| Valuation method | Value, $ | Upside, % |
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| Artificial intelligence (AI) | n/a | n/a |
| Intrinsic value (DCF) | n/a | |
| Graham-Dodd Method | n/a | |
| Graham Formula | n/a |
Passage Bio, Inc. (NASDAQ: PASG) is a pioneering genetic medicines company focused on developing transformative therapies for rare central nervous system (CNS) disorders. Headquartered in Philadelphia, Pennsylvania, the company leverages cutting-edge adeno-associated virus (AAV) gene therapy technology to target debilitating conditions such as GM1 gangliosidosis, frontotemporal dementia (FTD-GRN), and Krabbe disease. Passage Bio's pipeline includes PBGM01, PBFT02, and PBKR03, each designed to deliver functional genes to the brain and peripheral tissues, addressing underlying genetic defects. The company collaborates closely with the University of Pennsylvania's Gene Therapy Program, benefiting from world-class research expertise. Operating in the high-growth biotechnology sector, Passage Bio aims to address unmet medical needs in rare neurological diseases, positioning itself as a key player in next-generation gene therapies. With no current revenue but significant clinical-stage potential, the company represents a high-risk, high-reward opportunity in the evolving CNS gene therapy market.
Passage Bio presents a speculative investment opportunity with substantial upside potential but significant risks. The company's focus on rare CNS disorders offers a pathway to high-margin, niche therapies if clinical trials succeed. However, with no approved products, negative earnings (-$64.8M net income in FY 2023), and a cash runway that may require additional financing, the stock carries high volatility (beta 1.68). Investors should weigh the promising science and academic collaborations against the binary nature of clinical-stage biotech outcomes. The $22.99M market cap reflects skepticism about near-term commercialization, making PASG suitable only for risk-tolerant investors comfortable with long development timelines and regulatory uncertainty.
Passage Bio competes in the specialized gene therapy segment for CNS disorders, differentiating itself through its proprietary AAVhu68 capsid technology optimized for brain targeting. While larger biotechs like Novartis and Biogen dominate the broader neurology space, Passage Bio's niche focus on ultra-rare diseases allows it to pursue accelerated regulatory pathways. The company's academic partnership with UPenn provides access to foundational IP but may limit commercial control compared to fully integrated peers. Financially, Passage Bio's micro-cap status and lack of revenue put it at a disadvantage against well-funded competitors developing similar AAV therapies. Its lead programs face competition from alternative modalities (e.g., enzyme replacement, small molecules) and emerging gene editing approaches. Pipeline diversity remains limited relative to peers, with all assets in preclinical/Phase 1 stages. Success hinges on demonstrating superior blood-brain barrier penetration versus rival AAV platforms while navigating the complex manufacturing challenges of CNS gene therapies.