Seeking Alpha·Jun 25, 2026
Passage Bio, Inc. (PASG) M&A Call Prepared Remarks TranscriptPassage Bio, Inc. (PASG) M&A Call Prepared Remarks Transcript
Passage Bio, Inc.(PASG)Earnings, Financials & Key Ratios
PASG•NASDAQ
$4.70
Price updated Jul 6, 2026
AboutPassage 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.Show more
- Revenue$0
- EBITDA-$42M+37.0%
- Net Income-$46M+29.7%
- EPS (Diluted)-14.35+33.1%
- ROE-113.78%-51.6%
PASG Price & Volume
Passage Bio, Inc. (PASG) stock price & volume — 10-year historical chart
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Clinical Focus Pivot Amidst Rapid Capital Erosion
Investment Thesis • Updated 2026Q1
VerdictNegative
Growth:Contracting
Profitability:Negative
Financial:Vulnerable
Cash Flow:Burning
Primary Risk:Capital exhaustion and insolvency
Key Thesis Takeaways
- Passage Bio is currently navigating a critical transition phase, having aggressively reduced quarterly R&D expenditures from $12.2 million in 2023Q4 to $4.1 million by 2026Q1 to extend its operational runway.
- While management has successfully narrowed operating losses to $8.9 million in the most recent quarter, the company remains entirely pre-revenue and faces significant solvency risks.
- Investors should monitor the sustainability of the remaining $33.3 million cash balance, as the lack of recurring revenue and the $712.3 million accumulated deficit in retained earnings suggest that further dilutive financing may be inevitable.
Verdict Logic
the company's precarious liquidity position, evidenced by a current ratio that has fallen from 8.43 in 2024Q1 to 1.73 in 2026Q1, suggests a high probability of near-term capital exhaustion.
PASG Growth Metrics
Passage Bio, Inc. (PASG) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR
Revenue CAGR
10 Years-
5 Years-
3 Years-
TTM-
Profit CAGR
10 Years-
5 Years-
3 Years-
TTM40.63%
EPS CAGR
10 Years-
5 Years-
3 Years-
TTM42.2%
Return on Capital
10 Years-52.92%
5 Years-60.02%
3 Years-63.71%
Last Year-70.6%
PASG Recent Earnings
Passage Bio, Inc. (PASG) EPS & revenue vs analyst estimates — last 4 quarters
●Beat EPS 8/12 qtrs (67%)
Q2 2026Latest
May 12, 2026Metric
Actual
Est
EPS
$2.36+14.6%
$2.76
Rev
—
—
Q2 2026
Mar 3, 2026Metric
Actual
Est
EPS
$4.08-86.3%
$2.19
Rev
—
—
Q4 2025
Nov 10, 2025Metric
Actual
Est
EPS
$2.44+7.6%
$2.64
Rev
—
—
Q3 2025
Aug 12, 2025Metric
Actual
Est
EPS
$2.96+26.0%
$4.00
Rev
—
—
| Quarter | Date | EPS (Act vs Est) | Revenue (Act vs Est) |
|---|---|---|---|
| Q2 2026Latest | May 12, 2026 | $2.36vs $2.76+14.6% | — |
| Q2 2026 | Mar 3, 2026 | $4.08vs $2.19-86.3% | — |
| Q4 2025 | Nov 10, 2025 | $2.44vs $2.64+7.6% | — |
| Q3 2025 | Aug 12, 2025 | $2.96vs $4.00+26.0% | — |
Based on last 12 quarters of dataView full earnings history →
Latest PASG News
Recent stock market news and headlines for Passage Bio, Inc. (PASG)
GlobeNewsWire·Jun 24, 2026
Passage Bio and Remix Therapeutics Announce Merger AgreementCombined company to operate as Remix Therapeutics and advance Remix's pipeline of novel small molecule therapies designed to reprogram RNA processing and address disease drivers at their origin
Peers Comparison
Key metrics vs top competitors for Passage Bio, Inc. (PASG)
| Company | Price | Market Cap | P/E Ratio | Rev Growth (1Y) | Net Margin | ROE | Div Yield |
|---|---|---|---|---|---|---|---|
| $4.70 | $15.08M | -0.33 | — | — | -113.78% | — | |
| $374.68 | $11.05B | 54.78 | 33.94% | 53.92% | 19.25% | — | |
| $3.99 | $435.68M | -1.99 | — | — | -70.79% | — | |
| $33.70 | $3.31B | -5.78 | 20.13% | -91.03% | — | — | |
| $14.49 | $4.55B | -164.85 | 20.05% | -4.27% | -12.02% | — | |
| $25.77 | $4.41B | 11.25 | 11.87% | 34.3% | 35.65% | — |
Compare PASG vs Peers
Passage Bio, Inc. (PASG) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.
PASG SEC Filings & Documents
Passage Bio, Inc. (PASG) SEC filings — annual & quarterly reports (10-K, 10-Q)
8-K Announcements
6Material company update
Apr 28, 2026·SEC
Material company update
Apr 20, 2026·SEC
Material company update
Mar 10, 2026·SEC
10-K Annual Reports
310-Q Quarterly Reports
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PASG Frequently Asked Questions
Passage Bio, Inc. (PASG) stock FAQ — growth, dividends, profitability & financials explained
Growth & Financials
Is PASG profitable?
Passage Bio, Inc. (PASG) reported a net loss of $37.7M for fiscal year 2025.
Dividend & Returns
What is PASG's return on equity?
Passage Bio, Inc. (PASG) has a return on equity (ROE) of -113.8%. Negative ROE indicates the company is unprofitable.
What is Passage Bio, Inc.'s free cash flow?
Passage Bio, Inc. (PASG) had negative free cash flow of $30.6M in fiscal year 2025, likely due to heavy capital investments.