Passage Bio (PASG) AI Stock Analysis

• Market Cap: $24.30M
• Dividend Yield: N/A
• Average Volume (3M): 301.88K
• Price to Earnings (P/E): ―
• Beta (1Y): 1.61
• Revenue Growth: N/A
• EPS Growth: 42.39%
• Country: US
• Employees: 60
• Sector: Healthcare
• Sector Strength: 58
• Industry: Biotechnology
• EPS (TTM): -0.25
• Shares Outstanding: 62,148,273
• 10 Day Avg. Volume: 194,727
• 30 Day Avg. Volume: 301,884
• PEG Ratio: -0.15
• Price to Book (P/B): 5.83
• Price to Sales (P/S): 0.00
• P/FCF Ratio: -24.45
• Enterprise Value/Market Cap: 35.30
• Enterprise Value/Revenue: 72.55
• Enterprise Value/Gross Profit: -1.07K
• Enterprise Value/Ebitda: -3.30
• 1Y Price Target: $6.00
• Price Target Upside: 1438.46% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 5

• Rating: 44 Neutral
• Price Target: ―

Passage Bio scores moderately low due to its financial challenges, including no revenue and significant cash burn. However, a strong balance sheet and recent corporate event announcements, including program advancements and extended cash runway, provide some optimism. Technical indicators suggest a neutral to bearish sentiment, and traditional valuation metrics are limited due to the company's stage and lack of profitability.

Positive Factors

Clinical Data

Updates from the ongoing Ph1/2 study of PBFT02 in GRN-FTD patients showed sustained PGRN expression and importantly, an approximately 13% reduction in plasma NfL levels, an FDA-accepted surrogate endpoint for accelerated approval.

Financial Stability

Extended cash runway into 1Q27 suggests financial stability and potential for further developments.

Manufacturing Process

The new suspension-based manufacturing process and alignment with the FDA on the potency assay are positive steps towards clinical and commercial success.

Negative Factors

Event Timing

Patient dosing in Cohort 3, most likely at the same Dose 2, will continue after an independent DMC review of available safety data, although management is not guiding on when dosing will begin and data will be available.

Product Development

The addition of a lower dose is being explored to evaluate the drug's therapeutic window and understand the dose response profile for PBFT02 treatment, with initial cohort 2 data expected to be a key catalyst for PASG.

Passage Bio Business Overview & Revenue Model

Company Description

Passage Bio (PASG) is a biotechnology company focused on developing transformative therapies for rare monogenic central nervous system (CNS) disorders. The company specializes in gene therapies, utilizing cutting-edge technologies to address unmet medical needs in neurology. With a robust pipeline of therapies in various stages of development, Passage Bio aims to deliver precision medicine solutions to patients with debilitating genetic conditions.

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
-800.00K	-3.08M	-3.72M	-3.68M	-1.54M	-800.00K
	EBIT
-68.81M	-70.40M	-108.39M	-138.39M	-185.73M	-112.90M
	EBITDA
-58.46M	-61.69M	-98.34M	-128.72M	-185.73M	-110.10M
	Net Income Common Stockholders
-63.46M	-64.77M	-102.06M	-136.13M	-185.39M	-112.23M
Balance Sheet		Cash, Cash Equivalents and Short-Term Investments
63.36M	76.76M	114.29M	189.61M	315.77M	304.82M
	Total Assets
86.01M	102.41M	150.54M	243.55M	355.08M	328.01M
	Total Debt
25.12M	25.48M	26.29M	27.11M	0.00	0.00
	Net Debt
-38.24M	-12.10M	4.58M	-7.49M	-128.97M	-135.00M
	Total Liabilities
39.30M	41.15M	39.26M	42.18M	36.42M	23.29M
	Stockholders Equity
46.71M	61.26M	111.28M	201.37M	318.66M	304.71M
Cash Flow		Free Cash Flow
-42.91M	-47.99M	-78.41M	-123.48M	-152.52M	-82.17M
	Operating Cash Flow
-42.87M	-47.96M	-78.26M	-118.21M	-126.88M	-80.52M
	Investing Cash Flow
69.33M	54.95M	65.24M	25.20M	-45.81M	-172.11M
	Financing Cash Flow
132.00K	8.87M	135.00K	-1.35K	166.66K	228.75M

Passage Bio Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 0.39
• 50DMA: Positive
• 100DMA: Negative
• 200DMA: Negative
• 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 0.39 is below the 20-day moving average (MA) of 0.40, above the 50-day MA of 0.37, and below the 200-day MA of 0.55, indicating a neutral trend. The MACD of 0.02 indicates Positive momentum. The RSI at 48.04 is Neutral, neither overbought nor oversold. The STOCH value of 26.23 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 *	54 Neutral	$5.37B	3.26	-45.10%	3.30%	16.81%	0.02%
GBIO	44 Neutral	$24.74M	―	-70.06%	―	146.47%	57.85%
PASG	44 Neutral	$24.30M	―	-83.73%	―	―	42.39%
CGTX	41 Neutral	$18.49M	―	-161.93%	―	―	-0.38%
TPST	39 Underperform	$27.02M	―	-282.07%	―	―	-220.54%
ANVS	35 Underperform	$54.76M	―	-280.78%	―	―	68.75%
CMMB	33 Underperform	$22.64M	―	-112.99%	―	―	57.93%

Passage Bio Corporate Events

Passage Bio Reports 2024 Financial Results and Program Advances

On March 4, 2025, Passage Bio reported its financial results for the fourth quarter and full year 2024, highlighting significant advancements in its PBFT02 program for FTD-GRN patients. The company demonstrated promising interim data showing durable progranulin expression and early biomarker improvements, and it plans to expand its clinical trials to include FTD patients with C9orf72 gene mutations. Passage Bio also extended its cash runway into the first quarter of 2027 by adopting an outsourced analytical testing model and reducing operating expenses, positioning itself well for late-stage development and regulatory engagement.