Passage Bio, Inc. Financials

PASG

Source SEC Filings (10-K/10-Q) Updated Sep 30, 2025 Currency USD FYE December

This page shows Passage Bio, Inc. (PASG) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 6 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Financial Health Signals

Piotroski F-Score Weak

3/9

Passage Bio, Inc. passes 3 of 9 financial strength tests. 2 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass.

Earnings Quality Low Quality

0.74x

For every $1 of reported earnings, Passage Bio, Inc. generates $0.74 in operating cash flow (-$48.0M OCF vs -$64.8M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.

Key Financial Metrics

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Revenue

N/A

EBITDA

-$67.3M

YoY+35.7%

Passage Bio, Inc.'s EBITDA was -$67.3M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 35.7% from the prior year.

Free Cash Flow

N/A

Net Income

-$64.8M

YoY+36.5%

Passage Bio, Inc. reported -$64.8M in net income in fiscal year 2024. This represents an increase of 36.5% from the prior year.

EPS (Diluted)

$-1.07

Passage Bio, Inc. earned $-1.07 per diluted share (EPS) in fiscal year 2024. This represents an increase of 42.5% from the prior year.

Cash & Debt

$37.6M

YoY+73.1%

5Y CAGR-25.1%

Passage Bio, Inc. held $37.6M in cash against $0 in long-term debt as of fiscal year 2024.

Dividends Per Share

N/A

Shares Outstanding

Passage Bio, Inc. had 3M shares outstanding in fiscal year 2024. This represents a decrease of 94.2% from the prior year.

Gross Margin

N/A

Operating Margin

N/A

Net Margin

N/A

Return on Equity

N/A

R&D Spending

$40.2M

YoY-34.6%

5Y CAGR+67.7%

Passage Bio, Inc. invested $40.2M in research and development in fiscal year 2024. This represents a decrease of 34.6% from the prior year.

Share Buybacks

N/A

Capital Expenditures

N/A

PASG Income Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Revenue	N/A	N/A	N/A	N/A	N/A	N/A
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	$40.2M-34.6%	$61.4M-28.6%	$86.1M-26.9%	$117.7M+43.9%	$81.8M+2596.6%	$3.0M
SG&A Expenses	$25.0M-39.9%	$41.6M-15.7%	$49.3M-17.8%	$60.1M+99.4%	$30.1M+333.2%	$7.0M
Operating Income	-$70.4M+35.0%	-$108.4M+21.7%	-$138.4M+25.5%	-$185.7M-64.5%	-$112.9M-203.6%	-$37.2M
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	N/A	N/A	N/A	N/A	N/A	N/A
Net Income	-$64.8M+36.5%	-$102.1M+25.0%	-$136.1M+26.6%	-$185.4M-65.2%	-$112.2M-145.9%	-$45.6M
EPS (Diluted)	$-1.07	$-1.86+25.6%	$-2.50+28.2%	$-3.48-19.6%	$-2.91	N/A

Metric	Q3'25	Q2'25	Q1'25	Q4'23	Q3'24	Q2'24	Q1'24	Q4'22
Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	$4.3M-25.9%	$5.8M-24.9%	$7.7M	N/A	$15.1M-12.8%	$17.3M+2.9%	$16.8M	N/A
SG&A Expenses	$4.3M-3.8%	$4.5M-25.7%	$6.1M	N/A	$8.2M+1.5%	$8.1M-57.7%	$19.0M	N/A
Operating Income	-$8.7M+16.2%	-$10.3M+37.2%	-$16.5M	N/A	-$28.7M-12.9%	-$25.4M+29.2%	-$35.9M	N/A
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Income	-$7.7M+17.4%	-$9.4M+39.1%	-$15.4M	N/A	-$27.1M-13.6%	-$23.9M+30.5%	-$34.3M	N/A
EPS (Diluted)	$-2.44+17.6%	$-2.96	$-0.25	N/A	$-0.49-11.4%	$-0.44+30.2%	$-0.63	N/A

PASG Balance Sheet

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Total Assets	$102.4M-32.0%	$150.5M-38.2%	$243.5M-31.4%	$355.1M+8.3%	$328.0M+83.6%	$178.6M
Current Assets	$78.8M-33.2%	$118.0M-40.1%	$197.0M-39.4%	$325.1M+2.5%	$317.2M+91.3%	$165.8M
Cash & Equivalents	$37.6M+73.1%	$21.7M-37.3%	$34.6M-73.2%	$129.0M-4.5%	$135.0M-15.0%	$158.9M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$41.2M+4.8%	$39.3M-6.9%	$42.2M+15.8%	$36.4M+56.4%	$23.3M-90.1%	$234.9M
Current Liabilities	$19.4M+18.5%	$16.3M-11.0%	$18.4M-37.8%	$29.5M+39.3%	$21.2M+475.3%	$3.7M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$61.3M-45.0%	$111.3M-44.7%	$201.4M-36.8%	$318.7M+4.6%	$304.7M+641.7%	-$56.3M
Retained Earnings	-$659.2M-10.9%	-$594.5M-20.7%	-$492.4M-38.2%	-$356.3M-108.5%	-$170.9M-191.3%	-$58.7M

Metric	Q3'25	Q2'25	Q1'25	Q4'23	Q3'24	Q2'24	Q1'24	Q4'22
Total Assets	$74.2M-6.4%	$79.2M-7.9%	$86.0M-42.9%	$150.5M-11.1%	$169.3M-12.6%	$193.7M-9.2%	$213.2M-12.4%	$243.5M
Current Assets	$55.7M-7.6%	$60.3M-9.5%	$66.7M-43.5%	$118.0M-13.1%	$135.7M-11.7%	$153.6M-10.5%	$171.6M-12.9%	$197.0M
Cash & Equivalents	$52.8M-8.4%	$57.6M-9.0%	$63.4M+191.8%	$21.7M-35.3%	$33.6M+10.9%	$30.3M-9.2%	$33.4M-3.6%	$34.6M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$43.0M+5.1%	$40.9M+4.2%	$39.3M+0.1%	$39.3M-8.7%	$43.0M-0.7%	$43.3M+0.9%	$42.9M+1.7%	$42.2M
Current Liabilities	$22.2M+12.3%	$19.8M+11.1%	$17.8M+9.1%	$16.3M-17.5%	$19.8M-0.3%	$19.9M+15.2%	$17.2M-6.0%	$18.4M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$31.1M-18.7%	$38.3M-18.1%	$46.7M-58.0%	$111.3M-11.9%	$126.3M-16.0%	$150.4M-11.7%	$170.4M-15.4%	$201.4M
Retained Earnings	-$691.8M-1.1%	-$684.0M-1.4%	-$674.6M-13.5%	-$594.5M-2.9%	-$577.7M-4.9%	-$550.6M-4.5%	-$526.7M-7.0%	-$492.4M

PASG Cash Flow Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Operating Cash Flow	-$48.0M+38.7%	-$78.3M+33.8%	-$118.2M+6.8%	-$126.9M-57.6%	-$80.5M-101.8%	-$39.9M
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	$54.9M-15.8%	$65.2M+158.9%	$25.2M+155.0%	-$45.8M+73.4%	-$172.1M-10065.7%	-$1.7M
Financing Cash Flow	$8.9M+6473.3%	$135K+110.0%	-$1.4M-100.8%	$166.7M-27.1%	$228.8M+30.3%	$175.6M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q3'25	Q2'25	Q1'25	Q4'23	Q3'24	Q2'24	Q1'24	Q4'22
Operating Cash Flow	-$4.9M+23.3%	-$6.3M+54.3%	-$13.8M+29.0%	-$19.5M-1.8%	-$19.2M-11.8%	-$17.1M+23.6%	-$22.4M+6.6%	-$24.0M
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	$0-100.0%	$585K-98.5%	$39.6M+421.5%	$7.6M-66.1%	$22.5M+60.7%	$14.0M-34.2%	$21.2M+731.8%	-$3.4M
Financing Cash Flow	$0-100.0%	$85K-99.0%	$8.7M+18904.3%	$46K	$0	N/A	N/A	-$588K
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

PASG Financial Ratios

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	N/A	N/A	N/A	N/A	N/A	N/A
Return on Equity	N/A	N/A	N/A	N/A	N/A	N/A
Return on Assets	-63.2%+4.6pp	-67.8%-11.9pp	-55.9%-3.7pp	-52.2%-18.0pp	-34.2%-8.7pp	-25.6%
Current Ratio	4.07-3.1	7.22-3.5	10.74-0.3	11.02-4.0	14.98-30.1	45.04
Debt-to-Equity	0.67+0.3	0.35+0.1	0.21+0.1	0.11+0.0	0.08+4.3	-4.18
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q3'25	Q2'25	Q1'25	Q4'23	Q3'24	Q2'24	Q1'24	Q4'22
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Equity	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Assets	-10.4%+1.4pp	-11.8%+6.1pp	-17.9%	N/A	-16.0%-3.7pp	-12.3%+3.8pp	-16.1%	N/A
Current Ratio	2.51-0.5	3.05-0.7	3.74-3.5	7.22+0.4	6.85-0.9	7.73-2.2	9.95-0.8	10.74
Debt-to-Equity	1.38+0.3	1.07+0.2	0.84+0.5	0.35+0.0	0.34+0.1	0.29+0.0	0.25+0.0	0.21
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

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Frequently Asked Questions

Is Passage Bio, Inc. profitable?

No, Passage Bio, Inc. (PASG) reported a net income of -$64.8M in fiscal year 2024.

What is Passage Bio, Inc.'s earnings per share (EPS)?

Passage Bio, Inc. (PASG) reported diluted earnings per share of $-1.07 for fiscal year 2024. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

What is Passage Bio, Inc.'s EBITDA?

Passage Bio, Inc. (PASG) had EBITDA of -$67.3M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization.

What is Passage Bio, Inc.'s operating cash flow?

Passage Bio, Inc. (PASG) generated -$48.0M in operating cash flow during fiscal year 2024, representing cash generated from core business activities.

What are Passage Bio, Inc.'s total assets?

Passage Bio, Inc. (PASG) had $102.4M in total assets as of fiscal year 2024, including both current and long-term assets.

How much does Passage Bio, Inc. spend on research and development?

Passage Bio, Inc. (PASG) invested $40.2M in research and development during fiscal year 2024.

How many shares does Passage Bio, Inc. have outstanding?

Passage Bio, Inc. (PASG) had 3M shares outstanding as of fiscal year 2024.

What is Passage Bio, Inc.'s current ratio?

Passage Bio, Inc. (PASG) had a current ratio of 4.07 as of fiscal year 2024, which is generally considered healthy.

What is Passage Bio, Inc.'s debt-to-equity ratio?

Passage Bio, Inc. (PASG) had a debt-to-equity ratio of 0.67 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Passage Bio, Inc.'s return on assets (ROA)?

Passage Bio, Inc. (PASG) had a return on assets of -63.2% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.

What is Passage Bio, Inc.'s cash runway?

Based on fiscal year 2024 data, Passage Bio, Inc. (PASG) had $37.6M in cash against an annual operating cash burn of $48.0M. This gives an estimated cash runway of approximately 9 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.

What is Passage Bio, Inc.'s Piotroski F-Score?

Passage Bio, Inc. (PASG) has a Piotroski F-Score of 3 out of 9, indicating weak financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Passage Bio, Inc.'s earnings high quality?

Passage Bio, Inc. (PASG) has an earnings quality ratio of 0.74x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.