BioAge will use the proceeds from the initial public offering to move its oral apelin receptor agonist azelaprag past its Phase III STRIDES study and into a registrational Phase III trial.
BioAge Labs revealed its plans for an initial public offering on Tuesday, as it looks to capitalize on the red-hot obesity medication market.
The California-based biotech has not yet announced how much it expects to raise, nor has it set a completion date for the initial public offering (IPO). Once completed, BioAge will trade on the Nasdaq Global Market under the ticker symbol BIOA.
The biotech is also offering its underwriters—Goldman Sachs, Citi, Jefferies and Morgan Stanley—a 30-day option to purchase additional shares of its common stock at the IPO price, minus discounts and commissions.
According to BioAge, the primary objective of its IPO is to increase the company’s “financial flexibility” as well as to provide additional capital for its operations. The biotech will use the proceeds to advance its lead candidate azelaprag past its Phase III STRIDES study and into a registrational Phase III trial.
Designed to be orally available, azelaprag is a small molecule activator of the apelin receptor which could help “recapitulate many of the benefits of exercise,” according BioAge. Azelaprag works by mimicking apeline, a protein that the body secretes in response to exercise, helping to potentially boost patients’ basal metabolic rate and insulin sensitivity while also inhibiting inflammation and muscle atrophy.
Currently, the biotech is running a Phase II study assessing azelaprag with Eli Lilly’s blockbuster incretin therapy tirzepatide to help lower body weight, while also improving body composition. Topline data from the study are expected in the third quarter of 2025. BioAge also has plans to launch a Phase II study of azelaprag with Novo Nordisk’s semaglutide next year.
BioAge will use the IPO funds to start a proof-of-concept study of azelaprag in insulin sensitivity, with an eye toward expanding its indication. A chunk of the IPO raise will also go toward developing its NLRP3 blocker for neuroinflammation.
Tuesday’s IPO announcement comes after BioAge in February 2024 announced that it raised $170 million in an oversubscribed Series D funding round. Lilly Ventures, the venture capital arm of Eli Lilly, participated in the financing round. Lilly is also partnered with BioAge for the biotech’s Phase II trial of azelaprag.
With its IPO, BioAge joins three other biotechs that have recently announced plans to go public. Last month, MBX Biosciences revealed its Nasdaq bid, the proceeds from which will help support its chronic hypoparathyroidism program. Cancer-focused Bicara Therapeutics and immunology player Zenas Biopharma also revealed IPO plans.
