PASG Stock — Passage Bio Inc.: Cash, EV, Pipeline

What they do

We are a clinical stage genetic medicines company focused on improving the lives of patients with neurodegenerative diseases. Our primary focus is the development and advancement of cutting-edge, one-time gene therapies designed to target critical underlying pathologies in these conditions.

Source: 10-K FY2025 via SEC EDGAR

Share price

$3.94

Market cap

$12.7M

Cash

$20.2M

Enterprise value

-$7.5M

Balance sheet

Cash	$20.2M
Debt	$0.0M
Net cash	$20.2M
Enterprise value	-$7.5M
Basic shares	3.2M shares
Fully diluted shares	3.9M shares
Fully diluted market cap	$15.3M
Cash per share	$6.26
Quarterly burn	$9.2M
Cash runway	2.6 quarters

Cash figures as of 2026-09-30. Database snapshot: 2026-11-11.

Share structure

Common

3.2M

Pre-funded warrants

0.0M

Options

0.6M

RSUs

0.0M

Warrants

0.0M

Converts

0.0M

Conv preferred

0.0M

ESPP reserve

0.0M

FDSO

3.9M

Cap table as of 2026-06-30.

Price history

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Next catalyst

PBFT02 · Sep 12 - Oct 24 in 22 mo · Phase 2 · Frontotemporal Dementia; FTD; FTD-GRN

Upcoming catalysts

Expected	Drug	Phase	Indication	Mgmt guide
Sep 12 - Oct 24 in 22 mo	PBFT02	Phase 2	Frontotemporal Dementia; FTD; FTD-GRN	—

Estimated readout windows: registry primary-completion date + 6-12 weeks. Windows already open are shown from "Now". Drug names link to ClinicalTrials.gov.

Full readout calendar →

Pipeline assets

PBFT02

Stage not disclosed · Terminated Modality: gene therapy

Target granulin (GRN)

Partnerships University of Pennsylvania license terminated for PBFT02 (notice Jun 23, 2026, effective ~Sep 2026); Catalent development/manufacturing agreements terminated Jun 23, 2026.

Indications

Frontotemporal dementia with granulin mutations (FTD-GRN) (Stage not disclosed)

Catalysts

— Q4 2026

Status note Former lead product candidate. On Jun 23, 2026 the company terminated its Penn license for PBFT02 and its Catalent development/clinical-supply agreements in connection with the wind-down of its gene therapy programs and the Jun 24, 2026 merger agreement with Remix Therapeutics (expected close Q4 2026).

PBGM01

Stage not disclosed · Active Modality: gene therapy

Target beta-galactosidase (GLB1)

Partnerships Outlicensed to Gemma Biotherapeutics (Jul 2024; amended May 2025): up to $15M initial payments, $5M business-milestone contingent, up to $114M development/commercial milestones, single-digit royalties. Gemma assumed Penn payment obligations.

Indications

GM1 gangliosidosis (Stage not disclosed)

Status note Outlicensed program for GM1 gangliosidosis. Company determined to wind down its own gene therapy programs; PBGM01 was outlicensed to Gemma. Clinical phase not disclosed in the excerpts.

PBKR03

Stage not disclosed · Active Modality: gene therapy

Target galactocerebrosidase (GALC)

Partnerships Outlicensed to Gemma Biotherapeutics (Jul 2024; amended May 2025; economics as per PBGM01).

Indications

Krabbe disease (Stage not disclosed)

Status note Outlicensed program for Krabbe disease. Company determined to wind down its own gene therapy programs; PBKR03 was outlicensed to Gemma. Clinical phase not disclosed in the excerpts.

PBML04

Stage not disclosed · Active Modality: gene therapy

Target arylsulfatase A (ARSA)

Partnerships Outlicensed to Gemma Biotherapeutics (Jul 2024; amended May 2025; economics as per PBGM01).

Indications

Metachromatic leukodystrophy (MLD) (Stage not disclosed)

Status note Outlicensed program for MLD. Company determined to wind down its own gene therapy programs; PBML04 was outlicensed to Gemma. Clinical phase not disclosed in the excerpts.

Huntington's disease program

Stage not disclosed · Terminated Modality: gene therapy

Target HTT

Partnerships Gemma collaboration (IND-enabling work) terminated by written notice May 21, 2026 (effective within 90 days).

Indications

Huntington's disease (Stage not disclosed)

Status note Active research program for Huntington's disease whose preclinical/IND-enabling work was conducted by Gemma under the Gemma Collaboration Agreement; company terminated that agreement on May 21, 2026 as part of the gene therapy wind-down.

TLE research program

Stage not disclosed · Terminated Modality: gene therapy

Partnerships Gemma collaboration terminated May 21, 2026.

Indications

Temporal lobe epilepsy (TLE) (Stage not disclosed)

Status note Paused research program in temporal lobe epilepsy; terminated along with the Gemma Collaboration Agreement on May 21, 2026 as part of the gene therapy wind-down.

Per-asset detail extracted from the 10-Q filed 2026-08-10. Fields the filing does not state are marked "not disclosed" rather than filled from other sources.

Pipeline

Lead drug	PBFT02
Lead indication	Frontotemporal Dementia; FTD; FTD-GRN
Lead phase	Phase 2
Active trials	1
Collaborator trials	2

Active clinical trials

Trial	Phase	Status	Role	Sponsor	BP	Condition(s)	Mgmt guide
NCT04747431	Phase 2	Active, not recruiting	Sponsor	PASG	—	Frontotemporal Dementia; FTD; FTD-GRN	—
NCT05368038	Not disclosed	Enrolling by invitation	Collaborator	Albert Einstein College of Medicine	SNY, TAK	Acid Sphingomyelinase Deficiency; Ceroid Lipofuscinosis, Neuronal, 2; Cerebrotendinous Xanthomatosis	—
NCT03047369	Not disclosed	Recruiting	Collaborator	Children's Hospital of Philadelphia	BIIB, LLY, MRK, SNY, TAK	Leukodystrophy; White Matter Disease; Leukoencephalopathies	—

Sponsor-matched active trials from ClinicalTrials.gov (1 as sponsor, 2 as collaborator); "Sponsor" = company is the lead sponsor, "Collaborator" = company is a collaborator. The BP column flags big-pharma involvement as lead sponsor or collaborator (excluding the company itself). The Mgmt guide column shows what management guided for readout timing when a guided program matches the trial (hover for the quote, click for the source). Trial listings are not a company pipeline slide.

View all 3 active trials for Passage Bio, Inc. on ClinicalTrials.gov

Specialist fund holders

Tracked specialist funds: ADAR1 Capital Management, Aisling Capital, Ally Bridge Group, Avoro Capital Advisors, BVF Partners, Baker Bros. Advisors, Boxer Capital, Braidwell LP, Casdin Capital, Cormorant Asset Management, DAFNA Capital, Deerfield Management, EcoR1 Capital, Frazier Life Sciences, Great Point Partners, Ikarian Capital, Logos Global Management, OrbiMed Advisors, Perceptive Advisors, RA Capital Management, RTW Investments, Sphera Biotech, Stonepine Capital, Tang Capital Partners, Vivo Capital.

Fund	Shares	Q/Q change	% of portfolio	Filing
Ikarian Capital	99,517	+31,393	0.08%	2026-08-14

Specialist-fund positions from 13F filings. Q/Q change is vs the prior quarter's filing; % of portfolio is the fund's own reported portfolio weight.

Latest news

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PASG — Passage Bio Inc. ☆

What they do

Balance sheet

Share structure

Price history

Next catalyst

Upcoming catalysts

Pipeline assets

Pipeline

Active clinical trials

Specialist fund holders

Latest news

PASG — Passage Bio Inc.