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

Passage Bio, Inc. (PASG) reported diluted earnings per share of -$14.35 for fiscal year 2025. 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.

Passage Bio, Inc. (PASG) Financials

PASG

FY2025 annual

Revenue Not reported for FY2025

Net Income -$45.5M +29.7% YoY

EPS (Diluted) -$14.35 YoY not available

Operating Cash Flow -$31.5M +34.3% YoY

Market Cap $16.0M as of Sep 11, 2026

Price / Sales n/m no revenue reported

Price / Earnings n/m net loss, so no earnings multiple, FY2025

Price / Book 3.6x on $4.5M equity, Q2 FY2026

A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Sep 11, 2026; every other figure is from the SEC filings on this page. Not financial advice.

Source SEC Filings (10-K/10-Q) Latest period Q2 FY2026, ended Jun 30, 2026 Reported Sep 3, 2026 Currency USD FYE December

Newest figures come from the S-4/A for Q2 FY2026, filed Sep 3, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the PASG SEC filings page.

This page shows Passage Bio, Inc. (PASG) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 7 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).

Rhea AI PASG FY2025 2026-08-29

Passage Bio’s development-stage model is shrinking expenses and cash use while its balance-sheet cushion compresses.

From FY2021 to FY2025, operating cash flow improved from -$127M to -$31.5M as R&D fell from $118M to $23.3M and net losses narrowed from -$185M to -$45.5M. That combination points primarily to reduced spending intensity, rather than evidence of operating leverage from expanding commercial activity.

The balance sheet became more constrained between FY2024 and FY2025: assets fell from $102M to $62.3M, while liabilities increased from $41.2M to $43.5M. As a result, the debt-to-equity ratio rose from 0.7x to 2.3x and the current ratio declined from 4.1x to 2.1x, indicating less asset backing per dollar of obligation.

FY2024 free cash flow of -$48.0M nearly matched operating cash flow of -$48.0M, while capital expenditures were only $34K; cash consumption was therefore overwhelmingly tied to operations, not physical reinvestment. The disclosed liquidity comparison equaled 17.6 months of latest annual operating outflow, even as FY2025 operating cash flow remained -$31.5M.

Financial Health Signals

Financial health score not available

Passage Bio, Inc. does not currently provide enough eligible data for a peer-relative financial health score, so none is published. The signals and metrics below are current.

Piotroski F-Score Partial

2/6

Passage Bio, Inc. passes 2 of 6 computable financial strength tests (3 of the nine could not be computed from available data). 1 of 4 profitability signals pass, 1 of 2 leverage/liquidity signals pass.

Earnings Quality No Cash Backing

N/A

Passage Bio, Inc. reported a net loss of $45.5M while operations used $31.5M of cash. With neither figure positive, the ratio between the two carries no quality signal.

Key Financial Metrics

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Earnings & Revenue

EBITDA

-$8.2M

YoY+18.6%

QoQ-1.6%

Passage Bio, Inc.'s EBITDA was -$8.2M in Q2 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 18.6% from the same quarter a year earlier. Against the prior quarter it is down 1.6%.

Net Income

-$7.8M

YoY+16.7%

QoQ-3.5%

Passage Bio, Inc. reported -$7.8M in net income in Q2 2026. This represents an increase of 16.7% from the same quarter a year earlier. Against the prior quarter it is down 3.5%.

EPS (Diluted)

-$2.44

YoY+17.6%

QoQ-3.4%

Passage Bio, Inc. earned -$2.44 per diluted share (EPS) in Q2 2026. This represents an increase of 17.6% from the same quarter a year earlier. Against the prior quarter it is down 3.4%.

Revenue

Not reported for Q2 2026.

Cash & Balance Sheet

Cash & Debt

$24.2M

YoY-58.1%

QoQ-27.5%

5Y CAGR-35.4%

Passage Bio, Inc. held $24.2M in cash as of Q2 2026; long-term debt is not reported for that period.

Shares Outstanding

YoY+1.2%

QoQ+0.3%

5Y CAGR-43.1%

Passage Bio, Inc. had 3M shares outstanding in Q2 2026. This represents an increase of 1.2% from the same quarter a year earlier. Against the prior quarter it is up 0.3%.

Free Cash Flow

Not reported for Q2 2026.

Dividends Per Share

Not reported for Q2 2026.

Margins & Returns

Return on Equity

-175.5%

YoY-151.0pp

QoQ-111.2pp

Passage Bio, Inc.'s ROE was -175.5% in Q2 2026, measuring profit generated per dollar of shareholder equity. This is down 151.0 percentage points from the same quarter a year earlier. Against the prior quarter it is down 111.2 percentage points.

Gross Margin

Not reported for Q2 2026.

Operating Margin

Not reported for Q2 2026.

Net Margin

Not reported for Q2 2026.

Capital Allocation

R&D Spending

$3.3M

YoY-42.5%

QoQ-18.3%

Passage Bio, Inc. invested $3.3M in research and development in Q2 2026. This represents a decrease of 42.5% from the same quarter a year earlier. Against the prior quarter it is down 18.3%.

Share Buybacks

Not reported for Q2 2026.

Capital Expenditures

Not reported for Q2 2026.

PASG Income Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

PASG quarterly income statement

Metric	TTM	FY25S-4/A	FY24S-4/A	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K
R&D Expenses	N/A	$23.3M-42.1%	$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	N/A	$19.9M-20.5%	$25.0M-39.9%	$41.6M-15.7%	$49.3M-17.8%	$60.1M+99.4%	$30.1M+333.2%	$7.0M
Operating Income	N/A	-$49.3M+30.0%	-$70.4M+35.0%	-$108.4M+21.7%	-$138.4M+25.5%	-$185.7M-64.5%	-$112.9M-203.6%	-$37.2M
EBITDA	N/A	-$48.6M+27.9%	-$67.3M+35.7%	-$104.7M+22.3%	-$134.7M+26.9%	-$184.2M-64.3%	-$112.1M-202.5%	-$37.1M
Income Tax	N/A	$0	$0	N/A	N/A	N/A	N/A	N/A
Net Income	N/A	-$45.5M+29.7%	-$64.8M+36.5%	-$102.1M+25.0%	-$136.1M+26.6%	-$185.4M-65.2%	-$112.2M-145.9%	-$45.6M
EPS (Basic)	N/A	-$14.35+31.8%	-$21.04-1031.2%	-$1.86+25.6%	-$2.50+28.2%	-$3.48-19.6%	-$2.91	N/A
EPS (Diluted)	-$11.33	-$14.35	-$21.04	-$1.86+25.6%	-$2.50+28.2%	-$3.48-19.6%	-$2.91	N/A
Diluted Shares (Avg)	N/A	3M	3M	55M+0.6%	54M+2.0%	53M+38.1%	39M	N/A

Metric	Q2'26S-4/A	Q1'26S-4	Q4'25S-4/A	Q3'2510-Q	Q2'25S-4/A	Q1'25S-4	Q4'24S-4/A	Q3'2410-Q
R&D Expenses	$3.3M-42.5%	$4.1M-47.1%	N/A	$4.3M-50.2%	$5.8M-44.3%	$7.7M-32.9%	N/A	$8.7M-42.7%
SG&A Expenses	$6.9M+52.1%	$4.8M-21.3%	N/A	$4.3M-40.0%	$4.5M-30.6%	$6.1M-6.6%	N/A	$7.3M-11.4%
Operating Income	-$8.3M+20.0%	-$8.2M+49.9%	N/A	-$8.7M+58.2%	-$10.3M+40.5%	-$16.5M+8.8%	N/A	-$20.7M+27.8%
EBITDA	-$8.2M+18.6%	-$8.1M+50.1%	N/A	-$8.5M+57.5%	-$10.1M+38.9%	-$16.3M+5.7%	N/A	-$19.9M+28.1%
Net Income	-$7.8M+16.7%	-$7.6M+50.9%	N/A	-$7.7M+59.9%	-$9.4M+41.3%	-$15.4M+7.8%	N/A	-$19.3M+28.7%
EPS (Basic)	-$2.44+17.6%	-$2.36+51.5%	-$4.09-1945.0%	-$2.44+60.3%	-$2.96+41.8%	-$4.87-1523.3%	-$0.20+33.3%	-$6.15-1155.1%
EPS (Diluted)	-$2.44+17.6%	-$2.36	-$4.09	-$2.44	-$2.96	-$4.87	-$0.20+33.3%	-$6.15
Diluted Shares (Avg)	3M+1.3%	3M	N/A	3M	3M	3M	N/A	3M

Not reported in any period shown, so not listed: Revenue, Cost of Revenue, Gross Profit, Interest Expense, Income Tax.

PASG Balance Sheet

PASG quarterly balance sheet

Metric	FY25S-4/A	FY24S-4/A	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K
Total Assets	$62.3M-39.2%	$102.4M-32.0%	$150.5M-38.2%	$243.5M-31.4%	$355.1M+8.3%	$328.0M+83.6%	$178.6M
Current Assets	$47.8M-39.4%	$78.8M-33.2%	$118.0M-40.1%	$197.0M-39.4%	$325.1M+2.5%	$317.2M+91.3%	$165.8M
Cash & Equivalents	$46.3M+23.2%	$37.6M+73.1%	$21.7M-37.3%	$34.6M-73.2%	$129.0M-4.5%	$135.0M-15.0%	$158.9M
Short-Term Investments	$0-100.0%	$39.2M-57.7%	$92.6M-40.3%	$155.0M-17.0%	$186.8M+10.0%	$169.8M	$0
Long-Term Investments	$0	$0	$0	$0	$0	$0	$0
Total Liabilities	$43.5M+5.8%	$41.2M+4.8%	$39.3M-6.9%	$42.2M+15.8%	$36.4M+56.4%	$23.3M-90.1%	$234.9M
Current Liabilities	$23.1M+19.2%	$19.4M+18.5%	$16.3M-11.0%	$18.4M-37.8%	$29.5M+39.3%	$21.2M+475.3%	$3.7M
Non-Current Liabilities	$20.4M-6.2%	$21.8M-4.9%	$22.9M-3.8%	$23.8M+244.3%	$6.9M+226.8%	$2.1M-99.1%	$231.2M
Total Equity	$18.8M-69.4%	$61.3M-45.0%	$111.3M-44.7%	$201.4M-36.8%	$318.7M+4.6%	$304.7M+641.7%	-$56.3M
Retained Earnings	-$704.8M-6.9%	-$659.2M-10.9%	-$594.5M-20.7%	-$492.4M-38.2%	-$356.3M-108.5%	-$170.9M-191.3%	-$58.7M

Metric	Q2'26S-4/A	Q1'26S-4	Q4'25S-4/A	Q3'2510-Q	Q2'25S-4/A	Q1'25S-4	Q4'24S-4/A	Q3'2410-Q
Total Assets	$25.2M-68.2%	$36.5M-57.6%	$62.3M-39.2%	$74.2M-33.6%	$79.2M-36.8%	$86.0M-38.8%	$102.4M-32.0%	$111.8M-34.0%
Current Assets	$25.2M-58.3%	$34.7M-47.9%	$47.8M-39.4%	$55.7M-36.1%	$60.3M-36.5%	$66.7M-38.4%	$78.8M-33.2%	$87.2M-35.7%
Cash & Equivalents	$24.2M-58.1%	$33.3M-47.4%	$46.3M+23.2%	$52.8M+63.4%	$57.6M+132.6%	$63.4M+72.3%	$37.6M+73.1%	$32.3M-3.8%
Short-Term Investments	$0	$0	$0-100.0%	$0-100.0%	$0-100.0%	$0-100.0%	$39.2M-57.7%	$52.5M-47.0%
Long-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0
Total Liabilities	$20.7M-49.4%	$24.7M-37.1%	$43.5M+5.8%	$43.0M+10.3%	$40.9M+17.5%	$39.3M+10.2%	$41.2M+4.8%	$39.0M-9.2%
Current Liabilities	$20.7M+4.6%	$20.1M+12.8%	$23.1M+19.2%	$22.2M+31.2%	$19.8M+59.9%	$17.8M+38.8%	$19.4M+18.5%	$17.0M-14.4%
Non-Current Liabilities	$0-100.0%	$4.6M-78.6%	$20.4M-6.2%	$20.8M-5.8%	$21.1M-5.8%	$21.5M-5.8%	$21.8M-4.9%	$22.1M-4.7%
Total Equity	$4.5M-88.4%	$11.8M-74.8%	$18.8M-69.4%	$31.1M-57.2%	$38.3M-57.8%	$46.7M-55.5%	$61.3M-45.0%	$72.7M-42.4%
Retained Earnings	-$720.1M-5.3%	-$712.3M-5.6%	-$704.8M-6.9%	-$691.8M-7.0%	-$684.0M-9.1%	-$674.6M-10.4%	-$659.2M-10.9%	-$646.5M-11.9%

Not reported in any period shown, so not listed: Inventory, Accounts Receivable, Goodwill, Long-Term Debt.

PASG Cash Flow Statement

PASG quarterly cash flow statement

Metric	TTM	FY25S-4/A	FY24S-4/A	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K
Operating Cash Flow	-$33.5M	-$31.5M+34.3%	-$48.0M+38.7%	-$78.3M+33.8%	-$118.2M+6.8%	-$126.9M-57.6%	-$80.5M-101.8%	-$39.9M
Depreciation & Amortization	N/A	$728K-76.4%	$3.1M-17.2%	$3.7M+1.1%	$3.7M+138.4%	$1.5M+92.9%	$800K+497.0%	$134K
Stock-Based Compensation	N/A	$3.0M-48.4%	$5.8M-46.7%	$10.9M-42.4%	$19.0M-42.0%	$32.7M+124.2%	$14.6M+902.8%	$1.5M
Capital Expenditures	N/A	N/A	$34K	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	-$48.0M	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	$20K	$40.2M-26.8%	$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	N/A	$23K-99.7%	$8.9M+6473.3%	$135K+110.0%	-$1.4M-100.8%	$166.7M-27.1%	$228.8M+30.3%	$175.6M

Metric	Q2'26S-4/A	Q1'26S-4	Q4'25S-4/A	Q3'2510-Q	Q2'25S-4/A	Q1'25S-4	Q4'24S-4/A	Q3'2410-Q
Operating Cash Flow	-$9.2M-45.0%	-$13.0M+6.2%	-$6.5M+23.3%	-$4.9M+34.8%	-$6.3M+51.8%	-$13.8M+26.8%	-$8.4M+56.7%	-$7.4M+61.1%
Depreciation & Amortization	$25K-87.5%	$129K-35.8%	$177K-75.4%	$200K-75.0%	$200K-75.0%	$201K-75.1%	$719K-10.9%	$800K-20.0%
Stock-Based Compensation	$525K-43.1%	$556K-35.2%	N/A	$611K-56.4%	$923K-41.5%	$858K-46.2%	N/A	$1.4M-50.4%
Investing Cash Flow	$0-100.0%	$20K-99.9%	$0-100.0%	$0-100.0%	$585K-44.2%	$39.6M+56.9%	$13.7M+80.0%	$15.0M-33.3%
Financing Cash Flow	N/A	N/A	$9K-80.9%	$0	N/A	N/A	$47K+2.2%	$0

Not reported in any period shown, so not listed: Capital Expenditures, Free Cash Flow, Dividends Paid, Share Buybacks.

PASG Financial Ratios

Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

PASG quarterly financial ratios

Metric	FY25S-4/A	FY24S-4/A	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K
Return on Equity	-242.7%-137.0pp	-105.7%-14.0pp	-91.7%-24.1pp	-67.6%-9.4pp	-58.2%-21.3pp	-36.8%	N/A
Return on Assets	-73.1%-9.9pp	-63.2%+4.6pp	-67.8%-11.9pp	-55.9%-3.7pp	-52.2%-18.0pp	-34.2%-8.7pp	-25.6%
Current Ratio	2.07-2.0x	4.07-3.1x	7.22-3.5x	10.74-0.3x	11.02-4.0x	14.98-30.1x	45.04
Debt-to-Equity	2.32+1.6x	0.67+0.3x	0.35+0.1x	0.21+0.1x	0.110.0x	0.08	N/A

Metric	Q2'26S-4/A	Q1'26S-4	Q4'25S-4/A	Q3'2510-Q	Q2'25S-4/A	Q1'25S-4	Q4'24S-4/A	Q3'2410-Q
Return on Equity	-175.5%-151.0pp	-64.3%-31.3pp	N/A	-24.9%+1.7pp	-24.5%-6.9pp	-33.0%-17.0pp	N/A	-26.6%-5.1pp
Return on Assets	-31.1%-19.2pp	-20.7%-2.8pp	N/A	-10.4%+6.9pp	-11.8%+0.9pp	-17.9%-6.0pp	N/A	-17.3%-1.3pp
Current Ratio	1.22-1.8x	1.73-2.0x	2.07-2.0x	2.51-2.6x	3.05-4.6x	3.74-4.7x	4.07-3.1x	5.15-1.7x
Debt-to-Equity	4.65+3.6x	2.10+1.3x	2.32+1.6x	1.38+0.8x	1.07+0.7x	0.84+0.5x	0.67+0.3x	0.54+0.2x

Not reported in any period shown, so not listed: Gross Margin, Operating Margin, Net Margin, Asset Turnover, FCF Margin.

Similar Companies

Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.

Company	Fiscal year	Revenue	Net income	Net margin	Market cap	Health score
Passage Bio, Inc. PASG	FY2025	N/A	-$45.5M	N/A	$16.0M	—
Q32 BIO INC QTTB	FY2025	$53.7M	$29.8M	55.5%	$331.6M	67/100
Curis CRIS	FY2025	$9.4M	-$7.6M	-80.3%	$2.9M	42/100
SAB BIOTHERAPEUTICS INC SABS	FY2025	$0	$13.3M	N/A	$316.6M	—
Promis Neuroscie PMN	FY2025	N/A	-$39.7M	N/A	$128.8M	—

Where Passage Bio, Inc. Ranks

Frequently Asked Questions

Is Passage Bio, Inc. profitable?

No, Passage Bio, Inc. (PASG) reported a net income of -$45.5M in fiscal year 2025.

What is Passage Bio, Inc.'s EBITDA?

Passage Bio, Inc. (PASG) had EBITDA of -$48.6M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

What is Passage Bio, Inc.'s return on equity (ROE)?

Passage Bio, Inc. (PASG) has a return on equity of -242.7% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

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

Passage Bio, Inc. (PASG) recorded an outflow of $31.5M in operating cash flow during fiscal year 2025, representing cash used by core business activities.

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

Passage Bio, Inc. (PASG) had $62.3M in total assets as of fiscal year 2025, including both current and long-term assets.

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

Passage Bio, Inc. (PASG) invested $23.3M in research and development during fiscal year 2025.

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

Passage Bio, Inc. (PASG) had 3M shares outstanding as of fiscal year 2025.

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

Passage Bio, Inc. (PASG) had a current ratio of 2.07 as of fiscal year 2025, 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 2.32 as of fiscal year 2025, 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 -73.1% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Passage Bio, Inc.'s P/E ratio?

Passage Bio, Inc. (PASG) has no price-to-earnings ratio at the moment: net loss, so no earnings multiple (FY2025). The market capitalization is $16.0M as of Sep 11, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

What is Passage Bio, Inc.'s price-to-sales ratio?

Passage Bio, Inc. (PASG) has no price-to-sales ratio at the moment: no revenue reported. The market capitalization is $16.0M as of Sep 11, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

How does Passage Bio, Inc.'s liquidity compare with its operating cash outflow?

At the end of fiscal year 2025, Passage Bio, Inc. (PASG) held $46.3M in cash, cash equivalents and investments, and reported an operating cash outflow of $31.5M over that year. Dividing the one by the other, the reported balance equals about 18 months of the outflow reported that year. This is arithmetic over figures already filed, not a projection: it assumes nothing about future spending, financing or operations.

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

Passage Bio, Inc. (PASG) has a Piotroski F-Score of 2 out of 6 computable signals; 3 of the nine could not be computed from available data, so the full-scale strength rating is not shown. 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 to 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) reported a net loss of $45.5M while operations used $31.5M of cash. With neither figure positive, the ratio between the two carries no quality signal. 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.