Summary of BioAge Labs FY Conference Call Company Overview - **Company**: BioAge Labs (NasdaqGS:BIOA) - **Focus**: Development of therapeutics targeting metabolic aging and obesity Key Points Platform and Data - BioAge Labs has developed a unique platform with approximately **50 million molecular data points** collected over decades, making it one of the largest human aging data sets globally [5][6] - The platform focuses on identifying targets for metabolic aging, particularly in the context of obesity and related comorbidities [5][6] - Recently expanded its discovery capabilities by incorporating data from the **HUNT Biobank** in Norway, which includes over **30 years of health records** and a significant portion of individuals developing cardiometabolic diseases [12] Therapeutic Focus - The company is concentrating on the next generation of obesity therapies that address not only weight loss but also muscle loss and inflammation [6] - BioAge Labs is advancing its lead program, **BGE-102**, a brain-penetrant NLRP3 inhibitor, which has shown promising preclinical results in weight loss comparable to semaglutide [25][26] - The mechanism of BGE-102 targets neuroinflammation, which is linked to appetite dysregulation and obesity [25] Collaborations - BioAge Labs has established collaborations with major pharmaceutical companies, including **Novartis** and **Eli Lilly**. The Novartis partnership focuses on novel target discovery related to aging biology and exercise [18][21] - The collaboration with Eli Lilly involves developing molecules based on BioAge's human data, allowing for expanded capabilities in drug development [21] Clinical Development - BGE-102 has initiated a **Phase 1 study** with results expected by the end of the year, focusing on pharmacodynamics (PD) and safety [30][35] - The company plans to advance into a monotherapy obesity trial following the Phase 1 results, with a robust design aimed at weight loss [47] Financial Position - As of June, BioAge Labs reported over **$310 million** in cash, sufficient to fund operations for over three years, covering ongoing studies and development milestones [71] Future Catalysts - Upcoming catalysts include the **SAD data** by the end of the year, **MAD data** in the first half of 2026, and IND filings for APJ agonist programs by the end of 2026 [73] - External catalysts include data readouts from competitors, which may provide insights into the market landscape [74] Market Position and Strategy - BioAge Labs aims to leverage its unique platform to explore novel targets, differentiating itself from competitors who focus on validated targets [75] - The company is also exploring the integration of **artificial intelligence** in its operations, particularly in target discovery and molecule identification [77][81] Conclusion - BioAge Labs is positioned to capitalize on its extensive data platform and strategic collaborations to develop innovative therapies for metabolic aging and obesity, with a strong financial foundation to support its clinical and operational goals.

Financial Data and Key Metrics Changes - The company is focused on the next generation of obesity therapy, particularly therapeutic peptides targeting nutrient-stimulated hormone pathways, with a strong emphasis on scalability and combinability [2][3] - The clinical stage assets include MET-097i, an ultra-long-acting GLP-1 receptor agonist, which is rapidly approaching phase three trials [3][4] Business Line Data and Key Metrics Changes - MET-097i has shown to be tenfold more potent than tirzepatide, which improves manufacturability and lowers active pharmaceutical ingredient (API) requirements [4][5] - The amylin analog MET-233i is designed to be co-formulated with MET-097i, allowing for monthly dosing due to matched half-lives of 18 and 19 days respectively [5][6] Market Data and Key Metrics Changes - The company is addressing the challenges of oral peptide delivery, aiming to achieve injectable-like efficacy with low-dose oral formulations [7][8] - The competitive landscape includes dual agonists like tirzepatide, with MET-097i expected to perform similarly in terms of efficacy and tolerability [15][28] Company Strategy and Development Direction - The company aims to position MET-097i as a best-in-class candidate for obesity treatment, focusing on monthly dosing and competitive tolerability [37][56] - There is a strong emphasis on maintenance therapies, with plans to explore prodrugs that could allow for quarterly dosing [71][72] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the upcoming clinical data readouts, particularly for MET-097i and the amylin analog, which are expected to demonstrate strong efficacy and tolerability [19][39] - The company is optimistic about the potential for combination therapies to enhance weight loss outcomes while maintaining tolerability [56][57] Other Important Information - The company has a broad pipeline with multiple catalysts expected in the next 9 to 12 months, including phase two readouts for MET-097i [9][19] - The oral peptide strategy is seen as a significant advancement, with the potential to overcome the limitations of current oral peptide formulations [63][67] Q&A Session Summary Question: Can you elaborate on the long half-life and its impact on tolerability? - Management explained that the long half-life allows for a smoother rise in drug concentration, reducing gastrointestinal adverse events associated with rapid concentration changes [11][12] Question: What is the rationale behind the study design for VESPER-1? - The design was focused on dose selection without titration to expedite the process of moving towards phase three trials [21][22] Question: How does the company view the competitive landscape for MET-097i? - The company believes MET-097i can achieve dual agonist-like efficacy while being more tolerable, positioning it favorably against competitors [28][37] Question: What are the expectations for the upcoming data releases? - Management anticipates that the data will support the efficacy and tolerability claims for both MET-097i and the amylin analog, with significant implications for market positioning [61][72]