BioAge Labs (BIOA) Citigroup’s Biopharma Back to School Summit 2026 summary

NLRP3 program and clinical progress

• Lead NLRP3 inhibitor BGE-102 showed best-in-class brain penetration and full IL-1 beta suppression in Phase I, with two Phase II trials underway: one in obese inflamed patients and another in diabetic macular edema (DME).

• Recent setbacks in IL-6 cardiovascular outcomes (ZEUS trial) have shifted focus to other indications, but NLRP3 remains promising due to its distinct mechanism and safety profile.

• QUELL-CV Phase II study is fully enrolled, with top-line data expected by year-end, focusing on a broad metabolic population and informing dose selection for future indications.

• The DME Phase II trial tests both monotherapy and combination with VEGF, targeting a broad patient population, with top-line data expected in the second half of next year.

• Positive efficacy (one line BCVA improvement) could enable rapid progression to Phase III and expansion into other ocular diseases like geographic atrophy.

Strategic focus and pipeline expansion

• Multiple indications are being considered for NLRP3, with at least one new indication to be announced by year-end, leveraging the oral administration advantage.

• APJ agonist portfolio for obesity remains on track for IND filing by year-end, with both oral and injectable candidates aiming for enhanced weight loss and muscle retention.

• NLRP3's role in obesity is deprioritized after negative Ventyx data, but ongoing trials may provide further clarity.

• The proprietary longitudinal Healthspan database underpins target discovery, supporting both internal pipeline and collaborations with Novartis and Lilly.

• AI and large language models are integrated into data analysis and regulatory processes, enhancing target identification and operational efficiency.

Financial position and outlook

• Cash position at end of Q2 was $381 million, providing runway through 2029 and funding for one or two additional NLRP3 indications.

• All planned clinical activities for NLRP3 and APJ programs are covered by current cash guidance.

• Key upcoming milestones include QUELL-CV and metabolic trial results by year-end, DME Phase II efficacy readout in the second half of next year, and APJ IND filing by year-end.