Velarion · Company Intelligence
Compensation Brief
Fiscal year 2025 · Filings through 2026-05-26

Passage BIO, Inc. (PASG)

CEO William Chou was paid $1,486,763 in fiscal year 2025, ↓ down 9.2% from fiscal year 2024, the 40th percentile of its disclosed peer group (SEC filing 0001104659-26-040130 ↗): executive and director compensation, incentive-plan design, equity activity, and governance — every figure in this brief is traceable to its exact location in the company’s SEC filing — the document, the section, the page, and the table, linked directly.

$1,486,763 ↓
William Chou total, FY2025
40th
CEO pay percentile vs peers
—
CEO-to-median pay ratio
97.56%
Say-on-pay support, latest vote

PASG's next annual pay disclosure, estimated April 7, 2027.est. Filing ↗

01

Summary Compensation Table — fiscal year 2025

Named executive officerSalaryBonusStock awardsOption awardsNon-equity incentivePension / NQDCAll otherTotal
William Chou$660,985—$234,040$239,266$334,972—$17,500$1,486,763
President, Chief Executive Officer and Director
Kathleen Borthwick450,627—117,02085,440181,252—17,500851,839
Chief Financial Officer
Edgar Cale221,860—197,080156,8500—17,500593,290
General Counsel and Corporate Secretary

A dash means the company reported no figure in that column; 0 means it reported zero. Figures are as printed in the filing, without adjustment.

Three-year trend — total compensation per named executive

Named executive officerFY2025 totalFY2024 totalFY2023 totalΔ FY2024→2025
William Chou$1,486,763$1,636,770—↓ −150,007
Kathleen Borthwick851,839861,698—↓ −9,859
Edgar Cale593,290881,920—↓ −288,630

Prior-year totals as disclosed in the corresponding proxy; deltas are computed values with the derivation shown in the register.

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Companies that benchmark against PASG
No companies currently name PASG as a compensation peer in their most recent disclosure.

This is the complete answer, not a partial one — the list is never padded.

02

Equity transactions since the proxy statement was filed

No insider equity transactions reported since the proxy statement.

04

Outstanding equity awards at fiscal year-end 2025

ExecutiveAwardShares unvestedExercise priceMarket value unvested
William ChouRSU20,000—$236,000
Kathleen BorthwickOption11,3087.74—
Kathleen BorthwickOption39517.55—
William ChouOption31,6687.74—
William ChouOption2,28026.4—
Kathleen BorthwickRSU10,000—118,000
William ChouOption6,93026.4—
William ChouOption9,50721.6—
William ChouOption16,17030—
Kathleen BorthwickOption85621.6—
Kathleen BorthwickOption6,38430—
05

Incentive-plan design — the Compensation Discussion & Analysis

The Company seeks to design and implement a competitive executive compensation program that combines both cash and incentive elements based on annual performance objectives and long-term equity elements that will be flexible and complementary to meet our compensation objectives. The Compensation Committee regularly reviews all compensation components to ensure they are consistent with short-term and long-term goals.

CEO STI target (% of salary)—
CEO LTI target (% of salary)—
Independent consultantPearl Meyer
Clawback policytrue
Anti-hedgingtrue
Anti-pledgingfalse
06

Say-on-pay — recent advisory votes

Meeting yearMeeting dateForAgainstAbstainSupportOutcome
20262026-05-191,452,50536,3521,35697.56%Passed
20212021-05-27—————

Rows are labeled by annual-meeting year, with the meeting date beside each; the vote held in a given year acts on the prior fiscal year's compensation.

Say-on-pay — history, company's computation

Meeting yearMeeting dateApproval — company's computation
20262026-05-1997.56%a
20212021-05-27—b

a. Voting standard not stated in the filing.

b. Voting standard not stated in the filing.

Approval percentages are the company's own reported computations under its own stated standard, not recomputed by Velarion. Where a company does not state a standard, none is assumed.

08

Director compensation — fiscal year 2025

DirectorCash feesStock awardsOption awardsNon-equity incentiveAll otherTotal
Maxine Gowen, Ph.DIndependent · Board Chair · Compensation · Nominating/Governance · Audit$83,500—$55,000—$138,500$138,500
Sandip KapadiaIndependent · Audit55,000—55,000—110,000110,000
Athena Countouriotis, M.DIndependent · Audit · Compensation (Chair)54,181—55,000—109,181109,181
Derrell Porter, M.DIndependent · Compensation · Nominating/Governance · Audit49,500—55,000—104,500104,500
Dolan Sondhi, Ph.DIndependent · Nominating/Governance44,000—55,000—99,00099,000
Saqib IslamNot independent · Departed during FY35,340—55,000—90,34090,340
Thomas KassbergIndependent · Audit47,500—39,176—86,67686,676
William Chou, M.DEmployee director · Nominating/Governance—————0
09

Board fee structure and ownership guideline

Annual cash retainer$40,000
Annual equity retainer$55,000
Per board meeting fee—
Committee chair fees (audit / comp / nom-gov)15,000 / 12,000 / 8,000
Stock ownership guideline—
09b

Total cost of the board

ComponentFY2025
Cash retainers and fees$369,021
Equity awards (grant-date value)$0
All other compensation$738,197
Total cost of the board$1,107,218

Computed as the sum of the director compensation table rows above; inputs and formula shown in the register.

10

Disclosed peer group — fiscal year 2025

The compensation peer group as the company disclosed it in its own proxy — the reference set behind the percentile above.

NXTC NextCure, Inc.ANTX AN2 Therapeutics, Inc.ALGS Aligos Therapeutics, Inc.PDSB PDS Biotechnology CorporationIPSC Century Therapeutics, Inc.KZR Kezar Life Sciences, Inc.LTRN Lantern Pharma Inc.BCAB BioAtla, Inc.XLO Xilio Therapeutics, Inc.DTIL Precision BioSciences, Inc.KALA KALA BIO, Inc.LSTA Lisata Therapeutics, Inc.ALXO ALX Oncology Holdings Inc. Celularity Inc.IMUX Immunic, Inc.ORKA Jasper Therapeutics, Inc.ATNM Actinium Pharmaceuticals, Inc.
10a

Peer reciprocity

Of the companies Passage BIO, Inc. names as compensation peers, which name it back in their own disclosed peer groups. A peer set the market reciprocates reads differently from one selected in a single direction.

NextCure, Inc. (NXTC) AN2 Therapeutics, Inc. (ANTX) Aligos Therapeutics, Inc. (ALGS) PDS Biotechnology Corporation (PDSB) Century Therapeutics, Inc. (IPSC) Kezar Life Sciences, Inc. (KZR) Lantern Pharma Inc. (LTRN) BioAtla, Inc. (BCAB) Xilio Therapeutics, Inc. (XLO)— Precision BioSciences, Inc. (DTIL)22 KALA BIO, Inc. (KALA) Lisata Therapeutics, Inc. (LSTA) ALX Oncology Holdings Inc. (ALXO) Immunic, Inc. (IMUX)— Jasper Therapeutics, Inc. (ORKA)23 Actinium Pharmaceuticals, Inc. (ATNM)

Reciprocity shown where the peer's own current proxy has been read — each mark is cited in the register to that peer's filing. A dash means the peer's current proxy was read and names no reciprocal group including Passage BIO, Inc..

10b

Chief executive pay against the peer group

Most recent fiscal-year chief executive compensation at each disclosed peer, taken from that company's own proxy statement.

RankCompanyFYChief executiveSalaryStock awardsOption awardsNon-equity incentiveTotal
1Jasper Therapeutics, Inc.2025Lawrence Klein$624,000$0$2,275,390$446,160$3,356,050
2ALX Oncology Holdings Inc.2025Jason Lettmann724,50001,447,488298,8562,470,844
3Precision BioSciences, Inc.2025Michael Amoroso650,8751,025,086002,189,467
4Passage BIO, Inc.2025William Chou660,985234,040239,266334,9721,486,763
5AN2 Therapeutics, Inc.2025Eric Easom603,750164,133275,539332,0631,382,985
6Century Therapeutics, Inc.2025Gregory Russotti559,65071,12051,240226,658912,320
—NextCure, Inc.——————not in coverage universe
—Aligos Therapeutics, Inc.——————not in coverage universe
—PDS Biotechnology Corporation——————not in coverage universe
—Kezar Life Sciences, Inc.——————not in coverage universe
—Lantern Pharma Inc.——————not in coverage universe
—BioAtla, Inc.——————not in coverage universe
—Xilio Therapeutics, Inc.——————not in coverage universe
—KALA BIO, Inc.——————not in coverage universe
—Lisata Therapeutics, Inc.——————not in coverage universe
—Immunic, Inc.——————not in coverage universe
—Actinium Pharmaceuticals, Inc.——————not in coverage universe

Each peer's compensation is from its most recently filed proxy; fiscal years differ by company. Each peer's figures come from its own filings; the subject company is highlighted. Peers whose chief executive compensation is outside our coverage universe are stated as such, never left blank.

10c

Incentive design against the same peers

CompanyAnnual incentive payoutLong-term vehicle mixPSU measures include TSRCompensation consultant
Passage BIO, Inc.not disclosednot disclosednot disclosedPearl Meyer
Actinium Pharmaceuticals, Inc.not disclosednot disclosednot disclosednot disclosed
Aligos Therapeutics, Inc.not disclosednot disclosednot disclosednot disclosed
ALX Oncology Holdings Inc.not disclosednot disclosednot disclosedCompensia
AN2 Therapeutics, Inc.not disclosednot disclosednot disclosedAon
BioAtla, Inc.not disclosednot disclosednot disclosednot disclosed
Century Therapeutics, Inc.not disclosednot disclosednot disclosednot disclosed
Immunic, Inc.not disclosednot disclosednot disclosednot disclosed
Jasper Therapeutics, Inc.not disclosednot disclosednot disclosedAlpine Rewards LLC
KALA BIO, Inc.not disclosednot disclosednot disclosednot disclosed
Kezar Life Sciences, Inc.not disclosednot disclosednot disclosednot disclosed
Lantern Pharma Inc.not disclosednot disclosednot disclosednot disclosed
Lisata Therapeutics, Inc.not disclosednot disclosednot disclosednot disclosed
NextCure, Inc.not disclosednot disclosednot disclosednot disclosed
PDS Biotechnology Corporationnot disclosednot disclosednot disclosednot disclosed
Precision BioSciences, Inc.115%RSU 100not disclosedAon
Xilio Therapeutics, Inc.not disclosednot disclosednot disclosednot disclosed

Read from each company's Compensation Discussion and Analysis: annual incentive payout as a percentage of target, the disclosed long-term vehicle mix, whether performance-share measures include a total shareholder return component, and the retained compensation consultant. “Not disclosed” appears only where the company's filing does not state the item.

10d

Frequently asked questions

Who was the highest-paid executive at Passage BIO, Inc. in fiscal 2025?
As disclosed, William Chou (President, Chief Executive Officer and Director) was the highest-paid executive at Passage BIO, Inc. in fiscal 2025, with total compensation of $1,486,763.
How does Passage BIO, Inc.'s chief executive pay compare to its disclosed peer group?
As disclosed, William Chou's total compensation ranked at the 40th percentile of Passage BIO, Inc.'s disclosed peer group.
How did shareholders vote on Passage BIO, Inc.'s executive compensation?
As disclosed, 97.56% of shareholders supported Passage BIO, Inc.'s executive compensation in the latest say-on-pay vote.
How much does Passage BIO, Inc. spend in total on board compensation for fiscal 2025?
As disclosed, Passage BIO, Inc. reported total board compensation of $1,107,218 for fiscal 2025.

Answers are drawn only from the figures disclosed in this brief and cited to their location in the source filing. Where a figure required for an answer is not disclosed, that is stated rather than estimated.

11

Source register

Each figure's location is given both for the eye (section · page · table · row · column) and for a script (table/row/column index and exact character span in the filed document). Any figure can be independently confirmed against the source.

#SupportsDocumentFiledAccessionLocation in document
1Section 01, William ChouDEF 14A2026-04-070001104659-26-040130Section “Executive Compensation”. As printed: 1,486,763. Filing ↗
2Section 01, Kathleen BorthwickDEF 14A2026-04-070001104659-26-040130Section “Executive Compensation”. As printed: 851,839. Filing ↗
3Section 01, Edgar CaleDEF 14A2026-04-070001104659-26-040130Section “Executive Compensation”. As printed: 593,290. Filing ↗
4Section 08, Maxine Gowen, Ph.DDEF 14A2026-04-070001104659-26-040130Section “Director Compensation”. As printed: 138,500. Filing ↗machine: span 204998–205126
5Section 08, Sandip KapadiaDEF 14A2026-04-070001104659-26-040130Section “Director Compensation”. As printed: 110,000. Filing ↗machine: span 211798–211926
6Section 08, Athena Countouriotis, M.DDEF 14A2026-04-070001104659-26-040130Section “Director Compensation”. As printed: 109,181. Filing ↗machine: span 207217–207345
7Section 08, Derrell Porter, M.DDEF 14A2026-04-070001104659-26-040130Section “Director Compensation”. As printed: 104,500. Filing ↗machine: span 216389–216517
8Section 08, Dolan Sondhi, Ph.DDEF 14A2026-04-070001104659-26-040130Section “Director Compensation”. As printed: 99,000. Filing ↗machine: span 218772–218899
9Section 08, Saqib IslamDEF 14A2026-04-070001104659-26-040130Section “Director Compensation”. As printed: 90,340. Filing ↗machine: span 209592–209719
10Section 08, Thomas KassbergDEF 14A2026-04-070001104659-26-040130Section “Director Compensation”. As printed: 86,676. Filing ↗machine: span 214177–214304
11Section 08, William Chou, M.DDEF 14A2026-04-070001104659-26-040130Section “Director Compensation”. As printed: 0. Filing ↗
12Section 06, 2026 voteForm 8-K2026-05-260001104659-26-065991Item 5.07 · say-on-pay result. As reported: 97.56% (votes for as printed: 1,452,505). Filing ↗
13Section 06, 2021 voteForm 8-K2021-05-280001558370-21-007852Item 5.07 · say-on-pay result. As reported: —. Filing ↗
14Section 01 trend, Δ column (computed)Computed——Δ = current-FY total − prior-FY total per named officer.machine: formula: Δ = FY(n) − FY(n−1)
15Section 09b board cost (computed)Computed——Cash 369,021 + equity 0 + all other 738,197 = 1,107,218, summed across the director compensation table rows.machine: formula: Σ = 1,107,218
16Jasper Therapeutics, Inc., Section 10b CEO totalDEF 14A2026-04-170001213900-26-045159CEO total compensation as printed in Jasper Therapeutics, Inc.'s own proxy. As printed: 3,356,050. Filing ↗machine: r1 · c12 · span 534154–534163
17ALX Oncology Holdings Inc., Section 10b CEO totalDEF 14A2026-04-200001193125-26-163936CEO total compensation as printed in ALX Oncology Holdings Inc.'s own proxy. As printed: 2,470,844. Filing ↗machine: r2 · c29 · span 706901–706910
18Precision BioSciences, Inc., Section 10b CEO totalDEF 14A2026-04-080001140361-26-013757CEO total compensation as printed in Precision BioSciences, Inc.'s own proxy. As printed: 2,189,467. Filing ↗machine: r2 · c19 · span 829996–830005
19Passage BIO, Inc. (subject), Section 10b CEO totalDEF 14A2026-04-070001104659-26-040130CEO total compensation as printed in Passage BIO, Inc.'s own proxy. As printed: 1,486,763. Filing ↗
20AN2 Therapeutics, Inc., Section 10b CEO totalDEF 14A2026-04-220001193125-26-170314CEO total compensation as printed in AN2 Therapeutics, Inc.'s own proxy. As printed: 1,382,985. Filing ↗machine: r2 · c25 · span 352697–352706
21Century Therapeutics, Inc., Section 10b CEO totalDEF 14A2026-04-270001104659-26-049489CEO total compensation as printed in Century Therapeutics, Inc.'s own proxy. As printed: 912,320. Filing ↗machine: r3 · c26 · span 521444–521451
22Section 10a, Precision BioSciences, Inc. reciprocityDEF 14A—0001140361-26-013757Precision BioSciences, Inc.'s most recent proxy was read; its disclosed peer group does not include Passage BIO, Inc.. Filing ↗
23Section 10a, Jasper Therapeutics, Inc. reciprocityDEF 14A—0001213900-26-045159Jasper Therapeutics, Inc.'s most recent proxy was read; its disclosed peer group does not include Passage BIO, Inc.. Filing ↗

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