The company remains in a pre-revenue state, though strategic cost-cutting has successfully reduced quarterly operating losses from a peak of $20.7 million in 2024Q3 to $8.9 million in 2026Q1.
| Sales/Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Revenue Growth % | - | - | - | - | - | - | - | - | - |
| Cost of Goods Sold | 329K | 728K | 0 | 3.72M | 0 | 0 | 0 | 0 | 0 |
| COGS % of Revenue | - | - | - | - | - | - | - | - | - |
| Gross Profit | -329K | -728K | 0 | -3.72M | 0 | 0 | 0 | 0 | 0 |
| Gross Margin % | - | - | - | - | - | - | - | - | - |
| Gross Profit Growth % | - | - | 100% | - | - | - | - | - | - |
| Operating Expenses | 41.39M | 42.42M | 70.4M | 96.42M | 138.39M | 185.73M | 112.9M | 37.19M | 10.1M |
| OpEx % of Revenue | - | - | - | - | - | - | - | - | - |
| Selling, General & Admin | 18.58M | 19.88M | 24.99M | 41.58M | 49.34M | 60.06M | 30.11M | 6.95M | 928K |
| SG&A % of Revenue | - | - | - | - | - | - | - | - | - |
| Research & Development | 19.63M | 23.28M | 40.18M | 59.56M | 86.05M | 117.67M | 82.79M | 30.24M | 9.17M |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 671K | -728K | 5.23M | -4.72M | 3M | 8M | 0 | 0 | 0 |
| Operating Income | -41.72M | -43.15M | -70.4M | -100.14M | -138.39M | -185.73M | -112.9M | -37.19M | -13.47M |
| Operating Margin % | - | - | - | - | - | - | - | - | - |
| Operating Income Growth % | - | 38.71% | 29.7% | 27.64% | 25.49% | -64.5% | -203.59% | -176.17% | - |
| EBITDA | -40.9M | -42.42M | -67.32M | -96.42M | -134.72M | -184.19M | -112.1M | -37.05M | -7.42M |
| EBITDA Margin % | - | - | - | - | - | - | - | - | - |
| EBITDA Growth % | 38.34% | 36.98% | 30.18% | 28.43% | 26.86% | -64.3% | -202.53% | -399.39% | - |
| D&A (Non-Cash Add-back) | 816K | 728K | 3.08M | 3.72M | 3.68M | 1.54M | 800K | 134K | 0 |
| EBIT | -36.35M | -43.15M | -65.17M | -102.06M | -135.39M | -177.73M | -111.9M | -36.69M | -12.77M |
| Net Interest Income | 0 | 2.3M | 4.3M | 5.6M | 2.27M | 343K | 670K | 696K | 0 |
| Interest Income | 0 | 2.3M | 4.3M | 5.6M | 2.27M | 343K | 670K | 696K | 0 |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | 4.04M | -2.37M | 5.63M | -1.93M | 2.27M | 343K | 670K | -8.45M | 696K |
| Pretax Income | -37.68M | -45.52M | -64.77M | -102.06M | -136.13M | -185.39M | -112.23M | -45.63M | -12.77M |
| Pretax Margin % | - | - | - | - | - | - | - | - | - |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Net Income | -37.68M | -45.52M | -64.77M | -102.06M | -136.13M | -185.39M | -112.23M | -45.63M | -12.77M |
| Net Margin % | - | - | - | - | - | - | - | - | - |
| Net Income Growth % | 40.63% | 29.71% | 36.54% | 25.02% | 26.57% | -65.18% | -145.94% | -257.35% | - |
| Net Income (Continuing) | -37.68M | -45.52M | -64.77M | -102.06M | -136.13M | -185.39M | -112.23M | -45.63M | -12.77M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -11.75 | -14.35 | -21.44 | -37.29 | -50.00 | -69.51 | -57.80 | -45.60 | -10.60 |
| EPS Growth % | 42.2% | 33.07% | 42.5% | 25.42% | 28.07% | -20.26% | -26.75% | -330.19% | - |
| EPS (Basic) | - | -14.35 | -21.44 | -37.29 | -50.00 | -69.51 | -57.80 | -45.60 | -10.60 |
| Diluted Shares Outstanding | 3.21M | 3.17M | 3.02M | 2.74M | 2.72M | 2.67M | 2.28M | 1.2M | 1.2M |
| Basic Shares Outstanding | 3.21M | 3.17M | 3.02M | 2.74M | 2.72M | 2.67M | 2.28M | 1.2M | 1.2M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - |
Capital exhaustion and insolvency
As reported in recent financial filings, Passage Bio has successfully reduced quarterly R&D expenditures from a peak of $12.2 million in 2023Q4 to $4.1 million by 2026Q1, reflecting a deliberate strategic pivot to preserve capital while narrowing the company's clinical focus to its lead asset.
The significant contraction in R&D spending suggests management is aggressively pruning non-core programs to extend the company's limited cash runway. Investors should monitor whether this reduction in clinical investment impairs the velocity of the PBFT02 trial or if it merely reflects the successful completion of earlier-stage development phases.
Based on the company's historical income statements, operating losses have narrowed from a high of $20.7 million in 2024Q3 to $8.9 million in 2026Q1, indicating that management is achieving greater overhead efficiency as they transition toward a leaner, more focused operational structure.
While the reduction in operating losses is a positive signal for cash preservation, the lack of revenue generation means these improvements are entirely dependent on expense management rather than commercial scaling. The trend suggests that the company is attempting to reach a critical clinical inflection point before its current liquidity is fully exhausted.
According to the provided quarterly data, the company's net income figures are frequently distorted by lumpy clinical trial accruals and variable stock-based compensation, which reached $1.6 million in several periods before declining to zero in the most recent quarter.
The absence of stock-based compensation in 2026Q1 may suggest a shift in incentive structures or a temporary pause in equity-based retention efforts. Analysts should be cautious in interpreting these fluctuations, as they may mask the underlying cash burn rate required to sustain the company's ongoing clinical operations.
As indicated by the persistent negative net margins and the absence of any revenue, the company's financial position remains precarious, with the $46.3 million cash balance likely insufficient to support long-term operations without a significant dilutive event or strategic partnership.
Short-sellers would likely focus on the fact that the company has yet to demonstrate a viable path to commercialization, leaving it entirely dependent on external capital markets. The reliance on a single lead asset, PBFT02, creates a binary risk profile where any clinical setback could render the current cost-cutting measures insufficient to prevent insolvency.
Quick answers to the most common questions about buying PASG stock.
For fiscal year 2025, Passage Bio, Inc. (PASG) reported total revenue of $0.0M.
Passage Bio, Inc. (PASG) reported a net loss of $45.5M for the fiscal year ending 2025.