Passage Bio, Inc. (PASG) Cash Flow Statement
Where PASG’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- −$31.5M
- Capital expenditures
- $0
- Free cash flow
- −$31.5M
- Returned to shareholders
- —
- Change in cash
- $8.7M cash at year-end $46.3M
Cash from operations
−$31.5M
Investments (net)
+$39.0M
Acquisitions & other
+$1.2M
Change in cash
$8.7M
Drawn to scale: where the cash came from and how it was used. Hover for values.
PASG operating cash flow, capex and free cash flow
Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)
PASG cash flow trends, 2018–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | −$18.6M2018 | −$31.5M2025 | — | |
| Capital expenditures | $2.5M2018 | $02025 | −100.0% | |
| Free cash flow | −$21.1M2018 | −$31.5M2025 | — | |
| Stock-based compensation | $1.5M2019 | $3.0M2025 | +12.8%/yr | |
| Share buybacks (net) | $02020 | $02025 | — |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
PASG cash flow by activity
OperatingInvestingFinancingChange in cash
PASG net income vs operating cash flow
Net incomeOperating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
PASG cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||
| Net income | −$45.5M | −$64.8M | −$102.1M | −$136.1M | −$185.4M | −$112.2M | −$45.6M | −$12.8M |
| Depreciation & amortization | $728,000 | $3.1M | $3.7M | $3.7M | $1.5M | $800,000 | $134,000 | $134,000 |
| Stock-based compensation | $3.0M | $5.8M | $10.9M | $19.0M | $32.7M | $14.6M | $1.5M | — |
| Change in working capital | $4.0M | $4.2M | $5.3M | −$8.5M | $11.4M | $14.4M | −$5.9M | −$8.5M |
| Other non-cash items | $6.3M | $3.7M | $3.8M | $3.8M | $12.9M | $1.9M | $10.1M | $2.6M |
| Cash from operating activities | −$31.5M | −$48.0M | −$78.3M | −$118.2M | −$126.9M | −$80.5M | −$39.9M | −$18.6M |
| Investing activities | ||||||||
| Capital expenditures | $0 | −$34,000 | −$146,000 | −$5.3M | −$25.6M | −$1.6M | −$1.7M | −$2.5M |
| Investments (net) | $39.0M | $54.9M | $54.3M | $30.5M | −$20.2M | −$170.5M | −$170.5M | −$2.5M |
| Acquisitions & other investing | $1.2M | $34,000 | $11.1M | $0 | $0 | $0 | $170.5M | $2.5M |
| Cash from investing activities | $40.2M | $54.9M | $65.2M | $25.2M | −$45.8M | −$172.1M | −$1.7M | −$2.5M |
| Financing activities | ||||||||
| Share repurchases & issuance (net) | $23,000 | $97,000 | $135,000 | $304,000 | $887,000 | $284,000 | — | — |
| Shares issued | $0 | $8.7M | $150,000 | $626,000 | $165.8M | $228.3M | $176.2M | $46.0M |
| Other financing | $0 | $35,000 | −$150,000 | −$2.3M | −$37,000 | $208,000 | −$587,000 | $0 |
| Cash from financing activities | $23,000 | $8.9M | $135,000 | −$1.4M | $166.7M | $228.8M | $175.6M | $46.0M |
| Summary | ||||||||
| Net change in cash | $8.7M | $15.9M | −$12.9M | −$94.4M | −$6.0M | −$23.9M | $134.0M | $24.9M |
| Cash at end of period | $46.3M | $37.6M | $21.7M | $34.6M | $129.0M | $135.0M | $158.9M | $24.9M |
| Free cash flow | −$31.5M | −$48.0M | −$78.4M | −$123.5M | −$152.5M | −$82.2M | −$41.6M | −$21.1M |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | −$7.8M | −$7.6M | −$13.0M | −$7.7M | −$9.4M | −$15.4M | −$12.7M | −$19.3M | −$16.0M | −$16.7M | −$16.8M | −$27.1M |
| Depreciation & amortization | $25,000 | $129,000 | $177,000 | $181,000 | $169,000 | $201,000 | $719,000 | $759,000 | $797,000 | $806,000 | $807,000 | $958,000 |
| Stock-based compensation | $525,000 | $556,000 | $609,000 | $611,000 | $923,000 | $858,000 | $1.2M | $1.4M | $1.6M | $1.6M | $1.6M | $2.8M |
| Change in working capital | −$3.9M | −$5.5M | $6.2M | −$396,000 | $1.9M | −$2.3M | $2.7M | $5.4M | $339,000 | −$4.2M | −$4.3M | −$906,000 |
| Other non-cash items | $2.0M | −$633,000 | −$507,000 | $2.5M | $14,000 | $2.8M | −$365,000 | $4.4M | $141,000 | −$444,000 | −$848,000 | $5.1M |
| Cash from operating activities | −$9.2M | −$13.0M | −$6.5M | −$4.9M | −$6.3M | −$13.8M | −$8.4M | −$7.4M | −$13.1M | −$18.9M | −$19.5M | −$19.2M |
| Investing activities | ||||||||||||
| Capital expenditures | $0 | $0 | $0 | $0 | $0 | $0 | −$14,000 | −$20,000 | $0 | $0 | −$13,000 | −$4,000 |
| Investments (net) | $0 | $0 | $0 | $0 | $585,000 | $39.6M | $13.7M | $15.0M | $1.0M | $25.3M | $7.6M | $22.5M |
| Acquisitions & other investing | −$20,000 | $20,000 | $1.2M | — | $0 | $0 | $14,000 | $20,000 | $0 | $0 | $13,000 | $4,000 |
| Cash from investing activities | −$20,000 | $20,000 | $1.2M | — | $585,000 | $39.6M | $13.7M | $15.0M | $1.0M | $25.3M | $7.6M | $22.5M |
| Financing activities | ||||||||||||
| Share repurchases & issuance (net) | — | — | $9,000 | — | $14,000 | — | $47,000 | $50,000 | — | — | $135,000 | — |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $50,000 | $8.7M | $46,000 | $0 |
| Other financing | — | — | $0 | $0 | $0 | $0 | $0 | −$50,000 | $35,000 | $0 | −$135,000 | $0 |
| Cash from financing activities | — | — | $9,000 | $0 | $14,000 | $0 | $47,000 | $0 | $85,000 | $8.7M | $46,000 | $0 |
| Summary | ||||||||||||
| Net change in cash | −$9.2M | −$13.0M | −$6.5M | −$4.9M | −$5.7M | $25.8M | $5.3M | $7.5M | −$12.0M | $15.1M | −$11.9M | $3.3M |
| Cash at end of period | $24.2M | $33.3M | $46.3M | $52.8M | $57.6M | $63.4M | $37.6M | $32.3M | $24.8M | $36.8M | $21.7M | $33.6M |
| Free cash flow | −$9.2M | −$13.0M | −$6.5M | −$4.9M | −$6.3M | −$13.8M | −$8.5M | −$7.5M | −$13.1M | −$18.9M | −$19.5M | −$19.2M |
| Free cash flow margin | — | — | — | — | — | — | −263.3% | — | — | — | −330.3% | — |
| Capex / revenue | — | — | — | — | — | — | 0.4% | — | — | — | 0.2% | — |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
PASG cash generation
In fiscal 2025 (ended December 31, 2025), Passage Bio generated -$31.5 million of cash from operations and spent $0 on capital expenditures, leaving free cash flow of -$31.5 million. Cash and equivalents rose by $8.7 million over the year.
Related: PASG income statement, PASG balance sheet. See the PASG stock overview for the latest quote and news.
PASG cash flow FAQ
What is Passage Bio's free cash flow?
Passage Bio's free cash flow was -$31.5 million in fiscal 2025: -$31.5 million of operating cash flow minus $0 of capital expenditures It was -$48.0 million a year earlier..
How much cash does Passage Bio generate from operations?
Passage Bio generated -$31.5 million of cash from operating activities in fiscal 2025.