BioAge Labs, Inc.
BIOA · Pharmaceutical Preparations · 44.5M shares · +541%/yr ↑ dilution · EDGAR filings ↗
Reference price $17.81 · est. market cap ~$792M — last insider sale, 2026-04-01 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
D50Early clinical-stage aging-biology developer, well-funded with marquee partners, but the only posted readout is a failed, deprioritized program.
Strengths
- Strong balance sheet: $281M cash, ~13.7-quarter runway, no debt, current ratio 14
- Lead BGE-102 (oral NLRP3) showed best-in-class-potential Phase 1 hsCRP reduction; Lilly and Novartis collaborations
Risks
- Posted trial readout (asapiprant COVID Phase 2) failed and was terminated, trending against drug
- Lead program still only Phase 1; no human efficacy in core cardiometabolic indications yet
- Deep losses (operating margin -10x revenue, ROE -30%) with no revenue
Notable findings
- Chronic dilutionShare count +541%/yr over 1y (dilution, book value/share -87%)
- Net lossNet loss (net margin -896.1%)
- Cash burnNegative free cash flow (-82.3M)
- Fund exitedNotable fund(s) exited this quarter: VANGUARD GROUP INC
- Strong balance sheetStrong balance sheet — $281M cash & investments, ~14 quarters of runway
- Insider sellingInsider selling — 9 open-market sale(s) by 3 insider(s) (cluster of 3 insiders, ~$5M, last 6mo) Form 4 ↗
- Trial readout soonUpcoming trial readout ~2026-11-30 — PHASE2 · Obesity and Cardiovascular Risk
- Trial resultTrial topline data reported — see 8-K for outcome 8-K ↗
- Notable holderHeld by 5 notable fund(s): STATE STREET CORP, FMR LLC, GOLDMAN SACHS GROUP INC +2 more (as of 2026-03-31)
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Operating margin
-1031.5%
Net margin
-896.1%
Return on equity
-29.6%
Return on assets
-27.3%
ROIC
-26.9%
Revenue growth (QoQ)
-9.9%
Debt / equity
0.0×
Current ratio
14.2×
Free cash flow
-$82M
Tangible book value
$272M
Cash & investments
$281M
Cash runway
14q
Stock comp / revenue
130.0%
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-04-23 | GOLDSTEIN DOV A MD | Option exercise | 3.5K | $4.38 |
| 2026-04-01 | RUBIN PAUL D | Option exercise | 5.4K | $4.11 |
| 2026-04-01 | RUBIN PAUL D | Option exercise | 3.4K | $6.57 |
| 2026-04-01 | RUBIN PAUL D | Sell | 8.8K | $17.81 |
| 2026-03-02 | RUBIN PAUL D | Option exercise | 5.4K | $4.11 |
| 2026-03-02 | RUBIN PAUL D | Option exercise | 2.0K | $6.57 |
| 2026-03-02 | RUBIN PAUL D | Sell | 7.4K | $20.30 |
| 2026-03-01 | GOLDSTEIN DOV A MD | Option exercise | 3.5K | $4.38 |
| 2026-02-02 | RUBIN PAUL D | Option exercise | 5.4K | $4.11 |
| 2026-02-02 | RUBIN PAUL D | Option exercise | 2.0K | $6.57 |
| 2026-02-02 | RUBIN PAUL D | Sell | 7.4K | $18.75 |
| 2026-02-01 | GOLDSTEIN DOV A MD | Option exercise | 3.5K | $4.38 |
| 2026-01-16 | GOLDSTEIN DOV A MD | Option exercise | 3.5K | $4.38 |
| 2026-01-13 | Fortney Kristen | Sell | 233K | $18.12 |
| 2026-01-13 | GOLDSTEIN DOV A MD | Option exercise | 27K | $8.39 |
| 2026-01-13 | GOLDSTEIN DOV A MD | Sell | 9.0K | $18.43 |
| 2026-01-13 | GOLDSTEIN DOV A MD | Sell | 4.4K | $19.45 |
| 2026-01-13 | GOLDSTEIN DOV A MD | Sell | 12K | $20.54 |
| 2026-01-13 | GOLDSTEIN DOV A MD | Sell | 1.9K | $21.08 |
| 2026-01-02 | RUBIN PAUL D | Option exercise | 5.4K | $4.11 |
| 2026-01-02 | RUBIN PAUL D | Option exercise | 2.0K | $6.57 |
| 2026-01-02 | RUBIN PAUL D | Sell | 7.4K | $12.85 |
| 2025-12-09 | RUBIN PAUL D | Option exercise | 18K | $6.57 |
| 2025-12-09 | RUBIN PAUL D | Sell | 18K | $12.00 |
| 2025-12-04 | RUBIN PAUL D | Option exercise | 69K | $4.11 |
| 2025-12-04 | RUBIN PAUL D | Sell | 69K | $10.19 |
All non-derivative Form 4 activity (SEC), newest first.
Clinical trials
| Trial | Title | Phase | Status | Primary completion |
|---|---|---|---|---|
| NCT07656727 ↗ | A Phase 2 Study to Evaluate the Pharmacodynamics, Safety and Tolerability of BGE-102 in Participants With Obesity and Cardiovascular Risk Factors Obesity and Cardiovascular Risk | PHASE2 | Recruiting | 2026-11-30 |
| NCT06515418 ↗ | Efficacy and Safety of Oral Azelaprag Plus Once Weekly Tirzepatide Compared with Tirzepatide Alone in Participants with Obesity Aged 55 Years and Over Obesity | PHASE2 | Terminated | 2025-02-06 |
| NCT06141889 ↗ | Pharmacokinetics Study of Azelaprag (BGE-105) in Older Adult Healthy Volunteers Healthy Volunteer Study | PHASE1 | Completed | 2024-01-26 |
| NCT05152641 ↗ | Study to Evaluate Efficacy and Safety of BGE-117 in Moderately to Severely Anemic Older Individuals After Major Hip Surgery Acute Posthemorrhagic Anemia | PHASE2 | Withdrawn | 2023-04-01 |
| NCT04705597 ↗ | Study to Evaluate the Safety, Tolerability, and Efficacy of BGE-175 in Hospitalized Adults With Coronavirus Disease 2019 (COVID-19) That Are Not in Respiratory Failure Covid19 | PHASE2 | Terminated | 2022-04-20 |
| NCT04815603 ↗ | Study to Evaluate Efficacy and Safety of BGE-117 in the Treatment of Anemia of Aging Anemia | PHASE2 | Withdrawn | 2022-04-01 |
Source: ClinicalTrials.gov (U.S. NIH) · active studies first.
Notable events (8-K)
| Date | Items | |
|---|---|---|
| 2026-06-12 | Shareholder vote | filing ↗ |
| 2026-05-08 | ResultsExhibits | filing ↗ |
| 2026-03-24 | ResultsReg FDExhibits | filing ↗ |
| 2026-01-22 | Material agreementReg FDExhibits | filing ↗ |
| 2026-01-20 | Reg FDOtherExhibits | filing ↗ |
| 2026-01-12 | Reg FDOtherExhibits | filing ↗ |
| 2025-12-04 | Reg FDOtherExhibits | filing ↗ |
| 2025-11-06 | ResultsExhibits | filing ↗ |
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-06-12 | 2026-06-10 | 0001193125-26-268518 ↗ |
| 8-K | 2026-05-08 | 2026-05-08 | 0001193125-26-213472 ↗ |
| 10-Q | 2026-05-08 | 2026-03-31 | 0001193125-26-213466 ↗ |
| 10-K | 2026-03-24 | 2025-12-31 | 0001193125-26-120873 ↗ |
| 8-K | 2026-03-24 | 2026-03-24 | 0001193125-26-120864 ↗ |
| 8-K | 2026-01-22 | 2026-01-21 | 0001193125-26-019536 ↗ |
| 8-K | 2026-01-20 | 2026-01-20 | 0001193125-26-016046 ↗ |
| 8-K | 2026-01-12 | 2026-01-12 | 0001193125-26-009911 ↗ |
| 8-K | 2025-12-04 | 2025-12-04 | 0001193125-25-307541 ↗ |
| 10-Q | 2025-11-06 | 2025-09-30 | 0001193125-25-270012 ↗ |
| 8-K | 2025-11-06 | 2025-11-06 | 0001193125-25-269986 ↗ |
| 10-Q | 2025-08-06 | 2025-06-30 | 0000950170-25-104176 ↗ |