Persistent cash burn is evident in the 2026Q1 free cash flow deficit of $24.1 million, which tracks closely with the company's ongoing R&D-heavy clinical development activities.
BioAge Labs Inc. (BIOA) cash flow statement — 4-year operating, investing & financing cash flows
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 |
|---|
| Cash from Operations | -87.6M | -81.63M | -51.52M | -37.36M | -36.18M |
| Operating CF Margin % | - | -907.47% | - | - | - |
| Operating CF Growth % | -492.24% | -58.43% | -37.9% | -3.26% | - |
| Net Income | -94.46M | -80.61M | -71.11M | -63.85M | -39.72M |
| Depreciation & Amortization | 251K | 213K | 167K | 162K | 129K |
| Stock-Based Compensation | 14.04M | 11.69M | 6.98M | 3.02M | 2.54M |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | -1.74M | -1.1M | 1.26M | 16.6M | 77K |
| Working Capital Changes | -5.68M | -11.83M | 11.18M | 6.71M | 795K |
| Change in Receivables | -22K | -769K | 0 | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 4.24M | 788K | 6K | -393K | 994K |
| Cash from Investing | -212.85M | -95.22M | -366K | -266K | -103K |
| Capital Expenditures | -488K | -719K | -366K | -166K | -103K |
| CapEx % of Revenue | 4.71% | 7.99% | - | - | - |
| Acquisitions | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - |
| Other Investing | 0 | 0 | 0 | 0 | 0 |
| Cash from Financing | 154.15M | 11.47M | 381.2M | 34.94M | 2.5M |
| Debt Issued (Net) | -5M | -6M | -6M | 35M | 2.5M |
| Equity Issued (Net) | 161.22M | 17.87M | 391.62M | 0 | 44K |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -2.07M | -400K | -4.42M | -59K | -45K |
| Net Change in Cash | -146.37M | -165.46M | 329.39M | -2.69M | -33.54M |
| Free Cash Flow | -88.09M | -82.35M | -51.89M | -37.53M | -36.28M |
| FCF Margin % | -850.69% | -915.46% | - | - | - |
| FCF Growth % | -51.05% | -58.7% | -38.26% | -3.43% | - |
| FCF per Share | -1.96 | -2.29 | -1.45 | -1.10 | -1.06 |
| FCF Conversion (FCF/Net Income) | 0.93x | 1.01x | 0.72x | 0.59x | 0.91x |
| Interest Paid | 218K | 611K | 1.42M | 1.16M | 129K |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 |
Quick answers to the most common questions about buying BIOA stock.
BioAge Labs Inc. (BIOA) generated $-81.6M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
BioAge Labs Inc. (BIOA) reported negative free cash flow of $82.3M in 2025, indicating capital requirements exceeded cash from operations.
BioAge Labs Inc. (BIOA) spent $0.7M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
Key Metrics
Top Statement Risk
Clinical Trial Execution Risk
Metrics are mathematically derived from official filings.
Operating Cash Flow Deficit Persists
As reported in quarterly financial statements, BioAge Labs consistently records operating cash outflows that track closely with net losses, with an OCF/NI ratio of 1.08 in 2026Q1, confirming that the company's cash burn is fundamentally driven by its ongoing R&D-heavy clinical development activities.
The tight correlation between net income and operating cash flow suggests that the company lacks significant non-cash accruals that would otherwise mask the underlying cash burn. Investors should interpret this as a pure-play clinical development model where every dollar of loss translates directly into a reduction of the company's cash runway.
Negative Free Cash Flow Trajectory
Based on the provided cash flow data, BioAge Labs exhibits a persistent negative free cash flow trajectory, with quarterly outflows reaching $24.1 million in 2026Q1, underscoring the company's total reliance on external financing to sustain its current Phase 2 clinical trial operations and administrative overhead.
The absence of positive free cash flow is expected for a pre-commercial biotech, but the magnitude of the burn relative to the $188.9 million cash position warrants close monitoring. The lack of any meaningful FCF margin improvement suggests that the company remains in a high-intensity investment phase with no near-term path to self-funding.
Volatile Working Capital Management Trends
According to recent SEC filings, working capital changes have been highly erratic, swinging from a $13.6 million inflow in 2024Q4 to a $7.5 million outflow in 2025Q1, which likely reflects the timing of milestone-related payments and the lumpiness of CRO invoicing for clinical trial activities.
These fluctuations suggest that the company's cash position is sensitive to the timing of vendor payments and collaboration receipts rather than operational efficiency. Analysts should view these swings as accounting noise rather than a fundamental shift in the company's ability to manage its short-term liquidity.
SBC Obscures True Cash Burn
As indicated by the financial data, stock-based compensation has risen to $4.3 million in 2026Q1, which effectively masks the true economic cost of talent acquisition while simultaneously diluting shareholders to preserve the company's limited cash reserves for critical clinical trial expenditures.
While SBC is a non-cash expense, it represents a real cost to equity holders that is not captured in the operating cash flow statement. Investors should adjust the reported burn rate to account for this dilution, as it suggests that the company is utilizing equity as a primary tool to manage its cash runway.