Nov 5, 2026, 4:35 PM ETHealthcare

BioAge Labs — Third Quarter 2026 Earnings Summary

BIOABIOAGE LABS INC

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 of 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 increased to $30.2 million from $18.5 million in the prior year period, an $11.7 million increase.
The R&D increase was primarily due to a $13.2 million rise in direct costs for the BGE-102 program (clinical trial costs for QUELL-CV and QUELL-DME and manufacturing) and a $1.7 million increase in personnel-related expenses.
General and administrative expenses rose to $7.5 million from $6.7 million, driven by a $1.2 million increase in personnel-related expenses (stock-based compensation) and a $0.2 million increase in consulting fees.
Net loss was $33.5 million ($0.73 per share) for the quarter ended September 30, 2026, compared to a net loss of $20.2 million ($0.56 per share) in the same period of 2025.
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.
The company had no debt outstanding as of September 30, 2026, with the current portion of the term loan reduced to zero from $2.6 million at the end of 2025.

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 IND 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.

BGE-102 (NLRP3 Inhibitor): First participant dosed in the QUELL-DME Phase 2 trial for diabetic macular edema in September 2026; approximately 180 participants enrolled across three arms. QUELL-CV, a Phase 2 dose-ranging trial for obesity and elevated inflammation, completed enrollment of approximately 160 participants.
APJ Agonist Program: An exercise-mimetic approach to obesity; preclinical models showed APJ agonism combined with an incretin roughly doubled weight loss.
Strategic Collaborations: The multi-year research collaboration with Novartis continues to advance with multiple targets under evaluation. The collaboration with Lilly ExploR&D for metabolic aging antibody development is progressing.
AI-Driven Discovery: The collaboration with Deep Origin reached its first milestone in October 2026, with computationally identified hits validated in the laboratory and advancing to hit-to-lead optimization.

BGE-102 targets the NLRP3 inflammasome, a key switch for inflammation, with a potential best-in-class profile compared to existing injectable drugs that block IL-1 and IL-6.
In Phase 1, BGE-102 suppressed IL-1β by up to 98% with once-daily dosing and demonstrated exceptional tissue penetration into the eye and brain.
The QUELL-DME primary endpoint (change in best-corrected visual acuity) aligns with endpoints used for approval of existing therapies, potentially supporting a streamlined path to a pivotal trial.

Forward-looking statements highlight risks associated with clinical trials, including the ability to manage clinical activities, unexpected data concerns, and the timing of regulatory approvals.
Risks include the sufficiency of cash resources, fluctuating interest rates, inflation, market volatility, and potential legislative or regulatory healthcare reforms.
Specific risks include cybersecurity incidents, global conflicts, and shifting priorities within the FDA.

CEO Kristen Fortney, Ph.D., described BGE-102 as having a "potential best-in-class profile" and noted the company is "well positioned to advance BGE-102 and our apelin and other programs" with a strong cash position.
Management emphasized the opportunity for a once-daily oral pill that works earlier in the inflammatory process and lowers IL-18 and harmful cell death compared to existing injectable therapies.
The tone indicates confidence in the clinical progression of BGE-102 and the APJ program, citing strong Phase 1 data and successful enrollment in Phase 2 trials.

The September 2026 amendment to the Novartis Agreement added $0.9 million of research funding and expanded research activities, increasing the total estimated effort required.
Weighted-average common shares outstanding increased to 45.9 million in Q3 2026 from 35.9 million in the prior year period.
The company recorded a gain of $514 thousand from changes in the fair value of warrants in Q3 2026, compared to a loss of $42 thousand in the same period of 2025.
Interest expense was zero in Q3 2026, compared to $149 thousand in the prior year period, reflecting the repayment of the term loan.