BioAge Labs Announces Q3 2024 Financial Results and Business Updates

BioAge Labs, Inc., a biotechnology company focused on developing treatments for metabolic diseases by targeting human aging biology, has reported significant developments and financial results for the third quarter of 2024. The company, based in Richmond, California, highlighted the initiation of the Phase 2 STRIDES trial and the completion of its initial public offering (IPO).

In July 2024, BioAge commenced its STRIDES Phase 2 clinical trial, which tests the efficacy of azelaprag, an oral small-molecule apelin receptor agonist, in combination with tirzepatide for treating obesity. This trial, conducted in collaboration with Eli Lilly & Company’s Chorus clinical development organization, aims to evaluate the potential of azelaprag to enhance weight loss and improve body composition in patients using incretin drugs. Results from this trial are expected by the third quarter of 2025.

In August 2024, Jean-Pierre Garnier, PhD, a former CEO of GlaxoSmithKline, was appointed Chair of BioAge’s Board of Directors, succeeding James Healy, MD, PhD, who continues to serve on the Board. Following this, BioAge reported net proceeds of approximately $189.5 million from its IPO and concurrent private placement in September 2024. Additionally, in October 2024, underwriters fully exercised their option to purchase additional shares, generating an extra $27.6 million. With these proceeds, BioAge’s cash and cash equivalents are projected to support the company’s operations and capital expenditures into 2029.

CEO and co-founder of BioAge, Kristen Fortney, Ph.D., described the third quarter of 2024 as transformative for the company. Fortney emphasized the importance of the STRIDES trial in advancing BioAge’s mission to develop innovative therapies targeting metabolic aging biology, and highlighted the company's strong financial position post-IPO as a significant enabler for future progress.

BioAge's financial report for the third quarter of 2024 revealed research and development expenses of $20.0 million, a substantial increase from $6.5 million in the same period of 2023. This rise is primarily due to the development costs associated with azelaprag and the ongoing Phase 2 STRIDES trial. General and administrative expenses also saw an increase, reaching $4.7 million compared to $3.4 million in the third quarter of 2023, largely driven by higher stock-based compensation expenses.

The company reported a net loss of $23.4 million for the quarter, translating to $6.70 per weighted-average common share, a decrease from the $14.6 million net loss, or $8.74 per share, recorded in the same period the previous year. As of September 30, 2024, BioAge held approximately $334.5 million in cash and cash equivalents. This financial cushion, bolstered by the IPO proceeds, is expected to sustain BioAge’s operations and capital expenses through 2029.

BioAge is focused on developing therapeutic candidates for metabolic diseases such as obesity by leveraging the biology of human aging. Their leading product candidate, azelaprag, showed promise in a Phase 1b trial where it promoted metabolism and prevented muscle atrophy during bed rest. In mid-2024, BioAge embarked on a Phase 2 trial combining azelaprag with tirzepatide to treat obesity in older adults. This combination therapy aims to enhance weight loss and improve body composition in patients already undergoing obesity treatment with incretin drugs.

In addition, BioAge is advancing preclinical programs targeting metabolic aging pathways. These initiatives, informed by insights from the company’s discovery platform that utilizes human longevity data, include developing orally available small molecule brain penetrant NLRP3 inhibitors to address neuroinflammation-driven diseases.

BioAge’s strategic advancements and financial performance in the third quarter of 2024 underscore its commitment to pioneering therapies for metabolic diseases, leveraging its robust financial foundation to drive its clinical and preclinical programs forward.