BioAge Labs (BIOA) FY2025 10-K Risk Factors: 78 New, 63 Dropped

What the changes say

BioAge Labs focuses on developing its lead NLRP3 inhibitor BGE-102 for cardiometabolic and ophthalmic diseases.
The company relies heavily on external third-party contractors and collaborators like Novartis.
Significant ongoing capital needs and research and development expenses dominate the company's risk profile.

What changed since the prior 10-K

New

New
Risk management and strategy
We depend on third-party software and cloud platforms for our financial, data processing, and operating information systems.
New
Ite m 3. Legal Proceedings
A securities class action lawsuit was filed and dismissed with prejudice regarding registration statement disclosures for our former lead candidate azelaprag.
New
Use of Proceeds from Public Offering of Common Stock
We raised $207.3 million in net cash proceeds from our initial public offering and concurrent private placement in September 2024.
New
It em 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations
Our forward-looking statements and financial results are subject to numerous risks and uncertainties detailed in this report.
New
We are a clinical-stage biopharmaceutical company developing therapeutic product candidates for metabolic diseases by targeting the biology of human aging. Our technology platform and differentiated human datasets enable us to identify promising targets based on insights into molecular changes that drive aging
Our lead program BGE-102 is an orally available small-molecule NLRP3 inhibitor showing strong target engagement and brain penetration.
New
We intend to advance BGE-102 in two therapeutic areas: cardiometabolic disease and ophthalmology
BGE-102 achieved an 86% median reduction in hsCRP at Day 14 in a Phase 1 trial for atherosclerotic cardiovascular disease risk reduction.
New
We are also advancing earlier stage platform-derived programs in collaboration with Eli Lilly and Company (Lilly), and have an ongoing target discovery collaboration with Novartis Pharma AG (Novartis)
We have incurred significant operating losses and have no approved products, depending entirely on capital raises and collaborations.
New
Our net losses may fluctuate significantly from period to period, depending on the timing of factors above
We will need substantial additional funding to support future clinical development and potential commercialization of BGE-102.
New
Under the terms of the Novartis Agreement, we are obligated to perform additional analyses on our longitudinal human aging cohort datasets, to expand data included in our discovery platform, and perform other activities to enable the identification and validation of novel therapeutic drug targets
We received $9.0 million in collaboration revenue from Novartis in 2025 out of potential future research and milestone payments totaling $530.0 million.
New
Research and Development Expense
Research and development expenses consist of direct costs for CROs and CDMOs as well as indirect personnel and facility costs.
New
payments made under third-party licensing agreements
We make third-party licensing payments and expense research and development costs as they are incurred.
New
allocated facilities and other expenses not directly tied to a program
We lack internal manufacturing facilities and rely entirely on third-party contractors and CDMOs for our drug substances.
New
whether we choose to partner any of our product candidates and the terms of such partnership
New
General and Administrative Expense
New
Loss on Extinguishment of Convertible Promissory Notes
New
Comparison of the Years Ended December 31, 2025 and 2024
New
Research and Development Expenses
New
General and Administrative Expenses
New
Other Income (Expense), Net
New
Net Cash Used in Operating Activities
New
Net Cash Used in Investing Activities
New
Net Cash Provided by Financing Activities
New
Our primary uses of capital are, and we expect will continue to be, research and development services, compensation and related expenses and general overhead costs. We expect to continue to incur significant expenses and operating losses for the foreseeable future
New
our need to implement additional internal systems and infrastructure, including financial and reporting systems to satisfy our obligations as a public company
New
Purchase and Other Obligations
New
Critical Accounting Policies and Estimates
New
Accrued and Prepaid Research and Development Expenses
New
Risk-Free Interest Rate—The risk-free interest rate is based on the U.S. Treasury zero coupon issues in effect at the time of grant for periods corresponding with the expected term of option
New
Expected Dividend Yield—We have never paid dividends on our common stock and have no plans to pay dividends on our common stock. Therefore, we used an expected dividend yield of zero
New
We recognize as revenue the amount of the transaction price that is allocated to the respective performance obligation when (or as) each performance obligation is satisfied at a point in time or over time, and if over time this is based on the use of an output or input method
New
Emerging Growth Company and Smaller Reporting Company Status
New
Ite m 8. Financial Statements and Supplementary Data
New
Evaluation of disclosure controls and procedures
New
Management’s annual report on internal control over financial reporting
New
Attestation Report of the Registered Public Accounting Firm
New
Changes in internal control over financial reporting
New
It em 10. Directors, Executive Officers and Corporate Governance
New
Insider Trading Arrangements and Policies
New
It em 11. Executive Compensation
New
It em 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters
New
It em 13. Certain Relationships and Related Transactions, and Director Independence
New
Ite m 14. Principal Accounting Fees and Services
New
^ Indicates a management contract or compensatory plan, contract or arrangement
New
Opinion on the Consolidated Financial Statements
New
The Company was incorporated in 2015 in the State of Delaware and is headquartered in Emeryville, California
New
Liquidity and Capital Resources
New
Basis of Presentation and Principles of Consolidation
New
Cash, Cash Equivalents and Marketable Securities
New
Financial instruments that potentially subject the Company to credit risk consist primarily of accounts receivable, cash, cash equivalents and marketable securities. Management monitors exposure to credit risk on an ongoing basis
New
Property and Equipment, Net
New
Impairment of Long-lived Assets
New
Redeemable Convertible Preferred Stock
New
Accrued Research and Development Expenses
New
Revenue Recognition for Contracts with Customers
New
The Company recognizes as revenue the amount of the transaction price that is allocated to the respective performance obligation when (or as) each performance obligation is satisfied at a point in time or over time, and if over time this is based on the use of an output or input method
New
milestones and any related constraint, and, if necessary, adjusts its estimate of the overall transaction price. Any such adjustments are recorded on a cumulative catch-up basis, which would affect collaboration revenues and earnings in the period of adjustment
New
The Company’s stock-based compensation program allows for grants of stock options and restricted stock awards. Grants are awarded to employees and non-employees, including directors
New
Basic net loss per share attributable to common stockholders is calculated by dividing the net loss attributable to common stockholders by the weighted-average number of shares of common stock outstanding during the period, without consideration for potentially dilutive securities
New
Recently Adopted and Recently Issued Accounting Pronouncements
New
Fair Value of Financial Instruments
New
Unobservable inputs are inputs that reflect the Company’s assumptions about the inputs that market participants would use in pricing the asset or liability and are developed based on the best information available in the circumstances
New
Level 2 inputs are inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly
New
Cash Equivalents and Marketable Securities
New
Accrued Expenses and Other Current Liabilities
New
Convertible Promissory Notes
New
The Loan Agreement includes positive and negative covenants that the Company must comply with and is secured by the assets of the Company that are pledged as collateral
New
Upon the closing of the IPO, all of the Company’s outstanding shares of redeemable convertible preferred stock automatically converted into 20,854,632 shares of common stock
New
The intrinsic value of the stock options that were exercised during the year ended December 31, 2025 and 2024 were $ 0.8 million and $ 1.0 million , respectively
New
Employee Stock Purchase Plan
New
As of December 31, 2025 , the Emeryville Lease remaining lease term was 5.2 years and the discount rate used to determine the operating lease liability was 11.6 %
New
Novartis Pharma AG Collaboration Agreement
New
Wellcome Leap Commercial Research Funding Agreement
New
The Company incorporated a subsidiary in Australia in 2020. However, the company has minimal activity and as such, has no undistributed earnings
New
The Company accounts for interest and penalties related to uncertain tax positions as part of its provision for income taxes. No amounts were accrued for the payment of interest and penalties as December 31, 2025 or 2024
New
Note 11. Net Loss Per Share Attributable to Common Stockholders
New
Note 12. Employee Benefit Plan
New
As a single reportable segment entity, the determined measure of profit or loss is the Company’s consolidated net income (loss). Consolidated asset information for the Company’s single reportable segment is presented in the Company’s consolidated balance sheets
New
Note 14. Subsequent Events

Dropped

Dropped
We have a limited operating history, have not completed any clinical trials beyond Phase 1b and have no products approved for commercial sale, which may make it difficult for investors to evaluate our business, likelihood of success and viability
Limited operating history and absence of approved products make evaluation difficult.
Dropped
If we are unable to advance the development of, receive regulatory approval for and ultimately successfully commercialize BGE-102 or any future product candidates we may develop, or experience significant delays in doing so, our business will be materially harmed
Uncertainty in advancing and commercializing BGE-102 or future candidates.
Dropped
Our quarterly and annual operating results may fluctuate significantly or may fall below the expectations of investors or securities analysts, each of which may cause our stock price to fluctuate or decline
Potential negative publicity or results for other obesity drugs impacting our pipeline.
Dropped
We are subject to securities litigation , which is expensive and could divert management attention
Securities litigation risks and past material weaknesses in internal controls.
DroppedRisks Related to Our Financial Position, Limited Operating History and Need for Additional Capital
We have a limited operating history, have not completed any clinical trials beyond Phase 1b and have no products approved for commercial sale, which may make it difficult for investors to evaluate our business, likelihood of success and viability
Speculative nature of drug development and significant upfront capital requirements.
DroppedRisks Related to Our Financial Position, Limited Operating History and Need for Additional Capital
the costs associated with potential product liability claims, including the costs associated with obtaining insurance against such claims and with defending against such claims
Product liability claims and the need for additional capital.
DroppedRisk Related to Research, Discovery, Development, Regulatory Approval and Commercialization of our
maintaining a continued acceptable safety profile of the products following approval
Risks of failing to maintain product safety profiles post-approval.
DroppedRisk Related to Research, Discovery, Development, Regulatory Approval and Commercialization of our
the FDA or other regulatory authorities may require us to submit additional data such as long-term toxicology studies or impose other requirements before permitting us to initiate a clinical trial
Regulatory agencies requiring extra toxicology data or suspending clinical trials.
DroppedRisk Related to Research, Discovery, Development, Regulatory Approval and Commercialization of our
experience damage to our reputation
Reputational damage and increased costs from testing delays.
DroppedRisk Related to Research, Discovery, Development, Regulatory Approval and Commercialization of our
We may develop future product candidates in combination with other therapies, which would expose us to additional risks
Challenges associated with developing product candidates in combination therapies.
DroppedRisk Related to Research, Discovery, Development, Regulatory Approval and Commercialization of our
Preliminary, topline or interim data from our clinical trials that we announce or publish from time to time may change as more patient data become available and/or are subject to audit and verification procedures that could result in material changes in the final data
Interim or preliminary clinical data changing as final patient data is audited.
DroppedRisk Related to Research, Discovery, Development, Regulatory Approval and Commercialization of our
We may not be successful in applying our longitudinal human aging platform to identify additional targets with therapeutic and commercial potential or in the discovery and development of commercially viable product candidates for us or our collaborators
Risks in successfully applying our longitudinal human aging platform for target discovery.
DroppedRisk Related to Research, Discovery, Development, Regulatory Approval and Commercialization of our
Our future growth may be dependent, in part, on our ability to operate in foreign markets, where we would be subject to additional regulatory burdens and other risks and uncertainties
DroppedRisk Related to Research, Discovery, Development, Regulatory Approval and Commercialization of our
We may experience difficulty enrolling or keeping patients in our clinical trials, which could delay or prevent us from proceeding with, or otherwise adversely affect, clinical trials of our product candidates
DroppedRisk Related to Research, Discovery, Development, Regulatory Approval and Commercialization of our
Our current or future product candidates may not achieve adequate market acceptance among physicians, patients or their families, healthcare payors and others in the medical community necessary for commercial success
DroppedRisk Related to Research, Discovery, Development, Regulatory Approval and Commercialization of our
If any of our current or future product candidates are approved but do not achieve an adequate level of acceptance by physicians, hospitals, healthcare payors and patients, we may not generate or derive sufficient revenue from that product candidate and our financial results would be negatively impacted
DroppedRisk Related to Research, Discovery, Development, Regulatory Approval and Commercialization of our
unforeseen costs and expenses associated with creating an independent commercialization organization
DroppedRisks Related to Our Business and Operations
Our future performance is dependent on our ability to retain key employees and to attract, retain and motivate qualified personnel and manage our human capital
DroppedRisks Related to Our Business and Operations
changes in general market and economic conditions
DroppedRisks Related to Our Business and Operations
We face substantial competition, which may result in others discovering, developing or commercializing products before or more successfully than we do, if at all
DroppedRisks Related to Our Business and Operations
The estimates of market opportunity and forecasts of market growth included in this Annual Report may prove to be smaller than we believe, and even if the markets in which we compete achieve the forecasted growth, our business may not grow at similar rates, or at all
DroppedRisks Related to Our Business and Operations
Negative results or publicity for one obesity drug could have a substantial impact on all drugs and product candidates for the treatment of obesity, including any potential product candidates we may have in the future
DroppedRisks Related to Our Business and Operations
We may engage in strategic transactions that could increase our capital requirements, dilute our stockholders, cause us to incur debt or assume contingent liabilities, subject us to other risks, adversely affect our liquidity, increase our expenses and present significant distractions to our management
DroppedRisks Related to Our Business and Operations
Our ability to use our net operating loss carryforwards and certain other tax attributes may be limited
DroppedRisks Related to Our Business and Operations
Changes in tax laws or regulations that are applied adversely to us may have a material adverse effect on our business, cash flows, financial condition or results of operations
DroppedRisks Related to Our Business and Operations
Our disclosure controls and procedures may not prevent or detect all errors or acts of fraud
DroppedRisks Related to Our Business and Operations
We and the third parties with whom we work are, or may in the future be, subject to stringent and changing data privacy and security obligations
DroppedRisks Related to Our Business and Operations
We are dependent on the efficient and uninterrupted operation of our information technology systems, and those systems, or those of our third-party service providers, may be impacted by security incidents, cyberattacks, loss of data and other disruptions, which could adversely impact our business
DroppedRisks Related to Our Business and Operations
Further, remote work may increase the risks to our information technology systems and data, as remotely working employees utilize network connections, computers and devices outside our premises or network, including working at home, while in transit or in public locations
DroppedRisks Related to Our Business and Operations
We are an “emerging growth company” and a “smaller reporting company” and the reduced reporting requirements applicable to emerging growth companies or smaller reporting companies could make our common stock less attractive to investors
DroppedRisks Related to Our Reliance on Third Parties
if a future collaborator of ours were to be involved in a business combination, the continued pursuit and emphasis on our product development or, if approved, commercialization program could be delayed, diminished or terminated
DroppedRisks Related to Our Reliance on Third Parties
failure to deliver our drugs under specified storage conditions and in a timely manner
DroppedRisks Related to Our Reliance on Third Parties
If we, or any contract manufacturers or suppliers we engage, fail to comply with environmental, health and safety laws and regulations, we could become subject to fines or penalties or incur costs that could harm our business
DroppedRisks Related to Intellectual Property
If we do not obtain patent term extension for any product candidates we may develop, our business may be harmed
DroppedRisks Related to Intellectual Property
Patent terms may be insufficient to protect our competitive position on BGE-102 and any future product candidates for an adequate amount of time
DroppedRisks Related to Intellectual Property
Obtaining and maintaining our patent protection is dependent on compliance with various procedural, document submission, fee payment and other requirements imposed by governmental patent agencies, and our patent protection could be reduced or eliminated for non-compliance with these requirements
DroppedRisks Related to Intellectual Property
patent applications and the enforcement or defense of our issued patents, all of which could have a material adverse effect on our business, financial condition, results of operations and prospects
DroppedRisks Related to Intellectual Property
If our trademarks and trade names are not adequately protected, we may not be able to build name recognition in our markets of interest and our business may be adversely affected
DroppedRisks Related to Intellectual Property
Intellectual property rights do not necessarily address all potential threats to our business
DroppedRisks Related to Intellectual Property
Our rights to develop and commercialize any future products as well as our lead product candidate, BGE-102, are or may be subject to the terms and conditions of license agreements
DroppedRisks Related to Intellectual Property
If we breach our license agreements it could have a material adverse effect on our commercialization efforts for BGE-102 or any future product candidates
DroppedRisks Related to Intellectual Property
whether and the extent to which inventors are able to contest the assignment of their rights to our licensors
DroppedRisks Related to Intellectual Property
Third-party claims of intellectual property infringement may prevent or delay our product discovery and development efforts
DroppedRisks Related to Intellectual Property
redesigning our product candidates or processes so they do not infringe, which may not be possible or may require substantial monetary expenditures and time
DroppedRisks Related to Intellectual Property
We may not be able to protect our intellectual property rights throughout the world
DroppedRisks Related to Intellectual Property
If we are unable to protect the confidentiality of our trade secrets, our business and competitive position would be harmed
DroppedRisks Related to Intellectual Property
Third-party claims of intellectual property infringement, misappropriation or other violations against us or our collaborators could be expensive and time consuming and may prevent or delay the development and commercialization of our product candidates
DroppedRisks Related to Intellectual Property
We may be subject to claims challenging the inventorship of our patents and other intellectual property
DroppedRisks Related to Intellectual Property
Third party claims or litigation alleging infringement of patents or other proprietary rights, or seeking to invalidate our patents or other proprietary rights, may delay or prevent the development and commercialization of our current or future product candidates or technologies
DroppedRisks Related to Government Regulation
Existing, recently enacted and future legislation may increase the difficulty and cost for us to obtain regulatory approval of and commercialize our product candidates and decrease the prices we may obtain
DroppedRisks Related to Government Regulation
The insurance coverage and reimbursement status of newly approved products are uncertain. Failure to obtain or maintain coverage and adequate reimbursement for any future products could limit our ability to market those products and decrease our ability to generate revenue
DroppedRisks Related to Government Regulation
Obtaining and maintaining regulatory approval of our product candidates in one jurisdiction does not mean that we will be successful in obtaining regulatory approval of our product candidates in other jurisdictions
DroppedRisks Related to Government Regulation
The acceptance by the FDA or other regulatory authorities of trial data from clinical trials conducted outside their jurisdiction may be subject to certain conditions or may not be accepted at all
DroppedRisks Related to Government Regulation
interruptions or delays in our trials resulting from geopolitical events, such as war or terrorism
DroppedRisks Related to Our Common Stock
Anti-takeover provisions in our charter documents and under Delaware law could prevent or delay an acquisition of us, which may be beneficial to our stockholders, and may prevent attempts by our stockholders to replace or remove our current management
DroppedRisks Related to Our Common Stock
In addition, Section 203 of the Delaware General Corporation Law (DGCL), may discourage, delay or prevent a change in control of our company. Section 203 imposes certain restrictions on mergers, business combinations and other transactions between us and holders of 15% or more of our common stock
DroppedRisks Related to Our Common Stock
The market price of our common stock is likely to be highly volatile, and you could lose all or part of your investment
DroppedRisks Related to Our Common Stock
general economic, industry and market conditions, including fluctuating interest rates and inflation
DroppedRisks Related to Our Common Stock
We do not currently intend to pay dividends on our common stock and, consequently, our stockholders’ ability to achieve a return on their investment will be dependent on appreciation of the value of our common stock
DroppedRisks Related to Our Common Stock
If securities or industry analysts do not publish research or reports about our business, or if they issue an adverse or misleading opinion regarding our stock, our stock price and trading volume could decline
DroppedRisks Related to Our Common Stock
Sales of a substantial number of shares of our common stock in the public market could occur at any time. If our stockholders sell, or the market perceives that our stockholders intend to sell in the public market the market price of our stock could decline significantly
DroppedRisks Related to Our Common Stock
We will incur significant increased costs as a result of operating as a public company, and our management will be required to devote substantial time to new compliance initiatives and corporate governance practices
DroppedRisks Related to Our Common Stock
We are subject to securities litigation, which is expensive and could divert management attention

All 78 risk factors

Headings as the filing states them, in filing order.

Other

01Risk management and strategyNew
02Ite m 3. Legal ProceedingsNew
03Use of Proceeds from Public Offering of Common StockNew
04It em 7. Management’s Discussion and Analysis of Financial Condition and Results of OperationsNew
05We are a clinical-stage biopharmaceutical company developing therapeutic product candidates for metabolic diseases by targeting the biology of human aging. Our technology platform and differentiated human datasets enable us to identify promising targets based on insights into molecular changes that drive agingNew
06We intend to advance BGE-102 in two therapeutic areas: cardiometabolic disease and ophthalmologyNew
07We are also advancing earlier stage platform-derived programs in collaboration with Eli Lilly and Company (Lilly), and have an ongoing target discovery collaboration with Novartis Pharma AG (Novartis)New
08Our net losses may fluctuate significantly from period to period, depending on the timing of factors aboveNew
09Under the terms of the Novartis Agreement, we are obligated to perform additional analyses on our longitudinal human aging cohort datasets, to expand data included in our discovery platform, and perform other activities to enable the identification and validation of novel therapeutic drug targetsNew
10Research and Development ExpenseNew
11payments made under third-party licensing agreementsNew
12allocated facilities and other expenses not directly tied to a programNew
13whether we choose to partner any of our product candidates and the terms of such partnershipNew
14General and Administrative ExpenseNew
15Loss on Extinguishment of Convertible Promissory NotesNew
16Comparison of the Years Ended December 31, 2025 and 2024New
17Research and Development ExpensesNew
18General and Administrative ExpensesNew
19Other Income (Expense), NetNew
20Net Cash Used in Operating ActivitiesNew
21Net Cash Used in Investing ActivitiesNew
22Net Cash Provided by Financing ActivitiesNew
23Our primary uses of capital are, and we expect will continue to be, research and development services, compensation and related expenses and general overhead costs. We expect to continue to incur significant expenses and operating losses for the foreseeable futureNew
24our need to implement additional internal systems and infrastructure, including financial and reporting systems to satisfy our obligations as a public companyNew
25Purchase and Other ObligationsNew
26Critical Accounting Policies and EstimatesNew
27Accrued and Prepaid Research and Development ExpensesNew
28Risk-Free Interest Rate—The risk-free interest rate is based on the U.S. Treasury zero coupon issues in effect at the time of grant for periods corresponding with the expected term of optionNew
29Expected Dividend Yield—We have never paid dividends on our common stock and have no plans to pay dividends on our common stock. Therefore, we used an expected dividend yield of zeroNew
30We recognize as revenue the amount of the transaction price that is allocated to the respective performance obligation when (or as) each performance obligation is satisfied at a point in time or over time, and if over time this is based on the use of an output or input methodNew
31Emerging Growth Company and Smaller Reporting Company StatusNew
32Ite m 8. Financial Statements and Supplementary DataNew
33Evaluation of disclosure controls and proceduresNew
34Management’s annual report on internal control over financial reportingNew
35Attestation Report of the Registered Public Accounting FirmNew
36Changes in internal control over financial reportingNew
37It em 10. Directors, Executive Officers and Corporate GovernanceNew
38Insider Trading Arrangements and PoliciesNew
39It em 11. Executive CompensationNew
40It em 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder MattersNew
41It em 13. Certain Relationships and Related Transactions, and Director IndependenceNew
42Ite m 14. Principal Accounting Fees and ServicesNew
43^ Indicates a management contract or compensatory plan, contract or arrangementNew
44Opinion on the Consolidated Financial StatementsNew
45The Company was incorporated in 2015 in the State of Delaware and is headquartered in Emeryville, CaliforniaNew
46Liquidity and Capital ResourcesNew
47Basis of Presentation and Principles of ConsolidationNew
48Cash, Cash Equivalents and Marketable SecuritiesNew
49Financial instruments that potentially subject the Company to credit risk consist primarily of accounts receivable, cash, cash equivalents and marketable securities. Management monitors exposure to credit risk on an ongoing basisNew
50Property and Equipment, NetNew
51Impairment of Long-lived AssetsNew
52Redeemable Convertible Preferred StockNew
53Accrued Research and Development ExpensesNew
54Revenue Recognition for Contracts with CustomersNew
55The Company recognizes as revenue the amount of the transaction price that is allocated to the respective performance obligation when (or as) each performance obligation is satisfied at a point in time or over time, and if over time this is based on the use of an output or input methodNew
56milestones and any related constraint, and, if necessary, adjusts its estimate of the overall transaction price. Any such adjustments are recorded on a cumulative catch-up basis, which would affect collaboration revenues and earnings in the period of adjustmentNew
57The Company’s stock-based compensation program allows for grants of stock options and restricted stock awards. Grants are awarded to employees and non-employees, including directorsNew
58Basic net loss per share attributable to common stockholders is calculated by dividing the net loss attributable to common stockholders by the weighted-average number of shares of common stock outstanding during the period, without consideration for potentially dilutive securitiesNew
59Recently Adopted and Recently Issued Accounting PronouncementsNew
60Fair Value of Financial InstrumentsNew
61Unobservable inputs are inputs that reflect the Company’s assumptions about the inputs that market participants would use in pricing the asset or liability and are developed based on the best information available in the circumstancesNew
62Level 2 inputs are inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectlyNew
63Cash Equivalents and Marketable SecuritiesNew
64Accrued Expenses and Other Current LiabilitiesNew
65Convertible Promissory NotesNew
66The Loan Agreement includes positive and negative covenants that the Company must comply with and is secured by the assets of the Company that are pledged as collateralNew
67Upon the closing of the IPO, all of the Company’s outstanding shares of redeemable convertible preferred stock automatically converted into 20,854,632 shares of common stockNew
68The intrinsic value of the stock options that were exercised during the year ended December 31, 2025 and 2024 were $ 0.8 million and $ 1.0 million , respectivelyNew
69Employee Stock Purchase PlanNew
70As of December 31, 2025 , the Emeryville Lease remaining lease term was 5.2 years and the discount rate used to determine the operating lease liability was 11.6 %New
71Novartis Pharma AG Collaboration AgreementNew
72Wellcome Leap Commercial Research Funding AgreementNew
73The Company incorporated a subsidiary in Australia in 2020. However, the company has minimal activity and as such, has no undistributed earningsNew
74The Company accounts for interest and penalties related to uncertain tax positions as part of its provision for income taxes. No amounts were accrued for the payment of interest and penalties as December 31, 2025 or 2024New
75Note 11. Net Loss Per Share Attributable to Common StockholdersNew
76Note 12. Employee Benefit PlanNew
77As a single reportable segment entity, the determined measure of profit or loss is the Company’s consolidated net income (loss). Consolidated asset information for the Company’s single reportable segment is presented in the Company’s consolidated balance sheetsNew
78Note 14. Subsequent EventsNew

Other BioAge Labs 10-Ks

FY2024 10-K risk factors
63 risks
BioAge Labs relies heavily on the success of its lead metabolic and obesity drug candidate, BGE-102. The company faces high clinical trial risks and intense competition in the obesity therapeutics space. Operations depend entirely on third-party manufacturers, patent protection, and ongoing capital raises to fund unprofitability.
Filed Mar 20, 2025

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The headings are the filing's own. The one-line readings and the overview are automated and can be wrong: read Item 1A of the 10-K for the exact wording.