Income statement, balance sheet and cash flow statement for the last 7 fiscal years, taken from the XBRL data Passage BIO, Inc. files with the SEC in its annual reports.
In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.
Income statement
FY2020
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Research and development
29.7
81.8
118
86.1
61.4
40.2
23.3
General and administrative
6.95
30.1
60.1
49.3
41.6
25
19.9
Operating income
-37.2
-113
-186
-138
-108
-70.4
-49.3
Interest income
0.7
0.67
0.34
Other non-operating income
2.27
6.33
5.63
3.77
Income tax
0
0
Net income
-45.6
-112
-185
-136
-102
-64.8
-45.5
EBITDA
-37.1
-112
-184
-135
-105
-67.3
-48.6
EPS, basic
-211.78
-57.22
-68.43
-49.16
-36.57
-21.04
-14.35
EPS, diluted
-211.78
-57.22
-68.43
-49.16
-36.57
-21.04
-14.35
Shares, basic (weighted)
0.22
1.96
2.71
2.77
2.78
3.08
3.17
Shares, diluted (weighted)
0.22
1.96
2.71
2.77
2.78
3.08
3.17
Balance sheet
FY2020
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Cash and equivalents
159
135
129
34.6
21.7
37.6
46.3
Short-term investments
170
187
155
92.6
39.2
0
Other current assets
0.16
1.41
1.73
0.93
0.92
0.84
0.63
Total current assets
166
317
325
197
118
78.8
47.8
Property, plant and equipment
1.09
2.8
23.8
22.5
15.3
9.33
4.11
Lease right-of-use assets
19.7
16.9
13.8
10.2
Other non-current assets
11.8
8.03
6.2
4.27
0.43
0.46
0.24
Total assets
179
328
355
244
151
102
62.3
Accounts payable
0.63
5.27
9.45
4.07
1.3
0.74
1.11
Accrued liabilities
1.5
5.18
10
8.45
6.64
4.41
2.74
Deferred revenue
8.23
13.8
Total current liabilities
3.68
21.2
29.5
18.4
16.3
19.4
23.1
Lease liabilities
23.8
22.9
21.8
20.4
Other non-current liabilities
0.08
0.04
Total liabilities
4.26
23.3
36.4
42.2
39.3
41.2
43.5
Paid-in capital
2.41
476
675
695
706
720
724
Retained earnings
-58.7
-171
-356
-492
-594
-659
-705
Other comprehensive income
-0.01
-0.41
-0.97
-0.04
0.01
Shareholders' equity
-56.3
305
319
201
111
61.3
18.8
Total equity
-56.3
305
319
201
111
61.3
18.8
Total liabilities and equity
179
328
355
244
151
102
62.3
Shares outstanding
0.22
2.32
2.76
2.78
2.79
3.16
3.18
Cash flow statement
FY2020
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Net income
-45.6
-112
-185
-136
-102
-64.8
-45.5
Depreciation and amortization
0.13
0.8
1.54
3.68
3.72
3.08
0.73
Stock-based compensation
1.45
14.6
32.7
19
10.9
5.82
3
Cash from operations
-39.9
-80.5
-127
-118
-78.3
-48
-31.5
Capital expenditures
-0.03
Purchases of investments
-266
-203
-158
-129
-88.2
Sales and maturities of investments
95.6
182
188
195
143
39
Cash from investing
-1.69
-172
-45.8
25.2
65.2
54.9
40.2
Stock issued
0.18
228
166
0.13
0.04
Cash from financing
176
229
167
-1.35
0.14
8.87
0.02
Net change in cash
134
-23.9
-6.04
-94.4
-12.9
15.9
8.73
Free cash flow
-48
Income taxes paid
0
0
Key metrics
Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $4.80 on September 25, 2026.
Profitability
Metric
Value
How it is calculated
Return on equity (ROE)
-810.4%
Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)
-143.4%
Net income / average total assets.
Growth
Metric
Value
How it is calculated
Book value growth, 1y
-69.4%
Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y
-54.7%
Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y
-42.7%
Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y
-39.2%
Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y
-36.5%
Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y
-28.3%
Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y
3.1%
Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y
4.7%
Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y
10.1%
Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.
Balance sheet health
Metric
Value
How it is calculated
Current ratio
1.22x
Current assets / current liabilities.
Quick ratio
1.17x
(Cash + short-term investments + receivables) / current liabilities.
Cash ratio
1.17x
(Cash + short-term investments) / current liabilities.
Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Operating cash flow per share
-$10.44
Cash from operations / diluted weighted shares.
Book value per share
$1.38
Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Market cap + total debt - cash - short-term investments.
P/B
3.47x
Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book
3.47x
Market cap / tangible book value, when positive.
Earnings yield
-233.8%
Net income / market cap (the inverse of P/E).
Was Passage BIO, Inc. profitable in fiscal 2025?
No. It reported a net loss of $45.5M.
Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.