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lt4294 behavior with passive POE adaptor

Hello,

What behavior to expect when connecting lt4294 with the passive POE adaptor(48V)? I'm assuming passive POE is the only power supply, so there will be no negotiation between the POE adaptor and the LT4294. Will the voltage pass through the N-CH FET that its gate driven by the HSGATE pin?

Is is allowed at all to use LT4294 with passive POE power adaptor?

Thanks,

Andrey