BioAge Labs has secured $198 million through an upsized initial public offering (IPO) to further the development of its lead drug candidate, azelaprag, and other programs targeting diseases of aging. The company's stock is now trading on the Nasdaq under the symbol "BIOA."
Azelaprag: Mimicking Exercise Benefits
Azelaprag, an oral small molecule, targets the apelin receptor, a key regulator of cardiovascular function and energy metabolism. BioAge aims to replicate the benefits of exercise at the molecular level by activating this receptor. Originally developed by Amgen, azelaprag reached Phase 1 testing for heart failure but was later licensed to BioAge in 2021.
BioAge initially explored azelaprag for preserving muscle mass in older adults. A Phase 1 trial demonstrated its ability to prevent muscle atrophy in healthy volunteers aged 65 and older during bed rest.
Combination Therapy for Obesity
BioAge is now focusing on obesity, with preclinical studies showing that combining azelaprag with Eli Lilly's Zepbound (tirzepatide) led to greater weight loss and improved body composition compared to Zepbound alone. This is particularly relevant as GLP-1 agonists can cause loss of muscle mass along with fat.
"We believe combination of azelaprag and an incretin is a pharmacological parallel to diet and exercise; one mechanism relies largely on reducing energy intake, the other on increasing energy expenditure," BioAge stated in its IPO filing.
Phase 2 Clinical Trials
Currently, BioAge is conducting a Phase 2 trial evaluating azelaprag in combination with Zepbound. This study is assessing once-daily and twice-daily doses of azelaprag alongside Zepbound, with the primary endpoint being the percentage of weight loss at 24 weeks. Exploratory endpoints include body composition, blood sugar control, and patient-reported outcomes. Preliminary results are anticipated in the third quarter of 2025.
BioAge also plans to initiate a second Phase 2 study in the first half of 2025, evaluating azelaprag in combination with Novo Nordisk's Wegovy. The primary goal is to measure weight loss at 52 weeks, with similar exploratory endpoints as the Zepbound study. Preliminary results from this trial are expected in the second half of 2026.
Long-Term Strategy and Pipeline Expansion
BioAge envisions developing an all-oral combination product for obesity. The company is also advancing BGE-100, a NLRP3 inhibitor targeting neuroinflammation, with an investigational new drug application planned for the second half of 2025. Preclinical data suggests that NLRP3 inhibition could address both obesity and neurodegenerative diseases.
With the IPO proceeds, BioAge plans to allocate approximately $140 million to the Phase 2 trials of azelaprag, $15 million to a monotherapy trial of azelaprag, and $20 million to the development of its NLRP3 inhibitor. The company estimates that its current capital will fund operations into 2029.
