BioAge Labs, Inc.

BioAge Labs, Inc. (BIOA) reported collaboration revenue of $9.0 million for FY 2025, ending December 31, 2025, primarily from partnerships. The company posted a net loss of $80.6 million, widening from prior periods due to elevated operating expenses totaling $101.8 million, with research and development at $74.0 million and general and administrative at $27.8 million, resulting in a loss from operations of $92.8 million. This was partially offset by $12.2 million in other income (expense), net, including $13.1 million in interest and other income. Basic and diluted net loss per share was $2.00 on 35.9 million weighted-average shares. Balance sheet remains solid with total assets of $294.9 million, including $188.9 million in cash and equivalents and $92.2 million in current marketable securities, yielding total current assets of $286.8 million and stockholders' equity of $272.1 million. Cash flows reflected heavy investment: operating activities used $81.6 million, investing $95.2 million (including $154.7 million marketable securities purchases), financing provided $11.5 million (notably $17.2 million from at-the-market offerings), netting a $165.5 million decrease in cash to $25.0 million end balance. Forward-looking, BioAge advances BGE-102 NLRP3 inhibitor with Phase 1 completion H1 2026, Phase 2a in obesity/elevated hsCRP H1 2026 (results YE 2026), and DME trial mid-2026; APJ agonists IND YE 2026. Cash runway supports through 2029, focusing on cardiometabolic pipeline amid high R&D burn.

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