Passage Bio Inc. Common Stock (PASG)

FairStock Score: 38/100 — MIXED

Key Financials

AI Analysis

AI-generated, general educational analysis — not personal investment advice.

I look for businesses that produce cash and trade below conservatively estimated intrinsic value. Passage Bio does neither today. It is a clinical-stage genetic medicines company with 24 employees and no reported revenue in the periods I have. In fiscal 2025, the year ended 2025-12-31, it reported a net loss of $45.5 million, or diluted EPS of -$14.35. The prior two years were worse: fiscal 2024, the year ended 2024-12-31, net loss $64.8 million; fiscal 2023, the year ended 2023-12-31, net loss $102.1 million. More recent quarters show smaller losses—fiscal Q1 2026, the quarter ended 2026-03-31, net loss $7.6 million and diluted EPS -$2.36; fiscal Q2 2026, the quarter ended 2026-06-30, net loss $7.8 million and diluted EPS -$2.44—but there is still no revenue. Trailing free cash flow was -$33.5 million, and FairStock’s FCF yield is -286% against an $11.7 million market cap at the 2026-10-13 close; that means cash burn is enormous relative to equity value. The balance-sheet and return metrics are alarming: FairStock Piotroski F-score 0/9, Altman Z-score -39.50, ROE -169.09%, ROCE -45.62%, and debt-to-equity 0.49. On price, FairStock P/B is 2.62, so it is not a bargain on book value. The Peter Lynch category is none, because losses in each of the last four years mean no category fits. The science may be valuable, but I cannot quantify a moat or margin of safety from these numbers. I would require clinical proof, partnerships, and a financing plan before treating this as an investment rather than a lottery ticket.

In plain English: Passage Bio is a small biotech developing gene therapies for rare brain diseases. It has no revenue and loses money, though its losses have gotten smaller than a few years ago. At $3.64 on 2026-10-13, the price looks very speculative and not obviously cheap because the company burns far more cash than its entire market value each year.

The full AI analysis, bull and bear case and key monitorables are in FairStock Pro.

Data as of 2026-10-13 close · note generated 2026-10-15 · model deepseek-flash

Sources (SEC EDGAR): fiscal Q2 2026 10-Q (period ended 2026-06-30) · fiscal Q1 2026 10-Q (period ended 2026-03-31) · fiscal Q3 2025 10-Q (period ended 2025-09-30) · fiscal Q2 2025 10-Q (period ended 2025-06-30) · FY2025 10-K (period ended 2025-12-31) · FY2024 10-K (period ended 2024-12-31) · FY2023 10-K (period ended 2023-12-31)

Fundamentals from company filings and market-data providers; prices are end-of-day, not real-time. AI-generated analysis is general and educational — not personal investment advice. Scoring methodology · Score test · Disclaimer