Lilly's Partner BioAge Files IPO to Progress Obesity Drug

BioAge Labs has announced its plans for an initial public offering (IPO) as it aims to leverage the growing demand in the obesity medication market. The California-based biotechnology company has not specified the amount it plans to raise, nor has it set a definitive date for the IPO. Upon completion, BioAge will be listed on the Nasdaq Global Market under the ticker symbol BIOA. The company has also granted its underwriters—Goldman Sachs, Citi, Jefferies, and Morgan Stanley—a 30-day option to purchase additional shares of its common stock at the IPO price, less any discounts and commissions.

The primary goal of the IPO is to enhance BioAge’s financial flexibility and to provide additional capital for its operations. The funds raised will be used to advance its leading candidate, azelaprag, through a Phase III registrational trial, following the Phase III STRIDES study. Azelaprag is an oral apelin receptor agonist designed to mimic the effects of apeline, a protein produced by the body during exercise. This small molecule activator aims to replicate many exercise benefits, potentially increasing basal metabolic rate and insulin sensitivity while reducing inflammation and muscle atrophy.

BioAge is currently conducting a Phase II study to evaluate azelaprag in combination with Eli Lilly’s incretin therapy, tirzepatide, to reduce body weight and improve body composition. Results from this study are anticipated in the third quarter of 2025. In addition, the company plans to initiate a Phase II study of azelaprag with Novo Nordisk’s semaglutide next year. The proceeds from the IPO will also fund a proof-of-concept study of azelaprag to assess its impact on insulin sensitivity, with the potential to broaden its therapeutic indications. A portion of the IPO proceeds will also support the development of BioAge’s NLRP3 blocker for treating neuroinflammation.

The announcement of the IPO follows BioAge’s successful Series D funding round in February 2024, where the company raised $170 million. The round was oversubscribed, with participation from Lilly Ventures, the venture capital affiliate of Eli Lilly. BioAge is collaborating with Eli Lilly on its Phase II trial of azelaprag.

With the IPO, BioAge joins a growing list of biotechnology companies seeking to go public. Recently, MBX Biosciences announced its intention to list on Nasdaq to support its chronic hypoparathyroidism program. Other biotechs, such as cancer-focused Bicara Therapeutics and immunology company Zenas Biopharma, have also disclosed their IPO plans.