BioAge Labs was valued at $758 million after its initial public offering on Nasdaq, as investors showed strong appetite for firms developing weight-loss treatments.
BioAge priced its shares at $18 each, the top end of its targeted range, raising approximately $158 million. The company focuses on developing drugs aimed at targeting obesity and other age-related conditions.
According to BioAge, the funds will be used to advance its lead candidate, BGE-105, which is currently in mid-stage trials. The company claims BGE-105 works by blocking apelin receptor pathways to help reduce body fat. BioAge also plans to invest in early research for other metabolic and aging-related therapies.
The debut comes at a time when the market is increasingly focused on new approaches to weight loss, fueled by the success of drugs such as Wegovy and Zepbound. BioAge said it aims to differentiate itself by targeting underlying biological mechanisms of aging rather than solely focusing on appetite suppression.
BioAge reported a net loss of $42.5 million for the first half of 2024 and had around $115 million in cash as of June 30. The company’s IPO was underwritten by Morgan Stanley, JPMorgan Chase, and Bank of America.
