BioAge Labs (BIOA) Q3 2026 earnings summary

Executive summary

• BGE-102 advanced into Phase 2 diabetic macular edema testing, QUELL-CV enrollment was completed, and APJ agonist development continued; $352.3M in cash and securities supports a projected runway through 2029.

Financial highlights

• Q3 collaboration revenue was $0.3M vs. $2.1M a year earlier; the decline included a $1.7M cumulative catch-up reduction tied to the September Novartis amendment.

• Q3 operating expenses rose 50% to $37.7M; R&D increased 63% to $30.2M, mainly on BGE-102 trial and manufacturing costs, and G&A rose 12% to $7.5M.

• Q3 net loss widened to $33.5M, or $0.73 per share, from $20.2M, or $0.56 per share; nine-month net loss was $81.9M vs. $54.7M.

• Nine-month collaboration revenue was $5.5M vs. $5.9M; operating expenses rose 39% to $97.6M, including R&D of $75.0M and G&A of $22.6M.

Outlook and guidance

• QUELL-CV topline data are expected in Q4 2026; the ~160-participant trial tests 30 mg, 60 mg and 90 mg doses, with 12-week hsCRP change as the primary endpoint.

• QUELL-DME topline results are expected in H2 2027; the ~180-participant trial's primary endpoint is change in best-corrected visual acuity at week 12.

• First APJ program IND filing is targeted by year-end 2026; cash, cash equivalents and marketable securities are projected to fund operations and capital expenses through 2029, subject to assumptions.

• R&D and G&A expenses are expected to increase as programs and operations expand.