BioAge Labs Reports Full Year 2025 Financial Results and Major Business Updates

Key Highlights

• Positive interim Phase 1 data for BGE-102, an oral NLRP3 inhibitor, showing best-in-class reductions in inflammatory biomarkers of cardiovascular risk.
• Expansion of lead asset BGE-102 into ophthalmology, with a Phase 1b/2a trial for diabetic macular edema (DME) slated for mid-2026.
• Completion of a significantly upsized follow-on public offering, raising \$132.3 million in early 2026, further strengthening BioAge’s balance sheet.
• Major collaborations with Novartis and Lilly advancing multiple pipeline and discovery-stage programs.
• BioAge’s cash position at \$285.1 million as of December 31, 2025, expected to fund operations through 2029.

Business and Clinical Updates

BGE-102: Transformative Potential in Cardiovascular and Retinal Diseases

• Cardiovascular Risk Reduction:
  • Positive interim data from the ongoing Phase 1 SAD/MAD trial of BGE-102 demonstrated strong anti-inflammatory activity, including up to 98% suppression of IL-1β, 86% median reduction in hsCRP, 58% reduction in IL-6, and 30% reduction in fibrinogen among participants with obesity and elevated hsCRP (a group at high cardiovascular risk).
  • At 120 mg once daily, 93% of participants reached hsCRP levels below 2 mg/L, a threshold considered indicative of reduced cardiovascular risk.
  • BGE-102’s pharmacokinetics support once-daily oral dosing, and it achieved high brain penetration, differentiating it from other NLRP3 inhibitors in development.
  • Full Phase 1 results are expected in the first half of 2026, with a Phase 2a, dose-ranging proof-of-concept trial in cardiovascular risk reduction planned to start in 1H 2026. Notably, a successful Phase 2a could enable initiation of a Phase 3 registration study by the end of 2027, a potential catalyst for the stock.
• Ophthalmology Indication Expansion:
  • BGE-102 is being advanced into retinal diseases, targeting diabetic macular edema (DME). In preclinical models, oral BGE-102 preserved retinal vascular integrity and prevented vascular leakage.
  • A Phase 1b/2a proof-of-concept trial in DME patients is set to begin mid-2026, with results expected by mid-2027. This trial will run in parallel with the cardiovascular risk trial, significantly expanding the addressable market for BGE-102.
• Follow-on NLRP3 Inhibitor Program: BioAge is also progressing additional NLRP3 inhibitors to broaden its pipeline and address more inflammasome-driven diseases, adding optionality for future value creation.

APJ Agonist Programs: Pipeline Progression and Partnerships

• BioAge, together with JiKang Therapeutics, is advancing a novel APJ agonist nanobody with at least 10-fold greater potency than apelin, targeting obesity and other metabolic diseases. IND-enabling studies are underway.
• In parallel, BioAge is developing a proprietary portfolio of orally active APJ agonists, with the first IND filing targeted for the end of 2026. This represents a significant pipeline expansion.

Financial Strength: Capital Raise and Cash Position

• In January and February 2026, BioAge completed an upsized follow-on public offering, raising gross proceeds of \$132.3 million (including the full exercise of underwriters’ overallotment option). The offering was led by Goldman Sachs, Piper Sandler, and Citigroup.
• As of December 31, 2025, the company reported \$285.1 million in cash, cash equivalents, and marketable securities. Management estimates this is sufficient to fund operations through 2029, providing strong runway for pipeline development and reducing financing risk.

Strategic Partnerships and Discovery Platform

• BioAge’s multi-year research collaboration with Novartis is advancing novel therapeutic targets at the intersection of aging biology and exercise physiology, with multiple targets under evaluation.
• The strategic collaboration with Lilly ExploR&D for developing therapeutic antibodies targeting metabolic aging continues to progress, leveraging BioAge’s proprietary discovery platform.
• Ongoing work with Age Labs AS on the HUNT Biobank in Norway is generating valuable longitudinal molecular insights from over 17,000 samples, supporting future pipeline innovation.

Financial Results for Full Year 2025

• Collaboration revenue: \$9.0 million, up from zero in 2024, primarily from Novartis collaboration.
• Research and development expenses: \$73.9 million, up from \$59.0 million in 2024, driven by Novartis-related work, APJ agonist programs, BGE-102 IND-enabling activities, and increased personnel/facility costs. Azelaprag development costs declined following program termination in January 2025.
• General and administrative expenses: \$27.8 million, up from \$19.2 million, reflecting higher personnel costs (stock-based compensation), legal fees, franchise taxes, and IT expenses.
• Net loss: \$80.6 million (\$2.24 per share), compared to \$71.1 million (\$6.63 per share) in 2024. The higher loss reflects greater R&D and G&A investments, offset by increased revenue and other income.
• Weighted-average shares outstanding: 35.9 million, up significantly from 10.7 million, reflecting the dilutive effect of recent equity raises.
• Total assets: \$294.9 million; Total liabilities: \$22.8 million; Stockholders’ equity: \$272.1 million.

What Investors Should Watch

• Upcoming Clinical Readouts: Full Phase 1 BGE-102 data due 1H 2026; Phase 2a trials in cardiovascular risk and DME starting in 2026 with key data in 2H 2026 and mid-2027, respectively. Positive results could be significant share price catalysts.
• Pipeline Expansion: IND filing for the first APJ program by end-2026 and continued progression of strategic partnerships offer additional upside and de-risking.
• Financial Stability: Strong cash position significantly reduces near-term financing risk through 2029, supporting robust and sustained pipeline development.
• Strategic Collaborations: Progress in Novartis and Lilly partnerships could unlock further value and non-dilutive funding, enhancing shareholder returns.

Conclusion

The past quarter and full year have been transformative for BioAge Labs, marked by significant clinical progress, major financing, and multiple pipeline and partnership milestones. The promising data for BGE-102, expansion into high-value indications, and a strengthened financial position set the stage for a potentially value-creating 2026 and beyond. Investors should monitor upcoming clinical milestones and partnership developments, as these could drive further share price appreciation.

Disclaimer: This article is for informational purposes only and does not constitute investment advice or a recommendation to buy or sell any securities. Forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially. Investors should review all filings and disclosures, and consult with their financial advisors before making investment decisions.

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