Passage Bio (PASG) AI Stock Analysis

• Market Cap: $47.30M
• Dividend Yield: N/A
• Average Volume (3M): 41.18K
• Price to Earnings (P/E): ―
• Beta (1Y): 1.83
• Revenue Growth: N/A
• EPS Growth: 38.42%
• Country: US
• Employees: 60
• Sector: Healthcare
• Sector Strength: 45
• Industry: Biotechnology
• EPS (TTM): -2.44
• Shares Outstanding: 3,120,295
• 10 Day Avg. Volume: 55,130
• 30 Day Avg. Volume: 41,182
• PEG Ratio: 0.01
• Price to Book (P/B): 0.56
• Price to Sales (P/S): 0.00
• P/FCF Ratio: -0.71
• Enterprise Value/Market Cap: -0.06
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: 3.17
• Enterprise Value/Ebitda: 0.07
• 1Y Price Target: $40.33
• Price Target Upside: 182.45% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 4
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 49 Neutral
• Price Target: $18.00 ▲(26.05% Upside)

The score is held back primarily by weak financial fundamentals typical of a pre-revenue biotech (ongoing losses and negative free cash flow, with signs of increasing financing reliance). Technicals are a supportive offset with strong momentum above major moving averages, but overbought readings temper the benefit. Valuation is limited by the negative P/E and the absence of a dividend yield.

Positive Factors

Clinical progress & FDA alignment

Active enrollment across additional FTD cohorts and documented FDA alignment on analytical comparability materially de-risks the pathway to a registrational trial. This improves the program's regulatory visibility and increases the likelihood of progressing toward approval and commercial-readiness over the next 2–6 months.

Focused AAV gene-therapy platform

A concentrated platform targeting rare CNS monogenic disorders with AAV vectors yields durable competitive advantages: deep technical expertise, high barriers to entry, and potential for orphan exclusivity. This focused strategy supports efficient R&D prioritization and long-term value capture if clinical success is achieved.

Improving loss and cash-burn trends

Meaningful reduction in net losses and operating cash burn indicates stronger cost discipline and portfolio prioritization. Sustained improvement in cash consumption extends runway, lowers near-term financing frequency, and enhances the chance of reaching critical clinical inflection points before dilution is required.

Negative Factors

Pre-revenue biotech profile

Absence of product revenue means the company remains fully reliant on external financing to fund operations. This structural dependency elevates long-term execution risk: failed trials or delayed readouts materially worsen funding prospects and can force dilutive raises before sustainable commercial cash flow emerges.

Negative free cash flow and persistent burn

Consistent negative operating and free cash flow constitute a durable constraint on strategic flexibility. Continued cash burn necessitates additional capital raises or debt, which can dilute shareholders and divert management attention from R&D execution to financing, increasing long-term funding risk.

Shrinking assets and rising leverage

Substantial contraction in assets alongside increasing debt-to-equity signals reduced financial flexibility and higher leverage risk. This weakening balance sheet limits the company's ability to invest in scale-up manufacturing or additional trials and raises the likelihood of future dilutive financing under adverse outcomes.

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

Passage Bio faces common challenges in the biotech industry, with no revenue and significant cash burn. While the balance sheet shows a reasonable equity base, increasing leverage and persistent net losses pose risks that need careful management as the company develops its pipeline.

Income Statement

Passage Bio has not generated any revenue over the past years, which is typical for early-stage biotechnology companies. However, the consistent and significant net losses and negative EBIT margins highlight ongoing financial challenges in achieving profitability.

Balance Sheet

The company's balance sheet shows a reasonable equity base with an Equity Ratio of approximately 60%. However, the Debt-to-Equity ratio is increasing, indicating rising leverage, which may pose a risk if cash reserves decline further.

Cash Flow

Operating cash flow is consistently negative, reflecting significant cash burn typical of biotech firms in development stages. Free cash flow is also negative, although financing activities have bolstered cash positions, providing some liquidity strength.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	0.00	0.00	0.00	0.00	0.00	0.00
Gross Profit	-919.00K	0.00	-3.72M	0.00	0.00	0.00
EBITDA	-42.55M	-62.09M	-98.34M	-131.72M	-176.19M	-111.10M
Net Income	-45.26M	-64.77M	-102.06M	-136.13M	-185.39M	-112.23M
Balance Sheet
Total Assets	74.16M	102.41M	150.54M	243.55M	355.08M	328.01M
Cash, Cash Equivalents and Short-Term Investments	52.77M	76.76M	114.29M	189.61M	315.77M	304.82M
Total Debt	24.34M	25.48M	26.29M	27.11M	0.00	0.00
Total Liabilities	43.04M	41.15M	39.26M	42.18M	36.42M	23.29M
Stockholders Equity	31.12M	61.26M	111.28M	201.37M	318.66M	304.71M
Cash Flow
Free Cash Flow	-33.49M	-47.99M	-78.41M	-123.48M	-152.52M	-82.17M
Operating Cash Flow	-33.47M	-47.96M	-78.26M	-118.21M	-126.88M	-80.52M
Investing Cash Flow	53.89M	54.95M	65.24M	25.20M	-45.81M	-172.11M
Financing Cash Flow	61.00K	8.87M	135.00K	-1.35M	166.66M	228.75M

Passage Bio Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 14.28
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For PASG, the sentiment is Positive. The current price of 14.28 is above the 20-day moving average (MA) of 13.37, above the 50-day MA of 10.49, and above the 200-day MA of 8.08, indicating a bullish trend. The MACD of 1.79 indicates Positive momentum. The RSI at 53.85 is Neutral, neither overbought nor oversold. The STOCH value of 32.81 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive 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%
PASG	49 Neutral	$47.30M	-0.99	-87.18%	―	―	38.42%
ANVS	46 Neutral	$84.01M	-2.16	-246.14%	―	―	62.84%
CGTX	44 Neutral	$125.35M	-2.91	-109.73%	―	―	50.39%
TPST	43 Neutral	$12.56M	-0.26	-405.03%	―	―	49.43%
CMMB	39 Underperform	$10.89M	-0.91	-73.63%	―	―	53.19%
GBIO	39 Underperform	$38.07M	-0.60	-80.81%	―	-17.82%	57.32%

Passage Bio Corporate Events

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.

Passage Bio Reports Q3 Financial Results and Updates

On November 10, 2025, Passage Bio reported its third-quarter financial results and recent business highlights, including the ongoing enrollment of patients in its upliFT-D clinical trial for PBFT02. The company has aligned with the FDA on an analytical approach for its manufacturing process and is on track to seek regulatory feedback on a registrational trial design in the first half of 2026. Passage Bio’s financial results showed a decrease in net loss and expenses compared to the previous year, with a cash runway projected into the first quarter of 2027.

The most recent analyst rating on (PASG) stock is a Buy with a $40.00 price target. To see the full list of analyst forecasts on Passage Bio stock, see the PASG Stock Forecast page.