Passage Bio (PASG) AI Stock Analysis

• Market Cap: $32.98M
• Dividend Yield: N/A
• Average Volume (3M): 41.18K
• Price to Earnings (P/E): ―
• Beta (1Y): 1.92
• 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: 0.02
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: -0.57
• Enterprise Value/Ebitda: -0.01
• 1Y Price Target: $40.33
• Price Target Upside: 342.74% 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: $11.00 ▲(20.75% 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

PBFT02 clinical progress & regulatory designations

Regulatory designations and active Phase 1/2 enrollment materially de-risk clinical and regulatory pathways. Fast Track/Orphan status can shorten development timelines and enable accelerated interactions with regulators, improving chances to reach registrational design discussions and future approval.

Improving cash burn and narrowing losses

Sustained reduction in net loss and operating cash outflows shows better cost control and a smaller spending footprint. This structural improvement lengthens runway per dollar raised and reduces near-term financing frequency, improving operational resilience while clinical programs advance.

Focused CNS AAV platform and sizable target markets

A platform that enables one-time, CNS-targeted AAV delivery addresses high unmet needs in adult neurodegenerative diseases. Durable biomarker effects and broad biodistribution support competitive differentiation and longer-term commercial potential in sizeable FTD and Huntington's disease markets.

Negative Factors

Pre-revenue with negative free cash flow

No recurring commercial revenue means long-term operations depend on capital markets or partnering. Persistent negative free cash flow creates structural financing needs; repeated equity raises can dilute shareholders and constrain strategic optionality during multi-year clinical development.

Rising leverage and contracted balance sheet

Increasing debt-to-equity and severely shrinking assets indicate rising reliance on external financing and a thinner balance sheet. These structural trends reduce financial flexibility to fund trials, heighten refinancing risk, and increase vulnerability to adverse clinical or regulatory setbacks.

Limited cash runway into Q1 2027

A runway only into Q1 2027 requires near-term capital or material partnerships to sustain development beyond registrational planning. Timing-sensitive financing while pivotal programs progress can force dilutive financings or constrained R&D pacing, presenting structural execution risk.

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 with persistent operating losses and negative free cash flow, which remains the central risk. Offsetting this, net loss and cash burn have improved materially versus prior years, and equity remains positive, but shrinking assets and rising debt-to-equity suggest increasing financing dependence.

Income Statement

PASG remains a pre-revenue biotech with $0 revenue across the annual periods provided and in TTM (Trailing-Twelve-Months), so losses are expected but still material. Profitability has improved meaningfully over time, with net loss narrowing from about -$185.4M (2021) to -$64.8M (2024) and -$45.3M in TTM (Trailing-Twelve-Months), indicating better cost control and/or a smaller spending footprint. However, the company is still deeply unprofitable (negative EBIT/EBITDA and net income), and reported margin figures are not very informative given the lack of revenue.

Balance Sheet

Leverage is moderate, with total debt of ~$24.3M in TTM (Trailing-Twelve-Months) and debt-to-equity at ~0.65, up from ~0.42 in 2024 and ~0.13 in 2022—suggesting a rising reliance on debt as equity has declined. The balance sheet has clearly contracted (assets ~$355.1M in 2020 down to ~$74.2M in TTM), consistent with sustained cash burn. Equity remains positive (~$31.1M TTM), but returns on equity are strongly negative (about -1.04 TTM), highlighting ongoing dilution/burn risk if capital needs persist.

Cash Flow

Cash burn remains the key issue: operating cash flow is negative in every period, though it has improved from about -$126.9M (2021) to -$48.0M (2024) and -$33.5M in TTM (Trailing-Twelve-Months). Free cash flow is similarly negative (about -$33.5M TTM), and the latest free cash flow growth is sharply worse (TTM shows a sizable decline versus the prior period). A positive factor is that free cash flow roughly matches net loss (free cash flow to net income ~1.00), implying losses are largely cash-based rather than being driven by large non-cash adjustments—but the absolute level of burn still pressures funding runway.

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: Negative
• Last Price: 9.11
• 50DMA: Negative
• 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 Negative. The current price of 9.11 is below the 20-day moving average (MA) of 13.67, below the 50-day MA of 11.60, and above the 200-day MA of 8.38, indicating a neutral trend. The MACD of -0.37 indicates Positive momentum. The RSI at 41.18 is Neutral, neither overbought nor oversold. The STOCH value of 25.83 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%
PASG	49 Neutral	$32.98M	-0.63	-87.18%	―	―	38.42%
CGTX	47 Neutral	$90.92M	-2.10	-109.73%	―	―	50.39%
ANVS	46 Neutral	$68.38M	―	-246.14%	―	―	62.84%
TPST	44 Neutral	$11.73M	-0.22	-405.03%	―	―	49.43%
CMMB	39 Underperform	$10.03M	-0.78	-73.63%	―	―	53.19%
GBIO	39 Underperform	$37.87M	-0.61	-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.