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BioAge Labs

catalyst in 5dNo base rate yet — BIOA has 0 graded prints on the record, and the bar is 3.Website
Ticker
BIOA
Beat
biopharma
Size
Public Company
Revenue
$2.5M
as of Jun 2026
Cash
$74.0M
as of Jun 2026
Burn
$19.6M/qtr
as of Jun 2026
Runway
~4 qtr at this rate
as of Jun 2026
Researched · Stale
10 days ago

A burned-then-reborn aging-biology platform whose entire ~$730M cap now rests on one Phase 1 asset (oral brain-penetrant NLRP3 inhibitor BGE-102) printing best-in-class hsCRP — fully funded to 2029, but the value-creating Phase 2 readouts are still 6-18 months out and a Lilly-backed competitor (ex-Ventyx) is the same molecule class with deeper pockets.

Orbit · who it trades with and competes with
1 on the rings · 0 trade · 1 rival
1 mentions across our dossiers
Focus · Biopharma
BioAge Labs
BIOA · public
No published house view
Competes with
Links · 1 company · 0 trade · 1 rival
“The single sharpest example: the most dangerous NLRP3 competitor, Ventyx (VTX-3232, also brain-penetrant), was acquired by Eli Lilly for ~$1.2B in Jan 2026.”Eli Lilly · RIVAL · from BioAge Labs’s dossier
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Price

Weekly closes

BIOA · weekly close
5.87 USD+15.1%
Friday 30 Oct 2026 · last 52 Fridays 4.84–25.10
pick a pin
Every pin is a dated row
Solid: filed with the SEC, settled at FINRA, or a recorded split. Hollow: the scheduled print, past the last close, never a price.
Height is the close · the ribbon is the stored record, a missing week a missing point · a pin stands on its Friday
  1. Short interest: 3,274,379 sh · 3.94 days to cover, FINRA · settled 30 Sept 2026
  2. Next print: in 5 days, Scheduled · 5 Nov 2026, scheduled
5.87USD+15.1%biopharma +5.3%BIOA · 110 weekly closes to 2026-10-30

Who is buying

Shares sold shortFINRA · settled 30 Sept 2026
3,274,379 shares
Days to unwind the shortFINRA · settled 30 Sept 2026
3.94
see the whole series
Financials

The reported figures

Revenue · quarterly
$2.5M
latest, Q2 ’26 · 9 periods stored
Filed · primary
Q2 ’26
$2.5M USD
as of 30 Jun 2026
Source: sec.gov
Solid = filed (primary) · hollow dashed = estimate · a dashed floor tick is a period with no figure held · quarterly and annual never share an axis
BioAge Labs, quarterly figures held, Q4 ’23 to Q2 ’26
PeriodAs ofRevenueFree cash flowCapexCashShares outstandingGradingSource
Q4 ’2331 Dec 2023—-$8.5M USD$0 USD$21.6M USD—Filed · primarysec.gov
Q1 ’2431 Mar 2024—-$15.7M USD$0 USD$174M USD—Filed · primarysec.gov
Q2 ’2430 Jun 2024$0 USD-$15.8M USD$35K USD——Filed · primarysec.gov
Q3 ’2430 Sept 2024$0 USD-$15.2M USD$305K USD$334M USD35.8M sharesFiled · primarysec.gov
Q4 ’2431 Dec 2024$0 USD-$5.2M USD$26K USD$354M USD—Filed · primarysec.gov
Q1 ’2531 Mar 2025$1.5M USD-$17.8M USD$426K USD$257M USD35.9M sharesFiled · primarysec.gov
Q2 ’2530 Jun 2025$2.4M USD-$20.1M USD$159K USD$220M USD35.9M sharesFiled · primarysec.gov
Q3 ’2530 Sept 2025$2.1M USD-$16.1M USD$22K USD$216M USD35.9M sharesFiled · primarysec.gov
Q4 ’2531 Dec 2025$3.1M USD-$28.4M USD$112K USD$189M USD—Filed · primarysec.gov
Q1 ’2631 Mar 2026$2.8M USD-$24.1M USD$26K USD$242M USD44.4M sharesFiled · primarysec.gov
Q2 ’2630 Jun 2026$2.5M USD-$19.6M USD$328K USD$74.0M USD45.9M sharesFiled · primarysec.gov

BioAge Labs’s figures as the company reported them in its filings. Quarters are calendar quarters, so a company whose year ends in January shows each fiscal quarter under the calendar quarter it falls in. An empty slot is a quarter we hold no figure for.

Revenue · quarterlyQ2 ’24 – Q2 ’26
$2.5M+1.6% vs Q2 ’25

Q2 ’26 · as of Jun 2026

Revenue Q2 ’24: $0, as of Jun 2024Revenue Q3 ’24: $0, as of Sep 2024Revenue Q4 ’24: $0, as of Dec 2024 (Q4 worked out from the annual total)Revenue Q1 ’25: $1.5M, as of Mar 2025Revenue Q2 ’25: $2.4M, as of Jun 2025Revenue Q3 ’25: $2.1M, as of Sep 2025Revenue Q4 ’25: $3.1M, as of Dec 2025 (Q4 worked out from the annual total)Revenue Q1 ’26: $2.8M, as of Mar 2026Revenue Q2 ’26: $2.5M, as of Jun 2026

Lighter bars: Q4 worked out as the full-year total minus the three reported quarters.

Free cash flow · quarterlyQ4 ’23 – Q2 ’26
-$19.6M

Q2 ’26 · as of Jun 2026

Free cash flow Q4 ’23: -$8.5M, as of Dec 2023 (Q4 worked out from the annual total)Free cash flow Q1 ’24: -$15.7M, as of Mar 2024Free cash flow Q2 ’24: -$15.8M, as of Jun 2024Free cash flow Q3 ’24: -$15.2M, as of Sep 2024Free cash flow Q4 ’24: -$5.2M, as of Dec 2024 (Q4 worked out from the annual total)Free cash flow Q1 ’25: -$17.8M, as of Mar 2025Free cash flow Q2 ’25: -$20.1M, as of Jun 2025Free cash flow Q3 ’25: -$16.1M, as of Sep 2025Free cash flow Q4 ’25: -$28.4M, as of Dec 2025 (Q4 worked out from the annual total)Free cash flow Q1 ’26: -$24.1M, as of Mar 2026Free cash flow Q2 ’26: -$19.6M, as of Jun 2026

Lighter bars: Q4 worked out as the full-year total minus the three reported quarters.

Operating cash flow minus capital spending.

Cash · quarterlyQ4 ’23 – Q2 ’26
$74.0M

Q2 ’26 · as of Jun 2026

Cash Q4 ’23: $21.6M, as of Dec 2023Cash Q1 ’24: $174M, as of Mar 2024Cash Q3 ’24: $334M, as of Sep 2024Cash Q4 ’24: $354M, as of Dec 2024Cash Q1 ’25: $257M, as of Mar 2025Cash Q2 ’25: $220M, as of Jun 2025Cash Q3 ’25: $216M, as of Sep 2025Cash Q4 ’25: $189M, as of Dec 2025Cash Q1 ’26: $242M, as of Mar 2026Cash Q2 ’26: $74.0M, as of Jun 2026Debt Q3 ’24: $9.9M, as of Sep 2024Debt Q4 ’24: $8.5M, as of Dec 2024Debt Q1 ’25: $7.1M, as of Mar 2025

CashDebt

Shares outstanding · quarterlyQ3 ’24 – Q2 ’26
45.9M+28% since Q3 ’24

Q2 ’26 · as of Jun 2026

Shares outstanding Q3 ’24: 35.8M, as of Sep 2024Shares outstanding Q1 ’25: 35.9M, as of Mar 2025Shares outstanding Q2 ’25: 35.9M, as of Jun 2025Shares outstanding Q3 ’25: 35.9M, as of Sep 2025Shares outstanding Q1 ’26: 44.4M, as of Mar 2026Shares outstanding Q2 ’26: 45.9M, as of Jun 2026

A rising count is dilution: each existing share owns less of the company.

Latest filing: sec.gov

The record

What happened

What happened
DateTypeWhat happenedSource
2026-10-21editorial noteSources added: 0 → 9The dossier's cited-link count grew from 0 to 9 (deep-dive-2026-06-18.md → deep-dive-2026-10-21.md).dossier
2026-10-21editorial noteRevenue figure revised: $9.0M → $2.4MRevenue moved from $9.0M (deep-dive-2026-06-18.md) to $2.4M (deep-dive-2026-10-21.md).dossier
2026-10-02filing8-K Item 8.01: first participant dosed in BGE-102 Phase 2 QUELL-DME trialFirst participant dosed in the Phase 2 QUELL-DME trial of oral BGE-102 (NLRP3 inhibitor) in diabetic macular edema; about 180 participants randomized 1:1:1; topline results expected 2H 2027.agent:company-events · SEC EDGAR 8-K
dossier age
10 days
researched 21 Oct 2026 · ring fills at 180
pick a section
Each column is a section of the dossier
Its height is how many times the section names a filing: 11 mentions across 2 sections. A dashed foot names none.
Primary sources
1 of 2 sections name no filing · Enter steps through them
  1. The dossier: Refresh delta (since 2026-06-18), 480 words, 11 filing mentions
  2. The dossier: What held, 58 words, no filing mention
Research

The BioAge Labs dossier

The verdict

A burned-then-reborn aging-biology platform whose entire ~$730M cap now rests on one Phase 1 asset (oral brain-penetrant NLRP3 inhibitor BGE-102) printing best-in-class hsCRP — fully funded to 2029, but the value-creating Phase 2 readouts are still 6-18 months out and a Lilly-backed competitor (ex-Ventyx) is the same molecule class with deeper pockets.

Primary sources

SEC filings

Source documents — open to read in full

Refresh delta (since 2026-06-18)

  1. Q2-2026 financials. Collaboration revenue $2.4M (same as Q2-2025). R&D $24.4M ($19.8M a year earlier; BGE-102 direct costs up $7.9M); G&A $7.4M ($7.3M). Total operating expenses $31.8M; loss from operations $(29.3)M. Net loss $26.1M, $(0.58) per share (Q2-2025: $21.6M, $(0.60)). Six-month loss from operations $(54.7)M; six-month net loss per share $(1.11) ($(0.96)). [sec.gov: Form 8-KA filing for something that happened between reports and matters enough to tell shareholders now. 2026-08-05 exhibit 99.1, https://www.sec.gov/Archives/edgar/data/1709941/000119312526335368/bioa-ex99_1.htm; sec.gov: Form 10-QThe quarterly version of the annual report. Lighter, and not audited. 2026-08-05, https://www.sec.gov/Archives/edgar/data/1709941/000119312526335407/bioa-20260630.htm; three and six months ended 2026-06-30]
  2. Cash and runway. Cash, cash equivalents and marketable securities were about $381.3M at 2026-06-30. Management says this funds operations and capital expenses through 2029, the same horizon as the dossier. Net cash used in operating activities was $43.3M for the six months ($37.3M a year earlier). Accumulated deficit $(381.8)M. Weighted average shares in Q2 were 44,838,893 (35,850,037 a year earlier). [sec.gov: 8-K 2026-08-05 exhibit 99.1, https://www.sec.gov/Archives/edgar/data/1709941/000119312526335368/bioa-ex99_1.htm; sec.gov: 10-Q 2026-08-05, https://www.sec.gov/Archives/edgar/data/1709941/000119312526335407/bioa-20260630.htm; as of 2026-06-30]
  3. QUELL-CV (BGE-102, obesity with elevated hsCRP) has started. The first participant was dosed in June 2026. Design: randomised, double-blind, placebo-controlled, 30 mg, 60 mg and 90 mg once daily against placebo in about 160 adults for 12 weeks; primary endpoint is percent change in hsCRP; topline data are expected in 2H 2026. The dossier listed this trial as "Ph2a initiating 1H26". [sec.gov: 8-K 2026-08-05 exhibit 99.1, https://www.sec.gov/Archives/edgar/data/1709941/000119312526335368/bioa-ex99_1.htm; as of 2026-08-05]
  4. QUELL-DME design and timing changed. The 8-K of 2026-08-05 still described a Phase 1b/2a trial in diabetic macular edema planned for mid-2026 with data in mid-2027. The 8-K of 2026-10-02 reports the first participant dosed in QUELL-DME, now described as a randomised, controlled Phase 2 trial of about 180 participants in three arms (anti-VEGF plus placebo; anti-VEGF plus BGE-102 90 mg; sham injection plus BGE-102 90 mg) for 12 weeks with four weeks of follow-up. The primary endpoint is change in best-corrected visual acuity at week 12, and topline results are expected in 2H 2027. The dossier had a Ph1b/2a intraocular IL-6 readout in mid-2027. [sec.gov: 8-K 2026-10-02, https://www.sec.gov/Archives/edgar/data/1709941/000119312526412300/bioa-20261002.htm; sec.gov: 8-K 2026-08-05 exhibit 99.1, https://www.sec.gov/Archives/edgar/data/1709941/000119312526335368/bioa-ex99_1.htm]
  5. APJ and partnerships (unchanged guidance). The first IND for an APJ programme is still targeted by year-end 2026; the Novartis target-discovery collaboration and the Lilly ExploR&D antibody collaboration are described as continuing. [sec.gov: 8-K 2026-08-05 exhibit 99.1, https://www.sec.gov/Archives/edgar/data/1709941/000119312526335368/bioa-ex99_1.htm]
  6. Phase 1 data restated. The release cites up to 98% suppression of IL-1β at trough in an ex vivo whole-blood assay and median hsCRP reductions of 86% at 60 mg and 120 mg once daily, with no serious adverse events and no discontinuations from treatment-emergent adverse events. [sec.gov: 8-K 2026-08-05 exhibit 99.1, https://www.sec.gov/Archives/edgar/data/1709941/000119312526335368/bioa-ex99_1.htm]

Bearing on the position seed (facts only; the seed is unchanged). The seed's catalysts name the Ph2a hsCRP topline (2H26 / YE26) and the DME Ph1b/2a topline (mid-2027). Item 3 confirms the first for 2H 2026; item 4 reports the DME readout is now expected in 2H 2027 from a Phase 2 trial with a visual-acuity primary endpoint.

What held

  • Funding through 2029 is restated, with about $381M of cash and securities (item 2).
  • The company remains a single-asset story: BGE-102 is the only clinical programme described, with APJ still preclinical (items 3 to 5).
  • Collaboration revenue is flat at $2.4M a quarter, so spending is still funded from the balance sheet (items 1, 2).

How our view changed

2 dossiers

Every dossier we have written on BioAge Labs, newest first.

  1. current

    A burned-then-reborn aging-biology platform whose entire ~$730M cap now rests on one Phase 1 asset (oral brain-penetrant NLRP3 inhibitor BGE-102) prin…

  2. A burned-then-reborn aging-biology platform whose entire ~$730M cap now rests on one Phase 1 asset (oral brain-penetrant NLRP3 inhibitor BGE-102) prin…

Company details

IndustryBiopharma
SizePublic Company
WebsiteVisit BioAge Labs

Others in biopharma

5 names

Where BioAge Labs sits against the other names we cover on this beat. Each line is that company’s verdict, not a summary of it.