BioAge Labs (BIOA) Registration Filing summary

Company overview and business model

• Biopharmaceutical company focused on developing therapeutics for metabolic diseases, especially obesity, by targeting the biology of human aging.

• Utilizes a technology platform and proprietary human datasets to identify molecular targets related to aging.

• Lead program BGE-102 is an orally available NLRP3 inhibitor, initially developed for obesity, with Phase 1 clinical trials underway and proof-of-concept trials planned for 2026.

• Pipeline includes novel apelin receptor (APJ) agonists for obesity, with both oral and parenteral candidates, and option agreements for antibody and small molecule programs.

Financial performance and metrics

• As of June 30, 2025, 35,850,037 shares of common stock outstanding; no preferred stock outstanding.

• Net tangible book value as of June 30, 2025, was $294.8 million, or $8.22 per share.

• After a $75 million offering at $5.45 per share, as-adjusted net tangible book value would be $367.1 million, or $7.40 per share.

• Outstanding stock options to purchase 8,047,827 shares at a weighted average exercise price of $7.72 per share.

Use of proceeds and capital allocation

• Net proceeds intended for general corporate purposes, including research, clinical development, manufacturing, working capital, debt reduction, commercialization infrastructure, manufacturing expansion, acquisitions, and capital expenditures.

• Pending use, proceeds will be invested in investment-grade, interest-bearing securities.

• Proceeds from the $75 million at-the-market offering are not expected to fund lead candidate BGE-102 through regulatory approval; additional capital will be required.