aibioPassage Bio regains compliance with Nasdaq minimum bid price rule
Tickers PASG
Nasdaq confirmed on July 28, 2025 that Passage Bio's shares had closed at $1.00 or more for at least 10 consecutive business days, closing a matter that began in August 2024.
Key facts
- Company
- Passage Bio, Inc. (NASDAQ: PASG)
- News type
- Listings
- Primary source
- Passage Bio, Inc. 8-K (2025-07-29)
Passage Bio, Inc. received notice from the Listing Qualifications staff of The Nasdaq Stock Market LLC on July 28, 2025, confirming that the company has regained compliance with Nasdaq Listing Rule 5450(a)(1), the minimum bid price requirement. The company reported the notice under Item 8.01, Other Events, in an 8-K filed July 29, 2025. As of July 28, the closing bid price had been at least $1.00 for at least 10 consecutive business days, and the company met all other criteria for continued listing on the Nasdaq Capital Market. Nasdaq has closed the listing matter.
The filing does not give the share price on any particular day, the level it recovered to, or the reason for the recovery. It does not say whether the company took any action to lift the price.
How the matter began
The filing recalls that on August 1, 2024, the company received a notice that its closing bid price had been below $1.00 for 30 consecutive business days. At that time the company's stock was listed on the Nasdaq Global Select Market. The 2025 filing refers to the Nasdaq Capital Market, so the listing tier appears to have changed in the interval, but the 8-K does not describe a transfer.
The matter therefore ran from the August 2024 notice to the July 2025 confirmation, and the company's shares were out of compliance with the bid price floor for that period.
The business behind the listing
The annual report filed March 4, 2025 describes Passage Bio as a clinical-stage genetic medicines company focused on neurodegenerative diseases. Its lead clinical candidate, PBFT02, is a gene replacement therapy that uses an AAV1 capsid to deliver a functional granulin gene to the brain. Its lead indication is frontotemporal dementia caused by progranulin deficiency, known as FTD-GRN. The company also says it has received positive regulatory feedback on a clinical pathway in FTD-C9orf72 and ALS patients, and that it plans to initiate dosing in FTD-C9orf72 patients in the first half of 2025.
The filing does not say whether that dosing has started. The 8-K, filed months later, does not address the clinical program at all. The regulatory feedback is the company's own description.
The company outlicensed a set of earlier programs under sublicense agreements with Gemma Biotherapeutics, Inc., signed July 31, 2024. The outlicensed programs include PBML04 for metachromatic leukodystrophy. Gemma was co-founded by Dr. James Wilson. The company says it will receive initial payments of $10.0 million, up to an additional $10.0 million tied to Gemma's business milestones, up to $114.0 million in development and commercial milestone payments, and a single-digit percentage of annual worldwide net sales.
The payments that have arrived are smaller than the headline terms. The filing says the company had collected $5.0 million of initial payments and $3.2 million of transition services payments as of December 31, 2024, with a further $0.5 million in transition services payments received after that date. Gemma also took on the payments due to the Trustees of the University of Pennsylvania under the Penn License Agreement for the outlicensed programs.
What remains open
The company's lead clinical program is PBFT02. The transition services agreement required Passage Bio to provide services to Gemma at cost through May 31, 2025, unless it ended earlier, and the amended Penn agreement terminated the company's funding of discovery research. Gemma also became responsible for the Penn payments tied to the outlicensed programs.
The 8-K gives no cash balance and no net loss figure. The most recent collection figures in the annual report date from December 31, 2024. The filing offers no update on the company's cash position since then, so the compliance notice does not show whether the company has the funds for the FTD-C9orf72 study it planned to start in 2025.
Passage Bio's principal executive offices are at One Commerce Square, 2005 Market Street, in Philadelphia. Its common stock, $0.0001 par value, is listed under the symbol PASG.