Financial Performance - BioAge reported collaboration revenue of $9.0 million for the year ended December 31, 2025, compared to no revenue in 2024[9]. - The net loss for the year ended December 31, 2025, was $80.6 million, or $2.24 per share, compared to a net loss of $71.1 million, or $6.63 per share, in 2024[14]. Expenses - Research and development expenses increased to approximately $73.9 million in 2025 from $59.0 million in 2024, primarily due to increased costs associated with clinical trials and new programs[10]. - General and administrative expenses rose to $27.8 million in 2025, up from $19.2 million in 2024, driven by higher personnel-related expenses and legal fees[13]. Cash and Assets - As of December 31, 2025, BioAge had approximately $285.1 million in cash, cash equivalents, and marketable securities, sufficient to fund operations through 2029[15]. - Total current assets decreased from $357,103 in 2024 to $286,793 in 2025, a decline of approximately 19.6%[26]. - Cash and cash equivalents dropped significantly from $354,349 in 2024 to $188,888 in 2025, a decrease of about 46.6%[26]. Liabilities and Equity - Total liabilities decreased from $35,107 in 2024 to $22,838 in 2025, representing a reduction of approximately 34.9%[26]. - Total stockholders' equity fell from $323,127 in 2024 to $272,051 in 2025, a decline of about 15.8%[26]. - Accounts payable increased from $1,996 in 2024 to $2,674 in 2025, an increase of approximately 33.9%[26]. - Accrued expenses and other current liabilities decreased from $11,751 in 2024 to $8,480 in 2025, a reduction of about 27.4%[26]. - The current portion of term loan decreased from $6,000 in 2024 to $2,648 in 2025, a decline of approximately 55.7%[26]. - Deferred revenue, current decreased from $7,826 in 2024 to $5,754 in 2025, a reduction of about 26.5%[26]. - Additional paid-in-capital increased from $575,693 in 2024 to $605,189 in 2025, an increase of approximately 5.1%[26]. - The accumulated deficit increased from $(252,811) in 2024 to $(333,416) in 2025, reflecting a worsening of approximately 31.9%[26]. Clinical Developments - Positive interim Phase 1 data for BGE-102 showed an 86% median reduction in hsCRP and a 58% reduction in IL-6 at Day 14 in participants with obesity[6]. - The company plans to initiate a Phase 2a proof-of-concept trial for BGE-102 in cardiovascular risk in the first half of 2026, with data expected in the second half of 2026[6]. - BioAge is expanding BGE-102 into ophthalmology, with a Phase 1b/2a trial in diabetic macular edema planned for mid-2026[6]. - The company is advancing its APJ agonist program, demonstrating at least 10-fold greater potency than apelin, with plans to file an IND by the end of 2026[5]. Funding Activities - BioAge completed an upsized follow-on public offering generating total gross proceeds of approximately $132.3 million, strengthening its balance sheet to support clinical programs[7].
Bioage Labs, Inc.(BIOA) - 2025 Q4 - Annual Results