Passage Bio, Inc.

PASGNASDAQHealthcare● Active

$5.47

$-0.15(-2.67%)

Market Cap$17546721

P/E Ratio—

52W High$20

52W Low$3.935

Avg Volume79K

Open$5.69

Beta1.41

Free Cash Flow Financials Revenue

Passage Bio, Inc. (PASG) Free Cash Flow & Analysis

Annual & trailing free cash flow, FCF margin, YoY change, valuation ratios, and peer context.

PASG · free cash flow · updated Jun 9, 2026

Core FCF metrics

PASG · FCF · TTM · margin & CAGR

Free cash flow was −$31.5M for FY2025 (fiscal year ending 2025-12-31), up 34.3% year-over-year

FY2025 Free Cash Flow−$31.5M▲ +34.3% YoY

Trailing 12M (TTM)−$30.6Mtrailing 4 quarters sum

FCF Margin——

3-Year CAGRN/AN/A — contains negative FCF

5-Year CAGRN/AN/A — contains negative FCF

FormulaFCF = Operating Cash Flow − Capital ExpendituresTTM = trailing 4 quarters sumCAGR → N/A if either endpoint ≤ 0

Source: FMP /cash-flow-statement · SEC 10-K / 10-Q · USDUpdated: Jun 9, 2026

Annual free cash flow history

FCF ($B, upper) · YoY Growth % (lower)

Positive FCFNegative FCF

Free Cash Flow

YoY Growth %

Annual free cash flow data

PASG · free cash flow history · annual / quarterly

Fiscal YearOperating CFCapExFree Cash FlowYoY ChangeFCF Margin

FY2025Latest−$31.5M(0M)−$31.5M▲ +34.3%—

FY2024−$48.0M(0M)−$48.0M▲ +38.8%—

FY2023−$78.3M(0M)−$78.4M▲ +36.5%—

FY2022−$118.2M(5M)−$123.5M▲ +19.0%—

FY2021−$126.9M(26M)−$152.5M▼ 85.6%—

FCF = Operating Cash Flow − Capital Expenditures · CapEx shown as (negative) · Source: SEC filings via FMP

FCF valuation metrics

PASG · P/FCF · FCF yield · FCF per share

Passage Bio, Inc. (PASG) reported negative free cash flow of −$0.03B. FCF-based valuation ratios are not meaningful when FCF is negative.

FCF Yield (TTM)

N/A

Free Cash Flow ÷ Market Cap

per FMP freeCashFlowYieldTTM definition

FCF per Share (TTM)

N/A

TTM FCF ÷ Shares Outstanding

Price / FCF

N/A

Share Price ÷ FCF per Share

EV / FCF (TTM)

N/A

Enterprise Value basis

FCF-based valuation ratios are only meaningful when free cash flow is positive. Negative FCF indicates capital expenditures exceeded operating cash flow.

Source: FMP /key-metrics-ttm · /cash-flow-statement Q · /income-statementFY2025 · 2025-12-31

Cash flow statement summary

PASG · cash flow statement · operating / investing / financing

For FY2025, Passage Bio, Inc. generated −$31.5M in operating cash flow and spent 0M in capital expenditures, yielding −$31.5M in free cash flow.

Operating Activities

−$31.5M

Cash from core business operations

2025-12-31

Investing Activities

+$40.2M

CapEx, acquisitions & investments

2025-12-31

Financing Activities

+$0.0M

Buybacks, dividends & debt

2025-12-31

FCF FormulaOperating CF (−$31.5M) − |CapEx| (0M) = FCF (−$31.5M)

For the complete Operating / Investing / Financing line-item breakdown:

View Full Cash Flow Statement →

Free cash flow vs peers (Healthcare)

PASG vs peers · FCF

#CompanyFree Cash FlowYoYFCF MarginRelative

Passage Bio, Inc.YOU

PASG

−$31.5M+34.3%—

Loss

UnitedHealth Group Incorporated

UNH

$16.07B-22.4%3.6%

82%

Eli Lilly and Company

LLY

$8.97B+2065.6%13.8%

46%

Healthcare · Sorted by FCF · FMP /cash-flow-statementFull FCF Rankings →

About Free Cash Flow & Methodology

Passage Bio, Inc. (PASG) reported free cash flow of −$31.5M for FY2025 (fiscal year ending 2025-12-31), up 34.3% year-over-year.

Passage Bio, Inc. has reported negative free cash flow in recent periods, indicating capital expenditures have exceeded operating cash flow. Data available for 8 fiscal years.

Data sourced from FMP /cash-flow-statement · SEC 10-K / 10-Q · USD.

Q&A and summaries align with SEC 10-K/10-Q cash flow disclosures and FMP /cash-flow-statement where noted.

Revenue Financial statements Net income Earnings Forecast Price history Market cap Cash on hand P/E ratio

Frequently asked questions

PASG free cash flow · 8 questions

Passage Bio, Inc. free cash flow was −$31.5M for FY2025, up 34.3% year-over-year. On a trailing twelve-month (TTM) basis, free cash flow stands at −$30.6M.

PASG free cash flowPASG FCFPASG FCF 2025PASG free cash flow TTM

▸ Source: FMP /cash-flow-statement · US GAAP · Passage Bio, Inc. · Passage Bio, Inc. SEC 10-K & 10-Q filings · US GAAP · Last updated: Jun 9, 2026