Passage BIO, Inc.
PASG Nasdaq Biological Products, (No Diagnostic Substances) Financials FY2019โFY2025
Last close ยท Oct 23, 2026
$3.37
4.0%
Revenue
Total sales reported in the income statement.
โ
vs prior year
Operating margin
Operating income as a share of revenue.
โ
Net income
Profit after all expenses, interest and tax.
โ$45.5M
Free cash flow
Cash from operations minus capital spending.
โ
Return on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
โ
Market cap
Last close times the latest diluted share count, so it is approximate.
$10.8M
Oct 23 close
P/E
Last close divided by diluted earnings per share over the last four quarters.
โ
On โ$11.32 EPS (TTM)
What Passage BIO, Inc. does
No business description yet.
- Legal name
- Passage BIO, Inc.
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K ยท Mar 3, 2026
- Accession ยท CIK
- 0001104659-26-022549
0001787297
Revenue and margins
Passage BIO, Inc. had โ of revenue in fiscal 2025.
FY19
Revenue โ
FY20
Revenue โ
FY21
Revenue โ
FY22
Revenue โ
FY23
Revenue โ
FY24
Revenue โ
FY25
Revenue โ
FY19
Gross โ
Operating โ
Net โ
FCF โ
FY20
Gross โ
Operating โ
Net โ
FCF โ
FY21
Gross โ
Operating โ
Net โ
FCF โ
FY22
Gross โ
Operating โ
Net โ
FCF โ
FY23
Gross โ
Operating โ
Net โ
FCF โ
FY24
Gross โ
Operating โ
Net โ
FCF โ
FY25
Gross โ
Operating โ
Net โ
FCF โ
Gross
Operating
Net
FCF
Net income and earnings per share
Loss periods are shown in red.
FY19
Net income โ$45.6M
FY20
Net income โ$112M
FY21
Net income โ$185M
FY22
Net income โ$136M
FY23
Net income โ$102M
FY24
Net income โ$64.8M
FY25
Net income โ$45.5M
Q3 '23
Net income โ$27.1M
Q4 '23
Net income โ$16.8M
Q1 '24
Net income โ$16.7M
Q2 '24
Net income โ$16.0M
Q3 '24
Net income โ$19.3M
Q4 '24
Net income โ$12.7M
Q1 '25
Net income โ$15.4M
Q2 '25
Net income โ$9.4M
Q3 '25
Net income โ$7.7M
Q4 '25
Net income โ$13.0M
Q1 '26
Net income โ$7.6M
Q2 '26
Net income โ$7.8M
FY19
Diluted EPS โ$10.77
FY20
Diluted EPS โ$2.91
FY21
Diluted EPS โ$3.48
FY22
Diluted EPS โ$2.50
FY23
Diluted EPS โ$1.86
FY24
Diluted EPS โ$21.04
FY25
Diluted EPS โ$14.35
Q3 '23
Diluted EPS โ$0.49
Q4 '23
Diluted EPS โ$0.30
Q1 '24
Diluted EPS โ$0.30
Q2 '24
Diluted EPS โ$5.09
Q3 '24
Diluted EPS โ$6.15
Q4 '24
Diluted EPS โ$9.50
Q1 '25
Diluted EPS โ$4.87
Q2 '25
Diluted EPS โ$2.96
Q3 '25
Diluted EPS โ$2.44
Q4 '25
Diluted EPS โ$4.08
Q1 '26
Diluted EPS โ$2.36
Q2 '26
Diluted EPS โ$2.44
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
FY19
Return on capital โ
Return on equity โ
Return on assets โ25.5%
FY20
Return on capital โ
Return on equity โ90.3%
Return on assets โ44.3%
FY21
Return on capital โ
Return on equity โ59.5%
Return on assets โ54.3%
FY22
Return on capital โ
Return on equity โ52.4%
Return on assets โ45.5%
FY23
Return on capital โ
Return on equity โ65.3%
Return on assets โ51.8%
FY24
Return on capital โ
Return on equity โ75.1%
Return on assets โ51.2%
FY25
Return on capital โ
Return on equity โ113.8%
Return on assets โ55.3%
Return on capital
Return on equity
Return on assets
Cash flow
Free cash flow was โ in fiscal 2025, โ of revenue. Cash from operations minus capital spending.
FY19
Free cash flow โ
FY20
Free cash flow โ
FY21
Free cash flow โ
FY22
Free cash flow โ
FY23
Free cash flow โ
FY24
Free cash flow โ$48.0M
FY25
Free cash flow โ
FY19
Cash from operations โ$39.9M
Capital spending โ
FY20
Cash from operations โ$80.5M
Capital spending โ
FY21
Cash from operations โ$127M
Capital spending โ
FY22
Cash from operations โ$118M
Capital spending โ
FY23
Cash from operations โ$78.3M
Capital spending โ
FY24
Cash from operations โ$48.0M
Capital spending $0.0M
FY25
Cash from operations โ$31.5M
Capital spending โ
Cash from operations
Capital spending
Q3 '23
Cash from operations โ$19.2M
Capital spending โ
Q4 '23
Cash from operations โ$19.5M
Capital spending โ
Q1 '24
Cash from operations โ$18.9M
Capital spending โ
Q2 '24
Cash from operations โ$13.1M
Capital spending โ
Q3 '24
Cash from operations โ$7.4M
Capital spending โ
Q4 '24
Cash from operations โ$8.4M
Capital spending โ
Q1 '25
Cash from operations โ$13.8M
Capital spending โ
Q2 '25
Cash from operations โ$6.3M
Capital spending โ
Q3 '25
Cash from operations โ$4.9M
Capital spending โ
Q4 '25
Cash from operations โ$6.5M
Capital spending โ
Q1 '26
Cash from operations โ$13.0M
Capital spending โ
Q2 '26
Cash from operations โ$9.2M
Capital spending โ
Cash from operations
Capital spending
Dividends, buybacks and share count
Passage BIO, Inc. returned โ to shareholders in fiscal 2025. The diluted share count rose 3.1%.
FY19
Dividends โ
Buybacks โ
FY20
Dividends โ
Buybacks โ
FY21
Dividends โ
Buybacks โ
FY22
Dividends โ
Buybacks โ
FY23
Dividends โ
Buybacks โ
FY24
Dividends โ
Buybacks โ
FY25
Dividends โ
Buybacks โ
Dividends
Buybacks
FY19
Diluted shares 0.00B
FY20
Diluted shares 0.04B
FY21
Diluted shares 0.05B
FY22
Diluted shares 0.05B
FY23
Diluted shares 0.05B
FY24
Diluted shares 0.00B
FY25
Diluted shares 0.00B
Balance sheet
Cash, debt and the ratios that show how comfortably Passage BIO, Inc. can carry it.
FY19
Cash $159M
Debt โ
FY20
Cash $305M
Debt โ
FY21
Cash $316M
Debt โ
FY22
Cash $190M
Debt โ
FY23
Cash $114M
Debt โ
FY24
Cash $76.8M
Debt โ
FY25
Cash $46.3M
Debt โ
Cash
Debt
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $316M | $190M | $114M | $76.8M | $46.3M |
| Current ratio | 11.0x | 10.7x | 7.2x | 4.1x | 2.1x |
| Quick ratio | 11.0x | 10.7x | 7.2x | 4.1x | 2.1x |
| Total assets | $355M | $244M | $151M | $102M | $62.3M |
| Total liabilities | $36.4M | $42.2M | $39.3M | $41.2M | $43.5M |
| Shareholders' equity | $319M | $201M | $111M | $61.3M | $18.8M |
| Net debt (โ = net cash) | โ | โ | โ | โ | โ |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. โPlanโ marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$0.0M
0 insiders
Of sales under plans
โ
$0.0M
No open-market insider trades in the last 12 months.
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8โ9 is strong, 0โ2 weak.
| Test | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|
| Net income is positive | โ | โ | โ | โ | โ | โ | โ |
| Cash from operations is positive | โ | โ | โ | โ | โ | โ | โ |
| Return on assets rose | โ | โ | โ | โ | โ | โ | โ |
| Cash from operations exceeds net income | โ | โ | โ | โ | โ | โ | โ |
| Debt fell relative to assets | โ | โ | โ | โ | โ | โ | โ |
| Current ratio rose | โ | โ | โ | โ | โ | โ | โ |
| Share count didn't rise | โ | โ | โ | โ | โ | โ | โ |
| Gross margin rose | โ | โ | โ | โ | โ | โ | โ |
| Revenue rose relative to assets | โ | โ | โ | โ | โ | โ | โ |
| F-score | โ / 3 | โ / 6 | โ / 6 | โ / 6 | โ / 6 | โ / 6 | โ / 6 |
| Accruals ratio | โ3.2% | โ12.5% | โ17.1% | โ6.0% | โ12.1% | โ13.3% | โ17.0% |
| Altman Z'' | โ10.38 | 15.64 | 7.86 | โ0.58 | โ10.31 | โ20.23 | โ39.16 |
7 years of figures
Amounts in USD. Hover a ratioโs name for its definition.
| Fiscal year | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|
| Income statement | |||||||
| Research and development | $3.0M | $81.8M | $118M | $86.1M | $61.4M | $40.2M | $23.3M |
| Operating income | โ$37.2M | โ$113M | โ$186M | โ$138M | โ$108M | โ$70.4M | โ$49.3M |
| Income tax | โ | โ | โ | โ | โ | $0.0M | $0.0M |
| Net income | โ$45.6M | โ$112M | โ$185M | โ$136M | โ$102M | โ$64.8M | โ$45.5M |
| Diluted EPS | โ$10.77 | โ$2.91 | โ$3.48 | โ$2.50 | โ$1.86 | โ$21.04 | โ$14.35 |
| Diluted shares | 0.00B | 0.04B | 0.05B | 0.05B | 0.05B | 0.00B | 0.00B |
| Cash flow | |||||||
| Cash from operations | โ$39.9M | โ$80.5M | โ$127M | โ$118M | โ$78.3M | โ$48.0M | โ$31.5M |
| Capital expenditure | โ | โ | โ | โ | โ | $0.0M | โ |
| Free cash flow | โ | โ | โ | โ | โ | โ$48.0M | โ |
| Depreciation and amortization | $0.1M | $0.8M | $1.5M | $3.7M | $3.7M | $3.1M | $0.7M |
| Stock-based compensation | $1.5M | $14.6M | $32.7M | $19.0M | $10.9M | $5.8M | $3.0M |
| Balance sheet | |||||||
| Cash and short-term investments | $159M | $305M | $316M | $190M | $114M | $76.8M | $46.3M |
| Current assets | $166M | $317M | $325M | $197M | $118M | $78.8M | $47.8M |
| Current liabilities | $3.7M | $21.2M | $29.5M | $18.4M | $16.3M | $19.4M | $23.1M |
| Property and equipment, net | $1.1M | $2.8M | $23.8M | $22.5M | $15.3M | $9.3M | $4.1M |
| Total assets | $179M | $328M | $355M | $244M | $151M | $102M | $62.3M |
| Total liabilities | $4.3M | $23.3M | $36.4M | $42.2M | $39.3M | $41.2M | $43.5M |
| Shareholders' equity | โ$56.3M | $305M | $319M | $201M | $111M | $61.3M | $18.8M |
| Returns | |||||||
| Return on capital employed | โ21.3% | โ36.8% | โ57.0% | โ61.5% | โ80.8% | โ84.8% | โ125.8% |
| Return on equity | โ | โ90.3% | โ59.5% | โ52.4% | โ65.3% | โ75.1% | โ113.8% |
| Return on assets | โ25.5% | โ44.3% | โ54.3% | โ45.5% | โ51.8% | โ51.2% | โ55.3% |
| Return on tangible equity | โ | โ36.8% | โ58.2% | โ67.6% | โ91.7% | โ105.7% | โ242.7% |
| Growth | |||||||
| Share count change | โ | 811.6% | 38.1% | 2.0% | 0.6% | โ94.4% | 3.1% |
| Financial health | |||||||
| Current ratio | 45.0x | 15.0x | 11.0x | 10.7x | 7.2x | 4.1x | 2.1x |
| Quick ratio | 45.0x | 15.0x | 11.0x | 10.7x | 7.2x | 4.1x | 2.1x |
| Quality scores | |||||||
| Altman Z'' | โ10.4 | 15.6 | 7.9 | โ0.6 | โ10.3 | โ20.2 | โ39.2 |
| Accruals ratio | โ3.2% | โ12.5% | โ17.1% | โ6.0% | โ12.1% | โ13.3% | โ17.0% |
Source: SEC EDGAR XBRL filings (CIK 0001787297). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only โ not investment advice. Check the original filings before relying on any figure.