PASG

MKT CAP:$19M

Passage Bio, Inc.

Market Cap

$19M

Healthcare·Biotechnology·🇺🇸 United States·NASDAQ

Healthcare·Biotechnology·🇺🇸·NASDAQ

Stock Price

$5.90-$5.79 (-49.53%)

Apr 23, 2026

Company Details

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 functio...

CEO

William Chou

IPO Date

Feb 28, 2020

Website

www.passagebio.com

Key Metrics TTM

Revenue

$0

— YoY

Net Income

-$46M

EPS (Diluted)

-$14.45

Free Cash Flow

-$32M

Revenue / Share

$0.00

Gross Margin

—

Operating Margin

—

Net Margin

—

FCF Margin

—

P/S

—

P/E

—

Earnings Reports

Q1 2026

May 12, 2026

PENDING

FY 2025

Mar 3, 2026

$0EPS -$14.35

Q4 2025

Mar 3, 2026

$0EPS -$4.08

Q3 2025

Nov 10, 2025

$0EPS -$2.45

Q2 2025

Aug 12, 2025

$0EPS -$2.96

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$0	$0	-$43M
Q2 22	$0	$0	-$40M
Q3 22	$0	$0	-$28M
Q4 22	$0	$0	-$28M
Q1 23	$0	$0	-$36M
Q2 23	$0	$0	-$25M
Q3 23	$0	$0	-$29M
Q4 23	$0	$0	-$18M
Q1 24	$0	$0	-$18M
Q2 24	$0	$0	-$17M
Q3 24	$0	$0	-$21M
Q4 24	$0	-$719.0K	-$14M
Q1 25	$0	$0	-$16M
Q2 25	$0	-$200.0K	-$10M
Q3 25	$0	$0	-$9M
Q4 25	$0	-$177.0K	-$8M

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	-$45M	-$47M
Q2 22	-$26M	-$27M
Q3 22	-$23M	-$24M
Q4 22	-$24M	-$27M
Q1 23	-$22M	-$22M
Q2 23	-$17M	-$17M
Q3 23	-$19M	-$19M
Q4 23	-$20M	-$20M
Q1 24	-$19M	-$19M
Q2 24	-$13M	-$13M
Q3 24	-$7M	-$7M
Q4 24	-$8M	-$8M
Q1 25	-$14M	-$14M
Q2 25	-$6M	-$6M
Q3 25	-$5M	-$5M
Q4 25	-$6M	-$6M

Capital Expenditures

Quarter	CapEx
Q1 22	$2M
Q2 22	$831.0K
Q3 22	$244.0K
Q4 22	$3M
Q1 23	$26.0K
Q2 23	$103.0K
Q3 23	$4.0K
Q4 23	$13.0K
Q1 24	$0
Q2 24	$0
Q3 24	$20.0K
Q4 24	$14.0K
Q1 25	$0
Q2 25	$0
Q3 25	$0
Q4 25	$0

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	—	+10.0%
Q2 22	—	-18.0%
Q3 22	—	-41.6%
Q4 22	—	-44.8%
Q1 23	—	-16.2%
Q2 23	—	-36.2%
Q3 23	—	+4.2%
Q4 23	—	-34.7%
Q1 24	—	-49.7%
Q2 24	—	-31.6%
Q3 24	—	-27.8%
Q4 24	—	-22.6%
Q1 25	—	-8.8%
Q2 25	—	-40.5%
Q3 25	—	-58.2%
Q4 25	—	-46.0%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$6M	—
Q2 22	$6M	—
Q3 22	$3M	—
Q4 22	$3M	—
Q1 23	$3M	—
Q2 23	$4M	—
Q3 23	$3M	—
Q4 23	$2M	—
Q1 24	$2M	—
Q2 24	$2M	—
Q3 24	$1M	—
Q4 24	$1M	—
Q1 25	$858.0K	—
Q2 25	$923.0K	—
Q3 25	$0	—
Q4 25	$609.0K	—

OpEx Breakdown

Quarter	R&D	G&A	SG&A
Q1 22	$26M	$15M	—
Q2 22	$27M	$13M	—
Q3 22	$15M	$11M	—
Q4 22	$18M	$7M	—
Q1 23	$17M	$8M	—
Q2 23	$17M	$8M	—
Q3 23	$15M	$8M	—
Q4 23	$12M	$6M	—
Q1 24	$12M	$7M	—
Q2 24	$10M	$7M	—
Q3 24	$9M	$7M	—
Q4 24	$10M	—	$4M
Q1 25	$8M	$6M	—
Q2 25	$6M	$5M	—
Q3 25	$4M	$4M	—
Q4 25	$5M	$5M	—

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$102M	$165M	$267M
Q2 22	$91M	$148M	$239M
Q3 22	$63M	$151M	$214M
Q4 22	$35M	$155M	$190M
Q1 23	$33M	$134M	$168M
Q2 23	$30M	$121M	$151M
Q3 23	$34M	$99M	$133M
Q4 23	$22M	$93M	$114M
Q1 24	$37M	$68M	$105M
Q2 24	$25M	$67M	$92M
Q3 24	$32M	$53M	$85M
Q4 24	$38M	$39M	$77M
Q1 25	$63M	$0	$63M
Q2 25	$58M	$0	$58M
Q3 25	$53M	$0	$53M
Q4 25	$46M	$0	$46M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	3M	+0.5%	+9.0%
Q2 22	3M	+0.2%	+0.9%
Q3 22	3M	+0.2%	+9.4%
Q4 22	3M	+0.3%	+1.1%
Q1 23	3M	+0.0%	+0.6%
Q2 23	3M	+0.1%	+0.5%
Q3 23	3M	+0.2%	+0.6%
Q4 23	3M	+0.3%	+0.6%
Q1 24	3M	+2.5%	+3.1%
Q2 24	3M	+9.6%	+12.8%
Q3 24	3M	+0.1%	+12.7%
Q4 24	3M	+0.5%	+13.0%
Q1 25	3M	+0.1%	+10.3%
Q2 25	3M	+2.0%	+2.8%
Q3 25	3M	0.0%	+2.6%
Q4 25	3M	+0.1%	+2.2%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	$0	133
Q2 22	$0	133
Q3 22	$0	133
Q4 22	$0	85
Q1 23	$0	85
Q2 23	$0	85
Q3 23	$0	85
Q4 23	$0	58
Q1 24	$0	58
Q2 24	$0	58
Q3 24	$0	58
Q4 24	$0	60
Q1 25	$0	60
Q2 25	$0	60
Q3 25	$0	60
Q4 25	$0	200K

Revenue / Employee