BioAge Labs — Third Quarter 2026 Earnings Summary

Financial Performance:

• Collaboration revenue was $0.3 million for the quarter ended September 30, 2026, a decrease from $2.1 million in the same period in 2025.
• The $1.8 million revenue decline was primarily driven by a $1.7 million cumulative catch-up adjustment related to a September 2026 amendment to the Novartis Agreement.
• Research and development expenses were $30.2 million for the quarter, up from $18.5 million in the prior year period.
• The $11.7 million increase in R&D expenses was attributed to $13.2 million in higher direct costs for the BGE-102 program (clinical trials and manufacturing) and a $1.7 million increase in personnel-related expenses.
• General and administrative expenses were $7.5 million, an increase from $6.7 million in the same period in 2025, driven by higher stock-based compensation and consulting fees.
• Net loss was $33.5 million ($0.73 per share) for the quarter, compared to a net loss of $20.2 million ($0.56 per share) in the prior year.
• As of September 30, 2026, the company held approximately $352.3 million in cash, cash equivalents, and marketable securities.
• Deferred revenue decreased to $4.6 million from $5.8 million as of December 31, 2025.
• Total liabilities decreased to $21.2 million from $22.8 million as of December 31, 2025, with the current portion of the term loan fully paid down.

Guidance and Future Outlook:

• Topline results for the QUELL-DME Phase 2 trial are anticipated in the second half of 2027.
• Topline data for the QUELL-CV Phase 2 trial is expected in the fourth quarter of 2026.
• The company intends to file its first Investigational New Drug (IND) application for an APJ agonist program by year-end 2026.
• Management estimates existing cash resources will be sufficient to fund operations and capital expenses through 2029.

Business Segments and Product Lines:

• BGE-102 (NLRP3 inhibitor): The first participant was dosed in the QUELL-DME Phase 2 trial for diabetic macular edema in September 2026. The trial involves approximately 180 participants randomized across three arms.
• QUELL-CV: Enrollment for the Phase 2 dose-ranging trial in adults with obesity and elevated inflammation is complete, with approximately 160 participants enrolled.
• APJ Agonist Program: The program utilizes an exercise-mimetic approach for obesity, with preclinical data showing weight loss benefits when combined with an incretin.
• Strategic Collaborations: The multi-year research collaboration with Novartis continues to advance, while the collaboration with Lilly ExploR&D for metabolic aging antibodies is progressing.
• AI-Driven Discovery: A collaboration with Deep Origin reached its first milestone in October 2026, with computationally identified hits validated and advanced to hit-to-lead optimization.

Market and Competitive Landscape:

• BGE-102 targets the NLRP3 inflammasome, a key switch for inflammation, aiming to provide a once-daily oral alternative to existing injectable drugs targeting IL-1 and IL-6.
• In Phase 1, BGE-102 demonstrated up to 98% suppression of IL-1β and median hsCRP reductions of 86% at 60 mg and 120 mg doses.
• The company leverages a proprietary discovery platform built on human longevity data to identify targets for cardiometabolic diseases.

Risks and Challenges:

• Clinical trial risks include the ability to manage activities for BGE-102 and APJ programs, unexpected data concerns, and the timing of regulatory approvals.
• Financial risks include the sufficiency of cash resources, fluctuating interest rates, inflation, and volatility in debt and equity markets.
• Operational risks involve potential legislative or regulatory healthcare reforms, cybersecurity incidents, and global conflicts.
• The company notes that forward-looking statements are subject to uncertainties and assumptions that could cause actual results to differ materially from projections.

Management Commentary and Tone:

• CEO Kristen Fortney, Ph.D., described BGE-102 as having a "potential best-in-class profile" with exceptional tissue penetration into the eye and brain.
• Management expressed confidence in the company's "strong cash position" to advance the BGE-102 and APJ programs.
• The tone indicates a focus on advancing BGE-102 toward pivotal trials, noting that a positive result in QUELL-DME could support a streamlined path to a pivotal trial.

Other Key Points:

• The Novartis Agreement was amended in September 2026, adding $0.9 million in research funding and expanding research activities, which triggered a cumulative catch-up adjustment.
• Weighted-average common shares outstanding increased to 45.9 million in Q3 2026 from 35.9 million in the prior year period.
• The company reported a gain of $514,000 from changes in the fair value of warrants, compared to a loss of $42,000 in the prior year.
• Interest and other income, net, increased to $3.4 million from $3.2 million in the prior year period.