The BioAge leadership plans to use the proceeds mainly to advance the development of azelaprag, the lead product candidate being developed for the treatment of obesity. A part of the proceeds will be used for working capital and other general corporate purposes.
The Company
BioAge is a clinical-stage biopharmaceutical company engaged in the development of therapeutic product candidates for metabolic diseases like obesity, by targeting the biology of human aging. In preclinical tests, azelaprag demonstrated the ability to more than double the weight loss induced by a glucagon-like peptide-1 receptor agonist. It also restored healthy body composition and improved muscle function.
Currently, the company is developing a pipeline of platform-derived therapeutics for the treatment of chronic metabolic disease. Azelaprag is an orally available small-molecule agonist of the apelin receptor where the activation has the potential to recapitulate many of the benefits of exercise. The drug is being developed in combination with GLP-1R agonists to augment overall weight loss, with the potential to also improve tolerability and body composition.
Key Numbers
For the year ended December 2023, BioAge reported a comprehensive loss of $63.9 million, compared to a loss of $39.5 million in the previous year. Full-year research and development expenses increased 11% year-over-year to $33.9 million. In the six months ended June 30, 2024, loss narrowed modestly to $26.6 million from $28.2 million in the corresponding period of 2023. At $19.8 million, research and development expenses were up 15% year-over-year during the six months.