Passage BIO, Inc. PASG
We are a clinical stage genetic medicines company focused on improving the lives of patients with neurodegenerative diseases. Our primary focus is the development and advancement of cutting-edge, one-time gene therapies designed to target critical underlying pathologies in these conditions. We believe we have developed a differentiated approach to developing treatments for central nervous system, or CNS, disorders that allows us to select and advance product candidates with a higher probability of technical and regulatory success.
Our lead clinical product candidate, PBFT02, seeks to elevate progranulin levels to enhance lysosomal function and slow disease progression across a variety of neurodegenerative diseases. PBFT02 is a gene replacement therapy that utilizes an adeno-associated virus serotype 1, or AAV1, capsid to deliver a functional granulin gene, or GRN, encoding progranulin, or PGRN, to the brain via intra cisterna magna, or ICM, administration. The lead indication for PBFT02 is frontotemporal dementia, or FTD, caused by progranulin deficiency, or FTD-GRN. We believe this clinical product candidate has the potential to provide patients with significantly improved outcomes given the rigorous capsid and transgene selection process, and our chosen route of ICM administration, which provides the potential for enhanced benefits due to widespread vector delivery to the brain and spinal cord and an improved safety profile compared with systemic administration, due to the lower doses required.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| R&D | $23.3M | $40.2M | $61.4M | — | — | — | — | — |
| SG&A | $19.9M | $25.0M | $41.6M | $49.3M | $60.1M | $30.1M | $7.0M | — |
| Operating income | -$49.3M | -$70.4M | -$108.4M | -$138.4M | -$185.7M | -$112.9M | -$37.2M | — |
| Pre-tax income | -$45.5M | -$64.8M | — | — | — | — | — | — |
| Income tax | $0 | $0 | — | — | — | — | — | — |
| Net income | -$45.5M | -$64.8M | -$102.1M | -$136.1M | -$185.4M | -$112.2M | -$45.6M | — |
| EPS, basic | -14.35 | -21.04 | -1.86 | -2.50 | -3.48 | -2.91 | — | — |
| EPS, diluted | -14.35 | -21.04 | -1.86 | -2.50 | -3.48 | -2.91 | -10.77 | — |
| Shares, diluted (wtd. avg.) | 3.2M | 3.1M | 54.7M | 54.4M | 53.3M | 38.6M | — | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $46.3M | $37.6M | $21.7M | $34.6M | $129.0M | $135.0M | $158.9M | $24.9M |
| Short-term investments | $0 | $39.2M | $92.6M | $155.0M | $186.8M | $169.8M | — | — |
| Total current assets | $47.8M | $78.8M | $118.0M | $197.0M | $325.1M | $317.2M | $165.8M | — |
| Property, plant and equipment | $4.1M | $9.3M | $15.3M | $22.5M | $23.8M | $2.8M | $1.1M | — |
| Total assets | $62.3M | $102.4M | $150.5M | $243.5M | $355.1M | $328.0M | $178.6M | — |
| Accounts payable | $1.1M | $742.0K | $1.3M | $4.1M | $9.4M | $5.3M | $629.0K | — |
| Total current liabilities | $23.1M | $19.4M | $16.3M | $18.4M | $29.5M | $21.2M | $3.7M | — |
| Total liabilities | $43.5M | $41.2M | $39.3M | $42.2M | $36.4M | $23.3M | $4.3M | — |
| Retained earnings | -$704.8M | -$659.2M | -$594.5M | -$492.4M | -$356.3M | -$170.9M | -$58.7M | — |
| Total equity | $18.8M | $61.3M | $111.3M | $201.4M | $318.7M | $304.7M | -$56.3M | -$12.2M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$31.5M | -$48.0M | -$78.3M | -$118.2M | -$126.9M | -$80.5M | -$39.9M | — |
| Depreciation and amortisation | $728.0K | $3.1M | $3.7M | $3.7M | $1.5M | $800.0K | $134.0K | — |
| Stock-based compensation | $3.0M | $5.8M | $10.9M | $19.0M | $32.7M | $14.6M | $1.5M | — |
| Capital expenditure | — | $34.0K | — | — | — | — | — | — |
| Investing cash flow | $40.2M | $54.9M | $65.2M | $25.2M | -$45.8M | -$172.1M | -$1.7M | — |
| Financing cash flow | $23.0K | $8.9M | $135.0K | -$1.4M | $166.7M | $228.8M | $175.6M | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001140361-26-035517.
Plot the figures US dollars
- Revenue
- Gross profit
- Net income
| Fiscal year | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | — | — | — | — | — | — | — | — |
| Gross profit | — | — | — | — | — | — | — | — |
| Net income | — | -$45.6M | -$112.2M | -$185.4M | -$136.1M | -$102.1M | -$64.8M | -$45.5M |
Recent filings and events
- Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
- Unregistered share sale Shares issued outside a registered offering. Dilution, and for a small company often the way it is funded. Item 3.02
- Material agreement signed Item 1.01
- Material agreement terminated An agreement that mattered has ended. Often the other half of a deal that fell through. Item 1.02
- Unregistered share sale Item 3.02
- Change of control Control of the company has changed hands. Item 5.01
- Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
- Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
- Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
- Material agreement terminated Item 1.02
- Shareholder vote The results of the annual meeting or a special vote. Item 5.07
- Restructuring or exit costs A restructuring: layoffs, a plant closure, a business being wound down. Item 2.05
Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.
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