BioAge Labs Q3 2026 net loss widens to $33.5M
QUELL-CV compares three once-daily oral BGE-102 doses with placebo, measuring hsCRP change over 12 weeks.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Rhea-AI Filing Summary
BioAge Labs, Inc. reported third-quarter 2026 results and pipeline updates. Collaboration revenue was $0.3 million, versus $2.1 million a year earlier; research and development expense was $30.2 million, versus $18.5 million, and general and administrative expense was $7.5 million, versus $6.7 million. The revenue decline primarily reflected a $1.7 million cumulative catch-up adjustment tied to the September 2026 Novartis agreement amendment. Net loss was $33.5 million, or $0.73 per weighted-average common share, compared with $20.2 million, or $0.56, a year earlier.
In September 2026, the first participant was dosed in QUELL-DME, an approximately 180-participant Phase 2 trial; topline results are anticipated in the second half of 2027. QUELL-CV completed enrollment of approximately 160 participants, with topline data anticipated in the fourth quarter of 2026. BioAge intends to submit its first IND for an APJ program by year-end 2026. As of September 30, 2026, cash, cash equivalents and marketable securities totaled approximately $352.3 million; BioAge estimates these will fund operations and capital expenses through 2029.
How this balance works
Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.
It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.
Rhea-AI Sentiment measures something else, the tone of the wording.
Hollow bars mark forward-looking points. How the balance works
Positive
- Moderate point. Forward-looking: it has not happened yet and may not happen.BioAge estimates existing resources will fund operations and capital expenses through 2029.
Negative
- Moderate pointNet loss increased to $33.5 million from $20.2 million.
- Minor pointCollaboration revenue was $0.3 million, down from $2.1 million.
Filing Explained
At
8-K Event Classification
Key Figures
Key Terms
cumulative catch-up adjustment financial
best-corrected visual acuity medical
pharmacodynamic measure medical
hit-to-lead optimization technical
IND regulatory
Earnings Snapshot
BioAge estimates existing cash, cash equivalents and marketable securities will fund operations and capital expenses through 2029.
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What was BIOA's net loss in the third quarter of 2026?
How much cash did BIOA have, and how long did it estimate funding would last?
What doses are being tested in BIOA's QUELL-CV study?
How is BIOA's QUELL-DME trial designed?
AI-generated analysis. How Rhea-AI works. Not financial advice.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Securities registered pursuant to Section 12(b) of the Act:
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Item 2.02 Results of Operations and Financial Condition.
On November 5, 2026, BioAge Labs, Inc. (the “Company”) issued a press release announcing its financial results for the third quarter ended September 30, 2026. A copy of the press release is attached as Exhibit 99.1 to this Current Report on Form 8-K.
The information in this Item 2.02, including Exhibit 99.1 attached to this report, shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section or Sections 11 and 12(a)(2) of the Securities Act of 1933, as amended (the “Securities Act”). The information contained in this Item 2.02 and in the accompanying Exhibit 99.1 shall not be incorporated by reference into any other filing under the Exchange Act or under the Securities Act, except as shall be expressly set forth by specific reference in such filing.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
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Exhibit |
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Description |
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99.1 |
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Press release issued by BioAge Labs, Inc. dated November 5, 2026. |
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Cover Page Interactive Data File (embedded within the Inline XBRL document). |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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BIOAGE LABS, INC. |
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November 5, 2026 |
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/s/ Dov Goldstein |
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Dov Goldstein, M.D. |
EXHIBIT 99.1
BioAge Labs Reports Third Quarter 2026 Financial Results and Provides Business Updates
First participant dosed in QUELL-DME, a Phase 2 trial of BGE-102, a potential best-in-class oral NLRP3 inhibitor, in diabetic macular edema; topline results anticipated in the second half of 2027
QUELL-CV, a Phase 2 dose-ranging trial of BGE-102 in adults with obesity and elevated inflammation, completed enrollment; topline data anticipated in the fourth quarter of 2026
APJ agonist program, an exercise-mimetic approach to obesity, on track for IND submission by year-end 2026
EMERYVILLE, Calif., November 5, 2026 (GLOBE NEWSWIRE) -- BioAge Labs, Inc. (NASDAQ: BIOA) ("BioAge" or "the Company"), a clinical-stage biopharmaceutical company developing therapeutic product candidates for cardiometabolic diseases by targeting the biology of human aging, today provided business updates and reported its third quarter 2026 financial results.
“NLRP3 is a key switch that turns on inflammation and drives multiple diseases. Injectable drugs that block two major inflammatory signals, IL-1 and IL-6, are already approved for multiple indications, but a once-daily pill that works earlier in the process—and also lowers IL-18 and reduces harmful inflammatory cell death—could help many more people. That is the opportunity we are pursuing with BGE-102,” said Kristen Fortney, Ph.D., CEO and co-founder of BioAge. “BGE-102 has a potential best-in-class profile: in Phase 1, it suppressed IL-1β by up to 98% with once-daily dosing and was well tolerated. In addition, the compound showed exceptional tissue penetration into the eye and brain. We dosed the first patient in our Phase 2 eye-disease study, QUELL-DME, in September. The primary endpoint is change in best-corrected visual acuity, the same endpoint used for approval of existing therapies, so a positive result could support a streamlined path into a pivotal trial. Our Phase 2 cardiovascular study, QUELL-CV, is fully enrolled, and we expect the results later this year to inform the optimal dose and show how BGE-102 could affect a range of metabolic and inflammatory markers. With a strong cash position, we are well positioned to advance BGE-102 and our apelin and other programs.”
Third Quarter 2026 Business Highlights
BGE-102 clinical development: QUELL-DME Phase 2 trial
BGE-102 clinical development: QUELL-CV Phase 2 trial
APJ agonist program advancement
Strategic partnerships and discovery platform
Third Quarter 2026 Financial Results
Collaboration revenue was $0.3 million for the quarter ended September 30, 2026, compared to $2.1 million for the same period in 2025. The $1.8 million decrease was primarily due to a $1.7 million cumulative catch-up adjustment recorded in connection with a September 2026 amendment to the Novartis Agreement, which added $0.9 million of research funding and expanded the research activities to be performed, increasing the total estimated effort required to satisfy the performance obligation.
Research and development expenses were $30.2 million for the quarter ended September 30, 2026, compared to $18.5 million for the same period in 2025. The $11.7 million increase in research and development expenses was primarily attributable to a $13.2 million increase in direct costs related to BioAge’s BGE-102 program associated with clinical trial costs for the Company’s ongoing QUELL-CV and QUELL-DME trials and drug product manufacturing costs. The increase was also driven by a $1.7 million increase in personnel-related expenses, due to increased headcount to support the clinical development of BioAge’s pipeline and higher stock-based compensation expense from new option grants to employees. These increases were partially offset by a $3.3 million decrease in direct costs for other programs, primarily driven by the timing of research activities under BioAge’s collaboration with Novartis.
General and administrative expenses were $7.5 million for the quarter ended September 30, 2026, compared to $6.7 million for the same period in 2025. The $0.8 million increase was primarily driven by a $1.2 million increase in personnel-related expenses, primarily reflecting higher stock-based compensation expense associated with new option grants to employees, executives, board members and advisors, and a $0.2 million increase in consulting fees. These increases were partially offset by a $0.6 million decrease in legal fees.
Net loss was $33.5 million for the quarter ended September 30, 2026, or $0.73 per weighted-average common share outstanding, basic and diluted, compared to a net loss of $20.2 million, or $0.56 per weighted-average common share outstanding, basic and diluted, for the same period in 2025.
As of September 30, 2026, BioAge had approximately $352.3 million in cash, cash equivalents, and marketable securities. Based on the Company’s current operating plan, BioAge estimates that existing cash, cash equivalents, and marketable securities will be sufficient to fund operations and capital expenses through 2029.
About BioAge Labs, Inc.
BioAge is a clinical-stage biopharmaceutical company developing therapeutic product candidates for cardiometabolic diseases by targeting the biology of human aging. The Company's lead product candidate, BGE-102, is a potent, orally bioavailable, brain-penetrant small-molecule NLRP3 inhibitor being developed for diseases driven by inflammation, including diabetic macular edema and cardiovascular risk. BGE-102 has completed a Phase 1 SAD/MAD trial demonstrating a well-tolerated profile and potential best-in-class reductions in hsCRP and other inflammatory biomarkers. Phase 2 cardiovascular proof-of-concept data from QUELL-CV are anticipated in the fourth quarter of 2026, and Phase 2 diabetic macular edema data from QUELL-DME are anticipated in the second half of 2027. The Company is also developing long-acting injectable and oral small molecule APJ agonists for obesity. BioAgeʼs additional preclinical programs, which leverage insights from the Companyʼs proprietary discovery platform built on human longevity data, address key pathways involved in metabolic aging.
Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of, and made pursuant to the safe harbor provisions of, the Private Securities Litigation Reform Act of 1995. In some cases, you can identify forward-looking statements by terms such as “aim,” “may,” “will,” “should,” “expect,” “forecast,” “plan,” “anticipate,” “could,” “intend,” “target,” “project,” “contemplate,” “believe,” “estimate,” “predict,” “potential” or “continue” or the negative of these terms or other similar expressions, although not all forward-looking statements contain these words. All statements other than statements of historical fact contained in this press release, including without limitation statements regarding our plans to develop and commercialize our product candidates, including BGE-102 and our APJ programs, the potential for BGE-102 as a treatment for diseases driven by
inflammation, including diabetic macular edema and cardiovascular risk, the potential for results from QUELL-DME to support advancing into a pivotal trial, the expected timeline for data readouts from our ongoing Phase 2 clinical trials, the expected timing of an IND filing for our APJ programs, the progress of our collaborations, the expected timing and results of our ongoing or planned preclinical studies and clinical trials, risks associated with clinical trials, including our ability to adequately manage clinical activities for BGE-102 and our APJ programs, unexpected concerns that may arise from additional data or analysis obtained during clinical trials, the timing of and our ability to obtain and maintain regulatory approvals, the clinical utility of our future product candidates, our commercialization, marketing and manufacturing capabilities and strategy, our expectations about the willingness of healthcare professionals to use our product candidates, the sufficiency of our cash, cash equivalents and marketable securities, general economic conditions, the impact of industry and market conditions on our operations, including fluctuating interest rates and inflation, increased volatility in the debt and equity markets, legislative or regulatory healthcare reforms in the United States, significant political, trade or regulatory developments, including tariffs, federal government shutdowns, or shifting priorities within the U.S. Food and Drug Administration, cybersecurity incidents, and global regional conflicts, and the plans and objectives of management for future operations and capital expenditures are forward-looking statements.
The forward-looking statements in this press release are only predictions and are based largely on our current expectations and projections about future events and financial trends that we believe may affect our business, financial condition and results of operations. These forward-looking statements speak only as of the date of this press release and are subject to a number of known and unknown risks, uncertainties and assumptions, including those described under the headings “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” included in BioAge’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2026, to be filed with the U.S. Securities and Exchange Commission (SEC) on November 5, 2026, and BioAge’s other filings with the SEC filed from time to time.
Because forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified and some of which are beyond our control, you should not rely on these forward-looking statements as predictions of future events. The events and circumstances reflected in our forward-looking statements may not be achieved or occur and actual results could differ materially from those projected in the forward-looking statements. Moreover, we operate in an evolving environment. New risk factors and uncertainties may emerge from time to time, and it is not possible for
management to predict all risk factors and uncertainties. BioAge undertakes no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.
Contacts
PR: Chris Patil, media@bioagelabs.com
IR: Dov Goldstein, ir@bioagelabs.com
Partnering: partnering@bioagelabs.com
Web: https://bioagelabs.com
BIOAGE LABS, INC.
Unaudited Condensed Consolidated Statements of Operations
(in thousands, except share and per share information)
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Three Months Ended |
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September 30, |
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2026 |
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2025 |
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Collaboration revenue |
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$ |
298 |
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$ |
2,054 |
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Operating expenses: |
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Research and development |
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30,233 |
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18,513 |
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General and administrative |
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7,476 |
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6,681 |
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Total operating expenses |
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37,709 |
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25,194 |
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Loss from operations |
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(37,411 |
) |
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(23,140 |
) |
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Other income (expense) |
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Interest expense |
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— |
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(149 |
) |
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Interest and other income (expense), net |
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3,393 |
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3,160 |
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Gain (loss) from changes in fair value of warrants |
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514 |
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(42 |
) |
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Total other income (expense), net |
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3,907 |
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2,969 |
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Net loss |
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$ |
(33,504 |
) |
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$ |
(20,171 |
) |
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Net loss per share attributable to common stockholders, basic and diluted |
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$ |
(0.73 |
) |
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$ |
(0.56 |
) |
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Weighted-average common shares outstanding, basic and diluted |
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45,911,481 |
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35,850,037 |
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BIOAGE LABS, INC.
Unaudited Condensed Consolidated Balance Sheets
(in thousands, except share and per share information)
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September 30, |
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December 31, |
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2026 |
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2025 |
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Assets |
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Current Assets: |
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Cash and cash equivalents |
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$ |
52,666 |
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$ |
188,888 |
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Marketable securities, current |
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230,971 |
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92,210 |
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Accounts receivable |
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565 |
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769 |
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Prepaid expenses and other current assets |
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10,852 |
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4,926 |
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Total current assets |
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295,054 |
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286,793 |
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Marketable securities |
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68,680 |
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4,032 |
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Property and equipment, net |
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1,130 |
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963 |
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Operating lease right-of-use assets |
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2,479 |
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2,785 |
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Other assets |
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305 |
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316 |
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Total assets |
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$ |
367,648 |
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$ |
294,889 |
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Liabilities |
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Current Liabilities: |
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Accounts payable |
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$ |
1,893 |
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$ |
2,674 |
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Accrued expenses and other current liabilities |
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11,783 |
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8,480 |
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Current portion of term loan |
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— |
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2,648 |
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Operating lease liabilities, current |
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719 |
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582 |
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Deferred revenue |
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4,632 |
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5,754 |
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Total current liabilities |
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19,027 |
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20,138 |
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Warrant liability |
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164 |
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370 |
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Operating lease liabilities |
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2,011 |
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2,330 |
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Total liabilities |
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21,202 |
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22,838 |
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Stockholders’ Equity |
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Preferred stock, $0.00001 par value; 10,000,000 shares authorized as of September 30, 2026 and December 31, 2025; no shares issued or outstanding as of September 30, 2026 and December 31, 2025 |
|
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— |
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|
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— |
|
Common stock, $0.00001 par value; 500,000,000 shares authorized as of September 30, 2026 and December 31, 2025; 45,951,078 and 37,386,908 shares issued and outstanding as of September 30, 2026 and December 31, 2025, respectively |
|
|
— |
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— |
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Additional paid-in-capital |
|
|
762,883 |
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|
|
605,189 |
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Accumulated other comprehensive income (loss) |
|
|
(1,167 |
) |
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|
278 |
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Accumulated deficit |
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(415,270 |
) |
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(333,416 |
) |
Total stockholders’ equity |
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|
346,446 |
|
|
|
272,051 |
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Total liabilities and stockholders’ equity |
|
$ |
367,648 |
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|
$ |
294,889 |
|