Passage Bio, Inc.
PASGHealthcare|Biotechnology|US
$3.98
+0.52 (+14.88%)
DCF Value
$6.70
Tangible Book / Share
$1.39
Cash / Share
$7.53
Financials
Financial Snapshot
Market Cap
$12.8M
Enterprise Value
-$11.4M
Revenue (TTM)
$0.00
Net Income (TTM)
-$36.1M
Cash & Investments
$24.2M
Net Cash
$24.2M
Free Cash Flow (TTM)
-$33.5M
Operating CF (TTM)
-$33.5M
Debt/Equity
0.00
Cash Runway & Burn Rate
Cash on Hand
$24.2M
Quarterly Burn
$8.4M
Monthly Burn
$2.8M
Est. Runway
~2.9 quarters
| Metric | Trend | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Investments | $24.9M | $158.9M | $304.8M | $315.8M | $189.6M | $114.3M | $76.8M | $46.3M | $24.2M | |
| Operating Cash Flow | -$18.6M | -$39.9M | -$80.5M | -$126.9M | -$118.2M | -$78.3M | -$48.0M | -$31.5M | -$33.5M | |
| Free Cash Flow | -$21.1M | -$41.6M | -$82.2M | -$152.5M | -$123.5M | -$78.4M | -$48.0M | -$31.5M | -$33.5M | |
| Capital Expenditure | -$2.5M | -$1.7M | -$1.6M | -$25.6M | -$5.3M | -$146.0K | -$34.0K | $0.00 | $0.00 | |
| Financing Cash Flow | $46.0M | $175.6M | $228.8M | $166.7M | -$1.4M | $135.0K | $8.9M | $23.0K | $9.0K |
R&D Spending
R&D (TTM)
$17.2M
R&D Intensity
—
R&D Growth vs Prior
-26.3%
| Metric | Trend | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| R&D Expense | $9.2M | $30.2M | $82.8M | $117.7M | $86.1M | $59.6M | $40.2M | $23.3M | $17.2M | |
| SG&A | $928.0K | $7.0M | $30.1M | $60.1M | $49.3M | $41.6M | $25.0M | $19.9M | $20.9M |
Income Statement
| Metric | Trend | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Cost of Revenue | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $3.7M | $0.00 | $728.0K | $129.0K | |
| Gross Profit | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | -$3.7M | $0.00 | -$728.0K | -$129.0K | |
| R&D | $9.2M | $30.2M | $82.8M | $117.7M | $86.1M | $59.6M | $40.2M | $23.3M | $17.2M | |
| SG&A | $928.0K | $7.0M | $30.1M | $60.1M | $49.3M | $41.6M | $25.0M | $19.9M | $20.9M | |
| Operating Income | -$13.5M | -$37.2M | -$112.9M | -$185.7M | -$138.4M | -$100.1M | -$70.4M | -$43.2M | -$39.7M | |
| Interest Expense | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Pretax Income | -$12.8M | -$45.6M | -$112.2M | -$185.4M | -$136.1M | -$102.1M | -$64.8M | -$45.5M | -$36.1M | |
| Net Income | -$12.8M | -$45.6M | -$112.2M | -$185.4M | -$136.1M | -$102.1M | -$64.8M | -$45.5M | -$36.1M | |
| EPS (Diluted) | -10.60 | -45.60 | -57.80 | -69.51 | -50.00 | -37.29 | -21.44 | -14.35 | -11.33 | |
| EBITDA | -$7.4M | -$36.6M | -$111.1M | -$176.2M | -$131.7M | -$98.3M | -$62.1M | -$44.8M | -$33.0M | |
| Shares Out. (M) | 1.20 | 1.20 | 2.28 | 2.67 | 2.72 | 2.74 | 3.02 | 3.17 | 3.21 |
Balance Sheet
| Metric | Trend | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $24.9M | $158.9M | $135.0M | $129.0M | $34.6M | $21.7M | $37.6M | $46.3M | $24.2M | |
| Short-Term Investments | $0.00 | $0.00 | $169.8M | $186.8M | $155.0M | $92.6M | $39.2M | $0.00 | $0.00 | |
| Total Current Assets | $33.4M | $165.8M | $317.2M | $325.1M | $197.0M | $118.0M | $78.8M | $47.8M | $25.2M | |
| Total Assets | $33.5M | $178.6M | $328.0M | $355.1M | $243.5M | $150.5M | $102.4M | $62.3M | $25.2M | |
| Total Current Liabilities | $307.0K | $3.7M | $21.2M | $29.5M | $18.4M | $16.3M | $19.4M | $23.1M | $20.7M | |
| Long-Term Debt | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $20.4M | $0.00 | |
| Total Liabilities | $45.6M | $4.3M | $23.3M | $36.4M | $42.2M | $39.3M | $41.2M | $43.5M | $20.7M | |
| Stockholders' Equity | -$12.2M | $174.4M | $304.7M | $318.7M | $201.4M | $111.3M | $61.3M | $18.8M | $4.5M | |
| Retained Earnings | -$13.0M | -$58.7M | -$170.9M | -$356.3M | -$492.4M | -$594.5M | -$659.2M | -$704.8M | -$720.1M |
Cash Flow Statement
| Metric | Trend | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$18.6M | -$39.9M | -$80.5M | -$126.9M | -$118.2M | -$78.3M | -$48.0M | -$31.5M | -$33.5M | |
| Capital Expenditure | -$2.5M | -$1.7M | -$1.6M | -$25.6M | -$5.3M | -$146.0K | -$34.0K | $0.00 | $0.00 | |
| Free Cash Flow | -$21.1M | -$41.6M | -$82.2M | -$152.5M | -$123.5M | -$78.4M | -$48.0M | -$31.5M | -$33.5M | |
| Investing Cash Flow | -$2.5M | -$1.7M | -$172.1M | -$45.8M | $25.2M | $65.2M | $54.9M | $40.2M | $20.0K | |
| Financing Cash Flow | $46.0M | $175.6M | $228.8M | $166.7M | -$1.4M | $135.0K | $8.9M | $23.0K | $9.0K | |
| Issuance of Stock | $46.0M | $0.00 | $228.5M | $166.7M | $433.0K | $135.0K | $8.7M | $23.0K | $9.0K | |
| Repurchase of Stock | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Net Debt Issuance | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Stock Based Comp. | $0.00 | $1.5M | $14.6M | $32.7M | $19.0M | $10.9M | $5.8M | $3.0M | $2.3M | |
| Net Change in Cash | $24.9M | $134.0M | -$23.9M | -$6.0M | -$94.4M | -$12.9M | $15.9M | $8.7M | -$33.5M |
Dilution Tracker
Shares outstanding grew 39.1% over 5 years — significant dilution
Shares Outstanding
3M
5-Year Share Growth
+39.1%
Stock Issuance (TTM)
$9.0K
| Metric | Trend | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Shares Out. (M) | 1.20 | 1.20 | 2.28 | 2.67 | 2.72 | 2.74 | 3.02 | 3.17 | 3.21 | |
| Change vs Prior % | — | 0.0% | 90.4% | 16.9% | 2.0% | 0.6% | 10.3% | 5.1% | 1.1% | |
| Stock Issuance | $46.0M | $0.00 | $228.5M | $166.7M | $433.0K | $135.0K | $8.7M | $23.0K | $9.0K | |
| Stock Repurchase | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Stock Based Comp. | $0.00 | $1.5M | $14.6M | $32.7M | $19.0M | $10.9M | $5.8M | $3.0M | $2.3M |
Margins & Profitability
| Metric | Trend | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| ROE % | 104.9% | -26.2% | -36.8% | -58.2% | -67.6% | -91.7% | -105.7% | -242.7% | -218.6% | |
| ROA % | -38.2% | -25.5% | -34.2% | -52.2% | -55.9% | -67.8% | -63.2% | -73.1% | -143.4% | |
| ROIC % | -40.6% | -21.3% | -37.1% | -57.0% | -60.6% | -72.8% | -81.2% | -100.9% | -889.9% |
Growth (Year over Year)
Fiscal years. Rising share count growth means dilution.
| Metric | Trend | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | |
| Gross Profit | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 100.0% | 0.0% | |
| Operating Income | 0.0% | -176.2% | -203.6% | -64.5% | 25.5% | 27.6% | 29.7% | 38.7% | |
| Net Income | 0.0% | -257.4% | -145.9% | -65.2% | 26.6% | 25.0% | 36.5% | 29.7% | |
| EPS (Diluted) | 0.0% | -330.2% | -26.8% | -20.3% | 28.1% | 25.4% | 42.5% | 33.1% | |
| Operating Cash Flow | 0.0% | -114.9% | -101.8% | -57.6% | 6.8% | 33.8% | 38.7% | 34.3% | |
| Free Cash Flow | 0.0% | -97.0% | -97.6% | -85.6% | 19.0% | 36.5% | 38.8% | 34.3% | |
| R&D Expense | 0.0% | 229.9% | 173.8% | 42.1% | -26.9% | -30.8% | -32.5% | -42.1% | |
| SG&A Expense | 0.0% | 649.0% | 333.2% | 99.4% | -17.8% | -15.7% | -39.9% | -20.5% | |
| Total Assets | 0.0% | 433.8% | 83.6% | 8.3% | -31.4% | -38.2% | -32.0% | -39.2% | |
| Book Value / Share | 0.0% | 1532.3% | -8.2% | -10.6% | -38.1% | -45.1% | -50.1% | -70.9% | |
| Debt | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | -3.0% | -3.1% | -5.8% | |
| Diluted Shares | 0.0% | 0.0% | 90.4% | 16.9% | 2.0% | 0.6% | 10.3% | 5.1% |
Valuation
P/E (TTM)At Loss
P/S0.00
P/B2.86
10Y Low / Med / High0.37 / 1.06 / 3.83
EV/EBITDA0.34
EV/Revenue0.00
P/FCFAt Loss
Intrinsic Value Models (per share)
DCF Value
$6.70
Tangible Book / Share
$1.39
Net Current Assets / Share
$1.38
Graham Net-Net
$1.07
Cash / Share
$7.53
| Metric | Trend | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E Ratio | -41.89 | -9.74 | -8.85 | -1.83 | -0.55 | -0.54 | -0.53 | -0.82 | -0.35 | |
| P/S Ratio | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| P/B Ratio | -43.70 | 3.05 | 3.83 | 1.06 | 0.37 | 0.50 | 0.56 | 2.00 | 2.86 | |
| EV/EBITDA | -68.34 | -10.21 | -9.28 | -1.19 | -0.51 | -0.61 | -0.36 | -0.34 | 0.34 | |
| EV/Revenue | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Analyst Estimates & Quality
Altman Z-Score
-43.85
Distress
Piotroski F-Score
1
Weak
Forward Estimates (consensus)
| Metric | FY2026 | FY2027 | FY2028 |
|---|---|---|---|
| Revenue | $2.0M | $45.0M | $31.5M |
| Net Income | -$31.0M | -$32.4M | -$28.1M |
| EPS | $-9.78 | $-10.20 | $-8.87 |
| # Analysts (EPS) | 1 | 1 | 1 |