Passage BIO, Inc.

Analysis for Ticker: PASG

Passage Bio Inc is a medical company that develops gene therapies for rare diseases of the central nervous system by using tiny viral envelopes to deliver functional genes directly into the brain. The science looks impressive, but the accounting reveals a terminal sequence. They have successfully incinerated 704,8$ million in investor capital without ever generating a single dollar from a commercial product. It is a system where money from the public market is pumped into a dying host, only to be drained by a network of executives, landlords, and academic partners. To a child, it would look like a group of people building a high-tech car that never moves, while they keep charging the passengers for tickets and using the money to pay for their own expensive lunches.