Passage BIO, Inc.
PASG evidence brief
What we can confirm
What it means
What to watch
Prepared research question
What matters most for PASG—catalysts, financial risk and supporting evidence?
Traceable citations · Unknowns marked
BioSniper AI · PASG
Passage BIO, Inc. (PASG) is a clinical-stage biotechnology company developing gene therapy product candidate PBFT02 for frontotemporal dementia (FTD) caused by GRN or C9orf72 mutations, with a lead program in Phase 1b and a cash runway that management expects to extend into the first quarter of 2027.
Key risk: Cash runway insufficient
BioSniper Score
Based on 5 of 6 signals
Financial data as of Jun 30, 2026.
Tracking 1 pipeline candidate · 1 clinical trial for Passage BIO, Inc..
Similar companies
Passage BIO, Inc. (PASG) is a clinical-stage biotechnology company developing gene therapy product candidate PBFT02 for frontotemporal dementia (FTD) caused by GRN or C9orf72 mutations, with a lead program in Phase 1b and a cash runway that management expects to extend into the first quarter of 2027.
- Lead product candidate PBFT02 is being evaluated in a Phase 1b open-label, multicenter, dose-escalation study (NCT04747431) for safety and tolerability in FTD-GRN and FTD-C9orf72 [clinical].
- As of March 31, 2026, the company had cash and cash equivalents of $33.3 million, which management does not expect to be sufficient to meet capital requirements over the next 12 months [sec_mda · as of 2026-05-12].
- Net loss for the three months ended March 31, 2026 was $7.6 million, and accumulated deficit reached $712.3 million as of that date [sec_mda · as of 2026-05-12].
- The company implemented a restructuring plan in January 2025, including a reduction in workforce and impairment of assets, to extend cash runway into the first quarter of 2027 [sec · filed 2025-01-10].
What works
- PBFT02 targets a genetically defined patient population (FTD-GRN and FTD-C9orf72), which may increase the probability of clinical success and regulatory clarity [sec · filed 2025-06-23].
- The company has ongoing clinical data generation from an active Phase 1b study, providing potential proof-of-concept readouts [clinical].
- Management has taken proactive cost-reduction measures (restructuring) to preserve cash and extend runway into Q1 2027 [sec · filed 2025-01-10].
What to weigh
- Cash and cash equivalents of $33.3 million as of March 31, 2026 are not expected to fund operations for the next 12 months, requiring substantial additional capital [sec_mda · as of 2026-05-12].
- The company has an accumulated deficit of $712.3 million as of March 31, 2026, with no approved products or revenue [sec_mda · as of 2026-05-12].
- There is no assurance that the company will be able to raise additional financing on acceptable terms, if at all [sec_mda · as of 2026-05-12].
- The Phase 1b trial is still active but not recruiting, and the timeline for data readouts remains uncertain [clinical].
From the filings
Quoted directly from source documents.
Cash runway is insufficient for 12 months
“As of March 31, 2026, we had cash and cash equivalents of $33.3 million, which we do not expect to be sufficient to meet our capital requirements over the next 12 months.”
SEC MD&A · May 12, 2026
Accumulated deficit as of March 31, 2026
“As of March 31, 2026, we had an accumulated deficit of $712.3 million.”
SEC MD&A · May 12, 2026
Restructuring plan extends cash runway into Q1 2027
“the Company expects that its existing cash, cash equivalents, and marketable securities, including the impacts of the Restructuring Plan, will enable it to fund its operating expenses and capital expenditure requirements into the first quarter of 2027.”
SEC filings · January 10, 2025
Phase 1b study is active and not recruiting
“Phase 2 Start: A Phase 1b Open-Label, Multicenter, Dose-Escalation Study to Assess the Safety, Tolerability, and Ph - NCT: NCT04747431. Status: Active, not recruiting.”
Catalysts
Catalyst timeline
- 2021-09-14 · Phase 1b Study Start (NCT04747431) — A Phase 1b open-label, multicenter, dose-escalation study to assess safety, tolerability, and pharmacokinetics of PBFT02 in FTD-GRN and FTD-C9orf72; status is active, not recruiting.
Risks & what to watch (4)›
Key risks
- Cash runway insufficient — Cash of $33.3M as of Mar 31, 2026 not expected to last 12 months; needs additional capital [sec_mda · as of 2026-05-12]
- No approved products or revenue — Accumulated deficit of $712.3M; no commercial revenue from product sales [sec_mda · as of 2026-05-12]
- Financing uncertainty — No committed credit facility; ability to raise capital on acceptable terms is uncertain [sec_mda · as of 2026-05-12]
- Clinical development risk — Phase 1b study active but not recruiting; timeline and results are uncertain [clinical]
What to watch
- Clinical data readouts from the Phase 1b study of PBFT02 in FTD-GRN and FTD-C9orf72 [clinical].
- Ability to secure additional financing (equity, debt, or partnerships) to extend cash runway beyond Q1 2027 [sec_mda · as of 2026-05-12].
- Regulatory feedback from authorities on the development path for PBFT02 [sec · filed 2025-06-23].
- Progress of the restructuring plan and its impact on operating expenses and cash burn rate [sec · filed 2025-01-10].
Sources: Catalysts · SEC filings · SEC MD&A · Generated August 25, 2026 · How we verify sources →
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Evidence & data
Score breakdownBased on 5 of 6 signals · derived from public data
8.0 months
D/E 4.65 · 0% dilution
Lead: Phase 1/Phase 2
1 candidate
No upcoming catalysts tracked
1 buy · 0 sells (180d)
Runway
Pipeline
Regulatory
Financials
Institutional Holdings
Source: SEC Form 13F · as of Mar 2026Institutional holders
30
Total value held
$9.4M
| Holder | Shares | Value |
|---|---|---|
| lynx1 capital management lp | 623,704 | $4.9M |
| vanguard capital management llc | 227,928 | $1.8M |
| renaissance technologies llc | 133,612 | $1.0M |
| geode capital management, llc | 41,380 | $325K |
| blackrock, inc. | 28,595 | $224K |
| ubs group ag | 27,501 | $216K |
| verdad advisers, lp | 22,128 | $174K |
| diadema partners lp | 19,530 | $153K |
| boothbay fund management, llc | 18,871 | $148K |
| vanguard fiduciary trust co | 17,049 | $134K |
Showing top 10 of 30 institutional holders of Passage BIO, Inc.. Open the full 13F history after sign-in.
Short Interest
as of May 22, 2026- % of float
- 5.6%
- Days to cover
- 1.2
- Shares short
- 145,029
- Daily short volume
- -
Short percent of float and days-to-cover reflect reported short positioning. Daily short volume is the exchange-reported short share of a single day's trading volume and is noisier. See the most-shorted biotech ranking →
PASG short interestGovernance
Frequently asked questions
What is the AI investment thesis for Passage BIO, Inc.?
Passage BIO, Inc. (PASG) is a clinical-stage biotechnology company developing gene therapy product candidate PBFT02 for frontotemporal dementia (FTD) caused by GRN or C9orf72 mutations, with a lead program in Phase 1b and a cash runway that management expects to extend into the first quarter of 2027.
What is Passage BIO, Inc.'s lead drug candidate?
Passage BIO, Inc.'s most advanced tracked candidate is pbft02 (Phase 1/Phase 2) for Frontotemporal Dementia.
Who is the CEO of Passage BIO, Inc.?
Dr. William Chou M.D., Ph.D. is the chief executive officer of Passage BIO, Inc. (PASG).
Where is Passage BIO, Inc. headquartered?
Passage BIO, Inc. (PASG) is headquartered in Philadelphia, PA, United States.
What therapeutic areas does Passage BIO, Inc. focus on?
Passage BIO, Inc. develops therapies across Neurology.
The AI overview and BioSniper Score are neutral, data-derived signals built from public SEC filings, ClinicalTrials.gov and FDA records — not investment advice.