Strategic Review Ongoing Amid Continued Uncertainty On Path Forward

Research evidence excerpt

Strategic Review Ongoing Amid Continued Uncertainty On Path Forward

Biotechnology

Passage Bio

TD SECURITIES (USA) LLC EARNINGS UPDATE

May 12, 2026

Price: $4.40 (05/11/2026) Strategic Review Ongoing Amid Continued

Price Target: NA Uncertainty On Path Forward

HOLD (2)

ESG SCORE: 64/100

Brendan Smith, Ph.D. THE TD COWEN INSIGHT

646 562 1417

PASG released Q1 financials and reaffirmed that cash on hand is not sufficient for the next

brendan.smith@tdsecurities.com

12 months, keeping the strategic review in focus to maximize value. The future of PBFT02 is

Chad Wiatrowski uncertain despite recently updated Ph1/2 data in line with prior updates but FDA requiring

646 562 1361 a randomized, placebo-controlled registrational study for PBFT02 removed a potentially

chad.wiatrowski@tdsecurities.com

expedited path to market in FTD-GRN.

Jacqueline Kisa

646 562 1385 Our Take: More Updates To Come As Runway Is Finite And Pipeline’s Future Is Unclear

jacqueline.kisa@tdsecurities.com

Q1 R&D expense was $4.1M compared to the Street's $5.4M estimate. As of Q1, total cash and

Key Data equivalents were $33.3M, which is not expected to be sufficient to fund operations for the

Symbol NASDAQ: PASG

next 12 months. The ongoing uncertainty continues to put the focus on the company’s ongoing

Beta: 1.38 strategic review.

52-Week Range: $19.85-$4.08

The long-awaited regulatory outcome of Passage Bio's Type C Meeting with FDA wasMarket Cap: $14.1MM

disappointing as the alternative may have provided a more financially feasible and potentially

Net Debt (MM): $(22.3)

expedited path through clinical development for Passage Bio's primary clinical-stage asset.

Cash/Share: $(9.93)

Management confirmed the Board is undertaking a strategic review of PBFT02 to maximize

Dil. Shares Out (MM): 3.2