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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 10-Q

(Mark One)


☒	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2025


☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission File Number: 001-42279

BIOAGE LABS, INC.

(Exact Name of Registrant as Specified in its Charter)


Delaware	47-4721157
( State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)
5885 Hollis St, Suite 370 Emeryville, CA	94608
(Address of principal executive offices)	(Zip Code)

Registrant’s telephone number, including area code: (510) 806-1445

Securities registered pursuant to Section 12(b) of the Act:

     Title of each class

     Trading
Symbol(s)

     Name of each exchange on which registered

     Common Stock, par value $0.00001 per share

     BIOA

     The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.


Large accelerated filer	☐	Accelerated filer	☐
Non-accelerated filer	☒	Smaller reporting company	☒
Emerging growth company	☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

As of August 1, 2025, the registrant had 35,850,037 shares of common stock, $0.00001 par value per share, outstanding.

Table of Contents


		Page

PART I.	FINANCIAL INFORMATION	1

Item 1.	Financial Statements (Unaudited)	1
	Condensed Consolidated Balance Sheets	1
	Condensed Consolidated Statements of Operations and Comprehensive Loss	2
	Condensed Consolidated Statements of Redeemable Convertible Preferred Stock and Stockholders’ Equity (Deficit)	3
	Condensed Consolidated Statements of Cash Flows	4
	Notes to Unaudited Condensed Consolidated Financial Statements	5
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	19
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	33
Item 4.	Controls and Procedures	33

PART II.	OTHER INFORMATION	34

Item 1.	Legal Proceedings	34
Item 1A.	Risk Factors	34
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	81
Item 3.	Defaults Upon Senior Securities	81
Item 4.	Mine Safety Disclosures	81
Item 5.	Other Information	81
Item 6.	Exhibits	82
	Signatures	83

SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS

This Quarterly Report on Form 10-Q (this Quarterly Report) contains forward-looking statements. All statements other than statements of historical facts contained in this Quarterly Report are forward-looking statements. In some cases, you can identify forward-looking statements by terms such as “aim,” “may,” “will,” “should,” “expect,” “forecast,” “plan,” “anticipate,” “could,” “intend,” “target,” “project,” “contemplate,” “believe,” “estimate,” “predict,” “potential” or “continue” or the negative of these terms or other similar expressions, although not all forward-looking statements contain these words. All statements other than statements of historical fact contained in this Quarterly Report, including without limitation statements regarding our plans to develop and commercialize our product candidates, the timing and results of our ongoing or planned preclinical studies and clinical trials, risks associated with clinical trials, including our ability to adequately manage clinical activities, unexpected concerns that may arise from additional data or analysis obtained during clinical trials, the timing of and our ability to obtain and maintain regulatory approvals, the clinical utility of our product candidates, our commercialization, marketing and manufacturing capabilities and strategy, our expectations about the willingness of healthcare professionals to use our product candidates, the sufficiency of our cash, cash equivalents, and marketable securities, general economic, industry and market conditions, including fluctuating interest rates and inflation, cybersecurity incidents, significant political, trade or regulatory developments, including tariffs or shifting priorities within the U.S. Food and Drug Administration, and global regional conflicts on our operations and the receipt and timing of potential regulatory designations, approvals and commercialization of product candidates, and the plans and objectives of management for future operations and capital expenditures are forward-looking statements.

The forward-looking statements in this Quarterly Report are only predictions and are based largely on our current expectations and projections about future events and financial trends that we believe may affect our business, financial condition and results of operations. These forward-looking statements speak only as of the date of this Quarterly Report and are subject to a number of known and unknown risks, uncertainties and assumptions, including those described under the sections in this Quarterly Report entitled “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and elsewhere in this Quarterly Report.

Because forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified and some of which are beyond our control, you should not rely on these forward-looking statements as predictions of future events. The events and circumstances reflected in our forward-looking statements may not be achieved or occur and actual results could differ materially from those projected in the forward-looking statements. Moreover, we operate in an evolving environment. New risk factors and uncertainties may emerge from time to time, and it is not possible for management to predict all risk factors and uncertainties. Except as required by applicable law, we do not plan to publicly update or revise any forward-looking statements contained herein, whether as a result of any new information, future events, changed circumstances or otherwise. We intend the forward-looking statements contained in this Quarterly Report to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act of 1933, as amended, or the Securities Act, and Section 21E of the Securities Exchange Act of 1934, as amended, (the Exchange Act).

PART I—FINANCIAL INFORMATION

Item 1. Unaudited Financial Statements.

BIOAGE LABS, INC.

Unaudited Condensed Consolidated Balance Sheets

(in thousands, except share and per share information)


	June 30,			December 31,
	2025			2024
Assets
Current Assets:
Cash and cash equivalents	$	220,330		$	354,349
Marketable securities, current		76,965			—
Accounts receivable		603			—
Prepaid expenses and other current assets		3,799			2,754
Total current assets		301,697			357,103
Investments		100			100
Marketable securities		16,108			—
Property and equipment, net		974			591
Operating lease right-of-use assets, net		3,032			200
Other assets		237			240
Total assets	$	322,148		$	358,234
Liabilities
Current Liabilities:
Accounts payable	$	1,329		$	1,996
Accrued expenses and other current liabilities		7,584			11,751
Term loan, current		5,596			6,000
Operating lease liabilities, current		630			202
Deferred revenue, current		7,698			7,826
Total current liabilities		22,837			27,775
Deferred revenue		1,902			4,674
Term loan	—				2,502
Warrant liability		108			156
Operating lease liabilities		2,520			—
Total liabilities		27,367			35,107
Commitments and Contingencies (Note 8)
Stockholders’ Equity
Preferred stock, $0.00001 par value; 10,000,000 shares authorized as of June 30, 2025 and December 31, 2024; no shares issued or outstanding as of June 30, 2025 and December 31, 2024		—			—
Common stock, $0.00001 par value; 500,000,000 shares authorized as of June 30, 2025 and December 31, 2024; 35,850,037 shares issued and outstanding as of June 30, 2025 and December 31, 2024		—			—
Additional paid-in-capital		581,871			575,693
Accumulated other comprehensive income		212			245
Accumulated deficit		(287,302	)		(252,811	)
Total stockholders’ equity		294,781			323,127
Total liabilities and stockholders’ equity	$	322,148		$	358,234

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

BIOAGE LABS, INC.

Unaudited Condensed Consolidated Statements of Operations and Comprehensive Loss

(in thousands, except share and per share information)


	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2025			2024			2025			2024
Collaboration revenue	$	2,412		$	—		$	3,863		$	—
Operating expenses:
Research and development	$	19,844		$	10,471		$	30,953		$	19,792
General and administrative		7,339			4,798			14,127			8,290
Total operating expenses		27,183			15,269			45,080			28,082
Loss from operations		(24,771	)		(15,269	)		(41,217	)		(28,082	)
Other income (expense)
Interest expense		(201	)		(443	)		(456	)		(1,660	)
Interest and other income (expense), net		3,420			2,201			7,134			3,497
Gain (loss) from changes in fair value of warrants		(11	)		(70	)		48			(78	)
Loss on extinguishment of debt		—			—			—			(250	)
Total other income (expense), net		3,208			1,688			6,726			1,509
Net loss	$	(21,563	)	$	(13,581	)	$	(34,491	)	$	(26,573	)
Net loss per share attributable to common stockholders, basic and diluted	$	(0.60	)	$	(7.94	)	$	(0.96	)	$	(15.70	)
Weighted-average common shares outstanding, basic and dilutive		35,850,037			1,711,005			35,850,037			1,692,238
Comprehensive loss:
Net loss		(21,563	)		(13,581	)		(34,491	)		(26,573	)
Other comprehensive income (loss):
Unrealized holding gains on available-for-sale investments		—			—			29			—
Foreign currency translation adjustment		(52	)		(18	)		(62	)		3
Total other comprehensive income (loss):		(52	)		(18	)		(33	)		3
Total comprehensive loss	$	(21,615	)	$	(13,599	)	$	(34,524	)	$	(26,570	)

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

BIOAGE LABS, INC.

Unaudited Condensed Consolidated Statements of Redeemable Convertible Preferred Stock and Stockholders’ Equity (Deficit)

(in thousands, except share information)


							Accumulated
					Additional		Other						Total
	Common stock				Paid-In		Comprehensive			Accumulated			Stockholders'
	Shares		Amount		Capital		Income			Deficit			Equity
Balance, December 31, 2024		35,850,037	$	—	$	575,693	$	245		$	(252,811	)	$	323,127
Stock-based compensation expense		—		—		2,949		—			—			2,949
Unrealized gain on marketable securities		—		—		—		29			—			29
Foreign currency translation adjustment		—		—		—		(10	)		—			(10	)
Net loss		—		—		—		—			(12,928	)		(12,928	)
Balance, March 31, 2025		35,850,037	$	—	$	578,642	$	264		$	(265,739	)	$	313,167
Stock-based compensation expense		—		—		3,229		—			—			3,229
Foreign currency translation adjustment		—		—		—		(52	)		—			(52	)
Net loss		—		—		—		0			(21,563	)		(21,563	)
Balance, June 30, 2025		35,850,037		—		581,871		212			(287,302	)		294,781


											Accumulated
	Redeemable Convertible								Additional		Other						Total
	Preferred Stock				Common stock				Paid-In		Comprehensive			Accumulated			Stockholders'
	Shares		Amount		Shares		Amount		Capital		Income			Deficit			(Deficit)
Balance, December 31, 2023		31,465,128	$	132,722		1,673,314	$	—	$	8,142	$	164		$	(181,702	)	$	(173,396	)
Series D redeemable convertible preferred stock		49,713,402		169,458		—		—		—		—			—			—
Conversion of convertible promissory notes into Series D-1 redeemable convertible preferred stock		11,887,535		40,651		—		—		—		—			—			—
Issuance of common stock upon exercise of options		—		—		280		—		3		—			—			3
Stock-based compensation expense		—		—		—		—		852		—			—			852
Foreign currency translation adjustment		—		—		—		—		—		21			—			21
Net loss		—		—		—		—		—		—			(12,992	)		(12,992	)
Balance, March 31, 2024		93,066,065	$	342,831		1,673,594	$	—	$	8,997	$	185		$	(194,694	)	$	(185,512	)
Issuance of common stock upon exercise of options		—		—		50,070		—		422		—			—			422
Stock-based compensation expense		—		—		—		—		1,558		—			—			1,558
Foreign currency translation adjustment		—		—		—		—		—		(18	)		—			(18	)
Net loss		—		—		—		—		—		—			(13,581	)		(13,581	)
Balance, June 30, 2024		93,066,065	$	342,831		1,723,664	$	—	$	10,977	$	167		$	(208,275	)	$	(197,131	)

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

BIOAGE LABS, INC.

Unaudited Condensed Consolidated Statements of Cash Flows

(in thousands)


	Six Months Ended
	June 30,
	2025			2024
OPERATING ACTIVITIES
Net loss	$	(34,491	)	$	(26,573	)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation expense		6,178			2,410
Depreciation expense		95			82
Loss on extinguishment of debt		—			250
Non-cash interest expense		140			935
Non-cash lease expense		113			2
(Gain) loss from changes in fair value on warrants		(48	)		78
Changes in operating assets and liabilities:
Accounts receivable		(603	)		—
Prepaid expenses and other current assets		(1,045	)		(1,621	)
Other assets		3			(25	)
Accounts payable		(550	)		(1,211	)
Accrued expenses and other current liabilities		(4,224	)		(5,780	)
Deferred revenue		(2,900	)		—
Net cash used in operating activities		(37,332	)		(31,453	)
INVESTING ACTIVITIES
Purchase of property and equipment		(585	)		(35	)
Purchases of marketable securities		(101,544	)		—
Maturities of marketable securities		8,500			—
Net cash used in investing activities		(93,629	)		(35	)
FINANCING ACTIVITIES
Proceeds from Series D issuance		—			170,000
Issuance costs paid on Series D issuance		—			(542	)
Term loan principal payments		(3,000	)		(3,000	)
Proceeds from issuance of common shares upon stock option exercises		—			425
Deferred offering costs		—			(1,269	)
Net cash (used in) provided by financing activities		(3,000	)		165,614
Effect of changes in exchange rate on cash and cash equivalents		(58	)		2
Net (decrease) increase in cash and cash equivalents		(134,019	)		134,128
Cash, cash equivalents and restricted cash at beginning of period		354,349			24,957
Cash and cash equivalents at end of period	$	220,330		$	159,085
Supplemental non-cash disclosure:
Conversion of convertible promissory notes into Series D-1 redeemable convertible preferred stock	$	—		$	40,651
Purchases of property and equipment in accounts payable and accrued expenses	$	18		$	—
Cash paid for interest	$	393		$	810
Right-of-use assets obtained in exchange for lease obligation	$	3,106		$	282
Deferred offering costs included in accounts payable, accrued expenses, and other current liabilities	$	—		$	1,328

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

BIOAGE LABS, INC.

Unaudited Notes to Condensed Consolidated Financial Statements

Note 1. Basis of Presentation

Nature of Business

BioAge Labs, Inc. (the “Company”), is a biopharmaceutical company developing therapeutic product candidates for metabolic diseases, such as obesity, by targeting the biology of human aging. The Company's technology platform and differentiated human datasets enable identification of promising targets based on insights into molecular changes that drive aging. The primary focus of the Company's portfolio is mechanisms that complement GLP-1 agonists and address key unmet needs. Among the Company's therapeutic goals is the potential development of an all-oral combination product for obesity.

The Company was incorporated in 2015 in the State of Delaware and is headquartered in Emeryville, California.

Liquidity and Capital Resources

Since inception, the Company’s operations have consisted primarily of organizing and staffing the Company, business planning, raising capital, establishing its intellectual property portfolio, acquiring or discovering product candidates, research and development activities for its product candidates, establishing arrangements with third parties for the manufacture of its product candidates and component materials, and providing general and administrative support for these operations. The Company has not generated any product revenue to date.

The Company has incurred losses and negative cash flows from operations since inception and had an accumulated deficit of $287.3 million and $252.8 million as of June 30, 2025 and December 31, 2024, respectively. The Company anticipates incurring additional losses until such time, if ever, that it can generate significant sales of its products currently in development. As of June 30, 2025, the Company had cash, cash equivalents, and marketable securities of $313.4 million, of which $16.1 million were long-term marketable securities.

Current cash, cash equivalents, and current marketable securities are sufficient to fund planned operations at least one year after the date these unaudited condensed consolidated financial statements are issued. Accordingly, these unaudited condensed consolidated financial statements have been prepared on a going concern basis and do not include any adjustments to the amounts and classification of assets and liabilities that may be necessary in the event the Company can no longer continue as a going concern.

Until such time, if ever, the Company can generate substantial product revenues, it expects to finance its cash needs through equity offerings, debt financings or other capital sources, which could include collaborations, strategic alliances or licensing arrangements. To the extent that the Company raises additional capital through the sale of equity or convertible debt securities, the ownership interests of its existing stockholders may be diluted, and the terms of these securities may include liquidation or other preferences that could adversely affect the rights of such stockholders. Debt financing, if available, may involve agreements that include restrictive covenants that limit the Company’s ability to take specific actions, such as incurring additional debt, making capital expenditures or declaring dividends, that could adversely impact the Company’s ability to conduct its business. If the Company raises additional funds through collaborations, strategic alliances or licensing arrangements with third parties, the Company may have to relinquish valuable rights to the Company’s technologies, future revenue streams, research program or product candidates, or grant licenses on terms that may not be favorable to the Company. If the Company is unable to raise additional funds through equity or debt financings when needed, the Company may be required to delay, limit, reduce or terminate its product development or future commercialization efforts or grant rights to develop and market product candidates that the Company would otherwise prefer to develop and market itself.

Note 2. Basis of Presentation and Significant Accounting Policies

Basis of Presentation and Principles of Consolidation

The accompanying unaudited condensed consolidated financial statements have been prepared in conformity with United States of America generally accepted accounting principles (“GAAP”) and applicable rules and regulations of the Securities and Exchange Commission (the “SEC”) regarding interim financial reporting. Any reference in these notes to applicable guidance is meant to refer to GAAP as found in the Accounting Standards Codification (“ASC”) and Accounting Standards Updates (“ASU”) promulgated by the Financial Accounting Standards Board (“FASB”). The unaudited condensed consolidated financial statements include the accounts of BioAge Labs, Inc. and its wholly owned subsidiary, BioAge Labs PTY LTD. BioAge Labs PTY LTD was incorporated in Australia in December 2020. All intercompany accounts and transactions have been eliminated in consolidation.

The unaudited condensed consolidated financial statements presented in this Quarterly Report on form 10-Q should be read in conjunction with the consolidated financial statements and accompanying notes included in the Company’s 2024 Annual Report on Form 10-K. The balance sheet as of December 31, 2024 was derived from audited consolidated financial statements included in the Company’s 2024 Annual Report on Form 10-K but does not include all disclosures required by U.S. GAAP. The Company’s significant accounting policies are described in Note 2 to those consolidated financial statements.

Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted from these interim financial statements. The interim results are not necessarily indicative of results to be expected for the full year.

Reverse Stock Split

On September 17, 2024, the Company amended its amended and restated certificate of incorporation in order to effect a 1-for-4.4626 reverse stock split of its outstanding shares of common stock (the “Reverse Stock Split”). As a result of the Reverse Stock Split, every 4.4626 shares of the Company’s common stock issued or outstanding were automatically reclassified into one new share of common stock, subject to the treatment of fractional shares as described below, without any action on the part of the holders. All historical share and per-share amounts reflected throughout the accompanying unaudited condensed consolidated financial statements have been retroactively adjusted to reflect the Reverse Stock Split as if the split occurred as of the earliest period presented. The Reverse Stock Split did not affect the number of authorized shares of common stock or the par value of the common stock. No fractional shares were issued in connection with the Reverse Stock Split.

Use of Estimates

The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the condensed consolidated financial statements and the reported amounts of expenses during the reporting period. Actual results could differ from those estimates.

Estimates and assumptions are periodically reviewed and the effects of revisions are reflected in the condensed consolidated financial statements in the period they are determined to be necessary. Areas that require management’s estimates include the fair values of marketable securities, common and redeemable convertible preferred stock (prior to the initial public offering), warrant liability, stock-based compensation expense assumptions, recording revenue for performance obligations recognized over time, valuation of deferred tax assets, and estimating services expended by third-party service providers used to recognize research and development expense.

Marketable Securities

Marketable securities consist of high-grade, highly liquid debt securities including corporate debt, commercial paper, U.S. government securities, and U.S. government agency securities. Marketable securities with maturities between three and twelve months from the balance sheet date are classified as short-term marketable securities and those with maturities over twelve months from the balance sheet date are classified as long-term marketable securities. The Company classifies all marketable securities as available-for-sale, which are recorded at fair value. Unrealized gains and losses are included in accumulated other comprehensive income (loss) in stockholders’ equity. As of and for the six months ended June 30, 2025, the Company did not have any allowance for credit losses or impairments of its marketable securities. The Company did not have any marketable securities as of December 31, 2024.

Concentrations of Credit Risk

Financial instruments that potentially expose the Company to concentrations of credit risk consist primarily of cash, cash equivalents and available-for-sale marketable securities. The Company maintains each of its cash, cash equivalents and marketable securities balances with high quality, financial institutions and the Company’s marketable securities are invested in high-quality, highly liquid debt securities including corporate debt, commercial paper, U.S. government securities, and U.S. government agency securities.

Risks and Uncertainties

The Company faces risks and uncertainties associated with companies in the biotechnology industry, including but not limited to the uncertainty of success of its preclinical studies and clinical trials, regulatory approval of product candidates, uncertainty of market acceptance of products, competition from substitute products and larger companies, the need for additional financing, compliance with government regulations, dependence on third parties, recruiting and retaining skilled personnel, and dependence on key members of management.

The Company’s product candidates require approvals from the U.S. Food and Drug Administration and comparable foreign regulatory agencies prior to commercial sales in their respective jurisdictions. There can be no assurance that any product candidates will receive the necessary approvals. If the Company was denied approval, approval was delayed or the Company was unable to maintain approval for any product candidate, it could have a materially adverse impact on the Company.

Revenue Recognition for Contracts with Customers

ASC 606 applies to all contracts with customers, except for contracts that are within the scope of other standards. Under ASC 606, an entity recognizes revenue when its customer obtains control of promised goods or services, in an amount that reflects the consideration which the entity expects to receive in exchange for those goods or services. To determine revenue recognition for arrangements that an entity determines are within the scope of ASC 606, the entity performs the following five steps: (i) identify the contract(s) with a customer; (ii) identify the performance obligations in the contract(s); (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract(s); and (v) recognize revenue when (or as) the entity satisfies a performance obligation.

At contract inception, once the contract is determined to be within the scope of ASC 606, the Company evaluates the performance obligations promised in the contract that are based on goods and services that will be transferred to the customer and determines whether those obligations are both (i) capable of being distinct and (ii) distinct in the context of the contract. Goods or services that meet these criteria are considered distinct performance obligations. If both these criteria are not met, the goods and services are combined into a single performance obligation. The Company then recognizes as revenue the amount of the transaction price that is allocated to the respective performance obligation when (or as) the performance obligation is satisfied. Arrangements that include rights to additional goods or services that are exercisable at a customer’s discretion are generally considered options. The Company assesses if these options provide a material right to the customer, and if so, these options are considered performance obligations. The exercise of a material right is accounted for as a contract modification for accounting purposes.

The Company recognizes as revenue the amount of the transaction price that is allocated to the respective performance obligation when (or as) each performance obligation is satisfied at a point in time or over time, and if over time this is based on the use of an output or input method.

Invoices issued as stipulated in contracts prior to revenue recognition are recorded as deferred revenue. Amounts expected to be recognized as revenue within the 12 months following the balance sheet date are classified as deferred revenue within current liabilities in the accompanying balance sheets. Amounts not expected to be recognized as revenue within the 12 months following the balance sheet date are classified as noncurrent deferred revenue. Amounts recognized as revenue, but not yet invoiced are generally recognized as contract assets in the other current assets line item in the accompanying balance sheets.

Milestone Payments – If an arrangement includes development and regulatory milestone payments, the Company evaluates whether the milestones are considered probable of being reached and estimates the amount to be included in the transaction price using the most likely amount method. If it is probable that a significant revenue reversal would not occur, the associated milestone value is included in the transaction price. Milestone payments that are not within the Company’s or the licensee’s control, such as regulatory approvals, are not considered probable of being achieved until those approvals are received and therefore revenue recognized is constrained as management is unable to assert that a reversal of revenue would not be probable. The transaction price is then allocated to each performance obligation on a relative standalone selling price basis, for which the Company recognizes revenue as or when the performance obligations under the contract are satisfied. At the end of each subsequent reporting period, the Company re-evaluates the probability of achievement of such development milestones and any related constraint, and, if necessary, adjusts its estimate of the overall transaction price. Any such adjustments are recorded on a cumulative catch-up basis, which would affect collaboration revenues and earnings in the period of adjustment.

Royalties – For arrangements that include sales-based royalties, including milestone payments based on a level of sales, which are the result of a customer-vendor relationship and for which the license is deemed to be the predominant item to which the royalties relate, the Company recognizes revenue at the later of (i) when the related sales occur, or (ii) when the performance obligation linked to some or all of the royalty has been satisfied or partially satisfied. To date, the Company has not recognized any royalty revenue resulting from any of its licensing arrangements.

Significant Financing Component – In determining the transaction price, the Company adjusts consideration for the effects of the time value of money if the timing of payments provides the Company with a significant benefit of financing. The Company does not assess whether a contract has a significant financing component if the expectation at contract inception is such that the period between payment by the licensees and the transfer of the promised goods or services to the licensees will be one year or less. The Company assessed each of its revenue arrangements in order to determine whether a significant financing component exists and concluded that a significant financing component does not exist in any of its arrangements.

Collaborative Arrangements – The Company has entered into collaboration agreements, which are within the scope of ASC 606, to discover, develop, manufacture, and commercialize product candidates. The terms of these agreements typically contain multiple promises or obligations, which may include: (1) licenses, or options to obtain licenses, to use the Company’s technology, (2) research and development activities to be performed on behalf of the collaboration partner, and (3) in certain cases, services in connection with the manufacturing of preclinical and clinical material. Payments that the Company receives under these arrangements typically include one or more of the following: non-refundable, upfront license fees; option exercise fees; funding of research and/or development efforts; clinical and development, regulatory, and sales milestone payments; and royalties on future product sales.

The Company analyzes its collaboration arrangements to assess whether the collaboration agreements are within the scope of ASC 808, Collaborative Arrangements (“ASC 808”) to determine whether such arrangements involve joint operating activities performed by parties that are both active participants in the activities and exposed to significant risks and rewards dependent on the commercial success of such activities. This assessment is performed throughout the life of the arrangement based on changes in the responsibilities of all parties in the arrangement. For collaboration arrangements within the scope of ASC 808 that contain multiple elements, the Company first determines which elements of the collaboration are deemed to be within the scope of ASC 808 and those that are more reflective of a vendor-customer relationship and, therefore, are within the scope of ASC 606. For elements of collaboration arrangements that are accounted for pursuant to ASC 808, an appropriate recognition method is determined and applied consistently, generally by analogy to ASC 606. For those elements of the arrangement that are accounted for pursuant to ASC 606, the Company applies the five-step model described above.

For further detail, see Note 9, Collaboration Agreements, to these unaudited condensed consolidated financial statements.

Comprehensive Loss

Comprehensive loss is defined as a change in equity of a business enterprise during a period, resulting from transactions from non-owner sources. Comprehensive loss is comprised of net loss and other comprehensive income (loss). The Company’s other comprehensive income (loss) consists of foreign currency translation adjustments and unrealized holding gains on available-for-sale investments.

Recently Issued Accounting Pronouncements

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, to improve its income tax disclosure requirements. Under the ASU, entities must annually (i) disclose specific categories in the rate reconciliation, (ii) provide additional information for reconciling items that meet a quantitative threshold, and (iii) disclose more detailed information about income taxes paid, including by jurisdiction; pretax income (or loss) from continuing operations; and income tax expense (or benefit). The ASU is effective for fiscal years beginning after December 15, 2024, with early adoption permitted. The Company does not expect this update to have a material impact on its consolidated financial statements.

In November 2024, the FASB issued ASU 2024-03 Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. This standard calls for enhanced disclosures about components of expense captions on the face of the income statement. This standard will be effective for fiscal years beginning after December 15, 2026, with early adoption permitted and the option for retrospective application. This ASU will result in the required additional disclosures being included in the Company's consolidated financial statements, once adopted.

Note 3. Fair Value Measurements

Fair value is established as the exchange price, or exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As a basis for considering market participant assumptions in fair value measurements, an established three-tier fair value hierarchy distinguishes between the following:

•

Level 1 inputs are quoted prices in active markets that are accessible at the market date for identical assets or liabilities.

•

Level 2 inputs are inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly.

•

Level 3 inputs are unobservable inputs that reflect the Company’s own assumptions about the assumptions market participants would use in pricing the assets or liability. Financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement.

To the extent that the valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised by the Company in determining fair value is greatest for instruments categorized in Level 3. A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value instrument.

The following fair value hierarchy table presents information about each major category of the Company’s financial assets and liabilities measured at fair value on a recurring basis (in thousands):


	June 30, 2025
	(Level 1)		(Level 2)		(Level 3)		Total
Assets:
Money market funds	$	189,924	$	—	$	—	$	189,924
Commercial paper		—		20,967		—		20,967
Treasury bills		6,161		—		—		6,161
U.S. government agency notes		—		2,992		—		2,992
Cash equivalents	$	196,085	$	23,959	$	—	$	220,044

U.S. government bonds	$	42,727	$	—	$	—	$	42,727
Commercial paper		—		25,849		—		25,849
Corporate debt securities		—		8,389		—		8,389
Short-term marketable securities	$	42,727	$	34,238	$	—	$	76,965

U.S. government bonds	$	15,107	$	—	$	—	$	15,107
U.S. government agency bonds		—		1,001		—		1,001
Long-term marketable securities	$	15,107	$	1,001	$	—	$	16,108

Total fair value of financial assets	$	253,919	$	59,198	$	—	$	313,117

Liabilities:
Warrant liability	$	—	$	—	$	108	$	108


	December 31, 2024
	(Level 1)		(Level 2)		(Level 3)		Total
Assets:
Cash equivalents	$	354,061	$	—	$	—	$	354,061
Liabilities:
Warrant liability	$	—	$	—	$	156	$	156

Cash Equivalents and Marketable Securities

Cash equivalents include U.S. government obligation money market mutual funds, commercial paper, treasury bills, and U.S. government agency notes that have a maturity of three months or less from the original acquisition date. The Company’s cash equivalents are classified using Level 1 inputs within the fair value hierarchy because they are valued using quoted market prices. U.S. government bonds are included within Level 1 of the fair value hierarchy because they are valued using quoted market prices. Corporate debt securities, commercial paper, U.S. government agency notes, and U.S. government agency bonds are classified within Level 2 of the fair value hierarchy as they take into consideration valuations obtained from third-party pricing services. The pricing services utilize industry standard valuation models, including both income-based and market-based approaches, for which all significant inputs are observable, either directly or indirectly, to estimate the fair value. These inputs include reported trades of and broker/dealer quotes on similar securities, issuer credit spreads, benchmark securities, prepayment/default projections based on historical data and other observable inputs.

The following tables summarize the Company's cash equivalents and marketable securities' amortized costs, gross unrealized gains, gross unrealized losses, and estimated fair values by significant investment category (in thousands):


				Unrealized
June 30, 2025	Contractual Maturity	Amortized Cost		Losses			Gains		Fair Value
Assets:
Money market funds	Three months or less	$	189,924	$	—		$	—	$	189,924
Commercial paper	Three months or less		20,967		—			—		20,967
Treasury bills	Three months or less		6,161		—			—		6,161
U.S. government agency note	Three months or less		2,992		—			—		2,992
Cash equivalents		$	220,044	$	—		$	—	$	220,044

U.S. government bonds	Less than 1 year		42,721		(3	)		9		42,727
Commercial paper	Less than 1 year		25,858		(9	)		—		25,849
Corporate debt securities	Less than 1 year		8,393		(4	)		—		8,389
Short-term marketable securities		$	76,972	$	(16	)	$	9	$	76,965

U.S. government bonds	1 to 2 years		15,073		—			34		15,107
U.S. government agency bonds	1 to 2 years		999		—			2		1,001
Long-term marketable securities		$	16,072	$	—		$	36	$	16,108

Total financial assets		$	313,088	$	(16	)	$	45	$	313,117


				Unrealized
December 31, 2024	Contractual Maturity	Amortized Cost		Losses		Gains		Fair Value
Assets:
Money market funds	Three months or less	$	354,061	$	—	$	—	$	354,061
Cash equivalents		$	354,061	$	—	$	—	$	354,061

The Company does not intend to sell the securities in an unrealized loss position and does not expect they will be required to sell the securities before maturity. No allowance for credit losses has been recognized as of June 30, 2025 and December 31, 2024. During the three and six months ended June 30, 2025 and 2024, the Company did not recognize any impairment losses related to investments.

As of June 30, 2025 and December 31, 2024, the Company had accrued interest receivable of $1.0 million and $1.2 million, respectively, which was included in the prepaid expenses and other current assets financial statement line item in the condensed consolidated balance sheets.

Warrant Liability

As of June 30, 2025, warrants representing 31,690 shares of common stock were outstanding. These warrants are classified as a liability since the warrants meet the classification requirements for liability accounting pursuant to ASC 815. This liability is subject to remeasurement at each balance sheet date until the warrants are exercised or expire, and any change in fair value is recognized in the Company’s condensed statements of operations. The Company classifies the warrant liability within Level 3 of the fair value hierarchy as the assessed fair value is based on both observable and unobservable market inputs including the Company's stock price, risk-free rate, and volatility.

Note 4. Balance Sheet Components

Property and Equipment

Property and equipment consisted of the following (in thousands):


	June 30,			December 31,
	2025			2024
Lab equipment	$	985		$	669
Computer equipment and software		71			64
Furniture and fixtures		167			53
Leasehold improvements		161			—
Construction-in-progress		52			176
Property and equipment, gross	$	1,436		$	962
Accumulated depreciation		(462	)		(371	)
Property and equipment, net	$	974		$	591

Depreciation expense was less than $0.1 million for each of the three and six months ended June 30, 2025 and 2024.

Accrued Expenses and Other Current Liabilities

Accrued expenses consisted of the following (in thousands):


	June 30,		December 31,
	2025		2024
Research and development expenses	$	4,328	$	7,449
Payroll and related costs		2,345		3,885
Other		911		417
Total accrued expenses and other current liabilities	$	7,584	$	11,751

Note 5. Debt

Convertible Promissory Notes

In February 2023, the Company issued four convertible promissory notes with an aggregate principal amount of $23.5 million. Each note has an interest rate of 4% per annum and a maturity date of May 10, 2024 (the “Convertible Promissory Notes”). The notes and any accrued but unpaid interest were convertible at either the date of a qualified financing of at least $20.0 million (a “Qualified Financing”), or on the maturity date, at the option of the respective holder, and are convertible into the same securities issued in the Qualified Financing, or if no Qualified Financing occurs prior to maturity, then shall be convertible into the Company’s Series C Preferred Stock.

Upon a Qualified Financing, the Convertible Promissory Notes automatically convert into shares of the Company’s redeemable convertible preferred stock on the same conditions applicable for the Qualified Financing at a conversion price equal to the lowest price per share paid in the Qualified Financing multiplied by a discount factor ranging from 0.6 to 1.0 depending on the timing of the Qualified Financing.

On February 1, 2024, in connection with the closing of the Series D redeemable convertible preferred stock financing, the Convertible Promissory Notes (including accrued interest) and related embedded derivative liability converted into 11,887,535 shares of Series D-1 redeemable convertible preferred stock at a discount factor of 0.6 relative to the price paid by the Series D investors. The conversion resulted in a $0.3 million loss on extinguishment of the Convertible Promissory Notes.

Term Loan

In May 2022, the Company entered into a loan and security agreement (the “Loan Agreement”) with SVB Innovative Credit Growth Fund IX, LP and Innovative Credit Growth Fund VIII-A, LP, (collectively, the “Lenders”) pursuant to which the Company was eligible to borrow, and the Lenders are obligated to fund up to $25.0 million in borrowing capacity across two potential tranches (the “Term Loan”). At the closing of the Loan Agreement in May 2022, the Company drew $2.5 million from the first tranche (the “Initial Term Loan”) and in May 2023 the Company drew $12.5 million from the second tranche (the “Additional Term Loan”).

In connection with the Initial Term Loan of $2.5 million, the Company issued to the Lenders warrants to purchase 19,420 shares of the Company’s common stock. The warrants expire on May 20, 2032 and had a fair value of $125,602 at issuance. Similarly, in connection with the Additional Term Loan draw, the Company issued an additional warrant to purchase 5,548 shares of the Company’s common stock. The warrants expire on May 20, 2032 and had a fair value of $37,050 at issuance. As a result, proceeds from the debt equal to the fair value were allocated to these warrants and are amortized as part of the debt discount over the life of the Term Loan.

Interest for the Term Loan accrues at a floating per annum rate equal to the greater of (i) the Prime rate plus 4.00% or (ii) 7.50%. Interest is due monthly on the first business day of each month, commencing in June 2022. The Term Loan is scheduled to mature on April 1, 2026 and commencing on November 1, 2023 the Company is required to make monthly principal payments. The Company may prepay all of the outstanding principal balance of the Term Loan, at its option, prior to the maturity date subject to a prepayment premium of 1.0%. The prepayment premium will apply to any mandatory or voluntary prepayment. In addition, the Company will also be required to pay a final payment fee equal to 4.4% of the total amount borrowed.

The Company’s obligations under the Loan Agreement are subject to acceleration upon the occurrence of customary events of default, including payment default, insolvency and the occurrence of certain events having a material adverse effect on the Company, including (but not limited to) material adverse effects upon the business, operations, properties, assets or financial condition of the Company and its subsidiaries, taken as a whole.

The Loan Agreement includes positive and negative covenants that the Company must comply with and is secured by the assets of the Company that are pledged as collateral.

Debt issuance costs, including the fair value of the warrants, have been treated as debt discounts in the unaudited condensed consolidated balance sheet and together with the final payment are being amortized to interest expense throughout the life of the Term Loan using the effective interest rate method. As of June 30, 2025 and December 31, 2024, there were unamortized issuance costs and debt discounts of less than $0.1 million, which are recorded as a direct deduction from the Term Loan in the unaudited condensed consolidated balance sheet. Interest expense related to the Loan Agreement was $0.5 million and $1.0 million for the six months ended June 30, 2025 and 2024, respectively. As of June 30, 2025 and December 31, 2024, the stated rate on the Term Loan was 11.5%. As of June 30, 2025 and December 31, 2024, the effective interest rate on the Term Loan, including the amortization of the debt discount and accretion of the final payment, was 15.8% for the Initial Term Loan and 14.2% Additional Term Loan. The carrying amount of the Term Loan is subject to variable interest rates, which are based on current market rates, and as such, approximate fair value.

The components of the Term Loan balance were (in thousands):


	June 30, 2025
Principal loan balance	$	5,000
Final fee		610
Unamortized debt discount		(14	)
Total Term Loan	$	5,596

As of June 30, 2025, the estimated future principal payments under the Term Loan are as follows (in thousands):


Years ending December 31,	Total Principal Payments
2025 (excluding the six months ended June 30, 2025)	$	3,000
2026		2,000
Principal amount of Term Loan	$	5,000

Note 6. Capital Structure

Upon the closing of the IPO, all of the Company’s outstanding shares of redeemable convertible preferred stock automatically converted into 20,854,632 shares of common stock.

There are 500,000,000 shares of common stock and 10,000,000 shares of preferred stock authorized as of June 30, 2025 and December 31, 2024. As of June 30, 2025 and December 31, 2024, there were no preferred shares issued and outstanding. The Company had 35,850,037 shares of common stock issued and outstanding as of June 30, 2025 and December 31, 2024. Common stock reserved for future issuance, on an as-if-converted basis, as of June 30, 2025 and December 31, 2024, consisted of the following:


	June 30, 2025		December 31, 2024
Stock options, issued and outstanding		8,047,827		5,384,142
Stock options, authorized for future issuance		2,131,869		3,039,972
Warrants, issued and outstanding		31,690		31,690
Total common stock reserved for future issuance		10,211,386		8,455,804

Note 7. Stock-Based Compensation

Stock Option Plans

Under the terms of its stock option plans, the Company’s board of directors may grant stock options to employees, directors and consultants. The Company issued stock options under the 2015 Equity Incentive Plan, as amended (the “2015 plan”) until September 2024, when the 2024 Equity Incentive Plan (“2024 Plan”) was adopted. There are no remaining shares available to be granted under the 2015 Plan. There were 4,533,794 and 3,514,033 stock options outstanding under the 2015 Plan and 2024 Plan, respectively, as of June 30, 2025.

The 2024 Plan authorizes the award of incentive stock options (“ISOs”), which are intended to qualify for tax treatment under Section 422 of the U.S. Internal Revenue Code of 1986, as amended, and nonqualified stock options, Restricted Stock Awards, Stock Appreciation Rights, Restricted Stock Units, (each as defined in the 2024 Plan), performance awards and stock bonus awards. The 2024 Plan initially reserved 3,650,000 shares of the Company's common stock, which includes any reserved shares not issued or subject to outstanding grants under the 2015 Plan on the effective date of the 2024 Plan, for issuance pursuant to awards granted under our 2024 Plan. The number of shares reserved for issuance under the 2024 Plan will increase automatically on January 1 of each of the first ten calendar years during the term of the 2024 Plan by the number of shares equal to the lesser of 5% of the aggregate number of all classes of the Company's common stock and the total number of shares of the Company's common stock subject to any pre-funded warrants, in each case, as issued and outstanding as of the immediately preceding December 31, or a number as may be determined by the Company's board of directors. Pursuant to the 2024 Plan, ISOs may be granted only to employees of the Company. The Company may grant all other types of awards to its employees, directors and consultants.

As of June 30, 2025, 2,131,869 shares were available for future grants under the 2024 Plan. The terms of the agreements are determined by the board of directors. The Company’s stock options have a maximum term of 10 years and vest based on the terms in the agreements, generally over 4 years.

The following table summarizes the stock option activity for the six months ended June 30, 2025:


	Shares Available to Grant			Number of Options			Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Life (Years)		Aggregate Intrinsic Value (in thousands)
Balance-December 31, 2024		3,039,972			5,384,142		$	9.61		7.8	$	1,022
Change in authorized shares		1,755,582			—			—
Granted		(2,894,646	)		2,894,646			4.38
Exercised		—			—			—
Forfeited/expired		230,961			(230,961	)		10.08
Balance-June 30, 2025		2,131,869			8,047,827		$	7.72		8.4	$	271
Vested and Exercisable-June 30, 2025					2,994,408		$	8.46		7.0	$	265

There were no stock options exercised during the six months ended June 30, 2025. The intrinsic value of the stock options that were exercised during the six months ended June 30, 2024 was nil.

The weighted-average grant date fair value of stock options granted during the six months ended June 30, 2025 and 2024 was $3.66 and $7.11, respectively, and were estimated on the date of grant using a Black-Scholes option pricing model with the following weighted-average assumptions:


	Six months ended June 30,
	2025			2024
Risk-free interest rate		4.4	%		4.6	%
Expected term of stock options (in years)	6.0			6.0
Expected stock price volatility		108.0	%		110.2	%
Estimated dividend yield		—			—

Stock-based compensation expense recorded as research and development and general and administrative expenses in the statements of operations and comprehensive loss is as follows (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Research and development	$	790	$	478	$	1,578	$	776
General and administrative		2,439		1,080		4,600		1,634
Total stock-based compensation expense	$	3,229	$	1,558	$	6,178	$	2,410

As of June 30, 2025, there was $29.4 million of unrecognized compensation cost that is expected to be recognized over a weighted average period of 2.9 years.

Employee Stock Purchase Plan

In September 2024, the Company adopted the 2024 Employee Stock Purchase Plan (the “2024 ESPP”). The 2024 ESPP enables eligible employees to purchase shares of the Company's common stock with accumulated payroll deductions. The Company has initially reserved 330,000 shares of its common stock for sale under the 2024 ESPP. The aggregate number of shares issued over the term of the 2024 ESPP, subject to stock-splits, recapitalizations or similar events, may not exceed 3,300,000 shares of the Company's common stock. The number of shares reserved for issuance under the 2024 Plan will increase automatically on January 1 of each of the first ten calendar years during the term of the 2024 Plan by the number of shares equal to the lesser of 1% of the aggregate number of all classes of the Company's common stock and the total number of shares of the Company's common stock subject to any pre-funded warrants, in each case, as issued and outstanding as of the immediately preceding December 31, or a number as may be determined by the Company's board of directors. As of June 30, 2025, there were a total of 688,500 shares available for future purchase under the 2024 ESPP.

Note 8. Commitments and Contingencies

Indemnification

The Company entered into indemnification agreements with directors and certain officers that will require the Company, among other things, to indemnify them against certain liabilities that may arise by reason of their status or service as directors or officers. No demands have been made upon the Company to provide indemnification under such agreements, and thus, there are no claims that the Company is aware of that could have a material effect on the unaudited condensed consolidated financial statements. The Company also maintains director and officer insurance, which may cover certain liabilities arising from the Company’s obligation to indemnify its directors and officers. To date, the Company has not incurred any costs and have not accrued any liabilities in the unaudited condensed consolidated financial statements as a result of these provisions.

Legal Proceedings

On January 7, 2025, a securities class action lawsuit was commenced in the United States District Court, Northern District Court of California, naming the Company, the Company’s directors and certain of the Company’s officers as defendants, and alleging violations of the Securities Act of 1933 in connection with allegedly false and misleading statements made by the defendants in connection with the Company's initial public offering. The plaintiff seeks to represent a class comprised of purchasers of the Company’s common stock purchased pursuant and/or traceable to the Company's initial public offering and seeks damages, costs and expenses and such other relief as determined by the Court. The Company believes it has meritorious defenses and intends to defend the lawsuit vigorously. It is possible that similar lawsuits may yet be filed in the same or other courts that name the same or additional defendants.

From time to time, in the ordinary course of business, the Company is subject to legal proceedings. The Company accrues a liability for such matters when it is probable that a liability has been incurred and that the amount can be reasonably estimated. Legal fees and other costs associated with such proceedings are expensed as incurred.

Employee Benefit Plan

The Company maintains a defined contribution 401(k) plan, under which employee contributions are voluntary and are determined on an individual basis, limited by the maximum amounts allowable under federal tax regulations. The Company provides an automatic matching contribution of employee contributions into the plan up to a maximum of 4% of employee deferral. The Company’s matching contributions to employees was $0.2 million and $0.1 million for the three months ended June 30, 2025 and 2024, respectively, and $0.4 million and $0.3 million for the six months ended June 30, 2025 and 2024, respectively.

Leases

In August 2017, the Company entered into an agreement to lease approximately 6,436 square feet of office and lab space in Richmond, California, which the Company uses for its corporate offices and research facility (the “Richmond Lease”). The Richmond Lease had an initial term of three years but was amended in October 2017 and August 2019 to add additional space for a total of 18,829 square feet and to extend the term of the lease through February 2023. In January 2023, the Company entered into an amendment which extended the term of the lease through August 2024. In March 2024, the Company entered into an amendment which extended the term of the lease through August 2025. The Richmond Lease includes escalating rent payments but does not provide for any renewal options. The Company recognizes rent expense on a straight-line basis over the lease term. The Richmond lease does not provide a bargain purchase option nor does it transfer ownership at any point during the lease to the Company and is classified as an operating lease.

In September 2024, the Company entered into an agreement to lease approximately 10,479 square feet of office and lab space in Emeryville, California (the "Emeryville Lease"). The Emeryville Lease commenced on February 25, 2025, as that was the date that the Company obtained control over the facility. The Emeryville Lease has an initial term of six years, ending in February 2031. The Emeryville Lease includes escalating rent payments and includes an option to extend the lease term for an additional five years. The Company is not reasonably certain to exercise the option to extend the lease term. The Company recognizes rent expense on a straight-line basis over the lease term. The Emeryville Lease does not provide a bargain purchase option nor does it transfer ownership at any point during the lease to the Company and is classified as an operating lease.

As of June 30, 2025, the weighted average remaining lease term was 5.6 years and the weighted average discount rate used to determine the operating leases liability was 11.6%.

Operating lease expense was $0.4 million and $0.1 million for the three months ended June 30, 2025 and 2024, respectively, and $0.6 million and $0.2 million for the six months ended June 30, 2025 and 2024, respectively. Cash paid for amounts included in the measurement of operating lease liabilities was $0.4 million and $0.2 million for the six months ended June 30, 2025 and 2024, respectively, and was included in net cash used in operating activities in the Company’s unaudited condensed consolidated statement of cash flows. Variable lease payments related to operating leases for the three and six months ended June 30, 2025 and 2024 were not material.

As of June 30, 2025, maturities of lease liabilities were as follows:


2025 (excluding the six months ended June 30, 2025)	$	414
2026		617
2027		763
2028		786
2029		810
2030		834
Thereafter		140
Total operating lease payments		4,364
Less: imputed interest		(1,214	)
Total operating lease liabilities		3,150
Less: current portion		(630	)
Operating lease liability, net of current portion	$	2,520

Note 9. Collaboration Agreements

Novartis Pharma AG Collaboration Agreement

On December 16, 2024 the Company entered into a collaboration agreement (the “Novartis Agreement”) with Novartis Pharma AG (“Novartis”), to identify and validate novel therapeutic drug targets by investigating the biological mechanisms that drive diseases related to aging and mediate the beneficial effects of physical exercise.

Under the terms of the Novartis Agreement, the Company is obligated to perform additional analyses on its longitudinal human aging cohort datasets, to expand data included in its discovery platform, and perform other activities to enable the identification and validation of novel therapeutic drug targets.

In consideration for the rights granted under the Novartis Agreement, the Company will receive upfront payments and research funding of up to $20.0 million and up to $530.0 million in future long-term research, development, and commercial milestones. Novartis and the Company each have the right to advance novel targets discovered under the Novartis Agreement and are each eligible to receive reciprocal success milestones and receive tiered royalties on net sales of licensed products.

The Company assessed the Novartis Agreement in accordance with ASC 606 and concluded that the promises in the agreement represent transactions with a customer with a single combined performance obligation.

Collaboration revenue of $2.4 million and $3.9 million was recognized under the Novartis Agreement in the three and six months ended June 30, 2025, respectively. No collaboration revenue was recognized under the Novartis Agreement in the three and six months ended June 30, 2024. During the six months ended June 30, 2025, the Company recorded $2.9 million in revenue that was included in deferred revenue as of December 31, 2024 and $1.0 million in revenue related to research funding for reimbursable costs incurred during the six months ended June 30, 2025. Deferred revenue related to the Novartis Agreement amounted to $9.6 million and $12.5 million as of June 30, 2025, and December 31, 2024, respectively, of which $7.7 million and $7.8 million, respectively, was included in current liabilities within the unaudited condensed consolidated balance sheets.

Wellcome Leap Commercial Research Funding Agreement

In September 2023, the Company entered into a Commercial Research Funding Agreement with Wellcome Leap, Inc. (“Wellcome Leap,” and the agreement, the “Wellcome Leap Agreement”) in which Wellcome Leap was to fund certain research and development work performed by the Company. In connection with the Wellcome Leap Agreement, the Company entered into a statement of work in which the Company was to evaluate azelaprag’s efficacy at preventing muscle atrophy and frailty during hospitalization in chronic obstructive pulmonary disease (“COPD”) patients through a Phase 2 clinical trial (the “COPD Trial”).

Also, in September 2023, Wellcome Leap made a payment of $3.3 million to the Company to cover costs to be incurred related to the COPD Trial (the “Grant Funds”). As the Grant Funds are maintained in a separate bank account from the Company’s other funds and are only to be expended on the COPD Trial, it was determined that the Grant Funds represented restricted cash and are classified as such in the unaudited condensed consolidated balance sheet as of December 31, 2023.

In March 2024, the Company informed Wellcome Leap that it planned to terminate the COPD Trial due to concerns regarding commercial feasibility and on May 31, 2024, the Company and Wellcome Leap terminated the Wellcome Leap Agreement (the “Wellcome Leap Termination”). In connection with the Wellcome Leap Termination, the Company returned $2.4 million of unused Grant Funds to Wellcome Leap in June 2024.

Note 10. Income Taxes

The Company estimates an annual effective tax rate of 0% for the year ending December 31, 2025 as the Company incurred losses for the six months ended June 30, 2025 and expects to continue to incur losses through the remainder of fiscal year ending December 31, 2025, resulting in an estimated net loss for both financial statement and tax purposes for the year ending December 31, 2025. Therefore, no federal, state or foreign income taxes are expected and none have been recorded at this time.

Due to the Company’s history of losses since inception, there is not enough evidence at this time to support that the Company will generate future income of a sufficient amount and nature to utilize the benefits of its net deferred tax assets. Accordingly, the deferred tax assets have been reduced by a full valuation allowance, since the Company does not currently believe that realization of its deferred tax assets is more likely than not.

On June 30, 2025, the Company had no unrecognized tax benefits that would reduce the Company’s effective tax rate if recognized.

Note 11. Net Loss Per Share Attributable to Common Stockholders

The following table sets forth the computation of the basic and diluted net loss per share attributable to common stockholders (in thousands except for share and per share data):


	Three months ended June 30,						For the Six Months Ended June 30,
	2025			2024			2025			2024
Numerator:
Net loss	$	(21,563	)	$	(13,581	)	$	(34,491	)	$	(26,573	)
Denominator:
Weighted-average shares of common stock outstanding used to compute net loss per share attributable to common stockholders, basic and diluted		35,850,037			1,711,005			35,850,037			1,692,238
Net loss per share attributable to common stockholders, basic and diluted:	$	(0.60	)	$	(7.94	)	$	(0.96	)	$	(15.70	)

The Company’s potentially dilutive securities have been excluded from the computation of diluted net loss per share attributable to common stockholders as the effect would be antidilutive. Therefore, the weighted-average number of shares of common stock outstanding used to calculate both basic and diluted net loss per share attributable to common stockholders is the same. Potentially dilutive securities that were not included in the diluted per share calculations because they would be anti-dilutive were as follows:


	June 30, 2025		June 30, 2024
Series A-1 redeemable convertible preferred stock on an as if converted basis		—		1,065,172
Series A-2 redeemable convertible preferred stock on an as if converted basis		—		660,615
Series A-3 redeemable convertible preferred stock on an as if converted basis		—		45,673
Series A-4 redeemable convertible preferred stock on an as if converted basis		—		6,194
Series B redeemable convertible preferred stock on an as if converted basis		—		1,670,599
Series C redeemable convertible preferred stock on an as if converted basis		—		3,602,572
Series D redeemable convertible preferred stock on an as if converted basis		—		11,139,995
Series D-1 redeemable convertible preferred stock on an as if converted basis		—		2,663,812
Stock options, issued and outstanding		8,047,827		4,522,711
Warrants to purchase common stock		31,690

BioAge Labs, Inc. 10-Q