BioAge Labs, Inc.

What they do

BioAge discovers and develops therapeutic candidates for metabolic diseases using a platform built on human aging biology and differentiated human datasets. Its lead program, BGE-102, is an orally available, brain-penetrant small-molecule NLRP3 inhibitor in Phase 2 development for cardiometabolic disease and a planned Phase 1b/2a trial in diabetic macular edema. It also has preclinical oral and subcutaneous APJ agonist programs for obesity, a research collaboration with Eli Lilly, and a target discovery collaboration with Novartis.

Revenue drivers

• Collaboration and licensing revenue — BioAge reported $9.0M of annual revenue in 2025 and quarterly revenue ranging from $2.1M to $3.1M across recent quarters, tied to research collaborations such as the Lilly and Novartis arrangements rather than product sales.
• BGE-102 (NLRP3 inhibitor) — Lead clinical program with no product revenue; being advanced in two therapeutic areas, cardiometabolic disease and ophthalmology, and the focus of the QUELL-CV and QUELL-DME trials.
• APJ agonist programs — Preclinical oral and injectable obesity programs, including an APJ agonist antibody option agreement with JiKang Therapeutics; no revenue to date.
• Discovery platform partnerships — Earlier-stage platform-derived programs conducted with Eli Lilly and a target discovery collaboration with Novartis; these arrangements are the source of reported collaboration revenue.

Recent performance

BioAge reported 2025 annual revenue of $9.0M against a net loss of $80.6M, with operating cash use of $81.6M. Recent quarterly revenue was $2.1M in Q3 2025, $3.1M in Q4 2025, $2.8M in Q1 2026 and $2.5M in Q2 2026. As of June 30, 2026, the company reported total assets of $396.9M, total liabilities of $22.0M, shareholder equity of $374.9M and cash and equivalents of $74.0M, with no long-term debt as of December 31, 2025. In the second quarter of 2026, BioAge dosed the first participant in the QUELL-CV Phase 2 trial of BGE-102. The company also disclosed that securities class action claims concerning azelaprag were dismissed with prejudice at the district court in March 2026 and that the plaintiff filed a notice of appeal on March 27, 2026.

Strategy

BioAge is prioritizing BGE-102, its oral, brain-penetrant NLRP3 inhibitor, across cardiometabolic disease and ophthalmology. In cardiometabolic disease the focus is atherosclerotic cardiovascular disease risk reduction, and QUELL-CV is evaluating 30 mg, 60 mg and 90 mg once-daily doses against placebo in approximately 160 adults with obesity and elevated baseline inflammation, with a primary endpoint of percent change in hsCRP over 12 weeks. In ophthalmology, the company plans the QUELL-DME Phase 1b/2a trial in diabetic macular edema to demonstrate ocular target engagement. Beyond BGE-102, it is advancing oral and injectable APJ agonist programs for obesity and intends to file its first APJ IND by year-end 2026. It continues discovery-stage work with Eli Lilly and Novartis.

Risks

• Early-stage clinical failure risk — BGE-102 is the lead asset and its Phase 2 and Phase 1b/2a readouts in cardiometabolic disease and diabetic macular edema are not yet available, so efficacy and safety in patients remain unproven.
• No product revenue and recurring losses — BioAge's revenue comes from collaborations rather than product sales, and it reported net losses of $63.9M in 2023, $71.1M in 2024 and $80.6M in 2025 with operating cash use of $81.6M in 2025.
• Dependence on collaboration partners — Reported revenue is tied to arrangements with Eli Lilly and Novartis, so changes to those collaborations could affect financial results.
• Securities litigation overhang — A putative securities class action concerning the IPO registration statement and azelaprag was dismissed with prejudice in March 2026, but the plaintiff filed a notice of appeal on March 27, 2026.

Outlook

Management expects full Phase 1 SAD/MAD results for BGE-102 in the first half of 2026 and topline QUELL-CV Phase 2 data in the second half of 2026. The QUELL-DME Phase 1b/2a trial in diabetic macular edema is planned to initiate in mid-2026 with results anticipated in mid-2027. BioAge intends to file its first IND for an APJ program by year-end 2026 and expects to cease being an emerging growth company and smaller reporting company as of December 31, 2026, which would subject it to expanded disclosure requirements beginning with the quarterly report for the period ending March 31, 2027.