Passage BIO, Inc.

Listed Company

PASGCIK 0001787297NasdaqNon-AcceleratedSmaller ReportingBiological Products, (No Diagnostic Substances)DelawareFY ends Dec 31

Period

FY 2025

Revenue

—

Net Income

$-45.52M

Total Assets

$62.28M

Equity

$18.75M

Shares Out

3.21M

Op. Cash Flow

$-31.51M

Business

Passage Bio, Inc. is a clinical-stage genetic medicines company developing one-time gene therapies to address neurodegenerative diseases, with an emphasis on central nervous system disorders. Its main product is PBFT02, an AAV1-based gene replacement therapy delivered via intra cisterna magna to elevate progranulin; other programs include a preclinical Huntington’s program and previously outlicensed pediatric programs. Key business activities include clinical development, research collaborations and licensing arrangements, and manufacturing and analytical operations supported by third-party partners. It conducts international, multi-center clinical trials and pursues regulatory interactions and distribution across the U.S., Europe and other countries.

Summary from filing dated 2025-03-04

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Research and development	23	40	61	—	—
General and administrative	20	25	42	49	60
Impairment of long-lived assets	6	5	5	—	—
Loss from operations	−49	−70	−108	−138	−186
Other income (expense), net	4	6	6	2	—
Net loss	−46	−65	−102	−136	−185
Net loss per share of common stock, basic	−14.35	−21.04	−1.86	−2.5	−3.48
Net loss per share of common stock, diluted	−14.35	−21.04	−1.86	−2.5	−3.48
Weighted average common shares outstanding, basic	3	3	55	54	53
Weighted average common shares outstanding, diluted	3	3	55	54	53
Unrealized gain (loss) on marketable securities	−8,000	51,000	923,000	−553,000	−401,000
Comprehensive loss	−46	−65	−101	−137	−186

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	46	38	22	35	129
Marketable securities	0	39	93	155	187
Prepaid expenses and other current assets	629,000	838,000	923,000	926,000	2
Prepaid research and development	830,000	1	3	7	8
Total current assets	48	79	118	197	325
Property and equipment, net	4	9	15	23	24
Right of use assets - operating leases	10	14	17	20	—
Other assets	244,000	463,000	433,000	4	6
Total assets	62	102	151	244	355
Accounts payable	1	742,000	1	4	9
Accrued expenses and other current liabilities	5	7	12	11	20
Non-refundable sublicense and transition services payments	14	8	—	—	—
Operating lease liabilities	4	4	3	3	—
Total current liabilities	23	19	16	18	29
Operating lease liabilities - noncurrent	20	22	23	24	—
Total liabilities	44	41	39	42	36
Commitments and contingencies (note 11)	—	—	—	—	—
Preferred stock, $0.0001 par value: 10,000,000 shares authorized; no shares issued and outstanding at both December 31, 2025 and December 31, 2024	—	—	—	—	—
Additional paidin capital	724	720	706	695	675
Accumulated other comprehensive income (loss)	—	8,000	−43,000	−966,000	−413,000
Accumulated deficit	−705	−659	−594	−492	−356
Total stockholders' equity	19	61	111	201	319
Total liabilities and stockholders' equity	62	102	151	244	355

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation and amortization	700,000	3	4	4	2
Sharebased compensation	3	6	11	19	33
Amortization of premium and discount on marketable securities, net	129,000	−2	−2	773,000	3
Other non-cash items	14,000	—	—	—	—
Prepaid expenses and other current assets, and other assets	228,000	255,000	4	3	2
Prepaid research and development	391,000	2	4	1	3
Non-refundable sublicense and transition services payments received	4	8	—	—	—
Right of use assets and operating lease liabilities	−464,000	−279,000	−133,000	463,000	—
Accounts payable	2	−556,000	−3	−5	2
Accrued expenses and other current liabilities	−2	−5	659,000	−7	—
Net cash provided by (used in) operating activities	−32	−48	−78	−118	−127
Purchases of marketable securities	—	−88	−129	−158	−203
Sales or maturities of marketable securities	39	143	195	188	182
Purchases of property and equipment and other assets	—	−34,000	—	—	—
Sales of property and equipment and other assets	1	—	—	—	—
Net cash provided by (used in) investing activities	40	55	65	25	−46
Proceeds from issuance of common stock under the ATM Facility, net of offering costs	—	9	—	—	—
Proceeds from the exercise of stock options	—	35,000	—	129,000	301,000
Proceeds from the issuance of common stock under employee stock purchase plan	23,000	97,000	135,000	304,000	887,000
Net cash provided by (used in) financing activities	23,000	9	135,000	−1	167
Net increase (decrease) in cash and cash equivalents	9	16	−13	−94	−6
Unrealized gain (loss) on marketable securities	−8,000	51,000	923,000	−553,000	−401,000
Right of use assets recognized upon the commencement of sublease	—	−422,000	—	−20	—
Operating lease liabilities recognized upon the commencement of sublease	—	422,000	—	27	—

Filings

Filing historySign up free to browse every 10-K, 10-Q, 8-K, and proxy this filer has submitted to the SEC.Sign up free · Upgrade to Pro

Material Events

Material EventsTrack every 8-K filing and material event — AI-summarized, timelined, and alertable.Sign up free · Upgrade to Pro

Insiders

Insider ActivitySee executive buy/sell windows and insider trade activity over rolling 30/90/365-day windows.Sign up free · Upgrade to Pro

Institutional Holders

Institutional HoldersSee which funds hold this stock and track position changes quarter over quarter.Sign up free · Upgrade to Pro