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BioAge Labs, Inc. (BIOA)·Q3 2024 Earnings Summary

Executive Summary

  • Q3 2024 was a transformative quarter: BioAge initiated the Phase 2 STRIDES trial of azelaprag with tirzepatide, completed its IPO (net proceeds $189.5M) with a full underwriters’ overallotment in October ($27.6M), and appointed former GSK CEO Jean‑Pierre Garnier as Board Chair .
  • Operating expenses rose sharply on azelaprag development and manufacturing; net loss widened to $23.4M and EPS to $(6.70) as the company continues to invest behind obesity programs .
  • Liquidity strengthened materially: cash and cash equivalents were $334.5M at quarter‑end, with runway guided into 2029, supported by IPO proceeds and warrant/derivative conversions earlier in the year .
  • Near‑term stock catalysts center on clinical milestones (STRIDES topline in Q3 2025; STRIDES 2 initiation in H1 2025; T2D monotherapy PoC initiation in H1 2025) and continued execution of trial manufacturing/operations .
  • Wall Street consensus from S&P Global was unavailable at the time of this report; therefore, no estimate comparisons are presented (to be updated when accessible).

What Went Well and What Went Wrong

What Went Well

  • STRIDES Phase 2 trial initiated with Lilly’s Chorus organization; topline in Q3 2025. “We’re developing an oral therapy that has the potential to enhance the weight loss benefits of incretin drugs while promoting healthy body composition.” — Kristen Fortney, Ph.D., CEO .
  • Balance sheet transformed by IPO and overallotment exercise, extending runway into 2029 and enabling multiple Phase 2s and an NLRP3 IND in H2 2025 .
  • Leadership strengthened with board chair transition to Jean‑Pierre Garnier, aligning governance with late‑stage execution and commercialization aspirations .

What Went Wrong

  • R&D expense escalated by $13.5M YoY in Q3 (to $20.0M) primarily on azelaprag Phase 2 and manufacturing, widening the quarterly net loss .
  • Material weaknesses in internal control over financial reporting persisted through Q3 2024, with remediation ongoing (risk to reporting reliability and investor confidence) .
  • COPD Phase 2 grant program with Wellcome Leap was terminated in May 2024 and funds returned, highlighting pipeline prioritization trade‑offs and operational focus on obesity .

Financial Results

P&L Summary (YoY comparison)

MetricQ3 2023Q3 2024
Revenue ($USD Millions)$0.00 $0.00
Research & Development Expense ($USD Millions)$3.35 $20.02
General & Administrative Expense ($USD Millions)$3.36 $4.73
Total Operating Expenses ($USD Millions)$9.89 $24.75
Loss from Operations ($USD Millions)$(9.89) $(24.75)
Other Income (Expense), Net ($USD Millions)$(4.74) $1.34
Net Loss ($USD Millions)$(14.63) $(23.41)
EPS, Basic & Diluted ($USD)$(8.74) $(6.70)
Weighted Avg Shares (Basic & Diluted)1,672,726 3,494,580

Notes:

  • Prior quarter (Q2 2024) filings and press materials were not available in the public catalog due to timing of the IPO; therefore, sequential comparisons are not presented.

Balance Sheet Highlights

MetricDec 31, 2023Sept 30, 2024
Cash & Cash Equivalents ($USD Millions)$21.64 $334.47
Total Assets ($USD Millions)$25.92 $337.38
Total Liabilities ($USD Millions)$66.60 $23.63
Term Loan (Principal) ($USD Millions)—$9.50
Warrant Liability ($USD Millions)$0.23 $0.61
Stockholders’ Equity (Deficit) ($USD Millions)$(173.40) $313.75

Program Spend KPIs (Q3 2024 vs Q3 2023)

KPIQ3 2023Q3 2024
Direct Costs – Azelaprag ($USD Millions)$1.02 $12.98
Direct Costs – NLRP3 ($USD Millions)$1.44 $1.50
Indirect – Personnel ($USD Millions)$3.49 $4.15
Indirect – Allocated Facility & Other ($USD Millions)$0.49 $1.39

Guidance Changes

MetricPeriodPrevious GuidanceCurrent GuidanceChange
Cash RunwayMulti‑yearNot previously disclosedSufficient to fund operations and capex into 2029 New/Extended
STRIDES (Azelaprag + Tirzepatide) ToplineQ3 2025Not previously disclosedTopline results anticipated Q3 2025 New
STRIDES 2 (Azelaprag + Semaglutide) Initiation/ToplineH1 2025 / 2H 2026Not previously disclosedInitiation H1 2025; topline 2H 2026 New
STRIDES T2D Monotherapy Initiation/ToplineH1 2025 / 2H 2025Not previously disclosedInitiation H1 2025; topline 2H 2025 New
NLRP3 INDH2 2025Not previously disclosedIND submission anticipated H2 2025 New
Revenue/Margins/OpEx guidanceFY/QtrNot providedNot providedMaintained (no numeric guidance)

Earnings Call Themes & Trends

Note: An earnings call transcript for Q3 2024 was not available in the document catalog or investor site; themes below derive from the 8‑K press release and 10‑Q.

TopicPrevious Mentions (Q‑2 and Q‑1)Current Period (Q3 2024)Trend
Obesity program executionN/ASTRIDES Phase 2 initiated with Lilly Chorus; azelaprag + tirzepatide; topline Q3 2025 Positive execution; ramping spend
Pipeline expansionN/ASTRIDES 2 (semaglutide) planned; T2D monotherapy PoC planned; NLRP3 IND H2 2025 Broader clinical footprint
Capital and liquidityN/AIPO net ~$189.5M; overallotment ~$27.6M; cash $334.5M; runway into 2029 Stronger balance sheet
Manufacturing/readinessN/AOngoing CDMO engagement; commercial route development; capacity to supply trials Scaling for Phase 2/3
Governance/controlsN/ABoard chair transition; material weaknesses in ICFR under remediation Improvement initiatives underway
Debt and warrantsN/ATerm loan $9.5M; warrant liability increased to $0.61M Manageable leverage; mark‑to‑market warrants

Management Commentary

  • “The third quarter of 2024 was transformative for BioAge as we achieved two major milestones: initiating our Phase 2 STRIDES trial… and completing our IPO… We’re developing an oral therapy that has the potential to enhance the weight loss benefits of incretin drugs while promoting healthy body composition.” — Kristen Fortney, Ph.D., CEO .
  • “We believe these trials will directly support our ultimate therapeutic goal of developing an all‑oral combination product for obesity… STRIDES topline in Q3 2025; STRIDES 2 initiation H1 2025; T2D monotherapy PoC H1 2025; NLRP3 IND H2 2025.” — Management’s Discussion & Analysis .

Q&A Highlights

  • No Q3 2024 earnings call transcript was available. Guidance clarifications and timelines are drawn from the press release and 10‑Q disclosures .

Estimates Context

  • S&P Global Wall Street consensus estimates (EPS, revenue) for Q3 2024 were unavailable at the time of retrieval; we therefore cannot assess beats/misses versus Street expectations. We will update this section once S&P Global data is accessible.

Key Takeaways for Investors

  • Liquidity and runway are now the core differentiators: $334.5M cash and runway guided into 2029 provide ample capital to prosecute multiple Phase 2 programs and an NLRP3 IND .
  • Clinical execution is the near‑term driver of value: STRIDES topline Q3 2025 is the pivotal catalyst; initiation of STRIDES 2 and T2D monotherapy expand optionality in H1 2025 .
  • Opex ramp is intentional and focused: R&D up $13.5M YoY in Q3, driven by azelaprag development and manufacturing; investors should expect elevated spend through multi‑trial execution .
  • Governance and controls bear watching: material weaknesses in ICFR remain under remediation; successful resolution should reduce reporting risk over time .
  • Balance sheet transformation reduces financing risk: IPO and overallotment proceeds, preferred conversions, and stronger interest income meaningfully improved capital position .
  • Manageable leverage: $9.5M term loan outstanding with a clear amortization schedule; warrant liability subject to fair‑value changes with stock price .
  • Trading implication: Stock likely reacts to clinical roadmap adherence (dosing pace, manufacturing readiness, trial initiations) and any updates on ICFR remediation; absence of revenue means narrative is driven by clinical progress and capital discipline .

Sources:

  • Q3 2024 Form 8‑K and Exhibit 99.1 press release .
  • Q3 2024 Form 10‑Q .
  • Investor relations press release page (PDF and web) .