Passage Bio Inc (NASDAQ: PASG) is a clinical-stage gene therapy company focused on developing treatments for rare, monogenic central nervous system diseases. The company has generated no product revenue, funding operations through equity financing rather than commercial sales. Passage Bio is headquartered in Philadelphia, Pennsylvania, where it leases approximately 37,000 square feet of office space under a lease expiring in December 2031. The company in-licenses intellectual property from the University of Pennsylvania under an agreement referred to as the Penn Agreement. As of the 10-K filed March 3, 2026 (for fiscal year ended December 31, 2025), the company had ceased lab operations in Hopewell, New Jersey following a January 2025 restructuring. Active programs disclosed in the filing include a frontotemporal dementia (FTD) program and a GM1 gangliosidosis (GM1) program, with the GM1 program subject to a divestiture fee obligation to Catalent. The company effected a 1-for-20 reverse stock split on July 14, 2025 to regain compliance with Nasdaq listing requirements.

Revenue model

Passage Bio has no product revenue. Operations are funded through equity capital raises. The company is pre-commercial, with all spending directed toward research and development of gene therapy candidates.

Products and services

Gene therapy product candidates targeting rare central nervous system diseases, including a frontotemporal dementia (FTD) program and a GM1 gangliosidosis (GM1) program (disclosed in 10-K for fiscal year ended December 31, 2025). The company previously conducted Huntington's disease preclinical research, which was terminated as of the same filing period.

Customers and end markets

No commercial customers. End market is patients with rare, monogenic central nervous system diseases. The company is in clinical development stage with no approved products as of the 10-K filed March 3, 2026.

Value-chain role

Clinical-stage drug developer. Licenses foundational intellectual property from the University of Pennsylvania. Relies on contract manufacturers and external clinical operations. Ceased internal laboratory operations in Hopewell, New Jersey as of January 2025.

Geographic exposure

Operations based in the United States, principally Philadelphia, Pennsylvania. Subject to EU GDPR obligations in connection with any EEA-based clinical trial sites, as disclosed in the 10-K filed March 3, 2026.

Source: SEC 10-K, filed 2026-03-03

Industry: Biological Products, (No Diagnostic Substances) Peers: Black Diamond Therapeutics Inc Harvard Apparatus Regenerative Technology Inc Cardiff Oncology Inc Cyteir Therapeutics, Inc. Genprex Inc iBio Inc TCR2 THERAPEUTICS INC. Taysha Gene Therapies Inc