PASG (Passage Bio Inc.) stock: $4.75, $15.3M market cap, $24.2M cash, -$8.9M EV, $18.6M fully diluted market cap. Next expected readout: Aug-28. Lead program: PBFT02 (Frontotemporal Dementia), Phase 2. Data from Fully Diluted's biotech stocks database.
Balance sheet
| Cash | $24.2M |
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| Debt | $0.0M |
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| Net cash | $24.2M |
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| Enterprise value | -$8.9M |
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| Basic shares | 3.2M shares |
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| Fully diluted shares | 3.9M shares |
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| Fully diluted market cap | $18.6M |
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| Cash per share | $7.55 |
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Cash figures as of 2026-06-30. Database snapshot: 2026-09-21.
Price history
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Upcoming catalysts
| Expected | Drug | Phase | Indication | Mgmt guide |
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| Sep 12 - Oct 24 | 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)
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.