Passage Bio (PASG) Financials
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 Oct 23, 2026; every other figure is from the SEC filings on this page. Not financial advice.
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).
Passage Bio is shrinking its spending and cash use, but its balance sheet is becoming liability-heavy as equity erodes.
The FY2025 net loss was$45.5M while operating cash flow was-$31.5M , showing cash use was lower than accounting loss. At the same time, total liabilities rose10.9% from FY2023 to FY2025 while total equity fell83.1% , indicating that shrinking operations did not translate into a comparably smaller liability base.
FY2025 SG&A was
Liabilities rose
Financial Health Signals
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.
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.
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
Earnings & Revenue
Passage Bio, Inc.'s EBITDA was -$8.2M in Q2 2026, measuring earnings before interest, taxes, depreciation, and amortization. The change from the same quarter a year earlier is not meaningful, because that figure was zero or negative. The change from the prior quarter is not meaningful, because that quarter’s figure was zero or negative.
Passage Bio, Inc. reported a net loss of $7.8M in Q2 2026. The change from the same quarter a year earlier is not meaningful, because that figure was zero or negative. The change from the prior quarter is not meaningful, because that quarter’s figure was zero or negative.
Passage Bio, Inc. earned -$2.44 per diluted share (EPS) in Q2 2026. The change from the same quarter a year earlier is not meaningful, because that figure was zero or negative. The change from the prior quarter is not meaningful, because that quarter’s figure was zero or negative.
Not reported for Q2 2026.
Cash & Balance Sheet
Passage Bio, Inc. held $24.2M in cash as of Q2 2026; no long-term debt figure is on record for that period.
Not reported for Q2 2026.
Not reported for Q2 2026.
Margins & Returns
Passage Bio, Inc.'s quarterly ROE was -175.5% in Q2 2026: one quarter's net income over shareholder equity, not annualized. 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.
Not reported for Q2 2026.
Not reported for Q2 2026.
Not reported for Q2 2026.
Capital Allocation
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%.
Not reported for Q2 2026.
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.
| 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 | -$8.3Mn/m | -$8.2Mn/m | N/A | -$8.7Mn/m | -$10.3Mn/m | -$16.5Mn/m | N/A | -$20.7Mn/m |
| EBITDA | -$8.2Mn/m | -$8.1Mn/m | N/A | -$8.5Mn/m | -$10.1Mn/m | -$16.3Mn/m | N/A | -$19.9Mn/m |
| Net Income | -$7.8Mn/m | -$7.6Mn/m | N/A | -$7.7Mn/m | -$9.4Mn/m | -$15.4Mn/m | N/A | -$19.3Mn/m |
| EPS (Basic) | -$2.44n/m | -$2.36 | -$4.09 | -$2.44 | -$2.96 | -$4.87 | -$0.20n/m | -$6.15 |
| EPS (Diluted) | -$2.44n/m | -$2.36 | -$4.09 | -$2.44 | -$2.96 | -$4.87 | -$0.20n/m | -$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
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.
| 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 | $0n/m | $0n/m | $0-100.0% | $0-100.0% | $0-100.0% | $0-100.0% | $39.2M-57.7% | $52.5M-47.0% |
| Long-Term Investments | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m |
| 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 | -$720.1Mn/m | -$712.3Mn/m | -$704.8Mn/m | -$691.8Mn/m | -$684.0Mn/m | -$674.6Mn/m | -$659.2Mn/m | -$646.5Mn/m |
Not reported in any period shown, so not listed: Inventory, Accounts Receivable, Goodwill, Long-Term Debt.
PASG Cash Flow 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.
| 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 | -$9.2Mn/m | -$13.0Mn/m | -$6.5Mn/m | -$4.9Mn/m | -$6.3Mn/m | -$13.8Mn/m | -$8.4Mn/m | -$7.4Mn/m |
| 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% | $0n/m | N/A | N/A | $47K+2.2% | $0n/m |
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.
| 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 |
| Liabilities-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, Debt-to-Equity, 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 | $10.8M | — |
| Q32 Bio Inc. QTTB | FY2025 | $53.7M | $29.8M | 55.5% | $257.5M | 46/100 |
| Curis Inc CRIS | FY2025 | $9.4M | -$7.6M | -80.3% | $937K | 43/100 |
| SAB Biotherapeutics, Inc. SABS | FY2025 | $0 | $13.3M | N/A | $258.4M | — |
| ProMIS Neurosciences Inc. PMN | FY2025 | N/A | -$39.7M | N/A | $74.8M | — |
Where Passage Bio, Inc. Ranks
Frequently Asked Questions
Is Passage Bio, Inc. profitable?
No, Passage Bio, Inc. (PASG) reported a net loss 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.
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 liabilities-to-equity ratio?
Passage Bio, Inc. (PASG) had a liabilities-to-equity ratio of 2.32 as of fiscal year 2025, which is total liabilities divided by total shareholder equity. Total liabilities counts every obligation on the balance sheet (payables, deposits, insurance reserves and deferred taxes as well as borrowings), so this ratio usually runs well above debt-to-equity. No debt-to-equity ratio is shown for fiscal year 2025, because the filing data we hold for that year carries no long-term debt figure.
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 $10.8M as of Oct 23, 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 $10.8M as of Oct 23, 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.