BioAge Labs, Inc.
BIOA evidence brief
What we can confirm
What it means
What to watch
Prepared research question
What matters most for BIOA—catalysts, financial risk and supporting evidence?
Traceable citations · Unknowns marked
BioSniper AI · BIOA
BioAge Labs, Inc. (BIOA) is a clinical-stage biopharmaceutical company developing therapies for metabolic and inflammatory diseases, with a lead program in obesity and a pipeline including NLRP3 inhibitors and APJ agonists.
Key risk: No approved products or revenue
BioSniper Score
Based on 6 of 6 signals
Market Cap
$442.9M
Cash Runway
48.3 moLead Asset
apj programs (Preclinical)
Next Catalyst
Phase2_Topline · Dec 31, 2026Financial data as of Jun 30, 2026.
Tracking 2 pipeline candidates · 1 clinical trial · 2 catalysts for BioAge Labs, Inc..
BioAge Labs, Inc. (BIOA) is a clinical-stage biopharmaceutical company developing therapies for metabolic and inflammatory diseases, with a lead program in obesity and a pipeline including NLRP3 inhibitors and APJ agonists.
- BioAge is a clinical-stage company with no approved products and no revenue from product sales [sec_mda · as of 2025-11-06].
- As of June 30, 2025, the company had an accumulated deficit of $287.3 million and expects to continue incurring net operating losses [sec_mda · as of 2025-08-06].
- The company is advancing BGE-102 (formerly azelaprag) for obesity, with a Phase 2 readout expected by the end of 2026 [sec · filed 2024-09-03].
- BioAge has an option agreement with JiKang Therapeutics for a novel APJ agonist antibody and plans to file INDs for oral and parenteral APJ programs by year-end 2026 [sec_mda · as of 2025-08-06].
- The company raised aggregate gross proceeds of approximately $559.2 million through equity and convertible notes as of September 30, 2025 [sec_mda · as of 2025-11-06].
What works
- BioAge has a diversified pipeline targeting large markets (obesity, cardiovascular, retinal diseases) with multiple programs, including BGE-102 and NLRP3 inhibitors [sec · filed 2025-01-20].
- The company has raised significant capital ($559.2M gross proceeds) to fund operations and advance clinical trials [sec_mda · as of 2025-11-06].
- BioAge is pursuing a combination strategy with GLP-1 drugs (tirzepatide, semaglutide) for obesity, which could differentiate its approach [sec · filed 2024-09-03].
What to weigh
- BioAge has no approved products, no product revenue, and a history of significant operating losses, with an accumulated deficit of $287.3M as of June 30, 2025 [sec_mda · as of 2025-08-06].
- The company expects R&D and G&A expenses to increase substantially, and it may not achieve or sustain profitability [sec_mda · as of 2025-08-06].
- BioAge relies on third-party CDMOs for manufacturing and has not yet established commercial supply agreements, posing execution risk [sec_mda · as of 2025-08-06].
- The company faces inherent risks in clinical development, including potential failure of BGE-102 or other candidates to meet endpoints [sec · filed 2025-01-20].
From the filings
Quoted directly from source documents.
BioAge has no approved products and no product sales revenue.
“We do not have any products approved for sale and have not generated any revenue from product sales.”
SEC MD&A · November 6, 2025
Accumulated deficit as of June 30, 2025 was $287.3 million.
“As of June 30, 2025, we had an accumulated deficit of $287.3 million.”
SEC MD&A · August 6, 2025
BioAge plans to file INDs for APJ programs by year-end 2026.
“We intend to file INDs for both the oral and parenteral APJ programs by 2026 year end.”
SEC MD&A · August 6, 2025
The company raised $559.2 million in gross proceeds from equity and convertible notes.
“From inception, through September 30, 2025, we have raised aggregate gross proceeds of approximately $559.2 million through the sale and issuance of our common stock, redeemable convertible preferred stock and convertible promissory notes.”
SEC MD&A · November 6, 2025
Catalyst timeline
- 2026-12-31 · Phase2_Topline · bge-102 — Phase 2 Readout: bge-102 — Top-line results from the Phase 2 trial of BGE-102 in obesity will be a key efficacy and safety readout.
- 2026-12-31 · Phase2_Topline — Phase 2 Readout: Obesity — Additional Phase 2 obesity data expected, potentially informing registration strategy.
Risks & what to watch (4)›
Key risks
- No approved products or revenue — BioAge has no products approved for sale and no product sales revenue, relying entirely on pipeline success [sec_mda · as of 2025-11-06].
- Significant accumulated losses — Accumulated deficit of $287.3M as of June 30, 2025, with expectations of continued net operating losses [sec_mda · as of 2025-08-06].
- Clinical and regulatory uncertainty — BGE-102 and other candidates face risks of failing to demonstrate safety/efficacy in trials [sec · filed 2025-01-20].
- Dependence on third-party manufacturers — Relies on CDMOs for development and manufacturing; no commercial supply agreements in place [sec_mda · as of 2025-08-06].
What to watch
- Phase 2 top-line data for BGE-102 in obesity, expected by end of 2026 [sec · filed 2024-09-03].
- IND filings and initial Phase 1 data for NLRP3 inhibitor program [sec_mda · as of 2025-08-06].
- Progress on APJ agonist programs, including IND filings targeted by year-end 2026 [sec_mda · as of 2025-08-06].
- Cash runway and potential need for additional financing given ongoing operating losses [sec_mda · as of 2025-08-06].
Sources: SEC filings · SEC MD&A · Generated August 24, 2026 · How we verify sources →
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Evidence & data
Score breakdownBased on 6 of 6 signals · derived from public data
48.3 months
D/E 0.06 · 0% dilution
Lead: Phase 2
2 candidates
2 upcoming, next in ~123d
0 buys · 3 sells (180d)
Runway
Catalysts
Pipeline
Regulatory
Financials
Institutional Holdings
Source: SEC Form 13F · as of Mar 2026Institutional holders
142
Total value held
$484.1M
| Holder | Shares | Value |
|---|---|---|
| janus henderson group plc | 4,188,540 | $73.2M |
| vanguard capital management llc | 2,709,812 | $47.4M |
| blackrock, inc. | 2,267,756 | $39.7M |
| ra capital management, l.p. | 1,650,648 | $28.9M |
| balyasny asset management l.p. | 1,327,545 | $23.2M |
| braidwell lp | 1,200,587 | $21.0M |
| polar capital holdings plc | 1,132,640 | $19.8M |
| state street corp | 850,894 | $14.9M |
| sands capital alternatives, llc | 786,353 | $13.8M |
| geode capital management, llc | 749,266 | $13.1M |
Showing top 10 of 142 institutional holders of BioAge Labs, Inc.. Open the full 13F history after sign-in.
Short Interest
as of May 20, 2026- % of float
- 4.8%
- Days to cover
- 4.4
- Shares short
- 1,884,632
- Daily short volume
- -
Short percent of float and days-to-cover reflect reported short positioning. Daily short volume is the exchange-reported short share of a single day's trading volume and is noisier. See the most-shorted biotech ranking →
BIOA short interestGovernance
Frequently asked questions
What is the AI investment thesis for BioAge Labs, Inc.?
BioAge Labs, Inc. (BIOA) is a clinical-stage biopharmaceutical company developing therapies for metabolic and inflammatory diseases, with a lead program in obesity and a pipeline including NLRP3 inhibitors and APJ agonists.
What is BioAge Labs, Inc.'s lead drug candidate?
BioAge Labs, Inc.'s most advanced tracked candidate is apj programs (Preclinical).
What is BioAge Labs, Inc.'s next catalyst?
BioAge Labs, Inc.'s next tracked catalyst is a Phase2_Topline event — "Phase 2 Readout: bge-102" — expected December 31, 2026.
Who is the CEO of BioAge Labs, Inc.?
Dr. Kristen Fortney Ph.D. is the chief executive officer of BioAge Labs, Inc. (BIOA).
Where is BioAge Labs, Inc. headquartered?
BioAge Labs, Inc. (BIOA) is headquartered in EmeryVille, CA, United States.
The AI overview and BioSniper Score are neutral, data-derived signals built from public SEC filings, ClinicalTrials.gov and FDA records — not investment advice.