0001193125-26-120873
SEC filingBioAge 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.
BioAge Labs recorded FY 2025 collaboration revenue of $9.0M, reflecting partnerships like those with Lilly and Novartis. Net loss reached $80.6M, driven by total operating expenses of $101.8M (R&D $74.0M, G&A $27.8M), yielding loss from operations of -$92.8M. Other income netted $12.2M, including $13.1M interest income, $697K interest expense, and -$214K warrant fair value change. Comprehensive loss was -$80.6M after $33K other comprehensive income. No prior year XBRL provided for direct YoY, but losses align with clinical-stage biotech investment in pipeline. Balance sheet shows $294.9M total assets, $22.8M liabilities, $272.1M equity. Cash flows: operating -$81.6M (net loss adjusted for $11.7M stock comp, working capital changes), investing -$95.2M, financing +$11.5M.
Revenue solely from collaboration at $9.0M; no product revenue as clinical-stage. No segment breakdown disclosed. Drivers tied to platform collaborations (Lilly discovery, Novartis target discovery). Deferred revenue current $5.8M, non-current $0, indicating recognition pace. No geographic split provided.
No gross profit as no COGS; operating margin effectively -1,031% on $9.0M revenue vs. $101.8M expenses. High R&D (73% of op ex) reflects BGE-102 Phase 1 advancement, APJ programs. G&A 27% supports 62 employees. Stock comp $11.7M key non-cash expense. Loss per share -$2.00 basic/diluted on 35.9M shares.
Operating cash -$81.6M, reflecting loss and $6.7M deferred revenue drop. Investing -$95.2M (marketables net -$94.5M, PPE -$719K). Financing +$11.5M ($17.2M ATM net, -$6.0M debt paydown, $714K options). Net cash change -$165.5M; end cash $25.0M (BS lists $188.9M cash equiv + $92.2M/4.0M marketables = strong $285.1M liquidity). Debt: term loan current $2.6M, total $0 long-term. Equity $272.1M (APIC $605.2M, deficit -$333.4M).
Management eyes BGE-102 Phase 1 full data H1 2026, Phase 2a obesity/hsCRP H1 2026 (160 pts, hsCRP endpoint, YE 2026 results), DME Ph1b/2a mid-2026 (mid-2027 data). APJ IND YE 2026 (oral/parenteral). Cash sufficient through 2029. Risks: clinical delays, cash burn, competition (NLRP3/APJ rivals), BIOSECURE Act on China CMOs. No numerical guidance; focus platform-derived cardiometabolic pipeline.