Upsized twice today: BioAge Labs (BIOA) increased its IPO’s size at pricing – to 11.0 million shares – up from 10.5 million – and priced its IPO at $18.00 – the mid-point of its range – to raise $198 million on Wednesday night, Sept. 25, 2024. The pricing news marked the second time today that BioAge Labs made headlines by upsizing its deal. Shortly after sunrise, BioAge Labs disclosed that it had raised the number of shares in the IPO by 40 percent – to 10.5 million shares from 7.5 million shares, its original size. The price range was $17.00 to $19.00.
At pricing, BioAge Labs, Inc. had a market cap of $615.01 million.
BioAge Labs’ stock opened Thursday, Sept. 26, at 12:14 p.m. EDT at $22.50 – up $4.50 from its IPO price – on the NASDAQ on volume of 491,978 shares.
Goldman Sachs, Morgan Stanley, Jefferies and Citigroup were the joint book-runners.
This serial upsizing is typically the hallmark of a hot deal.
BioAge Labs is a Phase 2 biotech whose leading product candidate is a weight-loss pill, which it intends to evaluate in two clinical trials – each pairing the pill with a different weight-loss injection.
BioAge Labs Inc. is evaluating its leading drug candidate, azelaprag, a pill, combined with an injectable GLP-1R agonist, in two Phase 2 clinical trials. GLP-1 agonists are glucagon-like peptide-1 agonists – a class of medications that includes Ozempic and Wegovy (semaglutide is the active ingredient) and Mounjaro and Zepbound (tirzepatide is the active ingredient) – used to treat Type 2 diabetes and obesity, according to the National Institutes of Health and WebMd.
The BioAge Labs’ oral drug candidate, azelaprag, will be combined in Phase 2 clinical trials with either:
– An injection of tirzepatide, marketed as Zepbound, Eli Lilly’s injectible drug to fight obesity; this is an ongoing STRIDES clinical trial with topline results anticipated in the third quarter of 2025, or
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– An injection of semaglutide, marketed as Wegovy by Novo Nordisk; this Phase 2 trial is expected to begin in the first half of 2025 with topline results expected in the second half of 2026.
BioAge Labs, founded in 2015, is based in the San Francisco suburb of Richmond, California.
Principal shareholders include co-founder and CEO Kristen Fortney, who owns a 9.8 percent stake in BioAge Labs. Entities affiliated with Andreessen Horowitz own a pre-IPO stake of 9.4 percent of the outstanding stock, while Khosla Ventures has a pre-IPO stake of 8 percent.
BioAge Labs, Inc. is not profitable, according to the prospectus. The company reported a net loss of $62.2 million on no product revenue for the 12 months that ended June 30, 2024
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