BioAge Labs (BIOA) Q4 2025 earnings summary

Executive summary

• Positive interim Phase 1 data for BGE-102, an oral, brain-penetrant NLRP3 inhibitor, showed strong reductions in inflammatory biomarkers of cardiovascular risk, supporting advancement to Phase 2a in 1H 2026.

• Indication expansion for BGE-102 into ophthalmology, with a Phase 1b/2a trial in diabetic macular edema planned for mid-2026.

• Completed an upsized follow-on public offering, raising $132.3 million, strengthening the balance sheet to support clinical programs.

Financial highlights

• Collaboration revenue was $9.0 million for 2025, compared to no revenue in 2024, driven by the Novartis collaboration.

• Research and development expenses rose to $73.9 million in 2025 from $59.0 million in 2024, mainly due to increased program costs and personnel expenses.

• General and administrative expenses increased to $27.8 million from $19.2 million year-over-year, primarily due to higher personnel and legal costs.

• Net loss was $80.6 million for 2025, or $2.24 per share, compared to $71.1 million, or $6.63 per share, in 2024.

• Cash, cash equivalents, and marketable securities totaled $285.1 million as of December 31, 2025.

Outlook and guidance

• Full Phase 1 data for BGE-102 expected in 1H 2026; Phase 2a cardiovascular risk trial to initiate in 1H 2026, with data expected in 2H 2026.

• Phase 1b/2a trial in diabetic macular edema to start mid-2026, with results anticipated mid-2027.

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

• Current cash position expected to fund operations through 2029.