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Passage Bio (PASG) Financials

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$4.82 +0.01 (+0.10%)
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Annual Income Statements for Passage Bio

Annual Income Statements for Passage Bio

This table shows Passage Bio's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Income / (Loss) Attributable to Common Shareholders		 -46 -112 -185 -137 -101 -65 -46
Consolidated Net Income / (Loss)		 -46 -112 -185 -136 -102 -65 -46
Net Income / (Loss) Continuing Operations		 -36 -112 -185 -136 -102 -65 -46
Total Pre-Tax Income 		-36 -112 -185 -136 -102 -65 -46
Total Operating Income		 -37 -113 -186 -138 -108 -70 -49
Total Gross Profit		 0.00 0.00 0.00 -0.55 0.92 0.05 -0.01
Total Revenue		 0.00 0.00 0.00 -0.55 0.92 0.05 -0.01
Operating Revenue		 - - - -0.55 0.92 0.05 -0.01
Total Cost of Revenue		 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Operating Expenses		 37 113 186 138 108 70 49
Selling, General & Admin Expense		 6.95 30 60 49 42 25 20
Research & Development Expense		 30 83 126 89 61 40 23
Impairment Charge		 - - - 0.00 5.39 5.23 6.15
Total Other Income / (Expense), net		 0.70 0.67 0.34 2.27 6.33 5.63 3.77
Other Income / (Expense), net		 - - - 2.27 6.33 5.63 3.77
Basic Earnings per Share		 ($10.77) ($2.91) ($3.48) ($2.50) ($1.86) ($21.04) ($14.35)
Weighted Average Basic Shares Outstanding		 4.24M 38.62M 53.34M 54.43M 54.74M 3.08M 3.17M
Diluted Earnings per Share		 ($10.77) ($2.91) ($3.48) ($2.50) ($1.86) ($21.04) ($14.35)
Weighted Average Diluted Shares Outstanding		 4.24M 38.62M 53.34M 54.43M 54.74M 3.08M 3.17M
Weighted Average Basic & Diluted Shares Outstanding		 4.24M 38.62M 54.29M 54.62M 55.60M 62.15M 3.21M

Quarterly Income Statements for Passage Bio

This table shows Passage Bio's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
Net Income / (Loss) Attributable to Common Shareholders		 -27 -16 -17 -16 -19 -13 -15 -9.39 -7.75 -13 -7.56
Consolidated Net Income / (Loss)		 -27 -17 -17 -16 -19 -13 -15 -9.39 -7.75 -13 -7.56
Net Income / (Loss) Continuing Operations		 -27 -17 -17 -16 -19 -13 -15 -9.39 -7.75 -13 -7.56
Total Pre-Tax Income 		-27 -15 -17 -16 -19 -13 -15 -9.39 -7.75 -13 -7.56
Total Operating Income		 -29 -18 -18 -17 -21 -14 -16 -10 -8.66 -14 -8.25
Total Gross Profit		 0.15 0.69 -0.03 0.00 0.10 -0.02 -0.01 0.00 0.00 - 0.00
Total Revenue		 0.15 0.69 -0.03 0.00 0.10 -0.02 -0.01 0.00 0.00 - 0.00
Operating Revenue		 0.15 - -0.03 0.00 0.10 -0.02 -0.01 0.00 0.00 - 0.00
Total Cost of Revenue		 0.00 - 0.00 0.00 0.00 - 0.00 0.00 0.00 - 0.00
Total Operating Expenses		 29 18 18 17 21 14 16 10 8.66 14 8.25
Selling, General & Admin Expense		 8.18 6.29 6.52 6.51 7.25 4.71 6.09 4.52 4.35 4.92 4.79
Research & Development Expense		 15 12 12 10 8.66 9.56 7.74 5.81 4.31 5.42 4.09
Other Operating Expenses / (Income)		 - - - - - - 0.00 - - - -0.63
Impairment Charge		 5.39 - 0.00 0.44 4.80 - 2.64 0.00 0.00 3.51 0.00
Total Other Income / (Expense), net		 1.56 3.23 1.34 1.39 1.36 1.55 1.05 0.95 0.91 0.87 0.69
Other Income / (Expense), net		 1.56 - 1.34 1.39 1.36 1.55 1.05 0.95 0.91 0.87 0.69
Basic Earnings per Share		 ($0.49) ($0.30) ($0.30) ($5.09) ($6.15) ($4.14) ($4.87) ($2.96) ($2.44) ($4.09) ($2.36)
Weighted Average Basic Shares Outstanding		 54.79M 54.74M 56.30M 3.14M 3.15M 3.08M 3.16M 3.17M 3.18M 3.17M 3.21M
Diluted Earnings per Share		 ($0.49) ($0.30) ($0.30) ($5.09) ($6.15) ($4.14) ($4.87) ($2.96) ($2.44) ($4.09) ($2.36)
Weighted Average Diluted Shares Outstanding		 54.79M 54.74M 56.30M 3.14M 3.15M 3.08M 3.16M 3.17M 3.18M 3.17M 3.21M
Weighted Average Basic & Diluted Shares Outstanding		 54.82M 55.60M 61.64M 61.77M 61.77M 62.15M 62.15M 3.18M 3.18M 3.21M 3.21M

Annual Cash Flow Statements for Passage Bio

This table details how cash moves in and out of Passage Bio's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Change in Cash & Equivalents		 134 -24 -6.04 -94 -13 16 8.73
Net Cash From Operating Activities		 -40 -81 -127 -118 -78 -48 -32
Net Cash From Continuing Operating Activities		 -40 -81 -127 -118 -78 -48 -32
Net Income / (Loss) Continuing Operations		 -46 -112 -185 -136 -102 -65 -46
Consolidated Net Income / (Loss)		 -46 -112 -185 -136 -102 -65 -46
Depreciation Expense		 0.13 0.80 1.54 3.68 3.72 3.08 0.73
Amortization Expense		 0.00 0.63 2.78 0.77 -2.04 -1.53 0.13
Non-Cash Adjustments To Reconcile Net Income		 13 11 44 23 20 21 9.09
Changes in Operating Assets and Liabilities, net		 -7.18 19 10 -10 1.71 -5.26 4.07
Net Cash From Investing Activities		 -1.69 -172 -46 25 65 55 40
Net Cash From Continuing Investing Activities		 -1.69 -172 -46 25 65 55 40
Purchase of Property, Plant & Equipment		 -1.19 -1.15 -18 -2.27 -0.15 -0.03 0.00
Purchase of Investments		 0.00 -266 -203 -158 -129 -88 0.00
Sale of Property, Plant & Equipment		 - - - - - 0.00 1.17
Sale and/or Maturity of Investments		 0.00 96 182 188 195 143 39
Net Cash From Financing Activities		 176 229 167 -1.35 0.14 8.87 0.02
Net Cash From Continuing Financing Activities		 176 229 167 -1.35 0.14 8.87 0.02
Issuance of Preferred Equity		 176 - - - 0.00 8.74 0.00
Issuance of Common Equity		 0.00 228 167 0.30 0.14 0.10 0.02
Other Financing Activities, net		 0.18 0.28 0.30 -1.66 0.00 0.04 0.00

Quarterly Cash Flow Statements for Passage Bio

This table details how cash moves in and out of Passage Bio's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
Net Change in Cash & Equivalents		 3.29 -12 15 -12 7.52 5.28 26 -5.73 -4.85 -6.47 -13
Net Cash From Operating Activities		 -19 -20 -19 -13 -7.45 -8.44 -14 -6.33 -4.85 -6.48 -13
Net Cash From Continuing Operating Activities		 -19 -20 -19 -13 -7.45 -8.44 -14 -6.41 -4.85 -6.48 -13
Net Income / (Loss) Continuing Operations		 -27 -17 -17 -16 -19 -13 -15 -9.39 -7.75 -13 -7.56
Consolidated Net Income / (Loss)		 -27 -17 -17 -16 -19 -13 -15 -9.39 -7.75 -13 -7.56
Depreciation Expense		 0.96 0.81 0.81 0.80 0.76 0.72 0.20 0.17 0.18 0.18 0.13
Amortization Expense		 -0.32 -0.85 -0.44 -0.30 -0.42 -0.37 0.13 - - - 0.00
Non-Cash Adjustments To Reconcile Net Income		 7.44 0.44 2.31 2.11 6.78 9.32 3.93 2.16 -1.06 4.48 -4.94
Changes in Operating Assets and Liabilities, net		 -0.13 -3.16 -4.89 0.25 4.77 -5.40 -2.71 0.65 3.77 1.85 -0.61
Net Cash From Investing Activities		 22 7.60 25 1.05 15 14 40 0.59 - - 0.02
Net Cash From Continuing Investing Activities		 22 7.60 25 1.05 15 14 40 0.59 - - 0.02
Sale of Property, Plant & Equipment		 - - 0.00 - - - 0.59 0.59 - - 0.02
Sale and/or Maturity of Investments		 51 35 39 38 37 29 39 - - - 0.00
Net Cash From Financing Activities		 - 0.05 8.74 0.09 - 0.05 0.00 0.01 - 0.01 0.00
Net Cash From Continuing Financing Activities		 - 0.05 8.74 0.09 - 0.05 0.00 0.01 - 0.01 0.00

Annual Balance Sheets for Passage Bio

This table presents Passage Bio's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Total Assets		 179 328 355 244 151 102 62
Total Current Assets		 166 317 325 197 118 79 48
Cash & Equivalents		 159 135 129 35 22 38 46
Prepaid Expenses		 6.90 11 9.29 7.43 3.67 2.06 1.46
Plant, Property, & Equipment, net		 1.09 2.80 24 23 15 9.33 4.11
Total Noncurrent Assets		 12 8.03 6.20 24 17 14 10
Other Noncurrent Operating Assets		 12 8.03 6.20 24 17 14 10
Total Liabilities & Shareholders' Equity		 179 328 355 244 151 102 62
Total Liabilities		 4.26 23 36 42 39 41 44
Total Current Liabilities		 3.68 21 29 18 16 19 23
Accounts Payable		 0.63 5.27 9.45 4.07 1.30 0.74 1.11
Accrued Expenses		 3.05 16 20 11 12 6.71 4.65
Current Deferred Revenue		 - - - - 0.00 8.23 14
Other Current Liabilities		 - - 0.00 3.28 3.37 3.69 3.57
Total Noncurrent Liabilities		 0.58 2.12 6.92 24 23 22 20
Other Noncurrent Operating Liabilities		 0.08 0.04 0.00 24 23 22 20
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 -56 305 319 201 111 61 19
Total Preferred & Common Equity		 -56 305 319 201 111 61 19
Preferred Stock		 - - - 0.00 0.00 0.00 0.00
Total Common Equity		 -56 305 319 201 111 61 19
Common Stock		 2.41 476 675 695 706 720 724
Retained Earnings		 -59 -171 -356 -492 -594 -659 -705

Quarterly Balance Sheets for Passage Bio

This table presents Passage Bio's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric Q3 2023 Q1 2024 Q2 2024 Q3 2024 Q1 2025 Q2 2025 Q3 2025 Q1 2026
Period end date 9/30/2023 3/31/2024 6/30/2024 9/30/2024 3/31/2025 6/30/2025 9/30/2025 3/31/2026
Total Assets		 169 141 125 112 86 79 74 36
Total Current Assets		 136 108 95 87 67 60 56 35
Cash & Equivalents		 34 37 25 32 63 58 53 33
Prepaid Expenses		 2.93 3.77 3.23 2.39 3.31 2.69 2.96 1.41
Plant, Property, & Equipment, net		 16 14 13 10 5.52 5.34 5.16 0.83
Total Noncurrent Assets		 17 18 17 15 14 14 13 0.90
Other Noncurrent Operating Assets		 17 18 17 15 14 14 13 0.90
Total Liabilities & Shareholders' Equity		 169 141 125 112 86 79 74 36
Total Liabilities		 43 36 35 39 39 41 43 25
Total Current Liabilities		 20 13 12 17 18 20 22 20
Accounts Payable		 2.75 1.69 0.62 1.49 1.46 2.40 0.95 1.31
Accrued Expenses		 14 7.48 8.06 6.73 3.99 4.07 4.00 3.90
Current Deferred Revenue		 - - - 5.00 8.73 9.74 14 14
Other Current Liabilities		 3.35 3.67 3.70 3.73 3.64 3.59 3.54 1.15
Total Noncurrent Liabilities		 23 23 22 22 21 21 21 4.61
Other Noncurrent Operating Liabilities		 23 23 22 22 21 21 21 4.61
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 126 105 91 73 47 38 31 12
Total Preferred & Common Equity		 126 105 91 73 47 38 31 12
Preferred Stock		 - 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Common Equity		 126 105 91 73 47 38 31 12
Common Stock		 704 716 718 719 721 722 723 724
Retained Earnings		 -578 -611 -627 -647 -675 -684 -692 -712

Annual Metrics And Ratios for Passage Bio

This table displays calculated financial ratios and metrics derived from Passage Bio's official financial filings.

Metric 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
DEI Shares Outstanding		 0.00 45,534,682.00 54,106,911.00 54,553,263.00 54,819,638.00 61,767,286.00 3,178,710.00
DEI Adjusted Shares Outstanding		 0.00 2,276,734.00 2,705,346.00 2,727,663.00 2,740,982.00 3,088,364.00 3,178,710.00
DEI Earnings Per Adjusted Shares Outstanding		 0.00 -49.30 -68.53 -50.11 -36.90 -20.95 -14.32
Growth Metrics		 - - - - - - -
Revenue Growth		 0.00% 0.00% 0.00% 0.00% 266.91% -94.47% -115.69%
EBITDA Growth		 0.00% -200.82% -62.74% 27.42% 23.77% 37.02% 29.34%
EBIT Growth		 0.00% -203.59% -64.50% 26.71% 25.02% 36.54% 29.71%
NOPAT Growth		 0.00% -203.59% -64.50% 25.49% 21.68% 35.05% 29.98%
Net Income Growth		 0.00% -145.94% -65.18% 26.57% 25.02% 36.54% 29.71%
EPS Growth		 0.00% 72.98% -19.59% 28.16% 25.60% 36.54% 31.80%
Operating Cash Flow Growth		 0.00% -101.82% -57.57% 6.83% 33.79% 38.73% 34.30%
Free Cash Flow Firm Growth		 0.00% 0.00% -116.62% 21.32% 42.22% 39.78% 38.98%
Invested Capital Growth		 0.00% -109.74% 291.25% 307.63% -125.61% -414.61% -77.79%
Revenue Q/Q Growth		 0.00% 0.00% 0.00% -602.73% 315.65% -93.32% 75.00%
EBITDA Q/Q Growth		 0.00% 0.00% -6.93% 15.68% 13.43% 13.90% -0.98%
EBIT Q/Q Growth		 0.00% 0.00% -6.97% 15.61% 13.64% 13.15% -0.57%
NOPAT Q/Q Growth		 0.00% 0.00% -6.97% 14.21% 8.29% 5.60% 0.85%
Net Income Q/Q Growth		 0.00% 0.00% -7.05% 15.03% 9.18% 5.86% -0.57%
EPS Q/Q Growth		 0.00% 0.00% -8.41% 15.54% 9.27% 5.86% -0.70%
Operating Cash Flow Q/Q Growth		 0.00% -17.42% -1.08% 5.40% 5.44% 18.76% 5.87%
Free Cash Flow Firm Q/Q Growth		 0.00% 0.00% 0.00% 8.62% 6.84% 21.03% 11.11%
Invested Capital Q/Q Growth		 0.00% 0.00% -63.15% 10.51% 53.71% -27.95% -27.22%
Profitability Metrics		 - - - - - - -
Gross Margin		 0.00% 0.00% 0.00% 0.00% 100.00% 100.00% 0.00%
EBITDA Margin		 0.00% 0.00% 0.00% 0.00% -10,875.08% -123,947.06% 0.00%
Operating Margin		 0.00% 0.00% 0.00% 0.00% -11,743.12% -138,039.22% 0.00%
EBIT Margin		 0.00% 0.00% 0.00% 0.00% -11,057.64% -126,994.12% 0.00%
Profit (Net Income) Margin		 0.00% 0.00% 0.00% 0.00% -11,057.64% -126,994.12% 0.00%
Tax Burden Percent		 125.05% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
Interest Burden Percent		 98.13% 99.41% 99.82% 100.00% 100.00% 100.00% 100.00%
Effective Tax Rate		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Invested Capital (ROIC)		 0.00% 0.00% 0.00% 0.00% -1,735.22% 0.00% 0.00%
ROIC Less NNEP Spread (ROIC-NNEP)		 0.00% 0.00% 0.00% 0.00% -1,717.98% 0.00% 0.00%
Return on Net Nonoperating Assets (RNNOA)		 0.00% 0.00% 0.00% 0.00% 1,669.93% 0.00% 0.00%
Return on Equity (ROE)		 -26.17% -46.85% -59.48% -52.35% -65.29% -75.07% -113.78%
Cash Return on Invested Capital (CROIC)		 0.00% 0.00% -4,660.27% -1,444.64% 0.00% 0.00% 0.00%
Operating Return on Assets (OROA)		 0.00% 0.00% 0.00% 0.00% -51.80% -51.21% 0.00%
Return on Assets (ROA)		 0.00% 0.00% 0.00% 0.00% -51.80% -51.21% 0.00%
Return on Common Equity (ROCE)		 8.44% -24.30% -59.48% -52.35% -65.29% -75.07% -113.78%
Return on Equity Simple (ROE_SIMPLE)		 81.12% -36.83% -58.18% -67.60% -91.71% 0.00% 0.00%
Net Operating Profit after Tax (NOPAT)		 -26 -79 -130 -97 -76 -49 -35
NOPAT Margin		 0.00% 0.00% 0.00% 0.00% -8,220.18% -96,627.45% 0.00%
Net Nonoperating Expense Percent (NNEP)		 -12.34% -14.28% -17.81% -15.53% -17.24% -16.21% -17.90%
Return On Investment Capital (ROIC_SIMPLE)		 - - - - -68.18% -80.44% -183.99%
Cost of Revenue to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
SG&A Expenses to Revenue		 0.00% 0.00% 0.00% 0.00% 4,504.88% 48,996.08% 0.00%
R&D to Revenue		 0.00% 0.00% 0.00% 0.00% 6,654.28% 78,782.35% 0.00%
Operating Expenses to Revenue		 0.00% 0.00% 0.00% 0.00% 11,743.12% 138,039.22% 0.00%
Earnings before Interest and Taxes (EBIT)		 -37 -113 -186 -136 -102 -65 -46
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 -37 -111 -181 -132 -100 -63 -45
Valuation Ratios		 - - - - - - -
Price to Book Value (P/BV)		 0.00 3.82 1.08 0.37 0.50 0.57 2.00
Price to Tangible Book Value (P/TBV)		 0.00 3.82 1.08 0.37 0.50 0.57 2.00
Price to Revenue (P/Rev)		 0.00 0.00 0.00 0.00 59.99 686.83 0.00
Price to Earnings (P/E)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Dividend Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Earnings Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Enterprise Value to Invested Capital (EV/IC)		 12.76 0.00 9.64 0.00 0.00 0.00 0.00
Enterprise Value to Revenue (EV/Rev)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to EBITDA (EV/EBITDA)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to EBIT (EV/EBIT)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to NOPAT (EV/NOPAT)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to Operating Cash Flow (EV/OCF)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Leverage & Solvency		 - - - - - - -
Debt to Equity		 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Long-Term Debt to Equity		 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Financial Leverage		 -0.91 -0.97 -1.00 -0.97 -0.97 -1.11 -1.54
Leverage Ratio		 1.02 1.06 1.10 1.15 1.26 1.47 2.06
Compound Leverage Factor		 1.01 1.05 1.09 1.15 1.26 1.47 2.06
Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Short-Term Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Long-Term Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 132.26% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Common Equity to Total Capital		 -32.26% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
Debt to EBITDA		 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Net Debt to EBITDA		 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Long-Term Debt to EBITDA		 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Debt to NOPAT		 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Net Debt to NOPAT		 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Long-Term Debt to NOPAT		 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Altman Z-Score		 17.66 29.21 3.53 -2.73 -6.10 -9.89 -17.26
Noncontrolling Interest Sharing Ratio		 132.26% 48.14% 0.00% 0.00% 0.00% 0.00% 0.00%
Liquidity Ratios		 - - - - - - -
Current Ratio		 45.04 14.98 11.02 10.74 7.22 4.07 2.07
Quick Ratio		 43.16 14.40 10.70 10.33 6.99 3.96 2.01
Cash Flow Metrics		 - - - - - - -
Free Cash Flow to Firm (FCFF)		 0.00 -62 -134 -106 -61 -37 -22
Operating Cash Flow to CapEx		 -3,344.17% -7,026.18% -719.19% -5,198.33% -53,605.48% -141,047.06% 0.00%
Free Cash Flow to Firm to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Operating Cash Flow to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Operating Cash Flow Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Efficiency Ratios		 - - - - - - -
Asset Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Accounts Receivable Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Inventory Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Fixed Asset Turnover		 0.00 0.00 0.00 0.00 0.05 0.00 0.00
Accounts Payable Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Days Sales Outstanding (DSO)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Days Inventory Outstanding (DIO)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Days Payable Outstanding (DPO)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Cash Conversion Cycle (CCC)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Capital & Investment Metrics		 - - - - - - -
Invested Capital		 15 -1.51 2.88 12 -3.01 -15 -28
Invested Capital Turnover		 0.00 0.00 0.00 0.00 0.21 -0.01 0.00
Increase / (Decrease) in Invested Capital		 0.00 -17 4.39 8.87 -15 -12 -12
Enterprise Value (EV)		 198 860 28 -114 -59 -42 -8.79
Market Capitalization		 126 1,164 344 75 55 35 38
Book Value per Share		 ($13.28) $6.69 $5.89 $3.69 $2.03 $0.99 $5.90
Tangible Book Value per Share		 ($13.28) $6.69 $5.89 $3.69 $2.03 $0.99 $5.90
Total Capital		 174 305 319 201 111 61 19
Total Debt		 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Long-Term Debt		 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Net Debt		 -159 -305 -316 -190 -114 -77 -46
Capital Expenditures (CapEx)		 1.19 1.15 18 2.27 0.15 0.03 -1.17
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 3.22 -8.81 -20 -11 -13 -17 -22
Debt-free Net Working Capital (DFNWC)		 162 296 296 179 102 59 25
Net Working Capital (NWC)		 162 296 296 179 102 59 25
Net Nonoperating Expense (NNE)		 20 33 55 39 26 15 11
Net Nonoperating Obligations (NNO)		 -159 -306 -316 -190 -114 -77 -46
Total Depreciation and Amortization (D&A)		 0.13 1.43 4.32 4.45 1.69 1.55 0.86
Debt-free, Cash-free Net Working Capital to Revenue		 0.00% 0.00% 0.00% 0.00% -1,373.35% -33,929.41% 0.00%
Debt-free Net Working Capital to Revenue		 0.00% 0.00% 0.00% 0.00% 11,009.53% 116,572.55% 0.00%
Net Working Capital to Revenue		 0.00% 0.00% 0.00% 0.00% 11,009.53% 116,572.55% 0.00%
Earnings Adjustments		 - - - - - - -
Adjusted Basic Earnings per Share		 $0.00 ($2.91) ($3.48) ($2.50) ($1.86) ($21.40) ($14.35)
Adjusted Weighted Average Basic Shares Outstanding		 0.00 53.83M 53.34M 54.43M 54.74M 3.02M 3.17M
Adjusted Diluted Earnings per Share		 $0.00 ($2.91) ($3.48) ($2.50) ($1.86) ($21.40) ($14.35)
Adjusted Weighted Average Diluted Shares Outstanding		 0.00 53.83M 53.34M 54.43M 54.74M 3.02M 3.17M
Adjusted Basic & Diluted Earnings per Share		 $0.00 ($2.91) $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 0.00 38.62M 54.29M 54.62M 55.60M 3.11M 3.21M
Normalized Net Operating Profit after Tax (NOPAT)		 -26 -79 -130 -97 -72 -46 -30
Normalized NOPAT Margin		 0.00% 0.00% 0.00% 0.00% -7,811.41% -89,444.90% 0.00%
Pre Tax Income Margin		 0.00% 0.00% 0.00% 0.00% -11,057.64% -126,994.12% 0.00%
Debt Service Ratios		 - - - - - - -
EBIT to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00
NOPAT to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00
EBIT Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00
NOPAT Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Payout Ratios		 - - - - - - -
Dividend Payout Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Augmented Payout Ratio		 0.00% 0.00% -0.18% 0.00% 0.00% 0.00% 0.00%

Quarterly Metrics And Ratios for Passage Bio

This table displays calculated financial ratios and metrics derived from Passage Bio's official financial filings.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
DEI Shares Outstanding		 54,811,305.00 54,819,638.00 55,598,796.00 61,640,596.00 61,767,286.00 61,767,286.00 62,148,274.00 62,148,274.00 3,178,710.00 3,178,710.00 3,207,810.00
DEI Adjusted Shares Outstanding		 2,740,565.00 2,740,982.00 2,779,940.00 3,082,030.00 3,088,364.00 3,088,364.00 3,107,414.00 3,107,414.00 3,178,710.00 3,178,710.00 3,207,810.00
DEI Earnings Per Adjusted Shares Outstanding		 -9.84 -5.86 -6.02 -5.19 -6.23 -4.13 -4.96 -3.02 -2.44 -4.08 -2.36
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 34.55% 203.77% 0.00% -97.70% -33.11% -103.49% 69.23% -100.00% -100.00% 0.00% 100.00%
EBITDA Growth		 0.27% 33.33% 53.29% 34.50% 28.22% 33.08% 7.79% 40.51% 60.17% -3.52% 50.71%
EBIT Growth		 1.51% 34.69% 53.43% 32.97% 28.66% 31.01% 7.82% 41.31% 59.93% -2.03% 50.93%
NOPAT Growth		 -4.16% 34.69% 49.70% 31.55% 27.80% 22.64% 8.81% 40.53% 58.19% 2.96% 49.89%
Net Income Growth		 -1.53% 38.10% 51.33% 32.97% 28.66% 24.07% 7.82% 41.31% 59.93% -2.03% 50.93%
EPS Growth		 0.00% 38.78% 52.38% 32.97% 28.66% 24.07% 7.82% 41.31% 60.33% 1.21% 51.54%
Operating Cash Flow Growth		 18.09% 18.75% 15.67% 23.36% 61.14% 56.73% 26.85% 51.81% 34.83% 23.27% 6.21%
Free Cash Flow Firm Growth		 86.74% 106.48% 22.70% -51.90% -203.42% 34.52% 152.69% 190.87% 139.22% -5.43% -115.31%
Invested Capital Growth		 -161.14% -125.61% -86.11% -14.07% -86.19% -414.61% -4,751.12% -1,492.76% -78.80% -77.79% -29.63%
Revenue Q/Q Growth		 70.11% 364.86% -103.78% 107.69% 4,850.00% -124.24% 66.67% 100.00% 0.00% 0.00% 0.00%
EBITDA Q/Q Growth		 -11.93% 30.16% 11.56% 5.25% -22.66% 34.90% -21.86% 38.87% 17.88% -69.21% 41.98%
EBIT Q/Q Growth		 -13.64% 31.96% 9.41% 4.31% -20.94% 34.20% -21.06% 39.08% 17.43% -67.54% 41.78%
NOPAT Q/Q Growth		 -12.94% 35.67% 2.15% 3.72% -19.13% 31.07% -15.34% 37.21% 16.25% -60.00% 40.45%
Net Income Q/Q Growth		 -13.64% 38.19% 0.28% 4.31% -20.94% 34.20% -21.06% 39.08% 17.43% -67.54% 41.78%
EPS Q/Q Growth		 -11.36% 38.78% 0.00% 4.31% -20.94% 34.20% -21.06% 39.08% 17.57% -67.62% 42.30%
Operating Cash Flow Q/Q Growth		 -11.81% -1.84% 3.01% 30.60% 43.31% -13.39% -63.99% 54.29% 23.33% -33.51% -100.45%
Free Cash Flow Firm Q/Q Growth		 62.98% 163.34% -661.57% -15.35% 26.05% 128.08% 119.95% 98.96% -68.09% -32.29% -135.60%
Invested Capital Q/Q Growth		 -510.13% 53.71% 111.89% -439.66% -895.89% -27.95% -7.46% -16.32% -11.80% -27.22% 21.65%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 100.00% 100.00% 0.00% 100.00% 100.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
EBITDA Margin		 -17,885.81% -2,687.06% 0.00% -774,550.00% -19,193.94% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Margin		 -19,372.97% -2,681.10% 0.00% -868,900.00% -20,911.11% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
EBIT Margin		 -18,317.57% -2,681.10% 0.00% -799,550.00% -19,535.35% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Profit (Net Income) Margin		 -18,317.57% -2,435.76% 0.00% -799,550.00% -19,535.35% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Tax Burden Percent		 100.00% 110.16% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
Interest Burden Percent		 100.00% 82.47% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
Effective Tax Rate		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Invested Capital (ROIC)		 0.00% -396.17% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
ROIC Less NNEP Spread (ROIC-NNEP)		 0.00% -393.64% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Net Nonoperating Assets (RNNOA)		 0.00% 382.63% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Equity (ROE)		 -64.09% -13.54% 0.00% -63.55% -69.15% -75.07% -83.73% -88.27% -87.18% -113.78% -128.90%
Cash Return on Invested Capital (CROIC)		 0.00% 0.00% -4,168.33% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Return on Assets (OROA)		 0.00% -12.56% 0.00% -4,069.31% -106.09% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Assets (ROA)		 0.00% -11.41% 0.00% -4,069.31% -106.09% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Common Equity (ROCE)		 -64.09% -13.54% 0.00% -63.55% -69.15% -75.07% -83.73% -88.27% -87.18% -113.78% -128.90%
Return on Equity Simple (ROE_SIMPLE)		 -88.99% 0.00% -80.50% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Net Operating Profit after Tax (NOPAT)		 -20 -13 -13 -12 -14 -9.99 -12 -7.23 -6.06 -9.69 -5.77
NOPAT Margin		 -13,561.08% -1,876.77% 0.00% -608,230.00% -14,637.78% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Net Nonoperating Expense Percent (NNEP)		 -4.06% -2.53% -2.99% -3.15% -4.46% -2.86% -4.63% -2.88% -2.46% -5.35% -3.69%
Return On Investment Capital (ROIC_SIMPLE)		 - -11.60% -12.05% -13.43% -19.93% -16.31% -24.67% -18.91% -19.47% -51.69% -49.12%
Cost of Revenue to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
SG&A Expenses to Revenue		 5,529.73% 913.52% 0.00% 325,500.00% 7,324.24% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
R&D to Revenue		 10,201.35% 1,767.59% 0.00% 521,500.00% 8,743.43% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Expenses to Revenue		 19,372.97% 2,681.10% 0.00% 868,900.00% 20,911.11% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Earnings before Interest and Taxes (EBIT)		 -27 -18 -17 -16 -19 -13 -15 -9.39 -7.75 -13 -7.56
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 -26 -18 -16 -15 -19 -12 -15 -9.22 -7.57 -13 -7.43
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 0.29 0.50 0.72 0.54 0.59 0.57 0.47 0.65 0.82 2.00 2.14
Price to Tangible Book Value (P/TBV)		 0.29 0.50 0.72 0.54 0.59 0.57 0.47 0.65 0.82 2.00 2.14
Price to Revenue (P/Rev)		 0.00 59.99 83.68 60.29 56.67 686.83 318.04 371.31 0.00 0.00 0.00
Price to Earnings (P/E)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Dividend Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Earnings Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Enterprise Value to Invested Capital (EV/IC)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to Revenue (EV/Rev)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to EBITDA (EV/EBITDA)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to EBIT (EV/EBIT)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to NOPAT (EV/NOPAT)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to Operating Cash Flow (EV/OCF)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Long-Term Debt to Equity		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Financial Leverage		 -0.99 -0.97 -0.99 -1.01 -1.09 -1.11 -1.11 -1.16 -1.33 -1.54 -1.65
Leverage Ratio		 1.25 1.26 1.29 1.32 1.41 1.47 1.49 1.59 1.79 2.06 2.10
Compound Leverage Factor		 1.25 1.04 1.29 1.32 1.41 1.47 1.49 1.59 1.79 2.06 2.10
Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Short-Term Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Long-Term Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Common Equity to Total Capital		 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
Debt to EBITDA		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Net Debt to EBITDA		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Long-Term Debt to EBITDA		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Debt to NOPAT		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Net Debt to NOPAT		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Long-Term Debt to NOPAT		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Altman Z-Score		 -3.98 -4.27 -4.40 -5.78 -7.24 -8.21 -10.56 -11.50 -12.51 -15.54 -26.94
Noncontrolling Interest Sharing Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 6.85 7.22 8.43 7.67 5.15 4.07 3.74 3.05 2.51 2.07 1.73
Quick Ratio		 6.70 6.99 8.14 7.41 5.00 3.96 3.55 2.91 2.37 2.01 1.66
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 -2.93 1.85 -10 -12 -8.89 2.50 5.49 11 3.48 2.36 -0.84
Operating Cash Flow to CapEx		 -479,075.00% -150,123.08% 0.00% 0.00% 0.00% -60,314.29% 0.00% 0.00% 0.00% 0.00% 0.00%
Free Cash Flow to Firm to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Operating Cash Flow to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Operating Cash Flow Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.00 0.00 0.01 0.01 0.01 0.00 0.00 0.00 0.00 0.00 0.00
Accounts Receivable Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Inventory Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Fixed Asset Turnover		 0.00 0.05 0.05 0.05 0.06 0.00 0.01 0.01 0.00 0.00 0.00
Accounts Payable Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Days Sales Outstanding (DSO)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Days Inventory Outstanding (DIO)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Days Payable Outstanding (DPO)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Cash Conversion Cycle (CCC)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 -6.50 -3.01 0.36 -1.22 -12 -15 -17 -19 -22 -28 -22
Invested Capital Turnover		 0.00 0.21 0.61 -0.71 -0.08 -0.01 -0.01 -0.01 0.00 0.00 0.00
Increase / (Decrease) in Invested Capital		 -17 -15 -2.22 -0.15 -5.61 -12 -17 -18 -9.54 -12 -4.93
Enterprise Value (EV)		 -97 -59 -29 -43 -42 -42 -41 -33 -27 -8.79 -8.15
Market Capitalization		 36 55 75 49 43 35 22 25 26 38 25
Book Value per Share		 $2.30 $2.03 $1.89 $1.47 $1.18 $0.99 $0.75 $0.62 $9.79 $5.90 $3.66
Tangible Book Value per Share		 $2.30 $2.03 $1.89 $1.47 $1.18 $0.99 $0.75 $0.62 $9.79 $5.90 $3.66
Total Capital		 126 111 105 91 73 61 47 38 31 19 12
Total Debt		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Long-Term Debt		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Net Debt		 -133 -114 -105 -92 -85 -77 -63 -58 -53 -46 -33
Capital Expenditures (CapEx)		 0.00 0.01 0.00 0.00 0.00 0.01 -0.59 -0.59 0.00 0.00 -0.02
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 -17 -13 -9.07 -9.16 -15 -17 -15 -17 -19 -22 -19
Debt-free Net Working Capital (DFNWC)		 116 102 95 83 70 59 49 41 33 25 15
Net Working Capital (NWC)		 116 102 95 83 70 59 49 41 33 25 15
Net Nonoperating Expense (NNE)		 7.04 3.85 4.08 3.83 4.85 2.74 3.88 2.15 1.69 3.29 1.79
Net Nonoperating Obligations (NNO)		 -133 -114 -105 -92 -85 -77 -63 -58 -53 -46 -33
Total Depreciation and Amortization (D&A)		 0.64 -0.04 0.36 0.50 0.34 0.35 0.33 0.17 0.18 0.18 0.13
Debt-free, Cash-free Net Working Capital to Revenue		 0.00% -1,373.35% -1,011.48% -1,127.83% -1,908.39% -33,929.41% -21,033.33% -25,540.30% 0.00% 0.00% 0.00%
Debt-free Net Working Capital to Revenue		 0.00% 11,009.53% 10,641.25% 10,174.26% 9,209.04% 116,572.55% 70,788.41% 60,468.66% 0.00% 0.00% 0.00%
Net Working Capital to Revenue		 0.00% 11,009.53% 10,641.25% 10,174.26% 9,209.04% 116,572.55% 70,788.41% 60,468.66% 0.00% 0.00% 0.00%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 ($0.49) ($0.30) ($0.30) ($5.20) ($6.20) ($82.80) ($5.00) ($2.96) ($2.44) ($4.09) ($2.36)
Adjusted Weighted Average Basic Shares Outstanding		 54.79M 54.74M 56.30M 3.08M 3.09M 153.93K 3.11M 3.17M 3.18M 3.17M 3.21M
Adjusted Diluted Earnings per Share		 ($0.49) ($0.30) ($0.30) ($5.20) ($6.20) ($82.80) ($5.00) ($2.96) ($2.44) ($4.09) ($2.36)
Adjusted Weighted Average Diluted Shares Outstanding		 54.79M 54.74M 56.30M 3.08M 3.09M 153.93K 3.11M 3.17M 3.18M 3.17M 3.21M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 ($82.80) $0.00 $0.00 $0.00 ($4.09) $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 54.82M 55.60M 61.64M 3.09M 3.09M 3.11M 3.11M 3.18M 3.18M 3.21M 3.21M
Normalized Net Operating Profit after Tax (NOPAT)		 -16 -13 -13 -12 -11 -9.99 -9.68 -7.23 -6.06 -7.24 -5.77
Normalized NOPAT Margin		 -11,011.76% -1,876.77% 0.00% -592,900.00% -11,247.37% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Pre Tax Income Margin		 -18,317.57% -2,211.19% 0.00% -799,550.00% -19,535.35% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
NOPAT to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
EBIT Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
NOPAT Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Augmented Payout Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

Financials Breakdown Chart

Key Financial Trends

Passage Bio’s latest quarter shows a company still deep in clinical-stage spending, with no revenue and persistent operating losses, but it also ended Q1 2026 with a sizable cash balance of $33.4 million. Compared with prior periods, the big story is that spending has come down meaningfully from 2024 levels, yet the balance sheet has tightened sharply as cash has been drawn down over the last year.

  • Cash remains adequate for now: Passage Bio reported $33.4 million in cash and equivalents at March 31, 2026.
  • Operating losses have narrowed versus last year: Q1 2026 net loss was $7.6 million, improved from $15.4 million in Q1 2025 and $16.7 million in Q1 2024.
  • Cash burn has improved year over year: operating cash outflow was $13.0 million in Q1 2026, better than $13.8 million in Q1 2025 and far better than the heavier burn seen in 2024.
  • R&D spending has declined materially: research and development expense fell to $4.1 million in Q1 2026 from $7.7 million in Q1 2025 and $11.5 million in Q1 2024.
  • SG&A is also lower: selling, general and administrative expense dropped to $4.8 million from $6.1 million a year ago and $6.5 million in Q1 2024.
  • There is still no revenue: Passage Bio reported $0 in revenue in Q1 2026, continuing a long stretch of minimal or no top-line generation.
  • Other income provided a modest offset: the company recorded $688,000 of other income in Q1 2026, helping reduce the pretax loss somewhat.
  • Balance sheet obligations remain significant: total liabilities were $24.7 million at the end of Q1 2026, compared with $11.8 million of equity.
  • Cash has declined sharply: cash and equivalents fell from $52.8 million at Q3 2025 and $63.4 million at Q1 2025 to $33.4 million in Q1 2026.
  • Shareholders’ equity has also contracted: common equity was $11.8 million in Q1 2026, down from $31.1 million in Q3 2025 and $46.7 million in Q1 2025.

Looking at the longer trend, Passage Bio has become smaller and more focused. In 2024, quarterly operating expenses were often in the mid-teens to nearly $30 million when impairment charges were included. By Q1 2026, total operating expenses were down to $8.2 million, suggesting management has significantly reduced the cost structure.

That said, the company is still operating like a pre-commercial biotech. Revenue is essentially nonexistent, losses continue every quarter, and the business is still reliant on its cash reserves and on any future clinical or financing milestones to support operations.

Bottom line: Passage Bio’s cost discipline has improved, but the stock still carries the usual biotech risks: no revenue, recurring losses, and a cash balance that is steadily shrinking. Investors will likely focus on whether the company can extend its runway and produce meaningful clinical progress before liquidity becomes a bigger concern.

07/21/26 10:36 AM ETAI Generated. May Contain Errors.

Passage Bio Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Passage Bio's fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

Passage Bio's net income appears to be on a downward trend, with a most recent value of -$45.52 million in 2025, falling from -$45.63 million in 2019. The previous period was -$64.77 million in 2024. Check out Passage Bio's forecast to explore projected trends and price targets.

Passage Bio's total operating income in 2025 was -$49.30 million, based on the following breakdown:
  • Total Gross Profit: -$8 thousand
  • Total Operating Expenses: $49.30 million

Over the last 6 years, Passage Bio's total revenue changed from $0.00 in 2019 to -$8 thousand in 2025, a change of -800,000.0%.

Passage Bio's total liabilities were at $43.53 million at the end of 2025, a 5.8% increase from 2024, and a 921.5% increase since 2019.

In the past 6 years, Passage Bio's cash and equivalents has ranged from $21.71 million in 2023 to $158.87 million in 2019, and is currently $46.30 million as of their latest financial filing in 2025.

Over the last 6 years, Passage Bio's book value per share changed from -13.28 in 2019 to 5.90 in 2025, a change of -144.4%.


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Financial statements for NASDAQ:PASG last updated on 7/16/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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