MeritValue

Passage BIO, Inc.

PASGdata completeness 63%7 fiscal years on file

Data notes: no data for concept 'revenue'; no data for concept 'totalDebt'; no data for concept 'interestExpense'; no data for concept 'pretaxIncome'

The thesis, from the filings

Passage BIO, Inc. earns about -113% on equity, and has bought back 94% of its shares over 5 years. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue—————
Net income−$185.4M1−$136.1M2−$102.1M3−$64.8M4−$45.5M4
Operating cash flow−$126.9M5−$118.2M6−$78.3M7−$48M8−$31.5M8
Capital expenditure———$34,0009—
Free cash flow (derived)———−$48M8—
Total debt—————
Cash & equivalents$129M10$34.6M11$21.7M12$37.6M13$46.3M13
Diluted shares53.3M54.4M54.7M3.1M3.2M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$59.11
your share of equity
Profit it earned you last year
−$143.47
Free cash flow it threw off
—
Debt you’d be carrying
—

10 shares is a claim on $59.11 of net worth that earned you −$143.47 last year.

iii. Is this a good business?
Moat signal · return on equity
-113% avg · 5y
FY21 -58%FY22 -68%FY23 -92%FY24 -106%FY25 -243%

It earned an average -113% on equity over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
−94% shares · 5y

Share count is down 94% over 5 years — management has been buying back stock, quietly handing owners a bigger slice.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
only 1 years of FCF (need ≥3) — model not applicable
DCF · Growth Exit 5Y
not applicable
only 1 years of FCF (need ≥3) — model not applicable
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0001558370-23-002833 (NetIncomeLoss)
  2. 10-K · period ending 2022-12-31 · accession 0001558370-24-002310 (NetIncomeLoss)
  3. 10-K · period ending 2023-12-31 · accession 0001558370-25-002101 (NetIncomeLoss)
  4. 10-K · period ending 2024-12-31 · accession 0001104659-26-022549 (NetIncomeLoss)
  5. 10-K · period ending 2021-12-31 · accession 0001558370-23-002833 (NetCashProvidedByUsedInOperatingActivities)
  6. 10-K · period ending 2022-12-31 · accession 0001558370-24-002310 (NetCashProvidedByUsedInOperatingActivities)
  7. 10-K · period ending 2023-12-31 · accession 0001558370-25-002101 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2024-12-31 · accession 0001104659-26-022549 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2024-12-31 · accession 0001104659-26-022549 (PaymentsToAcquireProductiveAssets)
  10. 10-K · period ending 2021-12-31 · accession 0001558370-23-002833 (CashAndCashEquivalentsAtCarryingValue)
  11. 10-K · period ending 2022-12-31 · accession 0001558370-24-002310 (CashAndCashEquivalentsAtCarryingValue)
  12. 10-K · period ending 2023-12-31 · accession 0001558370-25-002101 (CashAndCashEquivalentsAtCarryingValue)
  13. 10-K · period ending 2024-12-31 · accession 0001104659-26-022549 (CashAndCashEquivalentsAtCarryingValue)