Despite a fortress-looking 17.19 current ratio and negligible $2.8M debt load, cash has fallen ~79% from $354.3M to $74.0M and the accumulated deficit has deepened to -$381.8M, suggesting the equity cushion established at IPO is being rapidly consumed.
BioAge Labs Inc. (BIOA) balance sheet — 4-year assets, liabilities & shareholders' equity history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 |
|---|
| Total Current Assets | 295.05M | 286.79M | 357.1M | 25.31M | 28.03M |
| Cash & Short-Term Investments | 283.64M | 281.1M | 354.35M | 21.64M | 27.64M |
| Cash Only | 52.67M | 188.89M | 354.35M | 21.64M | 27.64M |
| Short-Term Investments | 230.97M | 92.21M | 0 | 0 | 0 |
| Accounts Receivable | 565K | 769K | 0 | 0 | 0 |
| Days Sales Outstanding | 28.31 | 31.2 | - | - | - |
| Inventory | 0 | 0 | 0 | 0 | 0 |
| Days Inventory Outstanding | - | - | - | - | - |
| Other Current Assets | 10.85M | 4.93M | 2.75M | 3.66M | 386K |
| Total Non-Current Assets | 72.59M | 8.1M | 1.13M | 618K | 399K |
| Property, Plant & Equipment | 3.61M | 3.75M | 791K | 518K | 374K |
| Fixed Asset Turnover | 2.50x | 2.40x | - | - | - |
| Goodwill | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 62.82M | 100K | 100K | 100K | 0 |
| Other Non-Current Assets | 68.98M | 4.25M | 240K | 0 | 25K |
| Total Assets | 367.65M | 294.89M | 358.23M | 25.92M | 28.43M |
| Asset Turnover | 0.02x | 0.03x | - | - | - |
| Asset Growth % | 41.69% | -17.68% | 1281.86% | -8.81% | - |
| Total Current Liabilities | 19.03M | 20.14M | 27.77M | 58.17M | 5.86M |
| Accounts Payable | 1.89M | 2.67M | 2M | 1.87M | 2.26M |
| Days Payables Outstanding | 19.24K | - | - | - | - |
| Short-Term Debt | 719K | 2.65M | 6M | 44.86M | 167K |
| Deferred Revenue (Current) | 20.94M | 5.75M | 7.83M | 3.31M | 0 |
| Other Current Liabilities | 13.68M | 525K | 417K | 1.39M | 24K |
| Current Ratio | 15.51x | 14.24x | 12.86x | 0.44x | 4.78x |
| Quick Ratio | 15.51x | 14.24x | 12.86x | 0.44x | 4.78x |
| Cash Conversion Cycle | -19.22K | - | - | - | - |
| Total Non-Current Liabilities | 2.17M | 2.7M | 7.33M | 141.15M | 135.13M |
| Long-Term Debt | 2.01M | 2.33M | 2.5M | 8.2M | 2.25M |
| Capital Lease Obligations | 2.12M | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 164K | 370K | 156K | 132.95M | 132.88M |
| Total Liabilities | 21.2M | 22.84M | 35.11M | 199.32M | 140.99M |
| Total Debt | 2.73M | 5.56M | 8.7M | 53.25M | 2.47M |
| Net Debt | -49.94M | -183.33M | -345.64M | 31.61M | -25.18M |
| Debt / Equity | 0.01x | 0.02x | 0.03x | - | - |
| Debt / EBITDA | -0.02x | - | - | - | - |
| Net Debt / EBITDA | 0.41x | - | - | - | - |
| Interest Coverage | -21.04x | -114.65x | -29.04x | -7.19x | -163.82x |
| Total Equity | 346.45M | 272.05M | 323.13M | -173.4M | -112.56M |
| Equity Growth % | 57.3% | -15.81% | 286.35% | -54.05% | - |
| Book Value per Share | 7.55 | 7.57 | 9.01 | -5.07 | -3.29 |
| Total Shareholders' Equity | 346.45M | 272.05M | 323.13M | -173.4M | -112.56M |
| Common Stock | 0 | 0 | 0 | 0 | 0 |
| Retained Earnings | -415.27M | -333.42M | -252.81M | -181.7M | -117.85M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | -1.17M | 278K | 245K | 164K | 167K |
| Minority Interest | 0 | 0 | 0 | 0 | 0 |
Quick answers to the most common questions about buying BIOA stock.
As of 2025, BioAge Labs Inc. (BIOA) had total assets of $294.9M including $286.8M in current assets.
BioAge Labs Inc. (BIOA) carries total debt of $5.6M, offset by $281.1M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
BioAge Labs Inc. (BIOA) has total shareholders' equity (book value) of $272.1M ($7.57 book value per share). Book value represents the net worth of the company belonging to common stock holders.
BioAge Labs Inc. (BIOA) reported a current ratio of 14.24x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.
Key Metrics
Top Statement Risk
Cash depletion nearing critical threshold
Metrics are mathematically derived from official filings.
Cash Reserves Deteriorating Rapidly
BIOA's cash position has collapsed approximately 79% from its peak of $354.3M in 2024Q4 to $74.0M in 2026Q2, as reported in SEC filings, driven by sustained R&D expenditure with minimal revenue offset. This steep drawdown signals a balance sheet under active erosion rather than stable stewardship.
The pattern across the last six quarters shows an almost monotonic cash decline, with only one quarter (2026Q1's $241.8M vs 2025Q4's $188.9M) showing an increase, likely reflecting a financing event rather than operational improvement. Total assets have shrunk from $397.7M to $396.9M in the latest period but the underlying composition has shifted dramatically toward depleting cash and away from productive assets. Investors should treat the headline equity figure of $374.9M as increasingly hollow as the cash backing it continues to erode without corresponding asset build.
Runway Narrows Despite Superficial Comfort
Despite a current ratio of 17.19 in 2026Q2, BIOA's cash of $74.0M implies roughly three to four quarters of runway at the reported quarterly cash burn of ~$19.6M, making the liquidity position materially weaker than the ratio alone suggests.
The current ratio, while numerically impressive, is almost entirely a function of the remaining cash balance and does not reflect any underlying working capital efficiency. As the burn continues at current rates, the ratio will deteriorate in lockstep with cash without any offsetting inflow unless a financing event occurs or milestone revenue accelerates. This makes BIOA's liquidity a countdown metric rather than a structural strength, and any further acceleration in R&D spending could compress the runway further.
Deferred Revenue Signals Drying Milestones
Deferred revenue has declined from $12.5M in 2024Q4 to $4.4M in 2026Q2, a roughly 65% contraction, indicating that milestone-linked cash infusions are not being replenished at a rate consistent with sustaining near-term liquidity.
The deferred revenue trajectory is particularly concerning because it was the primary forward indicator of non-dilutive cash flow for a pre-commercial biotech like BIOA. The steady quarterly decline from $12.5M through $4.4M suggests that existing partnership obligations are being drawn down without new agreements being layered on top. If this trend persists, BIOA may lose its ability to supplement equity raises with milestone payments, further concentrating financing risk on external capital markets.
Accumulated Deficit Consumes IPO Capital
BIOA's accumulated deficit has deepened to -$381.8M as of 2026Q2, nearly consuming the entirety of the equity cushion established by its 2024 IPO, per quarterly SEC filings, with losses showing no sign of deceleration.
The equity balance was fundamentally reset when BIOA went public around 2024Q3, transforming a negative equity position of -$197.1M into a positive $313.7M in a single quarter. However, the accumulated deficit has since grown by roughly $130M in just six quarters, suggesting that the IPO proceeds are being consumed at an accelerating pace. This dynamic means the equity figure, while nominally healthy at $374.9M, is effectively a wasting asset unless the company achieves a step-change in its operational economics.
Low Debt Masks Structural Vulnerability
While BIOA's debt-to-equity ratio of 0.01 and total debt of $2.8M suggest a fortress balance sheet, the absence of leverage is a symptom of pre-revenue biotech financing constraints rather than deliberate capital structure management.
The near-zero leverage position is not evidence of financial conservatism but rather reflects BIOA's inability to service debt given its negative cash flows and lack of recurring revenue. In a scenario where cash reserves fall below a critical threshold, the company would likely turn to equity dilution rather than debt, given its credit profile. The absence of goodwill and minimal PPE ($2.6M) further confirms that BIOA's balance sheet provides no tangible asset cushion that could be leveraged or liquidated in a stress scenario.