio (PASG) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$14.77M
Dividend YieldN/A
Average Volume (3M)41.18K
Price to Earnings (P/E)―
Beta (1Y)2.09
Revenue GrowthN/A
EPS Growth38.14%
CountryUS
Employees24
SectorHealthcare
Sector Strength45
IndustryBiotechnology
Share Statistics
EPS (TTM)-11.33
Shares Outstanding3,217,810
10 Day Avg. Volume55,130
30 Day Avg. Volume41,182
Financial Highlights & Ratios
PEG Ratio0.02
Price to Book (P/B)2.00
Price to Sales (P/S)0.00
P/FCF Ratio-1.19
Enterprise Value/Market Cap>-0.01
Enterprise Value/RevenueN/A
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusHold
Number of Analyst Covering2
EPS Forecast (FY)-8.63
Revenue Forecast (FY)N/A
Passage Bio Business Overview & Revenue Model
Company 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 ...
How the Company Makes Money
As a clinical-stage biotech, Passage Bio has not historically generated recurring revenue from product sales because it has not had an approved therapy on the market. Its reported revenue, when present, is primarily derived from collaboration and ...
Passage Bio Financial Statement Overview
Summary
Income Statement
14
Very Negative
Balance Sheet
18
Very Negative
Cash Flow
22
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Gross Profit | -129.00K | -728.00K | 0.00 | -3.72M | 0.00 | 0.00 |
| EBITDA | -32.83M | -44.79M | -62.09M | -98.34M | -131.72M | -176.19M |
| Net Income | -36.11M | -45.52M | -64.77M | -102.06M | -136.13M | -185.39M |
Balance Sheet | ||||||
| Total Assets | 25.18M | 62.28M | 102.41M | 150.54M | 243.55M | 355.08M |
| Cash, Cash Equivalents and Short-Term Investments | 24.16M | 46.30M | 76.76M | 114.29M | 189.61M | 315.77M |
| Total Debt | 0.00 | 24.01M | 25.48M | 26.29M | 27.11M | 0.00 |
| Total Liabilities | 20.72M | 43.53M | 41.15M | 39.26M | 42.18M | 36.42M |
| Stockholders Equity | 4.46M | 18.75M | 61.26M | 111.28M | 201.37M | 318.66M |
Cash Flow | ||||||
| Free Cash Flow | -33.50M | -31.51M | -47.99M | -78.41M | -123.48M | -152.52M |
| Operating Cash Flow | -33.50M | -31.51M | -47.96M | -78.26M | -118.21M | -126.88M |
| Investing Cash Flow | 20.00K | 40.22M | 54.95M | 65.24M | 25.20M | -45.81M |
| Financing Cash Flow | 9.00K | 23.00K | 8.87M | 135.00K | -1.35M | 166.66M |
Passage Bio Technical Analysis
Negative
4.94
Price Trends
4.96
Negative
5.80
Negative
7.84
Negative
Market Momentum
-0.12
Negative
46.59
Neutral
61.33
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 4.94 is above the 20-day moving average (MA) of 4.63, below the 50-day MA of 4.96, and below the 200-day MA of 7.84, indicating a bearish trend. The MACD of -0.12 indicates Negative momentum. The RSI at 46.59 is Neutral, neither overbought nor oversold. The STOCH value of 61.33 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for PASG.
Passage Bio Risk Analysis
Passage Bio disclosed 79 risk factors in its most recent earnings report. Passage Bio reported the most risks in the "Tech & Innovation" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Passage Bio Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
53 Neutral | $13.82M | -1.72 | -67.85% | ― | ― | 63.33% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
48 Neutral | $98.90M | -5.42 | -50.17% | ― | ― | 70.27% | |
46 Neutral | $76.58M | -1.04 | -318.08% | ― | ― | 20.55% | |
43 Neutral | $19.34M | -0.26 | -729.89% | ― | ― | 65.65% | |
42 Neutral | $14.77M | -0.40 | -150.88% | ― | ― | 38.14% |
* Healthcare Sector Average
PASG
Passage Bio
4.58
-2.38
-34.17%
TPST
Tempest Therapeutics
1.17
-9.36
-88.89%
CMMB
Chemomab Therapeutics
1.90
-1.82
-48.92%
ANVS
Annovis Bio
1.79
-0.95
-34.67%
CGTX
Cognition Therapeutics
1.04
-0.50
-32.47%
Passage Bio Corporate Events
Business Operations and StrategyM&A TransactionsPrivate Placements and Financing
Passage Bio Merges with Remix Therapeutics in All-Stock Deal
Positive
Jun 24, 2026
On June 24, 2026, Passage Bio and Remix Therapeutics agreed an all-stock merger that will make Remix a wholly owned subsidiary, with the combined company operating as Remix Therapeutics and listed on Nasdaq under the ticker RMTX. Remix is valued a...
Business Operations and Strategy
Passage Bio Ends Key Collaborations and Office Lease
Negative
May 27, 2026
On May 21, 2026, Passage Bio, Inc. terminated its research, collaboration and license agreement with Gemma Biotherapeutics, Inc., ending a partnership under which Gemma had supported preclinical and Investigational New Drug-enabling work in Huntin...
Executive/Board ChangesShareholder Meetings
Passage Bio Shareholders Approve Directors and Executive Pay
Positive
May 26, 2026
On May 19, 2026, Passage Bio, Inc. held its 2026 Annual Meeting of Stockholders, where shareholders elected two Class III directors, Athena Countouriotis, M.D., and Sandip Kapadia, to new three-year terms ending at the 2029 annual meeting, and rat...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.