After raising $170 million back in February, metabolic disease-focused BioAge Labs has filed to debut on the public market.
The Eli Lilly-partnered biotech hopes to list on the Nasdaq under the symbol “BIOA,” according to documents filed with the Securities and Exchange Commission. The company has not publicly shared an expected monetary amount for the offering.
The clinical-stage company touts lead candidate azelaprag, an orally delivered small molecule slated to enter phase 2 testing in combo with semaglutide—sold by Novo Nordisk under brand name Wegovy for weight loss—in the first half of next year. Semaglutide is also sold as Ozempic and Rybelsus by Novo for diabetes.
Apelin receptor agonist azelaprag is designed to combine well with GLP-1 drugs, boosting weight loss while preserving muscle mass. The investigational drug was found to be well-tolerated among 265 individuals across eight phase 1 trials, according to BioAge.
"BioAge's IPO could serve as a bellwether for the sector, potentially catalyzing further investment and innovation," Kazi Helal, Ph.D., senior biotech analyst at PitchBook, told Fierce Biotech in an emailed statement. Other notable players in the space include Metsera, Hercules CM NewCo and SixPeaks Bio, according to Helal.
Previously, BioAge garnered the support of Lilly to run a trial combining azelaprag with the Big Pharma’s GLP-1/GIP receptor agonist tirzepatide, which is marketed for diabetes as Mounjaro and Zepbound for weight loss. The partners are currently conducting a phase 2 trial of azelaprag and tirzepatide, with topline results expected in the third quarter of 2025.
The biotech is also planning an insulin sensitivity proof-of-concept trial assessing azelaprag as a monotherapy in the first half of next year to support potential indication expansion. Furthermore, the company plans to ask the FDA for permission in the second half of 2025 to launch human testing for an NLRP3 inhibitor targeting metabolic diseases and neuroinflammation.
BioAge’s anticipated move to the public market follows a slight uptick in planned biotech IPOs from Bicara Therapeutics and Zenas Biopharma. Zooming out, the recent IPO landscape is a “mixed picture,” with high-quality companies still debuting on the public markets, just in decreased numbers, according to PitchBook.
"As a phase 2 biotech entering the public market, BioAge will face increased scrutiny while navigating clinical trials and regulatory approvals," Helal said. "However, the current market enthusiasm for obesity treatments may provide a favorable environment for their debut."
Editor's note: This story was updated at 4 pm on Sept. 4 to include analyst commentary.