BioAge Labs (BIOA) Citi's 2024 Global Healthcare Conference summary

Platform and target discovery

• Focuses on identifying metabolic disease targets by analyzing large, long-term human biobank data sets, emphasizing translational relevance and safety signals from decades of follow-up.

• Proprietary platform led to the discovery of apelin signaling (target of azelaprag), NLRP3, and two additional early-stage targets.

• Uses advanced metabolomics and proteomics to profile individuals with better long-term health outcomes.

Lead asset: azelaprag and clinical development

• Azelaprag, an oral small molecule apelin receptor agonist, was in-licensed with strong phase 1 safety data and over 200 subjects tested.

• Mechanistically, azelaprag increases energy expenditure, complementing appetite-suppressing drugs for enhanced weight loss and improved body composition.

• Phase 2 STRIDES trial (in collaboration with Lilly) combines azelaprag with tirzepatide in older adults, aiming for a 3.3% incremental weight loss at six months, with top-line data expected Q3 2025.

• Additional phase 2 trials with semaglutide and in type 2 diabetes are planned for 2025.

• Exploratory endpoints include body composition, with potential commercial upside if muscle-sparing benefits are demonstrated.

Commercial strategy and market positioning

• Azelaprag is positioned for both standalone and combination use, with potential for fixed-dose oral combinations with various incretins.

• Differentiated by clean tolerability profile and broad combinability with appetite suppressants, including incretins and CB1 agonists.

• Market expected to fragment into induction and maintenance therapies, with azelaprag well-suited for chronic maintenance and muscle-sparing in elderly.

• Commercial strategies include both go-it-alone and partnership models, with potential for exclusive or multiple collaborations.