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BioAge Labs is a clinical-stage biotechnology company that uses human aging datasets to identify biological targets and develop treatments for metabolic diseases. Its lead candidate, BGE-102, is being developed to reduce cardiovascular disease risk and treat diabetic macular edema, an eye complication of diabetes. It also has earlier-stage APJ drug programs for obesity.
Novartis supplies its current collaboration revenue. BioAge analyzes datasets that follow people as they age and validates targets linked to aging and physical exercise. Novartis pays for research and rights under the agreement. Both companies can advance targets discovered through the collaboration, with potential milestone payments and royalties if resulting medicines progress and reach the market.
BioAge has no approved drugs and earns no product-sales revenue. Its drug business depends heavily on BGE-102 and the APJ programs demonstrating safety and effectiveness and obtaining regulatory approval before sale. It also relies on capital raised from investors to support development and expects to need additional financing.
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BioAge’s prospects hinge on clinical validation of BGE-102 and its obesity programs, including the antibody program under its option agreement with JiKang Therapeutics.
Novartis pays BioAge to discover aging-related drug targets and obtain rights to use them, providing BioAge’s current collaboration revenue and potential milestone payments and royalties. Work under this agreement generated $8.995 million of BioAge’s revenue in 2025; progress on the discovered targets is the thing to watch for future payments.
Eli Lilly helps advance early programs from BioAge’s discovery platform but also competes with its cardiometabolic development through the NLRP3 program acquired with Ventyx. Watch VTX3232, which completed a Phase 2 trial in people with obesity and elevated cardiovascular risk, for progress in an area BioAge targets with BGE-102.
Monte Rosa Therapeutics names BioAge as a competitor in diseases it plans to treat; its NEK7 program offers a different approach to the inflammatory pathway addressed by BioAge’s BGE-102.
Novo Nordisk already sells obesity medicines in the weight-management market BioAge hopes to enter with its oral and injectable APJ agonist programs. Its obesity-medicine business is the relevant part to follow, rather than its diabetes or rare-disease business.
iBio develops antibodies for obesity and cardiometabolic diseases, putting it alongside BioAge’s obesity antibody and cardiometabolic programs as a competing drug developer. Watch its clinical-stage IBIO-600 and progress in its other, still-preclinical candidates.
Biomea Fusion is pursuing the same weight-management market as BioAge’s APJ agonist programs, but with different oral drug candidates. Watch BMF-650, its oral GLP-1 receptor agonist for obesity, and obesity studies of icovamenib, which blocks menin.
Novartis AG earningsNVS
Novartis's report may show whether its aging-related target-discovery work with BioAge Labs is advancing, a potential path to future milestone payments and royalties for BioAge.
Look for signs that the collaboration's targets are moving into further research or development. Progress would strengthen the path to future milestone payments or royalties on product sales for BioAge Labs; no visible progress would leave its current collaboration revenue without evidence of a route to those additional payments.
Eli Lilly & Co. earningsLLY
Lilly's report may show how its VTX3232 program is progressing in people with obesity and elevated cardiovascular risk, a competitive reference for BioAge Labs's BGE-102.
Look for whether Lilly reports further study or development of VTX3232, or a delay or other setback. Progress would show a competing drug advancing in the same disease area, so BioAge Labs would need convincing safety and efficacy evidence to compete for patients and physicians; a setback would ease this specific competitive signal, but would not show that BGE-102 works.
Novo-Nordisk A/S earningsNVO
Novo Nordisk's report will show how its obesity-medicine business is faring, a read on the market BioAge Labs hopes to enter.
Focus on sales in Novo Nordisk's obesity-medicine business and what the company says about demand. Strong sales would show that BioAge Labs's future APJ drugs would enter a market with established medicines; weaker sales would soften that market signal, but would not prove demand for or success of BioAge's candidates.
BioAge Labs, Inc. earningsThis company
BioAge Labs has no product-sales revenue, so this report will show whether Novartis collaboration income is keeping pace with the cost of developing its drugs.
Read collaboration revenue alongside operating expenses. Rising collaboration revenue without faster-rising expenses would show that the Novartis work is contributing funds BioAge can use for its drug programs. Lower collaboration revenue, or expenses growing faster, would mean development depends more on cash reserves and future financing.
