BioAge Labs (BIOA) Q2 2026 earnings summary

Executive summary

• Lead program BGE-102, an oral NLRP3 inhibitor, advanced with positive Phase 1 results, initiation of Phase 2 QUELL-CV trial, and planned Phase 1b/2a QUELL-DME trial for cardiometabolic and retinal diseases; APJ agonist programs in preclinical development for obesity.

• Collaboration with Novartis continues, generating $5.2M in revenue for the six months ended June 30, 2026, with potential for significant future milestone payments.

• Hosted R&D Day highlighting Phase 1 data for BGE-102 and NLRP3 inhibition strategy.

• Net loss increased to $48.4M for the six months ended June 30, 2026, compared to $34.5M in the prior year period, reflecting higher R&D and G&A expenses.

Financial highlights

• Cash, cash equivalents, and marketable securities totaled $381.3M as of June 30, 2026.

• Collaboration revenue was $5.2M for the six months ended June 30, 2026, up from $3.9M year-over-year; Q2 2026 revenue was $2.4M, flat year-over-year.

• Research and development expenses rose 45% year-over-year to $44.8M for the six months, and to $24.4M in Q2 2026, mainly due to BGE-102 clinical activities.

• General and administrative expenses increased 7% year-over-year to $15.2M for the six months, and were $7.4M in Q2 2026.

• Net loss per share was $(1.11) for the six months ended June 30, 2026, compared to $(0.96) in the prior year period; Q2 2026 net loss was $26.1M ($0.58 per share).

Outlook and guidance

• Existing cash and investments are expected to fund operations through 2029.

• Topline data from the Phase 2 QUELL-CV trial for BGE-102 expected in H2 2026; Phase 1b/2a DME trial initiation planned for mid-2026 with results in mid-2027.

• IND filing for APJ agonist program targeted by year-end 2026.