Passage Bio (PASG)
Winding down neurodegenerative gene therapies while pursuing a merger with Remix Therapeutics.
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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
Target rangeAs of Sep 22, 2026
Latest analyst notes
| Date | Firm | Action | Prior | Current |
|---|---|---|---|---|
| Apr 21, 2026 | Oppenheimer | Reiterate | Rating: —Target: — | Target: $15 |
| Apr 21, 2026 | Wedbush | Downgrade | Target: — | Target: $8 |
| Apr 21, 2026 | Chardan Capital | Downgrade | Target: — | Target: $7 |
| Apr 21, 2026 | TD Cowen | Downgrade |
EPSReportedEstimate
RevenueReportedEstimate
Balance sheet, Jun 30, 2026Cash & short-term investments $24.2M · Total debt $0 · Total assets $25.2M · Shareholders' equity $4.5M
- Revenue
- $0
- Operating income
- −$8.3M
- Net income
- −$7.8M
No dividends on record.
| Institutions | 133.14% | 4.28M shares | |
|---|---|---|---|
| 29 holders · as of Jun 30, 2026 | |||
| Insiders | 0.37% | 11.9K shares | |
| 2 holders · as of Jan 12, 2026 | |||
| Strategic holders | 9.43% | 303.3K shares | |
| 1 holder · as of Jun 26, 2025 | |||
| Adds to | 142.94% | ||
3.22M company shares as of Sep 23, 2026 · institutions as of Jun 30, 2026 · holders as of their latest filing
These groups come from separate filings that can overlap, so they add to 142.94%; nothing is left for Other.
Top shareholders13F · 13D/G · Form 4
| Holder | Stake | Shares | Date |
|---|---|---|---|
Citadel Advisors LLCInstitution | 89.69% | 2.89M | as of Jun 30, 2026 |
Lynx1 Capital Management LPInstitution | 20.94% | 673,759 | as of Jun 30, 2026 |
Orbimed Advisors LLC1Strategic10 percent owner | 9.43% | 303,317 | filed Jun 26, 2025 |
Baselake Partners, LPInstitution | 7.30% | 235,058 | filed Jun 25, 2026 |
Vanguard Capital Management LLCInstitution | 3.54% | 113,964 | as of Jun 30, 2026 |
- Reported at 4.25% on Jul 24, 2025, under the 5% line, so no further filing is required.
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 |
- Eli Lilly
Closest AAV/ICM gene-therapy rival in FTD-GRN.
- Denali Therapeutics
Clinical FTD-GRN rival restoring progranulin by protein delivery.
Compare
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Passage Bio | $5.00 | +1.01% | $15.9M | — | — | — | — |
| Eli Lilly | $1,155.03 | −1.29% | $1.10T | 39.3 | 28.2 | 13.8 | +47.7% |
| Denali Therapeutics | $20.63 | −4.51% | $3.43B | — | — | 951.2 | — |
| Median | 39.3 | 28.2 | 482.5 | +47.7% |