BioAge Labs, Inc. (BIOA) AI Stock Analysis

• Market Cap: $792.88M
• Dividend Yield: N/A
• Average Volume (3M): 729.61K
• Price to Earnings (P/E): ―
• Beta (1Y): 1.52
• Revenue Growth: N/A
• EPS Growth: -1.89%
• Country: US
• Employees: 62
• Sector: Healthcare
• Sector Strength: 45
• Industry: Biotechnology
• EPS (TTM): -0.56
• Shares Outstanding: 41,752,472
• 10 Day Avg. Volume: 1,202,998
• 30 Day Avg. Volume: 729,612
• PEG Ratio: 0.04
• Price to Book (P/B): 0.19
• Price to Sales (P/S): 0.00
• P/FCF Ratio: -1.20
• Enterprise Value/Market Cap: 0.60
• Enterprise Value/Revenue: 79.85
• Enterprise Value/Gross Profit: 79.85
• Enterprise Value/Ebitda: -6.33
• 1Y Price Target: $13.50
• Price Target Upside: -26.11% Downside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 3
• EPS Forecast (FY): -2.91
• Revenue Forecast (FY): $2.88M

• Rating: 59 Neutral
• Price Target: $21.00 ▲(14.94% Upside)

The score is held back primarily by weak fundamentals—large losses and substantial cash burn—despite a low-leverage balance sheet. Technicals are a clear positive with strong trend and momentum. Corporate updates are supportive (positive clinical data and added funding runway), while valuation remains unattractive due to ongoing losses and no dividend.

Positive Factors

Low leverage and sizable equity

Very low debt relative to equity provides structural financial flexibility, reducing near-term refinancing risk and enabling continued R&D spending or strategic partnerships without immediate pressure to cut programs. This supports runway management over the next several quarters.

Positive Phase 1 BGE-102 data

Robust target engagement and CNS penetration materially strengthen the clinical-stage pipeline, improving the probability of downstream programs and partnership interest. Structural clinical progress creates durable pipeline value and a clear near-term catalyst path with more data expected in H1 2026.

Early revenue traction

Sustained double-digit top-line growth from a low base indicates early commercialization progress and product/service uptake. Continued revenue scaling would reduce dependency on external funding and improve long-term cash generation potential if margins expand with scale.

Negative Factors

High cash burn

Persistent large negative operating and free cash flows create a structural funding need that can force dilutive financing or limit strategic optionality. Until revenues scale materially or expenses are reduced, cash burn remains a core constraint on sustainable operations.

Large ongoing losses

Substantial, recurring net losses and negative operating margins reflect an inability to generate profits from current operations. This pressures long-term viability absent sustained revenue growth or material margin improvement and delays any path to self-funded expansion.

Negative ROE and historical equity weakness

Negative returns on equity and historical episodes of negative equity signal reliance on external financing to rebuild capital. Structurally, this raises the likelihood of future dilutive raises and can constrain investor confidence and strategic investments over the medium term.

BioAge Labs, Inc. Business Overview & Revenue Model

Company Description

BioAge Labs, Inc. is a clinical-stage biopharmaceutical company that develops therapeutic product candidates for metabolic diseases. The company's technology platform and differentiated human datasets allows users to identify targets based on insights into molecular changes that drive aging. Its product includes azelaprag, an orally available small molecule that is in phase 1 clinical trial for the treatment of obesity; and initiated phase 2 clinical trial of azelaprag in combination with tirzepatide for the treatment of obesity in older adults. It also develops BGE-100, an orally available small molecule brain-penetrant NLRP3 antagonist for the treatment of diseases driven by neuroinflammation. The company was incorporated in 2015 and is based in Richmond, California.

How the Company Makes Money

BioAge Labs, Inc. generates revenue primarily through partnerships and collaborations with pharmaceutical companies, as well as through research grants and funding. The company engages in strategic alliances to co-develop and commercialize its therapeutic candidates, which allows it to share development costs and potential profits. Additionally, BioAge may receive milestone payments and royalties from its partners as its drug candidates progress through clinical trials and, if successful, reach the market. The company may also rely on venture capital investments and public or private offerings to fund its research and development activities.

BioAge Labs, Inc. Financial Statement Overview

Summary

Early commercialization profile with strong TTM revenue growth, but very weak profitability (large net loss) and significant cash burn (negative operating and free cash flow). Balance sheet leverage is low with positive equity, which helps, but returns remain deeply negative.

Income Statement

TTM (Trailing-Twelve-Months) revenue is modest ($5.9M) and shows strong growth (53%), but profitability remains very weak with large losses (net income -$75.8M) and deeply negative operating performance (EBIT and EBITDA both materially negative). Earlier annual periods show essentially no revenue, highlighting an early-stage commercialization profile and heavy ongoing R&D/operating spend relative to current scale.

Balance Sheet

Leverage is low in the most recent periods (TTM debt-to-equity ~0.03), with a sizable equity base (TTM equity ~$277M) versus limited debt (~$7.1M), which supports financial flexibility. However, returns on equity are strongly negative (TTM ROE about -25%) due to continued losses, and historical annual data shows prior periods with negative equity (2022–2023), indicating past balance sheet weakness and reliance on financing to rebuild capital.

Cash Flow

Cash generation is a clear pressure point: TTM operating cash flow is -$58.5M and free cash flow is -$59.1M, reflecting a sizable cash burn. While free cash flow tracks net loss closely (TTM free cash flow to net income ~1.0, suggesting losses are largely cash-based rather than accounting-only), the company still requires ongoing funding unless revenue scales quickly or expenses decline.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022
Income Statement
Total Revenue	5.92M	0.00	0.00	0.00
Gross Profit	5.92M	0.00	0.00	0.00
EBITDA	-74.68M	-68.58M	-55.90M	-39.35M
Net Income	-75.79M	-71.11M	-63.85M	-39.72M
Balance Sheet
Total Assets	305.09M	358.23M	25.92M	28.43M
Cash, Cash Equivalents and Short-Term Investments	285.78M	354.35M	21.64M	27.64M
Total Debt	7.13M	8.70M	53.25M	2.47M
Total Liabilities	27.63M	35.11M	199.32M	140.99M
Stockholders Equity	277.46M	323.13M	-173.40M	-112.56M
Cash Flow
Free Cash Flow	-59.15M	-51.89M	-37.53M	-36.28M
Operating Cash Flow	-58.51M	-51.52M	-37.36M	-36.18M
Investing Cash Flow	-80.81M	-366.00K	-266.00K	-103.00K
Financing Cash Flow	20.36M	381.20M	34.94M	2.50M

BioAge Labs, Inc. Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
BIOA	59 Neutral	$792.88M	-8.98	-25.64%	―	―	-1.89%
IRWD	58 Neutral	$795.50M	31.67	―	―	-10.42%	―
DERM	57 Neutral	$278.03M	-22.77	-47.05%	―	2.82%	60.26%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
IXHL	47 Neutral	$107.19M	-0.29	-114.52%	―	-86.05%	24.17%
LFCR	45 Neutral	$325.58M	-6.66	―	―	0.47%	-430.88%

BioAge Labs, Inc. Corporate Events

BioAge Labs Announces Upsized Public Equity Offering

On January 21, 2026, BioAge Labs, Inc. priced an upsized underwritten public offering of 5,897,435 shares of common stock at $19.50 per share, for expected gross proceeds of approximately $115.0 million, and entered into an underwriting agreement with Goldman Sachs, Piper Sandler and Citigroup, who were granted a 30-day option to purchase up to an additional 884,615 shares. The company, which expects the offering to close on or about January 23, 2026 subject to customary conditions, anticipates net proceeds of about $107.6 million and plans to use the capital to fund research, clinical and process development and manufacturing for BGE-102 and its NLRP3 and APJ programs, as well as for working capital, capital expenditures, debt reduction and other general corporate purposes, bolstering its financial resources to advance its metabolic disease pipeline.

The most recent analyst rating on (BIOA) stock is a Hold with a $22.50 price target. To see the full list of analyst forecasts on BioAge Labs, Inc. stock, see the BIOA Stock Forecast page.

BioAge Labs advances BGE-102 into ophthalmology clinical trials

On January 20, 2026, BioAge Labs announced an expansion of its BGE-102 development program into ophthalmology, unveiling plans to launch a Phase 1b/2a proof-of-concept clinical trial in patients with diabetic macular edema (DME) in mid-2026, with data expected in mid-2027. BGE-102, an oral NLRP3 inhibitor that has shown favorable safety and robust biomarker reductions in an ongoing Phase 1 trial for cardiovascular risk, is supported by preclinical DME data demonstrating near-complete protection from retinal vascular leakage and substantial preservation of microvascular integrity. The DME study will assess BGE-102 as monotherapy and in combination with VEGF inhibitors, focusing on intraocular IL-6 and visual and anatomical endpoints, and will run in parallel with a Phase 2a cardiovascular risk trial slated to read out in the second half of 2026, positioning BGE-102 as a potential multi-indication, inflammation-targeting asset across cardiovascular and retinal diseases.

The most recent analyst rating on (BIOA) stock is a Hold with a $21.50 price target. To see the full list of analyst forecasts on BioAge Labs, Inc. stock, see the BIOA Stock Forecast page.

BioAge Labs advances BGE-102 with strong Phase 1 data

On January 12, 2026, BioAge Labs reported additional positive interim Phase 1 data for its lead candidate BGE-102, a brain-penetrant NLRP3 inhibitor in development for patients with elevated cardiovascular risk. In a multiple ascending dose cohort of obese participants with high baseline inflammation, a 120 mg once-daily regimen of BGE-102 achieved an 86% median reduction in hsCRP by Day 14, with 93% of treated participants reaching hsCRP levels below 2 mg/L, a threshold associated with reduced cardiovascular events. The drug also produced meaningful declines in IL-6 and fibrinogen, showed strong IL-1β suppression consistent with robust target engagement, and was reported to be well tolerated, while the company secured a patent covering additional composition of matter and a novel NLRP3 binding site. Building on earlier favorable safety, pharmacokinetic, and brain-penetration data disclosed in December 2025, these results bolster BioAge’s positioning in inflammation-driven cardiovascular disease and support its plan to complete the Phase 1 trial and advance BGE-102 into a roughly 100-patient Phase 2a proof-of-concept study in obesity with cardiovascular risk factors in 2026, with key readouts expected later in the year.

The most recent analyst rating on (BIOA) stock is a Hold with a $16.00 price target. To see the full list of analyst forecasts on BioAge Labs, Inc. stock, see the BIOA Stock Forecast page.

BioAge Labs Announces Positive Phase 1 Trial Results

On December 4, 2025, BioAge Labs announced positive interim data from its ongoing Phase 1 clinical trial of BGE-102, a novel NLRP3 inhibitor. The trial showed that BGE-102 was well-tolerated and achieved significant suppression of IL-1β, indicating strong target engagement and high brain penetration. The company plans to expand the trial to include participants with obesity and elevated hsCRP, with further data expected in the first half of 2026. These findings support BGE-102’s potential to target inflammation in both the central nervous system and peripheral tissues, positioning BioAge favorably in the biopharmaceutical industry.

The most recent analyst rating on (BIOA) stock is a Buy with a $15.00 price target. To see the full list of analyst forecasts on BioAge Labs, Inc. stock, see the BIOA Stock Forecast page.