BioAge Labs (BIOA) Q1 2026 earnings summary

Executive summary

• Lead program BGE-102, an oral NLRP3 inhibitor, showed strong Phase 1 results with significant reductions in inflammatory biomarkers and favorable safety and tolerability, supporting advancement into cardiovascular and ophthalmology trials in 2026.

• Collaboration with Novartis generated $2.8M in Q1 2026 revenue, with potential for future milestone payments.

• Net loss increased to $22.3M in Q1 2026 from $12.9M in Q1 2025, reflecting higher R&D and G&A expenses as clinical programs advanced.

• Completed an upsized follow-on public offering, raising $132.3M to support clinical programs.

Financial highlights

• Q1 2026 collaboration revenue was $2.8M, up 91% year-over-year, driven by increased activity under the Novartis agreement.

• Research and development expenses rose to $20.4M from $11.1M year-over-year, mainly due to BGE-102 clinical trial costs and APJ program development.

• General and administrative expenses increased to $7.7M from $6.8M, primarily due to higher stock-based compensation, personnel, and legal fees.

• Net loss per share was $(0.52) versus $(0.36) in Q1 2025.

• Cash, cash equivalents, and marketable securities totaled $384.9M as of March 31, 2026.

Outlook and guidance

• Existing cash resources are expected to fund operations and capital expenses through 2029, supporting planned clinical trials and pipeline expansion.

• Phase 2 trial for BGE-102 in cardiovascular risk and Phase 1b/2a trial in diabetic macular edema are set to begin mid-2026, with data expected by end of 2026 and mid-2027, respectively.

• IND filing for APJ agonist program targeted by year-end 2026.