BioAge Labs, a Phase 2 biotech developing obesity therapies by targeting metabolic aging, announced terms for its IPO on Wednesday.
The Richmond, CA-based company plans to raise $135 million by offering 7.5 million shares at a price range of $17 to $19. Existing investor Sofinnova Venture Partners plans to invest $15 million in a concurrent private placement. At the midpoint of the proposed range, BioAge Labs would command a market cap of $602 million.
The company's leading candidate, azelaprag, is an orally available small molecule that has shown encouraging results in preclinical and early clinical trials, particularly in enhancing weight loss when combined with GLP-1R agonists. Beyond weight loss, azelaprag may also improve body composition and muscle function by leveraging a unique technology platform and proprietary human datasets to identify promising targets linked to molecular changes associated with aging. BioAge Labs is currently conducting Phase 2 clinical trials to evaluate azelaprag's potential when combined with existing obesity treatments, aiming to develop an all-oral combination therapy for obesity. Topline data from the first of these trials is expected in the 3Q25. It is also advancing brain-penetrant NLRP3 inhibitors for neuroinflammation-driven diseases, with plans to submit an IND in the 2H25.
Primary shareholders include co-founder, CEO, and Director Kristen Fortney (7% post-IPO stake), Andreessen Horowitz (7%), Khosla Ventures (6%), Sofinnova Investments (5%), and Longitude Capital (4%).
BioAge Labs was founded in 2015 and plans to list on the Nasdaq under the symbol BIOA. Goldman Sachs, Morgan Stanley, Jefferies, and Citi are the joint bookrunners on the deal. It is expected to price on the week of September 23.
