Passage Bio
Winding down neurodegenerative gene therapies while pursuing a merger with Remix Therapeutics.
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Profile
Winds down a neurodegenerative-disease gene-therapy portfolio while pursuing an all-stock merger with Remix Therapeutics. With no approved products or commercial revenue, legacy value rests on possible economics tied to GEMMA's pediatric programs.
Developed adeno-associated-virus gene therapies for neurodegenerative diseases, led by PBFT02, a functional GRN gene therapy studied for frontotemporal dementia caused by progranulin deficiency. The company has no approved products or product revenue and is winding down gene-therapy programs, including the planned termination of its PBFT02 Penn license.
Built its work around University of Pennsylvania intellectual property, multinational clinical sites and external manufacturing rather than a commercial distribution organization. It retains possible milestone and royalty economics from GEMMA Biotherapeutics' pediatric programs: PBGM01, PBKR03 and PBML04.
Centers current operations on the wind-down and a proposed all-stock merger with Remix Therapeutics, which would shift the combined company's focus to RNA-processing small molecules. The transaction requires stockholder approvals, an effective registration statement, Nasdaq approval and concurrent financing.
Company facts
Key statistics
Year to date −61.0% · Average volume (30d) 19.8K
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Prior rating | Rating | Target |
|---|---|---|---|---|---|
| Apr 21, 2026 | Oppenheimer | Reiterate | Outperform | $15 | |
| Apr 21, 2026 | Wedbush | Downgrade | Outperform | Neutral | $8 |
| Apr 21, 2026 | Chardan Capital | Downgrade | Buy | Neutral | $7 |
| Apr 21, 2026 | TD Cowen | Downgrade | Buy | Hold |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Aug 10, 2026Q2 FY26 | −$2.44 | −$2.44 | 0.0% | — | — | — | −1.82% |
| May 12, 2026Q1 FY26 | −$2.15 | −$2.36 | −9.8% | — | — | — | +9.74% |
| Mar 3, 2026Q4 FY25 | −$2.19 | −$4.08 | −86.3% | — | — | — | +5.50% |
| Nov 10, 2025Q3 FY25 | −$2.64 | −$2.44 | +7.6% | — | — | — | +14.75% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $0 | $0 | $0 | $0 | $0 | $0 | |
| Gross profit | $0 | −$200.0K | $0 | $0 | −$129.0K | $0 | |
| Operating income | −$16.5M | −$10.3M | −$8.7M | −$13.8M | −$8.9M | −$8.3M | |
| Net income | −$15.4M | −$9.4M | −$7.7M | −$13.0M | −$7.6M | −$7.8M | |
| Diluted EPS | −$4.96 | −$2.96 | −$2.45 | −$4.08 | −$2.36 | −$2.44 | |
| Gross margin | — | — | — | — | — | — | |
| Operating margin | — | — | — | — | — | — |
Fiscal years (4-quarter sums)FY21 $0 · FY22 $0 · FY23 $0 · FY24 $0 · FY25 $0
Balance sheet, Jun 30, 2026Cash & short-term investments $24.2M · Total debt $0 · Total assets $25.2M · Shareholders' equity $4.5M
Dividends
No dividends on record.
Ownership
Shares outstanding 3.21M · Float 2.89M · 89.9% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| Lynx1 Capital Management LP | 673.8K | 21.00% | 13D | Jul 2, 2026 |
| Vestal Point Capital, LP | 305.0K | 9.49% | 13F | May 15, 2026 |
| Baselake Partners, LP | 235.1K | 7.30% | 13G | Jun 25, 2026 |
| Renaissance Technologies LLC | 133.6K | 4.16% | 13F | May 14, 2026 |
| Eversept Partners, LP | 131.6K | 4.10% | 13F | May 15, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Jun 25, 2026 | Lynx1 Capital Management LP | 10 percent owner | +50,055 | $4.12 |
| Jan 8, 2026 | Kathleen Borthwick | officer: CFO | −2,062 | $18.44 |
| Jan 8, 2026 | William Chou | director, officer: PRESIDENT AND CEO | −4,076 | $18.44 |
| Sep 11, 2025 | Lynx1 Capital Management LP | 10 percent owner | +325 | $6.96 |
| Sep 12, 2025 | Lynx1 Capital Management LP | 10 percent owner | +19,783 | $6.99 |
Peers
- Eli Lilly
Closest AAV/ICM gene-therapy rival in FTD-GRN.
- Denali Therapeutics
Clinical FTD-GRN rival restoring progranulin by protein delivery.
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Passage Bio | $4.52 | −0.88% | $14.5M | — | — | — | — |
| Eli Lilly | $1,173.00 | −0.08% | $1.10T | 39.4 | 28.7 | 13.9 | +47.7% |
| Denali Therapeutics | $24.00 | +0.04% | $3.81B | — | — | 1,056.9 | — |
| Median | 39.4 | 28.7 | 535.4 | +47.7% |