The company's financial position appears increasingly vulnerable, with total assets contracting from $150.5 million in 2023Q4 to $36.5 million in 2026Q1, while the current ratio has compressed to 1.73.
| Total Current Assets | 34.74M | 47.76M | 78.81M | 117.96M | 197.04M | 325.07M | 317.18M | 165.78M | 33.4M |
| Cash & Short-Term Investments | 33.34M | 46.3M | 76.76M | 114.29M | 189.61M | 315.77M | 304.82M | 158.87M | 24.86M |
| Cash Only | 33.34M | 46.3M | 37.57M | 21.71M | 34.6M | 128.97M | 135M | 158.87M | 24.86M |
| Short-Term Investments | 0 | 0 | 39.18M | 92.58M | 155.01M | 186.81M | 169.81M | 0 | 0 |
| Accounts Receivable | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Days Sales Outstanding | - | - | - | - | - | - | - | - | - |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Days Inventory Outstanding | - | - | - | - | - | - | - | - | - |
| Other Current Assets | 1.41M | 1.46M | 838K | 923K | 926K | 1.73M | 10.96M | 6.75M | 8.44M |
| Total Non-Current Assets | 1.72M | 14.52M | 23.6M | 32.59M | 46.51M | 30.01M | 8.03M | 12.84M | 62K |
| Property, Plant & Equipment | 1.48M | 14.28M | 23.13M | 32.15M | 42.24M | 23.81M | 2.79M | 1.09M | 28K |
| Fixed Asset Turnover | 0.00x | - | - | - | - | - | - | - | - |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 244K | 244K | 463K | 433K | 4.27M | 6.2M | 5.23M | 11.75M | 34K |
| Total Assets | 36.46M | 62.28M | 102.41M | 150.54M | 243.55M | 355.08M | 328.01M | 178.61M | 33.46M |
| Asset Turnover | 0.00x | - | - | - | - | - | - | - | - |
| Asset Growth % | -167.27% | -39.19% | -31.97% | -38.19% | -31.41% | 8.25% | 83.64% | 433.79% | - |
| Total Current Liabilities | 20.1M | 23.08M | 19.36M | 16.34M | 18.35M | 29.5M | 21.18M | 3.68M | 307K |
| Accounts Payable | 1.31M | 1.11M | 742K | 1.3M | 4.07M | 9.45M | 5.26M | 629K | 212K |
| Days Payables Outstanding | 1.6K | 558.03 | - | 127.32 | - | - | - | - | - |
| Short-Term Debt | 1.15M | 3.57M | 3.69M | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Revenue (Current) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Current Liabilities | 17.64M | 18.4M | 10.53M | 6.64M | 85K | 661K | 541K | 46K | 7K |
| Current Ratio | 1.73x | 2.07x | 4.07x | 7.22x | 10.74x | 11.02x | 14.98x | 45.04x | 108.79x |
| Quick Ratio | 1.73x | 2.07x | 4.07x | 7.22x | 10.74x | 11.02x | 14.98x | 45.04x | 108.79x |
| Cash Conversion Cycle | - | - | - | - | - | - | - | - | - |
| Total Non-Current Liabilities | 4.61M | 20.44M | 21.79M | 22.92M | 23.83M | 6.92M | 2.12M | 580K | 45.33M |
| Long-Term Debt | 4.61M | 20.44M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Capital Lease Obligations | 21.14M | 0 | 21.79M | 22.92M | 23.83M | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 0 | 0 | 0 | 0 | 0 | 6.92M | 2.12M | 580K | 45.33M |
| Total Liabilities | 24.71M | 43.53M | 41.15M | 39.26M | 42.18M | 36.42M | 23.29M | 4.26M | 45.63M |
| Total Debt | 5.75M | 24.01M | 25.48M | 26.29M | 27.11M | 0 | 0 | 0 | 0 |
| Net Debt | -27.58M | -22.29M | -12.1M | 4.58M | -7.49M | -128.97M | -135M | -158.87M | -24.86M |
| Debt / Equity | 0.49x | 1.28x | 0.42x | 0.24x | 0.13x | - | - | - | - |
| Debt / EBITDA | -0.14x | - | - | - | - | - | - | - | - |
| Net Debt / EBITDA | 0.67x | - | - | - | - | - | - | - | - |
| Interest Coverage | - | - | - | - | - | - | - | - | - |
| Total Equity | 11.75M | 18.75M | 61.26M | 111.28M | 201.37M | 318.66M | 304.71M | 174.35M | -12.17M |
| Equity Growth % | -259.18% | -69.39% | -44.95% | -44.74% | -36.81% | 4.58% | 74.77% | 1532.28% | - |
| Book Value per Share | 3.67 | 5.91 | 20.28 | 40.66 | 73.99 | 119.47 | 133.60 | 145.52 | -10.16 |
| Total Shareholders' Equity | 11.75M | 18.75M | 61.26M | 111.28M | 201.37M | 318.66M | 304.71M | 174.35M | -12.17M |
| Common Stock | 0 | 0 | 6K | 5K | 5K | 5K | 4K | 3K | 2K |
| Retained Earnings | -712.32M | -704.76M | -659.24M | -594.47M | -492.41M | -356.28M | -170.9M | -58.66M | -13.03M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 0 | 0 | 8K | -43K | -966K | -413K | -12K | -230.6K | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Capital exhaustion and insolvency
As reported in financial statements, Passage Bio's total assets have declined significantly from $150.5 million in 2023Q4 to $36.5 million in 2026Q1, reflecting a rapid depletion of resources as the company attempts to navigate its clinical development timeline without any offsetting revenue generation.
The consistent downward trend in total assets suggests that the company is consuming its capital base to fund ongoing R&D and operational overhead. This trajectory indicates a business model under extreme pressure, where the lack of commercial milestones forces a continuous liquidation of the balance sheet to sustain operations.
Based on the company's reported figures, the current ratio has compressed from a peak of 8.43 in 2024Q1 to 1.73 in 2026Q1, highlighting a narrowing margin of safety as cash reserves dwindle against the backdrop of persistent, non-revenue-generating clinical trial expenditures.
The sharp decline in the current ratio suggests that the company's ability to cover short-term obligations is deteriorating rapidly. Investors should monitor this trend closely, as the current liquidity profile may necessitate a dilutive capital raise in the near term to avoid a potential insolvency event.
According to recent SEC filings, shareholders' equity has plummeted from $111.3 million in 2023Q4 to $11.8 million in 2026Q1, primarily driven by the accumulation of a $712.3 million deficit in retained earnings that underscores the high cost of clinical-stage biotechnology development.
The erosion of equity reflects the ongoing destruction of book value as the company burns through capital to advance its pipeline. This trend suggests that the company's internal value creation has yet to materialize, leaving shareholders exposed to significant dilution risk as the company seeks to replenish its capital base.
As indicated by the provided balance sheet data, the reduction in net PPE from $32.2 million in 2023Q4 to $1.5 million in 2026Q1 suggests a strategic divestment or impairment of physical assets, which may limit the company's future internal manufacturing capabilities and operational flexibility.
The rapid decline in PPE suggests that the company is shedding physical infrastructure to preserve cash, which may impair its long-term ability to scale production if clinical trials prove successful. This shift warrants further investigation into whether the company is sacrificing future operational capacity for short-term survival.
Quick answers to the most common questions about buying PASG stock.
As of 2025, Passage Bio, Inc. (PASG) had total assets of $62.3M including $47.8M in current assets.
Passage Bio, Inc. (PASG) carries total debt of $24.0M, offset by $46.3M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Passage Bio, Inc. (PASG) has total shareholders' equity (book value) of $18.8M ($5.91 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Passage Bio, Inc. (PASG) reported a current ratio of 2.07x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.